Thank you, Gabrielle. Good morning everyone and Happy New Year to you.

As usual, I'm here with Chris. I know that you will have seen today's statement, but I'll say just a few words before handing over for your questions.

There's no doubt that 2025 was another challenging year for the industry. However, despite this, we delivered a robust performance.

We are delivering on our strategy and remain confident about how the business is positioned for the medium term, but I'll come back to this later. First, 2025 performance.

We spoke to you before about how the delayed budget impacted customer sentiment in the second half of the year, I won't labour this, but given the customer uncertainty this caused, I am very pleased with our robust closeout of the year. Our UK net private reservation rate for 2025 was 0.75 homes per outlet per week, compared to 0.75 in 2024, with a cancellation rate for the full year of 15%, the same as the prior year.

Excluding the impact of bulk sales, the net private sales rate was 0.65, very consistent with the 0.67 we delivered for 2024. Total group completions, including joint ventures, were 11,229, and UK home completions, excluding joint ventures, were 10,614, in the middle of our guidance range.

UK overall average selling price was £335,000, marginally lower than our £340,000 guidance due to mix, including a slightly higher weighting of affordable completions. The softness in the second half inevitably impacted order book, and we ended the year with an order book valued at circa £1.9 billion, a little lower than the circa £2 billion closing order book this time last year.

Given the more subdued Autumn customer backdrop, we carried 6,832 homes into 2026, that's 480 units down year on year, and as a result we expect to be more second half weighted this year. Importantly though, I am pleased to say we continue to make encouraging progress on outlet openings.

We traded from an average of 208 outlets in 2025 and ended the year with a total of 219 outlets. Pulling all of this together for you, group revenue for the year increased to circa £3.8 billion, driven by higher volumes, average selling prices and land sales.

As a result we expect to deliver 2025 group operating profit of circa £420 million and an operating profit margin of around 11% in 2025, which includes 60 bps benefits for land sales, which I will come back to just shortly. Turning now to land and planning, we've seen positive planning progress through the year, and this in turn has led to stronger land sales, which we typically do once we get planning or put infrastructure in place.

This is consistent with our strategy, and as we set out in October, we will deploy this cash into smaller sites, which will help to give greater breadth of outlets over time and increase group returns. Reflective of our attractive land holdings, the land sold was at a good profit, contributing 60 bps to our margin, as we disclosed in the statement.

It is worth noting for your models that we don't expect this to reoccur in 2026 to anything like the same level. I think it's also worth spending just a few moments on the very good progress we have seen in planning in 2025, because it's a key part in progressing towards the medium-term targets we outlined in October, and we remain confident in those targets.

As expected, we saw a noticeable pick-up in decisions in the last quarter. Firstly we saw a number of planning approvals, effectively clearing long-awaited determinations by local authorities, where we had previously seen little momentum, but where councils are now feeling pressure to target a five-year housing land supply.

A good example of this would be our scheme in Ryedale for 311 plots, where the application was four years old on an allocated site. Secondly, in the final quarter we also saw a number of important determinations of applications submitted as part of our assertive planning strategy, which has been operating since 2023, including own sites in Solihull and Berkhamsted, both around 650 plots each.

Thirdly, we saw the speedier determination of a number of applications for smaller sites submitted specifically in response to the December 2024 MPPF. Two great examples of this are our applications at Marcham, which was for 103 plots, and Abotts Langley for 192 plots, which demonstrate just how quickly some local authorities are now moving.

Both these proposals were submitted following the MPPF, achieved planning committee approval in 10 months and five months respectively, noting that the Abotts Langley proposal was in fact a detailed scheme. We're really pleased here, but much more for us to go at.

Turning to current trading and 2026. I know you'll be interested in how the year has started.

The usual caveat applies. We're only in the second real week trading, it's very early in the new year.

As you would have expected, we've released a Boxing Day campaign and are staying very close to customer response. The interest rate cuts in December continues the trajectory of rate cuts, which, while largely factored into mortgage rates, are nevertheless helpful for overall customer sentiment.

Inquiries are at similar levels to last year, and our focus has been turning that initial interest into appointments on site. As usual, we'll give you full guidance for 2026 alongside our full year results when we have seen how the spring selling season has started.

However, we've given you some additional colour in the statement this morning, which is hopefully helpful when you think about the moving parts for 2026. At present we are continuing to experience low single-digit build cost inflation.

Overall, private underlying sales prices remain resilient, however pricing of bulk sales contracted in the second half of the year was softer, and so overall pricing in the order book is around 0.5% lower year on year. This reflects certain site-specific transactions in London where, given challenging market conditions, we have chosen to transact to reduce sales exposure and recycle capital in line with our plans.

Together, these will have an adverse impact on 2026 group operating profit margin, and we've been explicit today that we expect this to be lower in 2026 than in 2025. We remain focused on positioning the business for growth as the market recovers.

As I've outlined, the positive impact of planning reform is noticeable in recent decisions, and with an improving planning pipeline, our teams remain focused and aligned to drive value for our shareholders, including tangible progress in outlet openings to best position us for delivery and growth, and we still expect average 2026 outlets to increase year on year. Market improvement may be taking longer than anyone would have liked, but there remains significant opportunity to deliver much-needed homes.

We have aligned the business, both strategically and operationally, to benefit from the improving planning environment, even in a more subdued market, through outlet-led growth, and remain confident this will be demonstrated over the medium term. Thank you, and I'll now hand over for your questions.

Thank you, morning. I'll try three if I can, please.

The first, maybe just on your various lead indicators you track, any colour, and I think you talked about inquiries being similar year on year. Just wondered if that marked any change versus how the second half last year was looking on inquiries compared to prior year?

The second was just around pricing and just generally what you think it will take for the group to be able to post, say, 1% to 2% price increase at some point? Is there a certain sales rate we should have in mind, or maybe affordability is getting to the position where you can start to think about that?

Then lastly around outlets. You could move up into year end.

Do you think that 219 can kind of hold in the near term? I'd appreciate you saying the average will be higher year over year, but just wondering on that spot figure, perhaps just high-level thoughts for the first half.

Thank you.

Morning, Will. Thank you.

In terms of lead indicators, yeah, I think our inquiry levels were fairly consistent with what we had seen in the similar period in 2024. That does mark a fairly strong increase from where we were ending the trading part of December.

Pleased with that. You'll know that we put some work in last year.

We talked about driving better quality inquiries, and I think that we are satisfied that we are seeing better quality inquiries coming through. Just to put a little bit more colour around it for you, perhaps not surprisingly, organic traffic was lower.

It was very much driven by paid media and active campaign intervention. Total traffic was pleasing, and we're seeing strong conversion into appointments following that.

As I say, inquiries consistent, really be knowing how those inquiries start converting over the next few weeks. Around pricing, probably not surprising, we're continuing to see that differential between north and south.

The north has been robust. We've seen some gains, but the south has been very challenging.

You'll have noted that comment that I made about London in particular and the choices that we've made there. I am pleased that we are seeing gradually improving affordability, and we're seeing that interest rate play through and wage growth playing through.

My comment in the top of the statement around first time buyers is very much that deposit, still struggling with deposit, that transactional cost. The cost of servicing the mortgage, I think, is a case well made now.

As always, we look at our plot releases each week, and there's an opportunity to drive price, then we'll be taking it. On outlets, yeah, look, we closed the year at 219.

That in October, November we were guiding in the range of 210, 215, a bit of benefit from the slower sales, but generally they're moving in the right direction, and I'm confident that we will grow average outlets year on year.

Thank you.

Thanks very much. I think I've got three as well, actually.

Just following up a bit on Will's comment around site numbers, just thinking about completions this year, if we assume a stable market, obviously your order book's lower, you're kind of flagging up maybe some weaker trends in demand in the bulk sales. Would you still expect completions to be higher in a stable market in FY26, given your kind of expectation around higher average sites?

Second question just on margins, and just to clarify the comment that margins are expected to be lower for FY26, is that even once you take out the impact of the 60 basis points of the land benefit, lower again on that? Then third question just on the interest costs.

I think that was slightly higher than I had in at 30 million for this year. Would you expect that to be similar in FY26 at this point?

Obviously lots of movement, but just generally maybe a bit of colour around the interest costs, which was higher. Thanks.

Thanks Aynsley. I'll take the first and Chris will pick up on the margin and interest costs.

As we won't give volume guidance until the prelims, and once we see the spring selling season mature a little bit. We're starting with a slightly lower order book on a private unit basis, but as I mentioned there, we do expect average outlets to grow year on year.

Taking your starting point, if we assume a stable market and that 0.75 that we've seen, 25 and 24, then I'd still expect there to be maybe low single-digit year-on-year growth. Chris?

On the margin, we've tried, Aynsley, to be helpful in this statement by providing visibility on the outturn and components of the 2025 operating margin, together with the factors impacting the margin trajectory into 2026. You can see clearly that we expect group operating margin to be around 11% in 2025.

That figure includes the one-off £20 million half one charge, as well as the margin-enhancing land sales in half two, and those two impacts broadly offset each other. The underlying margin for 2025 is essentially the same, 11%, and that forms the starting point for thinking about 2026.

Owner-occupied pricing on private homes has remained resilient. However, as Jennie just touched on, softer pricing on bulk deals secured late in the year means the net underlying pricing in the closing order book is about half a percent lower than a year ago, and we continue to see low levels of build cost inflation.

Taking these house price and build cost dynamics together, which are both slightly unfavourable, we expect group operating margin to be lower in 2026 than in 2025, and as usual, we'll provide further guidance on both pricing and build costs at the prelims when we have had the opportunity to assess trading at the start of the spring selling season. In terms of net finance costs, yes, they were a bit higher in 2025 than we expected at 30 million, and you'll recall we guided to 25 million, and that was just due to a number of small movements, including lower bank interest receivable as cash from completions came in a bit later than we anticipated, and higher level of imputed interest on land creditors.

We'll obviously give you guidance in March for 2026, but overall I'm not expecting them to change much year

on year. Claire, thank you very much.

Thanks, Aynsley.

Thank you. A few questions from me.

The first one was on build cost inflation, if you could give us some colour as to what are the moving parts, and a degree of can you really push back on the build cost inflation coming from the supply chain, given the market that we're working with? The second question was on outlet openings.

I appreciate the colour that is given in terms of outlet growth into next year, given that we've got local elections in May. To what visibility do you have on your outlet opening plans, and with the assumption that we could see some stalling in the market in the very short term this year?

The last question I have was on Section 106 take-up. Has there been any change post budget on the regulatory side that could make life easier in that end of the market?

I'll take the last two, Chris, if you want to do build cost. Working backwards, Ami, Section 106 take-up, not much change.

No specific help coming out of the budget. The rent convergence that I know others have talked about would help give greater visibility and capacity on balance sheets for housing associations and therefore could see some improvement.

It's still quite sticky, and the teams are working hard with some of our very established partners there. On outlet openings, we do have good visibility, and we're in a very strong position from a planning perspective.

Whilst there's always concern around local elections and disruption that that might have on decision-making, I'm less concerned about it for our 2026 outlets. Potentially it could have some future knock-on, but not a meaningful risk for us for 2026.

Then build cost, Chris.

In line with our guidance, there was low single-digit build cost inflation in 2025. The spot annualised build cost inflation as we exited 2025 was about 1.5%, which obviously incorporated the increase in pressure from ground workers that I referenced at the half year.

Supply chain negotiations for supply of materials in 2026 are ongoing, it's just too early to guide for 2026. We have seen a number of material manufacturers ask for significant cost increases, well above inflation.

Given where the volumes are at present, we are pushing back strongly on those requests for price increases, and we're able to do that by having a diversified supply chain. We managed the pressure on the labour side very effectively in 2025, which will no doubt increase the pressure as we progress through 2026.

Obviously, as Jennie's touched on, we have plans to open plenty of new outlets, and the negotiations that then drives will help us mitigate that pressure.

Thank you.

Thank you. Morning, everyone.

Hi. how are you doing?

A few, if I could, please. The first one I just wanted to understand is kind of the strategy behind pushing those bulk sales out at the end of 2025.

We've seen, obviously, one of your peers kind of let the sales rate fall away at the back end of the year, and I understand that has order book connotations, but it does feel like you're having to give quite a lot of price away there. Really just curious about where your attitude is on volume cash versus price and margins.

I'll do one at a time, actually, rather than just witter on.

I'll take that. Look, I think that I'll start off by saying the volume of bulks that we did in 2025 was very similar to 2024.

There's no real change in terms of sort of quantum or overall outlook. I've very specifically referred to sort of the London market.

These are multifamily apartment schemes. I'd say they're well-designed, they're well-built.

We are seeing quite a meaningful challenge to trading conditions in London. We've got a sort of good level of visibility on build cost.

We're very advanced on procurement, and so this is a challenging sort of business decision that's taken on balance, disappointing in the short term, but ultimately I think it's in the best interests of the business in the medium term. Very much focused on the specifics in this particular instance, Chris.

Thank you. That makes sense.

If we had a situation at the back end of 2026 where sales rates were lagging against that kind of expectation of flat sales rate, do you think you'd be doing something similar, or do you think you would take your foot off the pedal on volume and support margins? Just curious about how that progresses through this year now you've sold those multifamily units.

Well,

Look, we've sold those multifamily units. Those schemes still have a bit to run.

Look, it's always a matter of, do we see— what are we seeing in the outlook? What are all the other variables that are going on at the time?

As I say, it's a balanced decision. I'm disappointed because I think that they're good schemes, but overall recovering and investing for shareholder benefit in the medium term won the balance in that instance.

Got you. Thank you, Jennie.

Next one, just wanted to ask really. It's a bit of a reminder, and perhaps this is to Chris, but you're down 0.5% in the order book at the start of '26.

By memory, I think you had a similar thing at the start of '25. Should we think pricing in the order book is roughly about a percentage lower than it was coming into 2024?

Am I thinking about that right, Chris?

Yes, that's correct. Good.

Okay,

and then look, that was an easy one. Final one.

We talk a lot about build cost inflation here, and your guidance has been really helpful there. What about your employee costs, both in the cost of goods sold and administration costs?

What pressures are you seeing there? How much could those costs move up in 2026?

If you look at admin expenses, then in 2024, they were over 7% of revenue, and in 2025, we brought that down to just under 6.5%. That improvement reflects the higher completion volumes, the increased average selling prices, and disciplined cost control to offset inflationary pressures.

As we look ahead to 2026, yeah, it will be challenging, I think, to drive further efficiency gains because volume growth is likely to be lower than in 2025, given the weaker opening order book, and we expect continued inflationary pressure on overheads, much of which relate to salary costs. We're always going to be very tight on cost, but we also need to balance and be conscious of our ambitions for the medium term and the targets that we set out in October for the business to grow UK legal completions to 14,000, margin to 16 to 18%, and turnover of greater than 20%.

In the medium term, that means we're targeting admin expenses probably somewhere in the range of 5 to 6% of revenue, but we're not likely to see that much progress on that in 2026.

Thank you, Chris. Thank you, Jennie.

Thanks. Thanks, Chris.

Thank you. Good morning, Jennie.

I have two questions, if I may. First one is on the volume growth, because I think right now we are seeing the order book is still going down.

How should we think about the trajectory of, let's say, the low single-digit volume growth you're thinking? Is that going to be pretty much reliant on the second-half recovery?

I would guess it's going to be maybe some improvement in sales rate and also the outlets growth. Is that how we should think about it?

The second question is on the pricing. Because we know last year you have some London projects, which probably affect the average price a little bit.

In 2026, should we be concerned about it, or should we still expect maybe the pricing can still go up? Thank you.

Allison, Chris is going to take both of those for you.

Obviously, on the volume, we'll obviously provide guidance on volumes at the prelims, but as you seen from the statement, we're starting 2026, as you identified with a lower order book in unit terms, and of that 480 unit reduction, just over 300 relate to private units, with the balance in affordable, which, as is much further forward sold. Effectively, yeah, we start the year with a private shortfall of around 300 units.

At the same time, as Jennie just touched on, we've indicated that we expect to increase average outlets year on year. If sales rates hold broadly stable at, let's say, 0.75, consistent with what we've delivered in both 2024 and 2025, then the growth in outlets should more than offset the opening shortfall in the order book, and in that scenario, yeah, I guess we'd still expect to deliver low single-digit year-on-year volume growth.

That said, the spring selling season will be key, and we'll update you in the usual way at the beginning of March. In terms of average selling prices, you can see in the statement two things.

I suppose you can see that last year we achieved a blended average selling price in the UK of £335,000, and if you looked in the order book and did the math on that, you'd see that the nominal average selling price is flat year on year. I think what you're more likely to see is the mix will provide a benefit of around about 2 percent from that 335 in 2025 into 2026.

Thank you very much.

Morning, thanks for taking my question. A few on my side.

The first would just be on the Planning and Infrastructure Bill. Just any expectations on if you think this is going to be a major change into 26?

Then second, on the bulk sales price contracting, would you be able to provide maybe a magnitude and are you expecting a better environment in 26? Then finally, on the landfill tax increase, just the impact on your business in 26 and how you aim to mitigate some of the increasing costs there would be helpful.

Thank you.

Zaim, good morning. On the Planning and Infrastructure Bill, there are a number of elements of the Planning and Infrastructure Bill, some of which will require regulation and statute to be put in place.

I know that speaking to MHCLG and the Housing Minister that they're keen to get those things moving. In terms of pace of determination, the national sort of planer scheme of delegation, I think, is one.

Because even if it doesn't touch on our schemes, say it's focused on small housebuilders, that still removes quite a lot of friction and resource time from a planning determination and sort of resource and productivity perspective. The issues around the national scheme of delegation and others, I see that the Planning and Infrastructure Bill could meaningfully move sort of the pace of determination, particularly around conditions and other things.

On bulk sales, I'm not going to give you sort of visibility into the sort of commercial sensitivities. The number of players in the bulk market is very broad, and there are differences between those that operate in the multifamily-type scheme and those that operate in single-family.

Structurally they can be quite different, and overall their sort of objectives from investment can be very different. It would be wrong to think of them all as moving at the same pace.

Nevertheless, as with all businesses, they are sensitive to the interest rate movements, gilts and the bonds market. We tend to look at them, as we've said, consistently on a project-by-project basis, and we'll continue to do that.

On the landfill sort of issue, I think that with the change that came through the budget, the increase in the rate for the lower rate of inactive waste was disappointing. What was more encouraging was that exemptions that we had understood would be removed as part of the consultation have actually been retained.

The majority of the materials that we dispose of, it goes to things like quarry filling operations and land restoration, and those would still fall within key exemptions for landfill. There are impacts, things like potentially life material, whether it's vegetation or other things.

There will be impact, but it's maybe a little less than we had understood from the consultation. Our teams already work very hard to limit the amount of material that goes to landfill, but we will be working really hard to minimise those costs wherever possible.

Because they're quite specific on a site-by-site basis, it's very hard to give you a value to that.

Thank you very much.

Hi, good morning, thanks for taking my question. Just two.

I'm just wondering how we should be thinking about the net cash position as we move into 2026 and any moving parts there. Then second question, I know it's a small part of your business, but if you could just give some colour on how you're expecting the Spanish business to perform in terms of volumes and prices as we move into 2026.

Thank you.

I'll do Spain. Chris, if you will pick up on sort of the net cash.

Spain has performed really well over the last few years. It's fair to say that their volumes have been higher than their normal run rate, and so we would expect Spain to normalize in terms of its output, more in the 400 sort of unit level.

The market remains strong in Spain, and pricing remains quite stable. Really pleased with the operations there.

Just on net cash.

On cash, obviously net cash at the end of 2025 was 343 million, pretty close to our guidance of 350 million. Net cash at half year will be lower because it's always lower at the half year, mainly due to the second half weighting of completions.

Last year net cash reduced in half one by 240 million, so that's from the end of 24 to June 25. This year I would expect net cash to fall by a little bit more than that because completions are going to be more weighted towards the second half due to the lower opening order book and because we'll pay out more in half one this year on cladding.

Obviously I'll give you more color on that when we get into March.

Thank you.

Morning everyone. Just a couple from me, please.

Just coming back to the London apartment schemes issue, can you give us a sense of—you mentioned there are a few more of those to go. What's the scale of those types of schemes in the land bank as it stands currently?

Are there more things that we should expect to come down the track in 27, 28 and 29? Then the second one is just your view on what a normalized sales rate is for Taylor Wimpey and the wider industry.

Okay. On London schemes, I think as I mentioned in the sort of October investor day, our pipeline in London is effectively winding up.

It's a diminishing part of our business and a diminishing part of our land bank, Sam. What I'm not ruling out is that there's more completions to go, but we're really in the wind-down.

Normalized sales rate now, there's a question. It depends where we think the market overall is going to stabilize.

I'm pleased, given all of the headwinds that we experienced in 2025, really pleased with our sales rate. You've heard us talking about what sort of reasonable assumptions might be for 2026 at the 0.75.

Our business can support a higher sales rate. We can build to it.

We've got really good execution. We need to see that affordability, particularly for first-time buyers, and we need to see customer sentiment really settling in order to take the benefit of some of that improving affordability and improving interest rates.

Thanks very much.

Hi, good morning. I've got two, please.

Just the first one around customer affordability. Obviously, the debate goes on about whether the government may relaunch Help to Buy.

In the absence of that, would you think about doing anything yourself with regard to shared equity or any other sort of innovative scheme? Have you thought through maybe some of the mechanics of how you could do that?

Then the second point is around land, and obviously you're talking about more progress on the planning front. Does that mean maybe not right now, but over the next year or two it becomes more of a buyer's market as more land or consented land comes available?

Okay. I think in terms of customer affordability and looking at potential shared equity and other interventions, we've been very active in reviewing a range of product on the market, but they tend to come both an expense to our balance sheet and more expensive to the customer, and that's not a good outcome for either party.

We'll continue to review those. What we want to be able to offer through the dial is something that's genuinely a positive.

The focus for me around the first-time buyer as rates ease is really that deposit building and the fact that particularly in the South, but in higher value areas, stamp duty and the change that was made last April has become a headwind for first-time buyers. We can see that in instances.

Although our cancellation rate was very stable, cancellations due to chains breaking down generally can be tracked back to the first-time buyer. In order to get the market moving, that's got to be a focus.

On land, you're absolutely right, Harry. Planning relaxation, improved planning outcomes and pace flow through into land market, and if that starts to move more quickly and there's more opportunity available, then that has benefits for pricing.

Through last year we saw, as hope, we did see the land market improving, particularly towards the end of the year. Some of that was to do with new product coming to site.

Some of it was to do with the absence of other participants in the market. A bit of a two elements playing through there.

There was also in some specific areas, some noticeable removal of regulatory constraints. South Thames, for example, that's been suffering from water neutrality.

As the solution for that came through in the second half of the year, we saw the land market getting quite busy and good value in that area. What we have seen is vendors becoming a bit more realistic on payment terms, which is really welcome.

We have seen some improvements, room for more improvement, and you'd like to see some areas that have still got a lot more constraints seeing some benefits from the planning changes.

Thank you.

Look, thank you for your time and questions this morning. I appreciate that it's been a really busy week.

We look forward within the business to the spring selling season, and Chris and I look forward to seeing you again at the prelims in March. Thank you very much for your time.