**Summary of Vistry Group PLCs Full Year Results for the Year Ended 31 December 2025**
**Overview**
Vistry Group PLC reported full-year results for 2025 that were in line with expectations, despite challenges in the Open Market and uncertainty from the November Budget. The company highlighted its strong performance in delivering affordable homes, with one in seven affordable homes in the UK built by Vistry. The focus for 2026 is on cash generation, with targeted pricing initiatives and incentives to boost sales and revenue growth.
**Financial Highlights**
**Revenue** £4,155.3 million (2024: £4,329.2 million), a 4% decrease due to a 9% drop in completions (15,658 units) and partly offset by a 3% increase in average selling price.
**Adjusted Profit Before Tax** £268.8 million (2024: £263.5 million), slightly ahead of the prior year.
**Operating Profit Margin** 8.5% (2024: 8.3%), a 20 basis points improvement.
**Basic Earnings Per Share** 59.3p (2024: 55.9p), a 6% increase.
**Net Debt** Reduced to £144.2 million (2024: £180.7 million), with a target to achieve a net cash position by year-end 2026.
**Operational Performance**
**Completions** 15,658 units, down 9% from 2024, with Partner Funded units representing 74% of total completions.
**Land Bank** Secured 12,599 mixed-tenure plots across 44 sites, with a focus on strategic acquisitions in the second half of 2025.
**Vistry Works** Delivered a record 4,643 timber frame units, with plans to exceed 6,000 units in 2026.
**Strategic Initiatives**
**Partnership Housing Strategy** Well-positioned to contribute to the Social and Affordable Homes Programme (SAHP) 2026-2036.
**Joint Ventures** Entered a long-term investment joint venture with Homes England, PlacePoint, to develop large-scale residential sites.
**Sustainability** Launched initiatives to reduce carbon emissions, including the Mauer brick cladding system and a Timber Frame Installer Programme.
**Outlook for 2026**
**Sales and Revenue Growth** Expects good year-on-year revenue and volume growth, driven by targeted pricing and incentives.
**Cash Generation** Aims to achieve a net cash position by year-end, with a target of closing net cash at c.£100 million.
**Profit Improvement** Anticipates an improvement in adjusted profit before tax, albeit with a lower overall margin due to sales incentives.
**Leadership Changes**
Greg Fitzgerald will retire as Chair at the AGM in May 2026 and from the CEO role by March 2027.
**Conclusion**
Vistry Group PLC demonstrated resilience in 2025, achieving results in line with guidance despite market challenges. The company is focused on cash generation, sustainable growth, and strategic partnerships to capitalize on the UKs housing needs, positioning itself for continued success in 2026 and beyond.