Delivering growth today; strengthening the platform and supporting medium-term value creation

Download the full results announcement (PDF)

Persimmon Plc today announces its half year results for the six months ended 30 June 2026.

Dean Finch, Group Chief Executive, said:

“Persimmon delivered a strong first half performance, growing our market share, increasing completions by 13% and underlying operating profit by 10%. In a challenging market, this performance demonstrates the strength of our established strategy, product mix and geographic footprint, alongside the benefits of our lower cost operating model, sustained investment in the business and ongoing commitment to self-help. We remain on track to deliver growth in 2026 in line with market expectations¹. I want to thank all my colleagues and our supply chain for their continued hard work in delivering this result.

“Market conditions remain challenging, with affordability constraints and build cost pressures affecting the sector. We have responded quickly, taking clear management action focusing on driving operational efficiencies throughout the business. Our disciplined land buying, industry-leading cost efficiency and vertically integrated operating platform give us important structural advantages as we seek to mitigate cost pressures and support growth.

“Persimmon’s strategy is delivering growth. Having significantly invested in our strategy over recent years, our focus is increasingly on converting those investments into improving returns. Our disciplined land investment at better margins, outlet growth, stronger brands and increasingly differentiated operating platform position us to progressively deliver higher volumes, stronger cash-generation and improving returns over time.”

Financial highlights

• Increased market share, with total completions up 13% to 5,189.
• Strengthened brand platform and customer proposition, with Persimmon Homes, Charles Church and Westbury Partnerships each delivering growth.
• 10% increase in underlying operating profit², driven by increased volume and on-going operational discipline.
• Improved net private sales rate in the first half up 7% at 0.75 (2025: 0.70); excluding bulk up 3% at 0.64 (2025: 0.62).
• On track for completions of c.12,500 homes for the full year, at the upper end of previous guidance; underlying profit before tax in line with market expectations¹.
• Maintained five-star customer satisfaction for fifth successive year and our ‘Excellent’ Trustpilot score, alongside further improvements to build quality.
• 6,123 plots achieved detailed planning approvals in the period, benefitting from our enhanced approach and supporting future delivery.
• Deepening vertical integration; 30% increase in use of Space4 timber frame product.
• Investments made in the business are delivering higher volumes and profits and supporting our medium-term ambition.

Current trading and outlook

Persimmon remains well-placed to drive further growth through our unique set of capabilities. The UK housing market continues to experience both a long-term undersupply of housing and affordability challenges for new homeowners, which is a key focus for the new government. As the most cost-efficient national housebuilder, with a clear focus on customer value and affordability, a growing land pipeline and expanding outlet network, we are well placed to respond.

Each of our three brands has improved their reputation and sharpened their customer proposition. All three grew last year and have done so again in the first half of this year. Together they provide the opportunity to serve complementary markets and respond flexibly to changing market dynamics. Our operational effectiveness, including deepening vertical integration, helps preserve affordability as well as industry-leading margins. A strong landbank, coupled with consistent planning success, provides a pipeline for future growth.

In the five weeks since 30 June 2026, our net private sales rate increased 6% to 0.72 per week (2025: 0.68). In line with the broader market, open market sales have softened slightly in recent weeks and, excluding bulk, net private sales rates were 0.59 (2025: 0.61). Website traffic continues to be strongly ahead of the prior year, although we experienced weaker enquiries in July. We are acting in response. We have recently launched our summer marketing campaign and are on track to open c.100 gross new outlets in the current year to help drive further sales. We continue to target growth in the Build to Rent (‘BTR’) market and are actively pursuing opportunities that meet our returns criteria. As a result of the actions we have already taken and the strengths of our three-brand strategy, our current private forward order book³ has grown by 5% to £1.31bn (2025: £1.25bn), with a private average sales price of c.£302,000, up 3% year on year (2025: c.£292,800). We are now c.80% secured on private completions and fully secured on housing association completions for the full year.

Assuming no material change to market conditions, we expect to deliver around 12,500 completions for the full year, at the upper end of previous guidance, with 2026 underlying profit before tax in line with market expectations¹. Following a period of investment in the first half of the year, we continue to anticipate net debt/cash at year end to be in line with previous guidance.

We expect additional inflationary pressure in 2027 including as a result of the conflict in the Middle East. Persimmon’s structurally lower build costs, vertically integrated operating platform, procurement scale and ongoing efficiency actions already provide important mitigation, although they may not fully offset the impact in 2027. We have taken additional management actions to secure further cost savings, including identifying procurement savings, specification optimisation, house-type design, overhead savings and operational efficiencies. Together with our strategic drivers – disciplined land replenishment at better margins, planning success, outlet growth, Persimmon volume growth, Charles Church mix enhancement, capital-efficient growth through Westbury and deeper vertical integration – these actions support our medium-term ambition to achieve a 20% housing operating margin and 20% ROCE.

The Board’s capital allocation priorities are to maintain a strong balance sheet, meet building remediation obligations, invest selectively in land and operational capabilities to support growth, and deliver sustainable shareholder returns whether through increased dividends or share buy backs.

Market share gains, outlet growth, stronger brands and our vertically integrated operating platform position Persimmon to deliver volume growth, stronger cash generation and improving returns over time.

^Footnotes

<sup>1. Relative to company compiled consensus for 2026 as at 2 August 2026 (Total volume 12,242 homes, underlying operating profit of £491m, underlying profit before tax of £454m).
2. Stated before net exceptional charge of £nil (2025: £16.2m), as set out in note 4, and goodwill impairment/amortisation of £2.1m (2025: £2.0m). Margin based on new housing revenue (2026: £1.48bn; 2025: £1.31bn).
3. 2026 figure as at 2 August 2026; 2025 figure as at 3 August 2025.</sup>

For further information please contact:

There will be an analyst and investor presentation at 09.00 today, hosted by Dean Finch, Group Chief Executive and Andrew Duxbury, Chief Financial Officer.

Analysts unable to attend in person may listen live via webcast using the link below. All participants must pre-register to join the webcast. Once registered, an email will be sent with important details for this event, as well as a unique Registrant ID. This ID is to be kept confidential and not shared with other participants.

Live webcast: https://edge.media-server.com/mmc/p/9fp4bdzf/

An archived webcast of today’s analyst presentation will be available from this afternoon on www.persimmonhomes.com/corporate.

Our next scheduled update is on 12 November 2026.