Persimmon (PSN) Q3 2025 TU earnings summary

Executive summary

• Maintained robust performance in a challenging market, with sales rates and outlet numbers ahead of last year and forward sales up 15% year-over-year.

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

• Continued investment in business, land, and product innovation, including new product launches and acquisition of a planning promotion company.

• Focused on delivering year-end completions and reaffirmed guidance for the year.

Financial highlights

• Forward sales, including private forward sales, increased by 15% to £2.79bn, with private forward sales at £2.09bn.

• Net private sales per outlet per week rose 9% to 0.76, and average sales outlets increased 4% to 272.

• Average selling price for private sales up 1.5% year-over-year, driven by mix and price strength.

• Incentives remained disciplined at 4-5% of sales.

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

Outlook and guidance

• On track to deliver full-year and 2025 performance in line with market expectations, with strong visibility into year-end completions.

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

• 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 to approximately £25 million next year due to ongoing investment.