Trading update

06 November 2025

Full year expectations unchanged

Vistry Group PLC ("Vistry" or "the Group") is today providing a scheduled update on trading for the period from 1 July 2025 to date ("the period").

Greg Fitzgerald, Chief Executive commented:

"As expected, activity levels have continued to build through the second half of the year and I am encouraged by the progress being made across the Group. Recent interactions with partners and Government demonstrate an appetite for increased pace in the affordable housing sector and reinforce our optimism for the years ahead. We remain well positioned to play a key role in the delivery of the Affordable Homes Programme and in supporting the broader growth ambitions for the sector."

Current Trading and Outlook

Our expectations for the year remain unchanged and the Group remains confident in delivering year-on-year profit growth for FY25. We continue to see significant opportunity for growth in the medium-term, underpinned by strengthening partner demand and our differentiated model.

The Group is encouraged by the early impact of the Government's affordable housing support measures, which are starting to have a positive effect on new partner contracts. Whilst the uncertainty created by the delay to the Autumn Budget has been unhelpful, the Group anticipates that the Budget will provide further clarity on how the Government's housebuilding ambitions will be supported.

As previously announced, the Group received confirmation in September that it had secured a grant award of £50m from Homes England as part of the £2bn injection of additional grant funding announced earlier in the year. The Group has already made good progress in the allocation of this grant, which will include the support of delivery of affordable housing schemes within 2025.

Demand from Registered Providers and Local Authorities has continued to strengthen over the period. Since the half year results in September, we have continued to work closely with our partners and are expecting to conclude a number of new Partner Funded deals in Q4, underpinning full year expectations and momentum into 2026. Alongside the Affordable Homes Programme, 10-year rent settlement and the expected reintroduction of rent convergence measures, the Group remains exceptionally well-positioned to play a leading role in the delivery of much-needed affordable housing. We are actively reviewing sites for transfer into our joint venture with Homes England and we are making good progress towards initial acquisitions.

We have seen a small improvement in Open Market sales rates since the summer, broadly in line with historical trends, but remain cautious as to the pace of demand recovery in the open market amid the short-term economic uncertainty. To support Open Market sales, the Group continues to utilise targeted incentives of up to c. 6% of open market price. All Open Market homes for 2025 delivery have been reserved.

The Group's overall sales rate since 1 July is up 11% compared to the same period last year at 0.81 (2024: 0.73), reflecting continued momentum in the second half and strengthening partner demand, with a year-to-date sales rate of 0.85 (2024: 1.02). The Group's forward order book remains stable at £4.3bn (2024: £4.8bn), unchanged since September as we make strong progress on the build-out of our active sites, whilst continuing to win new work.

The Group continues to selectively secure new land and development opportunities whilst actively managing down the overall Group land bank. Since 1 July the Group has secured a total of 3,503 (2024: 4,256) plots across 11 (2024: 16) sites, taking the total secured in the year to date to 6,616 (2024: 12,481) plots across 25 (2024: 47) sites.

Build cost inflation for FY25 remains in line with expectations and is currently tracking at low single digits, supported by proactive engagement with our supply chain and the benefits of scale inherent to the Partnerships model. Material pricing has stabilised, while labour cost pressures are being managed through improved visibility and continuity of work. The Group continues to actively assess opportunities to mitigate these pressures through standardisation, increased use of timber frame construction, and further efficiencies through Vistry Works.

The Group continues to focus on cash performance, including the management of work in progress, and expects to deliver a year-on-year reduction in the Group's net debt position as at 31 December 2025.

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