The Berkeley Group (BKG) investor relations material

Executive summary

• Delivered pre-tax profit of £451 million, in line with guidance, and returned £233 million to shareholders.

• Maintained a strong net cash position of £363 million and grew net asset value per share by 9% to £39.17.

• Achieved high ESG ratings, including AAA from MSCI and Prime status from ISS STOXX.

• 90% of homes delivered on brownfield land, with over £530 million in affordable housing and infrastructure subsidies.

• Operating in a volatile environment with geopolitical, economic, and regulatory uncertainties.

Financial highlights

• Revenue declined 4.2% year-over-year to £2,383.3 million, mainly due to lower average selling price.

• Operating profit fell 10.6% to £446.8 million; operating margin at 18.7%, down from 20.1%.

• Basic EPS decreased 10.8% to 332p; pre-tax ROE at 12.5%; return on capital employed at 13.8%.

• Net cash position of £363 million; liquidity exceeds £1.5 billion.

• 4,076 homes delivered at an average price of £546,000 (down from £593,000 last year).

Outlook and guidance

• Targeting pre-tax profit exceeding £1.4 billion over the next four years.

• Long-term operating margin range set at 17.5%-19.5%.

• Objective to return ROCE in core business to above 15% as soon as possible, with 11–15% in interim years.

• Focus remains on cash generation, quality of profit, and value-enhancing share buybacks.

• £640 million in shareholder returns due by September 2030, with £528 million remaining.