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Persimmon
Persimmon (PSN) investor relations material
Persimmon Q4 2025 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 TU earnings summary13 Jan, 2026
Executive summary
Achieved 12% growth in completions to 11,905, with underlying profit before tax at the upper end of expectations and double-digit margin growth year-over-year.
Growth in completions driven by 30% increase in affordable, 20% in PRS, and 6% in private, with blended ASP up 4%.
Maintained high quality standards, retaining HBF five-star rating for the fourth consecutive year.
Strong pipeline of land opportunities and outlet growth expected to support continued profit growth into 2026 and 2027.
Financial highlights
Blended average selling price increased 4% to approximately £278,000 year-over-year; private ASP up 5%, affordable ASP up 4%.
Underlying profit before tax expected at the upper end of guidance, with double-digit growth.
Net cash at year-end was approximately £116m, after returning £192m to shareholders.
Gross land spend rose to about £560m, up from £465m in 2024.
Forward sales value increased 2% to £1.17bn, with private forward sales up 4% to £680m.
Outlook and guidance
2026 expected to deliver profit growth within current consensus, but at a slower pace due to moderated growth in affordable and PRS sales.
Outlet growth to drive future volume increases, with more significant expansion expected towards the end of 2026 and into 2027.
2026 consensus: 12,043 homes and underlying profit before tax between £461m and £487m.
Margin progression in 2026 anticipated to be similar to 2025, with headwinds from embedded inflation and new taxes.
Fewer bulk sales and challenges in the registered provider market may slow growth in 2026.
How to offset bulk/RP sales slowdown in 2026
Mitigating 2026 regulatory cost increases
Future land investment strategy and funding
Address planning 'cut through' challenges
Outlook for PRS market recovery
Quantify long-term cladding tail risk
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Next Persimmon earnings date
Q4 202510 Mar, 2026
Persimmon
Next Persimmon earnings date
Q4 202510 Mar, 2026
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Frequently asked questions
Persimmon Plc is a residential property developer engaged in the construction and sale of homes across the United Kingdom. The company operates under multiple regional brands and focuses on providing new-build homes for a range of buyers, including first-time homeowners. The company is headquartered in York, United Kingdom, and its shares are listed on the LSE.
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