Mj Gleeson Plc · LSE:GLE
Mj Gleeson — H1 FY2026 Earnings Presentation
46 slides from Mj Gleeson's earnings presentation, Feb 11, 2026
Slide 1: Results for the half year ended 31 December 2025
Results for the half year ended 31 December 2025 “A robust performance in a subdued market” “Cautious for full year outturn” 11 February 2026
Slide 2: Contents
Contents Overview 3 Financial Performance 7 Operations & Strategy 16 Summary & Outlook 28 Graham Prothero Stefan Allanson Appendices 31 CEO CFO Guy Gusterson Scott Stothard Simon Topliss MD, Divisional Chair, COO, Gleeson Land Gleeson Homes Gleeson Homes MJ Gleeson plc 2
Slide 3: Overview
Overview MJ Gleeson plc 3
Slide 4: A robust performance in a subdued market
A robust performance in a subdued market Gleeson Homes: • Robust performance • 848 homes sold (H1 FY2025: 801) • Net reservation rate on open-market sales up 9% at 0.48 per site/week • Partnerships gaining momentum with first homes delivered • Site openings remain constrained by slow planning • Proj
Slide 5: Encouraging start to H2 FY2026
Encouraging start to H2 FY2026 • Encouraging open market sales rate* - albeit lower than strong Net OMS reservations 5 weeks to 6 prior year rate: February 2026* • 5 weeks to 6 February 2026: 0.55 • 5 weeks to 7 February 2025: 0.79 Cancellations • Need to see this improvement continued and sustained
Slide 6: Outlook remains uncertain
Outlook remains uncertain • Open market sales rate is improved but needs sustained momentum • 0.55 below prior year 0.79 • Further multi-unit sales required • Bulk market is weaker • Pricing getting tougher • Registered Providers not yet in funds • Margin risks persist • Buyers continue to need sign
Slide 7: Financial Performance
Financial Performance MJ Gleeson plc 7
Slide 8: Group income statement
Group income statement £ million H1 25/26* H1 24/25 Change Notes Gleeson Homes 168.6 156.6 7.7% Homes sold up 5.9%, ASP up 2.5% Gleeson Land 4.5 1.3 246% 3 site transactions (H1 24/25: 1, FY2025: 7) Revenue 173.1 157.9 9.6% Gleeson Homes* 7.0 9.1 (23.1%) Operating margin 170bp lower Gleeson Land (0.
Slide 9: Gleeson Homes
Gleeson Homes • Homes sold up 5.9% to 848 (H1 24/25: 801) • Including 190 private multi-unit sales (H1 24/25: 95) and 37 partnership equivalent unit sales • ASP up 2.5% to £198,800 (H1 24/25: £193,900) • +1.7% increase in underlying selling prices* • +0.8% bed & other mix changes • Revenue up 7.7% t
Slide 10: Gleeson Homes
Gleeson Homes Overheads per homes sold (£'000) • Overheads increased 14.7% to £26.5m (H1 24/25: £23.1m) 31.4 32.3 28.8 31.2 • Pay increases, recruitment costs and increased NI (£1.4m) 23.3 • IT spend (£0.3m) • Difference in bonus and SBP charges / accruals (£1.5m) H1 H1 H1 H1 H1 21/22 22/23 23/24 24
Slide 11: Forward order book
Forward order book • Forward orders up 64% compared with December 2024 • Strong partnership orders • Circa 650 plots anticipated for completion by 30 June 2026 MJ Gleeson plc 11
Slide 12: Gleeson Land
Gleeson Land • Three land sales completed (H1 24/25: no land sales) • Gross profit £1.3m (H1 24/25: gross loss of £0.3m) • £0.7m provisions (H1 24/25 £0.3m) • Overheads £1.9m (H1 24/25: £1.6m) • Operating loss £0.6m (H1 24/25: operating loss of £1.9m) MJ Gleeson plc 12
Slide 13: Group balance sheet
Group balance sheet 31 December 31 December £ million 2025 2024 Notes Gleeson Homes Land 143.9 116.2 £17,000 per plot (December 2024: £14,600, June 2025: £15,300) WIP 221.9 218.2 £3.4m per site (December 2024: £2.8m, June 2025: £3.2m) Gleeson Land Land 25.8 16.8 77 sites (December 2024: 73 sites, Ju
Slide 14: Group cash flow
Group cash flow £ million H1 25/26 H1 24/25 Notes Profit before tax 1.7 3.6 Depreciation and other 4.1 3.9 Depreciation, provisions, finance costs and SBP charges Working capital movements (17.5) (29.7) Cash used in operating activities (11.7) (22.2) Tax (1.6) (2.1) Interest and finance costs (1.6)
Slide 15: Dividends
Dividends • Interim dividend of 4.0 pence per share (H1 24/25: 4.0 pence) • To be paid on 7th April 2026 to shareholders on the register at close of business on 6th March 2026 • Dividend cover policy: full year earnings to cover dividends between 3 and 5 times Dividend cover 4.3x 3.1x 3.0x 2.6x MJ G
Slide 16: Operations and strategy
Operations and strategy MJ Gleeson plc 16
Slide 17: Gleeson Homes
Gleeson Homes Gleeson Homes 17
Slide 18: A cautious market environment
A cautious market environment • Buyers are in the market, but price-sensitive and cautious • More benign base rate and mortgage rate environment • Mortgage market is competitive: • 897 mortgage products available for 90% LTV • 374 mortgage products available for 95% LTV • Targeting a dynamic mix of
Slide 19: Project Transform: improving performance
Project Transform: improving performance • Further changes implemented in January 2026 to complete operational restructure • Single division with 6 regions • Regional responsibility for land, customer care, marketing and finance • Improved Regional leadership enhances ownership and performance • Ens
Slide 20: Both risks and opportunities in margin recovery
Both risks and opportunities in margin recovery • Project Transform driving improved efficiencies including site cost control • Continued pressures from: • Build cost inflation • Extended preliminary costs • Regulatory burden and tax costs • Improving subcontractor base, including supply & fix Inser
Slide 21: Sales and marketing
Sales and marketing • Elevation of sales and marketing efforts • Marketing brought into Regional control • Dual-focus on affordability and quality • Number of initiatives already in place • Incentives available but more targeted to secure a sale • Price increases implemented Boxing Day • Part exchan
Slide 22: Planning continued to constrain delivery
Planning continued to constrain delivery • 9 sites purchased in the first half (H1 24/25: 8 sites purchased) Residential planning approvals (England) • Planning environment remains tough • Planning consents at an “all time” low • North & Midlands slower than South of England • Average time to agree
Slide 23: Pace of openings now expected to tick up in FY27
Pace of openings now expected to tick up in FY27 • Build sites Build sites • 9 sites opened (H1 24/25: 8 sites opened) • 66 sites (31 December 2024: 79) Build sites not yet actively • 69 average sites (H1 24/25: 79) selling • Aiming to open 8 sites in H2 • 65 average build sites in H2 • Aiming to op
Slide 24: Housing Associations showing strong interest on back of SAHP
• Housing Associations showing strong interest on back of SAHP • PRS investors remain active • Three agreements signed in H1 for 130 units • Eight sites with five partners • 28 homes handed over on two sites • 9 plot equivalent homes recorded on ‘golden brick’ agreements • FOB of 382 units • Activel
Slide 25: Gleeson Land
Gleeson Land Gleeson Land 25
Slide 26: Executing the strategy
Executing the strategy • Strategy is significantly strengthening the medium-term outlook • Regional strategy strengthened • Market remains strong for prime sites; transactions taking longer to conclude • Also seeing bids conditional upon securing RP partner • Market-leading research and data analyti
Slide 27: Strong progress in promotions and planning
Strong progress in promotions and planning • 3 sites sold in H1; expect 5 in H2, all with planning achieved • Continue to progress technical solution on large site for H2 completion • 4 new promotions signed in H1; targeting 10 in H2 • A record 15 planning applications submitted in H1 • 2 planning g
Slide 28: Summary and outlook
Summary and outlook MJ Gleeson plc 28
Slide 29: Delivering a stronger business
Delivering a stronger business • Robust performance despite a subdued market • Encouraging signs of recovering demand … but too early to tell if it will last • Need stronger market to support margin recovery • Current market expectations achievable, but market weakness risks lower out-turn • Will pr
Slide 30: Q&A
Q&A MJ Gleeson plc 30
Slide 31: Appendices
Appendices MJ Gleeson plc 31
Slide 32: About MJ Gleeson Plc
About MJ Gleeson Plc Gleeson Homes – owned sites Gleeson Land Gleeson Homes - portfolio Changing lives by building affordable, quality homes. Where they are needed, for the people who need them most. Gleeson Land We promote land through the complex planning system. Unlocking value to deliver sustain
Slide 33: The route to 3,000 homes p.a.
The route to 3,000 homes p.a. • Under-supplied market segment, with strong underlying demand for high-quality affordable homes Medium-term, FY2025 stable market • Business well positioned to achieve growth: scenario • Pipeline of 80 future sites • Controlled expansion, opening 20 to 30 new sales Sal
Slide 34: Sustainability
Sustainability MJ Gleeson plc 34
Slide 35: Sustainability
Sustainability • A couple working full time on the National Living Wage can afford a Gleeson Home on any of our developments • Transitioning to the new HBF scoring criteria • Crime data shows Gleeson developments benefit high risk areas • 84% employee engagement score, with 83% saying they are proud
Slide 36: Market Backdrop
Market Backdrop MJ Gleeson plc 36
Slide 37: Significantly cheaper to buy than rent
Significantly cheaper to buy than rent 85% LTV 90% LTV Rented house Number of Average mortgage mortgage – new lettings bedrooms Gleeson price (cost per week) (cost per week) (cost per week) 2 bed £173,100 £156 £170 £209 3 bed £209,700 £189 £206 £276 4 bed £263,700 £238 £259 £369 All mortgage payment
Slide 38: Building the affordable homes the country needs
Building the affordable homes the country needs • Selling prices affordance to lower income households • £375,300 average new build house price in England* • £301,000 average new build house prices in North & East Midlands* • 51% higher than Gleeson’s average selling price of £198,800** • Affordable
Slide 39: Highly affordable
Highly affordable • Affordable for low-income buyers • Mortgage payments 22%* take home pay v UK average 32%** • Lowest income earners experiencing “real” earnings growth • National Living Wage (NLW) increasing by 4.1% from April 2026 • A couple on the NLW can afford a home costing £234,994 • 32% hi
Slide 40: House prices – North of England isn’t North London
House prices – North of England isn’t North London • Price increases since December 2007 vary by region • London up 73% • North of England & East Midlands up 47% • Below rise in RPI of 92% • Since 2014: • National living wage up 94% • Gleeson prices up 64% • Since August 2022: • London house prices
Slide 41: Structural under-supply of quality, affordable homes
Structural under-supply of quality, affordable homes Household tenure • Shortage of affordable homes in North of England and (millions of households) Midlands: • 4.2 million households renting • 0.7 million households on Local Authority waiting lists • 1.7 million adults living with parents • Little
Slide 42: Highly affordable
Highly affordable • Selling prices affordable to lower income households • £375,300 average new build house price in England* • £301,000 average new build house price in North & East Midlands* • 50% higher than Gleeson’s average selling price • £198,800 average Gleeson selling price in the North & E
Slide 43: Gleeson Homes Pipeline / Gleeson Land Portfolio
Gleeson Homes Pipeline Gleeson Land Portfolio MJ Gleeson plc 43
Slide 44: Gleeson Homes Pipeline
Gleeson Homes Pipeline *Includes 7 impaired sites expected to be aborted during H2 as a result of the restructuring announcement in January 2026 MJ Gleeson plc 44
Slide 45: Gleeson Land Portfolio
Gleeson Land Portfolio • Continued focus on enhancing the depth and quality of the portfolio • 77 sites (Dec 24: 73 sites) • 19,691 plots (Dec 24: 17,434 plots) • 1,369 plots on 6 sites with consent / resolution to grant (June 2025: 1,343 plots on 8 sites) As at 30 June As at 31 December As at 31 De
Slide 46: MJ Gleeson PLC contact details
MJ Gleeson PLC 5 Europa Court, Sheffield Business Park, Sheffield, S9 1XE Tel: +44 (0) 114 261 2900 Registered in England no. 09268016