Bellway P.l.c. · LSE:BWY
Bellway P.l.c — FY2026 Earnings Presentation
39 slides from Bellway P.l.c's earnings presentation, Oct 13, 2026
Slide 1: FY26 Results Presentation
FY26 Results Presentation 13 October 2026
Slide 2: Today's agenda
Today’s agenda Introduction Finance review Operating review and outlook Q&A Appendices Results presentation for the year ended 31 July 2026
Slide 3: Introduction
Introduction Jason Honeyman Chief Executive Results presentation for the year ended 31 July 2026
Slide 4: Robust performance
Robust performance Underlying operating Net private sales rate per Adjusted operating cashflow 2 Completions (homes) margin outlet per week 1 9,695 10.1% 0.55 £868.6m (2025: 8,749) (2025: 10.9%) (2025: 0.57) (2025: £638.9m) Dividends and share Average outlets Land bank 4 Net cash buybacks 3 (plots)
Slide 5: Well-positioned for profitable growth and higher returns
Well-positioned for profitable growth and higher returns Disciplined capital allocation and self -help are driving progress , with future market recovery providing further upside Land bank and Balance sheet Operating Well -positioned to nationwide enables leverage and capture higher Value creation n
Slide 6: Finance review
Finance review Shane Doherty Chief Financial Officer Results presentation for the year ended 31 July 2026
Slide 7: Financial performance
Financial performance 2026 2025 Change Private completions 7,631 6,924 10.2% Highlights Social completions 2,064 1,825 13.1% Volume output increased by 10.8% to Total completions 9,695 8,749 10.8% 9,695 homes. Average selling price £324,404 £316,412 2.5% ASP increased by 2.5% to £324k, Housing reven
Slide 8: Underlying gross margin bridge
Underlying g ross margin bridge 18% FY26 margin drivers 1.0% (0.5% ) Underlying gross margin reduced by 70 basis points to 15.7%. 17% (1.1%) The benefit from land bank evolution was more than offset by pressures from net pricing, sales incentives and build cost inflation. 16.4% Land bank evolution c
Slide 9: Land bank supports medium-term margin recovery
Land bank supports medium -term margin recovery Embedded gross margin in DPP land bank 1 Plots % of total Near-term outlook and recovery drivers Less than 15% 8,060 30% The DPP land bank has an embedded gross margin of around 15% to 18% 4,581 17% 17%. 18% and above 14,451 53% 27,092 100% The margin
Slide 10: Operating cash generation
Operating cash generation 1,000 £563.6m £71.8m £868.6m Shareholder returns 900 £223.7m returned to 800 (£72.6m) shareholders, comprising dividends of £83.9m and 700 share buybacks of £139.8m. 600 £m 500 400 £320.6m (£496.0m) (£33.0 m) (£14.8m) 300 200 £157.7m (£223.7 m) 100 £41.8m - Net cash at Unde
Slide 11: A strong balance sheet
A strong balance sheet As at 31 July 2026 As at 31 July 2025 Change Financial strength Fixed assets £48.7m £45.5m £3.2m Investments in joint arrangements £49.3m £54.1m (£4.8m) Well-capitalised balance sheet with Inventory £4,581.5m £4,838.1m (£256.6m) year end net cash of £157.7m. Land £2,350.6m £2,
Slide 12: Clear priorities for capital allocation
Clear priorities for capital allocation Flexible capital allocation framework balances investment for growth with shareholder returns Strong balance sheet Investment for growth Shareholder returns Efficient capital structure while Strong land bank supports Maintain ordinary dividend maintaining low
Slide 13: Execution of capital allocation strategy
Execution of capital allocation strategy Adjusted operating cashflow 1 increased 36% to £869m £900m Greater efficiency driving cash generation £869m £800m 36% growth in adjusted operating cashflow 1 reflects volume growth and improved asset and WIP turn. £700m £639m Further improvements in WIP turn
Slide 14: Guidance
Guidance FY27 guidance Volume output Range of 9,000 to 9,400 homes. Volume mix Higher contribution from bulk completions; social housing expecte d to represent c.20% of total volume. Overall ASP c.£325k. Legacy building safety spend At least £100m. Land spend Around £500m. Shareholder returns Divide
Slide 15: Operating review and outlook
Operating review and outlook Jason Honeyman Chief Executive Results presentation for the year ended 31 July 2026
Slide 16: Trading review and mortgage market
Trading review and mortgage market Private reservations and mortgage interest rates Market backdrop 0.8 3% Private reservation rate of 0.55 0.7 (2025: 0.57) including 0.06 from bulk 0.6 4% sales (2025: 0.05) . Private reservations per outlet per week Average monthly mortgage interest rate (%) 0.5 Re
Slide 17: Recent trading and order book
Recent trading and order book Order book at 2 October 2026 (2025: 5 October) Trading since 1 August Private reservation rate including Order book (homes) Order book value (£m) bulk sales was 0.50 (2025: 0.51). 6,000 1,750 5,285 4,981 1,526.9 Private reservation rate excluding 5,000 1,500 1,437.6 bul
Slide 18: Land bank depth and investment
Land bank depth and investment As at 31 July As at 31 July As at 31 July As at 31 July Change 2026 2025 2026 2025 Land with DPP 27,092 30,544 Land with DPP £1,750.9m £1,893.2m (£142.3m) Pipeline 18,900 16,600 Pipeline £519.1m £534.1m (£15.0m) Bellway owned and controlled plots 45,992 47,144 Strategi
Slide 19: Outlets, planning and strategic land
Outlets, planning and strategic land Good visibility over planned outlet openings Growing contribution from strategic land Over 50% of strategic land plots have a positive planning status. The planning system is showing gradual improvement as local authorities progress local plans aligned with the n
Slide 20: Driving production and cost efficiencies
Driving production and cost efficiencies Operational efficiencies drive improved Actively optimising our cost base returns and support future growth Tight control of overhead costs across the Group. Timber frame factory fully operational, with output increasing rapidly. Successful management of surc
Slide 21: Broad product range at accessible price points
Broad product range at accessible price points Private product mix 1 4% 14% Well positioned to serve a broad customer base 40% 1 bed 2 bed Product range extends from one -bedroom flats to larger family 3 bed 4+ beds homes. 42% 63% of private plots in DPP land bank priced at £400,000 or below, provid
Slide 22: Well positioned for medium-term recovery
Well positioned for medium -term recovery Competitively positioned private ASP Strong first -time buyer exposure 1 £414k £383k £394k £371k 42% - Final full year of Help to Buy Scheme £358k £321k 38% 36% 35% 35% Peer 1 Bellway Peer 2 Peer 3 Peer 4 Peer 5 2022 2023 2024 2025 2026 1 % of private comple
Slide 23: Outlook
Outlook Strong platform for growth and shareholder returns FY27 volume On track to deliver growth in volume to 9,000 – 9,400 homes. Significant capacity for future growth Established divisional structure provides capacity to deliver at least 10,000 homes and underlying pre -tax RoE of 15% as market
Slide 24: Q&A
Q&A Results presentation for the year ended 31 July 2026 24
Slide 25: Appendices
Appendices 1. Income statement 2. Net finance expenses 3. Housing revenue 4. Reservations 5. Product analysis 6. Completions 7. Order book at 31 July 8. Net legacy building safety 9. Land with DPP 10. Land investment 11. Land creditors 12. Land bank glossary Results presentation for the year ended 3
Slide 26: Appendix 1 – Income statement
Appendix 1 – Income statement 2026 2025 Change Underlying Adjusting items Total Underlying Adjusting items Total Homes sold 9,695 - 9,695 8,749 - 8,749 10.8% Average selling price £324,404 - £324,404 £316,412 - £316,412 2.5% Housing revenue £3,145.1m - £3,145.1m £2,768.3m - £2,768.3m 13.6% Other rev
Slide 27: Appendix 2 – Net finance expenses
Appendix 2 – Net finance expenses 2026 2025 Change Net bank interest (payable)/receivable (£2.6m) £0.4m (750.0%) Fixed rate sterling USPP notes (£3.4m) (£3.4m) - Other interest: (£9.1m) (£9.9m) (8.1%) Made up of: - Land creditors – IFRS 9 (£13.4m) (£14.9m) (10.1%) Lease liabilities – IFRS 16 (£0.9m)
Slide 28: Appendix 3 – Housing revenue
Appendix 3 – Housing revenue Homes sold (number) Average selling price (‘ASP’) 2026 2025 Change Private Social Total Private Social Total Private Social Total £350k Group 7,631 2,064 9,695 6,924 1,825 8,749 10.2% 13.1% 10.8% £300k £250k Average selling price (£000) £358k £350k £324k £316k 2026 2025
Slide 29: Appendix 4 – Reservations
Appendix 4 – Reservations Weekly reservation and cancellation rates 1 Weekly private reservation rate per outlet 2026 2025 Change 0.80 0.71 Private 131 139 (5.8%) 0.70 0.64 Number of private reservations per outlet per week Social 34 32 6.3% 0.60 0.59 0.60 0.57 0.54 0.55 Total 165 171 (3.5%) 0.50 0.
Slide 30: Appendix 5 – Product analysis
Appendix 5 – Product analysis Product mix analysis Selling price analysis 2026 2025 2026 2025 1,299 (13%) 1,162 (12%) 4,151 (43%) 1,439 (16%) 1,200 (14%) 3,560 (41%) 1,382 (14%) 3,344 (35%) 2,837 (29%) 1,417 (16%) 2,953 (34%) 2,610 (30%) 2,758 (28%) 325 (4%) 2,338 (27%) 212 (2%) 1,355 (14%) 777 (8%)
Slide 31: Appendix 6 – Completions
Appendix 6 – Completions 2026 2025 Homes sold 3,600 (37%) 643 (7%) 2,722 (28%) 3,825 (44%) 335 (4%) 2,421 (28%) 2026 51 (1%) 2,064 (21%) 615 (6%) 35 (-%) 1,825 (21%) 308 (3%) 7,631 (79%) 2,064 (21%) Private Social 2025 6,924 (79%) 1,825 (21%) Other second time buyers Unassisted first time buyers Hou
Slide 32: Appendix 7 – Order book at 31 July
Appendix 7 – Order book at 31 July 2026 2025 Change Private Social Total Private Social Total Private Social Total At 1 August 3,191 2,116 5,307 2,887 2,257 5,144 10.5% (6.2%) 3.2% Reservations 6,815 1,779 8,594 7,228 1,684 8,912 (5.7%) 5.6% (3.6%) Completions (7,631) (2,064) (9,695) (6,924) (1,825)
Slide 33: Appendix 8 – Net legacy building safety
Appendix 8 – Net legacy building safety SRT Structural defects Total At 1 August 2025 (£482.8m) (£33.5m) (£516.3m) Adjusting items (£39.4m) £5.0m (£34.4m) Cost of sales (expense)/credit (£27.4m) £6.2m (£21.2m) Finance expenses (£12.0m) (£1.2m) (£13.2m) Utilised £32.5m £0.5m £33.0m At 31 July 2026 (£
Slide 34: Appendix 9 - Land with DPP
Appendix 9 - Land with DPP ¹ 2026 2025 Plot cost / Plot cost / Average Average Average Average average average Plots Cost selling Plots Cost selling plot cost selling plot cost selling price price price price At 1 August 30,544 £1,893.2m £62.0k £330.0k 18.8% 30,787 £1,861.4m £60.5k £320.0k 18.9% Net
Slide 35: Appendix 10 – Land investment
Appendix 10 – Land investment Cash land spend and value of new land contracts (£m) New land contracts 600 Contracted to purchase 8,578 500 owned and controlled plots across 35 sites. 400 300 567 505 496 465 472 200 345 100 - 2024 2025 2026 New land contracts Cash land spend Appendices 35
Slide 36: Appendix 11 – Land creditors
Appendix 11 – Land creditors Often able to secure a discount on land Land creditor payment profile deals in return for making upfront payments. 300.0 Seek to defer payments where it is cost 250.0 effective to do so. £202.9m due for payment in the next 12 200.0 £143.5m months. £m 150.0 £265.0m 100.0
Slide 37: Appendix 12 – Land bank glossary
Appendix 12 – Land bank glossary Owned and controlled plots Land with DPP: Plots owned or unconditionally contracted by the Group where there is an implementable detailed planning permission. Pipeline: Plots which are either owned or contracted by the Group, pending an implementable detailed plannin
Slide 38: Disclaimer
Disclaimer This presentation is not intended to, and does not, constitute or form part of, any offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities in Bellway p.l.c. or any other invitation or inducement to enga
Slide 39: Bellway
Bellway