Persimmon (PSN) Q3 2025 TU earnings summary

Executive summary

• Delivered strong performance in a challenging market, maintaining robust sales rates and pricing despite industry softening over the summer and pre-budget period.

• Forward sales, including private forward sales, are up 15% year-over-year, with 83% of expected private delivery for 2025 already exchanged or completed.

• Expanded outlet base and broad geographic coverage contributed to a 14% increase in total sales per week.

• Continued investment in land, brand, products, and factories is driving growth and differentiation, with a focus on affordability and accessible ownership options.

Financial highlights

• Average selling price for private sales is up 1.5% year-over-year, driven by both mix and underlying price increases.

• Incentives have remained disciplined, holding steady at 4-5% of sales.

• Net private sales per outlet per week rose 9% to 0.76 compared to the same period last year.

• Land spend for the year reached £336m, up from £318m in 2024.

• Owned and under control land holdings at 30 September 2025 stood at approximately 83,800 plots, up 3% year-over-year.

Outlook and guidance

• On track to deliver full-year and 2025 performance in line with market expectations, with continued focus on securing year-end completions.

• Expecting to open around 100 outlets next year, with net growth of 10-15 outlets, subject to planning approvals.

• Guidance for 2026 volume and margin progression remains unchanged, assuming stable market conditions.

• Anticipates a year-end cash balance between £0m and £200m.

• Interest costs expected to rise from up to £20 million this year to around £25 million next year due to ongoing investments.