Crest Nicholson (CRST) Q4 2025 TU earnings summary

Executive summary

• Good progress made on strategic priorities and transformation plan, Project Elevate, with early benefits already visible.

• Enhanced focus on balance sheet, inventory, and cost control, with positive land sales supporting financial flexibility.

• Adjusted Profit Before Tax (APBT) for FY25 expected at the low end or marginally below guidance due to subdued housing market and policy uncertainty.

Financial highlights

• FY25 volume reached 1,691 units, at the lower end of the 1,700-1,900 guidance range, with 35% affordable and PRS units.

• Open market sales units increased by 5% to 1,095; open market sales rate improved to 0.51 from 0.48 year-over-year.

• Year-end net debt at the better end of the £40m-£90m guidance range, aided by £50m of land receipts secured for FY26.

• APBT expected at the low end or marginally below the £28m-£38m guidance range.

• Anticipated opening reserves adjustment to inventory of approximately £8m due to overstated profit in one development between FY22 and FY24; impact on APBT not material.

Outlook and guidance

• Near-term market conditions expected to remain challenging due to subdued housing market and government tax policy uncertainty.

• Enhanced operating discipline and improved balance sheet provide a robust platform for long-term, sustainable growth.