THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

FOR IMMEDIATE RELEASE

4 March 2026

Full year results for the year ended 31 December 2025

 

2025 in line with expectations. Focus on cash generation in 2026

 

Vistry Group PLC (the Group) announces its full year results for the year ended 31 December 2025.

 

Greg Fitzgerald, Chief Executive commented:

"Our full year results were in line with guidance, assisted by the expected strong second half performance, and despite continued challenges in the Open Market and the uncertainty created by the November Budget. These results are testament to the incredible hard work of our teams and demonstrate the resilience of our differentiated market positioning and the commitment of our partners.

Vistry delivered one in seven of the country's affordable homes last year, which demonstrates the crucial role the business plays, and will continue to play, in building the homes the UK so desperately needs.

The Group is lean and efficient, and after successfully stabilising, simplifying and reorganising the business in the first half of 2025, Vistry starts 2026 in a fundamentally improved place. Our partnership housing strategy positions us well to play a key role in the delivery of the Social and Affordable Homes Programme (SAHP) 2026-2036, and there is increasing clarity on the financial capacity of our partners.

While near-term market conditions remain challenging and current international events introduce new uncertainty, we have started the year positively. Sales volumes are already benefitting from the targeted use of pricing initiatives and incentives to build momentum into the Spring selling season. This approach will drive good revenue growth and higher cash generation, accelerating the business' return to a net cash position by the year end, while also delivering year-on-year profit progress."

 

£m unless otherwise stated	2025	2024	Change
Adjusted basis1
Revenue	4,155.3	4,329.2	-4%
Operating profit	353.8	358.2	-1%
Operating profit margin	8.5%	8.3%	+20bps
Profit before tax	268.8	263.5	+2%
Basic earnings per share	59.3p	55.9p	+6%
Return on capital employed	13.9%	14.6%	-70bps
Reported basis
Revenue	3,613.7	3,779.3	-4%
Operating profit	222.6	167.0	+33%
Profit before tax	196.2	104.9	+87%
Basic earnings per share	42.2p	22.0p	+92%
Net debt	(144.2)	(180.7)	-20%

¹ Completions include 100% of joint ventures.  All other financials are shown on an adjusted basis to include the proportional contribution of the joint venture and to exclude amortisation of acquired intangible assets and exceptional items.

 

 

 

2025 headlines

·      Group adjusted profit before tax ahead of prior year at £268.8m (2024: £263.5m), in line with guidance.

·      Revenue down 4% versus prior year with a decrease in completions of 9% to 15,658 units (2024: 17,225 units) reflecting continued challenges in the Open Market, and the uncertainty related to the November Budget which also delayed the timing of some Partner Funded deals. This was partly offset by a 3% increase in average selling price.

·      The Group continued to secure attractive new land and development opportunities throughout 2025, totalling 12,599 (2024: 16,508) mixed tenure plots.

·      Net debt reduced to £144.2m as at 31 December 2025 (31 December 2024: £180.7m) with average daily debt of £733.7m.

·      Increased clarity on Government stimulus measures and timing: rent settlement and rent convergence metrics confirmed, timetable for allocation of funding from the Social and Affordable Homes Programme (SAHP) 2026-2036 issued.

Cash generation and capital allocation

·      Alongside building momentum into the Spring selling season, the Group's enhanced focus on driving Open Market sales, will support a reduction in the levels of inventory and improved cash generation in 2026.

·      Reflecting the phasing of sales in late 2025 and early 2026, average daily net debt is expected to be higher in the early part of the year, before reducing as we see the benefits of the higher sales come through.  Targeted pricing and sales incentives are already yielding higher sales, will deliver growth in completions from Q2 and drive cash flow benefits through the second half.

·      Expect to achieve a net cash position at the year end with the target of closing net cash of c.£100m and lower full year average net debt.

·      Remaining £29m of the current £130m share buyback programme to be completed, with no further capital distribution proposed on the back of the 2025 results in order to prioritise debt reduction. Future distributions to be reviewed at the half year.

Chair and CEO retirement

·    In a separate announcement published today, the Company announced that Greg Fitzgerald will retire as Chair at the AGM in May 2026 and from the role of CEO by March 2027.

Current trading and 2026 outlook

·      The Group has started the year well with its overall year-to-date sales rate at 1.42 sales per site per week (25 March 2025: 0.59). This includes Open Market sales rates over 40% ahead of the same period last year, primarily reflecting the success of the targeted pricing initiatives.

·      Expect to see increased partner demand in the second half as the SAHP grant allocation process progresses.

·      The Group's forward order book totals £4.5bn as at 3 March 2026 (25 March 2025: £4.4bn), up by £500m since December, with 67% (25 March 2025: 65%) of forecast 2026 units included.

·      The Group expects to deliver good year-on-year revenue and volume growth, and an improvement in adjusted profit before tax in 2026, albeit with a lower overall margin reflecting the incentives offered during the current sales initiative.

·      The shape of profit delivery is expected to be similar to that in 2025. This is due to the greater margin impact of the sales initiative in the first half, and the step up in demand expected from the affordable housing stimulus in the second half.

 

Investor Presentation

There will be an investor and analyst presentation at 8:30am today, 4 March 2026 at Deutsche Numis, 21 Moorfields, London.  There will also be a live webcast of this event available on our corporate website at www.vistry.co.uk or via the following link Vistry Group - Full Year Results 2025. A playback facility will be available shortly afterwards.

For further information please contact:

Vistry Group PLC Tim Lawlor, Chief Financial Officer Kate Moy, Group Investor Relations Director FTI Consulting Richard Mountain/ Bryn Woodward

020 3048 3393     020 3727 1340

 

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation. The person responsible for arranging the release of this announcement on behalf of Vistry is Clare Bates, Chief People Officer & General Counsel.

 

2025 overview

Vistry's financial performance in 2025 was in line with the expectations set at the beginning of the year, with the Group delivering adjusted profit before tax of £268.8m (2024: £263.5m).

The Group delivered total adjusted revenue of £4.2bn (2024: £4.3bn) which was achieved on 15,658 completions (2024: 17,225). The Group's average selling price increased by 3% to £282k, reflecting geographic mix improvements in our Partner Funded units and a slight shift towards larger Open Market homes. Partner Funded units represented 74% of total completions, with Open Market accounting for 26%, consistent with ongoing macro-economic constraints within the private market. The delay to the Autumn Budget resulted in subdued Partner Funded and Open Market activity in Q3 and the first part of Q4. Despite this, the Group's overall sales rate averaged 0.96 (2024: 1.07) sales per site per week. In line with our strategy to optimise capital, land sales contributed £180m of revenue (FY24: £91m), predominantly parcels of land on larger sites which the Group does not intend to develop in their entirety.

The Group reduced year end net debt in 2025, despite market headwinds, with net debt at 31 December 2025 of £144.2m (30 December 2024: £180.7m) representing a £36.5m inflow (2024: £91.9m outflow). Average daily debt of £734m (2024: £698m) was higher than targeted, due to the delay of a number of Partner Funded deals towards the end of the year, as well as challenging Open Market conditions impeding the pace of inventory reduction. It is worth noting that, to support long-term growth, the business selectively took advantage of a subdued land market, securing c.9,500 plots on 30 sites in the second half of the year (2025: 12,599 plots, 44 sites), including three large strategic sites representing c.5,000 plots acquired on favourable terms immediately ahead of the Budget.

As a responsible developer, we work in partnership to deliver sustainable homes, communities and social value, leaving a lasting legacy of places people love. Vistry is ideally positioned to play a key role in addressing the country's acute housing need. Our differentiated Partnerships strategy is closely aligned with the £39bn Social and Affordable Homes Programme (SAHP) that was announced in June, and the Group has recently been invited to submit bids for the SAHP. We expect that early allocations will be confirmed by the half year or early in the third quarter.

The Group welcomes the modernising and streamlining of the planning system as part of the refreshed National Planning Policy Framework, currently under consultation. As with all these initiatives, we are encouraging pace of decision-making and process in order to accelerate the much-needed step-up in housebuilding.

Partner Funded demand

Partner Funded demand strengthened throughout the year as visibility on funding improved, particularly following the £2bn of 'top-up' funding announced in March to support ongoing investment in new affordable homes during the transitionary period to the new SAHP. The Group received an allocation of £50m, and we expect to receive payment relating to this allocation from April 2026.

In the year, we signed more than 150 new agreements with over 65 partners which include Registered Providers (RPs), Local Authorities (LAs) and Private Rented Sector (PRS) providers.

Partner Funded completions decreased by 8% to 11,593 (2024: 12,633), impacted by uncertainty in partner funding in the year to the Autumn Budget. In the latter part of the second half, we saw a significant step-up in affordable housing volumes as certainty of future funding improved following June's Spending Review. Our Partner Funded ASP increased to £246k (2024: £236k), primarily reflecting changes in geographic mix as London increased its share of Partner Funded completions.

The PRS market was subdued in 2025, following a strong 2024, as some partners paused delivery while refinancing. This contributed to a 23% reduction in PRS volumes versus the prior year and PRS sales fell to 18% of total completions (down from 21% in 2024). S106 affordable homes represented 26% of total units in 2025 (2024: 27%) and additional affordable was 30% (2024: 25%) of total units. The Group expects pricing amongst PRS partners to strengthen in 2026, supported by increased demand for portfolio-based delivery and the opportunity to acquire assets through our pre-sold model which provides visibility and consistency of product.

In November 2025, Homes England issued bidding guidance under the £37bn 2026-2036 SAHP, confirming bids would be invited early in 2026. Vistry is well positioned to deliver at pace with Homes England, the Greater London Authority and our other partners, with the programme targeting 300,000 homes over its term. Bidding opened at the end of February for Homes England's part of the SAHP, and our bid is in the process of being submitted. We are hoping to have a high degree of visibility of Vistry's grant under the programme by the half year.

A key driver of affordable housing delivery in London will be the government's measures to recapitalise RPs and LAs. The 10‑year CPI+1% rent settlement from April 2026, together with confirmation of rent convergence, which will allow £1/week increases from April 2027 and £2/week from April 2028, provides long‑term revenue certainty for providers. These measures are expected to increase annual affordable housing delivery from c.59,000 homes in the year to March 2025 to c.70,000 homes, and to support LAs in returning to the market as active developers and investors.

Open Market demand

Open Market units decreased 11% to 4,065 (2024: 4,592) reflecting an 8% reduction in average sales outlets. Our sales rates were impacted by ongoing macro-economic constraints and mortgage affordability pressures, particularly for first-time buyers.

The Group's Open Market average sales price increased to £391k (2024: £385k), reflecting small changes in product mix. We continued to support Open Market sales with incentives averaging 4.5% of the Open Market sales price, broadly in line with the prior year.

Homes England joint venture

The Group is pleased to have entered into a long-term investment joint venture during 2025 with Homes England, the government's housing and regeneration agency, to accelerate the development of large-scale residential sites across England. The joint venture, PlacePoint (previously known as Hestia) is backed by £150m of available capital investment and is designed to deliver high-quality, mixed tenure communities at pace and scale. It is expected to play a key role in supporting the Government's housebuilding ambitions.

The focus is on the acquisition and development of strategic sites, each ranging from 400 to 3,000 homes, and will incorporate vital new infrastructure. In addition, the joint venture will sell parcels of land on our larger sites to SME developers, reflecting our joint commitment to supporting the wider housing sector and enabling greater market participation. The first site transferred into the joint venture in December 2025, and the Group is continuing to review a pipeline of further suitable sites.

Build and Vistry Works

The Group operated from an average 338 (2024: 367) build outlets during 2025 which included 187 (2024: 203) active sales outlets, in line with our expectations as we continue to unwind the former Housebuilding land bank. Build outlets include sites which are not currently selling to the Open Market, either because Open Market sales are yet to commence, or have already been completed. Build outlets also include sites which are 100% Partner Funded and therefore have no Open Market sales.

The Group secures c.90% of its materials centrally through its highly experienced Group commercial team, with supply contracts typically for 12 to 24 months. The Group largely managed to mitigate underlying build cost inflation in 2025 through the benefits of scale and certainty inherent in its Partnerships model and a focus on standardisation of process and product. This resulted in low single-digit build cost inflation for the Group.

As we look into 2026, the Group is engaging proactively with its supply chain partners to mitigate and defer any potential impact from the cost of materials. Overall, we expect minimal material and labour cost inflation during 2026 pending improved supply market conditions and subject to any geopolitical disruptions to the supply chain.

Timber frame construction is at the core of Vistry's operational and sustainability strategy.  Compared to traditional brick and block construction, timber frame enables a faster build time of approximately six weeks and reduces embodied carbon by c.30% over a 60-year timeframe. The increased use of timber frame construction will also reduce the Group's dependency on labour over the medium term.

Vistry Works had a record year in 2025, delivering 4,643 timber frame units (2024: 2,900). Furthermore, the Group's operations also manufactured floor joists for 3,763 homes, showing good growth on the 2,448 delivered in 2024. The manufacture of roof trusses was added to the production line towards the end of 2024 and in its first full year we manufactured over 3,000 units. The Group expects to exceed 6,000 timber frame units and c.5,000 roof trusses in 2026.

Despite this significant increase in 2025 volumes and our expectation for 2026, good headroom remains for us to reach annual targets from our three facilities. Our current capacity is close to 10,000 timber frame units and we are reviewing options to widen our capacity to deliver 10,000 roof trusses. We continue to focus on the standardisation of house types, while ensuring the developments we create are characterful and attractive places that people want to live. The current Vistry collection of around 50 standard house types will ensure we can drive further manufacturing efficiencies.

In Q3 2025, we launched a new Timber Frame Installer Programme and have already welcomed 15 trainees into the business; this was part of our ongoing commitment to sustainable construction and future skills development. This initiative helps to address the critical skills gap in modern methods of construction and ultimately will help to meet the government's housing targets. The programme uses a combination of classroom-based learning and hands-on site experience equipping the trainees with the necessary technical and safety expertise for us to deliver at scale. We will train a further 15 installers in 2026 and are targeting 25% of all our timber frame installers to be directly employed over the medium term.

Technology and innovation

Vistry Innovation Centre (VIC) has recently secured funding from Innovate UK to pioneer new approaches to sustainable housebuilding and circular economy practices as it is deconstructed. This initiative focuses on design-led deconstruction, aiming to significantly reduce Scope 3 carbon emissions. This is an area that has traditionally posed challenges in whole-life carbon assessments due to assumptions of waste disposal and end of life emissions. The project will not only reduce the carbon footprint for Vistry and our partners but also offer a competitive edge for future projects, marking a tangible step towards our net zero ambitions.

In 2025, we successfully completed the factory trial of the Mauer brick cladding system. This has c.50% less embodied carbon than bricks so it not only reduces our legacy footprint, but it also supports our timber frame construction, enabling significantly faster build speed and reduces our dependence on labour. In May, we launched our Future Vistry Works project at our manufacturing site in East Midlands where we have been trialling the system on two houses. In October we passed an important milestone with the trial moving to a live site in Yorkshire and we are targeting utilising this system on a further 12 sites in 2026.

Securing high quality Partnership opportunities

During 2025, the Group secured a good pipeline of attractive new land and development opportunities totalling 12,599 (2024: 16,508) mixed-tenure plots across 44 sites.  Vistry is well positioned to secure land through both public procurement and the purchase of private land. Activity in the land market increased significantly in the second half as we were able to take advantage of a subdued market, particularly in the run up to the late November budget. After adding just over 3,000 plots in the first half, we secured around 9,500 plots in the second half on 30 sites. This included three large strategic sites in Worcester, Rugeley and Bury St Edmunds with a combined c.5,000 plots between them.

Strategic land is an important source of development opportunities and the Group's strategic land bank totalled 76,368 plots (31 December 2024: 76,219) as at 31 December 2025. Four sites (621 plots) were transferred to our owned and controlled land bank in the year, and we secured new options on sites equating to over 2,500 strategic land plots. With the expectation of a more favourable planning environment, the Group expects to increase the pull-through from its strategic land bank over the medium term.

We are encouraged by the government reforms to the planning system which are increasingly positive towards development, and housing in particular. The focus on streamlining the delivery of new local plans, refreshing the National Planning Policy Framework and improving planning committee processes will all make the process of obtaining planning permissions smoother. Green Belt schemes are a focus of applications, with the new grey belt definition effectively fast forwarding a long-awaited wholesale assessment of the Green Belt and enabling development on the land which is contributing least to the Green Belt. These changes should enable the delivery of the much-needed new homes essential to meet government targets.

High quality housing and customer service

Delivering high-quality new homes and excellent customer service is paramount and we are on track to retain a 5-star HBF Customer Satisfaction rating for the seventh consecutive year in 2026.

Increased macro uncertainty and ongoing affordability challenges continued to weigh on the Open Market sales during 2025. We focused our selling efforts on self-help initiatives: rolling out training programmes across our sales teams, focused incentives for first time buyers and key workers, and a brand refresh which gives clearer differentiation across different pricing points.

Our sales contact centre was established early in 2025 with a team of c.25 sales consultants who are now fully embedded in our regional business units. This enables us to collect information from sales prospects and follow this through by making an in-person appointment as the contact centre team liaise with our regional sales team. Results are encouraging and we have seen an improvement in our conversion rate of first contact to appointment on site.

Our Partner Journey provides a simple framework of 16 steps to ensure consistency across all regions and to provide the highest level of service for our partners. This focus is reflected in our Partner satisfaction scores received for 2025 which showed improvement across Vistry, with 21 of our 25 regions achieving a five-star rating, up from eight regions in 2024. These satisfaction scores align with the NHBC survey and include build quality of new homes at handover, and the service provided post-handover. 97.5% of partners responding to the survey indicated they would partner with us again.

Control enhancements

The issues identified during the extensive reviews that followed the control issues in the former South division in 2024 have been addressed successfully. There has been significant progress made within the business over the last 12 months focused on driving improved assurance activity and cost management. The flatter management structure is working well, and all Divisional Chairs have extensive Partnership business experience.

Much work has been done to ensure the Group has the right people, structure, systems and controls in place and this enhanced framework with tighter controls and assurance is now firmly embedded in business-as-usual. This includes the Investment Committee which oversees approval of land acquisitions and disposals, partner agreements, and other investment and commercial decisions.

Our People

At Vistry, we remain firmly focused on attracting, retaining and developing the very best talent and our refreshed People Strategy launched during 2025 is built around three core priorities to support this. The three priorities, informed by employee feedback, are Leadership and Career Framework, Future Talent and Succession, and Employee Experience.

In January 2026, we were proud to be certified as a Top Employer by the Top Employer Institute for the fourth consecutive year. We were also pleased to be named one of the Top 50 Inspiring Workplaces in the UK and Ireland for the second year running and earned a place in the Global Top 100 Inspiring Workplaces list, reflecting our ongoing commitment to fostering an outstanding, inclusive work environment.

Employee engagement remains a key focus area. In July 2025 we partnered with a new engagement survey provider, CultureAmp, and in our first survey achieved a 76% participation rate with a 59% favourable score. We believe this score reflects the difficult year we had in 2024 and the amount of change within the business, as we worked through the former South division issues. This score had improved to 62% by November, following the implementation of targeted actions. We have seen a slight increase in our voluntary employee turnover to 18.6% (Dec 2024: 15.4%) and our stability index (employees with over one year service) has reduced to 78.0% from 82.3% in December 2024.

Nurturing and supporting employees in their early careers and skills is critical for the future of our business. As highlighted earlier, the launch of a pioneering Timber Frame Installer Programme, the UK's first, led by Vistry Works is a significant step towards tackling the construction industry's skills shortage while promoting modern, sustainable housebuilding.

We were pleased to retain our gold accreditation membership with the 5% Club in 2025. This recognises our significant contribution to the continued development of all our employees through Earn & Learn schemes such as apprenticeships, graduate schemes and sponsored students course placements.

Social Value

We continue to work with our partners to obtain a more holistic understanding of the value generated by our mixed-tenure developments and their wider societal impact and deliverables. As a result of our partnered work to co-create induced tenure values, social value activities and capturing all our local supply chain spend in 2025, the Group has generated £815m of local and induced social and economic value.

As a leading provider of affordable homes, Vistry delivered one in seven of the country's affordable homes during 2025. We completed more than 1,100 zero carbon ready (regulated energy) homes and have a clear plan to reduce our future carbon emissions across the Group.

Health and safety

We remain fully committed to keeping our people safe and driving continuous improvement across the business. Safety, Health and Environmental (SHE) are fundamental Company values and our performance across these areas are key Group KPIs. These are supported by targeted training, clear communication and the ongoing adoption of new technologies. During 2025, we delivered 359 SHE‑related training courses and workshops, reinforcing safe behaviours and improving competence across our sites.

In the year, we carried out 3,397 internal SHE site inspections (2024: 3,718). The Group compliance target is 76%, and we exceeded this by achieving 85% compliance. While it is not possible to eliminate all risk, we believe that most injuries are preventable.

We work relentlessly to maintain high safety standards across our sites, creating safer working environments for our workforce and supply chain partners. These standards have enabled us to consistently maintain an Accident Incident Rate (AIR) below the construction industry benchmark. Vistry commenced the year with an AIR of 210, already significantly below the Health and Safety Executive (HSE) construction industry benchmark of 341, and we closed the year with an improved AIR of 197.

Damage to buried utility services, also known as service strikes, present a significant industry-wide hazard and a key area of focus for Vistry as we seek to minimise such incidents. Our service strike incident rate (number of incidents per 100,000 workers on site) is on a steady downward trajectory, reducing to 338 at the end of 2025, from 342 in 2024 and 349 at the end of 2023.

Building safety

The Group is committed to delivering a lasting industry solution to building safety and our obligations under the Developer Remediation Contract signed by Vistry in March 2023.

At 31 December 2025, Vistry's Building Safety provision stood at £303.6m (31 December 2024: £324.4m). The year-on-year reduction of £20.8m is largely due to utilisation of the provision as we work through the required remediation, which was partially offset by some minor building additions and the unwind of the discounting, together with a reduction in the risk-free rate.

During the year, we made good progress with our assessment of remediation works required, with 99% of the buildings included in the provision now assessed. We completed work on 21 buildings in 2025.

Competition and Market Authority investigation concluded

The Group proactively engaged with the UK Competition and Market Authority (CMA) throughout its housebuilding investigation, which has now been concluded. In July 2025, the Group confirmed its voluntary commitments offered in response to the potential concerns raised by the CMA. Vistry contributed £12.8m of the overall £100m contribution to support the construction of affordable homes across the United Kingdom offered by Vistry and the six other UK housebuilders. This commitment did not constitute any admission of wrongdoing.

Balance Sheet

The Group generated a net cash inflow of £36.5m in the year, reducing the closing net debt position to £144.2m as at 31 December 2025 (31 December 2024: £180.7m). The Group's average daily net debt in 2025 was £733.7m (2024: £698.1m) which was higher than targeted, due to the delay of a number of Partner Funded deals towards the end of the year, as well as challenging Open Market conditions impeding the pace of working capital reduction. It also reflects the higher opening debt level.

During the year, the Group maintained an acceptable level of headroom against both its borrowing covenants (Gearing, Tangible Net Worth and Interest Cover) and its committed and uncommitted borrowing facilities, which total £1,130m.

Reflecting the phasing of sales in late 2025 and early 2026, average daily net debt is expected to rise in the early part of the year. In order to address this, and reduce average net debt in H2, the Group has initiated an enhanced sales strategy to support a reduction in inventory levels, drive good revenue growth and strengthen cash generation, with a target of a net cash balance of c.£100m as at 31 December 2026.

Priorities for 2026

The Group has a clear set of priorities for 2026 focused on ensuring Vistry is best positioned to drive the business forward in the medium term.

Cash generation and balance sheet

The Group's primary financial focus for 2026 is improved cash generation. As mentioned above, the Group is taking a targeted approach to increase sales, which will also accelerate the release of inventory, including the use of increased incentives. These actions are expected to deliver a net cash position at 31 December 2026.

The Board's view on the Group's capital allocation hierarchy is unchanged.  Maintaining a strong balance sheet is a top priority and improving cash generation and reducing net borrowings is the Group's focus for 2026. To date, the Group has completed £101m of its £130m special distribution and expects to complete the remaining £29m via share buyback, to be concluded during 2026. Future distributions will be made in accordance with the Group's capital allocation policy and will be considered once the current buyback completes.

Key priorities for 2026:

·    Reducing inventory levels by deploying targeted strategies to reduce unsold Open Market stock

·    Reducing average daily debt and targeting a closing net cash position of c.£100m at 31 December

 

Positioning for demand growth

The Group's Partnerships model is strongly aligned with long‑term structural demand for mixed‑tenure and affordable homes. As funding allocations under the 2026-2036 SAHP are confirmed, partners will gain greater clarity on their medium‑term capacity, enabling them to initiate schemes for future delivery. 2026 activity will be focused on converting this opportunity into sustainable growth.

Key priorities for 2026:

·    Scaling Partner Funded activity as SAHP allocations are confirmed and partners gain clarity on medium‑term funding capacity

·    Prioritising sites with early revenue and cash visibility, strong pre‑sale potential and attractive returns

·    Maintaining delivery momentum across regions to support volume growth in H2 and into 2027

 

These actions position the Group to convert improving demand into sustainable growth as market conditions improve.

Maintaining operational and service excellence

Operational excellence remains central to the Group's delivery in 2026. Continued investment in capability, standardisation and quality is essential to support safe, efficient volume delivery and to maintain high levels of partner and customer satisfaction.

Key priorities for 2026:

·    Driving further productivity gains through Vistry Works and broader standardisation of product and process

·    Ensuring high levels of partner and customer satisfaction, underpinned by the Group's Partner Journey framework and a continued emphasis on quality and service

·    Supporting the workforce and supply chain through training, capability development and stronger collaboration to ensure the Group can deliver increased volumes efficiently and safely

 

Collectively, these priorities will provide a strong operational platform to support the Group's medium-term strategic and financial ambitions.

Current trading and 2026 outlook

The Group entered 2026 with a forward sales position totalling £4.0bn, which has increased to a position today of £4.5bn (14 March 2025: £4.4bn) representing a forward sold percentage of 67% of forecast 2026 units included.

We are cautiously optimistic on the impact of lower interest rates on Open Market conditions, with a good level of interest and enquiries since the first week of January and the conversions from enquiry to appointment have been strong. Our actions to accelerate our Open Market sales have driven a sales rate increase of over 40% in the year to date. The overall Group sales rate, including our Partner Funded sales, of 1.42 (25 March 2025: 0.59) sales per site per week for the year to date is significantly up on the prior year reflecting this action on pricing.

The Group is lean and efficient, and after stabilising, simplifying and reorganising the business in the first half of 2025, Vistry starts 2026 in a good place. Our Partnership housing strategy positions us well to play a key role in the delivery of the Social and Affordable Homes Programme (SAHP) 2026-2036, and there is increased clarity on the financial capacity of our partners. The additional £2bn of affordable housing funding to bridge between programmes has already provided increased certainty. We are targeting early deployment of allocations for both our partners and ourselves to kick start the growth of affordable housing supply and we expect this to contribute to our second half performance in 2026.

While near-term market conditions remain challenging and geopolitical events may bring more uncertainty, we have started the year positively, with volumes benefitting from the targeted use of pricing and incentives to build momentum into the Spring selling season. This approach will drive good revenue growth, accelerating the business' return to a net cash position by the year end, while also delivering year-on-year profit progress.

Strategy and medium-term outlook

The Group's strategy remains firmly focused on its differentiated Partnerships model, delivering high‑quality mixed‑tenure homes in close collaboration with RPs, LAs and PRS partners.

The Group expects to benefit from a supportive policy framework over the medium term. The 2026-2036 SAHP, together with the 10‑year CPI+1% rent settlement and measures on rent convergence, provides long‑term certainty for partners and underpins sustained demand for affordable housing. As SAHP allocations are awarded, the Group anticipates an increase in Partner Funded opportunities.

Operationally, the Group will continue to drive efficiencies through the standardisation of house types, increased utilisation of Vistry Works timber frame manufacturing, and a consistent operating model across regions. These actions are expected to support improved productivity, lower build times and tighter control of cost inflation, while maintaining high standards of quality and customer service.

Over the medium term, the Group expects to deliver sustainable growth in revenues, margin progression supported by operational efficiencies, and strong cash generation as build programmes and Partner Funded activity scale.

With a resilient business model, a strengthened operational platform and increased visibility on partner funding, the Group is well positioned to deliver attractive returns and long‑term value creation.

 

Finance review

Revenue and completions

Adjusted Group revenue decreased 4% to £4,155.3m (2024: £4,329.2m) while completions reduced 9% to 15,658 homes (2024: 17,225). On a reported basis, revenue decreased 4% to £3,613.7m (2024: £3,779.3m). Partner Funded completions represented 74% of the total (2024: 73%).

Partner Funded

Adjusted Partner Funded revenue (including S106 Affordable, Additional Affordable and Private Rented Sector (PRS)) decreased 4% to £2,518.8m (2024: £2,636.2m). First half demand was softer due to funding uncertainty in the sector. Following the clarity given by the June Spending Review, volumes improved sharply, particularly for Additional Affordable homes. PRS activity slowed as partners paused delivery during refinancing, reducing PRS completions by 23%. Overall, Partner Funded completions were down 8% to 11,593 homes (2024: 12,633), with average build outlets reduced 8% to 338 (2024: 367) as some smaller sites completed during the year.

Open Market

Market conditions were broadly unchanged versus 2024, with affordability and slower-than-expected rate cuts weighing on buyer confidence. Adjusted Open Market revenue decreased 10% to £1,333.5m (2024: £1,488.2m), with completions down 11% to 4,065 (2024: 4,592), reflecting an 8% reduction in average active sales outlets to 187 (2024: 203) and slower sales rate. Incentives averaging 4.5% of selling price supported sales.

Average selling price (ASP)

The Group's ASP increased 3% to £282k (2024: £275k). Open Market ASP rose 2% to £391k (2024: £385k), reflecting slight changes in product mix towards larger homes, and Partner Funded ASP increased 4% to £246k (2024: £236k), reflecting greater weighting from London and some higher-value locations in the South. Underlying house prices remained flat, with no general house price inflation during the year.

Other non-housing revenue

Non-housing revenue increased to £303.0m (2024: £204.8m), driven by planned land parcel disposals on large schemes. These are focused on sites where the Group is lead developer and are used to accelerate delivery and enhance returns. We also completed the sale of a large 1,600-home site in Nottinghamshire to our newly created joint venture with Homes England.

 

£m unless otherwise stated	2025					2024
	Partner Funded	Open Market	Other	Total		Total
Adjusted revenue	2,518.8	1,333.5	303.0	4,155.3		4,329.2
Add: Government grant income1	46.2	1.6	-	47.8		62.1
Less: other non-housing revenue2	-	-	(303.0)	(303.0)		(204.8)
Total revenue for calculation of ASP	2,565.0	1,335.1	-	3,900.1		4,186.5
Total units (at 100%)	11,593	4,065	n/a	15,658		17,225
Less: joint venture and joint operation eliminations	(1,158)	(648)	n/a	(1,806)		(1,980)
Units for calculation of ASP	10,435	3,417	n/a	13,852		15,245
ASP	£246k	£391k	n/a	£282k		£275k
Change % vs 2024	+4%	+2%	n/a	+3%		n/a

1 Where the Group receives Government grant income under the Group's direct grant programmes with funders, this income is included in the average selling price as it is a contribution towards the purchase price of specific affordable plots. No adjustment is needed where our partners receive grant funding under their own programmes as it has no impact on the price paid to the Group. While cash was received in prior periods when milestones were achieved, the income is recognised over time in line with the revenue for delivering the homes. Grant income reduced in the period as fewer direct-funded units were delivered.

2 Other non-housing revenue is excluded from the calculation of the average selling price. This comprised revenue from land sales of £180.0m (2024: £91.3m), the re-sale of homes taken in part exchange of £102.6m (2024: £90.9m) and other sources of £20.4m (2024: £22.6m).

 

Adjusted operating profit and margin

Adjusted operating margin increased slightly year-on-year to 8.5%. The margin benefitted from a reduced contribution from lower-margin sites in the former South division, however, this was largely offset by lower operating leverage, particularly in the first-half of the year, due to the lower volumes, and higher overhead costs. Overheads increased as a result of additional assurance activity, pay increases, higher employer NICs and higher levels of variable remuneration, which had been materially lower in 2024 as the Group did not achieve its targets.

Adjusted operating profit was broadly in line with prior year, down 1% to £353.8m (2024: £358.2m). Reported operating profit rose 33% to £222.6m (2024: £167.0m), primarily due to lower exceptional items.

Exceptional items

Exceptional items reduced to £29.4m (2024: £128.8m), comprising £12.8m for the voluntary binding commitment made by the Group, alongside six other UK housebuilders, in response to the potential concerns investigated by the UK Competition and Markets Authority (CMA), a net expense of £8.0m (2024: £114.7m) relating to building safety and £8.6m (2024: £14.1m) of restructuring, integration and other costs. The contribution to the CMA was paid in January 2026.

 

Building safety

£m	2025	2024
Additions to provision	14.3	117.1
Additions to provision due to change in discount rate	3.1	-
Impairment of inventories	-	16.8
Unwind of discounting on the provision	8.0	8.0
Recoveries income	(17.4)	(27.2)
Net expense	8.0	114.7

 

The net expense of £8.0m (2024: £114.7m) comprised a further provision of £14.3m relating to 11 additional buildings which were identified during the year, a £3.1m rise in the existing provision due to a change in the discount rate used (2024: £nil), £8.0m unwind of the existing discount (2024: £8.0m), less recoveries of £17.4m (2024: £27.2m). The overall cost estimate across previously identified buildings remained broadly unchanged. Recoveries were lower in 2025 as a large one-off recovery was received in the prior year.

Provision utilisation was £46.2m, with remediation completed during the year on 21 buildings. As at 31 December 2025, work was ongoing on 57 buildings, with 173 in the pre-start phase of the remediation process.

 

£m	2025
Opening provision	324.4
Additions - additional buildings	14.3
Additions - change in discount rate	3.1
Unwind of discount	8.0
Utilisation	(46.2)
Closing provision	303.6

 

Net finance expense

The adjusted net finance expense decreased 10% to £85.0m (2024: £94.7m). Net bank interest payable was down 10% to £52.0m as the lower blended rate on drawings of 6.3% (2024: 7.0%) more than offset the impact of a 5% rise in average daily net debt to £733.7m (2024: £698.1m). Unwind of land creditor discounting was £22.0m (2024: £21.7m). While land creditors as at 31 December 2025 were up on the prior year, this increase was mainly in the latter part of the year and therefore had limited impact on the discount unwind.

Net joint venture interest payable is the Group's proportional share of the net interest cost incurred by joint ventures. This primarily relates to interest on external borrowings and unwind of land creditor discounting. Net joint venture interest payable reduced to £7.1m (2024: £11.6m), reflecting lower borrowings and lower rates. 

£m	2025	2024	Change
Net bank interest payable	52.0	57.6	-10%
Unwind of discount on land creditors	22.0	21.7	+1%
Interest on finance leases	5.6	5.4	+4%
Net interest on defined benefit pension schemes	(1.7)	(1.6)	-6%
Net joint venture interest payable	7.1	11.6	-39%
Adjusted net finance expense	85.0	94.7	-10%

 

Profit before tax

Adjusted profit before tax increased by £5.3m to £268.8m (2024: £263.5m), while reported profit before tax rose £91.3m to £196.2m (2024: £104.9m). The increase in reported profit was much greater primarily as exceptional items, which are excluded from adjusted profit, were lower in 2025 at £29.4m (2024: £128.8m).

Tax

The adjusted effective tax rate was 27.9%, resulting in an adjusted tax charge of £74.9m (2024: 28.3%, £74.6m). This was lower than the rate of 29.0% that would be derived by applying the statutory tax rate of 25% and Residential Property Development Tax (RPDT) of 4% as RPDT only applies to certain of the Group's profits. The reported effective tax rate was 29.7% (2024: 29.0%), with a reported tax charge of £58.2m (2024: £30.4m).

Earnings per share

Adjusted profit after tax increased 3% to £193.9m (2024: £188.9m). Adjusted basic earnings per share rose 6% to 59.3p (2024: 55.9p), supported by fewer shares being in issue as a result of the ongoing buyback programme. Reported earnings per share increased to 42.2p (2024: 22.0p), reflecting lower exceptional items. 

Capital employed and ROCE

Closing capital employed increased 3% to £2,583.4m (2024: £2,512.9m); average capital employed rose 4% to £2,548.2m (2024: £2,461.8m). Inventories remain the largest component, comprising land of £1,932.4m and work in progress of £1,295.9m. Land on the balance sheet rose by 3% in the year, despite the number of plots in our owned, non-joint venture land bank increasing by 7%. The lower land cost per plot was driven by the disposal of some sites with a high land cost per plot and the acquisition of some large, strategic sites and opportunistic purchases on favourable terms which took advantage of a subdued land market. The majority of new sites were acquired on deferred payment terms, resulting in the Group's land creditors rising 34% to £989.7m.

Work in progress increased by 14% due to infrastructure spend on certain mixed-tenure sites, end-of-year delays in completions and an increase in completed stock in London due to a particularly challenging Open Market sales environment. The Group implemented tighter controls on work in progress at sites, with a particular focus on reducing the levels of completed stock, and made good progress across most regions, with a reduction in completed stock of over £50m outside of London.  

The Group continues to invest in new joint ventures. The carrying amount only increased 2% as loan repayments and dividends from mature joint ventures were reinvested into new and earlier‑stage schemes, including the Group's new joint venture with Homes England and a number of London apartment‑led developments.

Other assets rose 9% driven by greater land receivables, related to the increase and the timing of land sales, and an increase in trade receivables due to the higher weighting of activity to Q4. Other liabilities reduced 2% due to lower deferred grant income as monies were received in the prior year for work to be completed in 2025. ROCE decreased 70bps to 13.9% (2024: 14.6%). 

Net assets

Net assets increased 3%, principally due to profit after tax exceeding the share buybacks in the year.

While the retirement benefit asset was broadly unchanged, the trustees of the Group's three defined benefit schemes completed buy-in transactions with Pensions Insurance Corporation plc during December to insure the benefits of the members. This passes all material longevity and investment risks to the insurer in return for an upfront premium.

The buy-in policies are accounted for as assets of the schemes, valued in line with the obligations they are insuring. The difference between the premium paid and carrying value of the insurance policy asset was immaterial. The Group continues to recognise the scheme surpluses as it will be entitled to any surplus remaining when the last members exit the pension schemes in the future.

£m	2025	2024	Change
Work in progress (including part exchange properties)	1,295.9	1,133.3	+14%
Land	1,932.4	1,875.0	+3%
Land creditors	(989.7)	(739.9)	+34%
Net inventories	2,238.6	2,268.4	-1%
Investment in joint ventures	680.8	614.0	+11%
Amounts due from joint arrangements	143.8	152.5	-6%
Amounts payable to joint arrangements	(188.0)	(143.3)	+31%
Total joint venture carrying value	636.6	623.2	+2%
Other assets	783.5	721.5	+9%
Other liabilities	(1,075.3)	(1,100.2)	-2%
Capital employed	2,583.4	2,512.9	+3%
Building safety provision	(303.6)	(324.4)	-6%
Retirement benefit asset	32.2	31.7	+2%
Tangible net assets	2,312.0	2,220.2	+4%
Goodwill	827.6	827.6	-
Intangible assets	329.2	368.8	-11%
Net debt	(144.2)	(180.7)	-20%
Net assets	3,324.6	3,235.9	+3%

 

£m	2025	2024	Change
Opening capital employed	2,512.9	2,410.6	+4%
Closing capital employed	2,583.4	2,512.9	+3%
Average capital employed	2,548.2	2,461.8	+4%
£m unless otherwise stated	2025	2024	Change
Adjusted operating profit	353.8	358.2	-1%
Average capital employed	2,548.2	2,461.8	+4%
ROCE (%)	13.9	14.6	-70bps

 

Net debt and cash flow

The Group started the year with net debt of £180.7m. The cash inflow before buybacks was £107.7m, comprising adjusted profit before tax of £268.8m, working capital outflow of £75.4m, outflow to joint ventures of £4.2m, exceptional cash outflows of £46.3m, corporation tax paid of £31.8m and other cash outflows of £3.4m. After £71.2m of buybacks, closing net debt improved to £144.2m.

Working capital

The outflow of £75.4m was £16.1m lower than 2024, with greater use of deferred payment terms on new land acquisitions enabling the Group to reduce the capital invested in land (comprising land and land creditors) and contributing £192.4m to operating cash flow. This benefit was partially offset by increased spend on work in progress of £162.6m. Levels of work in progress remained high due to the slower sales rate for Open Market homes coupled with the need for earlier stage investment on some large apartment-led schemes in London. The outflow from increased receivables was due to the higher weighting of activity to Q4 and increased land receivables. The payables outflow arose due to lower deferred income, where a favourable payment profile meant that cash, including grant income, was received in the prior year for work completed in the current year.          

Joint ventures

The Group made a further net investment of £4.2m into its joint ventures. This was principally through loans made by the Group, alongside its partners, to fund land and work in progress in the joint ventures.

Exceptional cash flows

The net outflow on building safety was £32.0m (2024: £36.8m), with gross spend of £45.3m (2024: £58.8m) offset by recoveries of £13.3m (2024: £22.0m). Net spend on building safety is expected to increase to c. £70m in 2026. The exceptional cash outflow on integration and restructuring was £14.3m (2024: £17.8m).

Tax and distributions

Corporation tax paid was £31.8m and shareholder distributions were £71.2m, relating to 11.5m shares purchased through buybacks.

 

£m	2025	2024	Change
Opening net debt	(180.7)	(88.8)	-91.9
Adjusted profit before tax	268.8	263.5	+5.3
Working capital movements:
Land	(57.4)	6.7	-64.1
Land creditors	249.8	77.7	+172.1
Total land	192.4	84.4	+108.0
WIP	(162.6)	(35.2)	-127.4
Receivables (excluding amounts owed from joint ventures)	(53.8)	(84.8)	+31.0
Payables (excluding amounts owed to joint ventures)	(51.4)	(55.9)	+4.5
Working capital outflow	(75.4)	(91.5)	+16.1
Net investment in joint ventures	(4.2)	(28.9)	+24.7
Exceptional building safety spend (net of recoveries)	(32.0)	(36.8)	+4.8
Other	(17.7)	(14.3)	-3.4
Taxation	(31.8)	(11.3)	-20.5
Cash inflow before shareholder distributions	107.7	80.7	+27.0
Shareholder distributions	(71.2)	(172.6)	+101.4
Net cash inflow/(outflow)	36.5	(91.9)	128.4
Closing net debt	(144.2)	(180.7)	36.5

 

As at 31 December 2025, total available facilities were £1,130.0m (2024: £1,080.0m) with £500.0m (2024: £645.7m) drawn. On 1 July 2025, the Group refinanced the term loan and RCF, with both extended to 30 April 2028 on existing terms. In addition, the Group secured a £50.0m uncommitted trade loan facility with flexible borrowing tenors to support short-term, in-month, borrowing requirements. The uncommitted facilities comprise the £50m trade loan, a £75m money market line and a £5m overdraft facility and are all with banks within our RCF and term loan banking syndicate.

£m	Facility			2025	2024
	Available	Maturity	Margin
Revolving credit facility	(500.0)	Apr 2028	SONIA + 1.6-2.5 ppts	-	-
Term loan	(400.0)	Apr 2028	SONIA + 1.9-3.1 ppts	(400.0)	(400.0)
USPP loan3	(100.0)	Feb 2027	4.03 ppts	(102.7)	(103.7)
Money market line	(75.0)	Rolling	SONIA plus margin	-	-
Trade loan	(50.0)	Rolling	SONIA plus margin	-	-
Overdraft facility	(5.0)	Rolling	BoE Base + 1.5 ppts	-	-
Prepaid facility fee				4.8	2.7
Total borrowings	(1,130.0)			(497.9)	(501.0)
Cash				353.7	320.3
Net debt				(144.2)	(180.7)

3 The carrying value of the USPP loan includes the fair value of future interest payments of £3.2m (2024: £3.7m) as the loan was acquired through a historical acquisition. The drawings of £100.0m (2024: £100.0m) are equal to the total available facility. 

 

Shareholder distributions

In September 2024, the Group commenced a £130m buyback comprising a £55m ordinary distribution in lieu of the 2024 interim dividend and a special buyback of up to £75m. By 3 March 2026, £101m has been completed with £29m expected to complete by the end of 2026.

 

Forward order book

The forward order book decreased 10% to £4.0bn (2024: £4.4bn), with Partner Funded down 10% to £3.7bn, reflecting a slowdown in new contracts being agreed due to the transition between the 2021-2026 and 2026-2036 Social and Affordable Homes Programmes during 2025. The Group secured over £2.1bn of Partner Funded contracts in 2025, providing strong visibility for 2026 delivery.

£m	2025	2024
Open Market	285	285
Partner Funded	3,726	4,156
Total	4,011	4,441

 

Land bank

The land bank represents 4.3 years of supply (2024: 4.4 years). Over the medium term, we expect this to reduce to <4.0 years in line with our Partnerships business model. The Group added 11,864 plots across 34 sites, with 21% (2024: 31%) of plots controlled rather than owned. Over the medium term, the Group expects around one-third of the land bank to be controlled rather than owned. The proportion of owned acquisitions was particularly high this year, with the Group taking advantage of a subdued land market, securing a number of sites on favourable terms.

Number of plots	2025	2024
Owned (excluding joint ventures)	36,504	34,233
Owned - joint ventures (100%)	15,166	17,048
Total owned	51,670	51,281
Controlled (excluding joint ventures)	9,147	12,230
Controlled - joint ventures (100%)	10,684	10,509
Total controlled	19,831	22,739
Total	71,501	74,020

 

Strategic land

Strategic land remains an important supply source. During the year, 2,538 plots were added to the strategic land bank. Planning permissions were obtained for 621 plots which were subsequently transferred into the consented land bank, 632 plots were disposed of through land sales and 1,136 plots were removed or adjusted out of the strategic land bank. As at 31 December 2025, the Group held 76,368 plots across 177 sites, broadly in line with the prior year.

As at 31 December 2025	Total sites	Total plots
0 - 150 plots	51	4,287
150 - 300 plots	50	10,229
300 - 500 plots	33	11,603
500 - 1,000 plots	23	14,722
1,000+ plots	20	35,527
Total	177	76,368
Planning agreed	23	8,019
Planning application	13	7,782
Ongoing application	141	60,567
Total	177	76,368
At 31 December 2024	182	76,219
Change	-3%	-