Vistry Group (VTY) Trading Update summary

Financial performance and outlook

• H1 2025 profits met expectations, with adjusted operating profit of about £125m and adjusted PBT of £80m, both down year-on-year due to prior period restatement.

• Net debt at 30 June 2025 was approximately £295m, significantly better than expected and lower than the previous year, despite a higher opening balance.

• Revenue for H1 2025 was around £1.8bn, with 6,800 completions, a decrease from 7,792 in H1 2024.

• Forward order book stands at £4.3bn, with 79% forward sold for FY25 and strong deal pipeline supporting H2 and medium-term targets.

• On track for a year-on-year profit increase in FY25, supported by government affordable housing initiatives.

Strategic initiatives and partnerships

• Successfully refinanced £500m Revolving Credit Facility and £400m Term Loan, extending maturities to April 2028 on unchanged terms.

• Continued focus on cash management, with improved daily net debt trends and ongoing £130m share buyback programme (£57m completed to date).

• Secured 3,113 plots across 14 developments, with a medium-term goal to reduce owned landbank in line with a capital-light strategy.

• Divisional structure and standardised processes are embedding well, supported by increased investment in controls and assurance.

• Awarded 31 NHBC Pride in the Job Quality Awards, reflecting ongoing build quality excellence.

Market environment and government policy

• Government's £39bn Affordable Homes Programme and 10-year rent settlement expected to drive demand and underpin volume growth from H2 2025.

• £2bn top-up funding to be distributed in H2 2025, with completions required by March 2029.

• Partner Funded demand was lower in H1 due to funding constraints, but strong relationships maintained momentum and new opportunities.

• Private Rented Sector demand remained resilient, while open market demand faced affordability challenges.

• As a strategic partner of Homes England, well positioned to benefit from new funding and deliver on government housing ambitions.