Barratt Redrow (BTRW) Trading Update summary

Trading performance and operational update

• Net private reservation rate was 0.57 per week, slightly down from 0.59, with no private rental sector or multi-unit sales contribution.

• Total home completions rose 7.9% to 3,665 compared to 3,396 in the prior period.

• Forward order book at 26 October 2025 stood at 10,669 homes valued at £3,281.4m, nearly flat year-on-year.

• 60% of FY26 private home completions are forward sold, with 64% completed or exchanged.

• Average active sales outlets decreased to 402 from 433.

Synergies and integration progress

• £80m of cost synergies confirmed, up £11m since June 2025, with £100m target on track.

• £45m of incremental cost synergies expected in FY26.

• Head office integration and team restructuring completed; overhead costs rationalised.

• Redrow system transition to be completed in FY26; procurement programme harmonising buying terms.

• 26 planning applications for incremental sales outlets submitted, with 13 approvals secured.

Land and strategic positioning

• Land bank at 29 June 2025 comprised c.100,000 plots, equating to 6.2 years of supply.

• 68% of owned land bank plots have detailed planning consent.

• Strategic land positions include c.145,000 plots, plus Gladman's promotional portfolio of c.114,000 plots.

• Land acquisition expected to match replacement levels over next 2-3 years, with more from strategic positions.