Vistry Group (VTY) Q2 2026 TU earnings summary

Executive summary

• Delivered over 6,000 homes in H1 2026, with more than half being affordable, maintaining strong KPIs despite market headwinds and strategic repositioning.

• CEO review underway, targeting a more focused, efficient, and profitable business, with full results and future financial targets to be shared in September.

• Significant actions taken to reduce debt and improve capital efficiency, including inventory, land, and WIP reductions.

• 2026 is treated as a transition year to reposition for lower leverage and healthier profitability.

Financial highlights

• Completed approximately 6,100 homes in H1 2026, down from 6,889 in H1 2025; over half were affordable housing.

• H1 profit before tax expected at £20m excluding specific cash actions; including these, a loss before tax of approximately £30m is anticipated.

• Cash generation actions resulted in a £50m adverse impact in H1, including write-downs on low or nil margin sites.

• Net debt at June 30 was £470m; average daily net debt in H1 was £799m.

• Land creditors reduced by over £150m during H1.

Outlook and guidance

• Significant improvement in profitability and cash position expected in H2 as benefits from H1 actions materialize.

• Full-year adjusted profit before tax for FY 2026 expected to be in line with market consensus of ~£200m, excluding CEO review impacts.

• Expecting a net cash position exceeding £100m by year-end.

• Forecasts assume grant funding under the Social and Affordable Homes Programme (SAHP) is confirmed and flows as planned in September.

• No plans for an equity raise; focus remains on internal cash generation and asset management.