**Summary of Barratt Redrow HY26 Interim Results (11 February 2026):**
**Financial Performance**
**Revenue** £2,632.1 million, up 10.5% from the aggregated HY25 figure of £2,381.9 million.
**Total Home Completions:** 7444 homesa 4.7% increase from 7107 in HY25.
**Adjusted Operating Profit (before PPA adjustments):** £210.2 million, slightly below the £210.8 million in HY25.
**Adjusted Profit Before Tax (before PPA adjustments):** £199.9 million, down 13.6% from £231.4 million in HY25.
**Statutory Profit Before Tax** £156.2 million, up 83.8% from £85.0 million in HY25.
**Net Cash:** £173.9 milliondown from £458.9 million in HY25after dividends and share buybacks.
**Operational Highlights**
**Net Private Reservation Rate** 0.57, compared to 0.59 in HY25, with underlying private reservation rate at 0.55.
**Forward Sales:** 11168 homes at £3407.8 millionup from 10903 homes at £3350.3 million in HY25.
**Redrow Integration** On track with £100 million cost synergy target and strong progress on revenue synergy sites.
**Quality and Sustainability** Maintained industry leadership with 115 NHBC Pride in the Job Awards and 5 Stars in HBF customer satisfaction survey.
**Outlook**
Expects total home completions of 17200-17800 in FY26including 600 JV completions.
Full-year adjusted profit before tax is expected to be within the consensus range of £558 million to £617 million.
Focus on disciplined executionvolume growthmargin progressionand capital returns.
**Key Challenges**
Subdued market conditions with low consumer confidence, economic uncertainty, and affordability issues.
Dependence on sales activity through the Spring selling season and political stability.
**Strategic Focus**
Embedding proven operating model across the enlarged group.
Strengthening efficiency and positioning for sustainable growth.
Maintaining strong land bank and forward sales to support medium-term growth.
**Conclusion**
Barratt Redrow delivered a resilient performance in HY26 despite a challenging market, making significant progress in integrating Redrow. The company is well-positioned for sustainable growth with a strong balance sheet, robust forward sales, and a focus on operational excellence. However, the outlook remains dependent on market conditions and policy stability.