Press Releases

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."

¹Completions 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.

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