MJ Gleeson (GLE) Trading update summary

Gleeson Homes

• Open-market net reservations were 0.53 per site per week for the 8 weeks to 1 Nov 2026 (0.88 including bulk), vs 0.52 (0.93 including bulk) in the comparable period last year.

• Sales rates improved from the weak summer but remained subdued; the Your First Home scheme is expected to defer demand before launch and increase cancellations.

• The first half is expected to be weaker, with second-half recovery increasingly dependent on the scheme’s efficient and timely introduction.

Gleeson Land

• Final technical approval for the delayed large land sale is progressing, with most issues resolved; option exercise and completion are expected over the next few months.

• Sales are progressing and sites brought to market have attracted good interest, though caution remains; planning permission was secured on three sites.

• Adverse planning committee decisions following local-election changes have sent more sites to appeal; medium-term prospects remain positive, despite limited visibility on land-sale timing.

Outlook

• A cautious approach to working capital and site acquisitions is in place; profits are anticipated to be significantly weighted to H2 FY2027.

• Delivery of FY2027 market consensus depends on further improvement in buyer confidence, alongside the timing and impact of Your First Home and land disposals.

• The 6 months to 31 Dec 2026 trading update is due 15 Jan 2027; results are due 23 Feb 2027.