Taylor Wimpey PLC

Latest Results (15.05.2026):

Taylor Wimpey PLC — Full Year 2025 (includes Q4 2025). The Group delivered resilient FY2025 results with revenues up 13% to £3.84bn and completions rising 6% to 10,614 homes. Adjusted operating profit was £421m (10.9% margin) and gross profit £658m (17.1% margin). The business reported a strong net cash position of £343m at year end, a reduced short‑term landbank of 77,000 plots and 219 outlets, and announced an evolved shareholder distribution policy (final dividend 2.95p plus a £52m buyback). Management set 2026 guidance of 10,600–11,000 UK completions and about £400m adjusted operating profit while noting medium‑term targets remain unchanged.

Key financials

Revenue £3.84bn (+13%); gross profit £658m (gross margin 17.1%); adjusted operating profit £421m (10.9% margin). PBT and adjusted EPS were lower year‑on‑year due to higher net finance costs. Return on net operating assets ~11%.

Volumes, pricing and guidance

UK completions (ex JVs) 10,614 (+6.4%). Blended ASP £335k (+~5%); private ASP £374k (+~5%). 2026 guidance: 10,600–11,000 completions and adjusted operating profit ≈ £400m; pre‑exceptional net finance charges ~£30m. Management expects 2026 volumes to be H2‑weighted (~40% in H1) with H1 net cash around £0–£50m.

Margin drivers and cost outlook

2025 adjusted UK margin softened 1.4pp (pricing, modest build cost inflation and landbank evolution). Build cost inflation ~1% in 2025; management expects low single‑digit build cost inflation in 2026 (likely >1%), partially mitigated by procurement and new house‑type benefits.

Balance sheet and cash

Net cash at year‑end £343m (in line with H1 guidance). Net operating assets broadly flat at £3.8bn; WIP increased to support outlet growth. Tangible NAV per share 117.6p (impacted by building safety provision movements).

Landbank, outlets and planning momentum

Short‑term owned & controlled landbank 77,000 plots (down from 79,000). Opened 71 outlets in 2025 (219 outlets at year‑end, +29% new openings YoY). Planning momentum improved materially (management cites a rise in positive recommendations for assertive applications to 49% vs 22% prior) and >10,000 plots gained detailed planning in 2025.

Building safety provision

Total provision set aside £544m; cash spent to date £131m; remaining provision £413m. Cash outflows anticipated ~£150m in 2026 and ~£100m in 2027, with remediation expected to conclude by 2030.

Capital returns & policy change

Distribution policy retained at 7.5% of net assets per year, but with added flexibility: minimum 5% as ordinary dividend, remainder via dividend or buyback. Announced final 2025 dividend 2.95p (£105m) and a £52m buyback. Total shareholder distributions for 2025 £322m (including interim).

Trading, market and operational notes

Spring selling season trading described as encouraging with recent four‑week private sales rates slightly ahead of last year; incentives around ~6%. New house‑type range represented >25% of 2025 completions and is expected to approach ~50% of completions in 2026. Management remains confident in medium‑term targets but excludes any potential impact from recent Middle East events from the outlook.