Henry Boot (BOOT) H1 2026 TU earnings summary

Executive summary

• Macroeconomic and political uncertainty, including Middle East conflict, has dampened consumer and business confidence, leading to lower transaction volumes across all markets.

• Land sales and home completions are down year-over-year, with delays in transactions and increased use of deferred payment terms.

• The group remains focused on cash generation and disciplined cost control, prioritizing long-term value over short-term performance.

Financial highlights

• Hallam Land sold 556 plots in H1 2026 (HY25: 1,222), with 465 exchanged for H2 completion; full-year plot sales expected to be materially below FY25 (3,957).

• Stonebridge Homes completed 72 homes in H1 2026 (HY25: 85); full-year completions expected to slightly exceed FY25 (185).

• Net debt as of 30 June 2026 was £132.9m, up from £108.0m at 31 December 2025, with expectations for year-end reduction as transactions complete.

Outlook and guidance

• First half financial performance is expected to be below the prior year, with some improvement anticipated in H2 due to higher home completions and delayed land sales.

• Profit before tax for FY26 is now expected to be significantly below current market expectations (£20.4m consensus).

• Transaction volumes are anticipated to remain subdued for the rest of the year.