Bellway (BWY) H1 2026 TU earnings summary

Executive summary

• Achieved 2.7% growth in housing completions to 4,702 homes for the six months ended 31 January 2026 compared to the prior year.

• Average selling price increased to £322,000 from £310,581 year-over-year, driven by geographic and mix changes.

• Housing revenue rose over 6% to £1.51bn compared to £1.42bn in the same period last year.

• Maintained a robust forward order book and strong outlet opening programme, supporting targeted full-year growth.

Financial highlights

• Forward order book at 31 January 2026 comprised 4,442 homes valued at £1,241.6m, down from 4,726 homes and £1,311.5m a year earlier.

• Net debt at period-end was £72m, up from £8.0m last year; adjusted gearing remains low at around 10%.

• Private reservation rate per outlet per week (including bulk sales) was 0.47, down from 0.51; excluding bulk sales, it rose slightly to 0.46.

• Overall reservation rate, including social homes, was 7.5% lower at 148 per week; cancellation rate remained low at 13%.

Outlook and guidance

• On track to deliver full-year volume output of around 9,200 homes, up from 8,749 last year.

• Full-year average selling price expected to be around £320,000; underlying operating margin forecast at 11.0%.

• Early signs of improving customer demand in the spring selling season, with increased reservation rates and sales leads.

• Board remains confident in delivering recovery in returns and ongoing value creation for shareholders.