Persimmon (PSN) H2 2025 earnings summary

Executive summary

• Delivered double-digit growth in 2025, accelerating recovery from 2024, with increased completions, ASP, sales rate, returns, and profit.

• Achieved strong growth in a challenging market, with clear strategy execution and disciplined investment driving expansion.

• All three brands—core, premium, and B2B—grew in 2025, unlocking new markets and customer segments.

• Outlets increased 3% to 277, completions rose 12% to 11,905 units.

• Maintained high quality and service standards, retaining five-star status and improving customer satisfaction.

Financial highlights

• Revenue increased 16% year-over-year to £3,312.0m; gross profit up 13% to £656.3m.

• Underlying profit before tax up 13% to £446m; underlying EPS up 9% to 100.7p.

• Operating profit rose 17% to £472.1m; operating margin up 200bps to 14.3%.

• Net cash at year-end £117m; adjusted gearing at 14%.

• Dividend per share maintained at 60p.

Outlook and guidance

• 2026 guidance: 12,000–12,500 completions, with operating profit and PBT expected toward the upper end of market expectations.

• Margin progression will be gradual due to embedded inflation and affordability constraints.

• Medium-term ambition of 20% operating margin and 20% ROCE.

• Strong start to 2026: forward order book up 6% to £1.8bn, private order book up 9%.