Taylor Wimpey (TW) Trading Update summary

Trading and sales performance

• Full year UK completions and group operating profit guidance reiterated, with sales performance and customer resilience in line with expectations.

• Year-to-date net sales rate is 0.77 per outlet per week, up from 0.74 last year, with a robust 16% cancellation rate.

• Over 70% of the year’s volume is forward sold, slightly ahead of last year, and order book value as of 27 April 2025 was £2,335 million for 8,153 homes.

• Incremental week-on-week improvements in sales and mortgage rates observed, with no dramatic changes in lead indicators.

• Sales incentives remain a key feature, especially in challenging southern markets, while pricing opportunities are better in the North.

Outlook and guidance

• Full year 2025 guidance unchanged: 10,400–10,800 UK completions expected (excluding JVs), with about 45% of volume in H1.

• 2025 Group operating profit expected in line with previous guidance of £444 million.

• H1 UK average selling price expected around £330k; full year average selling price around £340k.

• H1 2025 Group operating profit margin anticipated to be lower than H1 2024 due to order book pricing and modest build cost inflation; H2 margins expected to improve.

• Dividend of 4.66 pence ($0.0466) per share to be paid in May, subject to AGM approval, aligning with policy to return about 7.5% of net assets annually.

Land, planning, and regulatory environment

• Landbank stood at approximately 78,000 plots at March 2025, with a strategic pipeline of 136,000 potential plots.

• Progress seen in planning following NPPF changes, with more applications in the system and strong land bank position.

• Approved about 1,700 plots year-to-date, up from 1,400 last year; 12,000 plots approved last year.

• Outlet openings are on track, with more planned for the year, weighted towards year-end to support future growth.

• No improvement in affordable housing Section 106 negotiations; government engagement ongoing.