Resilient performance; focused on disciplined execution as Redrow integration completes

Commenting on the interim results, David Thomas, Chief Executive of Barratt Redrow plc, said:

“During the first half we delivered a resilient performance in a subdued market while making strong progress integrating Redrow. As that integration nears completion, our focus is on disciplined execution. We are embedding our proven operating model across the enlarged group, delivering operational excellence, strengthening efficiency, and positioning Barratt Redrow to deliver volume growth, margin progression, and capital returns through the cycle.

“With a strong land bank, solid forward sales and synergy delivery in line with our targets, we are well positioned to deliver sustainable medium-term growth. However, while progress made on planning reform is encouraging, a stable and supportive demand environment is essential to enable increased delivery at scale across the sector.”

Financial highlights

• Resilient operational performance delivering 7,444 total home completions, 4.7% ahead of the 7,107 aggregated total home completions in the comparable period.
• Adjusted operating profit, before the impact of PPA adjustments¹, at £210.2m, 0.3% below the £210.8m adjusted aggregated operating profit in the comparable period and margin at 8.0% (HY25: 8.9%^A and 9.3%^R).
• Adjusted profit before tax and the impact of PPA adjustments¹ at £199.9m, 13.6% below the £231.4m^A adjusted aggregated profit before tax in the comparable period.
• Statutory profit before tax of £156.2m (HY25: £113.4m^R and £85.0m^A) with a reduced impact from Redrow transaction and integration costs and purchase price allocation adjustments.
• Redrow integration progressing well, delivering in line with the Group’s £100m cost synergy² target and strong progress on revenue synergy sites through planning.
• Strong balance sheet, with net cash of £173.9m, after dividends and share buybacks.

Operational highlights

• Underlying net private reservation rate of 0.55, compared with 0.54^A for the aggregated performance in the comparable period. The overall net private reservation rate of 0.57, compared with 0.59, reflecting fewer private rental sector and other multi-unit reservations in the period.
• Continued industry leadership on quality, customer satisfaction, and sustainability:
• 115 NHBC Pride in the Job Awards across the combined Group, maintaining our position ahead of any other housebuilder for 21 consecutive years;
• Rated ‘5 Stars’ by our customers in the HBF customer satisfaction survey for 16 consecutive years; and
• Recognised by CDP as a Climate A List organisation for a fourth successive year.

Current trading and outlook

• Our net private weekly reservation rate from 29 December 2025 to 1 February 2026 was 0.59 (2025: 0.60), with no contribution from private rental sector and other multi-unit sales in either period.
• Forward sales³ at 1 February 2026 were 11,168 homes (2 February 2025: 10,903 homes) at a value of £3,407.8m (2 February 2025: £3,350.3m) with 7,277 homes of these total forward sales either exchanged or contracted (2 February 2025: 7,702 homes).
• The FY26 out-turn remains dependent on sales activity through the Spring selling season. Based on our forward sold position and solid reservation activity, we expect to deliver total home completions of 17,200-17,800 in FY26, including c. 600 JV completions, in line with previous guidance.
• Full year adjusted profit before tax and the impact of PPA adjustments, but after the reclassification of legacy building safety provision finance charges as adjusted items, is expected to be within the current range of consensus estimates⁴.