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Vistry Group
Vistry Group (VTY) investor relations material
Vistry Group Trading Update summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Trading Update summary14 Jan, 2026
Financial performance and outlook
Adjusted profit before tax expected at £270 million, up from £263.5 million, meeting expectations and in line with guidance.
Operating margin improved to 8.4% for the year (H2: 9.6%), driven by higher-margin developments and cost management.
Revenue remained broadly flat at £4.2 billion, with lower completions offset by higher average selling prices and increased land sales revenue.
Net debt reduced to around £145 million at year-end 2025, with further reductions targeted for 2026 and a goal to reach net cash by year-end.
Forward sales position is strong at £4 billion, with about £2.4–2.5 billion for 2026, providing higher visibility than the prior year.
Strategic initiatives and market positioning
Completed business stabilization and reorganization in early 2025, resulting in a leaner, more efficient operation.
Secured 12,600 plots in FY25, with 9,500 acquired in H2, capitalizing on a subdued land market.
Pursuing Strategic Plus partner status with Homes England, aiming for a significantly larger share of affordable housing funding.
Shifted focus from PRS to housing associations, with a 30% growth in additionality units from housing associations in H2 2025, and expect this trend to continue.
Land sales contributed £200 million in revenue and £30–40 million in profit, with a cleaner land bank after divesting legacy sites.
Operational and market trends
Margins improved due to higher-margin developments, better tenure mix, and cost issue resolutions, especially in the South Division.
Build cost inflation remained low (1–2%), with internal targets for negative build inflation due to strong subcontractor relationships and market conditions.
PRS deal discounts narrowed from over 15% to 5–11% in H2 2025, with more cash received upfront.
Sales outlets expected to remain stable in 2026, with no significant change from 2025.
Incentives on open market sales held at up to 6%, with hopes to reduce this in 2026 if market conditions improve.
Future land acquisition strategy
Address partner funding uncertainty
Sustain H2 operating margin drivers
How does Strategic Plus status impact 2026 revenue?
How does the HA shift enhance the capital-light model?
What returns are expected from H2 2025 land buys?
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Next Vistry Group earnings date
H2 20254 Mar, 2026
Vistry Group
Next Vistry Group earnings date
H2 20254 Mar, 2026
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Frequently asked questions
Vistry Group PLC is a UK-based homebuilding company engaged in the development of residential properties across the country. The company operates primarily through two segments: Housebuilding and Partnerships. The Housebuilding division focuses on developing private and affordable homes on land owned by the company, while the Partnerships segment collaborates with housing associations and public sector entities to deliver housing projects, including private rentals and affordable homes. The company is headquartered in West Malling, UK, and its shares are listed on the London Stock Exchange.
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