Taylor Wimpey (TW) H2 2025 earnings summary

Executive summary

• Delivered 2025 volumes in line with guidance, with completions up 6% to 11,229 and new outlet openings up 29%, ending the year with 219 outlets, ahead of expectations.

• Maintained robust sales rates per outlet per week at 0.75 and high customer satisfaction, with a 5-star rating and sector-leading build quality.

• Assertive planning strategy and improved environment led to a 28% year-over-year increase in detailed planning for over 10,000 plots.

• Entered 2026 with an order book valued at £1,864 million, representing 6,832 homes.

• Strong balance sheet and capital discipline, with net cash of GBP 343 million at year-end.

Financial highlights

• Group revenue increased 13% to GBP 3.84 billion, driven by higher completions, resilient pricing, and land sales.

• Adjusted operating profit rose 1.1% to GBP 421 million, with an adjusted operating margin of 10.9%.

• Profit before tax and exceptional items was £394.2 million, down 5.8% year-over-year.

• Tangible net asset value per share at 117.6 pence.

• Ordinary dividend paid was 9.33p per share.

Outlook and guidance

• 2026 UK completions guidance set at 10,600 to 11,000, with volumes expected to be more second-half weighted.

• Adjusted operating profit for 2026 expected around GBP 400 million, with margin headwinds from pricing and build cost inflation.

• Average outlets expected to increase year-on-year, with more outlets to open in 2026 than 2025.

• Net finance charges projected at £30 million; completions in Spain to normalize at 350-400 units.

• Medium-term targets remain: 14,000 UK completions, 16%-18% adjusted operating margin, and return on net operating assets above 20%.