Mj Gleeson Plc · LSE:GLE
Mj Gleeson — FY2026 Earnings Presentation
62 slides from Mj Gleeson's earnings presentation, Sep 15, 2026
Slide 1: Results for the full year ended 30 June 2026
Results for the full year ended 30 June 2026 15 September 2026
Slide 2: Contents
Contents Overview 3 Financial Performance 8 Operations & Strategy 17 Summary & Outlook 29 Graham Prothero Stefan Allanson Appendices 32 CEO CFO Guy Gusterson Scott Stothard MD, Divisional Chair, Gleeson Land Gleeson Homes MJ Gleeson plc 2
Slide 3: Overview
Overview MJ Gleeson plc 3
Slide 4: A robust performance
A robust performance Gleeson Homes: • 1,968 homes sold (2025: 1,793) • Net reservation rate on open-market sales down 4% at 0.51 per site/week (2025: 0.53) • Partnerships gaining momentum with 320 homes delivered and 8 new transactions signed • Site openings constrained by slow planning • Operationa
Slide 5: Gleeson Homes transformed
Gleeson Homes transformed • Operational restructuring complete • Leadership and operations significantly strengthened • Land pipeline rationalised and land buying refocused • Successful transition to NHBC/HBF customer scoring • Resolving legacy site adoptions • Proactively focusing on market engagem
Slide 6: A subdued Gleeson Homes market
A subdued Gleeson Homes market • Open market demand remains weak, suppressed by: • Total available properties for sale remains very high • Mortgage rate concerns • Cost of living challenges • Bulk market is active, but pricing is keen • Partnership opportunities available but competitive • SAHP fund
Slide 7: Current trading
Current trading Net OMS reservations 9 weeks to 6 September 2026* • Net OMS reservations impacted by much weaker August than usual 0.11 • A tentative pick up since the holidays 0.09 Cancellations 0.55 Net reservations 0.44 2025 2026 *Net open market reservations per actively selling site per week MJ
Slide 8: Financial performance
Financial performance MJ Gleeson plc 8
Slide 9: Group income statement
Group income statement Year ended 30 June 2026 Year ended 30 June 2025 Pre- Pre- Exceptional Exceptional exceptional Reported exceptional Reported items items £ million (Adjusted) (Adjusted) Gleeson Homes 400.0 - 400.0 348.2 - 348.2 Gleeson Land 10.0 - 10.0 17.6 - 17.6 Revenue 410.0 - 410.0 365.8 -
Slide 10: Gleeson Homes
Gleeson Homes • Homes sold up 9.8% to 1,968 (2025: 1,793) • Including 301 private multi-unit sales (2025: 205) and 320 partnership equivalent unit sales (2025: nil), of which 86 were golden brick equivalent sales. • ASP up 3.8% to £201,000 (2025: £193,600) • +3.0% increase in underlying selling pric
Slide 11: Gleeson Homes
Gleeson Homes • Overheads increased 9.0% to £54.5m (2025: £50.0m) • Pay inflation (3.7%), increased NI rates, increased investment in IT and higher recruitment costs. • Operating profit £20.1m (2025: £22.3m) • Operating margin 5.0% (2025 : 6.4%) • -1.4% due to build cost inflation of 4.5% exceeding
Slide 12: Gleeson Homes
Gleeson Homes • 848 (£170.5m) forward orders • Forward order book strengthened by partnerships • 344 plots on 13 sites MJ Gleeson plc 12
Slide 13: Gleeson Land
Gleeson Land • Five land transactions completed (2025: Seven land transactions) • One major and two smaller transactions delayed • Gross profit £3.4m (2025: gross profit of £11.1m) • Net of £1.4m additional provisions (2025: £0.5m) • Overheads £4.1m (2025: £4.1m) • Operating loss (£0.7m) (2025: oper
Slide 14: Group balance sheet
Group balance sheet 30 June 30 June £ million 2026 2025 Notes Gleeson Homes Land 121.9 120.7 £16,500 per plot (December 2025: £17,000, June 2025: £15,300) WIP 233.5 214.7 £3.7m per site (December 2025: £3.4m, June 2025: £3.2m) Part-exchange 7.1 - 46 homes, average purchase price £157,000 Gleeson Lan
Slide 15: Group cash flow
Group cash flow Year ended Year ended 30 June 2026 30 June 2025 Notes £ million (Loss)/profit before tax* (2.7) 20.5 Exceptional movements 10.7 0.2 £13.6m exceptional charge less cash costs incurred during year Add back: dep’n, finance & SBP charge 10.4 8.7 Bank interest, fees and discounting on lon
Slide 16: Dividends
Dividends • Final dividend of 1.0 pence • To be paid on 20th November 2026 to shareholders on the register at close of business on 23rd October 2026 • Total dividend of 5.0 pence per share (2025: 11.0 pence) • Reduced dividend is prudent, more consistent with policy and allows greater flexibility to
Slide 17: Operations and strategy
Operations and strategy MJ Gleeson plc 17
Slide 18: Gleeson Homes
Gleeson Homes Gleeson Homes 18
Slide 19: Project Transform
Project Transform • Leadership significantly strengthened • Scott Stothard joined as Divisional Chair • Three new RMDs • Multiple recruitments at regional and divisional director level • Empowered the Regions & reinvigorating engagement with strengthened central services • Land buying reformed • Dev
Slide 20: Legacy sites
Legacy sites • Circa 81 sites awaiting full Local Authority adoption, stretching back to 2016 • Most requiring works to secure adoption • Each will require review, negotiation and rectification • Small specialist team in place to address • The provision is a best estimate of the cost which is expect
Slide 21: Planning & sites
Planning & sites Residential planning approvals* • Pipeline now 123 sites, 14,927 plots (England) • 12 sites purchased (2025: 15 sites purchased) • Planning environment remains tough • Consents at an “all time” low • North & Midlands slower than South of England • Average time to agree a S106 now 17
Slide 22: Optimising our market engagement
Optimising our market engagement • Accelerate partnerships strategy • Land buying refocussed • Product portfolio review • Harvesting our customer feedback • Refreshing appearance • Separate Partnerships portfolio • Customer experience review, from marketing, through sale, to after-sale service • Bra
Slide 23: Partnerships model proven
2024 2025 2026 Partnership deals signed • Partnerships model proven No. deals 1 4 8 • 320 homes delivered to six partners No. plots 47 233 384 • First golden brick transactions completed • House types work for partners; specific range now being Completions* - - 320 designed • Construction discipline
Slide 24: Gleeson Land
Gleeson Land Gleeson Land 24
Slide 25: Market headwinds
Market headwinds • Local elections have inhibited the benefits of the NPPF in multiple authorities • Developer caution is restricting appetite for bids • High-quality sites still attracting offers • Pricing moderated • Technical diligence process elongated, and • Some conditional on RP partner • Def
Slide 26: Not if, but when . . . ?
Not if, but when . . . ? • FY26 outcome hit by timing slippages • Large site still working through technical approvals • Both planning and transactions taking longer • Makes timing of sales unusually difficult to predict Gleeson Land 26
Slide 27: Increased planning activity
Increased planning activity • 18 planning applications submitted (2025: 6 sites) • 3 sites consented (2025: 7 sites) • Total of 5 sites (2,553 plots) with consent at 30 June 2026 (30 June 2025: 8 sites, 1,343 plots) • One site adversely determined but being appealed • 24 awaiting planning (30 June 2
Slide 28: Portfolio further strengthened
Portfolio further strengthened Portfolio • 13 sites exchanged (plus a further two conditionally (No. of sites) exchanged) 82 77 • 519 sites reviewed 71 71 UNALLOCATED 70 • Discipline and hurdle-rates strictly maintained - only c5% of sites progress to a competitive bid 48 • Sector leading win rate o
Slide 29: Summary and outlook
Summary and outlook MJ Gleeson plc 29
Slide 30: Summary
Summary • Delivered a robust performance in FY2026 • Project Transform has overhauled Gleeson Homes into a much-improved business • Dual focus now on: • managing the business as efficiently as possible in anticipation of continuing subdued market, and • pursuing a number of strategic initiatives to
Slide 31: Q&A
Q&A MJ Gleeson plc 31
Slide 32: Appendices
Appendices MJ Gleeson plc 32
Slide 33: 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 34: Exceptional items
Exceptional items £ million 2026 2025 Operational / regional restructuring 2.0 1.3 Cash Impairment of 12 conditionally purchased (and one owned) sites 4.5 - Non-cash Legacy site adoptions provision 7.1 - Cash Exceptional items 13.6 1.3 Gleeson Homes 34
Slide 35: 6 key partners we are currently working with
• 6 key partners we are currently working with: Open market site Partnership site • Home Group • Livin Site size 50-200 plots 100-900 plots • Gatehouse/Carlyle • Castles & Coasts Sales rate 30-50 homes p.a. 50-80 homes p.a. • Lloyds Living • East Riding of Yorkshire Council Proportion None 30-50% fo
Slide 36: Gleeson Homes
Gleeson Homes +5.0% MJ Gleeson plc 36
Slide 37: Building Safety
Building Safety • Wholly committed to remediating life-critical fire-safety issues Stage of work No. of buildings • Identified 18 buildings over 11 metres Complete awaiting • 7 qualifying assessments submitted and awaiting audit and sign 7 sign off off by MHCLG • 4 with some cladding (none fully cla
Slide 38: The land promotion market
Developer led The land promotion market process • Land promoters optimise the delivery of consented residential sites to developers • Promoters delivering c39% of residential development sites • Promoters share of sites growing • Circa £200m+ fees generated by promoters in Gleeson Land’s three regio
Slide 39: Sustainability
Sustainability MJ Gleeson plc 39
Slide 40: Sustainability
Sustainability • A couple working full time on the National Living Wage can afford a Gleeson Home on any of our developments • Transitioned to the new HBF scoring criteria • Crime data shows Gleeson developments benefit high risk areas • 85% employee engagement score, with 79% saying they are proud
Slide 41: Market Backdrop
Market Backdrop MJ Gleeson plc 41
Slide 42: Viability
Additional costs for each new home Viability Gleeson Homes
Slide 43: 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 £179,200 £179 £193 £213 3 bed £213,300 £213 £230 £277 4 bed £269,900 £270 £291 £392 All mortgage payment
Slide 44: Highly affordable
Highly affordable • Selling prices affordable to lower income households • £375,400 average new build house price in England* • £302,900 average new build house price in North & East Midlands* • 51% higher than Gleeson’s average selling price • £201,000 average Gleeson selling price in the North & E
Slide 45: Maintaining affordability and quality
Maintaining affordability and quality • Affordable for low-income buyers • Mortgage payments 23%* take home pay v UK average 33%** • Lowest income earners experiencing “real” earnings growth • National Living Wage (NLW) increased by 4.1% from April 2026 • A couple on the NLW can afford a home costin
Slide 46: Building the affordable homes the country needs
Building the affordable homes the country needs • Selling prices affordance to lower income households • £375,400 average new build house price in England* • £302,900 average new build house prices in North & East Midlands* • 51% higher than Gleeson’s average selling price of £201,000** • Affordable
Slide 47: 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 71% • North of England & East Midlands up 47% • Below rise in RPI of 97% • Since 2014: • National living wage up 94% • Gleeson prices up 65% • Since August 2022: • London house prices
Slide 48: 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: • 4.3 million households renting • 0.7 million households on Local Authority waiting lists • 1.7 million adults living with parents • Little
Slide 49: Gleeson Homes Pipeline / Gleeson Land Portfolio
Gleeson Homes Pipeline Gleeson Land Portfolio MJ Gleeson plc 49
Slide 50: Gleeson Homes site pipeline
Gleeson Homes site pipeline Plots Gross Margin Rationalised land pipeline <10% 10-20% >20% - 25 sites aborted including 13 in North West Active 295 3,013 2,458 and Yorkshire restructuring Owned, not yet active - 618 834 - £4.5m exceptional impairment charge Conditionally purchased - 4,330 3,379 - Pi
Slide 51: Gleeson Homes Pipeline
Gleeson Homes Pipeline Pipeline (sites) Pipeline (plots) 179 19,638 173 19,138 164 160 17,375 16,814 14,927 88 84 123 68 Conditionally 12,127 83 11,718 purchased 8,336 9,701 Owned 7,709 50 Conditionally purchased 92 89 91 81 8,478 Owned 73 7,674 7,420 7,511 7,218 Jun-22 Jun-23 Jun-24 Jun-25 Jun-26 J
Slide 52: Gleeson Land Portfolio
Gleeson Land Portfolio • Continued focus on enhancing the depth and quality of the portfolio • 82 sites (June 2025: 77 sites) • 22,749 plots (June 2025: 18,401 plots) • 2,553 plots on 5 sites with consent / resolution to grant (June 2025: 1,343 plots on 8 sites) As at 30 June As at 30 June As at 31
Slide 53: Gleeson Homes Customer case studies
Gleeson Homes Customer case studies MJ Gleeson plc 53
Slide 54: Aimee, 20
Aimee, 20 Occupation: Engagement Advisor for the public sector Date of purchase: December 2025 Development: Poppy Fields, Horncastle House type: 3 bedroom, semi-detached Limerick Purchase price: £118,995 (after 30% off with the First Homes scheme) Mortgage cost: £425 per month At just 20 years old,
Slide 55: Paul, 62 and Henrietta, 67
Paul, 62 and Henrietta, 67 Occupation: Both Retired Date of purchase: December 2025 Development: Harriers Croft, Sutterton House type: 3 bedroom, semi-detached Liffey Purchase price: £235,000 Mortgage cost: No mortgage After three homes shared and all the children flying the nest, Paul and Henrietta
Slide 56: Kerry, 49
Kerry, 49 Occupation: Team Leader in IT support for the NHS Date of purchase: February 2026 Development: Bracken Park, Louth House type: 3 bedroom, semi-detached Keady Purchase price: £202,995 Mortgage cost: £550 per month After her three children had flown the nest, Kerry knew it was time for a fre
Slide 57: Nuttakitt, 32 and Sakulngoen, 30
Nuttakitt, 32 and Sakulngoen, 30 Occupation: Procurement & Supply Chain Assistant and Food Preparation Assistant Date of purchase: February 2026 Development: Waterloo Sidings, Leeds House type: 3 bedroom, semi-detached Limerick Purchase price: £214,995 Mortgage cost: £703 per month Previous rented h
Slide 58: Anish, 27
Anish, 27 Occupation: Volunteer Manager for Retina UK Charity Date of purchase: December 2025 Development: Lawrence Grange, Eastwood House type: 2 bedroom, semi-detached Cork Purchase price: £185,000 Mortgage cost: £484 per month Scheme used: Key Worker scheme Anish chose a 2-bedroom Cork, a home he
Slide 59: Ian, 62 and Susan, 56
Ian, 62 and Susan, 56 Occupation: Both Retired Date of purchase: August 2025 Development: Petersmiths Park, Ollerton House type: 3 bedroom, semi-detached Liffey Purchase price: £227,000 Mortgage cost: No mortgage Having spent years living down south in Buckinghamshire, a family bereavement prompted
Slide 60: Brad, 27 and Jess, 26
Brad, 27 and Jess, 26 Occupation: Biodiversity officer and Animal Behaviour & Welfare Team Leader Date of purchase: March 2026 Development: Firbeck Fields, Langold House type: 4 bedroom, detached, Carlow Purchase price: £279,995 Mortgage cost: £1,225 per month Scheme used: Part Exchange from a previ
Slide 61: Shannon, 26
Shannon, 26 Occupation: Technical Administrator Date of purchase: December 2025 Development: Bluebell Court, Barnsley House type: 2 bedroom, semi-detached Kenmare Purchase price: £125,997 Mortgage cost: £530 per month Previous rent: £495 per month Scheme used: First Homes scheme “I always thought bu
Slide 62: 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