Springfield Properties (SPR) Trading Update summary

Agreement with SSEN Transmission

• Signed initial agreement to deliver 293 homes across Highland, Moray, and Aberdeenshire for SSEN Transmission's energy upgrade projects, with homes leased for an initial four-year period.

• Enabling works will be funded by SSEN Transmission, with phased delivery of homes over three years and further agreements anticipated.

• At lease end, options include private sales, sales to private rented sector, or affordable housing providers, supporting community legacy.

• Ongoing discussions with SSEN Transmission and other infrastructure providers for similar housing projects in the region.

• SSEN Transmission highlights the partnership as a milestone in its housing legacy commitment, benefiting local communities and supporting grid upgrades.

Trading update for H1 2026

• Trading for the six months ended 30 November 2025 was in line with management's expectations, with revenue of approximately £106.0m and net bank debt reduced to about £40.0m.

• Private housing saw higher average selling prices, partially offsetting a reduction in completions, with expectations of improved consumer confidence and higher revenue in H2.

• Affordable housing performed well, with strong growth in completions and nearly all FY 2026 forecast revenue delivered or contracted.

• Selective land sales continued, with strong interest in the land bank.

• Board remains confident of achieving revenue growth in affordable housing for the full year.

Management and outlook

• CEO expresses optimism about future opportunities in the North of Scotland and highlights the significance of the SSEN Transmission agreement.

• Significant reduction in bank debt compared to the previous year, with expectations of a boost in homebuying from increased consumer confidence and potential interest rate cuts.

• On track to deliver full-year results in line with market expectations, with further updates to be provided in the interim results announcement in February 2026.