MJ Gleeson (GLE) Trading Update summary

Trading performance and outlook

• Housing market recovery has been slower than needed to offset increased build costs, flat selling prices, and use of incentives, leading to a gross margin about 1% below prior expectations.

• Operating profit for Gleeson Homes is now expected to be 15%-20% below current market expectations due to a land disposal not proceeding.

• FY2026 outlook remains challenging, with planning delays reducing the number of active sites and gross margin expected to be about 1% below market forecasts.

Land division activity

• Gleeson Land has completed three transactions so far this year and is working on seven more disposals anticipated to complete before year-end.

Business positioning and strategy

• Gleeson Homes focuses on affordable housing in the Midlands and North of England, with an average selling price of £193,900, significantly below regional competitors.

• Gleeson Land leverages data analytics to identify and promote sustainable development opportunities in the South of England.

• The group has a medium-term target of reaching 3,000 annual completions in a stable market environment.