Watkin Jones plc

('Watkin Jones' or 'the Group')

HY 2026 Trading Update

Continued strong operational execution

Watkin Jones, a leading UK developer and manager of residential for rent, provides the following trading update for the half year ended 31 March 2026 (the 'period' or 'HY 2026').

Trading

The Group continued to see strong operational delivery during the period, with in-build schemes achieving margins in line with our stated guidance. HY 2026 operating profits are expected to be at a similar level to HY 2025, despite a reduction in revenue caused by lower levels of transactional activity.

Operations

The Group has signed two new transactions during the period - a further PBSA scheme in Bristol through our existing joint venture with Maslow Capital, and a scheme to deliver a hotel on a brownfield site in Wimbledon. We are actively marketing a number of schemes which have the potential to underpin delivery of an improved second half performance.

We continue to be encouraged by the number of attractive opportunities which we are seeing in Refresh and Development Partnerships. In particular, we have seen an increase of 20% in our Development Partnerships' pipeline which has helped maintain the Group's overall pipeline in line with that at FY 2025.

Continued effective cash management resulted in a robust period end position, with gross and net cash at 31 March 2026 of c.£67m (FY 25: £80m) and c.£61m (FY 25: £70m), respectively.

Outlook

We continue to monitor the evolving geopolitical and economic backdrop and are mindful of any consequential impacts on confidence and activity in our residential investment and construction markets. We are taking proactive steps, where possible, to mitigate potential increases in build cost inflation, including earlier procurement of selected sub-contract packages and forward buying of materials.

Whilst the adverse movement in the UK interest rate outlook since early March has created greater uncertainty with regards to future transactional liquidity conditions, the Group will continue to be agile in optimising its pipeline whilst continuing to diversify its revenue streams.

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Notes to Editors

Watkin Jones is the UK's leading developer and manager of residential for rent, with a focus on the build to rent, student accommodation and affordable housing sectors. The Group has strong relationships with institutional investors, and a reputation for successful, on-time-delivery of high-quality developments. Since 1999, Watkin Jones has delivered over 51,000 student beds across 150 sites, making it a key player and leader in the UK purpose-built student accommodation market, and is increasingly expanding its operations into the build to rent sector, where it has delivered 3,400 apartments across 19 schemes to date. In addition, Fresh, the Group's specialist accommodation management business, manages c.21,000 student beds and build to rent apartments on behalf of its institutional clients. Watkin Jones has also been responsible for over 80 residential developments, ranging from starter homes to executive housing and apartments.

The Group's competitive advantage lies in its experienced management team and capital-light business model, which enables it to offer an end-to-end solution for investors, delivered entirely in-house with minimal reliance on third parties, across the entire life cycle of an asset.

Watkin Jones was admitted to trading on AIM in March 2016 with the ticker WJG.L. For additional information please visit www.watkinjonesplc.com