Barratt Redrow HY26 Interim Results

11 February 2026

BARRATT REDROW plc

26-week results for the period ended 28 December 2025

Resilient performance; focused on disciplined execution as Redrow integration completes

Commenting on the interim results, David Thomas, Chief Executive of Barratt Redrow plc, said:

"During the first half we delivered a resilient performance in a subdued market while making strong progress integrating Redrow. As that integration nears completion, our focus is on disciplined execution. We are embedding our proven operating model across the enlarged group, delivering operational excellence, strengthening efficiency, and positioning Barratt Redrow to deliver volume growth, margin progression, and capital returns through the cycle.

"With a strong land bank, solid forward sales and synergy delivery in line with our targets, we are well positioned to deliver sustainable medium-term growth. However, while progress made on planning reform is encouraging, a stable and supportive demand environment is essential to enable increased delivery at scale across the sector."

Financial highlights

Operational highlights

Current trading and outlook

Notes:

(1) In addition to the Group using a variety of statutory performance measures, alternative performance measures (APMs) are also used. Definitions of APMs and reconciliations to the equivalent statutory measures are detailed in the Glossary and Definitions. During HY26, the Group has reconsidered the presentation of legacy property provision finance charges. These are now presented as an adjusted item. This change has resulted in an increase in adjusted profit before tax in the period of £19.6m. The HY25 comparatives have been restated with an impact of £18.4m, of which £17.1m relates to previously reported legacy property imputed interest finance costs and £1.3m relates to an additional PPA adjustment reflecting completion of the fair value position with respect to Redrow plc. These adjustments apply to reported and aggregated results. The Group continues to include APMs which allow for the assessment of the performance of the combined Group, before the impact of PPA adjustments. Measures before PPA adjustments are presented as if the assets and liabilities recognised, as a result of the acquisition of Redrow plc, had been initially measured at their carrying values in the underlying Redrow financial records, rather than at their fair values in accordance with IFRS. Net cash definition is included in Note 12.

(2) Synergies: Integrating the Barratt David Wilson and Redrow housebuilding operations results in cost reductions in three main areas:

(1) Optimisation of the divisional office structure, reducing the number of divisions from 41 to 32;

(2) Consolidation of central and support functions, including Board, senior management, compliance and third-party costs; and

(3) Harmonisation of purchasing terms and additional rebates related to volume for the enlarged business, focused primarily on direct materials purchases.

(R) Reported denotes a Barratt Redrow plc reported metric based on the reported performance of the Barratt Redrow plc in the comparable reporting period, with metrics for the 26 weeks to 29 December 2024 restated for the final assessment of the fair values of assets and liabilities recognised through the acquisition of Redrow, as detailed above.

(A) Aggregated denotes an aggregated metric based on the reported performance of Barratt Redrow plc in the comparable reporting period from 1 July 2024 to 29 December 2024 including the performance of the legacy Redrow plc group ("Redrow Group") 1 July 2024 to 21 August 2024, the period prior to acquisition, to provide comparability on operational and financial performance.

Redrow Group data for the period 1 July 2024 to 21 August 2024 is based on Redrow plc's standalone accounting policies and therefore excludes any impact of policy alignments made since the acquisition. The impact of policy alignment is not material. Aggregated adjusted measures are also presented, prepared on the same basis. The aggregated value comparatives have not been audited or reviewed by Barratt Redrow plc's auditors. No adjustments relating to legacy property provision finance charges have been made to Redrow plc's standalone results included in the aggregated comparative for the period 1 July 2024 to 21 August 2024.

(3) Including JVs in which the Group has an interest.

(4) The company compiled consensus range for FY26 adjusted profit before tax on 10 February 2026 was £558m to £617m excluding the impact of purchase price allocation adjustments. This range does not reflect the Group's reclassification of legacy property provision non-cash finance charges as an adjusted item finance charge.

Note on forward looking statements:

Certain statements in this announcement may be forward looking statements. By their nature, forward looking statements involve a number of risks, uncertainties or assumptions that could cause actual results to differ materially from those expressed or implied by those statements. Forward looking statements regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. Accordingly undue reliance should not be placed on forward looking statements. Unless otherwise required by applicable law, regulation or accounting standards, the Group does not undertake to update or revise any forward looking statements, whether as a result of new information, future developments or otherwise.

There will be a results meeting at UBS, 5 Broadgate, London, EC2M 2AT at 8.30am today.

The results presentation will also be webcast live with the Q&A. Please register and access the webcast using the following link: 

https://investorbrand.brunswickgroup.com/Barratt-Redrow-plc-HY26-Results/en

An archived version of the results webcast will also be available on our website later this afternoon and further copies of this announcement can be downloaded from the Barratt Redrow plc corporate website at www.barrattredrow.co.uk or by request from the Company Secretary's office at: Barratt Redrow plc, Barratt Redrow House, Cartwright Way, Forest Business Park, Bardon Hill, Coalville, Leicestershire, LE67 1UF.

For further information, please contact:

Barratt Redrow plc LEI: 2138006R85VEOF5YNK29

The Group's next scheduled announcement will be a trading update on Wednesday 15 April 2026Chief Executive's Statement

Chief Executive's Statement

Overview

We have delivered a resilient operating performance for the 26 weeks to 28 December 2025, supported by the hard work and commitment of our employees, sub-contractors and supply chain partners in what remains a subdued trading environment for the housebuilding industry.

Whilst subdued, the trading backdrop was stable during the period with a less volatile mortgage lending environment supporting customer demand. However, consumer confidence remained low, economic and political uncertainty was high, and affordability challenges remained an issue for many customers, in particular first-time buyers. The scheduling of the Budget on 26 November, which was later than usual, created an extended period of significant uncertainty for homebuyers, but we benefited as customers decided to complete ahead of Christmas once Budget uncertainty was removed.

Highlights

In the next table we detail our key financial performance measures for HY26, as well as the restated comparables for performance in HY25 aggregated to include Redrow plc from 1 July 2024 to aid year on year comparability. For completeness we also include the reported restated performance in HY25 which included Redrow plc from 22 August 2024.

Note:

In HY26, the Group has reclassified legacy property provision finance costs of £19.6m as adjusted items. These were unadjusted in prior periods. The Group believes that users of the financial statements will gain better transparency on the full financial impact of the Group's legacy property liabilities if they are visible and classified as adjusted items, in particular given the scale of provision imputed interest finance costs. The explanation and impact of adjusted items on the Group's principal statutory financial measures is shown through note 4 of the condensed interim financial statements (pg. 26) and the definitions of alternative performance measures (APMs) and reconciliation to IFRS (pg. 41). Adjusted measures in this document remove the impact of legacy property provision imputed interest finance costs for both HY26 and from prior period comparative measures.

Our customers

We continue to help support our customers in accessing attractive mortgage products, working closely with lenders to ensure that the products they offer new home buyers are competitive and appropriate.

For first time buyers we continue to offer a variety of schemes to help buyers onto the housing ladder which include our Deposit Boost, Key Worker Deposit Contribution and Armed Forces Contribution schemes as well as the Rezide Equity Loan Scheme launched in the period.

For existing homeowners looking to buy a new Barratt Redrow home, we now offer part-exchange across all three brands. In the current affordability environment, and amid concerns around property chains, this has proved particularly appealing, with 23% (HY25: 14%A) of private reservations in the period using our part exchange offer.

Our industry leadership in quality and customer service is fundamental to our success. Both Barratt and Redrow have been awarded the maximum 5 Star rating by our customers in the HBF customer satisfaction survey. The Group has achieved this for the last 16 years. Our site and sales teams remain focused on delivering for our customers at every stage of their journey, supported by comprehensive training programmes delivered throughout the year.

We constantly strive to improve the design and layouts of our homes to meet customers' desires and expectations, while improving water and energy efficiency to unlock lower lifetime housing costs for our purchasers. In FY25, over 99% of our home completions were EPC rated 'B' or above, a level of energy efficiency shared by just 3.5%5 of the existing housing stock. We continue to work with lenders to encourage more attractive "green mortgage lending", reflecting the lower running costs, higher reliability and limited maintenance expenditure required for many years with the purchase of new build homes.

Our people

Our second combined Barratt Redrow employee engagement pulse survey, completed in October 2025, delivered a strong engagement score of 77.0 (April 2025: 74.9). Against a backdrop of significant change, this was a particularly positive result and was accompanied by increased employee participation, with 70% of employees completing the survey, up from 67%.

We continue to operate as an accredited real Living Wage Employer and we promote the payment of the real Living Wage within our UK supply chain through our standard sub-contractor terms and conditions.

With the industry facing a longstanding skills shortage it is ever more important to attract and retain the best people. We continue to run numerous award-winning schemes including those for graduates, apprentices and degree apprentices, and former Armed Forces personnel. At 28 December 2025 we had 492 employees on our development programmes.

Keeping people safe

Barratt Redrow is committed to achieving the highest industry health and safety standards to provide a safe working environment for all of our employees and subcontractors. In the 12 months to 28 December 2025 Barratt Redrow operations' injury incidence rate ("IIR") showed a strong improvement, reducing to 240 (2024: Barratt 292, Redrow 326) per 100,000 workers. We have a continual focus improving our site-based processes and procedures, challenging unsafe behaviours across our sites and production facilities and looking at how we can minimise injuries and accidents with the added opportunities to share experience and best practice between Barratt and Redrow colleagues.

Land approvals and strategic land submissions

After significant land approval activity in the second half of FY25, we approved new land acquisitions totalling 1,545 plots (HY25: 7,727R plots) across 15 sites (HY25: 45 sitesR) at a cost of £119.2m (HY25: £471.8mR) in the period.

Our strategic land teams submitted 56 planning applications in the period encompassing 16,985 plots. At 28 December 2025 we had a total of 103 planning applications, equating to more than 27,500 plots, submitted and awaiting local planning authority consideration across our strategic land bank.

Sales outlet evolution

In the period, in line with our expectations for the year, we operated from an average of 405 active sales outlets, including JVs, a decrease of 6.0% on the aggregated average of 431 outlets in the comparable period. In the half we launched 65 new sales outlets, including JVs, (HY25: 42R) and at 28 December 2025 we were operating from 409 active sales outlets including JVs (29 December 2024: 426).

We continue to anticipate average sales outlets will be broadly flat through FY26 in line with our guidance. Looking to FY27, the combination of organic outlet growth and the opening of Redrow synergy sales outlets, is expected to create an average sales outlet position of between 425 and 435 active sales outlets, including JVs.

Our build performance

Through calendar year 2025, Barratt Redrow once again maintained an industry leading position amongst the major housebuilders, with the Group registering Reportable Items (RIs) per NHBC inspection6 at 0.14 (2024: Barratt 0.12, Redrow 0.24).

Our build quality and site standards continue to be recognised through the NHBC Pride in the Job Awards for site management, where site managers across the Barratt and Redrow operations secured 115 awards in the most recent judging period, more than any other housebuilder for the 21 consecutive years.

The adoption of MMC, primarily through our increased use of timber frame construction, is increasing build speed and mitigating the risks around labour cost movements on our sites, as well as reducing embodied carbon and waste. Across the Barratt Redrow operations, we completed 34.7% of our homes (HY25: 30.4%R, 31.5%A) using MMC and 30.6% of our home completions utilised timber frame construction (HY25: 27.6%R, 26.6%%A).

We anticipate that construction activity will increase modestly during the second half of FY26 due to the increased level of home completions anticipated from the balance of FY26, as well as ongoing investment in developments to deliver the sales outlet expansion planned for FY27 and FY28.

Responsible development

Building safety

During the period no issues were identified which required an increase in the building safety provision, with the total expected cost of remediation remaining within the Group's estimates. The building safety provision totalled £828.9m at 28 December 2025 (29 June 2025: £886.4m). Provision spend in the period was £73.4m which was partially offset by imputed interest of £15.9m.

We continue to make progress through the buildings covered under the Building Safety Self Remediation Terms across the Barratt Redrow legacy property portfolio. During the 26-week period, through inspections, testing and contact from building owners regarding potential issues, we added three buildings potentially requiring remedial works to our active portfolio. We also added six buildings on existing active developments to align external reporting. As a result, we recognised nine building additions (HY25: 14R buildings) and seven buildings were completed or assessed as needing no remediation (HY25: 12R buildings). There were 280 buildings in our active portfolio at 28 December 2025 (29 June 2025: 278 buildings) with 194 buildings of these buildings at tender or site mobilisation, or in the process of being remediated (29 June 2025: 192 buildings).

Around 95% of the Barratt Redrow active portfolio has been assessed under the Fire Risk Assessment of External Walls and will have an appropriate PAS 9980 assessment in place.

The Group signed the Scottish Government's Safer Building Accord, on 31 May 2023 and the Housing (Cladding Remediation) (Scotland) Act, passed on 21 June 2024. The building safety provision is recorded on the basis that the standard of remediation required in Scotland is consistent with England and Wales. This will be determined when the final contract with the Scottish Government is signed and the industry is continuing to work with the Scottish Government to finalise the required standard of remediation in Scotland.

Reinforced concrete frames

Our remediation activities with respect to reinforced concrete frame design and construction continued during the period in line with plans and with the total expected cost of remediation remaining within the Group's estimates.

The provision with respect to reinforced concrete frames totalled £186.7m at 28 December 2025 (29 June 2025: £187.4m). Provision spend in the period was limited at £4.4m with most of this spend offset by imputed interest of £3.7m. Significant remediation spend is set to follow in FY27 and FY28 once detailed non-linear analysis and building modelling is completed.

The portfolio of reinforced concrete frame buildings totalled 165 at 28 December 2025 (29 June 2025: 165). Of this total portfolio, 76 have been identified as not requiring remediation (29 June 2025: 75), 17 have had remediation works completed (29 June 2025: 17), 21 are currently under review (29 June 2025: 22) and 51 have had remediation issues identified and are at various stages in the remediation process (29 June 2025: 51).

CMA investigation concluded

On 9 July 2025, the UK Competition and Markets Authority ("CMA") announced that Barratt Redrow, along with six other UK housebuilders, had offered voluntary commitments to the CMA as part of its ongoing investigation into the housebuilding sector. Following a period of public consultation, on 30 October 2025 the CMA accepted the voluntary commitments and closed its investigation. The CMA did not make any finding that Barratt Redrow had infringed UK competition law and the commitments offered by Barratt Redrow do not constitute an admission of any wrongdoing. Under the terms of the commitments, Barratt Redrow has, made a payment of £29.0m to the Government, upon which Barratt Redrow has agreed to waive tax deductibility. This payment is part of the total combined £100m payment from the seven housebuilders, will be disbursed to affordable housing programmes across the United Kingdom.

Redrow Pension scheme buyout

The acquisition of Redrow plc included the Redrow Staff Pension Scheme which, in part, comprised a defined benefit pension plan. The Trustees of the Scheme entered into a bulk annuity buy-in contract with the insurer, Standard Life, on 27 January 2023. The buy-in did not change the obligations of Redrow Limited (formerly Redrow plc) in relation to the Scheme but reduced the future funding risk.

On 6 October 2025 the insurer assumed responsibility for the previously bought-in benefits of the Scheme members through a buy-out. This transaction has resulted in the discharge of all Scheme liabilities from the Group and surplus net assets of £3.2m remain in the scheme.

Charitable giving

In FY25, we donated £6.7m (FY24 £6.4m) to charitable causes through the Barratt Redrow Foundation and employee fundraising.

During the first half of FY26, the Foundation donated more than £2m to good causes and has approved £2.6m in multi-year future commitments to charity partners.

The Barratt Redrow Foundation also celebrated its fifth anniversary in January 2026 and, celebrating this milestone, commissioned a short film "5 Lives for 5 Years" which brings to life the real stories of young people whose lives have been transformed through the work of our charity partners. This film can be viewed Celebrating 5 Years of the Barratt Redrow Foundation.

The Foundation's charitable giving programmes are accessible to all Barratt Redrow colleagues creating a wide range of fundraising activities and volunteering opportunities to colleagues throughout the Group's operations.

Board changes

On 5 November 2025 as planned, Jock Lennox, stepped down as a Non-Executive Director and as the Group's Senior Independent Director. Jock joined the Board on 1 July 2016 and became the Senior Independent Director on 4 May 2021. The Board and everyone at Barratt Redrow wish Jock well for the future.

From 5 November 2025 Jasi Halai took over from Jock as Chair of the Audit and Risk Committee and Nicky Dulieu became the Group's Senior Independent Director.

On 13 November 2025, by mutual agreement, Mike Scott stepped down as Chief Financial Officer ('CFO') and as an Executive Director. Mike was available for transitional support until 31 January 2026. The Board would like to thank Mike for his contribution since joining the Group in December 2021 and wish him well for the future. A search and selection process is currently underway with respect to the appointment of a CFO.

Reporting dates

We have a Trading Update scheduled on 15 April 2026. Our FY26 52-week results will be reported to 28 June 2026 with a trading update planned for Wednesday 15 July 2026 and the full results released on Wednesday 16 September 2026.

Our financial performance

Reservation performance

Our net private reservation rate was 3.4% lower at 0.57 compared to 0.59A on a like-for-like aggregated performance basis for Barratt and Redrow in the comparable period. However, our underlying private net reservation rate, excluding private rental sector and other multi-unit sales, was slightly ahead at 0.55 compared to 0.54.

(1) Barratt and Redrow included from 1 July 2024

(2) Barratt and Redrow included from 22 August 2024

In the 26-week period, we operated from an average of 405 active sales outlets, including JVs, a decrease of 6.0% on the aggregated average of 431 outlets in the comparable period but in line with our guidance at the start of the year. We launched 65 new sales outlets in the period, including JVs, (HY25: 42) and at 28 December 2025 we were operating from 409 active sales outlets including JVs (29 December 2024: 426).

The total value of the order book, including JVs, as at 28 December 2025 increased by 3.5% to £3,124.8m and total forward sales, including JVs, as at 28 December 2025 increased by 3.6% to 10,440 homes (29 December 2024: 10,076 homes). Reflecting the reduction in average sales outlets and the 3.4% reduction in the reported weekly reservation rate, as well as the increased delivery of private home completions in the period, the private order book reduced by 10.4% to 4,746 homes (29 December 2024: 5,296 homes).

Meanwhile, a slightly improved affordable housing sector backdrop through changes announced with the Affordable Homes Programme including its improved 10-year rent settlement (delivering rental growth of CPI+1%), and the slated introduction of rent convergence measures, has provided a welcome improvement to affordable housing demand. This has resulted in a significant improvement in the Group's affordable order book which increased by 32.4% in value terms and 13.5% in volume to 4,975 homes.

Home completions

The Group's completion mix by both volume and average sales price (ASP), are detailed in the following table comparing completions and ASPs in HY26 to the aggregated completions and pricing in HY25. Barratt Redrow's reported performance in HY25 is also included for reference.

(1) Barratt and Redrow included from 1 July 2024

(2) Barratt and Redrow included from 22 August 2024

The combined Group delivered a 4.7% increase in total home completions to 7,444, including 139 JV completions relative to the aggregated 7,107 home completions in HY25, including 272 JV completions. The increase in total home completions in the period was made up of a 3.0% increase in total wholly owned private home completions and a more significant 26.4% improvement in affordable home completions, reflecting a recovery from the sharply lower affordable mix in HY25.

The increase in private home completions reflected the strength in our opening forward order book position despite the reduced level of sales outlets across the period, and our deliberate trading position to drive reservations during the more challenging period of uncertainty prior to the Budget in late November 2025. The improvement in affordable completions was in line with our expectations and reflected the stabilised affordable order book entering FY26, an improved funding backdrop for affordable housing providers and our close relationships with several key affordable housing providers for whom we are a partner of choice.

Our underlying private ASP increased by 5.4% to £401.0k (HY25: £380.6kA and £378.3kR). We saw broadly flat underlying pricing across the Group (HY25: broadly flat underlying pricing). Geographic mix changes and a larger product mix within Redrow brand completions contributed to the increase in underlying private ASP.

The total private ASP, including PRS and other multi-unit sales, increased by 5.2% to £392.9k (HY25: £373.5kA and £371.1kR). The affordable ASP increased by 20.1% to £213.2k (HY25: £177.5kA and £178.4kR), a function of greater proportional delivery from London and modest changes in average square footage of completions outside of London.

Reflecting all of the mix movements, the Group's total wholly owned ASP was 4.9% higher on an aggregated comparable basis at £357.8k (HY25: £341.1kA and £339.9kR).

Financial results

Gross profitability:

The Group delivered gross profit before the impact of PPA adjustments of £394.8m compared to £405.3m on an aggregated basis in HY25. Minimal underlying sales price inflation, increased non-cash incentives and underlying build cost inflation of just over 1.0%, notwithstanding the operational gearing impact of higher home completions in the period, resulted in a gross margin reduction of 200 basis points to 15.0% (HY25: 17.0%A).

The purchase price allocation impact in the period reduced gross profit by £13.5m (HY25: £50.4m) and an adjusted item gain in relation to legacy building recoveries of £13.4m resulted in statutory gross profit of £394.7m (HY25: £354.9mA) with a statutory gross margin of 15.0% (HY25:14.9%A).

Our forward sales at the start of the second half incorporated an estimated 0.8% underlying softening in net sales prices, excluding PRS and other multi-unit sales, on the position a year ago. During the first half, underlying build cost inflation recognised through the income statement was estimated at c. 1%. Against a backdrop of continuing supply chain build cost inflation, we now expect underlying build cost inflation, with the benefit of Redrow related procurement synergies, will be towards the upper end of our previous guidance, at c. 2% for FY26.

During the second half of FY26 we anticipate a proportionally higher share of home completions will improve fixed cost absorption supporting adjusted gross profitability. However, there will also be a modest impact on the Group's adjusted and reported performance from the unwinding of purchase price allocation adjustments. These are expected to reduce reported gross profit by between £2m and £3m in the second half.

Operating profitability:

Adjusted administrative expenses before the impact of PPA adjustments in the period were £184.7m (HY25: £195.4mA) reflecting inflationary increases in payroll and other expenses, as well as the impact of additional employers' National Insurance costs but with the benefit of £23.2m of incremental synergy cost savings unlocked in the period (HY25: £1.4m). Part exchange net income was £0.1m (HY25: £0.9m income) in the period.

We continue to expect underlying administrative expenses for FY26 will be c. £400m including intangible amortisation costs of c. £10m and incremental cost synergies of c. £30m.

Adjusted operating profit before the impact of PPA adjustments was in line with the comparable period at £210.2m (HY25: £210.8mA). The adjusted operating profit margin before the impact of PPA adjustments reduced by 90 bps to 8.0% (HY25: 8.9%A) and reflected several impacts:

We absorbed reduced PPA adjustment charges of £13.6m (HY25: £50.4mR). The adjusted operating profit after the impact of PPA adjustments was £196.6m (HY25: 160.4mA) and the adjusted operating profit margin improved to 7.5% (HY25: 6.7%A).

The Group incurred net adjusted items charges of £10.5m (HY25: £77.6mA and £49.9mR) in arriving at statutory operating profits. Adjusted item charges in the period recognised further restructuring costs to realise synergies from the Redrow acquisition of £18.1m (HY25: £14.4R), legal costs incurred in relation to recoveries with respect to legacy properties of £5.8m (HY25: nil), as well as adjusted item income of £13.4m relating to legacy property recoveries from third parties, recognised in cost of sales (HY25: nil).

Looking forward, we now expect to deliver c. £50m of total incremental cost synergies through our income statement in FY26 with the target of £100m being achieved by the end of HY28.

Profit before tax:

The Group incurred £12.4m of finance charges excluding adjusted items (HY25: £11.9mR and £12.2mA of finance income) following the reclassification of finance charges in respect of legacy property provision discounting.

The change in finance charges reflected a reduction in the Group's average net cash position, as well as an increased charge in relation to land creditors, where new land creditor imputed interest costs are significantly higher than land creditors being settled. The finance charge excluding adjusted items consisted of £6.8m of net cash finance income and non-cash related charges of £19.2m (HY25: £17.7mA of net cash finance income and £5.5mA of non-cash charges).

We now anticipate FY26 net finance costs, excluding adjusted item finance charges relating to legacy property provisions, will be c. £30m, ‎comprising c. £5m of net cash finance income and c. £35m of non-cash finance charges.

In the period the Group's share of JV profit was £2.1m (HY25: £8.4mR) with JV completion timing impacting JV profitability in the period. As a result, profit before tax before the impact of PPA adjustments was £199.9m (HY25: restated £232.1mR and £231.4mA) as detailed in the following table.

The total adjusted impact of purchase price allocation charges was £13.6m (HY25: £50.4mA) which resulted in adjusted profit before tax of £186.3m (HY25: restated £181.7mR and £181.0mA).

After deducting adjusted item charges recognised in statutory operating profit of £10.5m (HY25: £77.6mA) and an adjusted item finance charge of £19.6m (HY25: £18.4m), with the increased charge due to the increased legacy property provisions recognised at the start of FY26, statutory profit before tax was £156.2m, an increase of 37.7% on the restated £113.4m reported by Barratt Redrow in HY25 and 83.8% ahead of the aggregated profit before tax in HY25.

The adjusted item finance charge relating to legacy property provisions for FY26 is currently expected to be c. £32m.

The Group recognised £53.6m of total tax charges (HY25: restated £40.4m) at an effective rate of 34.3% (HY25: restated 35.6%). The tax charge applicable to adjusted profit before tax before the impact of PPA adjustments was £57.7m at an underlying tax rate of 28.9%.

Adjusted earnings per share before the impact of PPA adjustments reduced by 21.9% to 10.0p (HY25: restated 12.8 pence per share) reflecting both the decline in profitability and an 8.9% increase in the average shares in issue, recognising both shares issued with respect to the Redrow acquisition for the full 26-week period, as well as share buyback activity in the period.

Adjusted basic earnings per share reduced by 7.9% to 9.3 pence per share (HY25: restated 10.1 penceR per share).

The anticipated tax rate for FY26 remains at 29% on adjusted profit before tax, reflecting both the rates of corporation tax at 25% on profitability after finance costs and RPDT at 4% on profits before finance costs.

Basic earnings per share increased by 28.6% to 7.2 pence per share (HY25: restated 5.6 pence per share).

Maintaining a strong balance sheet

We continue to maintain an appropriate capital structure reflecting our disciplined operating framework to ensure our balance sheet strength and resilience are maintained through the cycle.

The net cash balance of £173.9m (29 December 2024: £458.9m), including cash and cash equivalents of £373.9m (29 December 2024: £655.3m), reflected the resilience of underlying operating cash generation, notwithstanding:

- A £339.9m underlying increase in inventories on the balance sheet, which included:

- A decrease in land creditors of £42.2m;

- A reduction in trade and other payables, excluding land creditors, of £64.9m;

- A decrease in receivables of £39.3m (HY25: £70.5mR underlying decrease); and

- Legacy property building safety remediation spend of £77.8m (HY25: £46.5mR).

In addition, during the period, net cash was impacted by:

We anticipate financial year end net cash of between £400m and £500m with increased build activity in the second half, offset by a greater proportion of completions. Our construction activity will continue to be carefully managed to align with reservation activity, but we will see a continuing impact from up-front construction work in progress invested to bring through the incremental growth in sales outlets planned in FY27 and FY28.

The increased pace of land buying activity has seen land creditors move higher year on year although land creditor funding remains below our operating framework range and land creditors have reduced since 29 June 2025.

At 28 December 2025 land creditors totalled £767.2m (29 December 2024: £594.6m) and equated to 15.0% (29 December 2024: 12.1%) of the owned land bank. Land creditors falling due within the next 12 months totalled £315.3m at 28 December 2025 (29 December 2024: £401.0m).

After deducting land creditor obligations from our net cash balance, we recorded a total net indebtedness of £593.3m at 28 December 2025 (29 December 2024: net indebtedness of £135.7m).

Capital structure and operating framework

Our revised operating framework and movements over the last 52-week period is shown below:

(A) Land supply is calculated as total owned (owned land and land subject to unconditional contracts) and controlled (land subject to conditional contracts) land bank plots divided by wholly owned completions in the last 52 weeks.

Net tangible assets were £6,183.0m and 433.4 pence per share at 28 December 2025, (29 December 2024: restated £6,290.9m and 433.6 pence per share) of which land (net of land creditors) and work in progress totalled £7,568.9m and 530.6 pence per share (29 December 2024: restated £7,550.8m and 520.4 pence per share).

Land and planning

Throughout the period we maintained our selective approach to investment in land and approved 15 new sites (HY25: net approval of 45R sites). The approved sites added 1,545 plots, (HY25: 7,727) at a cost of £119.2m (HY25: £471.8m) equivalent to an average approved site size of 103 plots (HY25: 172 plots) and an average plot cost of £77.2k (HY25: £61.1k).

We now expect to approve between 10,000 and 12,000 plots in FY26 rather than replace all plots utilised in the year, a reflection of our strong land bank position and internal actions to optimise our existing land bank portfolio.

We invested £472.5m (HY25: £395.6mR) on land acquisitions and the settlement of land creditors during the period and we continue to expect to invest between £800m and £900m in land and land creditor settlement in FY26, broadly in line with the £862.5mR invested by Barratt Redrow in FY25.

Our land bank comprised of 5.0 years of owned land (29 December 2024: 5.0 yearsR) and 0.6 years of controlled land at 28 December 2025 (29 December 2024: 0.6 yearsR). In the medium term we however continue to target a geographically balanced land portfolio with a supply of owned land of c. 3.5 years and a further c. 1.0 year of controlled land.

The composition and planning status of our land bank at 28 December 2025, 29 June 2025 and 29 December 2024 are detailed in the following table:

(X) Land supply is calculated as total owned (owned land and land subject to unconditional contracts) and controlled (land subject to conditional contracts) land bank plots divided by wholly owned completions in the last 12 months.

At 28 December 2025, the current estimated average selling price of plots in our owned land bank was £365,000 (29 December 2024: £352,000; 29 June 2025: £366,000) and the estimated gross margin in our owned land bank, based on the current average selling price and estimated current build costs, was 18.9% at 28 December 2025 (29 December 2024: 18.3%; 29 June 2025: 19.2%).

Barratt Redrow delivered 1,290 (HY25: 1,432R) completions from strategically sourced land in the period, and we converted 503 (HY25: 1,904R) plots of strategic land into our owned and controlled land bank. In the medium term we continue to target c. 30% of completions from strategic land.

Share buyback programme

During HY26 we completed the first tranche of the £100m annual share buyback programme with the purchase of 13.2m shares at an average share price of 379 pence at a total cost of £50.4m (including fees). The Group subsequently announced the commencement of the second tranche on 5 January 2026, with £50m expected to be used for share buyback activity from 5 January 2026 through to 26 June 2026.

Interim ordinary dividend

We have declared an interim dividend of 5.0 pence per share (HY25: 5.5 pence per shareR). The interim dividend will be paid on Friday 15 May 2026 to all shareholders on the register on Tuesday 7 April 2026. A Dividend Reinvestment Plan ("DRIP") is provided by Equiniti Financial Services Limited. The DRIP enables the Company's shareholders to elect to have their cash dividend payments used to purchase the Company's shares. Shareholders who wish to elect for the DRIP should do so by 23 April 2026.

More information can be found at: www.shareview.co.uk/info/drip.

In line with our revised dividend policy, we intend to declare an ordinary dividend equating to cover of 2.0 times adjusted earnings per share, excluding the impact of acquisition fair value adjustments in FY26.

FY26 guidance

Looking to the balance of the current financial year our guidance is summarised in the following table. Where guidance has been amended this is highlighted, and previous guidance is included in italics.

Current trading and outlook

We have had a solid start to our second half. In the five-week period from 29 December 2025 to 1 February 2026 Barratt Redrow has secured 233 net private reservations per week (2025: 248) and we have operated from an average of 398 outlets (2025: 414). This has resulted in a net private reservation rate per active outlet per week of 0.59 (2025: 0.60) with no contribution from private rental sector and other multi-unit sales in either period.

Our total forward sales3 at 1 February 2026 were 11,168 homes (2 February 2025: 10,903) at a value of £3,407.8m (2 February 2025: £3,350.3m). With our private order book 11.2% below the position in 2025, we are now 81%7 forward sold with respect to private wholly owned home completions for FY26 (FY25: 86%).

The composition of our forward sales on 1 February 2026 and the order book movement since 28 December 2025 are included in the following tables, along with the performance of Barratt Redrow in the comparable period in early 2025:

The out-turn for FY26 remains dependent on sales activity through the Spring selling season, as well as any impacts from both the Spring statement and political uncertainty or volatility created by the local elections in May. Based on our forward sold position and solid reservation activity, we continue to expect to deliver total home completions of between 17,200 to 17,800 in FY26 (including c. 600 JV completions), in line with previous guidance.

Full year adjusted profit before tax and the impact of PPA adjustments, but after the reclassification of legacy building safety provision finance charges, is expected to be within the current range of consensus estimates4.

Whilst we remain encouraged by the Government's focus on housebuilding and its planning system reforms, accelerating delivery will also require action to support demand, which will ultimately drive housebuilding recovery and create the homes, jobs and economic growth the country needs. It is vital that Government policy is focused on creating a positive, stable and predictable environment for both institutional and private homebuyers, as well as homebuilders and our supply chain partners.

We remain focused on the key operational drivers of increasing revenue, controlling costs, maintaining land investment discipline and leading the industry on customer service, build quality and sustainability.

With the Redrow acquisition now substantially integrated, Barratt Redrow is focused on disciplined execution and delivering its medium-term ambitions which include growing total home completions to 22,000 annually. We have embedded our proven operating model across the enlarged group, creating a more resilient business with improved efficiency and a stronger platform to enhance operating profitability and returns through the cycle.

Supported by three leading brands, a strong land bank, a robust balance sheet and solid forward sales, we are well positioned to unlock the full strength of the combined business as we progress through the remainder of FY26 and beyond.

David Thomas

Chief Executive

10 February 2026

Notes:

(1) In addition to the Group using a variety of statutory performance measures, alternative performance measures (APMs) are also used. Definitions of APMs and reconciliations to the equivalent statutory measures are detailed in the Glossary and Definitions. During HY26, the Group has reconsidered the presentation of legacy property provision finance charges. These are now presented as an adjusted item. This change has resulted in an increase in adjusted profit before tax in the period of £19.6m. The HY25 comparatives have been restated with an impact of £18.4m, of which £17.1m relates to previously reported legacy property finance costs and £1.3m relates to an additional PPA adjustment reflecting completion of the fair value position with respect to Redrow plc. These adjustments apply to reported and aggregated results. The Group continues to include APMs which allow for the assessment of the performance of the combined Group, before the impact of PPA adjustments. Measures before PPA adjustments are presented as if the assets and liabilities recognised, as a result of the acquisition of Redrow plc, had been initially measured at their carrying values in the underlying Redrow financial records, rather than at their fair values in accordance with IFRS. Net cash definition is included in Note 12.

(2) Synergies: Integrating the Barratt David Wilson and Redrow housebuilding operations results in cost reductions in three main areas:

(1) Optimisation of the divisional office structure, reducing the number of divisions from 41 to 32;

(2) Consolidation of central and support functions, including Board, senior management, compliance and third-party costs; and

(3) Harmonisation of purchasing terms and additional rebates related to volume for the enlarged business, focused primarily on direct materials purchases.

(R) Reported denotes a Barratt Redrow plc reported metric based on the reported performance of the Barratt Redrow plc in the comparable reporting period, with metrics for the 26 weeks to 29 December 2024 restated for the final assessment of the fair values of assets and liabilities recognised through the acquisition of Redrow, as detailed above.

(A) Aggregated denotes an aggregated metric based on the reported performance of Barratt Redrow plc in the comparable reporting period from 1 July 2024 to 29 December 2024 including the performance of the legacy Redrow plc group ("Redrow Group") 1 July 2024 to 21 August 2024, the period prior to acquisition, to provide comparability on operational and financial performance.

Redrow Group data for the period 1 July 2024 to 21 August 2024 is based on Redrow plc's standalone accounting policies and therefore excludes any impact of policy alignments made since the acquisition. The impact of policy alignment is not material. Aggregated adjusted measures are also presented, prepared on the same basis. The aggregated value comparatives have not been audited or reviewed by Barratt Redrow plc's auditors. No adjustments relating to legacy property provision finance charges have been made to Redrow plc's standalone results included in the aggregated comparative for the period 1 July 2024 to 21 August 2024.

(3) Including JVs in which the Group has an interest.

(4) The company compiled consensus range for FY26 adjusted profit before tax on 10 February 2026 was £558m to £617m excluding the impact of purchase price allocation adjustments. This range does not reflect the Group's reclassification of legacy property provision non-cash finance charges as an adjusted item finance charge.

(5) Based on EPC registrations to 30 September 2025.

(6) Measured by the NHBC amongst the 14 major housebuilders constructing more than 1,000 homes annually.

(7) Based on mid-point of FY26 total home completion guidance after deducting 600 JV home completions and assuming c. 20% affordable home completions.

Principal risks and uncertainties

In pursuing our strategic priorities to create value for stakeholders, we are exposed to risk in many areas of our business that continually evolve. Managing our risks responsibly is key to delivering our strategy in a way that creates value for our customers, shareholders, employees and partners.

Risk management controls are integrated into all levels of our business and across all operations, including at site, divisional, regional and Group level. The Board and Executive set a clear tone at the top regarding the importance of risk management controls and have set out clear responsibilities as part of our enterprise risk management policies.

Reputational risk could potentially arise from a number of sources including external and internal influences relating to the housebuilding sector that, when combined or over a period of time, could create a new principal risk. The Group actively manages the impact of reputational risk by carefully assessing the potential impact of all the principal risks and implementing mitigation actions to minimise those risks. Reputational risk is therefore covered by the management of each of our individual risks and is not presented as a principal risk in its own right.

The Board has completed its assessment of the Group's principal and emerging risks, including those that could threaten its business model, future performance, solvency or liquidity. The Directors do not consider the process of risk management and the principal risks and uncertainties to have changed since the publication of the Annual Report and Accounts for the year ended 29 June 2025.

The current risk profile is within our tolerance range as the Group is willing to accept a moderate level of operational risk to deliver financial returns.

Further details of the Group's principal risks and mitigation of the risks outlined below can be found on pages 68 to 73 of the Annual Report and Accounts for the year ended 29 June 2025, which is available at www.barrattredrow.co.uk.

Principal risks

Political and economic environment

Significant changes in the UK macroeconomic environment, major geopolitical events, or unpredictable unforeseen events may lead to falling demand, tightened mortgage availability, lack of funding for housing associations, reduced new build demand due to increased demand in the second-hand property market, or reduced purchaser liquidity, especially in the first‑time buyer market. These events can cause rapid, severe and prolonged market disruptions beyond normal cyclical patterns. The resultant decline in affordability for both private and rental customers could lead to reduced sales volumes, diminished profitability, and in severe scenarios operational continuity, potentially compromising the Company's ability to deliver planned developments and meet strategic objectives.

Land and planning

Lack of developable land due to delays in planning approval, failure of a clear and consistent Government policy or insufficient consented land and strategic land options at appropriate cost and quality could affect our ability to grow sales volumes and/or meet our margin and site ROCE hurdle rates.

Government regulation

The housebuilding industry is subject to increasingly complex legislation and regulations, Government intervention and policy changes, for example building regulation, legal, NHQC, CMA and environmental regulation. Deviation from current regulations or failure to implement the required changes effectively within our processes could lead to financial penalties, damage to the Group's reputation or increased costs due to inefficient processes.

Construction quality and innovation

Failure to achieve excellence in housebuilding construction and product quality, through insufficient quality assurance programmes or inability to develop, evaluate and implement new and innovative construction methods or be a market leader with changes in technology advancement, could increase costs, expose the Group to future remediation liabilities, and result in poor product quality and reputational damage.

Highrise and complex structures

Failure to build high‑rise and complex structures in line with building regulations, or remediate existing legacy quality issues effectively, could result in remediation delays, reputational damage, increased cash outflow or future remediation liabilities.

Supply chain resilience

Not adequately responding to shortages or increased costs of materials and skilled labour, or the failure of a key supplier in the current economic environment, may lead to increased costs and delays in construction.

Safety, health and environment

Health, safety or environmental incidents or compliance breaches that fail to protect or adversely impact employees, subcontractors, customers and site visitors, undermining our responsibilities and objectives to be a safe and responsible business for all of our stakeholders, all of the time.

Attracting and retaining high-calibre employees

Increasing competition for skills may mean we are unable to recruit/retain the best people. Having sufficient skilled employees is critical to delivery of the Group's strategy of volume growth whilst maintaining excellence in our other strategic priorities.

Cybersecurity

A successful cyberattack breaching any of the Group's key systems, particularly those for financial and customer information or surveying and valuation, could restrict operations, cause financial losses, regulatory fines and reputational damage or disrupt progress in delivering strategic priorities.

Redrow integration

Without careful management, there is a risk that our objectives to maximise shareholder value by successfully integrating the two businesses to generate revenue growth opportunities, and achieve operational and cost synergies, are not achieved.

Condensed Consolidated Income Statement and Statement of Comprehensive Income

for the 26 weeks ended 28 December 2025 (unaudited)

(1) The Income Statement for the 26 weeks ended 29 December 2024 has been retrospectively adjusted to reflect the finalisation of the fair values of assets and liabilities on the acquisition of Redrow plc which were provisionally determined as at 29 December 2024 and finalised at 29 June 2025 and the consequent impact on the income statement, as required under IFRS 3. See note 9 for further information.

Notes 1 to 18 form an integral part of these Condensed Consolidated Interim Financial Statements.

(1) The reported profit and adjusted profit for the 26 weeks ended 29 December 2024 have been retrospectively adjusted to reflect the finalisation of the fair values of assets and liabilities on the acquisition of Redrow plc which were provisionally determined as at 29 December 2024 and finalised at 29 June 2025 and the consequent impact on the income statement, as required under IFRS 3. See note 9 for further information.

(2) The adjusted profit for the 26 weeks ended 29 December 2024 and 52 weeks ended 29 June 2025 have been re-presented to show imputed interest in respect of legacy properties as an adjusted item. See note 4 for further information.

Condensed Consolidated Statement of Changes in Shareholders' Equity (unaudited)

Condensed Consolidated Balance Sheet

at 28 December 2025 (unaudited)

(1) The Balance Sheet at 29 December 2024 has been retrospectively adjusted to reflect the finalisation of the fair values of assets and liabilities on the acquisition of Redrow plc which were provisionally determined as at 29 December 2024 and finalised at 29 June 2025. See note 9 for further information.

Notes 1 to 18 form an integral part of these Condensed Consolidated Interim Financial Statements.

Condensed Consolidated Cash Flow Statement

for the 26 weeks ended 28 December 2025 (unaudited)

Notes 1 to 18 form an integral part of these Condensed Consolidated Interim Financial Statements.

Reconciliation of operating profit to net cash inflow from operating activities

for the 26 weeks ended 28 December 2025 (unaudited)

(1) The working capital movements in land payables, provisions and leases include non-cash movements due to imputed interest. Imputed interest is included within non-cash items in the statements above.

(2) The operating profit, imputed interest on long term liabilities and working capital movements for the 26 weeks ended 29 December 2024 have been retrospectively adjusted to reflect the finalisation of the fair values of assets and liabilities on the acquisition of Redrow plc which were provisionally determined as at 29 December 2024 and finalised at 29 June 2025 and the consequent impact on the income statement, as required under IFRS 3. See note 9 for further information.

Notes 1 to 18 form an integral part of these Condensed Consolidated Interim Financial Statements.

Notes to the Condensed Consolidated Interim Financial Statements

for the 26 weeks ended 28 December 2025 (unaudited)

Cautionary statement

The Chief Executive's Statement contained in this Interim Financial Report, including the principal risks and uncertainties, has been prepared by the Directors in good faith based on the information available to them up to the time of their approval of this report solely for the Company's shareholders as a body, so as to assist them in assessing the Group's strategies and the potential for those strategies to succeed and accordingly should not be relied on by any other party or for any other purpose, and the Company hereby disclaims any liability to any such other party or for reliance on such information for any such other purpose.

This Interim Financial Report has been prepared in respect of the Group as a whole and accordingly matters identified as being significant or material are so identified in the context of Barratt Redrow plc and its subsidiary undertakings taken as a whole.

Basis of preparation

This Interim Financial Report has been prepared in accordance with the recognition and measurement criteria of UK adopted IFRS and the disclosure requirements of the Listing Rules. The condensed financial information for the 52 weeks ended 29 June 2025 is an extract from the published Annual Report and Accounts of Barratt Redrow plc for that period and does not constitute statutory accounts as defined in s434 of the Companies Act 2006. A copy of the statutory accounts for the 52 weeks ended 29 June 2025, prepared under UK adopted IAS in conformity with the requirements of the Companies Act 2006 and in accordance with UK adopted IFRS, on which the auditors gave an unmodified opinion which did not draw attention to any matters by way of emphasis and did not contain a statement made under either s498 (2) or (3) of the Companies Act 2006, has been filed with the Registrar of Companies.

Going concern

In determining the appropriate basis of preparation of these Condensed Consolidated Interim Financial Statements ('Interim Financial Statements'), the Directors are required to consider whether the Group and Company can continue to meet their liabilities and other obligations for the foreseeable future.

The Group's business activities, together with factors which the Directors consider are likely to affect its development, financial performance and financial position are set out in the Chief Executive's Statement. The material financial and operational risks and uncertainties that may have an impact on the Group's performance and their mitigation are outlined in the principal risks section of this Interim Financial Report, and financial risks including liquidity risk, market risk, credit risk and capital risk are outlined on pages 208 to 211 of the Group's Annual Report and Accounts for the 52 weeks ended 29 June 2025 which is available at www.barrattredrow.co.uk.

At 28 December 2025, the Group was financially strong with cash of £373.9m and total loans and borrowings of £202.4m, comprising £2.4m of bank overdrafts and £200.0m sterling USPP notes maturing in August 2027. These balances, set against pre-paid facility fees, comprise the Group's net cash of £173.9m presented in note 11.

Should further funding be required, the Group has a committed £700m revolving credit facility, subject to compliance with certain financial covenants, that matures in November 2029. The Group drew £125m from the facility in November 2025 as part of normal working capital management processes. This was repaid in full before 28 December 2025.

In consideration of its net current assets of £7.3bn and of the liquid funds available through loan facilities, the Directors are satisfied that the Group has sufficient liquidity to meet its current liabilities and ongoing working capital requirements.

The Group's financial forecasts reflect the outcomes that the Directors consider most likely, based on the information available at the date of signing of these Interim Financial Statements.

To assess the Group's resilience to more adverse outcomes, its forecast performance was sensitised to reflect a series of scenarios based on the Group's principal risks and the downside prospects for the UK economy and housing market presented in the latest available external economic forecasts.

This exercise included a reasonable worst-case scenario in which the Group's principal risks manifest in aggregate to a severe but plausible level. This assumed sales prices and volumes to be respectively 5% and 10% lower than forecast from 1 April 2026 through to 27 June 2027, additional build costs arising for regulatory requirements, such as measures to reduce greenhouse gas emissions, and additional land impairment arising from adverse developments in the planning environment.

Reasonable mitigation that the Group would expect to undertake in such circumstances was also modelled, being a reduction in working capital in line with the fall in expected sales and a reduction in uncommitted land spend. In all scenarios, including the reasonable worst case, the Group is able to comply with its financial covenants, operate within its current facilities, and meet its liabilities as they fall due.

Furthermore, reverse stress testing was performed to determine the market conditions in which the Group would cease to be able to operate under its current facilities. The Group's strong net cash position and its available facilities mean that the Group's primary sensitivity in this circumstance would be compliance with its financial covenants. Based on past experience and current economic forecasts, the Directors consider the possibility of the conditions required to result in non-compliance with financial covenants to be remote and have identified mitigation that would be adopted in such circumstances.

Accordingly, the Directors consider there to be no material uncertainties that may cast significant doubt on the Group's ability to continue to operate as a going concern. They have formed a judgement that there is a reasonable expectation that the Group and Company have adequate resources to continue in operational existence for the foreseeable future, being at least 12 months from the date of signing of these Interim Financial Statements. For this reason, they continue to adopt the going concern basis in the preparation of these Interim Financial Statements.

Accounting policies

The unaudited Interim Financial Statements have been prepared using accounting policies consistent with UK adopted IFRS and in accordance with IAS 34 'Interim Financial Reporting' as adopted by the UK, and using accounting policies and methods of computation consistent with those applied in the preparation of the Group's Annual Report and Accounts for the 52 weeks ended 29 June 2025. The interim period tax expense is calculated by applying the forecast full year effective tax rate to the period's pre-tax profits.

During the period, the Group has adopted the following new and revised standards and interpretations that have had no impact on the Financial Statements:

• Lack of exchangeability amendment to IAS 21: 'The Effects of Changes in Foreign Exchange Rates'.

The Group's revenue derives principally from the sale of the homes it builds.

An analysis of the Group's continuing revenue is as follows:

Included within Group revenue is £85.5m (29 December 2024: £68.5m; 29 June 2025: £175.8m) of revenue from construction contracts on which revenue is recognised over time by reference to the stage of completion of the contracts. Of this revenue, £8.0m (29 December 2024: £4.6m; 29 June 2025: £3.4m) was included in the contract liability balance at the beginning of the period. Completions are recognised on a pro-rata basis on revenue recognised over time.

Cost of sales

The value of inventories expensed in the 26 weeks ended 28 December 2025 and included in cost of sales was £2,137.1m (29 December 2024: £1,826.5m (retrospectively adjusted); 29 June 2025: £4,426.3m).

Administrative expenses

Administrative expenses of £208.7m (29 December 2024: £225.6m; 29 June 2025: £503.2m) include sundry income of £8.2m (29 December 2024: £7.4m; 29 June 2025: £18.5m) which principally comprises management fees receivable from joint ventures, the sale of freehold reversions, forfeit deposits and ground rent receivable.