{ "documentInfo": { "documentType": "https://xbrl.org/2021/xbrl-json", "features": { "xbrl:canonicalValues": true }, "namespaces": { "ifrs-full": "https://xbrl.ifrs.org/taxonomy/2024-03-27/ifrs-full", "iso4217": "http://www.xbrl.org/2003/iso4217", "scheme": "http://standards.iso.org/iso/17442", "taylorwimpeyplc": "http://taylorwimpeyplc.com/20251231", "xbrl": "https://xbrl.org/2021", "xbrli": "http://www.xbrl.org/2003/instance" }, "taxonomy": [ "http://taylorwimpeyplc.com/xbrl/2025/21380089BTRXTD8S3R66-2025-12-31.xsd" ] }, "facts": { "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00354": { "value": "In 2025, we delivered 10.7k new homesThis makes us one of the UK\u2019s largest homebuilders.We operate across \ufb01ve divisions and\u00a0at a local level from 22 regional businesses in the UK, with a small operation in Spain.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00427": { "value": "Annual Report on Directors\u2019 Remuneration
This section sets out how the Policy was applied for the year ended 31 December 2025. The Directors\u2019
Remuneration Report will be put to an advisory shareholder vote at the AGM on 28 April 2026.
Details of the resolution are set out in the Notice of Meeting on pages 234 and 237.
During the year, the current Policy (as approved by shareholders at the 2023 AGM), operated as
intended, providing a robust link between Company performance and remuneration.
Implementation in 2025
Total remuneration received (\u00a3000) (audited)
The chart below compares the 2025 single \ufb01gure total remuneration for each of the Executive Directors
with the equivalent \ufb01gure for 2024.
Jennie Daly
Chief Executive
Chris Carney
Group Finance Director
31%
39%
30%
35%
25%
40%
2025
2024
\u00a30
\u00a3500
\u00a31,000
\u00a31,500
\u00a33,000
\u00a32,000
\u00a33,500
\u00a32,500
\u00a32,851
\u00a32,687
31%
40%
29%
35%
25%
40%
2025
2024
\u00a31,911
\u00a31,782
Fixed pay
EIS
PSP
Single total \ufb01gure of remuneration for Executive Directors (audited)
The table below sets out the single total \ufb01gure of remuneration received by each Executive Director in
2025 and 2024.
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Jennie Daly
Chris Carney
(\u00a3000)
2025
2024
2025
2024
Base salary
836
790
547
532
Benefits
(a)
12
11
15
13
Pension
(b)
84
79
55
53
Total fixed pay
932
880
617
598
EIS
(c)
676
1,122
439
755
PSP
(d)
1,079
849
726
558
Total variable pay
1,755
1,971
1,165
1,313
Total pay
2,687
2,851
1,782
1,911
\n
(a) Bene\ufb01ts \u2013 corresponds to the value of taxable bene\ufb01ts in respect of the year ended 31 December 2025, as set out in the
table on page 149.
(b) Pension \u2013 these \ufb01gures represent pension contributions up to the amount permissible under HMRC rules and cash
allowances beyond that level.
(c) EIS \u2013 the 2025 EIS outcome was 53% of maximum and further details can be found on pages 149 and 150. The 2024 EIS
outcome was 94%. One-third of the Executive Directors\u2019 bonus is deferred into shares which are subject to a three-year
deferral period. These shares are not subject to any further performance or non-performance measures.
(d) PSP \u2013 the outcomes of the 2022 and 2023 PSP Awards included in the 2024 and 2025 columns respectively can be found
on pages 150 and 151. Both \ufb01gures include the value of dividends accrued during the performance period, which are
payable in shares. There is a compulsory two-year holding period for any vested PSP shares and the related dividend shares.
The value of the 2022 PSP Award (shown in the 2024 column) has been restated to re\ufb02ect the share price on the date the
Award vested, which was 111.7 pence. The value of the 2023 PSP Award (shown in the 2025 column) has been calculated
using a share price of 103.7 pence as this was the average share price for the dealing days in the last three months of the
\ufb01nancial year. The share price used to calculate the 2023 PSP Award was 124.3 pence for Jennie Daly and Chris Carney,
being the average closing share price the three days preceding the grant. Therefore, no value is attributable to share price
appreciation in the period.
Salaries in 2025 (audited)
\n
As disclosed in our Annual Report and Accounts 2024, the Committee approved salary increases of
\n
6.8% for Jennie Daly and 3% for Chris Carney, effective from 1 April 2025. The Company-wide average
\n
salary increase in 2025 was 3%. The rationale for these salary increases is set out in the Annual Report
\n
and Accounts 2024.
\n
Bene\ufb01ts (audited)
\n\n \n
(\u00a3000)
Jennie Daly
Chris Carney
Car
3
3
Healthcare
3
7
Life assurance
4
3
All-employee share schemes
(a)
2
2
Total
12
15
\n
(a) These \ufb01gures represent the value of matching shares under the Share Incentive Plan. The Executive Directors did not exercise
\n
any Sharesave options during the year.
\n
Directors\u2019 pension entitlements (audited)
\n
The Executive Directors\u2019 pension contributions are 10% of salary, which is the same rate available to the
\n
majority of the workforce and, as such, the Company is compliant with Provision 39 of the 2024 Code.
\n
The value of Company pension contributions in 2025 for Jennie Daly and Chris Carney was:
\n\n \n
Director
2025
2024
Jennie Daly
10,000
10,002
Chris Carney
10,000
10,002
\n
Jennie and Chris also received cash allowances of \u00a373,642 (2024: \u00a368,987) and \u00a344,748 (2024: \u00a343,153)
\n
respectively in lieu of Company pension contributions over the Tapered Annual Allowance
\n
limit introduced in April 2016. No additional bene\ufb01t is accrued if an Executive Director retires early.
\n
EIS in 2025 (audited)
\n
The outcome of the 2025 EIS is 53% of the maximum and the table below shows the performance
\n
against the targets set and the payout level under each element.
\n\n \n
Entry
Target
Stretch
Performance measure
Weighting
(10%)
(50%)
(100%)
2025 Actual
Outcome
Operating profit
(a)
30%
\u00a3420m
\u00a3440m
\u00a3460m
\u00a3420.6m
3.4%
Operating profit margin
(a)
20%
10.5%
11.0%
11.5%
10.9%
8.4%
Cash conversion
20%
150%
170%
190%
173.0%
11.5%
Build quality
(b)
15%
93.0%
94.5%
96.0%
97.8%
15.0%
Customer service
(c)
15%
4.15
4.165
4.18
4.25
15.0%
Total
100%
53%
\n
(a) In preparation for the adoption of IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019 in 2027, the Group has
\n
renamed operating pro\ufb01t and operating pro\ufb01t margin to adjusted operating pro\ufb01t and adjusted operating pro\ufb01t margin
\n
respectively. The calculation methodologies for the measures are unchanged. Read more on page 81.
\n
(b) Build quality is measured externally through the National House Building Council (NHBC) Construction Quality Reviews (CQR).
\n
(c) The customer service measure for 2025 is aligned to the House Builders Federation\u2019s (HBF) revised \ufb01ve-star rating scheme.
\n
Performance is assessed on the two questions from both the 8-week and 9-month surveys. The questions relate to customer
\n
satisfaction in relation to build quality and the service received after completion.
\n
At the end of the year, the Committee assessed the formula-driven outturn and determined that the level
\n
of payout across the EIS measures was appropriate. Due to the cyclical nature of the homebuilding
\n
sector, the performance achieved and respective payout from the 2025 EIS should be considered in the
\n
context of the overall sector, macro economics dynamics and delivery against expectations. Market
\n
conditions were challenging, shaped by uncertainty affecting customers and affordability pressures.
\n
In this context, the Company delivered a robust performance during 2025. The business achieved UK
\n
legal completions in line with guidance set at the start of the year. Alongside delivering \ufb01nancial results
\n
in line with market expectations, the Company maintained a \ufb01ve-star customer service rating under the
\n
new HBF scoring system. A 97.8% build-quality score was achieved which improves on last year\u2019s
\n
exceptionally strong build quality performance, which at the time represented the highest score ever
\n
recorded at Taylor Wimpey. The business also sustained strong employee engagement, with the score
\n
remaining at 92%. Both the customer service and build quality measures are independently veri\ufb01ed,
\n
providing assurance over the robustness of the outcomes.
The Committee also considered shareholder and broader stakeholder experience over the year.
\n
The Company has successfully returned over \u00a31 billion to shareholders during the current Policy
\n
period and \u00a32.8 billion under our Dividend Policy since 2018. As noted on pages 129 and 130,
\n
the Company\u2019s updated Distribution Policy is to continue to return 7.5% of net assets per annum,
\n
or at least \u00a3250 million, in two equal instalments to shareholders. This is a differentiated distribution
\n
policy within the homebuilding sector. The Committee is therefore satis\ufb01ed that the EIS payout
\n
achieved is representative of the strong performance of the Executive Directors in 2025; accordingly,
\n
the Committee did not exercise any discretion to adjust the formulaic outcome.
\n
The Executive Directors receive two-thirds of their EIS as cash; the remaining third will be paid in shares
\n
and will be retained in the Company\u2019s Employee Bene\ufb01t Trust for three years. These shares will not be
\n
subject to any further performance or non-performance measures.
\n
PSP in 2025 (audited)
\n
2023 PSP Award outcome
\n
The outcome of the 2023 PSP Award, which assesses performance from 1 January 2023 to
\n
31 December 2025, is 70% of the maximum. The table below sets out performance against each
\n
target and the resulting payout level for each measure.
\n\n \n
Threshold
Maximum
Performance measure
Weighting
(20%)
(100%)
Actual
Outcome
TSR vs homebuilder
40%
Median
Upper quartile
Taylor Wimpey: 33.4%
40%
peer group
(a)
Upper quartile: 28.2%
RONOA in 2025
15%
14%
19%
11.0%
0%
Operating profit margin in 2025
(b)
15%
13%
18%
10.9%
0%
Customer service in 2025
(c)
15%
78.5%
81.5%
85.6%
15%
Carbon reduction in 2025
(d)
15%
34%
38%
60.0%
15%
Total
100%
70%
\n
(a) The peer group was comprised of Barratt Developments, Bellway, Berkeley Homes, Crest Nicholson, Persimmon, Redrow
\n
and Vistry Group. Barratt Developments merged with Redrow in August 2024. For the purpose of assessing the TSR
\n
performance of Redrow, its performance has been tracked using the performance of Barratt Developments (the acquirer)
\n
from the date Redrow shares were de-listed and cancelled (22 August 2024).
\n
(b) In preparation for the adoption of IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019 in 2027, the Group has
\n
renamed operating pro\ufb01t and operating pro\ufb01t margin to adjusted operating pro\ufb01t and adjusted operating pro\ufb01t margin
\n
respectively. The calculation methodologies for the measures are unchanged. Read more on page 81.
\n
(c) The customer service measure is based on the single question \u2018Would you recommend?\u2019 from the independently measured
\n
HBF 9-month survey.
\n
(d) The carbon reduction measure is based on absolute carbon emissions reduction targets to be achieved by 31 December
\n
2025 from a 2019 baseline.
\n
Taylor Wimpey\u2019s exceptional TSR of +33.4% in the period placed the Company in the top quartile of the
\n
homebuilding peer group and so the TSR element paid out in full. The Company did not achieve the
\n
threshold performance level for the stretching targets relating to RONOA and operating pro\ufb01t margin.
\n
In 2025, the Company delivered a strong customer satisfaction score consistent with our \ufb01ve-star
\n
builder status. Across the full three-year performance period, we achieved sustained improvements in
\n
long term customer satisfaction, resulting in performance ahead of maximum.
\n
The carbon reduction measure is based on absolute carbon emission reductions to be achieved by
\n
31 December 2025, which is aligned with our ambitious publicly announced 2045 Net Zero Transition
\n
Plan. The ambitious target was set to incentivise the reductions in scope 1 and 2 emissions required
\n
from our 2019 baseline to meet our commitments and are \ufb01rmly linked to business strategy. Since
\n
introducing these targets, active business decisions have been taken to reduce our carbon emissions,
\n
such as investing in hydrotreated vegetable oil, increasing our use of renewable electricity and powering
\n
our construction sites with hybrid generators. Between 2019 and 2025, these measures have reduced
\n
our scope 1 and 2 emissions by 60%.
\n
Re\ufb02ecting the exceptional performance on both customer service and carbon reduction, each of these
\n
measures will vest in full. The customer service measure is independently measured by the HBF
\n
9-month survey. As noted on pages 50 and 120, PwC performed external independent limited
\n
assurance procedures over selected ESG performance metrics, including the Scope 1 and Scope 2
\n
market based emissions, this data has been used to calculate the 60% reduction compared with the
\n
2019 baseline.
\n
The Committee is comfortable that the overall vesting level of the award is appropriate, taking into
\n
account holistic business performance and the wider stakeholder experience over the performance
\n
period, particularly noting the relative TSR performance over the period. As such, no discretion was
\n
exercised in respect of the formulaic outcome.
\n
The shares vesting will be subject to a two-year post-vesting holding period. The Committee has the
\n
discretion to adjust the number of shares vesting from each PSP Award in order to mitigate against any
\n
potential windfall gains, and the Committee is comfortable that the outcome of the 2023 Award was not
\n
in\ufb02ated by windfall gains.
PSP Awards included in the 2024 and 2025 single total \ufb01gure of remuneration table
\n
The table below sets out the number of shares each Executive Director received after the vesting of the 2022 and 2023 PSP Awards.
\n\n \n
Number of
Value attributable
Value of proportion
Value of award
End of
dividend
to share price
of PSP
Number of
at grant
performance
% of award
Number of
equivalent
Total number
increase
(single figure)
shares granted
(\u00a3000)
period
vesting
shares vesting
shares
of shares
Vesting date
(\u00a3000)
(\u00a3000)
2025
(a)
Jennie Daly
1,207,243
1,500
31/12/2025
70.0
845,070
195,678
1,040,748
05/03/2026
\u2013
1,079
Chris Carney
812,394
1,009
31/12/2025
70.0
568,675
131,679
700,354
05/03/2026
\u2013
726
2024
(b)
Jennie Daly
1,141,552
1,500
31/12/2024
54.3
619,862
140,267
760,129
27/02/2025
\u2013
849
Chris Carney
749,713
980
31/12/2024
54.3
407,094
92,121
499,215
27/02/2025
\u2013
558
\n
(a) The 2023 PSP Award is included in the 2025 single total remuneration \ufb01gure. The performance against each of the performance measures is noted in the table on page 150. A share price of 103.7 pence was used to calculate the value of the Award vesting
\n
on 5 March 2026 as this was the average share price for the dealing days in the last three months of the \ufb01nancial year. Based on the share price of 103.7 pence, no value is attributable to a share price increase, as the share price used to calculate the 2023
\n
PSP Award was 124.3 pence, being the average closing share price the three days preceding the grant. The value of the 2023 Award will be recalculated in the Annual Report and Accounts 2026 to re\ufb02ect the share price on the date the Award vests.
\n
Dividend equivalents will be paid in shares.
\n
(b) The 2022 PSP Award is included in the 2024 single total remuneration \ufb01gure. Details of performance for this Award can be found on page 148 of the Annual Report and Accounts 2024. The share price on the date the Award vested (111.7 pence) has been
\n
used to recalculate the value of the Award for single \ufb01gure purposes. Dividend equivalents were paid in shares.
\n
PSP Awards granted during 2025
\n
The tables below set out the PSP Awards granted during the year and the corresponding performance measures. The Committee considers that the measures provide a good overall balance in assessing our
\n
longer term performance against our business strategy, with targets reviewed to re\ufb02ect market conditions and business forecasts for the Group at the time of the award. The rationale for the measures and targets
\n
approved for the 2025 PSP Awards can be found on page 151 in the Annual Report and Accounts 2024.
\n\n \n
% of award vesting
Face value
if threshold
End of
of award at
Number of shares
performance
performance
Executive Director
Award type
% of salary
Grant date
maximum vesting
granted
achieved
period
Jennie Daly
(a)
Nil-cost option
200
06/03/2025
\u00a31,591,350
1,425,727
25
31/12/2027
Chris Carney
(a)
Nil-cost option
200
06/03/2025
\u00a31,070,872
959,419
25
31/12/2027
\n
(a) The share price (111.6 pence) used to calculate the number of shares awarded to Jennie and Chris was based on the average closing share price over the three business days prior to grant (3, 4 and 5 March 2025).
\n \n
Threshold
Maximum
Performance measure
Rationale
Weighting
(25%)
(100%)
TSR vs homebuilder
Align the rewards received by
40%
Median
Upper
peer group
(a)
executives with the returns received
quartile
by shareholders
Operating profit margin
Optimise sales prices and improve
15%
12%
15%
in 2027
(b)
cost discipline
RONOA in 2027
Maintain focus on driving increased
15%
12%
15%
capital efficiency
Customer service
Maintain customer trust and
15%
12.55
12.58
performance in
endorse Company reputation
2025 to 2027
(c)
Carbon reduction in 2027
Support the Board\u2019s strategy on
15%
36%
44%
(from a 2019 baseline)
(d)
carbon emissions reductions
across our operations
\n
(a) The peer group comprises Barratt Redrow, Bellway, Berkeley Homes, Crest Nicholson, MJ Gleeson, Persimmon, and
\n
Vistry Group. The measurement approach is to be on a straight-line basis between the median TSR and upper quartile TSR.
\n
(b) In preparation for the adoption of IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019 in 2027, the Group has
\n
renamed operating pro\ufb01t and operating pro\ufb01t margin to adjusted operating pro\ufb01t and adjusted operating pro\ufb01t margin
\n
respectively. The calculation methodologies for the measures are unchanged. Read more on page 81.
\n
(c) The score out of \ufb01ve will be the average of the customer satisfaction scores relating to build quality and the service received
\n
after completion taken from the independently veri\ufb01ed HBF 8-week and 9-month surveys, with 50% equal contribution.
\n
(d) The targets are based on absolute carbon emissions reductions from Taylor Wimpey\u2019s 2019 baseline, to be achieved by
\n
31 December 2027, which requires a reduction in the Company\u2019s absolute scope 1 and scope 2 emissions.
\n
Payments for loss of of\ufb01ce and payments to
\n
former Directors (audited)
\n
No payments were made for loss of of\ufb01ce or to former Directors during 2025.
\n
Executive Directors\u2019 interests in the Company\u2019s share
\n
schemes (audited)
\n
Details of the options and conditional awards over shares held by the Executive Directors who served
\n
during the year are as follows:
\n\n \n
Additional
maximum
Maximum
potential
Maximum
potential
shares
Exercised/
potential
shares as at
awarded
released
Lapsed during
shares as at
Director
01/01/2025
during the year
during the year
the year
31/12/2025
(a)
Jennie Daly
PSP
(b)
3,456,454
1,425,727
619,862
521,690
3,740,629
Sharesave
(c)
36,057
\u2013
\u2013
\u2013
36,057
Total
3,492,511
1,425,727
619,862
521,690
3,776,686
Chris Carney
PSP
2,307,487
959,419
407,094
342,619
2,517,193
Sharesave
36,057
\u2013
\u2013
\u2013
36,057
Total
2,343,544
959,419
407,094
342,619
2,553,250
\n
(a) All outstanding awards are options. The Directors do not hold any vested but unexercised share options.
\n
(b) The Executive Directors exercised their 2022 PSP Award on 27 February 2025 when the share price was 111.7 pence.
\n
Jennie Daly\u2019s options were awarded on 26 April 2022 using a share price of 131.4 pence. Chris Carney\u2019s options were
\n
awarded on 10 March 2022 using a share price of 130.7 pence to calculate the Award. The share price used to calculate the
\n
number of shares under each Award was based on the average during the three days leading up to the Award. Further details
\n
of the shares awarded under the 2025 PSP Award can be found on page 151.
\n
(c) Jennie Daly and Chris Carney each hold 36,057 Sharesave options which were granted on 3 October 2022 at an option price
\n
of 83.20 pence, which was a 20% discount to the share price at the start of the invitation window. The face value of these
\n
options on the date of grant for Jennie and Chris was \u00a332,603 each. The Sharesave options are not subject to any
\n
performance conditions.
Single total \ufb01gure of remuneration for the Chair and
\n
Non Executive Directors (audited)
\n\n \n
Total fees (\u00a3000)
2025
2024
Robert Noel
353
343
Mark Castle
79
77
Martyn Coffey
(a)
68
6
Irene Dorner
68
66
Jitesh Gadhia
(b)
105
86
Scilla Grimble
(c)
87
72
Clodagh Moriarty
68
66
\n
(a) Martyn Coffey joined the Board on 1 December 2024.
\n
(b) Jitesh Gadhia became Senior Independent Director with effect from 1 December 2024 and therefore received the additional
\n
Senior Independent Director fee for the remainder of the year in 2024 and 2025.
\n
(c) Scilla Grimble was appointed as Chair of the Audit Committee with effect from 1 September 2024 and therefore received the
\n
additional Audit Committee Chair fee for the remainder of the year in 2024 and 2025.
\n
Chair and Non Executive Director fees
\n
The current fees for the Chair of the Board, Non Executive Director and additional fees for the roles of
\n
Chair of the Audit Committee, Chair of the Remuneration Committee, Senior Independent Director and
\n
Employee Champion are set out below and remain the same as in 2025. The fees will be reviewed
\n
during the course of 2026.
\n\n \n
As at
Role
1 April 2026
Chair of the Board
\u00a3355,400
Non Executive Director
\u00a368,960
Senior Independent Director
\u00a318,570
Audit/Remuneration Committee Chair
\u00a318,570
Employee Champion
\u00a310,610
\n
Statement of Directors\u2019 shareholdings and share interests (audited)
\n
In line with the current Policy, the Executive Directors\u2019 shareholding guideline is to hold 200% of their
\n
base salary. As explained on page 138, the 2026 Policy proposes an increase to 250% of salary in line
\n
with the maximum PSP opportunity.
\n
In addition, a post-employment shareholding guideline requires Executive Directors to retain
\n
shares worth 200% of their base salary, or their shareholding at the time of cessation if this requirement
\n
has not yet been met, for at least two years post-employment. Any shares that remain subject to
\n
holding or deferral periods must be held within the Company\u2019s Employee Bene\ufb01t Trust, and will
\n
continue to be retained through this mechanism until the end of the post-employment shareholding
\n
requirement timeframe.
\n
The Chair and the Non Executive Directors are also encouraged to hold shares in the Company in
\n
order to align their interests with those of shareholders.
\n\n \n
Outstanding interests
Value of
Beneficially owned
in share schemes
beneficially
owned shares
Share interests
as at
expressed as a
Director
at 01/01/2025
at 31/12/2025
(a)
PSP
(b)
Sharesave
31/12/2025
% of salary
(c)
Robert Noel
332,872
332,872
Jennie Daly
(d)
965,700
1,633,838
3,740,629
36,057
\u00a31,756,376
207
Chris Carney
(d)
1,120,985
1,541,323
2,517,193
36,057
\u00a31,656,922
300
Mark Castle
47,934
52,086
Martyn Coffey
31,500
31,500
Irene Dorner
164,952
164,952
Jitesh Gadhia
100,000
100,000
Scilla Grimble
15,000
15,000
Clodagh Moriarty
25,025
25,025
\n
(a) Shares owned outright include the net-of-tax shares delivered to the Executive Directors in March 2023, March 2024 and
\n
March 2025, following the one-third deferral of the EIS in respect of performance years 2022, 2023 and 2024. The EIS
\n
deferred shares are not subject to further performance conditions.
\n
(b) Vesting is subject to the achievement of performance conditions.
\n
(c) This has been calculated on the basis of bene\ufb01cially owned shares. The share price on 31 December 2025 (107.5 pence) has
\n
been used to calculate Jennie Daly and Chris Carney\u2019s share interests expressed as a percentage of their current salary as at
\n
31 December 2025.
\n
(d) A proportion of shares are held by a connected person.
\n
The only changes to the Directors\u2019 interests as set out above during the period between 31 December
\n
2025 and 4 March 2026 were the regular monthly purchases of shares and one-to-one matching by the
\n
Company under the SIP by Jennie Daly and Chris Carney who both acquired 556 shares each.
Historic TSR performance and Chief Executive historic remuneration
\n
The graph below shows Taylor Wimpey\u2019s TSR performance against the performance of the FTSE 350 and the average of the Housebuilders Index. These benchmarks have been chosen as Taylor Wimpey
\n
is a constituent of both.
\n
The graph also shows the Chief Executive\u2019s single total \ufb01gure of remuneration over the same ten-year period.
\n
TSR versus Chief Executive total single \ufb01gure
\n
0
\n
50
\n
100
\n
150
\n
200
\n
250
\n
0
\n
1,000
\n
2,000
\n
3,000
\n
4,000
\n
5,000
\n
6,000
\n
7,000
\n
8,000
\n
31/12/2015
31/12/2016
31/12/2017
31/12/2018
31/12/2019
31/12/2020
31/12/2021
31/12/2022
31/12/2023
31/12/2024
31/12/2025
\n
TSR \u2013 Value (\u00a3) (rebased)
\n
Chief Executive Total Remuneration (\u00a3000)
\n
Taylor Wimpey
\n
FTSE 350
\n
Housebuilders Index
\n
Chief Executive
\n
total remuneration
\n\n \n
Single total figure (\u00a3000)
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Jennie Daly
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
1,175
(a)
2,208
2,851
(b)
2,687
Pete Redfern
6,888
4,072
3,697
3,272
3,247
1,120
2,710
925
\u2013
\u2013
\u2013
EIS (% of maximum)
Jennie Daly
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
76
91
94
53
Pete Redfern
78
80
66
96
50.6
\u2013
95
76
\u2013
\u2013
\u2013
PSP (% of maximum)
Jennie Daly
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
32.3
40
54.3
70
Pete Redfern
100
81
78
50
62.8
6.6
22.1
32.3
\u2013
\u2013
\u2013
\n
(a) Relates to the period Jennie Daly was Chief Executive from 26 April 2022.
\n
(b) The 2024 \ufb01gure has been restated to re\ufb02ect the share price on the date the 2022 PSP Award vested, which was 111.7 pence.
CEO pay ratio
\n\n \n
Chief Executive
Year
Method
single figure
(a)
Lower quartile
Median
Upper quartile
2025
(b)
Option B
\u00a32,686,756
Ratio
67:1
50:1
33:1
Salary
\u00a333,962
\u00a342,123
\u00a365,857
Total pay and benefits
\u00a339,850
\u00a353,754
\u00a382,619
2024
Option B
\u00a33,065,841
Ratio
81:1
59:1
39:1
2023
Option B
\u00a32,185,041
Ratio
68:1
42:1
32:1
2022
Option B
\u00a32,100,044
Ratio
62:1
41:1
26:1
2021
Option B
\u00a32,764,290
Ratio
87:1
60:1
40:1
2020
Option B
\u00a31,120,451
Ratio
39:1
26:1
20:1
2019
Option B
\u00a33,023,654
Ratio
93:1
73:1
48:1
2018
Option B
\u00a33,151,748
Ratio
103:1
77:1
41:1
\n
(a) The previous Chief Executive single \ufb01gures in this table have not been restated to re\ufb02ect the share price on the date the
\n
relevant PSP Award vested. We have chosen to do this for transparency purposes so that we are comparing the ratios
\n
disclosed in previous reports.
\n
(b) The three representative employees were determined on 31 December 2025.
\n
Under Option B, using the hourly rate from our 2025 gender pay gap data, three employees have been
\n
identi\ufb01ed as the best equivalents of our lower quartile, median and upper quartile. Option B provides
\n
a clear methodology involving fewer adjustments to calculate full-time equivalent earnings and is likely to
\n
produce more robust reporting year on year. The Company believes that the median pay ratio for the year
\n
ended 31 December 2025 is consistent with the pay and reward policies for UK employees taken as a
\n
whole, as the employee identi\ufb01ed at the median through the Option B methodology is representative of
\n
the wider UK workforce and re\ufb02ects the normal operation of our pay and reward policies.
\n
The Committee has reviewed the results of the calculations and is satis\ufb01ed that they continue to be
\n
representative of the respective quartiles. Total pay and bene\ufb01t \ufb01gures, excluding any temporary
\n
allowances paid during the \ufb01nancial year ended 31 December 2025, have been calculated for the
\n
employee at each quartile. To ensure that the employees used for each quartile are representative of
\n
their contractual roles, any temporary allowances have been excluded consistent with previous years.
\n
Figures have also been calculated for employees either side of the identi\ufb01ed employees to con\ufb01rm that
\n
the individuals selected are a reasonably representative based on their full year\u2019s remuneration.
\n
Due to a reduction in the Chief Executive single \ufb01gure for 2025, all three ratios have decreased.
\n
The reduction in the Chief Executive single \ufb01gure was a result of a lower bonus payout (53% in 2025
\n
vs 94% in 2024). This was partially offset by a higher base salary and a higher PSP payout (70.0% in
\n
2025 vs 54.3% in 2024).
\n
Relative importance of spend on pay
\n
Change in Company performance relative to change in remuneration
\n\n \n
2025
2024
Change
Adjusted operating profit
(a)
\u00a3420.6m
\u00a3416.2m
1.1%
Distributions to shareholders
Aggregate dividends paid during the year
\u00a3330.4m
\u00a3339.4m
(2.7)%
Employee pay in aggregate
(b)
\u00a3299.6m
\u00a3290.2m
3.2%
Employee pay average per employee
(b)
\u00a366,637
\u00a365,096
2.4%
\n
(a) Adjusted operating pro\ufb01t is de\ufb01ned as pro\ufb01t on ordinary activities before \ufb01nancing, exceptional items and tax, after share of results
\n
of joint ventures. Adjusted operating pro\ufb01t has been chosen as it is one of the Company\u2019s primary measures of performance.
\n
(b) See Note 7 to the \ufb01nancial statements on page 189.
\n
Malus and clawback
\n
Any payments under the EIS or vesting of shares under the PSP are subject to malus and
\n
clawback provisions.
\n
Under the PSP, the Committee may apply malus in exceptional circumstances, including misconduct,
\n
reputational damage, failure of risk management, poor underlying performance, payments based on
\n
erroneous or misleading data, misstatement of accounts or corporate failure. Clawback may be applied
\n
in similarly exceptional circumstances, for up to three years from the vesting date. As noted on page
\n
132, shareholders are being asked to approve new PSP rules at the 2026 AGM. A summary of the
\n
malus and clawback provisions contained in the new rules can be found on page 246.
\n
Under the EIS, the Committee may apply malus and clawback if the Committee forms the view that
\n
there has been a material misstatement of results, performance assessments that were based on
\n
inaccurate and misleading information, serious misconduct that could have warranted summary
\n
dismissal, behaviour inconsistent with the Company\u2019s governance and values, or misconduct resulting in
\n
reputational damage or corporate failure. Clawback may be applied for up to three years from the date
\n
the bonus is paid.
\n
The Committee considers that a three-year clawback period for both the EIS and PSP is appropriate,
\n
as it provides suf\ufb01cient time for any relevant circumstances to come to light and re\ufb02ects the cyclical
\n
nature of the homebuilding industry.
\n
The Committee did not apply malus or clawback during 2025.
Annual percentage change in remuneration of Directors and employees
\n
The table below shows the percentage change in the salary or fee, taxable bene\ufb01ts and annual bonus of each current Director and the average Taylor Wimpey employee in respect of the periods from 2020 to
\n
2025. The Company does not have any employees so the \ufb01gures shown are in relation to Taylor Wimpey UK Limited employees.
\n\n \n
Salary/fee
(a)
Benefits
Annual bonus scheme
(a)
2025/2024
2024/2023 2023/2022 2022/2021 2021/2020
2025/2024
2024/2023 2023/2022 2022/2021 2021/2020
2025/2024
2024/2023 2023/2022 2022/2021 2021/2020
Average pay of a Taylor Wimpey employee
2%
6%
8%
4%
6%
3%
9%
4%
3%
3%
(20)%
15%
10%
(10)%
163%
Jennie Daly
(b)
6%
3%
19%
58%
13%
7%
(15)%
(32)%
(55)%
12%
(40)%
6%
44%
26%
n/a
Chris Carney
(b)
3%
3%
3%
7%
18%
15%
0%
8%
(40)%
(11)%
(42)%
6%
23%
(14)%
n/a
Robert Noel
(c)
3%
33%
189%
11%
23%
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Irene Dorner
(d)
3%
(57)%
(55)%
2%
32%
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Mark Castle
(e)
3%
7%
n/a
n/a
n/a
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Martyn Coffey
(f)
n/a
n/a
n/a
n/a
n/a
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Jitesh Gadhia
(g)
22%
4%
8%
n/a
n/a
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Scilla Grimble
(h)
21%
11%
n/a
n/a
n/a
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Clodagh Moriarty
(i)
3%
2%
n/a
n/a
n/a
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\n
(a) In light of the COVID-19 pandemic, the Executive and Non Executive Directors took a voluntary 30% reduction in base salary and fees from 1 April 2020 to 31 July 2020. The Executive Directors\u2019 2020 EIS was also cancelled.
\n
(b) Jennie Daly was appointed as Chief Executive with effect from 26 April 2022 and received an above average salary increase on 1 April 2025. Chris Carney received a salary increase on 1 July 2021.
\n
(c) Robert Noel was appointed as the Senior Independent Director on 20 April 2020 and Employee Champion on 26 April 2022. Robert was then appointed Chair of the Board and stood down as the Senior Independent Director and Employee Champion on
\n
27 April 2023.
\n
(d) Irene Dorner stood down as Chair and became a Non Executive Director on 27 April 2023.
\n
(e) Mark Castle was appointed to the Board on 1 June 2022 and as Employee Champion on 27 April 2023.
\n
(f) Martyn Coffey was appointed to the Board on 1 December 2024.
\n
(g) Jitesh Gadhia was appointed to the Board on 1 March 2021. Jitesh was then appointed as Chair of the Remuneration Committee on 26 April 2022 and as the Senior Independent Director on 1 December 2024.
\n
(h) Scilla Grimble was appointed to the Board on 1 March 2021. Scilla was then appointed as Chair of the Audit Committee on 1 September 2024.
\n
(i) Clodagh Moriarty was appointed to the Board on 1 June 2022.
Approach to remuneration in 2026
\n
2026 salary review
\n
As outlined in the Committee Chair\u2019s letter, the Committee has approved a 3% increase to Jennie Daly
\n
and Chris Carney, in line with the Company-wide average salary increase.
\n\n \n
As at 1 April
As at 1 April
Executive Director
2025
2026
Change
Jennie Daly
\u00a3850,000
\u00a3875,500
3%
Chris Carney
\u00a3551,499
\u00a3568,044
3%
\n
2026 EIS
\n
Subject to shareholders approving the new Policy at the 2026 AGM, Executive Directors will be able to
\n
earn up to 200% of salary under the 2026 EIS.
\n
The EIS performance measures for 2026 remain in line with those used in 2025, with a 70% weighting
\n
on \ufb01nancial performance, recognising the importance in changing market conditions. The measures are
\n
set out in the table below, and the strategic rationale for their inclusion and how they drive performance
\n
towards our medium term targets is set out on page 134. The target ranges were carefully considered,
\n
ensuring an appropriate balance between achievability and stretch, and were set at the start of 2026.
\n
As the EIS performance targets for the year are considered commercially sensitive, the 2026 EIS targets
\n
will be disclosed retrospectively in the Annual Report and Accounts 2026, together with the associated
\n
weightings and performance outcomes in the usual way.
\n\n \n
Performance measure
Weighting
Adjusted operating profit
(a)
30%
Adjusted operating profit margin
(a)
20%
Cash conversion
20%
Build quality
(b)
15%
Customer service
(c)
15%
\n
(a) In preparation for the adoption of IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019 in 2027, the Group has
\n
renamed operating pro\ufb01t and operating pro\ufb01t margin to adjusted operating pro\ufb01t and adjusted operating pro\ufb01t margin
\n
respectively. The calculation methodology for the measures is unchanged. Read more on page 81.
\n
(b) Build quality is measured externally through the NHBC CQR.
\n
(c) This will be based on the independently veri\ufb01ed HBF weighted customer satisfaction scores for Build Quality and Service After
\n
taken from the 8-week and 9-month surveys, with 50% equal contribution.
\n
2026 PSP Awards
\n
Subject to shareholders approving the new Policy at the 2026 AGM, Executive Directors will be able to
\n
earn up to 250% of salary under the 2026 PSP.
\n
The measures and targets for the 2026 PSP Award are set out in the table below. The strategic rationale
\n
for their inclusion as measures, and details on how they drive performance towards our medium term
\n
targets are set out on page 134.
\n\n \n
Threshold
Maximum
Performance measure
Weighting
(25%)
(100%)
Upper
TSR vs homebuilder peer group
(a)
40%
Median
quartile
Adjusted operating profit margin (2028)
(b)
15%
13%
16%
RONOA (2028)
15%
14%
19%
Customer service (2026-2028)
(c)
15%
12.63
12.75
Carbon reduction (from a 2019 baseline) (2028)
(d)
15%
39%
48%
\n
(a) The peer group comprises Barratt Redrow, Bellway, Berkeley Homes, Crest Nicholson, MJ Gleeson, Persimmon and
\n
Vistry Group. The measurement approach for the 2026 PSP Award will be on a straight-line basis between the median
\n
TSR and upper quartile TSR.
\n
(b) An adjusted operating pro\ufb01t margin measure will operate in both the EIS and PSP in 2026 as this is a critical measure at both
\n
an operational level for the EIS and over the longer term for the PSP (where margin will be assessed at the end of the
\n
three-year performance period). This will ensure that our priority remains delivering our sustained pro\ufb01tability with an
\n
unremitting focus on long term decisions with cost and process discipline to drive shareholder returns over the medium term.
\n
In preparation for the adoption of IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019 in 2027, the Group has
\n
renamed operating pro\ufb01t and operating pro\ufb01t margin to adjusted operating pro\ufb01t and adjusted operating pro\ufb01t margin
\n
respectively. The calculation methodologies for the measures are unchanged. Read more on page 81.
\n
(c) The score out of \ufb01ve will be the average of the customer satisfaction scores for Build Quality and Service After, taken from
\n
the independently veri\ufb01ed HBF 8-week and 9-month surveys, with 50% equal contribution. The 2026 PSP and EIS customer
\n
service measures will therefore be on the same basis, but to avoid doubling up of reward for the same performance, the PSP
\n
measure will be assessed on the aggregate of the annual scores over the relevant performance period and not the \ufb01nal year.
\n
Customer service continues to be an extremely important area of focus for the Company and we are therefore comfortable
\n
that this should be incorporated in both the EIS and PSP. The HBF\u2019s new star rating combines customers\u2019 service before and
\n
moving in experience via the 8-week surveys, as well as service after and customers\u2019 experience of living longer term in one
\n
of our developments, via the 9-month survey. By including the new star rating, we are ensuring that customer experience
\n
over both time frames is still measured.
\n
(d) This will be based on a reduction in absolute scope 1 and 2 carbon emissions, and the target range takes into account the
\n
anticipated higher volumes in 2028. The carbon reduction target is based on absolute carbon emission reductions to be
\n
achieved by 31 December 2028, which is aligned with our ambitious publicly announced 2045 Net Zero Transition Plan.
The Remuneration Committee
The Remuneration Committee members in 2025
There were \ufb01ve Committee meetings during 2025 and all Committee members attended all \ufb01ve
meetings. The Committee met the 2024 Code requirement to have three independent Non Executive
Directors as members of the Committee. The names of the Committee members can be found on
page 129.
Internal attendees consisted of the Chief Executive, Group Finance Director, Group Human Resources
Director, Head of Reward, Sustainability Manager and members of the Company Secretariat team.
These attendees provided important information to the Committee and were not involved in any
decisions relating to their own remuneration.
Main activities during 2025
Over the course of the year since the last Annual Report and Accounts, the Committee has:
\u2022 Consulted with shareholders regarding the minority vote against the Directors\u2019 Remuneration Report
at the 2025 AGM
\u2022 Reviewed the Policy ahead of the 2026 AGM and engaged with shareholders on the
proposed changes
\u2022 Determined the 2025 salary levels for the Chief Executive, Group Finance Director, senior
management and wider workforce
\u2022 Agreed the targets applicable to the 2025 EIS and 2025 PSP Award
\u2022 Approved the outcomes for the 2024 EIS and 2023 PSP Award
\u2022 Considered wider workforce remuneration arrangements
Committee\u2019s performance
The Committee reviewed its activities in 2025 against its Terms of Reference and discharged its
responsibilities in accordance with them. The Committee\u2019s Terms of Reference have been reviewed
against the 2024 Code and best practice, with minor amendments approved by the Committee at its
February 2025 meeting.
The results of the 2025 internal Board performance review concluded that the Committee was ful\ufb01lling
its Terms of Reference effectively and that the Committee Chair was effective.
Advice to the Committee in 2025
The Committee keeps itself fully informed on developments and best practice in the \ufb01eld of
remuneration and seeks advice from external advisers when appropriate.
The Committee appoints its own independent remuneration advisers, and during the year it continued to
retain the services of Korn Ferry. Korn Ferry is a member of the Remuneration Consultants Group and
signatory to its Code of Conduct. Korn Ferry was appointed following a comprehensive tender process.
Korn Ferry does not have any connection with the Company or any of the individual Directors, and did
not provide any other services to the Company during 2025.
As part of its annual review of activities against its Terms of Reference, the Committee considered the
advice provided by Korn Ferry during the year and was satis\ufb01ed that the advice had been appropriate,
objective and independent.
The fees paid to Korn Ferry in 2025 were \u00a3194,256 (including VAT) on a time and materials basis
(2024: \u00a3149,988).
Shareholder voting
The table below sets out the shareholder voting outcomes on the Directors\u2019 remuneration resolutions.
Further details on the reasons for the minority vote against the Directors\u2019 Remuneration Report at the
2025 AGM are provided in the Committee Chair\u2019s letter on page 132.
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
Resolution
For
Against
Total votes cast
Withheld
Directors\u2019 Remuneration Report
1,487,477,643
525,355,936
2,012,833,579
12,485,365
for 2024 (2025 AGM)
73.90%
26.10%
\u00a0 \u00a0
Directors\u2019 Remuneration Policy
2,155,740,993
195,311,797
2,351,052,790
453,054
(2023 AGM)
91.69%
8.31%
\u00a0 \u00a0
\n
This Report has been approved by the Board and signed on its behalf by:
Lord Jitesh Gadhia
Chair of the Remuneration Committee
4 March 2026 29
Share-based payments
Equity-settled share option plan
Details of equity-settled share-based payment arrangements are set out in the Remuneration Committee report on pages 129 to 158. The tables below show the movements in the schemes in the year as well as
their weighted average exercise price (WAEP).
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2025
2024
Sharesave (SAYE)
Options
WAEP (in \u00a3)
Options
WAEP (in \u00a3)
Outstanding at the beginning of the year
24,821,688
0.96
25,913,136
0.91
Granted during the year
16,132,785
0.78
3,809,591
1.25
Forfeited during the year
(6,327,554)
1.07
(2,727,832)
0.94
Exercised during the year
(3,582,849)
0.86
(2,173,207)
0.99
Outstanding at the end of the year
31,044,070
0.85
24,821,688
0.96
Exercisable at the end of the year
4,883,740
0.87
1,128,215
1.33
\n
The remaining Sharesave options outstanding at 31 December 2025 had a range of exercise prices from \u00a30.78 to \u00a31.42 (2024: \u00a30.83 to \u00a31.42) and a weighted average remaining contractual life of 2.87 years
(2024: 2.44 years).
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2025
2024
Share Incentive Plan (SIP)
Options
WAEP (in \u00a3)
Options
WAEP (in \u00a3)
Outstanding at the beginning of the year
7,419,628
\u2013
7,275,770
\u2013
Granted during the year
2,050,769
\u2013
1,459,860
\u2013
Forfeited during the year
(567,632)
\u2013
(511,476)
\u2013
Exercised during the year
(640,165)
\u2013
(804,526)
\u2013
Outstanding at the end of the year
8,262,600
\u2013
7,419,628
\u2013
Exercisable at the end of the year
3,961,848
\u2013
3,444,567
\u2013
\n
The table above represents shares that are granted to employees on a matching basis; when the employee joins the scheme, purchased shares are matched on a one-to-one basis and these awards do not expire.
\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2025
2024
Performance Share Plan (PSP)
Options
WAEP (in \u00a3)
Options
WAEP (in \u00a3)
Outstanding at the beginning of the year
5,763,941
\u2013
5,878,715
\u2013
Granted during the year
2,385,146
\u2013
1,853,039
\u2013
Forfeited during the year
(864,309)
\u2013
(1,325,810)
\u2013
Exercised during the year
(1,026,956)
\u2013
(642,003)
\u2013
Outstanding at the end of the year
6,257,822
\u2013
5,763,941
\u2013
Exercisable at the end of the year
\u2013
\u2013
\u2013
\u2013
\n
The conditional awards outstanding at 31 December 2025 had a weighted average remaining contractual life of 1.79 years (2024: 1.75 years).
The average share price at the date of exercise across all options exercised during the year was \u00a31.05 (2024: \u00a31.42). For share plans granted during the current and preceding year, the fair value of the awards at
the grant date was determined as follows:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Share awards with
Share awards with
\u00a0
no market conditions
market conditions
\u00a0
2025
2024
2025
2024
Model
Binomial
Binomial
Monte Carlo
Monte Carlo
Weighted average share price
\u00a31.06
\u00a31.58
\u00a31.10
\u00a31.39
Weighted average exercise price
\u00a30.72
\u00a30.97
Nil
Nil
Expected volatility
30%
31%
28%
31%
Expected life
3/5 years
3/5 years
3 years
3 years
Risk-free rate
4.0%
3.8%
4.09%
4.09%
Expected dividend yield
8.77%
5.79%
0.0%
0.0%
Weighted average fair value of options granted in year
\u00a30.29
\u00a30.64
\u00a30.37
\u00a30.54
\n
Expected volatility was determined by calculating the historical volatility of the Group\u2019s share price over the expected term. The expected life used in the model was based on historical exercise patterns.
The Group recognised a share-based payment expense of \u00a311.2 million in the year (2024: \u00a312.1 million), which was composed of \u00a38.9 million in relation to equity settled schemes and \u00a32.3 million in relation to
cash settled elements (2024: \u00a39.2 million and \u00a32.9 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00413": { "value": "Annual Report on Directors\u2019 Remuneration
This section sets out how the Policy was applied for the year ended 31 December 2025. The Directors\u2019
Remuneration Report will be put to an advisory shareholder vote at the AGM on 28 April 2026.
Details of the resolution are set out in the Notice of Meeting on pages 234 and 237.
During the year, the current Policy (as approved by shareholders at the 2023 AGM), operated as
intended, providing a robust link between Company performance and remuneration.
Implementation in 2025
Total remuneration received (\u00a3000) (audited)
The chart below compares the 2025 single \ufb01gure total remuneration for each of the Executive Directors
with the equivalent \ufb01gure for 2024.
Jennie Daly
Chief Executive
Chris Carney
Group Finance Director
31%
39%
30%
35%
25%
40%
2025
2024
\u00a30
\u00a3500
\u00a31,000
\u00a31,500
\u00a33,000
\u00a32,000
\u00a33,500
\u00a32,500
\u00a32,851
\u00a32,687
31%
40%
29%
35%
25%
40%
2025
2024
\u00a31,911
\u00a31,782
Fixed pay
EIS
PSP
Single total \ufb01gure of remuneration for Executive Directors (audited)
The table below sets out the single total \ufb01gure of remuneration received by each Executive Director in
2025 and 2024.
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Jennie Daly
Chris Carney
(\u00a3000)
2025
2024
2025
2024
Base salary
836
790
547
532
Benefits
(a)
12
11
15
13
Pension
(b)
84
79
55
53
Total fixed pay
932
880
617
598
EIS
(c)
676
1,122
439
755
PSP
(d)
1,079
849
726
558
Total variable pay
1,755
1,971
1,165
1,313
Total pay
2,687
2,851
1,782
1,911
\n
(a) Bene\ufb01ts \u2013 corresponds to the value of taxable bene\ufb01ts in respect of the year ended 31 December 2025, as set out in the
table on page 149.
(b) Pension \u2013 these \ufb01gures represent pension contributions up to the amount permissible under HMRC rules and cash
allowances beyond that level.
(c) EIS \u2013 the 2025 EIS outcome was 53% of maximum and further details can be found on pages 149 and 150. The 2024 EIS
outcome was 94%. One-third of the Executive Directors\u2019 bonus is deferred into shares which are subject to a three-year
deferral period. These shares are not subject to any further performance or non-performance measures.
(d) PSP \u2013 the outcomes of the 2022 and 2023 PSP Awards included in the 2024 and 2025 columns respectively can be found
on pages 150 and 151. Both \ufb01gures include the value of dividends accrued during the performance period, which are
payable in shares. There is a compulsory two-year holding period for any vested PSP shares and the related dividend shares.
The value of the 2022 PSP Award (shown in the 2024 column) has been restated to re\ufb02ect the share price on the date the
Award vested, which was 111.7 pence. The value of the 2023 PSP Award (shown in the 2025 column) has been calculated
using a share price of 103.7 pence as this was the average share price for the dealing days in the last three months of the
\ufb01nancial year. The share price used to calculate the 2023 PSP Award was 124.3 pence for Jennie Daly and Chris Carney,
being the average closing share price the three days preceding the grant. Therefore, no value is attributable to share price
appreciation in the period.
\n
Salaries in 2025 (audited)
\n
As disclosed in our Annual Report and Accounts 2024, the Committee approved salary increases of
\n
6.8% for Jennie Daly and 3% for Chris Carney, effective from 1 April 2025. The Company-wide average
\n
salary increase in 2025 was 3%. The rationale for these salary increases is set out in the Annual Report
\n
and Accounts 2024.
\n
Bene\ufb01ts (audited)
\n\n \n
(\u00a3000)
Jennie Daly
Chris Carney
Car
3
3
Healthcare
3
7
Life assurance
4
3
All-employee share schemes
(a)
2
2
Total
12
15
\n
(a) These \ufb01gures represent the value of matching shares under the Share Incentive Plan. The Executive Directors did not exercise
\n
any Sharesave options during the year.
\n
Directors\u2019 pension entitlements (audited)
\n
The Executive Directors\u2019 pension contributions are 10% of salary, which is the same rate available to the
\n
majority of the workforce and, as such, the Company is compliant with Provision 39 of the 2024 Code.
\n
The value of Company pension contributions in 2025 for Jennie Daly and Chris Carney was:
\n\n \n
Director
2025
2024
Jennie Daly
10,000
10,002
Chris Carney
10,000
10,002
\n
Jennie and Chris also received cash allowances of \u00a373,642 (2024: \u00a368,987) and \u00a344,748 (2024: \u00a343,153)
\n
respectively in lieu of Company pension contributions over the Tapered Annual Allowance
\n
limit introduced in April 2016. No additional bene\ufb01t is accrued if an Executive Director retires early.
\n
EIS in 2025 (audited)
\n
The outcome of the 2025 EIS is 53% of the maximum and the table below shows the performance
\n
against the targets set and the payout level under each element.
\n\n \n
Entry
Target
Stretch
Performance measure
Weighting
(10%)
(50%)
(100%)
2025 Actual
Outcome
Operating profit
(a)
30%
\u00a3420m
\u00a3440m
\u00a3460m
\u00a3420.6m
3.4%
Operating profit margin
(a)
20%
10.5%
11.0%
11.5%
10.9%
8.4%
Cash conversion
20%
150%
170%
190%
173.0%
11.5%
Build quality
(b)
15%
93.0%
94.5%
96.0%
97.8%
15.0%
Customer service
(c)
15%
4.15
4.165
4.18
4.25
15.0%
Total
100%
53%
\n
(a) In preparation for the adoption of IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019 in 2027, the Group has
\n
renamed operating pro\ufb01t and operating pro\ufb01t margin to adjusted operating pro\ufb01t and adjusted operating pro\ufb01t margin
\n
respectively. The calculation methodologies for the measures are unchanged. Read more on page 81.
\n
(b) Build quality is measured externally through the National House Building Council (NHBC) Construction Quality Reviews (CQR).
\n
(c) The customer service measure for 2025 is aligned to the House Builders Federation\u2019s (HBF) revised \ufb01ve-star rating scheme.
\n
Performance is assessed on the two questions from both the 8-week and 9-month surveys. The questions relate to customer
\n
satisfaction in relation to build quality and the service received after completion.
\n
At the end of the year, the Committee assessed the formula-driven outturn and determined that the level
\n
of payout across the EIS measures was appropriate. Due to the cyclical nature of the homebuilding
\n
sector, the performance achieved and respective payout from the 2025 EIS should be considered in the
\n
context of the overall sector, macro economics dynamics and delivery against expectations. Market
\n
conditions were challenging, shaped by uncertainty affecting customers and affordability pressures.
\n
In this context, the Company delivered a robust performance during 2025. The business achieved UK
\n
legal completions in line with guidance set at the start of the year. Alongside delivering \ufb01nancial results
\n
in line with market expectations, the Company maintained a \ufb01ve-star customer service rating under the
\n
new HBF scoring system. A 97.8% build-quality score was achieved which improves on last year\u2019s
\n
exceptionally strong build quality performance, which at the time represented the highest score ever
\n
recorded at Taylor Wimpey. The business also sustained strong employee engagement, with the score
\n
remaining at 92%. Both the customer service and build quality measures are independently veri\ufb01ed,
\n
providing assurance over the robustness of the outcomes.
\n
The Committee also considered shareholder and broader stakeholder experience over the year.
\n
The Company has successfully returned over \u00a31 billion to shareholders during the current Policy
\n
period and \u00a32.8 billion under our Dividend Policy since 2018. As noted on pages 129 and 130,
\n
the Company\u2019s updated Distribution Policy is to continue to return 7.5% of net assets per annum,
\n
or at least \u00a3250 million, in two equal instalments to shareholders. This is a differentiated distribution
\n
policy within the homebuilding sector. The Committee is therefore satis\ufb01ed that the EIS payout
\n
achieved is representative of the strong performance of the Executive Directors in 2025; accordingly,
\n
the Committee did not exercise any discretion to adjust the formulaic outcome.
\n
The Executive Directors receive two-thirds of their EIS as cash; the remaining third will be paid in shares
\n
and will be retained in the Company\u2019s Employee Bene\ufb01t Trust for three years. These shares will not be
\n
subject to any further performance or non-performance measures.
\n
PSP in 2025 (audited)
\n
2023 PSP Award outcome
\n
The outcome of the 2023 PSP Award, which assesses performance from 1 January 2023 to
\n
31 December 2025, is 70% of the maximum. The table below sets out performance against each
\n
target and the resulting payout level for each measure.
\n\n \n
Threshold
Maximum
Performance measure
Weighting
(20%)
(100%)
Actual
Outcome
TSR vs homebuilder
40%
Median
Upper quartile
Taylor Wimpey: 33.4%
40%
peer group
(a)
Upper quartile: 28.2%
RONOA in 2025
15%
14%
19%
11.0%
0%
Operating profit margin in 2025
(b)
15%
13%
18%
10.9%
0%
Customer service in 2025
(c)
15%
78.5%
81.5%
85.6%
15%
Carbon reduction in 2025
(d)
15%
34%
38%
60.0%
15%
Total
100%
70%
\n
(a) The peer group was comprised of Barratt Developments, Bellway, Berkeley Homes, Crest Nicholson, Persimmon, Redrow
\n
and Vistry Group. Barratt Developments merged with Redrow in August 2024. For the purpose of assessing the TSR
\n
performance of Redrow, its performance has been tracked using the performance of Barratt Developments (the acquirer)
\n
from the date Redrow shares were de-listed and cancelled (22 August 2024).
\n
(b) In preparation for the adoption of IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019 in 2027, the Group has
\n
renamed operating pro\ufb01t and operating pro\ufb01t margin to adjusted operating pro\ufb01t and adjusted operating pro\ufb01t margin
\n
respectively. The calculation methodologies for the measures are unchanged. Read more on page 81.
\n
(c) The customer service measure is based on the single question \u2018Would you recommend?\u2019 from the independently measured
\n
HBF 9-month survey.
\n
(d) The carbon reduction measure is based on absolute carbon emissions reduction targets to be achieved by 31 December
\n
2025 from a 2019 baseline.
\n
Taylor Wimpey\u2019s exceptional TSR of +33.4% in the period placed the Company in the top quartile of the
\n
homebuilding peer group and so the TSR element paid out in full. The Company did not achieve the
\n
threshold performance level for the stretching targets relating to RONOA and operating pro\ufb01t margin.
\n
In 2025, the Company delivered a strong customer satisfaction score consistent with our \ufb01ve-star
\n
builder status. Across the full three-year performance period, we achieved sustained improvements in
\n
long term customer satisfaction, resulting in performance ahead of maximum.
\n
The carbon reduction measure is based on absolute carbon emission reductions to be achieved by
\n
31 December 2025, which is aligned with our ambitious publicly announced 2045 Net Zero Transition
\n
Plan. The ambitious target was set to incentivise the reductions in scope 1 and 2 emissions required
\n
from our 2019 baseline to meet our commitments and are \ufb01rmly linked to business strategy. Since
\n
introducing these targets, active business decisions have been taken to reduce our carbon emissions,
\n
such as investing in hydrotreated vegetable oil, increasing our use of renewable electricity and powering
\n
our construction sites with hybrid generators. Between 2019 and 2025, these measures have reduced
\n
our scope 1 and 2 emissions by 60%.
\n
Re\ufb02ecting the exceptional performance on both customer service and carbon reduction, each of these
\n
measures will vest in full. The customer service measure is independently measured by the HBF
\n
9-month survey. As noted on pages 50 and 120, PwC performed external independent limited
\n
assurance procedures over selected ESG performance metrics, including the Scope 1 and Scope 2
\n
market based emissions, this data has been used to calculate the 60% reduction compared with the
\n
2019 baseline.
\n
The Committee is comfortable that the overall vesting level of the award is appropriate, taking into
\n
account holistic business performance and the wider stakeholder experience over the performance
\n
period, particularly noting the relative TSR performance over the period. As such, no discretion was
\n
exercised in respect of the formulaic outcome.
\n
The shares vesting will be subject to a two-year post-vesting holding period. The Committee has the
\n
discretion to adjust the number of shares vesting from each PSP Award in order to mitigate against any
\n
potential windfall gains, and the Committee is comfortable that the outcome of the 2023 Award was not
\n
in\ufb02ated by windfall gains.
\n
PSP Awards included in the 2024 and 2025 single total \ufb01gure of remuneration table
\n
The table below sets out the number of shares each Executive Director received after the vesting of the 2022 and 2023 PSP Awards.
\n\n \n
Number of
Value attributable
Value of proportion
Value of award
End of
dividend
to share price
of PSP
Number of
at grant
performance
% of award
Number of
equivalent
Total number
increase
(single figure)
shares granted
(\u00a3000)
period
vesting
shares vesting
shares
of shares
Vesting date
(\u00a3000)
(\u00a3000)
2025
(a)
Jennie Daly
1,207,243
1,500
31/12/2025
70.0
845,070
195,678
1,040,748
05/03/2026
\u2013
1,079
Chris Carney
812,394
1,009
31/12/2025
70.0
568,675
131,679
700,354
05/03/2026
\u2013
726
2024
(b)
Jennie Daly
1,141,552
1,500
31/12/2024
54.3
619,862
140,267
760,129
27/02/2025
\u2013
849
Chris Carney
749,713
980
31/12/2024
54.3
407,094
92,121
499,215
27/02/2025
\u2013
558
\n
(a) The 2023 PSP Award is included in the 2025 single total remuneration \ufb01gure. The performance against each of the performance measures is noted in the table on page 150. A share price of 103.7 pence was used to calculate the value of the Award vesting
\n
on 5 March 2026 as this was the average share price for the dealing days in the last three months of the \ufb01nancial year. Based on the share price of 103.7 pence, no value is attributable to a share price increase, as the share price used to calculate the 2023
\n
PSP Award was 124.3 pence, being the average closing share price the three days preceding the grant. The value of the 2023 Award will be recalculated in the Annual Report and Accounts 2026 to re\ufb02ect the share price on the date the Award vests.
\n
Dividend equivalents will be paid in shares.
\n
(b) The 2022 PSP Award is included in the 2024 single total remuneration \ufb01gure. Details of performance for this Award can be found on page 148 of the Annual Report and Accounts 2024. The share price on the date the Award vested (111.7 pence) has been
\n
used to recalculate the value of the Award for single \ufb01gure purposes. Dividend equivalents were paid in shares.
\n
PSP Awards granted during 2025
\n
The tables below set out the PSP Awards granted during the year and the corresponding performance measures. The Committee considers that the measures provide a good overall balance in assessing our
\n
longer term performance against our business strategy, with targets reviewed to re\ufb02ect market conditions and business forecasts for the Group at the time of the award. The rationale for the measures and targets
\n
approved for the 2025 PSP Awards can be found on page 151 in the Annual Report and Accounts 2024.
\n\n \n
% of award vesting
Face value
if threshold
End of
of award at
Number of shares
performance
performance
Executive Director
Award type
% of salary
Grant date
maximum vesting
granted
achieved
period
Jennie Daly
(a)
Nil-cost option
200
06/03/2025
\u00a31,591,350
1,425,727
25
31/12/2027
Chris Carney
(a)
Nil-cost option
200
06/03/2025
\u00a31,070,872
959,419
25
31/12/2027
\n
(a) The share price (111.6 pence) used to calculate the number of shares awarded to Jennie and Chris was based on the average closing share price over the three business days prior to grant (3, 4 and 5 March 2025).
\n\n \n
Threshold
Maximum
Performance measure
Rationale
Weighting
(25%)
(100%)
TSR vs homebuilder
Align the rewards received by
40%
Median
Upper
peer group
(a)
executives with the returns received
quartile
by shareholders
Operating profit margin
Optimise sales prices and improve
15%
12%
15%
in 2027
(b)
cost discipline
RONOA in 2027
Maintain focus on driving increased
15%
12%
15%
capital efficiency
Customer service
Maintain customer trust and
15%
12.55
12.58
performance in
endorse Company reputation
2025 to 2027
(c)
Carbon reduction in 2027
Support the Board\u2019s strategy on
15%
36%
44%
(from a 2019 baseline)
(d)
carbon emissions reductions
across our operations
\n
(a) The peer group comprises Barratt Redrow, Bellway, Berkeley Homes, Crest Nicholson, MJ Gleeson, Persimmon, and
\n
Vistry Group. The measurement approach is to be on a straight-line basis between the median TSR and upper quartile TSR.
\n
(b) In preparation for the adoption of IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019 in 2027, the Group has
\n
renamed operating pro\ufb01t and operating pro\ufb01t margin to adjusted operating pro\ufb01t and adjusted operating pro\ufb01t margin
\n
respectively. The calculation methodologies for the measures are unchanged. Read more on page 81.
\n
(c) The score out of \ufb01ve will be the average of the customer satisfaction scores relating to build quality and the service received
\n
after completion taken from the independently veri\ufb01ed HBF 8-week and 9-month surveys, with 50% equal contribution.
\n
(d) The targets are based on absolute carbon emissions reductions from Taylor Wimpey\u2019s 2019 baseline, to be achieved by
\n
31 December 2027, which requires a reduction in the Company\u2019s absolute scope 1 and scope 2 emissions.
\n
Payments for loss of of\ufb01ce and payments to
\n
former Directors (audited)
\n
No payments were made for loss of of\ufb01ce or to former Directors during 2025.
\n
Executive Directors\u2019 interests in the Company\u2019s share
\n
schemes (audited)
\n
Details of the options and conditional awards over shares held by the Executive Directors who served
\n
during the year are as follows:
\n\n \n
Additional
maximum
Maximum
potential
Maximum
potential
shares
Exercised/
potential
shares as at
awarded
released
Lapsed during
shares as at
Director
01/01/2025
during the year
during the year
the year
31/12/2025
(a)
Jennie Daly
PSP
(b)
3,456,454
1,425,727
619,862
521,690
3,740,629
Sharesave
(c)
36,057
\u2013
\u2013
\u2013
36,057
Total
3,492,511
1,425,727
619,862
521,690
3,776,686
Chris Carney
PSP
2,307,487
959,419
407,094
342,619
2,517,193
Sharesave
36,057
\u2013
\u2013
\u2013
36,057
Total
2,343,544
959,419
407,094
342,619
2,553,250
\n
(a) All outstanding awards are options. The Directors do not hold any vested but unexercised share options.
\n
(b) The Executive Directors exercised their 2022 PSP Award on 27 February 2025 when the share price was 111.7 pence.
\n
Jennie Daly\u2019s options were awarded on 26 April 2022 using a share price of 131.4 pence. Chris Carney\u2019s options were
\n
awarded on 10 March 2022 using a share price of 130.7 pence to calculate the Award. The share price used to calculate the
\n
number of shares under each Award was based on the average during the three days leading up to the Award. Further details
\n
of the shares awarded under the 2025 PSP Award can be found on page 151.
\n
(c) Jennie Daly and Chris Carney each hold 36,057 Sharesave options which were granted on 3 October 2022 at an option price
\n
of 83.20 pence, which was a 20% discount to the share price at the start of the invitation window. The face value of these
\n
options on the date of grant for Jennie and Chris was \u00a332,603 each. The Sharesave options are not subject to any
\n
performance conditions.
\n
Single total \ufb01gure of remuneration for the Chair and
\n
Non Executive Directors (audited)
\n\n \n
Total fees (\u00a3000)
2025
2024
Robert Noel
353
343
Mark Castle
79
77
Martyn Coffey
(a)
68
6
Irene Dorner
68
66
Jitesh Gadhia
(b)
105
86
Scilla Grimble
(c)
87
72
Clodagh Moriarty
68
66
\n
(a) Martyn Coffey joined the Board on 1 December 2024.
\n
(b) Jitesh Gadhia became Senior Independent Director with effect from 1 December 2024 and therefore received the additional
\n
Senior Independent Director fee for the remainder of the year in 2024 and 2025.
\n
(c) Scilla Grimble was appointed as Chair of the Audit Committee with effect from 1 September 2024 and therefore received the
\n
additional Audit Committee Chair fee for the remainder of the year in 2024 and 2025.
\n
Chair and Non Executive Director fees
\n
The current fees for the Chair of the Board, Non Executive Director and additional fees for the roles of
\n
Chair of the Audit Committee, Chair of the Remuneration Committee, Senior Independent Director and
\n
Employee Champion are set out below and remain the same as in 2025. The fees will be reviewed
\n
during the course of 2026.
\n\n \n
As at
Role
1 April 2026
Chair of the Board
\u00a3355,400
Non Executive Director
\u00a368,960
Senior Independent Director
\u00a318,570
Audit/Remuneration Committee Chair
\u00a318,570
Employee Champion
\u00a310,610
\n
Statement of Directors\u2019 shareholdings and share interests (audited)
\n
In line with the current Policy, the Executive Directors\u2019 shareholding guideline is to hold 200% of their
\n
base salary. As explained on page 138, the 2026 Policy proposes an increase to 250% of salary in line
\n
with the maximum PSP opportunity.
\n
In addition, a post-employment shareholding guideline requires Executive Directors to retain
\n
shares worth 200% of their base salary, or their shareholding at the time of cessation if this requirement
\n
has not yet been met, for at least two years post-employment. Any shares that remain subject to
\n
holding or deferral periods must be held within the Company\u2019s Employee Bene\ufb01t Trust, and will
\n
continue to be retained through this mechanism until the end of the post-employment shareholding
\n
requirement timeframe.
\n
The Chair and the Non Executive Directors are also encouraged to hold shares in the Company in
\n
order to align their interests with those of shareholders.
\n\n \n
Outstanding interests
Value of
Beneficially owned
in share schemes
beneficially
owned shares
Share interests
as at
expressed as a
Director
at 01/01/2025
at 31/12/2025
(a)
PSP
(b)
Sharesave
31/12/2025
% of salary
(c)
Robert Noel
332,872
332,872
Jennie Daly
(d)
965,700
1,633,838
3,740,629
36,057
\u00a31,756,376
207
Chris Carney
(d)
1,120,985
1,541,323
2,517,193
36,057
\u00a31,656,922
300
Mark Castle
47,934
52,086
Martyn Coffey
31,500
31,500
Irene Dorner
164,952
164,952
Jitesh Gadhia
100,000
100,000
Scilla Grimble
15,000
15,000
Clodagh Moriarty
25,025
25,025
\n
(a) Shares owned outright include the net-of-tax shares delivered to the Executive Directors in March 2023, March 2024 and
\n
March 2025, following the one-third deferral of the EIS in respect of performance years 2022, 2023 and 2024. The EIS
\n
deferred shares are not subject to further performance conditions.
\n
(b) Vesting is subject to the achievement of performance conditions.
\n
(c) This has been calculated on the basis of bene\ufb01cially owned shares. The share price on 31 December 2025 (107.5 pence) has
\n
been used to calculate Jennie Daly and Chris Carney\u2019s share interests expressed as a percentage of their current salary as at
\n
31 December 2025.
\n
(d) A proportion of shares are held by a connected person.
\n
The only changes to the Directors\u2019 interests as set out above during the period between 31 December
\n
2025 and 4 March 2026 were the regular monthly purchases of shares and one-to-one matching by the
\n
Company under the SIP by Jennie Daly and Chris Carney who both acquired 556 shares each.
\n
Historic TSR performance and Chief Executive historic remuneration
\n
The graph below shows Taylor Wimpey\u2019s TSR performance against the performance of the FTSE 350 and the average of the Housebuilders Index. These benchmarks have been chosen as Taylor Wimpey
\n
is a constituent of both.
\n
The graph also shows the Chief Executive\u2019s single total \ufb01gure of remuneration over the same ten-year period.
\n
TSR versus Chief Executive total single \ufb01gure
\n
0
\n
50
\n
100
\n
150
\n
200
\n
250
\n
0
\n
1,000
\n
2,000
\n
3,000
\n
4,000
\n
5,000
\n
6,000
\n
7,000
\n
8,000
\n
31/12/2015
31/12/2016
31/12/2017
31/12/2018
31/12/2019
31/12/2020
31/12/2021
31/12/2022
31/12/2023
31/12/2024
31/12/2025
\n
TSR \u2013 Value (\u00a3) (rebased)
\n
Chief Executive Total Remuneration (\u00a3000)
\n
Taylor Wimpey
\n
FTSE 350
\n
Housebuilders Index
\n
Chief Executive
\n
total remuneration
\n\n \n
Single total figure (\u00a3000)
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Jennie Daly
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
1,175
(a)
2,208
2,851
(b)
2,687
Pete Redfern
6,888
4,072
3,697
3,272
3,247
1,120
2,710
925
\u2013
\u2013
\u2013
EIS (% of maximum)
Jennie Daly
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
76
91
94
53
Pete Redfern
78
80
66
96
50.6
\u2013
95
76
\u2013
\u2013
\u2013
PSP (% of maximum)
Jennie Daly
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
32.3
40
54.3
70
Pete Redfern
100
81
78
50
62.8
6.6
22.1
32.3
\u2013
\u2013
\u2013
\n
(a) Relates to the period Jennie Daly was Chief Executive from 26 April 2022.
\n
(b) The 2024 \ufb01gure has been restated to re\ufb02ect the share price on the date the 2022 PSP Award vested, which was 111.7 pence.
\n
CEO pay ratio
\n\n \n
Chief Executive
Year
Method
single figure
(a)
Lower quartile
Median
Upper quartile
2025
(b)
Option B
\u00a32,686,756
Ratio
67:1
50:1
33:1
Salary
\u00a333,962
\u00a342,123
\u00a365,857
Total pay and benefits
\u00a339,850
\u00a353,754
\u00a382,619
2024
Option B
\u00a33,065,841
Ratio
81:1
59:1
39:1
2023
Option B
\u00a32,185,041
Ratio
68:1
42:1
32:1
2022
Option B
\u00a32,100,044
Ratio
62:1
41:1
26:1
2021
Option B
\u00a32,764,290
Ratio
87:1
60:1
40:1
2020
Option B
\u00a31,120,451
Ratio
39:1
26:1
20:1
2019
Option B
\u00a33,023,654
Ratio
93:1
73:1
48:1
2018
Option B
\u00a33,151,748
Ratio
103:1
77:1
41:1
\n
(a) The previous Chief Executive single \ufb01gures in this table have not been restated to re\ufb02ect the share price on the date the
\n
relevant PSP Award vested. We have chosen to do this for transparency purposes so that we are comparing the ratios
\n
disclosed in previous reports.
\n
(b) The three representative employees were determined on 31 December 2025.
\n
Under Option B, using the hourly rate from our 2025 gender pay gap data, three employees have been
\n
identi\ufb01ed as the best equivalents of our lower quartile, median and upper quartile. Option B provides
\n
a clear methodology involving fewer adjustments to calculate full-time equivalent earnings and is likely to
\n
produce more robust reporting year on year. The Company believes that the median pay ratio for the year
\n
ended 31 December 2025 is consistent with the pay and reward policies for UK employees taken as a
\n
whole, as the employee identi\ufb01ed at the median through the Option B methodology is representative of
\n
the wider UK workforce and re\ufb02ects the normal operation of our pay and reward policies.
\n
The Committee has reviewed the results of the calculations and is satis\ufb01ed that they continue to be
\n
representative of the respective quartiles. Total pay and bene\ufb01t \ufb01gures, excluding any temporary
\n
allowances paid during the \ufb01nancial year ended 31 December 2025, have been calculated for the
\n
employee at each quartile. To ensure that the employees used for each quartile are representative of
\n
their contractual roles, any temporary allowances have been excluded consistent with previous years.
\n
Figures have also been calculated for employees either side of the identi\ufb01ed employees to con\ufb01rm that
\n
the individuals selected are a reasonably representative based on their full year\u2019s remuneration.
\n
Due to a reduction in the Chief Executive single \ufb01gure for 2025, all three ratios have decreased.
\n
The reduction in the Chief Executive single \ufb01gure was a result of a lower bonus payout (53% in 2025
\n
vs 94% in 2024). This was partially offset by a higher base salary and a higher PSP payout (70.0% in
\n
2025 vs 54.3% in 2024).
\n
Relative importance of spend on pay
\n
Change in Company performance relative to change in remuneration
\n\n \n
2025
2024
Change
Adjusted operating profit
(a)
\u00a3420.6m
\u00a3416.2m
1.1%
Distributions to shareholders
Aggregate dividends paid during the year
\u00a3330.4m
\u00a3339.4m
(2.7)%
Employee pay in aggregate
(b)
\u00a3299.6m
\u00a3290.2m
3.2%
Employee pay average per employee
(b)
\u00a366,637
\u00a365,096
2.4%
\n
(a) Adjusted operating pro\ufb01t is de\ufb01ned as pro\ufb01t on ordinary activities before \ufb01nancing, exceptional items and tax, after share of results
\n
of joint ventures. Adjusted operating pro\ufb01t has been chosen as it is one of the Company\u2019s primary measures of performance.
\n
(b) See Note 7 to the \ufb01nancial statements on page 189.
\n
Malus and clawback
\n
Any payments under the EIS or vesting of shares under the PSP are subject to malus and
\n
clawback provisions.
\n
Under the PSP, the Committee may apply malus in exceptional circumstances, including misconduct,
\n
reputational damage, failure of risk management, poor underlying performance, payments based on
\n
erroneous or misleading data, misstatement of accounts or corporate failure. Clawback may be applied
\n
in similarly exceptional circumstances, for up to three years from the vesting date. As noted on page
\n
132, shareholders are being asked to approve new PSP rules at the 2026 AGM. A summary of the
\n
malus and clawback provisions contained in the new rules can be found on page 246.
\n
Under the EIS, the Committee may apply malus and clawback if the Committee forms the view that
\n
there has been a material misstatement of results, performance assessments that were based on
\n
inaccurate and misleading information, serious misconduct that could have warranted summary
\n
dismissal, behaviour inconsistent with the Company\u2019s governance and values, or misconduct resulting in
\n
reputational damage or corporate failure. Clawback may be applied for up to three years from the date
\n
the bonus is paid.
\n
The Committee considers that a three-year clawback period for both the EIS and PSP is appropriate,
\n
as it provides suf\ufb01cient time for any relevant circumstances to come to light and re\ufb02ects the cyclical
\n
nature of the homebuilding industry.
\n
The Committee did not apply malus or clawback during 2025.
\n
Annual percentage change in remuneration of Directors and employees
\n
The table below shows the percentage change in the salary or fee, taxable bene\ufb01ts and annual bonus of each current Director and the average Taylor Wimpey employee in respect of the periods from 2020 to
\n
2025. The Company does not have any employees so the \ufb01gures shown are in relation to Taylor Wimpey UK Limited employees.
\n\n \n
Salary/fee
(a)
Benefits
Annual bonus scheme
(a)
2025/2024
2024/2023 2023/2022 2022/2021 2021/2020
2025/2024
2024/2023 2023/2022 2022/2021 2021/2020
2025/2024
2024/2023 2023/2022 2022/2021 2021/2020
Average pay of a Taylor Wimpey employee
2%
6%
8%
4%
6%
3%
9%
4%
3%
3%
(20)%
15%
10%
(10)%
163%
Jennie Daly
(b)
6%
3%
19%
58%
13%
7%
(15)%
(32)%
(55)%
12%
(40)%
6%
44%
26%
n/a
Chris Carney
(b)
3%
3%
3%
7%
18%
15%
0%
8%
(40)%
(11)%
(42)%
6%
23%
(14)%
n/a
Robert Noel
(c)
3%
33%
189%
11%
23%
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Irene Dorner
(d)
3%
(57)%
(55)%
2%
32%
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Mark Castle
(e)
3%
7%
n/a
n/a
n/a
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Martyn Coffey
(f)
n/a
n/a
n/a
n/a
n/a
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Jitesh Gadhia
(g)
22%
4%
8%
n/a
n/a
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Scilla Grimble
(h)
21%
11%
n/a
n/a
n/a
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Clodagh Moriarty
(i)
3%
2%
n/a
n/a
n/a
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\n
(a) In light of the COVID-19 pandemic, the Executive and Non Executive Directors took a voluntary 30% reduction in base salary and fees from 1 April 2020 to 31 July 2020. The Executive Directors\u2019 2020 EIS was also cancelled.
\n
(b) Jennie Daly was appointed as Chief Executive with effect from 26 April 2022 and received an above average salary increase on 1 April 2025. Chris Carney received a salary increase on 1 July 2021.
\n
(c) Robert Noel was appointed as the Senior Independent Director on 20 April 2020 and Employee Champion on 26 April 2022. Robert was then appointed Chair of the Board and stood down as the Senior Independent Director and Employee Champion on
\n
27 April 2023.
\n
(d) Irene Dorner stood down as Chair and became a Non Executive Director on 27 April 2023.
\n
(e) Mark Castle was appointed to the Board on 1 June 2022 and as Employee Champion on 27 April 2023.
\n
(f) Martyn Coffey was appointed to the Board on 1 December 2024.
\n
(g) Jitesh Gadhia was appointed to the Board on 1 March 2021. Jitesh was then appointed as Chair of the Remuneration Committee on 26 April 2022 and as the Senior Independent Director on 1 December 2024.
\n
(h) Scilla Grimble was appointed to the Board on 1 March 2021. Scilla was then appointed as Chair of the Audit Committee on 1 September 2024.
\n
(i) Clodagh Moriarty was appointed to the Board on 1 June 2022.
\n
Approach to remuneration in 2026
\n
2026 salary review
\n
As outlined in the Committee Chair\u2019s letter, the Committee has approved a 3% increase to Jennie Daly
\n
and Chris Carney, in line with the Company-wide average salary increase.
\n\n \n
As at 1 April
As at 1 April
Executive Director
2025
2026
Change
Jennie Daly
\u00a3850,000
\u00a3875,500
3%
Chris Carney
\u00a3551,499
\u00a3568,044
3%
\n
2026 EIS
\n
Subject to shareholders approving the new Policy at the 2026 AGM, Executive Directors will be able to
\n
earn up to 200% of salary under the 2026 EIS.
\n
The EIS performance measures for 2026 remain in line with those used in 2025, with a 70% weighting
\n
on \ufb01nancial performance, recognising the importance in changing market conditions. The measures are
\n
set out in the table below, and the strategic rationale for their inclusion and how they drive performance
\n
towards our medium term targets is set out on page 134. The target ranges were carefully considered,
\n
ensuring an appropriate balance between achievability and stretch, and were set at the start of 2026.
\n
As the EIS performance targets for the year are considered commercially sensitive, the 2026 EIS targets
\n
will be disclosed retrospectively in the Annual Report and Accounts 2026, together with the associated
\n
weightings and performance outcomes in the usual way.
\n\n \n
Performance measure
Weighting
Adjusted operating profit
(a)
30%
Adjusted operating profit margin
(a)
20%
Cash conversion
20%
Build quality
(b)
15%
Customer service
(c)
15%
\n
(a) In preparation for the adoption of IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019 in 2027, the Group has
\n
renamed operating pro\ufb01t and operating pro\ufb01t margin to adjusted operating pro\ufb01t and adjusted operating pro\ufb01t margin
\n
respectively. The calculation methodology for the measures is unchanged. Read more on page 81.
\n
(b) Build quality is measured externally through the NHBC CQR.
\n
(c) This will be based on the independently veri\ufb01ed HBF weighted customer satisfaction scores for Build Quality and Service After
\n
taken from the 8-week and 9-month surveys, with 50% equal contribution.
\n
2026 PSP Awards
\n
Subject to shareholders approving the new Policy at the 2026 AGM, Executive Directors will be able to
\n
earn up to 250% of salary under the 2026 PSP.
\n
The measures and targets for the 2026 PSP Award are set out in the table below. The strategic rationale
\n
for their inclusion as measures, and details on how they drive performance towards our medium term
\n
targets are set out on page 134.
\n\n \n
Threshold
Maximum
Performance measure
Weighting
(25%)
(100%)
Upper
TSR vs homebuilder peer group
(a)
40%
Median
quartile
Adjusted operating profit margin (2028)
(b)
15%
13%
16%
RONOA (2028)
15%
14%
19%
Customer service (2026-2028)
(c)
15%
12.63
12.75
Carbon reduction (from a 2019 baseline) (2028)
(d)
15%
39%
48%
\n
(a) The peer group comprises Barratt Redrow, Bellway, Berkeley Homes, Crest Nicholson, MJ Gleeson, Persimmon and
\n
Vistry Group. The measurement approach for the 2026 PSP Award will be on a straight-line basis between the median
\n
TSR and upper quartile TSR.
\n
(b) An adjusted operating pro\ufb01t margin measure will operate in both the EIS and PSP in 2026 as this is a critical measure at both
\n
an operational level for the EIS and over the longer term for the PSP (where margin will be assessed at the end of the
\n
three-year performance period). This will ensure that our priority remains delivering our sustained pro\ufb01tability with an
\n
unremitting focus on long term decisions with cost and process discipline to drive shareholder returns over the medium term.
\n
In preparation for the adoption of IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019 in 2027, the Group has
\n
renamed operating pro\ufb01t and operating pro\ufb01t margin to adjusted operating pro\ufb01t and adjusted operating pro\ufb01t margin
\n
respectively. The calculation methodologies for the measures are unchanged. Read more on page 81.
\n
(c) The score out of \ufb01ve will be the average of the customer satisfaction scores for Build Quality and Service After, taken from
\n
the independently veri\ufb01ed HBF 8-week and 9-month surveys, with 50% equal contribution. The 2026 PSP and EIS customer
\n
service measures will therefore be on the same basis, but to avoid doubling up of reward for the same performance, the PSP
\n
measure will be assessed on the aggregate of the annual scores over the relevant performance period and not the \ufb01nal year.
\n
Customer service continues to be an extremely important area of focus for the Company and we are therefore comfortable
\n
that this should be incorporated in both the EIS and PSP. The HBF\u2019s new star rating combines customers\u2019 service before and
\n
moving in experience via the 8-week surveys, as well as service after and customers\u2019 experience of living longer term in one
\n
of our developments, via the 9-month survey. By including the new star rating, we are ensuring that customer experience
\n
over both time frames is still measured.
\n
(d) This will be based on a reduction in absolute scope 1 and 2 carbon emissions, and the target range takes into account the
\n
anticipated higher volumes in 2028. The carbon reduction target is based on absolute carbon emission reductions to be
\n
achieved by 31 December 2028, which is aligned with our ambitious publicly announced 2045 Net Zero Transition Plan.
The Remuneration Committee
The Remuneration Committee members in 2025
There were \ufb01ve Committee meetings during 2025 and all Committee members attended all \ufb01ve
meetings. The Committee met the 2024 Code requirement to have three independent Non Executive
Directors as members of the Committee. The names of the Committee members can be found on
page 129.
Internal attendees consisted of the Chief Executive, Group Finance Director, Group Human Resources
Director, Head of Reward, Sustainability Manager and members of the Company Secretariat team.
These attendees provided important information to the Committee and were not involved in any
decisions relating to their own remuneration.
Main activities during 2025
Over the course of the year since the last Annual Report and Accounts, the Committee has:
\u2022 Consulted with shareholders regarding the minority vote against the Directors\u2019 Remuneration Report
at the 2025 AGM
\u2022 Reviewed the Policy ahead of the 2026 AGM and engaged with shareholders on the
proposed changes
\u2022 Determined the 2025 salary levels for the Chief Executive, Group Finance Director, senior
management and wider workforce
\u2022 Agreed the targets applicable to the 2025 EIS and 2025 PSP Award
\u2022 Approved the outcomes for the 2024 EIS and 2023 PSP Award
\u2022 Considered wider workforce remuneration arrangements
Committee\u2019s performance
The Committee reviewed its activities in 2025 against its Terms of Reference and discharged its
responsibilities in accordance with them. The Committee\u2019s Terms of Reference have been reviewed
against the 2024 Code and best practice, with minor amendments approved by the Committee at its
February 2025 meeting.
The results of the 2025 internal Board performance review concluded that the Committee was ful\ufb01lling
its Terms of Reference effectively and that the Committee Chair was effective.
Advice to the Committee in 2025
The Committee keeps itself fully informed on developments and best practice in the \ufb01eld of
remuneration and seeks advice from external advisers when appropriate.
The Committee appoints its own independent remuneration advisers, and during the year it continued to
retain the services of Korn Ferry. Korn Ferry is a member of the Remuneration Consultants Group and
signatory to its Code of Conduct. Korn Ferry was appointed following a comprehensive tender process.
Korn Ferry does not have any connection with the Company or any of the individual Directors, and did
not provide any other services to the Company during 2025.
As part of its annual review of activities against its Terms of Reference, the Committee considered the
advice provided by Korn Ferry during the year and was satis\ufb01ed that the advice had been appropriate,
objective and independent.
The fees paid to Korn Ferry in 2025 were \u00a3194,256 (including VAT) on a time and materials basis
(2024: \u00a3149,988).
Shareholder voting
The table below sets out the shareholder voting outcomes on the Directors\u2019 remuneration resolutions.
Further details on the reasons for the minority vote against the Directors\u2019 Remuneration Report at the
2025 AGM are provided in the Committee Chair\u2019s letter on page 132.
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
Resolution
For
Against
Total votes cast
Withheld
Directors\u2019 Remuneration Report
1,487,477,643
525,355,936
2,012,833,579
12,485,365
for 2024 (2025 AGM)
73.90%
26.10%
\u00a0 \u00a0
Directors\u2019 Remuneration Policy
2,155,740,993
195,311,797
2,351,052,790
453,054
(2023 AGM)
91.69%
8.31%
\u00a0 \u00a0
\n
This Report has been approved by the Board and signed on its behalf by:
Lord Jitesh Gadhia
Chair of the Remuneration Committee
4 March 2026 7
Staff costs
\n \n
\u00a0
2025
2024
\u00a0
Number
Number
Monthly average number employed
\u00a0 \u00a0
United Kingdom
4,393
4,354
Spain
103
104
\u00a0
4,496
4,458
\n \n
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Remuneration
\u00a0 \u00a0
Wages and salaries
283.2
275.2
Redundancy costs
0.6
0.9
Social security costs
35.2
29.6
Other pension costs (Note 21)
16.4
15.0
\u00a0
335.4
320.7
\n
The information relating to Director and senior management remuneration required by the Companies
Act 2006 and the Listing Rules of the Financial Conduct Authority is contained in Note 30 and
pages 129 to 158 in the Remuneration Committee report.21
Retirement bene\ufb01t obligations
Total retirement bene\ufb01t obligations of \u00a318.1 million (2024: \u00a322.2 million) comprise a de\ufb01ned bene\ufb01t
pension liability of \u00a317.8 million (2024: \u00a322.0 million) and a post-retirement healthcare liability of
\u00a30.3 million (2024: \u00a30.2 million).
The Group operates the Taylor Wimpey Pension Scheme (TWPS), a de\ufb01ned bene\ufb01t pension scheme,
which is closed to both new members and to future accrual. The Group also operates de\ufb01ned
contribution pension arrangements in the UK, which are available to new and existing UK employees.
De\ufb01ned contribution pension plan
A de\ufb01ned contribution plan is an arrangement under which the Group pays contributions to an
independently administered fund or policy; such contributions are based on a \ufb01xed percentage of
employees\u2019 pay. The Group has no legal or constructive obligations to pay further contributions to the
fund/policy once the contributions have been paid. Employees\u2019 bene\ufb01ts are determined by the amount
of contributions paid by the Group and the employee, together with investment returns earned on the
contributions arising from the performance of each individual\u2019s chosen investments and the type of
pension the employee chooses to buy at retirement. As a result, actuarial risk (that bene\ufb01ts will be
lower than expected) and investment risk (that invested assets will not perform in line with expectations)
fall on the employee.
The Group\u2019s contributions are recognised as an employee bene\ufb01t expense when they are due.
Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in
the future payments is available.
The Group\u2019s de\ufb01ned contribution plan, the Taylor Wimpey Personal Choice Plan (TWPCP), is offered
to all new and existing monthly paid employees and is provided by Scottish Widows. The People\u2019s
Pension is used for auto enrolment purposes for all weekly paid employees and those monthly
paid employees not participating in the TWPCP. The People\u2019s Pension is provided by People\u2019s
Partnership, one of the UK\u2019s largest providers of \ufb01nancial bene\ufb01ts to construction industry employers
and individuals.
The Group made contributions to its de\ufb01ned contribution arrangements of \u00a316.4 million in the year
(2024: \u00a315.0 million), which is included in the income statement charge.
De\ufb01ned bene\ufb01t pension scheme
The Group\u2019s de\ufb01ned bene\ufb01t pension scheme in the UK is the TWPS. The TWPS is a funded de\ufb01ned
bene\ufb01t pension scheme which provides bene\ufb01ts to bene\ufb01ciaries in the form of a guaranteed level of
pension payable for life. The level of bene\ufb01ts provided depends on an individual member\u2019s length of
service and their salary in the \ufb01nal years leading up to retirement or date of ceasing active accrual if
earlier. Pension payments are generally increased in line with in\ufb02ation subject to caps speci\ufb01ed in
the TWPS rules. The TWPS is closed to new members and future accrual.
The Group operates the TWPS under the UK regulatory framework. Bene\ufb01ts are paid to members from
a Trustee-administered fund and the Trustee is responsible for ensuring that the TWPS is well managed
and that members\u2019 bene\ufb01ts are secure. Scheme assets are held in trust.
The TWPS Trustee\u2019s other duties include managing the investment of scheme assets, administration of
scheme bene\ufb01ts and exercising of discretionary powers. The Group works closely with the Trustee to
manage the TWPS. The Trustee of the TWPS owes \ufb01duciary duties to the TWPS\u2019 bene\ufb01ciaries. The
appointment of the Directors to the Trustee Board is determined by the TWPS trust documentation.
The most recent triennial valuation of the TWPS was undertaken with a reference date of 31\u00a0December
2022. The table below sets out the key assumptions agreed as part of this\u00a0valuation.
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
Assumptions
\u00a0
Discount rate
2.35% per annum above the yield on the nominal gilt yield curve.
(pre-retirement)
\u00a0
Discount rate
0.50% per annum above the yield on the nominal gilt yield curve.
(post-retirement)
\u00a0
RPI inflation
Implied inflation gilt yield curve.
CPI inflation
Prior to 2030: RPI less 0.8%. 2030 onwards: Equal to RPI.
Mortality
104% of S3PxA tables, CMI_2022 improvements with 1.50% long term trend rate,
\u00a0
a smoothing factor of 7 and an initial addition parameter of 0.5%, w2020, w2021 and
\u00a0
w2022 parameters set at 0%, 0% and 25% respectively.
\n
The result of this valuation was a Technical Provisions surplus at 31 December 2022 of \u00a355 million.
As\u00a0a result, no de\ufb01cit contributions were required to be paid to the TWPS or to the escrow account
established following the 2019 valuation. On an IAS 19 accounting basis the underlying surplus in the
TWPS at 31 December 2025 was \u00a3107.0 million (31 December 2024: \u00a390.2 million). The terms of
the TWPS are such that the Group does not have an unconditional right to a refund of surplus.
As a result, the Group recognised an adjustment to the underlying surplus in the TWPS on an
IAS 19 accounting basis of \u00a3124.8\u00a0million (31 December 2024: \u00a3112.2 million), resulting in an
IFRIC 14 de\ufb01cit of \u00a317.8 million (31 December 2024: \u00a322.0 million), which represented the present
value of future contributions under the funding plan.
The TWPS Trustee holds a \ufb01xed charge over the escrow account, established following the 2019
valuation, that is recognised in other \ufb01nancial assets. At 31 December 2025 the escrow account held
\u00a311.3 million (31 December 2024: \u00a310.8 million), with interest earned by the escrow account being
retained within the escrow account. Transfers out of the escrow account (either to the TWPS or the
Group) are subject to the 2019 triennial funding arrangement entered into between the Group and the
Trustee, and as such the funds are restricted from use by the Group for other purposes and are
therefore not classi\ufb01ed as cash or cash equivalents. The escrow account will be in place until
30 June 2028, at which point a funding test will be conducted and funds will either be paid to
the TWPS or returned to the Group.
In 2013, the Group introduced a \u00a3100.0 million Pension Funding Partnership (PFP) that utilises the
Group\u2019s show homes, as well as six of\ufb01ces, in a sale and leaseback structure. This provides \u00a35.1 million
of annual funding for the TWPS. In March 2024, the Group reached agreement with the Trustee to
restructure the PFP. The restructure retained the existing contributions payable until 2029 but replaced
the payment of up to \u00a3100 million that may have been due in 2029, with seven annual payments of
up to \u00a312.5 million each from 2029 to 2035. These are only payable if the TWPS has a de\ufb01cit on its
Technical Provisions funding basis at the prior 31 December. The assets held within the PFP do not
affect the IAS 19 \ufb01gures (before IFRIC 14) as they remain assets of the Group, and are not assets of the
TWPS. At 31 December 2025, there was \u00a394.1 million of property and \u00a318.8 million of cash held within
the structure (31 December 2024: \u00a375.1 million of property and \u00a337.6 million of cash).
The Group continues to work closely with the Trustee in managing pension risks, including management
of interest rate, in\ufb02ation and longevity risks. The TWPS assets are approximately 102% (31 December
2024: 102%) hedged against changes in both interest rates and in\ufb02ation expectations on the scheme\u2019s
long term funding basis that is currently used for investment strategy purposes. The TWPS also bene\ufb01ts
from a bulk annuity contract which covers some of the largest liabilities in the scheme, providing
protection against interest rate, in\ufb02ation and longevity risk.
The weighted average duration of the de\ufb01ned bene\ufb01t obligation at the end of the year is approximately
10 years (31 December 2024: approximately 11 years).
In July 2024, the Court of Appeal upheld a High Court decision from June 2023 in Virgin Media Limited
v NTL Pension Trustees II Limited, which ruled that certain historic amendments made to salary-related
contracted-out pension schemes were invalid if the requirement to obtain written actuarial con\ufb01rmation
(a section 37 con\ufb01rmation) was not prepared for those amendments. This ruling affects amendments
made to contracted-out salary-related schemes between 6 April 1997 and 5 April 2016.
The Trustee of the TWPS had commenced a review of the Scheme\u2019s historic amendments in light of this
ruling. In a statement on 5 June 2025, the Government con\ufb01rmed that it would legislate to address the
issue and draft legislation was included in the Pension Schemes Bill at the start of September 2025.
The Bill is currently making its way through the legislative timetable and is expected to come into force
during 2026. The Trustee of the TWPS expects to conclude its review during 2026 once the legislation
has been \ufb01nalised. For that reason, it is currently not possible to assess with any certainty what, if any,
the impact would be on the Scheme.
Accounting assumptions
The assumptions used in calculating the accounting costs and obligations of the TWPS, as detailed
below, are set by the Directors after consultation with independent actuaries. The basis for these
assumptions is prescribed by IAS 19 and they do not re\ufb02ect the assumptions that may be used
in future funding valuations of the TWPS.
The discount rate used to determine the present value of the obligations is set by reference to\u00a0
market yields on high-quality corporate bonds with regard for the duration to the TWPS liabilities.
The assumption for RPI in\ufb02ation is set by reference to the Bank of England\u2019s implied in\ufb02ation curve
with regard to the duration of the TWPS liabilities, with appropriate adjustments to re\ufb02ect distortions
due to supply and demand for in\ufb02ation-linked securities. CPI in\ufb02ation is set\u00a0by reference to RPI in\ufb02ation
as no CPI-linked bonds exist to render implied CPI in\ufb02ation directly observable.
The mortality assumption is based on 102% of S3PxA tables, CMI_2024 improvements with a 1% long
term trend rate, a smoothing factor of 7, an initial addition parameter of 0.25% and a half-life parameter
of 0.5. The mortality assumption used in 2024 was 102% of S3PxA tables, CMI_2023 improvements
with a 1% long term trend rate, a smoothing factor of 7, an initial addition parameter of 0.25%, a w2020
and w2021 parameter of 0% and a w2022 and w2023 parameter of 100%.
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
Accounting valuation assumptions
2025
2024
At 31 December:
\u00a0 \u00a0
Discount rate for scheme liabilities
5.40%
5.35%
General pay inflation
n/a
n/a
Deferred pension increases
2.00%
2.30%
Pension increases*
1.85%-3.60%
1.95%-3.70%
\n
*
Pension increases depend on the section of the TWPS of which each member is a part.
The current life expectancies (in years) underlying the value of the accrued liabilities for the TWPS are:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2025
2024
Life expectancy
Male
Female
Male
Female
Member currently aged 65
87
89
86
89
Member currently aged 45
87
90
87
90
\n
The table below shows the impact to the present value of scheme liabilities of movements in key
assumptions, measured using the same method as the de\ufb01ned bene\ufb01t scheme.
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0 \u00a0
Impact on
\u00a0 \u00a0 \u00a0
scheme
\u00a0 \u00a0
Impact on
liabilities
Assumption
Change in assumption
scheme liabilities
(%)
Discount rate
Decrease by 0.5% p.a.
Increase by \u00a371m
4.6
Rate of inflation*
Increase by 0.5% p.a.
Increase by \u00a337m
2.4
Life expectancy
Members live 1 year longer
Increase by \u00a362m
4.0
\n
*
Assumed to affect deferred revaluation and pensioner increases in payment.
The sensitivity of increasing life expectancy has been reduced by the medically underwritten buy-in.
See the section on risks and risk management at the end of this note.
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
31 December 2025
Level 1
Level 2
Level 3
Total
Percentage of total
Fair value of scheme assets of the TWPS
\u00a3m
\u00a3m
\u00a3m
\u00a3m
scheme assets
Diversified growth funds
(a)
\u2013
240.8
\u2013
240.8
15.9%
Multi-asset credit
0.2
264.2
\u2013
264.4
17.4%
Direct lending
6.1
\u2013
99.3
105.4
7.0%
Fixed income
5.9
164.6
\u2013
170.5
11.3%
Liability-driven investment
(b)
48.3
557.1
\u2013
605.4
40.0%
Insurance policies in respect of certain members
\u2013
\u2013
120.0
120.0
7.9%
Cash
7.3
\u2013
\u2013
7.3
0.5%
\u00a0
67.8
1,226.7
219.3
1,513.8
100.0%
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
31 December 2024
Level 1
Level 2
Level 3
Total
Percentage of total
Fair value of scheme assets of the TWPS
\u00a3m
\u00a3m
\u00a3m
\u00a3m
scheme assets
Equity
(c)
\u2013
29.1
\u2013
29.1
1.9%
Diversified growth funds
(a)
\u2013
224.3
\u2013
224.3
14.7%
Multi-asset credit
0.2
253.2
\u2013
253.4
16.7%
Direct lending
1.0
\u2013
117.4
118.4
7.8%
Fixed income
2.5
187.6
\u2013
190.1
12.5%
Liability-driven investment
(b)
39.2
535.0
\u2013
574.2
37.7%
Insurance policies in respect of certain members
\u2013
\u2013
124.0
124.0
8.1%
Cash
8.8
\u2013
\u2013
8.8
0.6%
\u00a0
51.7
1,229.2
241.4
1,522.3
100.0%
\n
(a) This amount relates to the Scheme\u2019s Diversi\ufb01ed Risk Premia (DRP) allocation. The net leverage on the two funds in the DRP allocation at 31 December 2025 was 1.7x and 1.6x (31 December 2024: 0.5x and 0.7x).
(b) The bespoke Liability Driven Investment (LDI) fund is designed to protect the Scheme against movements in interest rates and in\ufb02ation. The overall leverage on the LDI fund at 31 December 2025 was approximately 3.0x (31 December 2024: 3.0x).
(c) This amount relates to Volatility Controlled Equities. The leverage at 31 December 2024 was 3.7x. As at 31 December 2025 the Scheme was no longer invested in this fund.
The value of the annuities held by the TWPS are set equal to the value of the liabilities which these annuities match. All other fair values are provided by the fund managers and collated by Northern Trust
as custodian, who independently price the securities from their preferred vendor sources where the data is publicly available and rely on investment manager data where this information is not available.
Where available, the fair values are quoted prices (e.g. listed equity). Unlisted investments (e.g. private equity) are included at values provided by the fund manager in\u00a0accordance with relevant guidance.
Other signi\ufb01cant assets are valued based on observable inputs.
There are no investments in respect of the Group\u2019s own securities.
The table below details the movements in the TWPS pension liability and assets recorded through the income statement and other comprehensive income.
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2025
2024
\u00a0 \u00a0 \u00a0
Asset/(liability)
\u00a0 \u00a0
Asset/(liability)
\u00a0
Present value
Fair value of
recognised on
Present value
Fair value of
recognised on
\u00a0
of obligation
scheme assets
balance sheet
of obligation
scheme assets
balance sheet
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January
(1,544.3)
1,522.3
(22.0)
(1,679.8)
1,653.5
(26.3)
Administration expenses
\u2013
(2.8)
(2.8)
\u2013
(3.1)
(3.1)
Interest (expense)/income
(79.8)
78.7
(1.1)
(74.7)
73.6
(1.1)
Total amount recognised in income statement
(79.8)
75.9
(3.9)
(74.7)
70.5
(4.2)
Remeasurement gain/(loss) on scheme assets
\u2013
15.7
15.7
\u2013
(98.5)
(98.5)
Change in demographic assumptions
(18.2)
\u2013
(18.2)
(1.0)
\u2013
(1.0)
Change in financial assumptions
30.5
\u2013
30.5
104.1
\u2013
104.1
Experience (loss)/gain
(20.4)
\u2013
(20.4)
1.3
\u2013
1.3
Adjustment to liabilities for IFRIC 14
(6.6)
\u2013
(6.6)
(4.5)
\u2013
(4.5)
Total remeasurements in other comprehensive income
(14.7)
15.7
1.0
99.9
(98.5)
1.4
Employer contributions
\u2013
7.1
7.1
\u2013
7.1
7.1
Employee contributions
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Benefit payments
107.2
(107.2)
\u2013
110.3
(110.3)
\u2013
At 31 December
(1,531.6)
1,513.8
(17.8)
(1,544.3)
1,522.3
(22.0)
\n\n \n
2025
2024
Accounting valuation
\u00a3m
\u00a3m
Fair value of scheme assets
1,513.8
1,522.3
Present value of scheme obligations
(1,406.8)
(1,432.1)
Surplus in scheme
107.0
90.2
IFRIC 14 limitation on recognition of surplus
(124.8)
(112.2)
Deficit after IFRIC 14 adjustment
(17.8)
(22.0)
\n
Risks and risk management
The TWPS, in common with the majority of such de\ufb01ned bene\ufb01t pension schemes in the UK, has a number of areas of risk. These areas of risk, and the ways in which the Group has sought to manage them,
are set out in the table below.
The risks are considered from both a funding perspective, which drives the cash commitments of the Group, and from an accounting perspective, i.e. the extent to which such risks affect the amounts recorded in
the consolidated \ufb01nancial statements.
Although investment decisions in the UK are the responsibility of the TWPS Trustee, the Group takes an active interest to ensure that the pension scheme risks are managed ef\ufb01ciently. The Group has regular
meetings with the Trustee to discuss investment performance, regulatory changes and proposals to actively manage the position of the TWPS.
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
Risk
Description
Asset volatility
The TWPS strategy remains well diversified through its exposure to a range of asset classes, including direct loans, government bonds and a broad spectrum of corporate bonds and other fixed income
\u00a0
exposures. The TWPS invests across a number of managers to reduce manager concentration risk.
\u00a0
The TWPS does not target a specific asset allocation but instead bases its strategic asset allocation on the return objectives and risk constraints agreed upon by the Trustee. In response to the significant
\u00a0
increases in bond yields over 2022, the Trustee took prudent steps to ensure that the TWPS continued to have sufficient collateral in support of the liability-hedging programme. During the course of 2023 and
\u00a0
2024, the Company and Trustee rebalanced the portfolio into more liquid assets with the appointment of three new managers during the period, with all three having daily dealing terms and which are reflected
\u00a0
in the asset allocation at the end of the reporting period.
Changes in
Falling bond yields tend to increase the funding and accounting liabilities. However, the investment in bond and liability-matching derivatives offers a significant degree of matching, i.e. the movement in assets
bond\u00a0yields
arising from changes in bond yields substantially matches the movement in the funding or accounting liabilities. In this way, the exposure to movements in bond yields is reduced.
Investing in
To maintain appropriate diversification of investments within the TWPS assets and to take advantage of overseas investment returns, a proportion of the underlying investment portfolio is invested overseas.
foreign currency
To balance the risk of investing in foreign currencies while having an obligation to settle benefits in Sterling, a currency hedging programme, using forward foreign exchange contracts, has been put in place
\u00a0
to reduce the currency exposure of these overseas investments to the targeted level.
Asset/liability
In order to manage the TWPS\u2019 economic exposure to interest rates and inflation rates, a liability-hedging programme has been put in place. Derivatives are used to hedge changes in the TWPS\u2019 assets from
mismatch
changes in its liabilities, substantially reducing asset/liability mismatch risk. However, it is only possible to target matching of the assets with the liabilities assessed on one measure. Due to its relevance in driving
\u00a0
Company contributions, the current policy is to assess the matching against the TWPS\u2019 long term funding basis. This can lead to a slight mismatch between the assets and the liabilities assessed on the
\u00a0
Company\u2019s accounting basis, in particular if\u00a0there is a change in corporate bond yield spreads.
\n
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
Risk
Description
Liquidity
The TWPS requires sufficient liquidity to meet benefit payments, and to ensure sufficient collateral to support the liability-hedging programme. The Trustee has adopted processes to ensure that the TWPS
\u00a0
holds sufficient assets within the liability-hedging programme to cover the impact of a further 4.0% increase in yields. The manager of the liability-hedging programme also has direct access to further liquid
\u00a0
assets should they be required.
\u00a0
Across the portfolio, the TWPS has liquid assets which could be sold at short notice if required. In particular, 66.8% are managed in either segregated accounts or daily/weekly dealt pooled funds and can be
\u00a0
realised within a few business days under normal market conditions, and 16.7% are invested in pooled funds with monthly redemption dates. Of the remaining assets, 0.6% could be redeemed within
\u00a0
approximately six to nine months of notification in normal market conditions, and the rest are made up of illiquid assets including insurance policies and illiquid debt (which includes direct lending bonds).
Life expectancy
The majority of the TWPS obligations are to provide a pension for the life of the member on retirement, so increases in life expectancy will result in an increase in the TWPS\u2019 liabilities. The inflation-linked nature
\u00a0
of the majority of benefit payments from the TWPS increases the sensitivity of the liabilities to changes in life expectancy. During 2014, the Group reached agreement with Partnership Life Assurance Company
\u00a0
Limited (now Just Group plc) to insure the benefits of c.100 members with the greatest anticipated liabilities through a medically underwritten buy-in. By insuring these members, the Group has removed more
\u00a0
than 10% of longevity risk from the TWPS by significantly reducing the longevity risk in relation to a large proportion of the liabilities.
Climate risk
The TWPS Trustee recognises that climate change is a financial risk affecting the TWPS assets. The TWPS Trustee integrates the monitoring of appropriate climate risk metrics into its risk management
\u00a0
framework and considers these metrics when making investment decisions. The TWPS Trustee requires its appointed investment managers to integrate climate change risks and opportunities into their
\u00a0
investment processes as applied to the assets of the TWPS.
Responsible
The TWPS Trustee recognises that environmental, social and governance (ESG) risks can be financially material risks and should be considered as part of the TWPS\u2019 investment strategy. The TWPS Trustee
investment
has adopted a responsible investment policy and considers ESG risks when making investment decisions. The TWPS Trustee also has a programme of regular dialogue with its investment managers, with
\u00a0
a particular focus on the TWPS Trustee\u2019s key themes of Climate Change and Diversity, Equity and Inclusion. The TWPS Trustee expects its investment managers to have robust ESG, climate change and
\u00a0
stewardship policies and processes in place, and challenges its managers where deficiencies or areas for further improvement are identified.
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00429": { "value": "Annual Report on Directors\u2019 Remuneration
This section sets out how the Policy was applied for the year ended 31 December 2025. The Directors\u2019
Remuneration Report will be put to an advisory shareholder vote at the AGM on 28 April 2026.
Details of the resolution are set out in the Notice of Meeting on pages 234 and 237.
During the year, the current Policy (as approved by shareholders at the 2023 AGM), operated as
intended, providing a robust link between Company performance and remuneration.
Implementation in 2025
Total remuneration received (\u00a3000) (audited)
The chart below compares the 2025 single \ufb01gure total remuneration for each of the Executive Directors
with the equivalent \ufb01gure for 2024.
Jennie Daly
Chief Executive
Chris Carney
Group Finance Director
31%
39%
30%
35%
25%
40%
2025
2024
\u00a30
\u00a3500
\u00a31,000
\u00a31,500
\u00a33,000
\u00a32,000
\u00a33,500
\u00a32,500
\u00a32,851
\u00a32,687
31%
40%
29%
35%
25%
40%
2025
2024
\u00a31,911
\u00a31,782
Fixed pay
EIS
PSP
Single total \ufb01gure of remuneration for Executive Directors (audited)
The table below sets out the single total \ufb01gure of remuneration received by each Executive Director in
2025 and 2024.
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Jennie Daly
Chris Carney
(\u00a3000)
2025
2024
2025
2024
Base salary
836
790
547
532
Benefits
(a)
12
11
15
13
Pension
(b)
84
79
55
53
Total fixed pay
932
880
617
598
EIS
(c)
676
1,122
439
755
PSP
(d)
1,079
849
726
558
Total variable pay
1,755
1,971
1,165
1,313
Total pay
2,687
2,851
1,782
1,911
\n
(a) Bene\ufb01ts \u2013 corresponds to the value of taxable bene\ufb01ts in respect of the year ended 31 December 2025, as set out in the
table on page 149.
(b) Pension \u2013 these \ufb01gures represent pension contributions up to the amount permissible under HMRC rules and cash
allowances beyond that level.
(c) EIS \u2013 the 2025 EIS outcome was 53% of maximum and further details can be found on pages 149 and 150. The 2024 EIS
outcome was 94%. One-third of the Executive Directors\u2019 bonus is deferred into shares which are subject to a three-year
deferral period. These shares are not subject to any further performance or non-performance measures.
(d) PSP \u2013 the outcomes of the 2022 and 2023 PSP Awards included in the 2024 and 2025 columns respectively can be found
on pages 150 and 151. Both \ufb01gures include the value of dividends accrued during the performance period, which are
payable in shares. There is a compulsory two-year holding period for any vested PSP shares and the related dividend shares.
The value of the 2022 PSP Award (shown in the 2024 column) has been restated to re\ufb02ect the share price on the date the
Award vested, which was 111.7 pence. The value of the 2023 PSP Award (shown in the 2025 column) has been calculated
using a share price of 103.7 pence as this was the average share price for the dealing days in the last three months of the
\ufb01nancial year. The share price used to calculate the 2023 PSP Award was 124.3 pence for Jennie Daly and Chris Carney,
being the average closing share price the three days preceding the grant. Therefore, no value is attributable to share price
appreciation in the period.
\n
Salaries in 2025 (audited)
\n
As disclosed in our Annual Report and Accounts 2024, the Committee approved salary increases of
\n
6.8% for Jennie Daly and 3% for Chris Carney, effective from 1 April 2025. The Company-wide average
\n
salary increase in 2025 was 3%. The rationale for these salary increases is set out in the Annual Report
\n
and Accounts 2024.
\n
Bene\ufb01ts (audited)
\n\n \n
(\u00a3000)
Jennie Daly
Chris Carney
Car
3
3
Healthcare
3
7
Life assurance
4
3
All-employee share schemes
(a)
2
2
Total
12
15
\n
(a) These \ufb01gures represent the value of matching shares under the Share Incentive Plan. The Executive Directors did not exercise
\n
any Sharesave options during the year.
\n
Directors\u2019 pension entitlements (audited)
\n
The Executive Directors\u2019 pension contributions are 10% of salary, which is the same rate available to the
\n
majority of the workforce and, as such, the Company is compliant with Provision 39 of the 2024 Code.
\n
The value of Company pension contributions in 2025 for Jennie Daly and Chris Carney was:
\n\n \n
Director
2025
2024
Jennie Daly
10,000
10,002
Chris Carney
10,000
10,002
\n
Jennie and Chris also received cash allowances of \u00a373,642 (2024: \u00a368,987) and \u00a344,748 (2024: \u00a343,153)
\n
respectively in lieu of Company pension contributions over the Tapered Annual Allowance
\n
limit introduced in April 2016. No additional bene\ufb01t is accrued if an Executive Director retires early.
\n
EIS in 2025 (audited)
\n
The outcome of the 2025 EIS is 53% of the maximum and the table below shows the performance
\n
against the targets set and the payout level under each element.
\n\n \n
Entry
Target
Stretch
Performance measure
Weighting
(10%)
(50%)
(100%)
2025 Actual
Outcome
Operating profit
(a)
30%
\u00a3420m
\u00a3440m
\u00a3460m
\u00a3420.6m
3.4%
Operating profit margin
(a)
20%
10.5%
11.0%
11.5%
10.9%
8.4%
Cash conversion
20%
150%
170%
190%
173.0%
11.5%
Build quality
(b)
15%
93.0%
94.5%
96.0%
97.8%
15.0%
Customer service
(c)
15%
4.15
4.165
4.18
4.25
15.0%
Total
100%
53%
\n
(a) In preparation for the adoption of IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019 in 2027, the Group has
\n
renamed operating pro\ufb01t and operating pro\ufb01t margin to adjusted operating pro\ufb01t and adjusted operating pro\ufb01t margin
\n
respectively. The calculation methodologies for the measures are unchanged. Read more on page 81.
\n
(b) Build quality is measured externally through the National House Building Council (NHBC) Construction Quality Reviews (CQR).
\n
(c) The customer service measure for 2025 is aligned to the House Builders Federation\u2019s (HBF) revised \ufb01ve-star rating scheme.
\n
Performance is assessed on the two questions from both the 8-week and 9-month surveys. The questions relate to customer
\n
satisfaction in relation to build quality and the service received after completion.
\n
At the end of the year, the Committee assessed the formula-driven outturn and determined that the level
\n
of payout across the EIS measures was appropriate. Due to the cyclical nature of the homebuilding
\n
sector, the performance achieved and respective payout from the 2025 EIS should be considered in the
\n
context of the overall sector, macro economics dynamics and delivery against expectations. Market
\n
conditions were challenging, shaped by uncertainty affecting customers and affordability pressures.
\n
In this context, the Company delivered a robust performance during 2025. The business achieved UK
\n
legal completions in line with guidance set at the start of the year. Alongside delivering \ufb01nancial results
\n
in line with market expectations, the Company maintained a \ufb01ve-star customer service rating under the
\n
new HBF scoring system. A 97.8% build-quality score was achieved which improves on last year\u2019s
\n
exceptionally strong build quality performance, which at the time represented the highest score ever
\n
recorded at Taylor Wimpey. The business also sustained strong employee engagement, with the score
\n
remaining at 92%. Both the customer service and build quality measures are independently veri\ufb01ed,
\n
providing assurance over the robustness of the outcomes.
\n
The Committee also considered shareholder and broader stakeholder experience over the year.
\n
The Company has successfully returned over \u00a31 billion to shareholders during the current Policy
\n
period and \u00a32.8 billion under our Dividend Policy since 2018. As noted on pages 129 and 130,
\n
the Company\u2019s updated Distribution Policy is to continue to return 7.5% of net assets per annum,
\n
or at least \u00a3250 million, in two equal instalments to shareholders. This is a differentiated distribution
\n
policy within the homebuilding sector. The Committee is therefore satis\ufb01ed that the EIS payout
\n
achieved is representative of the strong performance of the Executive Directors in 2025; accordingly,
\n
the Committee did not exercise any discretion to adjust the formulaic outcome.
\n
The Executive Directors receive two-thirds of their EIS as cash; the remaining third will be paid in shares
\n
and will be retained in the Company\u2019s Employee Bene\ufb01t Trust for three years. These shares will not be
\n
subject to any further performance or non-performance measures.
\n
PSP in 2025 (audited)
\n
2023 PSP Award outcome
\n
The outcome of the 2023 PSP Award, which assesses performance from 1 January 2023 to
\n
31 December 2025, is 70% of the maximum. The table below sets out performance against each
\n
target and the resulting payout level for each measure.
\n\n \n
Threshold
Maximum
Performance measure
Weighting
(20%)
(100%)
Actual
Outcome
TSR vs homebuilder
40%
Median
Upper quartile
Taylor Wimpey: 33.4%
40%
peer group
(a)
Upper quartile: 28.2%
RONOA in 2025
15%
14%
19%
11.0%
0%
Operating profit margin in 2025
(b)
15%
13%
18%
10.9%
0%
Customer service in 2025
(c)
15%
78.5%
81.5%
85.6%
15%
Carbon reduction in 2025
(d)
15%
34%
38%
60.0%
15%
Total
100%
70%
\n
(a) The peer group was comprised of Barratt Developments, Bellway, Berkeley Homes, Crest Nicholson, Persimmon, Redrow
\n
and Vistry Group. Barratt Developments merged with Redrow in August 2024. For the purpose of assessing the TSR
\n
performance of Redrow, its performance has been tracked using the performance of Barratt Developments (the acquirer)
\n
from the date Redrow shares were de-listed and cancelled (22 August 2024).
\n
(b) In preparation for the adoption of IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019 in 2027, the Group has
\n
renamed operating pro\ufb01t and operating pro\ufb01t margin to adjusted operating pro\ufb01t and adjusted operating pro\ufb01t margin
\n
respectively. The calculation methodologies for the measures are unchanged. Read more on page 81.
\n
(c) The customer service measure is based on the single question \u2018Would you recommend?\u2019 from the independently measured
\n
HBF 9-month survey.
\n
(d) The carbon reduction measure is based on absolute carbon emissions reduction targets to be achieved by 31 December
\n
2025 from a 2019 baseline.
\n
Taylor Wimpey\u2019s exceptional TSR of +33.4% in the period placed the Company in the top quartile of the
\n
homebuilding peer group and so the TSR element paid out in full. The Company did not achieve the
\n
threshold performance level for the stretching targets relating to RONOA and operating pro\ufb01t margin.
\n
In 2025, the Company delivered a strong customer satisfaction score consistent with our \ufb01ve-star
\n
builder status. Across the full three-year performance period, we achieved sustained improvements in
\n
long term customer satisfaction, resulting in performance ahead of maximum.
\n
The carbon reduction measure is based on absolute carbon emission reductions to be achieved by
\n
31 December 2025, which is aligned with our ambitious publicly announced 2045 Net Zero Transition
\n
Plan. The ambitious target was set to incentivise the reductions in scope 1 and 2 emissions required
\n
from our 2019 baseline to meet our commitments and are \ufb01rmly linked to business strategy. Since
\n
introducing these targets, active business decisions have been taken to reduce our carbon emissions,
\n
such as investing in hydrotreated vegetable oil, increasing our use of renewable electricity and powering
\n
our construction sites with hybrid generators. Between 2019 and 2025, these measures have reduced
\n
our scope 1 and 2 emissions by 60%.
\n
Re\ufb02ecting the exceptional performance on both customer service and carbon reduction, each of these
\n
measures will vest in full. The customer service measure is independently measured by the HBF
\n
9-month survey. As noted on pages 50 and 120, PwC performed external independent limited
\n
assurance procedures over selected ESG performance metrics, including the Scope 1 and Scope 2
\n
market based emissions, this data has been used to calculate the 60% reduction compared with the
\n
2019 baseline.
\n
The Committee is comfortable that the overall vesting level of the award is appropriate, taking into
\n
account holistic business performance and the wider stakeholder experience over the performance
\n
period, particularly noting the relative TSR performance over the period. As such, no discretion was
\n
exercised in respect of the formulaic outcome.
\n
The shares vesting will be subject to a two-year post-vesting holding period. The Committee has the
\n
discretion to adjust the number of shares vesting from each PSP Award in order to mitigate against any
\n
potential windfall gains, and the Committee is comfortable that the outcome of the 2023 Award was not
\n
in\ufb02ated by windfall gains.
\n
PSP Awards included in the 2024 and 2025 single total \ufb01gure of remuneration table
\n
The table below sets out the number of shares each Executive Director received after the vesting of the 2022 and 2023 PSP Awards.
\n\n \n
Number of
Value attributable
Value of proportion
Value of award
End of
dividend
to share price
of PSP
Number of
at grant
performance
% of award
Number of
equivalent
Total number
increase
(single figure)
shares granted
(\u00a3000)
period
vesting
shares vesting
shares
of shares
Vesting date
(\u00a3000)
(\u00a3000)
2025
(a)
Jennie Daly
1,207,243
1,500
31/12/2025
70.0
845,070
195,678
1,040,748
05/03/2026
\u2013
1,079
Chris Carney
812,394
1,009
31/12/2025
70.0
568,675
131,679
700,354
05/03/2026
\u2013
726
2024
(b)
Jennie Daly
1,141,552
1,500
31/12/2024
54.3
619,862
140,267
760,129
27/02/2025
\u2013
849
Chris Carney
749,713
980
31/12/2024
54.3
407,094
92,121
499,215
27/02/2025
\u2013
558
\n
(a) The 2023 PSP Award is included in the 2025 single total remuneration \ufb01gure. The performance against each of the performance measures is noted in the table on page 150. A share price of 103.7 pence was used to calculate the value of the Award vesting
\n
on 5 March 2026 as this was the average share price for the dealing days in the last three months of the \ufb01nancial year. Based on the share price of 103.7 pence, no value is attributable to a share price increase, as the share price used to calculate the 2023
\n
PSP Award was 124.3 pence, being the average closing share price the three days preceding the grant. The value of the 2023 Award will be recalculated in the Annual Report and Accounts 2026 to re\ufb02ect the share price on the date the Award vests.
\n
Dividend equivalents will be paid in shares.
\n
(b) The 2022 PSP Award is included in the 2024 single total remuneration \ufb01gure. Details of performance for this Award can be found on page 148 of the Annual Report and Accounts 2024. The share price on the date the Award vested (111.7 pence) has been
\n
used to recalculate the value of the Award for single \ufb01gure purposes. Dividend equivalents were paid in shares.
\n
PSP Awards granted during 2025
\n
The tables below set out the PSP Awards granted during the year and the corresponding performance measures. The Committee considers that the measures provide a good overall balance in assessing our
\n
longer term performance against our business strategy, with targets reviewed to re\ufb02ect market conditions and business forecasts for the Group at the time of the award. The rationale for the measures and targets
\n
approved for the 2025 PSP Awards can be found on page 151 in the Annual Report and Accounts 2024.
\n\n \n
% of award vesting
Face value
if threshold
End of
of award at
Number of shares
performance
performance
Executive Director
Award type
% of salary
Grant date
maximum vesting
granted
achieved
period
Jennie Daly
(a)
Nil-cost option
200
06/03/2025
\u00a31,591,350
1,425,727
25
31/12/2027
Chris Carney
(a)
Nil-cost option
200
06/03/2025
\u00a31,070,872
959,419
25
31/12/2027
\n
(a) The share price (111.6 pence) used to calculate the number of shares awarded to Jennie and Chris was based on the average closing share price over the three business days prior to grant (3, 4 and 5 March 2025).
\n\n \n
Threshold
Maximum
Performance measure
Rationale
Weighting
(25%)
(100%)
TSR vs homebuilder
Align the rewards received by
40%
Median
Upper
peer group
(a)
executives with the returns received
quartile
by shareholders
Operating profit margin
Optimise sales prices and improve
15%
12%
15%
in 2027
(b)
cost discipline
RONOA in 2027
Maintain focus on driving increased
15%
12%
15%
capital efficiency
Customer service
Maintain customer trust and
15%
12.55
12.58
performance in
endorse Company reputation
2025 to 2027
(c)
Carbon reduction in 2027
Support the Board\u2019s strategy on
15%
36%
44%
(from a 2019 baseline)
(d)
carbon emissions reductions
across our operations
\n
(a) The peer group comprises Barratt Redrow, Bellway, Berkeley Homes, Crest Nicholson, MJ Gleeson, Persimmon, and
\n
Vistry Group. The measurement approach is to be on a straight-line basis between the median TSR and upper quartile TSR.
\n
(b) In preparation for the adoption of IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019 in 2027, the Group has
\n
renamed operating pro\ufb01t and operating pro\ufb01t margin to adjusted operating pro\ufb01t and adjusted operating pro\ufb01t margin
\n
respectively. The calculation methodologies for the measures are unchanged. Read more on page 81.
\n
(c) The score out of \ufb01ve will be the average of the customer satisfaction scores relating to build quality and the service received
\n
after completion taken from the independently veri\ufb01ed HBF 8-week and 9-month surveys, with 50% equal contribution.
\n
(d) The targets are based on absolute carbon emissions reductions from Taylor Wimpey\u2019s 2019 baseline, to be achieved by
\n
31 December 2027, which requires a reduction in the Company\u2019s absolute scope 1 and scope 2 emissions.
\n
Payments for loss of of\ufb01ce and payments to
\n
former Directors (audited)
\n
No payments were made for loss of of\ufb01ce or to former Directors during 2025.
\n
Executive Directors\u2019 interests in the Company\u2019s share
\n
schemes (audited)
\n
Details of the options and conditional awards over shares held by the Executive Directors who served
\n
during the year are as follows:
\n\n \n
Additional
maximum
Maximum
potential
Maximum
potential
shares
Exercised/
potential
shares as at
awarded
released
Lapsed during
shares as at
Director
01/01/2025
during the year
during the year
the year
31/12/2025
(a)
Jennie Daly
PSP
(b)
3,456,454
1,425,727
619,862
521,690
3,740,629
Sharesave
(c)
36,057
\u2013
\u2013
\u2013
36,057
Total
3,492,511
1,425,727
619,862
521,690
3,776,686
Chris Carney
PSP
2,307,487
959,419
407,094
342,619
2,517,193
Sharesave
36,057
\u2013
\u2013
\u2013
36,057
Total
2,343,544
959,419
407,094
342,619
2,553,250
\n
(a) All outstanding awards are options. The Directors do not hold any vested but unexercised share options.
\n
(b) The Executive Directors exercised their 2022 PSP Award on 27 February 2025 when the share price was 111.7 pence.
\n
Jennie Daly\u2019s options were awarded on 26 April 2022 using a share price of 131.4 pence. Chris Carney\u2019s options were
\n
awarded on 10 March 2022 using a share price of 130.7 pence to calculate the Award. The share price used to calculate the
\n
number of shares under each Award was based on the average during the three days leading up to the Award. Further details
\n
of the shares awarded under the 2025 PSP Award can be found on page 151.
\n
(c) Jennie Daly and Chris Carney each hold 36,057 Sharesave options which were granted on 3 October 2022 at an option price
\n
of 83.20 pence, which was a 20% discount to the share price at the start of the invitation window. The face value of these
\n
options on the date of grant for Jennie and Chris was \u00a332,603 each. The Sharesave options are not subject to any
\n
performance conditions.
\n
Single total \ufb01gure of remuneration for the Chair and
\n
Non Executive Directors (audited)
\n\n \n
Total fees (\u00a3000)
2025
2024
Robert Noel
353
343
Mark Castle
79
77
Martyn Coffey
(a)
68
6
Irene Dorner
68
66
Jitesh Gadhia
(b)
105
86
Scilla Grimble
(c)
87
72
Clodagh Moriarty
68
66
\n
(a) Martyn Coffey joined the Board on 1 December 2024.
\n
(b) Jitesh Gadhia became Senior Independent Director with effect from 1 December 2024 and therefore received the additional
\n
Senior Independent Director fee for the remainder of the year in 2024 and 2025.
\n
(c) Scilla Grimble was appointed as Chair of the Audit Committee with effect from 1 September 2024 and therefore received the
\n
additional Audit Committee Chair fee for the remainder of the year in 2024 and 2025.
\n
Chair and Non Executive Director fees
\n
The current fees for the Chair of the Board, Non Executive Director and additional fees for the roles of
\n
Chair of the Audit Committee, Chair of the Remuneration Committee, Senior Independent Director and
\n
Employee Champion are set out below and remain the same as in 2025. The fees will be reviewed
\n
during the course of 2026.
\n\n \n
As at
Role
1 April 2026
Chair of the Board
\u00a3355,400
Non Executive Director
\u00a368,960
Senior Independent Director
\u00a318,570
Audit/Remuneration Committee Chair
\u00a318,570
Employee Champion
\u00a310,610
\n
Statement of Directors\u2019 shareholdings and share interests (audited)
\n
In line with the current Policy, the Executive Directors\u2019 shareholding guideline is to hold 200% of their
\n
base salary. As explained on page 138, the 2026 Policy proposes an increase to 250% of salary in line
\n
with the maximum PSP opportunity.
\n
In addition, a post-employment shareholding guideline requires Executive Directors to retain
\n
shares worth 200% of their base salary, or their shareholding at the time of cessation if this requirement
\n
has not yet been met, for at least two years post-employment. Any shares that remain subject to
\n
holding or deferral periods must be held within the Company\u2019s Employee Bene\ufb01t Trust, and will
\n
continue to be retained through this mechanism until the end of the post-employment shareholding
\n
requirement timeframe.
\n
The Chair and the Non Executive Directors are also encouraged to hold shares in the Company in
\n
order to align their interests with those of shareholders.
\n\n \n
Outstanding interests
Value of
Beneficially owned
in share schemes
beneficially
owned shares
Share interests
as at
expressed as a
Director
at 01/01/2025
at 31/12/2025
(a)
PSP
(b)
Sharesave
31/12/2025
% of salary
(c)
Robert Noel
332,872
332,872
Jennie Daly
(d)
965,700
1,633,838
3,740,629
36,057
\u00a31,756,376
207
Chris Carney
(d)
1,120,985
1,541,323
2,517,193
36,057
\u00a31,656,922
300
Mark Castle
47,934
52,086
Martyn Coffey
31,500
31,500
Irene Dorner
164,952
164,952
Jitesh Gadhia
100,000
100,000
Scilla Grimble
15,000
15,000
Clodagh Moriarty
25,025
25,025
\n
(a) Shares owned outright include the net-of-tax shares delivered to the Executive Directors in March 2023, March 2024 and
\n
March 2025, following the one-third deferral of the EIS in respect of performance years 2022, 2023 and 2024. The EIS
\n
deferred shares are not subject to further performance conditions.
\n
(b) Vesting is subject to the achievement of performance conditions.
\n
(c) This has been calculated on the basis of bene\ufb01cially owned shares. The share price on 31 December 2025 (107.5 pence) has
\n
been used to calculate Jennie Daly and Chris Carney\u2019s share interests expressed as a percentage of their current salary as at
\n
31 December 2025.
\n
(d) A proportion of shares are held by a connected person.
\n
The only changes to the Directors\u2019 interests as set out above during the period between 31 December
\n
2025 and 4 March 2026 were the regular monthly purchases of shares and one-to-one matching by the
\n
Company under the SIP by Jennie Daly and Chris Carney who both acquired 556 shares each.
\n
Historic TSR performance and Chief Executive historic remuneration
\n
The graph below shows Taylor Wimpey\u2019s TSR performance against the performance of the FTSE 350 and the average of the Housebuilders Index. These benchmarks have been chosen as Taylor Wimpey
\n
is a constituent of both.
\n
The graph also shows the Chief Executive\u2019s single total \ufb01gure of remuneration over the same ten-year period.
\n
TSR versus Chief Executive total single \ufb01gure
\n
0
\n
50
\n
100
\n
150
\n
200
\n
250
\n
0
\n
1,000
\n
2,000
\n
3,000
\n
4,000
\n
5,000
\n
6,000
\n
7,000
\n
8,000
\n
31/12/2015
31/12/2016
31/12/2017
31/12/2018
31/12/2019
31/12/2020
31/12/2021
31/12/2022
31/12/2023
31/12/2024
31/12/2025
\n
TSR \u2013 Value (\u00a3) (rebased)
\n
Chief Executive Total Remuneration (\u00a3000)
\n
Taylor Wimpey
\n
FTSE 350
\n
Housebuilders Index
\n
Chief Executive
\n
total remuneration
\n\n \n
Single total figure (\u00a3000)
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Jennie Daly
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
1,175
(a)
2,208
2,851
(b)
2,687
Pete Redfern
6,888
4,072
3,697
3,272
3,247
1,120
2,710
925
\u2013
\u2013
\u2013
EIS (% of maximum)
Jennie Daly
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
76
91
94
53
Pete Redfern
78
80
66
96
50.6
\u2013
95
76
\u2013
\u2013
\u2013
PSP (% of maximum)
Jennie Daly
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
32.3
40
54.3
70
Pete Redfern
100
81
78
50
62.8
6.6
22.1
32.3
\u2013
\u2013
\u2013
\n
(a) Relates to the period Jennie Daly was Chief Executive from 26 April 2022.
\n
(b) The 2024 \ufb01gure has been restated to re\ufb02ect the share price on the date the 2022 PSP Award vested, which was 111.7 pence.
\n
CEO pay ratio
\n\n \n
Chief Executive
Year
Method
single figure
(a)
Lower quartile
Median
Upper quartile
2025
(b)
Option B
\u00a32,686,756
Ratio
67:1
50:1
33:1
Salary
\u00a333,962
\u00a342,123
\u00a365,857
Total pay and benefits
\u00a339,850
\u00a353,754
\u00a382,619
2024
Option B
\u00a33,065,841
Ratio
81:1
59:1
39:1
2023
Option B
\u00a32,185,041
Ratio
68:1
42:1
32:1
2022
Option B
\u00a32,100,044
Ratio
62:1
41:1
26:1
2021
Option B
\u00a32,764,290
Ratio
87:1
60:1
40:1
2020
Option B
\u00a31,120,451
Ratio
39:1
26:1
20:1
2019
Option B
\u00a33,023,654
Ratio
93:1
73:1
48:1
2018
Option B
\u00a33,151,748
Ratio
103:1
77:1
41:1
\n
(a) The previous Chief Executive single \ufb01gures in this table have not been restated to re\ufb02ect the share price on the date the
\n
relevant PSP Award vested. We have chosen to do this for transparency purposes so that we are comparing the ratios
\n
disclosed in previous reports.
\n
(b) The three representative employees were determined on 31 December 2025.
\n
Under Option B, using the hourly rate from our 2025 gender pay gap data, three employees have been
\n
identi\ufb01ed as the best equivalents of our lower quartile, median and upper quartile. Option B provides
\n
a clear methodology involving fewer adjustments to calculate full-time equivalent earnings and is likely to
\n
produce more robust reporting year on year. The Company believes that the median pay ratio for the year
\n
ended 31 December 2025 is consistent with the pay and reward policies for UK employees taken as a
\n
whole, as the employee identi\ufb01ed at the median through the Option B methodology is representative of
\n
the wider UK workforce and re\ufb02ects the normal operation of our pay and reward policies.
\n
The Committee has reviewed the results of the calculations and is satis\ufb01ed that they continue to be
\n
representative of the respective quartiles. Total pay and bene\ufb01t \ufb01gures, excluding any temporary
\n
allowances paid during the \ufb01nancial year ended 31 December 2025, have been calculated for the
\n
employee at each quartile. To ensure that the employees used for each quartile are representative of
\n
their contractual roles, any temporary allowances have been excluded consistent with previous years.
\n
Figures have also been calculated for employees either side of the identi\ufb01ed employees to con\ufb01rm that
\n
the individuals selected are a reasonably representative based on their full year\u2019s remuneration.
\n
Due to a reduction in the Chief Executive single \ufb01gure for 2025, all three ratios have decreased.
\n
The reduction in the Chief Executive single \ufb01gure was a result of a lower bonus payout (53% in 2025
\n
vs 94% in 2024). This was partially offset by a higher base salary and a higher PSP payout (70.0% in
\n
2025 vs 54.3% in 2024).
\n
Relative importance of spend on pay
\n
Change in Company performance relative to change in remuneration
\n\n \n
2025
2024
Change
Adjusted operating profit
(a)
\u00a3420.6m
\u00a3416.2m
1.1%
Distributions to shareholders
Aggregate dividends paid during the year
\u00a3330.4m
\u00a3339.4m
(2.7)%
Employee pay in aggregate
(b)
\u00a3299.6m
\u00a3290.2m
3.2%
Employee pay average per employee
(b)
\u00a366,637
\u00a365,096
2.4%
\n
(a) Adjusted operating pro\ufb01t is de\ufb01ned as pro\ufb01t on ordinary activities before \ufb01nancing, exceptional items and tax, after share of results
\n
of joint ventures. Adjusted operating pro\ufb01t has been chosen as it is one of the Company\u2019s primary measures of performance.
\n
(b) See Note 7 to the \ufb01nancial statements on page 189.
\n
Malus and clawback
\n
Any payments under the EIS or vesting of shares under the PSP are subject to malus and
\n
clawback provisions.
\n
Under the PSP, the Committee may apply malus in exceptional circumstances, including misconduct,
\n
reputational damage, failure of risk management, poor underlying performance, payments based on
\n
erroneous or misleading data, misstatement of accounts or corporate failure. Clawback may be applied
\n
in similarly exceptional circumstances, for up to three years from the vesting date. As noted on page
\n
132, shareholders are being asked to approve new PSP rules at the 2026 AGM. A summary of the
\n
malus and clawback provisions contained in the new rules can be found on page 246.
\n
Under the EIS, the Committee may apply malus and clawback if the Committee forms the view that
\n
there has been a material misstatement of results, performance assessments that were based on
\n
inaccurate and misleading information, serious misconduct that could have warranted summary
\n
dismissal, behaviour inconsistent with the Company\u2019s governance and values, or misconduct resulting in
\n
reputational damage or corporate failure. Clawback may be applied for up to three years from the date
\n
the bonus is paid.
\n
The Committee considers that a three-year clawback period for both the EIS and PSP is appropriate,
\n
as it provides suf\ufb01cient time for any relevant circumstances to come to light and re\ufb02ects the cyclical
\n
nature of the homebuilding industry.
\n
The Committee did not apply malus or clawback during 2025.
\n
Annual percentage change in remuneration of Directors and employees
\n
The table below shows the percentage change in the salary or fee, taxable bene\ufb01ts and annual bonus of each current Director and the average Taylor Wimpey employee in respect of the periods from 2020 to
\n
2025. The Company does not have any employees so the \ufb01gures shown are in relation to Taylor Wimpey UK Limited employees.
\n\n \n
Salary/fee
(a)
Benefits
Annual bonus scheme
(a)
2025/2024
2024/2023 2023/2022 2022/2021 2021/2020
2025/2024
2024/2023 2023/2022 2022/2021 2021/2020
2025/2024
2024/2023 2023/2022 2022/2021 2021/2020
Average pay of a Taylor Wimpey employee
2%
6%
8%
4%
6%
3%
9%
4%
3%
3%
(20)%
15%
10%
(10)%
163%
Jennie Daly
(b)
6%
3%
19%
58%
13%
7%
(15)%
(32)%
(55)%
12%
(40)%
6%
44%
26%
n/a
Chris Carney
(b)
3%
3%
3%
7%
18%
15%
0%
8%
(40)%
(11)%
(42)%
6%
23%
(14)%
n/a
Robert Noel
(c)
3%
33%
189%
11%
23%
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Irene Dorner
(d)
3%
(57)%
(55)%
2%
32%
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Mark Castle
(e)
3%
7%
n/a
n/a
n/a
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Martyn Coffey
(f)
n/a
n/a
n/a
n/a
n/a
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Jitesh Gadhia
(g)
22%
4%
8%
n/a
n/a
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Scilla Grimble
(h)
21%
11%
n/a
n/a
n/a
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Clodagh Moriarty
(i)
3%
2%
n/a
n/a
n/a
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\n
(a) In light of the COVID-19 pandemic, the Executive and Non Executive Directors took a voluntary 30% reduction in base salary and fees from 1 April 2020 to 31 July 2020. The Executive Directors\u2019 2020 EIS was also cancelled.
\n
(b) Jennie Daly was appointed as Chief Executive with effect from 26 April 2022 and received an above average salary increase on 1 April 2025. Chris Carney received a salary increase on 1 July 2021.
\n
(c) Robert Noel was appointed as the Senior Independent Director on 20 April 2020 and Employee Champion on 26 April 2022. Robert was then appointed Chair of the Board and stood down as the Senior Independent Director and Employee Champion on
\n
27 April 2023.
\n
(d) Irene Dorner stood down as Chair and became a Non Executive Director on 27 April 2023.
\n
(e) Mark Castle was appointed to the Board on 1 June 2022 and as Employee Champion on 27 April 2023.
\n
(f) Martyn Coffey was appointed to the Board on 1 December 2024.
\n
(g) Jitesh Gadhia was appointed to the Board on 1 March 2021. Jitesh was then appointed as Chair of the Remuneration Committee on 26 April 2022 and as the Senior Independent Director on 1 December 2024.
\n
(h) Scilla Grimble was appointed to the Board on 1 March 2021. Scilla was then appointed as Chair of the Audit Committee on 1 September 2024.
\n
(i) Clodagh Moriarty was appointed to the Board on 1 June 2022.
\n
Approach to remuneration in 2026
\n
2026 salary review
\n
As outlined in the Committee Chair\u2019s letter, the Committee has approved a 3% increase to Jennie Daly
\n
and Chris Carney, in line with the Company-wide average salary increase.
\n\n \n
As at 1 April
As at 1 April
Executive Director
2025
2026
Change
Jennie Daly
\u00a3850,000
\u00a3875,500
3%
Chris Carney
\u00a3551,499
\u00a3568,044
3%
\n
2026 EIS
\n
Subject to shareholders approving the new Policy at the 2026 AGM, Executive Directors will be able to
\n
earn up to 200% of salary under the 2026 EIS.
\n
The EIS performance measures for 2026 remain in line with those used in 2025, with a 70% weighting
\n
on \ufb01nancial performance, recognising the importance in changing market conditions. The measures are
\n
set out in the table below, and the strategic rationale for their inclusion and how they drive performance
\n
towards our medium term targets is set out on page 134. The target ranges were carefully considered,
\n
ensuring an appropriate balance between achievability and stretch, and were set at the start of 2026.
\n
As the EIS performance targets for the year are considered commercially sensitive, the 2026 EIS targets
\n
will be disclosed retrospectively in the Annual Report and Accounts 2026, together with the associated
\n
weightings and performance outcomes in the usual way.
\n\n \n
Performance measure
Weighting
Adjusted operating profit
(a)
30%
Adjusted operating profit margin
(a)
20%
Cash conversion
20%
Build quality
(b)
15%
Customer service
(c)
15%
\n
(a) In preparation for the adoption of IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019 in 2027, the Group has
\n
renamed operating pro\ufb01t and operating pro\ufb01t margin to adjusted operating pro\ufb01t and adjusted operating pro\ufb01t margin
\n
respectively. The calculation methodology for the measures is unchanged. Read more on page 81.
\n
(b) Build quality is measured externally through the NHBC CQR.
\n
(c) This will be based on the independently veri\ufb01ed HBF weighted customer satisfaction scores for Build Quality and Service After
\n
taken from the 8-week and 9-month surveys, with 50% equal contribution.
\n
2026 PSP Awards
\n
Subject to shareholders approving the new Policy at the 2026 AGM, Executive Directors will be able to
\n
earn up to 250% of salary under the 2026 PSP.
\n
The measures and targets for the 2026 PSP Award are set out in the table below. The strategic rationale
\n
for their inclusion as measures, and details on how they drive performance towards our medium term
\n
targets are set out on page 134.
\n\n \n
Threshold
Maximum
Performance measure
Weighting
(25%)
(100%)
Upper
TSR vs homebuilder peer group
(a)
40%
Median
quartile
Adjusted operating profit margin (2028)
(b)
15%
13%
16%
RONOA (2028)
15%
14%
19%
Customer service (2026-2028)
(c)
15%
12.63
12.75
Carbon reduction (from a 2019 baseline) (2028)
(d)
15%
39%
48%
\n
(a) The peer group comprises Barratt Redrow, Bellway, Berkeley Homes, Crest Nicholson, MJ Gleeson, Persimmon and
\n
Vistry Group. The measurement approach for the 2026 PSP Award will be on a straight-line basis between the median
\n
TSR and upper quartile TSR.
\n
(b) An adjusted operating pro\ufb01t margin measure will operate in both the EIS and PSP in 2026 as this is a critical measure at both
\n
an operational level for the EIS and over the longer term for the PSP (where margin will be assessed at the end of the
\n
three-year performance period). This will ensure that our priority remains delivering our sustained pro\ufb01tability with an
\n
unremitting focus on long term decisions with cost and process discipline to drive shareholder returns over the medium term.
\n
In preparation for the adoption of IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019 in 2027, the Group has
\n
renamed operating pro\ufb01t and operating pro\ufb01t margin to adjusted operating pro\ufb01t and adjusted operating pro\ufb01t margin
\n
respectively. The calculation methodologies for the measures are unchanged. Read more on page 81.
\n
(c) The score out of \ufb01ve will be the average of the customer satisfaction scores for Build Quality and Service After, taken from
\n
the independently veri\ufb01ed HBF 8-week and 9-month surveys, with 50% equal contribution. The 2026 PSP and EIS customer
\n
service measures will therefore be on the same basis, but to avoid doubling up of reward for the same performance, the PSP
\n
measure will be assessed on the aggregate of the annual scores over the relevant performance period and not the \ufb01nal year.
\n
Customer service continues to be an extremely important area of focus for the Company and we are therefore comfortable
\n
that this should be incorporated in both the EIS and PSP. The HBF\u2019s new star rating combines customers\u2019 service before and
\n
moving in experience via the 8-week surveys, as well as service after and customers\u2019 experience of living longer term in one
\n
of our developments, via the 9-month survey. By including the new star rating, we are ensuring that customer experience
\n
over both time frames is still measured.
\n
(d) This will be based on a reduction in absolute scope 1 and 2 carbon emissions, and the target range takes into account the
\n
anticipated higher volumes in 2028. The carbon reduction target is based on absolute carbon emission reductions to be
\n
achieved by 31 December 2028, which is aligned with our ambitious publicly announced 2045 Net Zero Transition Plan.
The Remuneration Committee
The Remuneration Committee members in 2025
There were \ufb01ve Committee meetings during 2025 and all Committee members attended all \ufb01ve
meetings. The Committee met the 2024 Code requirement to have three independent Non Executive
Directors as members of the Committee. The names of the Committee members can be found on
page 129.
Internal attendees consisted of the Chief Executive, Group Finance Director, Group Human Resources
Director, Head of Reward, Sustainability Manager and members of the Company Secretariat team.
These attendees provided important information to the Committee and were not involved in any
decisions relating to their own remuneration.
Main activities during 2025
Over the course of the year since the last Annual Report and Accounts, the Committee has:
\u2022 Consulted with shareholders regarding the minority vote against the Directors\u2019 Remuneration Report
at the 2025 AGM
\u2022 Reviewed the Policy ahead of the 2026 AGM and engaged with shareholders on the
proposed changes
\u2022 Determined the 2025 salary levels for the Chief Executive, Group Finance Director, senior
management and wider workforce
\u2022 Agreed the targets applicable to the 2025 EIS and 2025 PSP Award
\u2022 Approved the outcomes for the 2024 EIS and 2023 PSP Award
\u2022 Considered wider workforce remuneration arrangements
Committee\u2019s performance
The Committee reviewed its activities in 2025 against its Terms of Reference and discharged its
responsibilities in accordance with them. The Committee\u2019s Terms of Reference have been reviewed
against the 2024 Code and best practice, with minor amendments approved by the Committee at its
February 2025 meeting.
The results of the 2025 internal Board performance review concluded that the Committee was ful\ufb01lling
its Terms of Reference effectively and that the Committee Chair was effective.
Advice to the Committee in 2025
The Committee keeps itself fully informed on developments and best practice in the \ufb01eld of
remuneration and seeks advice from external advisers when appropriate.
The Committee appoints its own independent remuneration advisers, and during the year it continued to
retain the services of Korn Ferry. Korn Ferry is a member of the Remuneration Consultants Group and
signatory to its Code of Conduct. Korn Ferry was appointed following a comprehensive tender process.
Korn Ferry does not have any connection with the Company or any of the individual Directors, and did
not provide any other services to the Company during 2025.
As part of its annual review of activities against its Terms of Reference, the Committee considered the
advice provided by Korn Ferry during the year and was satis\ufb01ed that the advice had been appropriate,
objective and independent.
The fees paid to Korn Ferry in 2025 were \u00a3194,256 (including VAT) on a time and materials basis
(2024: \u00a3149,988).
Shareholder voting
The table below sets out the shareholder voting outcomes on the Directors\u2019 remuneration resolutions.
Further details on the reasons for the minority vote against the Directors\u2019 Remuneration Report at the
2025 AGM are provided in the Committee Chair\u2019s letter on page 132.
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
Resolution
For
Against
Total votes cast
Withheld
Directors\u2019 Remuneration Report
1,487,477,643
525,355,936
2,012,833,579
12,485,365
for 2024 (2025 AGM)
73.90%
26.10%
\u00a0 \u00a0
Directors\u2019 Remuneration Policy
2,155,740,993
195,311,797
2,351,052,790
453,054
(2023 AGM)
91.69%
8.31%
\u00a0 \u00a0
\n
This Report has been approved by the Board and signed on its behalf by:
Lord Jitesh Gadhia
Chair of the Remuneration Committee
4 March 2026 Remuneration of key management personnel
The key management personnel of the Group are the members of the Group Management Team (GMT)
as presented on page 95.
The remuneration information for the Executive Directors is set out in the Remuneration Committee
report on page 148. The aggregate compensation for the other members of the GMT is as follows:
\n \n
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Short term employee benefits
3.5
5.0
Post-employment benefits
0.3
0.3
Total (excluding share-based payments charge)
3.8
5.3
\n
In addition to the amounts above, a share-based payment charge of \u00a30.8 million (2024: \u00a31.8\u00a0million)
related to share options held by members of the GMT.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00379": { "value": "Annual Report on Directors\u2019 Remuneration
This section sets out how the Policy was applied for the year ended 31 December 2025. The Directors\u2019
Remuneration Report will be put to an advisory shareholder vote at the AGM on 28 April 2026.
Details of the resolution are set out in the Notice of Meeting on pages 234 and 237.
During the year, the current Policy (as approved by shareholders at the 2023 AGM), operated as
intended, providing a robust link between Company performance and remuneration.
Implementation in 2025
Total remuneration received (\u00a3000) (audited)
The chart below compares the 2025 single \ufb01gure total remuneration for each of the Executive Directors
with the equivalent \ufb01gure for 2024.
Jennie Daly
Chief Executive
Chris Carney
Group Finance Director
31%
39%
30%
35%
25%
40%
2025
2024
\u00a30
\u00a3500
\u00a31,000
\u00a31,500
\u00a33,000
\u00a32,000
\u00a33,500
\u00a32,500
\u00a32,851
\u00a32,687
31%
40%
29%
35%
25%
40%
2025
2024
\u00a31,911
\u00a31,782
Fixed pay
EIS
PSP
Single total \ufb01gure of remuneration for Executive Directors (audited)
The table below sets out the single total \ufb01gure of remuneration received by each Executive Director in
2025 and 2024.
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Jennie Daly
Chris Carney
(\u00a3000)
2025
2024
2025
2024
Base salary
836
790
547
532
Benefits
(a)
12
11
15
13
Pension
(b)
84
79
55
53
Total fixed pay
932
880
617
598
EIS
(c)
676
1,122
439
755
PSP
(d)
1,079
849
726
558
Total variable pay
1,755
1,971
1,165
1,313
Total pay
2,687
2,851
1,782
1,911
\n
(a) Bene\ufb01ts \u2013 corresponds to the value of taxable bene\ufb01ts in respect of the year ended 31 December 2025, as set out in the
table on page 149.
(b) Pension \u2013 these \ufb01gures represent pension contributions up to the amount permissible under HMRC rules and cash
allowances beyond that level.
(c) EIS \u2013 the 2025 EIS outcome was 53% of maximum and further details can be found on pages 149 and 150. The 2024 EIS
outcome was 94%. One-third of the Executive Directors\u2019 bonus is deferred into shares which are subject to a three-year
deferral period. These shares are not subject to any further performance or non-performance measures.
(d) PSP \u2013 the outcomes of the 2022 and 2023 PSP Awards included in the 2024 and 2025 columns respectively can be found
on pages 150 and 151. Both \ufb01gures include the value of dividends accrued during the performance period, which are
payable in shares. There is a compulsory two-year holding period for any vested PSP shares and the related dividend shares.
The value of the 2022 PSP Award (shown in the 2024 column) has been restated to re\ufb02ect the share price on the date the
Award vested, which was 111.7 pence. The value of the 2023 PSP Award (shown in the 2025 column) has been calculated
using a share price of 103.7 pence as this was the average share price for the dealing days in the last three months of the
\ufb01nancial year. The share price used to calculate the 2023 PSP Award was 124.3 pence for Jennie Daly and Chris Carney,
being the average closing share price the three days preceding the grant. Therefore, no value is attributable to share price
appreciation in the period.
\n
Salaries in 2025 (audited)
\n
As disclosed in our Annual Report and Accounts 2024, the Committee approved salary increases of
\n
6.8% for Jennie Daly and 3% for Chris Carney, effective from 1 April 2025. The Company-wide average
\n
salary increase in 2025 was 3%. The rationale for these salary increases is set out in the Annual Report
\n
and Accounts 2024.
\n
Bene\ufb01ts (audited)
\n\n \n
(\u00a3000)
Jennie Daly
Chris Carney
Car
3
3
Healthcare
3
7
Life assurance
4
3
All-employee share schemes
(a)
2
2
Total
12
15
\n
(a) These \ufb01gures represent the value of matching shares under the Share Incentive Plan. The Executive Directors did not exercise
\n
any Sharesave options during the year.
\n
Directors\u2019 pension entitlements (audited)
\n
The Executive Directors\u2019 pension contributions are 10% of salary, which is the same rate available to the
\n
majority of the workforce and, as such, the Company is compliant with Provision 39 of the 2024 Code.
\n
The value of Company pension contributions in 2025 for Jennie Daly and Chris Carney was:
\n\n \n
Director
2025
2024
Jennie Daly
10,000
10,002
Chris Carney
10,000
10,002
\n
Jennie and Chris also received cash allowances of \u00a373,642 (2024: \u00a368,987) and \u00a344,748 (2024: \u00a343,153)
\n
respectively in lieu of Company pension contributions over the Tapered Annual Allowance
\n
limit introduced in April 2016. No additional bene\ufb01t is accrued if an Executive Director retires early.
\n
EIS in 2025 (audited)
\n
The outcome of the 2025 EIS is 53% of the maximum and the table below shows the performance
\n
against the targets set and the payout level under each element.
\n\n \n
Entry
Target
Stretch
Performance measure
Weighting
(10%)
(50%)
(100%)
2025 Actual
Outcome
Operating profit
(a)
30%
\u00a3420m
\u00a3440m
\u00a3460m
\u00a3420.6m
3.4%
Operating profit margin
(a)
20%
10.5%
11.0%
11.5%
10.9%
8.4%
Cash conversion
20%
150%
170%
190%
173.0%
11.5%
Build quality
(b)
15%
93.0%
94.5%
96.0%
97.8%
15.0%
Customer service
(c)
15%
4.15
4.165
4.18
4.25
15.0%
Total
100%
53%
\n
(a) In preparation for the adoption of IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019 in 2027, the Group has
\n
renamed operating pro\ufb01t and operating pro\ufb01t margin to adjusted operating pro\ufb01t and adjusted operating pro\ufb01t margin
\n
respectively. The calculation methodologies for the measures are unchanged. Read more on page 81.
\n
(b) Build quality is measured externally through the National House Building Council (NHBC) Construction Quality Reviews (CQR).
\n
(c) The customer service measure for 2025 is aligned to the House Builders Federation\u2019s (HBF) revised \ufb01ve-star rating scheme.
\n
Performance is assessed on the two questions from both the 8-week and 9-month surveys. The questions relate to customer
\n
satisfaction in relation to build quality and the service received after completion.
\n
At the end of the year, the Committee assessed the formula-driven outturn and determined that the level
\n
of payout across the EIS measures was appropriate. Due to the cyclical nature of the homebuilding
\n
sector, the performance achieved and respective payout from the 2025 EIS should be considered in the
\n
context of the overall sector, macro economics dynamics and delivery against expectations. Market
\n
conditions were challenging, shaped by uncertainty affecting customers and affordability pressures.
\n
In this context, the Company delivered a robust performance during 2025. The business achieved UK
\n
legal completions in line with guidance set at the start of the year. Alongside delivering \ufb01nancial results
\n
in line with market expectations, the Company maintained a \ufb01ve-star customer service rating under the
\n
new HBF scoring system. A 97.8% build-quality score was achieved which improves on last year\u2019s
\n
exceptionally strong build quality performance, which at the time represented the highest score ever
\n
recorded at Taylor Wimpey. The business also sustained strong employee engagement, with the score
\n
remaining at 92%. Both the customer service and build quality measures are independently veri\ufb01ed,
\n
providing assurance over the robustness of the outcomes.
\n
The Committee also considered shareholder and broader stakeholder experience over the year.
\n
The Company has successfully returned over \u00a31 billion to shareholders during the current Policy
\n
period and \u00a32.8 billion under our Dividend Policy since 2018. As noted on pages 129 and 130,
\n
the Company\u2019s updated Distribution Policy is to continue to return 7.5% of net assets per annum,
\n
or at least \u00a3250 million, in two equal instalments to shareholders. This is a differentiated distribution
\n
policy within the homebuilding sector. The Committee is therefore satis\ufb01ed that the EIS payout
\n
achieved is representative of the strong performance of the Executive Directors in 2025; accordingly,
\n
the Committee did not exercise any discretion to adjust the formulaic outcome.
\n
The Executive Directors receive two-thirds of their EIS as cash; the remaining third will be paid in shares
\n
and will be retained in the Company\u2019s Employee Bene\ufb01t Trust for three years. These shares will not be
\n
subject to any further performance or non-performance measures.
\n
PSP in 2025 (audited)
\n
2023 PSP Award outcome
\n
The outcome of the 2023 PSP Award, which assesses performance from 1 January 2023 to
\n
31 December 2025, is 70% of the maximum. The table below sets out performance against each
\n
target and the resulting payout level for each measure.
\n\n \n
Threshold
Maximum
Performance measure
Weighting
(20%)
(100%)
Actual
Outcome
TSR vs homebuilder
40%
Median
Upper quartile
Taylor Wimpey: 33.4%
40%
peer group
(a)
Upper quartile: 28.2%
RONOA in 2025
15%
14%
19%
11.0%
0%
Operating profit margin in 2025
(b)
15%
13%
18%
10.9%
0%
Customer service in 2025
(c)
15%
78.5%
81.5%
85.6%
15%
Carbon reduction in 2025
(d)
15%
34%
38%
60.0%
15%
Total
100%
70%
\n
(a) The peer group was comprised of Barratt Developments, Bellway, Berkeley Homes, Crest Nicholson, Persimmon, Redrow
\n
and Vistry Group. Barratt Developments merged with Redrow in August 2024. For the purpose of assessing the TSR
\n
performance of Redrow, its performance has been tracked using the performance of Barratt Developments (the acquirer)
\n
from the date Redrow shares were de-listed and cancelled (22 August 2024).
\n
(b) In preparation for the adoption of IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019 in 2027, the Group has
\n
renamed operating pro\ufb01t and operating pro\ufb01t margin to adjusted operating pro\ufb01t and adjusted operating pro\ufb01t margin
\n
respectively. The calculation methodologies for the measures are unchanged. Read more on page 81.
\n
(c) The customer service measure is based on the single question \u2018Would you recommend?\u2019 from the independently measured
\n
HBF 9-month survey.
\n
(d) The carbon reduction measure is based on absolute carbon emissions reduction targets to be achieved by 31 December
\n
2025 from a 2019 baseline.
\n
Taylor Wimpey\u2019s exceptional TSR of +33.4% in the period placed the Company in the top quartile of the
\n
homebuilding peer group and so the TSR element paid out in full. The Company did not achieve the
\n
threshold performance level for the stretching targets relating to RONOA and operating pro\ufb01t margin.
\n
In 2025, the Company delivered a strong customer satisfaction score consistent with our \ufb01ve-star
\n
builder status. Across the full three-year performance period, we achieved sustained improvements in
\n
long term customer satisfaction, resulting in performance ahead of maximum.
\n
The carbon reduction measure is based on absolute carbon emission reductions to be achieved by
\n
31 December 2025, which is aligned with our ambitious publicly announced 2045 Net Zero Transition
\n
Plan. The ambitious target was set to incentivise the reductions in scope 1 and 2 emissions required
\n
from our 2019 baseline to meet our commitments and are \ufb01rmly linked to business strategy. Since
\n
introducing these targets, active business decisions have been taken to reduce our carbon emissions,
\n
such as investing in hydrotreated vegetable oil, increasing our use of renewable electricity and powering
\n
our construction sites with hybrid generators. Between 2019 and 2025, these measures have reduced
\n
our scope 1 and 2 emissions by 60%.
\n
Re\ufb02ecting the exceptional performance on both customer service and carbon reduction, each of these
\n
measures will vest in full. The customer service measure is independently measured by the HBF
\n
9-month survey. As noted on pages 50 and 120, PwC performed external independent limited
\n
assurance procedures over selected ESG performance metrics, including the Scope 1 and Scope 2
\n
market based emissions, this data has been used to calculate the 60% reduction compared with the
\n
2019 baseline.
\n
The Committee is comfortable that the overall vesting level of the award is appropriate, taking into
\n
account holistic business performance and the wider stakeholder experience over the performance
\n
period, particularly noting the relative TSR performance over the period. As such, no discretion was
\n
exercised in respect of the formulaic outcome.
\n
The shares vesting will be subject to a two-year post-vesting holding period. The Committee has the
\n
discretion to adjust the number of shares vesting from each PSP Award in order to mitigate against any
\n
potential windfall gains, and the Committee is comfortable that the outcome of the 2023 Award was not
\n
in\ufb02ated by windfall gains.
\n
PSP Awards included in the 2024 and 2025 single total \ufb01gure of remuneration table
\n
The table below sets out the number of shares each Executive Director received after the vesting of the 2022 and 2023 PSP Awards.
\n\n \n
Number of
Value attributable
Value of proportion
Value of award
End of
dividend
to share price
of PSP
Number of
at grant
performance
% of award
Number of
equivalent
Total number
increase
(single figure)
shares granted
(\u00a3000)
period
vesting
shares vesting
shares
of shares
Vesting date
(\u00a3000)
(\u00a3000)
2025
(a)
Jennie Daly
1,207,243
1,500
31/12/2025
70.0
845,070
195,678
1,040,748
05/03/2026
\u2013
1,079
Chris Carney
812,394
1,009
31/12/2025
70.0
568,675
131,679
700,354
05/03/2026
\u2013
726
2024
(b)
Jennie Daly
1,141,552
1,500
31/12/2024
54.3
619,862
140,267
760,129
27/02/2025
\u2013
849
Chris Carney
749,713
980
31/12/2024
54.3
407,094
92,121
499,215
27/02/2025
\u2013
558
\n
(a) The 2023 PSP Award is included in the 2025 single total remuneration \ufb01gure. The performance against each of the performance measures is noted in the table on page 150. A share price of 103.7 pence was used to calculate the value of the Award vesting
\n
on 5 March 2026 as this was the average share price for the dealing days in the last three months of the \ufb01nancial year. Based on the share price of 103.7 pence, no value is attributable to a share price increase, as the share price used to calculate the 2023
\n
PSP Award was 124.3 pence, being the average closing share price the three days preceding the grant. The value of the 2023 Award will be recalculated in the Annual Report and Accounts 2026 to re\ufb02ect the share price on the date the Award vests.
\n
Dividend equivalents will be paid in shares.
\n
(b) The 2022 PSP Award is included in the 2024 single total remuneration \ufb01gure. Details of performance for this Award can be found on page 148 of the Annual Report and Accounts 2024. The share price on the date the Award vested (111.7 pence) has been
\n
used to recalculate the value of the Award for single \ufb01gure purposes. Dividend equivalents were paid in shares.
\n
PSP Awards granted during 2025
\n
The tables below set out the PSP Awards granted during the year and the corresponding performance measures. The Committee considers that the measures provide a good overall balance in assessing our
\n
longer term performance against our business strategy, with targets reviewed to re\ufb02ect market conditions and business forecasts for the Group at the time of the award. The rationale for the measures and targets
\n
approved for the 2025 PSP Awards can be found on page 151 in the Annual Report and Accounts 2024.
\n\n \n
% of award vesting
Face value
if threshold
End of
of award at
Number of shares
performance
performance
Executive Director
Award type
% of salary
Grant date
maximum vesting
granted
achieved
period
Jennie Daly
(a)
Nil-cost option
200
06/03/2025
\u00a31,591,350
1,425,727
25
31/12/2027
Chris Carney
(a)
Nil-cost option
200
06/03/2025
\u00a31,070,872
959,419
25
31/12/2027
\n
(a) The share price (111.6 pence) used to calculate the number of shares awarded to Jennie and Chris was based on the average closing share price over the three business days prior to grant (3, 4 and 5 March 2025).
\n\n \n
Threshold
Maximum
Performance measure
Rationale
Weighting
(25%)
(100%)
TSR vs homebuilder
Align the rewards received by
40%
Median
Upper
peer group
(a)
executives with the returns received
quartile
by shareholders
Operating profit margin
Optimise sales prices and improve
15%
12%
15%
in 2027
(b)
cost discipline
RONOA in 2027
Maintain focus on driving increased
15%
12%
15%
capital efficiency
Customer service
Maintain customer trust and
15%
12.55
12.58
performance in
endorse Company reputation
2025 to 2027
(c)
Carbon reduction in 2027
Support the Board\u2019s strategy on
15%
36%
44%
(from a 2019 baseline)
(d)
carbon emissions reductions
across our operations
\n
(a) The peer group comprises Barratt Redrow, Bellway, Berkeley Homes, Crest Nicholson, MJ Gleeson, Persimmon, and
\n
Vistry Group. The measurement approach is to be on a straight-line basis between the median TSR and upper quartile TSR.
\n
(b) In preparation for the adoption of IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019 in 2027, the Group has
\n
renamed operating pro\ufb01t and operating pro\ufb01t margin to adjusted operating pro\ufb01t and adjusted operating pro\ufb01t margin
\n
respectively. The calculation methodologies for the measures are unchanged. Read more on page 81.
\n
(c) The score out of \ufb01ve will be the average of the customer satisfaction scores relating to build quality and the service received
\n
after completion taken from the independently veri\ufb01ed HBF 8-week and 9-month surveys, with 50% equal contribution.
\n
(d) The targets are based on absolute carbon emissions reductions from Taylor Wimpey\u2019s 2019 baseline, to be achieved by
\n
31 December 2027, which requires a reduction in the Company\u2019s absolute scope 1 and scope 2 emissions.
\n
Payments for loss of of\ufb01ce and payments to
\n
former Directors (audited)
\n
No payments were made for loss of of\ufb01ce or to former Directors during 2025.
\n
Executive Directors\u2019 interests in the Company\u2019s share
\n
schemes (audited)
\n
Details of the options and conditional awards over shares held by the Executive Directors who served
\n
during the year are as follows:
\n\n \n
Additional
maximum
Maximum
potential
Maximum
potential
shares
Exercised/
potential
shares as at
awarded
released
Lapsed during
shares as at
Director
01/01/2025
during the year
during the year
the year
31/12/2025
(a)
Jennie Daly
PSP
(b)
3,456,454
1,425,727
619,862
521,690
3,740,629
Sharesave
(c)
36,057
\u2013
\u2013
\u2013
36,057
Total
3,492,511
1,425,727
619,862
521,690
3,776,686
Chris Carney
PSP
2,307,487
959,419
407,094
342,619
2,517,193
Sharesave
36,057
\u2013
\u2013
\u2013
36,057
Total
2,343,544
959,419
407,094
342,619
2,553,250
\n
(a) All outstanding awards are options. The Directors do not hold any vested but unexercised share options.
\n
(b) The Executive Directors exercised their 2022 PSP Award on 27 February 2025 when the share price was 111.7 pence.
\n
Jennie Daly\u2019s options were awarded on 26 April 2022 using a share price of 131.4 pence. Chris Carney\u2019s options were
\n
awarded on 10 March 2022 using a share price of 130.7 pence to calculate the Award. The share price used to calculate the
\n
number of shares under each Award was based on the average during the three days leading up to the Award. Further details
\n
of the shares awarded under the 2025 PSP Award can be found on page 151.
\n
(c) Jennie Daly and Chris Carney each hold 36,057 Sharesave options which were granted on 3 October 2022 at an option price
\n
of 83.20 pence, which was a 20% discount to the share price at the start of the invitation window. The face value of these
\n
options on the date of grant for Jennie and Chris was \u00a332,603 each. The Sharesave options are not subject to any
\n
performance conditions.
\n
Single total \ufb01gure of remuneration for the Chair and
\n
Non Executive Directors (audited)
\n\n \n
Total fees (\u00a3000)
2025
2024
Robert Noel
353
343
Mark Castle
79
77
Martyn Coffey
(a)
68
6
Irene Dorner
68
66
Jitesh Gadhia
(b)
105
86
Scilla Grimble
(c)
87
72
Clodagh Moriarty
68
66
\n
(a) Martyn Coffey joined the Board on 1 December 2024.
\n
(b) Jitesh Gadhia became Senior Independent Director with effect from 1 December 2024 and therefore received the additional
\n
Senior Independent Director fee for the remainder of the year in 2024 and 2025.
\n
(c) Scilla Grimble was appointed as Chair of the Audit Committee with effect from 1 September 2024 and therefore received the
\n
additional Audit Committee Chair fee for the remainder of the year in 2024 and 2025.
\n
Chair and Non Executive Director fees
\n
The current fees for the Chair of the Board, Non Executive Director and additional fees for the roles of
\n
Chair of the Audit Committee, Chair of the Remuneration Committee, Senior Independent Director and
\n
Employee Champion are set out below and remain the same as in 2025. The fees will be reviewed
\n
during the course of 2026.
\n\n \n
As at
Role
1 April 2026
Chair of the Board
\u00a3355,400
Non Executive Director
\u00a368,960
Senior Independent Director
\u00a318,570
Audit/Remuneration Committee Chair
\u00a318,570
Employee Champion
\u00a310,610
\n
Statement of Directors\u2019 shareholdings and share interests (audited)
\n
In line with the current Policy, the Executive Directors\u2019 shareholding guideline is to hold 200% of their
\n
base salary. As explained on page 138, the 2026 Policy proposes an increase to 250% of salary in line
\n
with the maximum PSP opportunity.
\n
In addition, a post-employment shareholding guideline requires Executive Directors to retain
\n
shares worth 200% of their base salary, or their shareholding at the time of cessation if this requirement
\n
has not yet been met, for at least two years post-employment. Any shares that remain subject to
\n
holding or deferral periods must be held within the Company\u2019s Employee Bene\ufb01t Trust, and will
\n
continue to be retained through this mechanism until the end of the post-employment shareholding
\n
requirement timeframe.
\n
The Chair and the Non Executive Directors are also encouraged to hold shares in the Company in
\n
order to align their interests with those of shareholders.
\n\n \n
Outstanding interests
Value of
Beneficially owned
in share schemes
beneficially
owned shares
Share interests
as at
expressed as a
Director
at 01/01/2025
at 31/12/2025
(a)
PSP
(b)
Sharesave
31/12/2025
% of salary
(c)
Robert Noel
332,872
332,872
Jennie Daly
(d)
965,700
1,633,838
3,740,629
36,057
\u00a31,756,376
207
Chris Carney
(d)
1,120,985
1,541,323
2,517,193
36,057
\u00a31,656,922
300
Mark Castle
47,934
52,086
Martyn Coffey
31,500
31,500
Irene Dorner
164,952
164,952
Jitesh Gadhia
100,000
100,000
Scilla Grimble
15,000
15,000
Clodagh Moriarty
25,025
25,025
\n
(a) Shares owned outright include the net-of-tax shares delivered to the Executive Directors in March 2023, March 2024 and
\n
March 2025, following the one-third deferral of the EIS in respect of performance years 2022, 2023 and 2024. The EIS
\n
deferred shares are not subject to further performance conditions.
\n
(b) Vesting is subject to the achievement of performance conditions.
\n
(c) This has been calculated on the basis of bene\ufb01cially owned shares. The share price on 31 December 2025 (107.5 pence) has
\n
been used to calculate Jennie Daly and Chris Carney\u2019s share interests expressed as a percentage of their current salary as at
\n
31 December 2025.
\n
(d) A proportion of shares are held by a connected person.
\n
The only changes to the Directors\u2019 interests as set out above during the period between 31 December
\n
2025 and 4 March 2026 were the regular monthly purchases of shares and one-to-one matching by the
\n
Company under the SIP by Jennie Daly and Chris Carney who both acquired 556 shares each.
\n
Historic TSR performance and Chief Executive historic remuneration
\n
The graph below shows Taylor Wimpey\u2019s TSR performance against the performance of the FTSE 350 and the average of the Housebuilders Index. These benchmarks have been chosen as Taylor Wimpey
\n
is a constituent of both.
\n
The graph also shows the Chief Executive\u2019s single total \ufb01gure of remuneration over the same ten-year period.
\n
TSR versus Chief Executive total single \ufb01gure
\n
0
\n
50
\n
100
\n
150
\n
200
\n
250
\n
0
\n
1,000
\n
2,000
\n
3,000
\n
4,000
\n
5,000
\n
6,000
\n
7,000
\n
8,000
\n
31/12/2015
31/12/2016
31/12/2017
31/12/2018
31/12/2019
31/12/2020
31/12/2021
31/12/2022
31/12/2023
31/12/2024
31/12/2025
\n
TSR \u2013 Value (\u00a3) (rebased)
\n
Chief Executive Total Remuneration (\u00a3000)
\n
Taylor Wimpey
\n
FTSE 350
\n
Housebuilders Index
\n
Chief Executive
\n
total remuneration
\n\n \n
Single total figure (\u00a3000)
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Jennie Daly
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
1,175
(a)
2,208
2,851
(b)
2,687
Pete Redfern
6,888
4,072
3,697
3,272
3,247
1,120
2,710
925
\u2013
\u2013
\u2013
EIS (% of maximum)
Jennie Daly
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
76
91
94
53
Pete Redfern
78
80
66
96
50.6
\u2013
95
76
\u2013
\u2013
\u2013
PSP (% of maximum)
Jennie Daly
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
32.3
40
54.3
70
Pete Redfern
100
81
78
50
62.8
6.6
22.1
32.3
\u2013
\u2013
\u2013
\n
(a) Relates to the period Jennie Daly was Chief Executive from 26 April 2022.
\n
(b) The 2024 \ufb01gure has been restated to re\ufb02ect the share price on the date the 2022 PSP Award vested, which was 111.7 pence.
\n
CEO pay ratio
\n\n \n
Chief Executive
Year
Method
single figure
(a)
Lower quartile
Median
Upper quartile
2025
(b)
Option B
\u00a32,686,756
Ratio
67:1
50:1
33:1
Salary
\u00a333,962
\u00a342,123
\u00a365,857
Total pay and benefits
\u00a339,850
\u00a353,754
\u00a382,619
2024
Option B
\u00a33,065,841
Ratio
81:1
59:1
39:1
2023
Option B
\u00a32,185,041
Ratio
68:1
42:1
32:1
2022
Option B
\u00a32,100,044
Ratio
62:1
41:1
26:1
2021
Option B
\u00a32,764,290
Ratio
87:1
60:1
40:1
2020
Option B
\u00a31,120,451
Ratio
39:1
26:1
20:1
2019
Option B
\u00a33,023,654
Ratio
93:1
73:1
48:1
2018
Option B
\u00a33,151,748
Ratio
103:1
77:1
41:1
\n
(a) The previous Chief Executive single \ufb01gures in this table have not been restated to re\ufb02ect the share price on the date the
\n
relevant PSP Award vested. We have chosen to do this for transparency purposes so that we are comparing the ratios
\n
disclosed in previous reports.
\n
(b) The three representative employees were determined on 31 December 2025.
\n
Under Option B, using the hourly rate from our 2025 gender pay gap data, three employees have been
\n
identi\ufb01ed as the best equivalents of our lower quartile, median and upper quartile. Option B provides
\n
a clear methodology involving fewer adjustments to calculate full-time equivalent earnings and is likely to
\n
produce more robust reporting year on year. The Company believes that the median pay ratio for the year
\n
ended 31 December 2025 is consistent with the pay and reward policies for UK employees taken as a
\n
whole, as the employee identi\ufb01ed at the median through the Option B methodology is representative of
\n
the wider UK workforce and re\ufb02ects the normal operation of our pay and reward policies.
\n
The Committee has reviewed the results of the calculations and is satis\ufb01ed that they continue to be
\n
representative of the respective quartiles. Total pay and bene\ufb01t \ufb01gures, excluding any temporary
\n
allowances paid during the \ufb01nancial year ended 31 December 2025, have been calculated for the
\n
employee at each quartile. To ensure that the employees used for each quartile are representative of
\n
their contractual roles, any temporary allowances have been excluded consistent with previous years.
\n
Figures have also been calculated for employees either side of the identi\ufb01ed employees to con\ufb01rm that
\n
the individuals selected are a reasonably representative based on their full year\u2019s remuneration.
\n
Due to a reduction in the Chief Executive single \ufb01gure for 2025, all three ratios have decreased.
\n
The reduction in the Chief Executive single \ufb01gure was a result of a lower bonus payout (53% in 2025
\n
vs 94% in 2024). This was partially offset by a higher base salary and a higher PSP payout (70.0% in
\n
2025 vs 54.3% in 2024).
\n
Relative importance of spend on pay
\n
Change in Company performance relative to change in remuneration
\n\n \n
2025
2024
Change
Adjusted operating profit
(a)
\u00a3420.6m
\u00a3416.2m
1.1%
Distributions to shareholders
Aggregate dividends paid during the year
\u00a3330.4m
\u00a3339.4m
(2.7)%
Employee pay in aggregate
(b)
\u00a3299.6m
\u00a3290.2m
3.2%
Employee pay average per employee
(b)
\u00a366,637
\u00a365,096
2.4%
\n
(a) Adjusted operating pro\ufb01t is de\ufb01ned as pro\ufb01t on ordinary activities before \ufb01nancing, exceptional items and tax, after share of results
\n
of joint ventures. Adjusted operating pro\ufb01t has been chosen as it is one of the Company\u2019s primary measures of performance.
\n
(b) See Note 7 to the \ufb01nancial statements on page 189.
\n
Malus and clawback
\n
Any payments under the EIS or vesting of shares under the PSP are subject to malus and
\n
clawback provisions.
\n
Under the PSP, the Committee may apply malus in exceptional circumstances, including misconduct,
\n
reputational damage, failure of risk management, poor underlying performance, payments based on
\n
erroneous or misleading data, misstatement of accounts or corporate failure. Clawback may be applied
\n
in similarly exceptional circumstances, for up to three years from the vesting date. As noted on page
\n
132, shareholders are being asked to approve new PSP rules at the 2026 AGM. A summary of the
\n
malus and clawback provisions contained in the new rules can be found on page 246.
\n
Under the EIS, the Committee may apply malus and clawback if the Committee forms the view that
\n
there has been a material misstatement of results, performance assessments that were based on
\n
inaccurate and misleading information, serious misconduct that could have warranted summary
\n
dismissal, behaviour inconsistent with the Company\u2019s governance and values, or misconduct resulting in
\n
reputational damage or corporate failure. Clawback may be applied for up to three years from the date
\n
the bonus is paid.
\n
The Committee considers that a three-year clawback period for both the EIS and PSP is appropriate,
\n
as it provides suf\ufb01cient time for any relevant circumstances to come to light and re\ufb02ects the cyclical
\n
nature of the homebuilding industry.
\n
The Committee did not apply malus or clawback during 2025.
\n
Annual percentage change in remuneration of Directors and employees
\n
The table below shows the percentage change in the salary or fee, taxable bene\ufb01ts and annual bonus of each current Director and the average Taylor Wimpey employee in respect of the periods from 2020 to
\n
2025. The Company does not have any employees so the \ufb01gures shown are in relation to Taylor Wimpey UK Limited employees.
\n\n \n
Salary/fee
(a)
Benefits
Annual bonus scheme
(a)
2025/2024
2024/2023 2023/2022 2022/2021 2021/2020
2025/2024
2024/2023 2023/2022 2022/2021 2021/2020
2025/2024
2024/2023 2023/2022 2022/2021 2021/2020
Average pay of a Taylor Wimpey employee
2%
6%
8%
4%
6%
3%
9%
4%
3%
3%
(20)%
15%
10%
(10)%
163%
Jennie Daly
(b)
6%
3%
19%
58%
13%
7%
(15)%
(32)%
(55)%
12%
(40)%
6%
44%
26%
n/a
Chris Carney
(b)
3%
3%
3%
7%
18%
15%
0%
8%
(40)%
(11)%
(42)%
6%
23%
(14)%
n/a
Robert Noel
(c)
3%
33%
189%
11%
23%
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Irene Dorner
(d)
3%
(57)%
(55)%
2%
32%
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Mark Castle
(e)
3%
7%
n/a
n/a
n/a
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Martyn Coffey
(f)
n/a
n/a
n/a
n/a
n/a
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Jitesh Gadhia
(g)
22%
4%
8%
n/a
n/a
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Scilla Grimble
(h)
21%
11%
n/a
n/a
n/a
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Clodagh Moriarty
(i)
3%
2%
n/a
n/a
n/a
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\n
(a) In light of the COVID-19 pandemic, the Executive and Non Executive Directors took a voluntary 30% reduction in base salary and fees from 1 April 2020 to 31 July 2020. The Executive Directors\u2019 2020 EIS was also cancelled.
\n
(b) Jennie Daly was appointed as Chief Executive with effect from 26 April 2022 and received an above average salary increase on 1 April 2025. Chris Carney received a salary increase on 1 July 2021.
\n
(c) Robert Noel was appointed as the Senior Independent Director on 20 April 2020 and Employee Champion on 26 April 2022. Robert was then appointed Chair of the Board and stood down as the Senior Independent Director and Employee Champion on
\n
27 April 2023.
\n
(d) Irene Dorner stood down as Chair and became a Non Executive Director on 27 April 2023.
\n
(e) Mark Castle was appointed to the Board on 1 June 2022 and as Employee Champion on 27 April 2023.
\n
(f) Martyn Coffey was appointed to the Board on 1 December 2024.
\n
(g) Jitesh Gadhia was appointed to the Board on 1 March 2021. Jitesh was then appointed as Chair of the Remuneration Committee on 26 April 2022 and as the Senior Independent Director on 1 December 2024.
\n
(h) Scilla Grimble was appointed to the Board on 1 March 2021. Scilla was then appointed as Chair of the Audit Committee on 1 September 2024.
\n
(i) Clodagh Moriarty was appointed to the Board on 1 June 2022.
\n
Approach to remuneration in 2026
\n
2026 salary review
\n
As outlined in the Committee Chair\u2019s letter, the Committee has approved a 3% increase to Jennie Daly
\n
and Chris Carney, in line with the Company-wide average salary increase.
\n\n \n
As at 1 April
As at 1 April
Executive Director
2025
2026
Change
Jennie Daly
\u00a3850,000
\u00a3875,500
3%
Chris Carney
\u00a3551,499
\u00a3568,044
3%
\n
2026 EIS
\n
Subject to shareholders approving the new Policy at the 2026 AGM, Executive Directors will be able to
\n
earn up to 200% of salary under the 2026 EIS.
\n
The EIS performance measures for 2026 remain in line with those used in 2025, with a 70% weighting
\n
on \ufb01nancial performance, recognising the importance in changing market conditions. The measures are
\n
set out in the table below, and the strategic rationale for their inclusion and how they drive performance
\n
towards our medium term targets is set out on page 134. The target ranges were carefully considered,
\n
ensuring an appropriate balance between achievability and stretch, and were set at the start of 2026.
\n
As the EIS performance targets for the year are considered commercially sensitive, the 2026 EIS targets
\n
will be disclosed retrospectively in the Annual Report and Accounts 2026, together with the associated
\n
weightings and performance outcomes in the usual way.
\n\n \n
Performance measure
Weighting
Adjusted operating profit
(a)
30%
Adjusted operating profit margin
(a)
20%
Cash conversion
20%
Build quality
(b)
15%
Customer service
(c)
15%
\n
(a) In preparation for the adoption of IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019 in 2027, the Group has
\n
renamed operating pro\ufb01t and operating pro\ufb01t margin to adjusted operating pro\ufb01t and adjusted operating pro\ufb01t margin
\n
respectively. The calculation methodology for the measures is unchanged. Read more on page 81.
\n
(b) Build quality is measured externally through the NHBC CQR.
\n
(c) This will be based on the independently veri\ufb01ed HBF weighted customer satisfaction scores for Build Quality and Service After
\n
taken from the 8-week and 9-month surveys, with 50% equal contribution.
\n
2026 PSP Awards
\n
Subject to shareholders approving the new Policy at the 2026 AGM, Executive Directors will be able to
\n
earn up to 250% of salary under the 2026 PSP.
\n
The measures and targets for the 2026 PSP Award are set out in the table below. The strategic rationale
\n
for their inclusion as measures, and details on how they drive performance towards our medium term
\n
targets are set out on page 134.
\n\n \n
Threshold
Maximum
Performance measure
Weighting
(25%)
(100%)
Upper
TSR vs homebuilder peer group
(a)
40%
Median
quartile
Adjusted operating profit margin (2028)
(b)
15%
13%
16%
RONOA (2028)
15%
14%
19%
Customer service (2026-2028)
(c)
15%
12.63
12.75
Carbon reduction (from a 2019 baseline) (2028)
(d)
15%
39%
48%
\n
(a) The peer group comprises Barratt Redrow, Bellway, Berkeley Homes, Crest Nicholson, MJ Gleeson, Persimmon and
\n
Vistry Group. The measurement approach for the 2026 PSP Award will be on a straight-line basis between the median
\n
TSR and upper quartile TSR.
\n
(b) An adjusted operating pro\ufb01t margin measure will operate in both the EIS and PSP in 2026 as this is a critical measure at both
\n
an operational level for the EIS and over the longer term for the PSP (where margin will be assessed at the end of the
\n
three-year performance period). This will ensure that our priority remains delivering our sustained pro\ufb01tability with an
\n
unremitting focus on long term decisions with cost and process discipline to drive shareholder returns over the medium term.
\n
In preparation for the adoption of IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019 in 2027, the Group has
\n
renamed operating pro\ufb01t and operating pro\ufb01t margin to adjusted operating pro\ufb01t and adjusted operating pro\ufb01t margin
\n
respectively. The calculation methodologies for the measures are unchanged. Read more on page 81.
\n
(c) The score out of \ufb01ve will be the average of the customer satisfaction scores for Build Quality and Service After, taken from
\n
the independently veri\ufb01ed HBF 8-week and 9-month surveys, with 50% equal contribution. The 2026 PSP and EIS customer
\n
service measures will therefore be on the same basis, but to avoid doubling up of reward for the same performance, the PSP
\n
measure will be assessed on the aggregate of the annual scores over the relevant performance period and not the \ufb01nal year.
\n
Customer service continues to be an extremely important area of focus for the Company and we are therefore comfortable
\n
that this should be incorporated in both the EIS and PSP. The HBF\u2019s new star rating combines customers\u2019 service before and
\n
moving in experience via the 8-week surveys, as well as service after and customers\u2019 experience of living longer term in one
\n
of our developments, via the 9-month survey. By including the new star rating, we are ensuring that customer experience
\n
over both time frames is still measured.
\n
(d) This will be based on a reduction in absolute scope 1 and 2 carbon emissions, and the target range takes into account the
\n
anticipated higher volumes in 2028. The carbon reduction target is based on absolute carbon emission reductions to be
\n
achieved by 31 December 2028, which is aligned with our ambitious publicly announced 2045 Net Zero Transition Plan.
The Remuneration Committee
The Remuneration Committee members in 2025
There were \ufb01ve Committee meetings during 2025 and all Committee members attended all \ufb01ve
meetings. The Committee met the 2024 Code requirement to have three independent Non Executive
Directors as members of the Committee. The names of the Committee members can be found on
page 129.
Internal attendees consisted of the Chief Executive, Group Finance Director, Group Human Resources
Director, Head of Reward, Sustainability Manager and members of the Company Secretariat team.
These attendees provided important information to the Committee and were not involved in any
decisions relating to their own remuneration.
Main activities during 2025
Over the course of the year since the last Annual Report and Accounts, the Committee has:
\u2022 Consulted with shareholders regarding the minority vote against the Directors\u2019 Remuneration Report
at the 2025 AGM
\u2022 Reviewed the Policy ahead of the 2026 AGM and engaged with shareholders on the
proposed changes
\u2022 Determined the 2025 salary levels for the Chief Executive, Group Finance Director, senior
management and wider workforce
\u2022 Agreed the targets applicable to the 2025 EIS and 2025 PSP Award
\u2022 Approved the outcomes for the 2024 EIS and 2023 PSP Award
\u2022 Considered wider workforce remuneration arrangements
Committee\u2019s performance
The Committee reviewed its activities in 2025 against its Terms of Reference and discharged its
responsibilities in accordance with them. The Committee\u2019s Terms of Reference have been reviewed
against the 2024 Code and best practice, with minor amendments approved by the Committee at its
February 2025 meeting.
The results of the 2025 internal Board performance review concluded that the Committee was ful\ufb01lling
its Terms of Reference effectively and that the Committee Chair was effective.
Advice to the Committee in 2025
The Committee keeps itself fully informed on developments and best practice in the \ufb01eld of
remuneration and seeks advice from external advisers when appropriate.
The Committee appoints its own independent remuneration advisers, and during the year it continued to
retain the services of Korn Ferry. Korn Ferry is a member of the Remuneration Consultants Group and
signatory to its Code of Conduct. Korn Ferry was appointed following a comprehensive tender process.
Korn Ferry does not have any connection with the Company or any of the individual Directors, and did
not provide any other services to the Company during 2025.
As part of its annual review of activities against its Terms of Reference, the Committee considered the
advice provided by Korn Ferry during the year and was satis\ufb01ed that the advice had been appropriate,
objective and independent.
The fees paid to Korn Ferry in 2025 were \u00a3194,256 (including VAT) on a time and materials basis
(2024: \u00a3149,988).
Shareholder voting
The table below sets out the shareholder voting outcomes on the Directors\u2019 remuneration resolutions.
Further details on the reasons for the minority vote against the Directors\u2019 Remuneration Report at the
2025 AGM are provided in the Committee Chair\u2019s letter on page 132.
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
Resolution
For
Against
Total votes cast
Withheld
Directors\u2019 Remuneration Report
1,487,477,643
525,355,936
2,012,833,579
12,485,365
for 2024 (2025 AGM)
73.90%
26.10%
\u00a0 \u00a0
Directors\u2019 Remuneration Policy
2,155,740,993
195,311,797
2,351,052,790
453,054
(2023 AGM)
91.69%
8.31%
\u00a0 \u00a0
\n
This Report has been approved by the Board and signed on its behalf by:
Lord Jitesh Gadhia
Chair of the Remuneration Committee
4 March 2026 7
Staff costs
\n \n
\u00a0
2025
2024
\u00a0
Number
Number
Monthly average number employed
\u00a0 \u00a0
United Kingdom
4,393
4,354
Spain
103
104
\u00a0
4,496
4,458
\n \n
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Remuneration
\u00a0 \u00a0
Wages and salaries
283.2
275.2
Redundancy costs
0.6
0.9
Social security costs
35.2
29.6
Other pension costs (Note 21)
16.4
15.0
\u00a0
335.4
320.7
\n
The information relating to Director and senior management remuneration required by the Companies
Act 2006 and the Listing Rules of the Financial Conduct Authority is contained in Note 30 and
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by the Board of Directors and authorised for issue on 4 March 2026. They were signed on its behalf by:
\n
J Daly
C Carney
\n
Director
Director", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ConsolidatedStatementOfChangesInEquity_PeriodStartLabel_00161": { "value": "291300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_PeriodStartLabel_00162": { "value": "777900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_PeriodStartLabel_00157": { "value": "-29700000.0", "decimals": -5, "dimensions": { 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}, "ConsolidatedCashFlowStatement_NegatedLabel_00318": { "value": "4200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_NegatedLabel_00317": { "value": "3400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_NegatedLabel_00320": { "value": "2500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_NegatedLabel_00319": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_Label_00322": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherCashReceiptsFromSalesOfInterestsInJointVenturesClassifiedAsInvestingActivities", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_Label_00321": { "value": "18500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherCashReceiptsFromSalesOfInterestsInJointVenturesClassifiedAsInvestingActivities", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_Label_00323": { "value": "-15800000.0", "decimals": -5, "dimensions": { "concept": "taylorwimpeyplc:AmountsReceivedFromInvestedInJointVenturesClassifiedAsInvestingActivities", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_Label_00324": { "value": "30600000.0", "decimals": -5, "dimensions": { "concept": "taylorwimpeyplc:AmountsReceivedFromInvestedInJointVenturesClassifiedAsInvestingActivities", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_TotalLabel_00345": { "value": "-10500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_TotalLabel_00346": { "value": "73900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_NegatedLabel_00325": { "value": "11600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_NegatedLabel_00326": { "value": "9600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_Label_00327": { "value": "1700000.0", "decimals": -5, "dimensions": { "concept": 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"unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_NegatedLabel_00332": { "value": "175000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_NegatedLabel_00331": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_Label_00333": { "value": "175000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_Label_00334": { "value": 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"ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_TotalLabel_00338": { "value": "-352300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_TotalLabel_00339": { "value": "-220900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_TotalLabel_00340": { "value": "-113500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_PeriodStartLabel_00342": { "value": "647400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_PeriodStartLabel_00341": { "value": "764900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_Label_00344": { "value": "3100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_Label_00343": { "value": 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Material accounting policies
Basis of preparation
The consolidated \ufb01nancial statements have been prepared on a going concern basis and under the
historical cost convention, except as otherwise stated below.
The material accounting policies adopted, which have been applied consistently, except as otherwise
stated, are set out below.
Adoption of new and revised standards
The Group has adopted and applied the following standards and amendments in the year, which
are\u00a0relevant to its operations, none of which had a material impact on the consolidated \ufb01nancial
statements:
\u2022 IAS 21 \u2018The Effects of Changes in Foreign Exchange Rates\u2019 (amendments) \u2013 lack of exchangeability
At the date of authorisation of these consolidated \ufb01nancial statements, the Group has not applied the
following new or revised standards and interpretations that have been issued but are not yet\u00a0effective:
\u2022 IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019
\u2022 Annual Improvements to IFRS Accounting Standards \u2013 Volume 11
\u2022 IFRS 7 \u2018Financial Instruments: Disclosures\u2019 and IFRS 9 \u2018Financial Instruments\u2019 (amendments) \u2013
classi\ufb01cation and measurement of \ufb01nancial instruments
The Directors do not expect that the adoption of the standards, amendments and interpretations
listed above will have a material impact on the consolidated \ufb01nancial statements of the Group.
Going concern
Group forecasts have been prepared that have considered the Group\u2019s current \ufb01nancial position and
current market circumstances. The forecasts were subject to sensitivity analysis, including a severe
but plausible scenario together with the likely effectiveness of mitigating actions.
The assessment considered sensitivity analysis based on a number of realistically possible, but\u00a0severe
and prolonged, changes to principal assumptions. In determining these, the Group\u00a0included
macroeconomic and industry-wide projections, as well as matters speci\ufb01c to\u00a0the Group.
The severe but plausible downside scenario re\ufb02ects the aggregated impact of sensitivities, taking
account of a decline in customer con\ufb01dence, disposable income and mortgage availability. To\u00a0arrive at
the stress test, the Group has drawn on experience gained managing the business through previous
economic downturns. As a result, the Group has stress tested the business against the following severe
but plausible downside scenario which can be attributed back to the Group\u2019s Principal Risks that have
been identi\ufb01ed as having the most impact on the longer term prospects and viability of the Group.
The impact of the Principal Risk \u2018Natural resources and climate change\u2019 is not deemed to be material
within the forecast period, as costs associated with the regulatory changes have been included in
the modelling.
\u2022 Volume \u2013 a decline in total volumes of 10% in 2026 from 2025 levels, before recovering back to 2025
levels by 2028
\u2022 Price \u2013 a reduction to current selling prices of 10%, remaining at these levels across 2026 and 2027
before recovering to current levels by 2028
\u2022 One-off costs \u2013 a one-off exceptional charge and cash cost of \u00a3150 million for an unanticipated
event, change in government regulations or \ufb01nancial penalty has been included in 2026
Mitigations to this sensitivity analysis include a reduction in land investment, a reduction in the level of
production and work in progress held and optimising the overhead base to ensure it is aligned with the
scale of the operations through the cycle. If this scenario were to occur, the Directors also have a range
of additional options to maintain \ufb01nancial strength, including a more severe reduction in land spend and
work in progress, the sale of assets, reducing the distributions and/or raising debt.
At 31 December 2025, the Group had a cash balance of \u00a3430 million and had access to \u00a3600\u00a0million
from a fully undrawn revolving credit facility, together totalling \u00a31,030 million. The\u00a0combination of both of
these is suf\ufb01cient to absorb the \ufb01nancial impact of each of the risks modelled in the stress and sensitivity
analysis, individually and in aggregate.
Based on these forecasts, it is considered that there are suf\ufb01cient resources available for the Group to
conduct its business, and meet its liabilities as they fall due, for at least the next 12\u00a0months from the
date of these consolidated \ufb01nancial statements. Consequently, the consolidated \ufb01nancial statements
have been prepared on a going concern basis.
Basis of accounting
The consolidated \ufb01nancial statements have been prepared in accordance with UK-adopted international
accounting standards as applied in conformity with the provisions of the Companies Act 2006. Basis of consolidation
The consolidated \ufb01nancial statements incorporate the \ufb01nancial statements of the Company and entities
controlled by the Company (its subsidiaries) made up to 31 December each year. Control is achieved
where the Company:
\u2022 Has power over the investee;
\u2022 Governs the \ufb01nancial and operating policies of the investee;
\u2022 Is exposed, or has rights, to variable return from its involvement with the investee; and
\u2022 Has the ability to use its power to affect its returns.
On acquisition, the assets and liabilities and contingent liabilities of a subsidiary are measured at their fair
value at the date of acquisition. Any excess of the cost of acquisition over the fair value of the identi\ufb01able
net assets acquired is recognised as goodwill. Any de\ufb01ciency of the cost of acquisition below the fair
value of the identi\ufb01able net assets acquired (i.e. discount on acquisition) is credited to the income
statement in the period of acquisition. The interest of non-controlling shareholders is stated at the
non-controlling interest\u2019s proportion of the fair value of the assets and liabilities recognised.
Subsequently, all comprehensive income is attributed to the owners and the non-controlling interests.
The results of subsidiaries acquired or disposed of during the year are included in the consolidated
income statement from the effective date of acquisition or up to the effective date of disposal,
as appropriate. Where a subsidiary is disposed of which constituted a major line of business, it is
disclosed as a discontinued operation. Where necessary, adjustments are made to the \ufb01nancial
statements of subsidiaries to bring the accounting policies used into line with those used by the
Group. All intra-Group transactions, balances, income and expenses are eliminated on consolidation.
Joint ventures
Undertakings are deemed to be a joint venture when the Group has joint control of the rights and assets
of the undertaking via either voting rights or a formal agreement, which includes that unanimous consent
is required for strategic, \ufb01nancial and operating decisions. Joint ventures are consolidated under the
equity accounting method. Loans to joint ventures form part of the Group\u2019s net investment, which is
assessed for recoverability on a periodic basis or when there is an indication of possible loss. On transfer
of land and/or work in progress to joint ventures, the Group recognises only its share of any pro\ufb01ts or
losses. Joint operations arise where the Group has joint control of an operation but has rights to only its
own assets and obligations related to the operation. These assets and obligations, and the Group\u2019s
share of revenues and costs, are included in the Group\u2019s results.
Joint ventures and joint operations are entered into to develop speci\ufb01c sites. Each arrangement is site or
project speci\ufb01c and once the development or project is complete the arrangement is wound down.
On disposal of a joint venture, a gain or loss is recognised as the difference between proceeds received
and the Group\u2019s net investment in that joint venture at the point of disposal.
Segmental reporting
The Group operates in the United Kingdom and Spain. The United Kingdom is split into \ufb01ve
geographical operating segments, each managed by a Divisional Chair who sits on the Group
Management Team. In addition, there are central operations covering the corporate functions and
Strategic Land.
The Group aggregates the UK operations into a single reporting segment on the basis that they share
similar economic characteristics. In addition, each Division builds and delivers residential homes,
uses consistent methods of construction, sells homes to both private customers and local housing
associations, follows a single UK sales process and operating framework, is subject to the same
macroeconomic factors including mortgage availability and has the same cost of capital arising
from the utilisation of central banking and debt facilities.
As a result, the Group has the following reporting segments:
\u2022 United Kingdom
\u2022 Spain
Revenue
Revenue is recognised when the performance obligation associated with the sale is completed.
The transaction price comprises the fair value of the consideration received or receivable, net of value
added tax, rebates and discounts and after eliminating sales within the Group. Revenue and pro\ufb01t
are recognised as follows:
a. Housing and land sales
Revenue is recognised in the income statement when control is transferred to the customer.
This is deemed to be when title of the property passes to the customer on legal completion
and the performance obligation associated with the sale is completed.
Revenue in respect of the sale of residential properties is recognised at the fair value of the consideration
received or receivable on legal completion.b. Long term contracts
Revenue arising on contracts which give the customer control over properties as they are constructed,
and for which the Group has a right to payments for work performed, is recognised over time. Revenue
and costs are recognised over time with reference to the stage of completion of the contract activity at
the balance sheet date where the outcome of a long term contract can be estimated reliably. This is
normally measured by surveys of work performed to date. Variations in contract work, claims and
incentive payments are included to the extent that it is highly probable that they will result in revenue
and they are capable of being reliably measured. When land is transferred at the start of a long term
contract, revenue is not recognised until control has been transferred to the customer, which includes
legal title being passed to them.
Where the outcome of a long term contract cannot be estimated reliably, contract revenue where
recoverability is probable is recognised to the extent of contract costs incurred. The costs associated
with ful\ufb01lling a contract are recognised as expenses in the period in which they are incurred. When it is
probable that total contract costs will exceed total contract revenue, the\u00a0expected loss is recognised
as an expense immediately.
c. Part exchange
In certain instances, property may be accepted in part consideration for a sale of a residential property.
The fair value is established by independent surveyors, reduced for costs to sell. Proceeds generated
from the subsequent sale of part exchange properties are recorded as other income and the cost as
other expenses. The original sale is recorded in the normal way, with the fair value of the exchanged
property replacing cash receipts.
d. Cash incentives
The transaction price may include cash incentives. These are considered to be a discount from\u00a0the
purchase price offered to the acquirer and are therefore accounted for as a reduction to revenue.
Cost of sales
The Group determines the value of inventory charged to cost of sales based on the total budgeted
current cost of developing the site. Once the total expected costs of development are\u00a0established,
they are allocated to individual plots to achieve a consistent margin for the site. To the extent that
additional costs or savings are identi\ufb01ed, including experienced in\ufb02ation, as the site progresses,
these are recognised over the remaining plots in the current and future years, unless they are speci\ufb01c
to a particular plot, in which case they are recognised in the income statement at the point of sale.
Exceptional items
Exceptional items are de\ufb01ned as items of income or expenditure which, in the opinion of the Directors,
are material or unusual in nature or of such signi\ufb01cance that they require separate disclosure on the face
of the income statement in accordance with IAS 1 \u2018Presentation of Financial Statements\u2019. Should these
items be reversed, disclosure of this would also be as exceptional items.
Finance income
Interest income on bank deposits is recognised on an accruals basis. Also included in interest receivable
are interest and interest-related payments the Group receives on other receivables.
Finance costs
Borrowing costs are recognised on an effective interest rate basis and are payable on the Group\u2019s
borrowings and lease liabilities. Also included are the amortisation of fees associated with the
arrangement of the \ufb01nancing. Capitalised \ufb01nance costs are held in other receivables and amortised
over the period of the facility.
Finance charges, including premiums payable on settlement or redemption, and direct issue costs,
are accounted for on an accruals basis in the income statement using the effective interest method and
are added to the carrying amount of the instrument to the extent that they are not settled in the period in
which they arise.
Foreign currencies
The individual \ufb01nancial statements of each Group company are presented in the currency of the primary
economic environment in which it operates (its functional currency). Transactions in currencies other
than the functional currency are recorded at the rates of exchange prevailing on the dates of
the transactions. At each balance sheet date, monetary assets and liabilities that are denominated
in foreign currencies other than the functional currency are retranslated at\u00a0the rates prevailing at the
balance sheet date.Non-monetary assets and liabilities carried at fair value that are denominated in foreign currencies are
translated at the rates prevailing at the date when the fair value was determined. Gains and losses
arising on retranslation are included in the net pro\ufb01t or loss for the period.
On consolidation, the assets and liabilities of the Group\u2019s overseas operation are translated at
exchange rates prevailing at the balance sheet date. Income and expense items are translated at
an appropriate average rate for the year. Exchange differences arising are recognised within other
comprehensive income and transferred to the Group\u2019s translation reserve. Such translation differences
are recognised as income or expenses in the income statement in the period in which the operation
is disposed of.
The Group uses foreign currency borrowings to hedge its net investment exposure to certain
overseas subsidiaries.
Leases
The Group as a lessee
The Group assesses at inception whether a contract is, or contains, a lease. A lease exists if the
contract conveys the right to control the use of an identi\ufb01ed asset for a period of time in exchange
for consideration. The Group assessment includes whether:
\u2022 The contract involves the use of an identi\ufb01ed asset;
\u2022 The Group has the right to obtain substantially all of the economic bene\ufb01ts from the use of the
asset throughout the contract period; and
\u2022 The Group has the right to direct the use of the asset.
At the commencement of a lease, the Group recognises a right-of-use asset along with a corresponding
lease liability.
The lease liability is initially measured at the present value of the remaining lease payments, discounted
using the Group\u2019s incremental borrowing rate. The lease term comprises the non-cancellable period
of the contract, together with periods covered by an option to extend the lease where the Group
is reasonably certain to exercise that option based on operational needs and contractual terms.
Subsequently, the lease liability is measured at amortised cost by\u00a0increasing the carrying amount
to re\ufb02ect interest on the lease liability and reducing it by the lease payments made. The lease liability
is remeasured when the Group changes its assessment of whether it will exercise an extension or
termination option.
Right-of-use assets are initially measured at cost, comprising the initial measurement of the lease liability
adjusted for any lease payments made at or before the commencement date, estimated asset
retirement obligations, lease incentives received and initial direct costs. Subsequently, right-of-use assets
are measured at cost, less any accumulated depreciation and any accumulated impairment losses,
and are adjusted for certain remeasurements of the lease liability. Depreciation is calculated
on a straight-line basis over the length of the lease.
The Group has elected to apply exemptions for short term leases and leases for which the underlying
asset is of low value. For these leases, payments are charged to the income statement on
a straight-line basis over the term of the relevant lease.
Right-of-use assets are presented within non-current assets on the face of the balance sheet,
and lease liabilities are shown separately on the balance sheet in current liabilities and non-current
liabilities, depending on the length of the lease term.
Intangible assets
Software
Costs that are directly associated with the acquisition or production of identi\ufb01able and unique software
controlled by the Group, and that generate economic bene\ufb01ts beyond one year, are\u00a0recognised as
intangible assets. Software development costs recognised as assets are amortised on a straight-line
basis over three to \ufb01ve years from the time of implementation and are stated at cost less accumulated
amortisation and any accumulated impairment losses.
Property, plant and equipment
Land and buildings held for use in the production or supply of goods or services, or for administrative
purposes, are stated in the balance sheet at cost less accumulated depreciation and any accumulated
impairment losses. Freehold land is not depreciated. Buildings are depreciated over 50 years.
Plant and equipment is stated at cost less accumulated depreciation.
Depreciation is charged to expense the cost or valuation of assets over their estimated useful lives.
Other assets are depreciated using the straight-line method, on the following bases:
\u2022 Plant and equipment: 20-33% per annum
\u2022 Leasehold improvements: over the term of the lease
The gain or loss arising on the disposal or retirement of an asset is determined as the difference
between the sale proceeds, less any selling expenses, and the carrying amount of the asset.
This difference is recognised in the income statement. Impairment of tangible and intangible assets
At each balance sheet date, the Group reviews the carrying amounts of its tangible and intangible
assets to determine whether there is any indication that those assets have suffered an impairment loss.
If any such indication exists, the recoverable amount of the asset is estimated to determine the extent of
the impairment loss (if any). Where the asset does not generate cash \ufb02ows that are independent from
other assets, the Group estimates the recoverable amount of the cash-generating unit to which the
asset belongs.
The recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value
in use, the estimated future cash \ufb02ows are discounted to their present value, using a pre-tax discount
rate that re\ufb02ects current market assessments and the risks speci\ufb01c to\u00a0the asset.
If the recoverable amount of an asset or cash-generating unit is estimated to be less than its carrying
amount, the carrying amount of the asset or cash-generating unit is reduced to its recoverable amount.
An impairment loss is recognised as an expense immediately in the income statement.
Where an impairment loss subsequently reverses, due to a change in circumstances or in the estimates
used to determine the asset\u2019s recoverable amount, the carrying amount of the asset or cash-generating
unit is increased to the revised estimate of its recoverable amount, so long as it does not exceed the
original carrying value prior to the impairment being recognised. A\u00a0reversal of an impairment loss is
recognised as income immediately in the income statement.
Dividends paid
Dividends are charged to retained earnings in the period of payment in respect of an interim dividend,
and in the period in which shareholders\u2019 approval is obtained in respect of the \ufb01nal\u00a0dividend.
Financial instruments
Financial assets
Financial assets are initially recognised at fair value and subsequently classi\ufb01ed into one of the following
measurement categories:
\u2022 Measured at amortised cost
\u2022 Measured at fair value through pro\ufb01t or loss (FVTPL)
\u2022 Measured at fair value through other comprehensive income (FVOCI)
The classi\ufb01cation of \ufb01nancial assets depends on the Group\u2019s business model for managing the asset
and the contractual terms of the cash \ufb02ows. Assets that are held for the collection of contractual cash
\ufb02ows that represent solely payments of principal and interest are measured at amortised cost, with
any interest income recognised in the income statement using the effective interest rate method.
Financial assets that do not meet the criteria to be measured at amortised cost are classi\ufb01ed by
the Group as measured at FVTPL. Fair value gains and losses on \ufb01nancial assets measured at
FVTPL are recognised in the income statement and presented within net operating expenses.
The Group currently has no \ufb01nancial assets measured at FVOCI.
Trade and other receivables
Trade and other receivables are measured at amortised cost, less any loss allowance.
Shared equity loans
Shared equity loans were provided to certain customers to facilitate a house purchase. The\u00a0contractual
cash \ufb02ows on shared equity loans are linked to a national house price index. Under IFRS 9, \ufb01nancial
assets with embedded derivatives are considered in their entirety when determining whether their
cash \ufb02ows are solely payment of principal and interest. Accordingly, shared equity loans are classi\ufb01ed
as FVTPL, with fair value gains and losses arising on the remeasurement of the loan presented in the
income statement within net operating expenses.
Cash and cash equivalents
Cash and cash equivalents comprise cash held by the Group and short term bank deposits with an
original maturity of three months or less from inception and are subject to insigni\ufb01cant risk of changes
in value.
Financial liabilities
Financial liabilities are initially recognised at fair value and subsequently classi\ufb01ed into one of the
following measurement categories:
\u2022 Measured at amortised cost
\u2022 Measured at fair value through pro\ufb01t or loss (FVTPL)
Non-derivative \ufb01nancial liabilities are measured at FVTPL when they are considered held for trading
or designated as such on initial recognition. The Group has no non-derivative \ufb01nancial liabilities
measured at FVTPL.Borrowings
Borrowings are initially recognised at fair value, net of transaction costs incurred and subsequently
measured at amortised cost.
Trade and other payables
Trade and other payables are measured at amortised cost. When the acquisition of land has deferred
payment terms, a land creditor is recognised. Payables are discounted to present value when
repayment is due more than one year after initial recognition, or the impact is material.
Customer deposits
Customer deposits, measured at amortised cost, are recorded as a liability on receipt and released
to the income statement as revenue upon legal completion.
Equity instruments
An equity instrument is any contract that evidences a residual interest in the assets of the Group after
deducting all of its liabilities. Equity instruments issued by the Parent Company are recorded as the
proceeds are received, net of direct issue costs.
Derivative \ufb01nancial instruments and hedge accounting
The Group uses foreign currency borrowings and derivatives to hedge its net investment exposure to
movements in exchange rates on translation of certain individual \ufb01nancial statements denominated in
foreign currencies other than Sterling, which is the functional currency of the Parent Company.
Derivative \ufb01nancial instruments are measured at fair value. Changes in the fair value of derivative \ufb01nancial
instruments that are designated and effective as hedges of net investments in foreign operations are
recognised directly in other comprehensive income and the ineffective portion, if\u00a0any, is recognised
immediately in the income statement.
For an effective hedge of an exposure to changes in fair value, the hedged item is adjusted for changes
in fair value attributable to the risk being hedged with the corresponding entry in the consolidated
income statement. Gains or losses from remeasuring the derivative, or for non-derivatives the
foreign currency component of its carrying amount, are also recognised in the income statement.
Changes in the fair value of derivative \ufb01nancial instruments that do not qualify for hedge accounting
are recognised in the income statement as they arise.
Hedge accounting is discontinued if the hedged item is sold or no longer quali\ufb01es for hedge accounting,
at which point any cumulative gain or loss on the hedging instrument accumulated in other
comprehensive income is transferred to the income statement for the period.
Provisions
Provisions are recognised when the Group has a present legal or constructive obligation as a result of
a past event, and it is probable that the Group will be required to settle that obligation. Provisions are
measured at the Directors\u2019 best estimate of the expenditure required to settle the\u00a0obligation at the
balance sheet date and are discounted to present value where the effect is\u00a0material.
Inventories
Inventories are initially stated at cost and held at the lower of this initial amount and net realisable value.
Costs comprise direct materials and, where applicable, direct labour and those overheads that have
been incurred in bringing the inventories to their present location and condition. Net realisable value
represents the estimated selling price less all estimated costs of completion and costs to be incurred
in marketing, selling and distribution. Land is recognised in inventory when the signi\ufb01cant risks and
rewards of ownership have been transferred to the Group.
Non-refundable land option payments are initially recognised in inventory. They are reviewed regularly
and written off to the income statement when it is probable that the option will not be\u00a0exercised.
Taxation
The tax charge represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable pro\ufb01t for the year. Taxable pro\ufb01t differs from pro\ufb01t before
tax as reported in the income statement because it excludes items of income or expense that are
taxable or deductible in other years, and it further excludes items that are never taxable or deductible.
The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively
enacted at the balance sheet date. Deferred tax
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying
amounts of assets and liabilities in the \ufb01nancial statements and the corresponding tax bases used
in the computation of taxable pro\ufb01t. Deferred tax liabilities are generally recognised for all taxable
temporary differences and deferred tax assets are recognised to the extent that it is probable that
taxable pro\ufb01ts will be available against which deductible temporary differences can be utilised.
Such assets and liabilities are not recognised if the temporary difference arises from goodwill or
from the initial recognition (other than in a business combination) of other assets and liabilities in
a transaction that affects neither the taxable pro\ufb01t nor the accounting pro\ufb01t.
Deferred tax liabilities are also recognised for taxable temporary differences arising on investments
in subsidiaries and interests in joint ventures, except where the Group is able to control the reversal
of the temporary difference and\u00a0it is probable that the temporary difference will not reverse in the
foreseeable future.
Deferred tax is measured on a non-discounted basis using the tax rates and laws that have been
enacted or substantively enacted by the balance sheet date.
The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the
extent that it is no longer probable that suf\ufb01cient taxable pro\ufb01ts will be available to allow all or part of
the asset to be recovered. Deferred tax is charged or credited to the income statement, except when
it relates to items charged or credited directly to other comprehensive income or equity, in which case
the deferred tax is also dealt with in other comprehensive income or equity.
Share-based payments
The Group issues equity-settled share-based payments to certain employees. Equity-settled
share-based payments are measured at fair value at the date of grant. The fair value is expensed
on a straight-line basis over the vesting period, based on the Group\u2019s estimate of shares that will
vest after adjusting for the effect of non-market vesting conditions.
Employee bene\ufb01ts
For de\ufb01ned bene\ufb01t plans, a \ufb01nance charge is determined on the net de\ufb01ned bene\ufb01t pension liability.
The operating and \ufb01nancing costs of such plans are recognised separately in the income statement;
past service costs are recognised as an expense at the earlier of when the plan is amended or
curtailment occurs, at the same time as which the entity will recognise related restructuring costs
or termination bene\ufb01ts. Certain liability management costs and \ufb01nancing costs are recognised in
the periods in which they arise. Actuarial gains and losses are recognised immediately in the
consolidated statement of comprehensive income.
The retirement bene\ufb01t obligation recognised in the consolidated statement of \ufb01nancial position
represents either the net de\ufb01cit position of the scheme or, should the scheme be in an IAS 19
accounting surplus, the IFRIC 14 liability equal to the present value of future committed
cash contributions.
Payments to de\ufb01ned contribution schemes are charged as an expense as they\u00a0fall due.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00360": { "value": "Basis of preparation
The consolidated \ufb01nancial statements have been prepared on a going concern basis and under the
historical cost convention, except as otherwise stated below.
The material accounting policies adopted, which have been applied consistently, except as otherwise
stated, are set out below. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00361": { "value": "Adoption of new and revised standards
The Group has adopted and applied the following standards and amendments in the year, which
are\u00a0relevant to its operations, none of which had a material impact on the consolidated \ufb01nancial
statements:
\u2022 IAS 21 \u2018The Effects of Changes in Foreign Exchange Rates\u2019 (amendments) \u2013 lack of exchangeability
At the date of authorisation of these consolidated \ufb01nancial statements, the Group has not applied the
following new or revised standards and interpretations that have been issued but are not yet\u00a0effective:
\u2022 IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019
\u2022 Annual Improvements to IFRS Accounting Standards \u2013 Volume 11
\u2022 IFRS 7 \u2018Financial Instruments: Disclosures\u2019 and IFRS 9 \u2018Financial Instruments\u2019 (amendments) \u2013
classi\ufb01cation and measurement of \ufb01nancial instruments
The Directors do not expect that the adoption of the standards, amendments and interpretations
listed above will have a material impact on the consolidated \ufb01nancial statements of the Group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00362": { "value": "Adoption of new and revised standards
The Group has adopted and applied the following standards and amendments in the year, which
are\u00a0relevant to its operations, none of which had a material impact on the consolidated \ufb01nancial
statements:
\u2022 IAS 21 \u2018The Effects of Changes in Foreign Exchange Rates\u2019 (amendments) \u2013 lack of exchangeability", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00363": { "value": "At the date of authorisation of these consolidated \ufb01nancial statements, the Group has not applied the
following new or revised standards and interpretations that have been issued but are not yet\u00a0effective:
\u2022 IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019
\u2022 Annual Improvements to IFRS Accounting Standards \u2013 Volume 11
\u2022 IFRS 7 \u2018Financial Instruments: Disclosures\u2019 and IFRS 9 \u2018Financial Instruments\u2019 (amendments) \u2013
classi\ufb01cation and measurement of \ufb01nancial instruments
The Directors do not expect that the adoption of the standards, amendments and interpretations
listed above will have a material impact on the consolidated \ufb01nancial statements of the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00364": { "value": "Going concern
Group forecasts have been prepared that have considered the Group\u2019s current \ufb01nancial position and
current market circumstances. The forecasts were subject to sensitivity analysis, including a severe
but plausible scenario together with the likely effectiveness of mitigating actions.
The assessment considered sensitivity analysis based on a number of realistically possible, but\u00a0severe
and prolonged, changes to principal assumptions. In determining these, the Group\u00a0included
macroeconomic and industry-wide projections, as well as matters speci\ufb01c to\u00a0the Group.
The severe but plausible downside scenario re\ufb02ects the aggregated impact of sensitivities, taking
account of a decline in customer con\ufb01dence, disposable income and mortgage availability. To\u00a0arrive at
the stress test, the Group has drawn on experience gained managing the business through previous
economic downturns. As a result, the Group has stress tested the business against the following severe
but plausible downside scenario which can be attributed back to the Group\u2019s Principal Risks that have
been identi\ufb01ed as having the most impact on the longer term prospects and viability of the Group.
The impact of the Principal Risk \u2018Natural resources and climate change\u2019 is not deemed to be material
within the forecast period, as costs associated with the regulatory changes have been included in
the modelling.
\u2022 Volume \u2013 a decline in total volumes of 10% in 2026 from 2025 levels, before recovering back to 2025
levels by 2028
\u2022 Price \u2013 a reduction to current selling prices of 10%, remaining at these levels across 2026 and 2027
before recovering to current levels by 2028
\u2022 One-off costs \u2013 a one-off exceptional charge and cash cost of \u00a3150 million for an unanticipated
event, change in government regulations or \ufb01nancial penalty has been included in 2026
Mitigations to this sensitivity analysis include a reduction in land investment, a reduction in the level of
production and work in progress held and optimising the overhead base to ensure it is aligned with the
scale of the operations through the cycle. If this scenario were to occur, the Directors also have a range
of additional options to maintain \ufb01nancial strength, including a more severe reduction in land spend and
work in progress, the sale of assets, reducing the distributions and/or raising debt.
At 31 December 2025, the Group had a cash balance of \u00a3430 million and had access to \u00a3600\u00a0million
from a fully undrawn revolving credit facility, together totalling \u00a31,030 million. The\u00a0combination of both of
these is suf\ufb01cient to absorb the \ufb01nancial impact of each of the risks modelled in the stress and sensitivity
analysis, individually and in aggregate.
Based on these forecasts, it is considered that there are suf\ufb01cient resources available for the Group to
conduct its business, and meet its liabilities as they fall due, for at least the next 12\u00a0months from the
date of these consolidated \ufb01nancial statements. Consequently, the consolidated \ufb01nancial statements
have been prepared on a going concern basis.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00365": { "value": "Basis of accounting
The consolidated \ufb01nancial statements have been prepared in accordance with UK-adopted international
accounting standards as applied in conformity with the provisions of the Companies Act 2006. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00367": { "value": "Basis of consolidation
The consolidated \ufb01nancial statements incorporate the \ufb01nancial statements of the Company and entities
controlled by the Company (its subsidiaries) made up to 31 December each year. Control is achieved
where the Company:
\u2022 Has power over the investee;
\u2022 Governs the \ufb01nancial and operating policies of the investee;
\u2022 Is exposed, or has rights, to variable return from its involvement with the investee; and
\u2022 Has the ability to use its power to affect its returns.
On acquisition, the assets and liabilities and contingent liabilities of a subsidiary are measured at their fair
value at the date of acquisition. Any excess of the cost of acquisition over the fair value of the identi\ufb01able
net assets acquired is recognised as goodwill. Any de\ufb01ciency of the cost of acquisition below the fair
value of the identi\ufb01able net assets acquired (i.e. discount on acquisition) is credited to the income
statement in the period of acquisition. The interest of non-controlling shareholders is stated at the
non-controlling interest\u2019s proportion of the fair value of the assets and liabilities recognised.
Subsequently, all comprehensive income is attributed to the owners and the non-controlling interests.
The results of subsidiaries acquired or disposed of during the year are included in the consolidated
income statement from the effective date of acquisition or up to the effective date of disposal,
as appropriate. Where a subsidiary is disposed of which constituted a major line of business, it is
disclosed as a discontinued operation. Where necessary, adjustments are made to the \ufb01nancial
statements of subsidiaries to bring the accounting policies used into line with those used by the
Group. All intra-Group transactions, balances, income and expenses are eliminated on consolidation.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00366": { "value": "Basis of consolidation
The consolidated \ufb01nancial statements incorporate the \ufb01nancial statements of the Company and entities
controlled by the Company (its subsidiaries) made up to 31 December each year. Control is achieved
where the Company:
\u2022 Has power over the investee;
\u2022 Governs the \ufb01nancial and operating policies of the investee;
\u2022 Is exposed, or has rights, to variable return from its involvement with the investee; and
\u2022 Has the ability to use its power to affect its returns.
On acquisition, the assets and liabilities and contingent liabilities of a subsidiary are measured at their fair
value at the date of acquisition. Any excess of the cost of acquisition over the fair value of the identi\ufb01able
net assets acquired is recognised as goodwill. Any de\ufb01ciency of the cost of acquisition below the fair
value of the identi\ufb01able net assets acquired (i.e. discount on acquisition) is credited to the income
statement in the period of acquisition. The interest of non-controlling shareholders is stated at the
non-controlling interest\u2019s proportion of the fair value of the assets and liabilities recognised.
Subsequently, all comprehensive income is attributed to the owners and the non-controlling interests.
The results of subsidiaries acquired or disposed of during the year are included in the consolidated
income statement from the effective date of acquisition or up to the effective date of disposal,
as appropriate. Where a subsidiary is disposed of which constituted a major line of business, it is
disclosed as a discontinued operation. Where necessary, adjustments are made to the \ufb01nancial
statements of subsidiaries to bring the accounting policies used into line with those used by the
Group. All intra-Group transactions, balances, income and expenses are eliminated on consolidation. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00439": { "value": "Joint ventures
Undertakings are deemed to be a joint venture when the Group has joint control of the rights and assets
of the undertaking via either voting rights or a formal agreement, which includes that unanimous consent
is required for strategic, \ufb01nancial and operating decisions. Joint ventures are consolidated under the
equity accounting method. Loans to joint ventures form part of the Group\u2019s net investment, which is
assessed for recoverability on a periodic basis or when there is an indication of possible loss. On transfer
of land and/or work in progress to joint ventures, the Group recognises only its share of any pro\ufb01ts or
losses. Joint operations arise where the Group has joint control of an operation but has rights to only its
own assets and obligations related to the operation. These assets and obligations, and the Group\u2019s
share of revenues and costs, are included in the Group\u2019s results.
Joint ventures and joint operations are entered into to develop speci\ufb01c sites. Each arrangement is site or
project speci\ufb01c and once the development or project is complete the arrangement is wound down.
On disposal of a joint venture, a gain or loss is recognised as the difference between proceeds received
and the Group\u2019s net investment in that joint venture at the point of disposal. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00440": { "value": "Joint ventures
Undertakings are deemed to be a joint venture when the Group has joint control of the rights and assets
of the undertaking via either voting rights or a formal agreement, which includes that unanimous consent
is required for strategic, \ufb01nancial and operating decisions. Joint ventures are consolidated under the
equity accounting method. Loans to joint ventures form part of the Group\u2019s net investment, which is
assessed for recoverability on a periodic basis or when there is an indication of possible loss. On transfer
of land and/or work in progress to joint ventures, the Group recognises only its share of any pro\ufb01ts or
losses. Joint operations arise where the Group has joint control of an operation but has rights to only its
own assets and obligations related to the operation. These assets and obligations, and the Group\u2019s
share of revenues and costs, are included in the Group\u2019s results.
Joint ventures and joint operations are entered into to develop speci\ufb01c sites. Each arrangement is site or
project speci\ufb01c and once the development or project is complete the arrangement is wound down.
On disposal of a joint venture, a gain or loss is recognised as the difference between proceeds received
and the Group\u2019s net investment in that joint venture at the point of disposal.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00441": { "value": "Segmental reporting
The Group operates in the United Kingdom and Spain. The United Kingdom is split into \ufb01ve
geographical operating segments, each managed by a Divisional Chair who sits on the Group
Management Team. In addition, there are central operations covering the corporate functions and
Strategic Land.
The Group aggregates the UK operations into a single reporting segment on the basis that they share
similar economic characteristics. In addition, each Division builds and delivers residential homes,
uses consistent methods of construction, sells homes to both private customers and local housing
associations, follows a single UK sales process and operating framework, is subject to the same
macroeconomic factors including mortgage availability and has the same cost of capital arising
from the utilisation of central banking and debt facilities.
As a result, the Group has the following reporting segments:
\u2022 United Kingdom
\u2022 Spain", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00350": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00442": { "value": "Revenue
Revenue is recognised when the performance obligation associated with the sale is completed.
The transaction price comprises the fair value of the consideration received or receivable, net of value
added tax, rebates and discounts and after eliminating sales within the Group. Revenue and pro\ufb01t
are recognised as follows:
a. Housing and land sales
Revenue is recognised in the income statement when control is transferred to the customer.
This is deemed to be when title of the property passes to the customer on legal completion
and the performance obligation associated with the sale is completed.
Revenue in respect of the sale of residential properties is recognised at the fair value of the consideration
received or receivable on legal completion.b. Long term contracts
Revenue arising on contracts which give the customer control over properties as they are constructed,
and for which the Group has a right to payments for work performed, is recognised over time. Revenue
and costs are recognised over time with reference to the stage of completion of the contract activity at
the balance sheet date where the outcome of a long term contract can be estimated reliably. This is
normally measured by surveys of work performed to date. Variations in contract work, claims and
incentive payments are included to the extent that it is highly probable that they will result in revenue
and they are capable of being reliably measured. When land is transferred at the start of a long term
contract, revenue is not recognised until control has been transferred to the customer, which includes
legal title being passed to them.
Where the outcome of a long term contract cannot be estimated reliably, contract revenue where
recoverability is probable is recognised to the extent of contract costs incurred. The costs associated
with ful\ufb01lling a contract are recognised as expenses in the period in which they are incurred. When it is
probable that total contract costs will exceed total contract revenue, the\u00a0expected loss is recognised
as an expense immediately.
c. Part exchange
In certain instances, property may be accepted in part consideration for a sale of a residential property.
The fair value is established by independent surveyors, reduced for costs to sell. Proceeds generated
from the subsequent sale of part exchange properties are recorded as other income and the cost as
other expenses. The original sale is recorded in the normal way, with the fair value of the exchanged
property replacing cash receipts.
d. Cash incentives
The transaction price may include cash incentives. These are considered to be a discount from\u00a0the
purchase price offered to the acquirer and are therefore accounted for as a reduction to revenue. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00443": { "value": "Cost of sales
The Group determines the value of inventory charged to cost of sales based on the total budgeted
current cost of developing the site. Once the total expected costs of development are\u00a0established,
they are allocated to individual plots to achieve a consistent margin for the site. To the extent that
additional costs or savings are identi\ufb01ed, including experienced in\ufb02ation, as the site progresses,
these are recognised over the remaining plots in the current and future years, unless they are speci\ufb01c
to a particular plot, in which case they are recognised in the income statement at the point of sale.", "dimensions": { "concept": "taylorwimpeyplc:DescriptionOfAccountingPolicyForCostOfSalesPolicyTextBlock", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00444": { "value": "Exceptional items
Exceptional items are de\ufb01ned as items of income or expenditure which, in the opinion of the Directors,
are material or unusual in nature or of such signi\ufb01cance that they require separate disclosure on the face
of the income statement in accordance with IAS 1 \u2018Presentation of Financial Statements\u2019. Should these
items be reversed, disclosure of this would also be as exceptional items.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00445": { "value": "Finance income
Interest income on bank deposits is recognised on an accruals basis. Also included in interest receivable
are interest and interest-related payments the Group receives on other receivables.
Finance costs
Borrowing costs are recognised on an effective interest rate basis and are payable on the Group\u2019s
borrowings and lease liabilities. Also included are the amortisation of fees associated with the
arrangement of the \ufb01nancing. Capitalised \ufb01nance costs are held in other receivables and amortised
over the period of the facility.
Finance charges, including premiums payable on settlement or redemption, and direct issue costs,
are accounted for on an accruals basis in the income statement using the effective interest method and
are added to the carrying amount of the instrument to the extent that they are not settled in the period in
which they arise.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00446": { "value": "Finance income
Interest income on bank deposits is recognised on an accruals basis. Also included in interest receivable
are interest and interest-related payments the Group receives on other receivables.
Finance costs
Borrowing costs are recognised on an effective interest rate basis and are payable on the Group\u2019s
borrowings and lease liabilities. Also included are the amortisation of fees associated with the
arrangement of the \ufb01nancing. Capitalised \ufb01nance costs are held in other receivables and amortised
over the period of the facility.
Finance charges, including premiums payable on settlement or redemption, and direct issue costs,
are accounted for on an accruals basis in the income statement using the effective interest method and
are added to the carrying amount of the instrument to the extent that they are not settled in the period in
which they arise.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00447": { "value": "Finance costs
Borrowing costs are recognised on an effective interest rate basis and are payable on the Group\u2019s
borrowings and lease liabilities. Also included are the amortisation of fees associated with the
arrangement of the \ufb01nancing. Capitalised \ufb01nance costs are held in other receivables and amortised
over the period of the facility.
Finance charges, including premiums payable on settlement or redemption, and direct issue costs,
are accounted for on an accruals basis in the income statement using the effective interest method and
are added to the carrying amount of the instrument to the extent that they are not settled in the period in
which they arise.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00448": { "value": "Foreign currencies
The individual \ufb01nancial statements of each Group company are presented in the currency of the primary
economic environment in which it operates (its functional currency). Transactions in currencies other
than the functional currency are recorded at the rates of exchange prevailing on the dates of
the transactions. At each balance sheet date, monetary assets and liabilities that are denominated
in foreign currencies other than the functional currency are retranslated at\u00a0the rates prevailing at the
balance sheet date.Non-monetary assets and liabilities carried at fair value that are denominated in foreign currencies are
translated at the rates prevailing at the date when the fair value was determined. Gains and losses
arising on retranslation are included in the net pro\ufb01t or loss for the period.
On consolidation, the assets and liabilities of the Group\u2019s overseas operation are translated at
exchange rates prevailing at the balance sheet date. Income and expense items are translated at
an appropriate average rate for the year. Exchange differences arising are recognised within other
comprehensive income and transferred to the Group\u2019s translation reserve. Such translation differences
are recognised as income or expenses in the income statement in the period in which the operation
is disposed of.
The Group uses foreign currency borrowings to hedge its net investment exposure to certain
overseas subsidiaries.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00449": { "value": "Leases
The Group as a lessee
The Group assesses at inception whether a contract is, or contains, a lease. A lease exists if the
contract conveys the right to control the use of an identi\ufb01ed asset for a period of time in exchange
for consideration. The Group assessment includes whether:
\u2022 The contract involves the use of an identi\ufb01ed asset;
\u2022 The Group has the right to obtain substantially all of the economic bene\ufb01ts from the use of the
asset throughout the contract period; and
\u2022 The Group has the right to direct the use of the asset.
At the commencement of a lease, the Group recognises a right-of-use asset along with a corresponding
lease liability.
The lease liability is initially measured at the present value of the remaining lease payments, discounted
using the Group\u2019s incremental borrowing rate. The lease term comprises the non-cancellable period
of the contract, together with periods covered by an option to extend the lease where the Group
is reasonably certain to exercise that option based on operational needs and contractual terms.
Subsequently, the lease liability is measured at amortised cost by\u00a0increasing the carrying amount
to re\ufb02ect interest on the lease liability and reducing it by the lease payments made. The lease liability
is remeasured when the Group changes its assessment of whether it will exercise an extension or
termination option.Right-of-use assets are initially measured at cost, comprising the initial measurement of the lease liability
adjusted for any lease payments made at or before the commencement date, estimated asset
retirement obligations, lease incentives received and initial direct costs. Subsequently, right-of-use assets
are measured at cost, less any accumulated depreciation and any accumulated impairment losses,
and are adjusted for certain remeasurements of the lease liability. Depreciation is calculated
on a straight-line basis over the length of the lease.
The Group has elected to apply exemptions for short term leases and leases for which the underlying
asset is of low value. For these leases, payments are charged to the income statement on
a straight-line basis over the term of the relevant lease.
Right-of-use assets are presented within non-current assets on the face of the balance sheet,
and lease liabilities are shown separately on the balance sheet in current liabilities and non-current
liabilities, depending on the length of the lease term.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00450": { "value": "Intangible assets
Software
Costs that are directly associated with the acquisition or production of identi\ufb01able and unique software
controlled by the Group, and that generate economic bene\ufb01ts beyond one year, are\u00a0recognised as
intangible assets. Software development costs recognised as assets are amortised on a straight-line
basis over three to \ufb01ve years from the time of implementation and are stated at cost less accumulated
amortisation and any accumulated impairment losses. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00451": { "value": "Property, plant and equipment
Land and buildings held for use in the production or supply of goods or services, or for administrative
purposes, are stated in the balance sheet at cost less accumulated depreciation and any accumulated
impairment losses. Freehold land is not depreciated. Buildings are depreciated over 50 years.
Plant and equipment is stated at cost less accumulated depreciation.
Depreciation is charged to expense the cost or valuation of assets over their estimated useful lives.
Other assets are depreciated using the straight-line method, on the following bases:
\u2022 Plant and equipment: 20-33% per annum
\u2022 Leasehold improvements: over the term of the lease
The gain or loss arising on the disposal or retirement of an asset is determined as the difference
between the sale proceeds, less any selling expenses, and the carrying amount of the asset.
This difference is recognised in the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00452": { "value": "Plant and equipment is stated at cost less accumulated depreciation.
Depreciation is charged to expense the cost or valuation of assets over their estimated useful lives.
Other assets are depreciated using the straight-line method, on the following bases:
\u2022 Plant and equipment: 20-33% per annum
\u2022 Leasehold improvements: over the term of the lease", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00453": { "value": "Impairment of tangible and intangible assets
At each balance sheet date, the Group reviews the carrying amounts of its tangible and intangible
assets to determine whether there is any indication that those assets have suffered an impairment loss.
If any such indication exists, the recoverable amount of the asset is estimated to determine the extent of
the impairment loss (if any). Where the asset does not generate cash \ufb02ows that are independent from
other assets, the Group estimates the recoverable amount of the cash-generating unit to which the
asset belongs.
The recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value
in use, the estimated future cash \ufb02ows are discounted to their present value, using a pre-tax discount
rate that re\ufb02ects current market assessments and the risks speci\ufb01c to\u00a0the asset.
If the recoverable amount of an asset or cash-generating unit is estimated to be less than its carrying
amount, the carrying amount of the asset or cash-generating unit is reduced to its recoverable amount.
An impairment loss is recognised as an expense immediately in the income statement.
Where an impairment loss subsequently reverses, due to a change in circumstances or in the estimates
used to determine the asset\u2019s recoverable amount, the carrying amount of the asset or cash-generating
unit is increased to the revised estimate of its recoverable amount, so long as it does not exceed the
original carrying value prior to the impairment being recognised. A\u00a0reversal of an impairment loss is
recognised as income immediately in the income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00454": { "value": "Impairment of tangible and intangible assets
At each balance sheet date, the Group reviews the carrying amounts of its tangible and intangible
assets to determine whether there is any indication that those assets have suffered an impairment loss.
If any such indication exists, the recoverable amount of the asset is estimated to determine the extent of
the impairment loss (if any). Where the asset does not generate cash \ufb02ows that are independent from
other assets, the Group estimates the recoverable amount of the cash-generating unit to which the
asset belongs.
The recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value
in use, the estimated future cash \ufb02ows are discounted to their present value, using a pre-tax discount
rate that re\ufb02ects current market assessments and the risks speci\ufb01c to\u00a0the asset.
If the recoverable amount of an asset or cash-generating unit is estimated to be less than its carrying
amount, the carrying amount of the asset or cash-generating unit is reduced to its recoverable amount.
An impairment loss is recognised as an expense immediately in the income statement.
Where an impairment loss subsequently reverses, due to a change in circumstances or in the estimates
used to determine the asset\u2019s recoverable amount, the carrying amount of the asset or cash-generating
unit is increased to the revised estimate of its recoverable amount, so long as it does not exceed the
original carrying value prior to the impairment being recognised. A\u00a0reversal of an impairment loss is
recognised as income immediately in the income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00455": { "value": "Dividends paid
Dividends are charged to retained earnings in the period of payment in respect of an interim dividend,
and in the period in which shareholders\u2019 approval is obtained in respect of the \ufb01nal\u00a0dividend.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00456": { "value": "Financial instruments
Financial assets
Financial assets are initially recognised at fair value and subsequently classi\ufb01ed into one of the following
measurement categories:
\u2022 Measured at amortised cost
\u2022 Measured at fair value through pro\ufb01t or loss (FVTPL)
\u2022 Measured at fair value through other comprehensive income (FVOCI)
The classi\ufb01cation of \ufb01nancial assets depends on the Group\u2019s business model for managing the asset
and the contractual terms of the cash \ufb02ows. Assets that are held for the collection of contractual cash
\ufb02ows that represent solely payments of principal and interest are measured at amortised cost, with
any interest income recognised in the income statement using the effective interest rate method.
Financial assets that do not meet the criteria to be measured at amortised cost are classi\ufb01ed by
the Group as measured at FVTPL. Fair value gains and losses on \ufb01nancial assets measured at
FVTPL are recognised in the income statement and presented within net operating expenses.
The Group currently has no \ufb01nancial assets measured at FVOCI.
Trade and other receivables
Trade and other receivables are measured at amortised cost, less any loss allowance.
Shared equity loans
Shared equity loans were provided to certain customers to facilitate a house purchase. The\u00a0contractual
cash \ufb02ows on shared equity loans are linked to a national house price index. Under IFRS 9, \ufb01nancial
assets with embedded derivatives are considered in their entirety when determining whether their
cash \ufb02ows are solely payment of principal and interest. Accordingly, shared equity loans are classi\ufb01ed
as FVTPL, with fair value gains and losses arising on the remeasurement of the loan presented in the
income statement within net operating expenses.
Cash and cash equivalents
Cash and cash equivalents comprise cash held by the Group and short term bank deposits with an
original maturity of three months or less from inception and are subject to insigni\ufb01cant risk of changes
in value.
Financial liabilities
Financial liabilities are initially recognised at fair value and subsequently classi\ufb01ed into one of the
following measurement categories:
\u2022 Measured at amortised cost
\u2022 Measured at fair value through pro\ufb01t or loss (FVTPL)
Non-derivative \ufb01nancial liabilities are measured at FVTPL when they are considered held for trading
or designated as such on initial recognition. The Group has no non-derivative \ufb01nancial liabilities
measured at FVTPL.Borrowings
Borrowings are initially recognised at fair value, net of transaction costs incurred and subsequently
measured at amortised cost.
Trade and other payables
Trade and other payables are measured at amortised cost. When the acquisition of land has deferred
payment terms, a land creditor is recognised. Payables are discounted to present value when
repayment is due more than one year after initial recognition, or the impact is material.
Customer deposits
Customer deposits, measured at amortised cost, are recorded as a liability on receipt and released
to the income statement as revenue upon legal completion.
Equity instruments
An equity instrument is any contract that evidences a residual interest in the assets of the Group after
deducting all of its liabilities. Equity instruments issued by the Parent Company are recorded as the
proceeds are received, net of direct issue costs.
Derivative \ufb01nancial instruments and hedge accounting
The Group uses foreign currency borrowings and derivatives to hedge its net investment exposure to
movements in exchange rates on translation of certain individual \ufb01nancial statements denominated in
foreign currencies other than Sterling, which is the functional currency of the Parent Company.
Derivative \ufb01nancial instruments are measured at fair value. Changes in the fair value of derivative \ufb01nancial
instruments that are designated and effective as hedges of net investments in foreign operations are
recognised directly in other comprehensive income and the ineffective portion, if\u00a0any, is recognised
immediately in the income statement.
For an effective hedge of an exposure to changes in fair value, the hedged item is adjusted for changes
in fair value attributable to the risk being hedged with the corresponding entry in the consolidated
income statement. Gains or losses from remeasuring the derivative, or for non-derivatives the
foreign currency component of its carrying amount, are also recognised in the income statement.
Changes in the fair value of derivative \ufb01nancial instruments that do not qualify for hedge accounting
are recognised in the income statement as they arise.
Hedge accounting is discontinued if the hedged item is sold or no longer quali\ufb01es for hedge accounting,
at which point any cumulative gain or loss on the hedging instrument accumulated in other
comprehensive income is transferred to the income statement for the period.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00457": { "value": "Financial assets
Financial assets are initially recognised at fair value and subsequently classi\ufb01ed into one of the following
measurement categories:
\u2022 Measured at amortised cost
\u2022 Measured at fair value through pro\ufb01t or loss (FVTPL)
\u2022 Measured at fair value through other comprehensive income (FVOCI)
The classi\ufb01cation of \ufb01nancial assets depends on the Group\u2019s business model for managing the asset
and the contractual terms of the cash \ufb02ows. Assets that are held for the collection of contractual cash
\ufb02ows that represent solely payments of principal and interest are measured at amortised cost, with
any interest income recognised in the income statement using the effective interest rate method.
Financial assets that do not meet the criteria to be measured at amortised cost are classi\ufb01ed by
the Group as measured at FVTPL. Fair value gains and losses on \ufb01nancial assets measured at
FVTPL are recognised in the income statement and presented within net operating expenses.
The Group currently has no \ufb01nancial assets measured at FVOCI. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00458": { "value": "Trade and other receivables Trade and other receivables are measured at amortised cost, less any loss allowance.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00459": { "value": "Shared equity loans
Shared equity loans were provided to certain customers to facilitate a house purchase. The\u00a0contractual
cash \ufb02ows on shared equity loans are linked to a national house price index. Under IFRS 9, \ufb01nancial
assets with embedded derivatives are considered in their entirety when determining whether their
cash \ufb02ows are solely payment of principal and interest. Accordingly, shared equity loans are classi\ufb01ed
as FVTPL, with fair value gains and losses arising on the remeasurement of the loan presented in the
income statement within net operating expenses.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00460": { "value": "Cash and cash equivalents
Cash and cash equivalents comprise cash held by the Group and short term bank deposits with an
original maturity of three months or less from inception and are subject to insigni\ufb01cant risk of changes
in value. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00461": { "value": "Financial liabilities
Financial liabilities are initially recognised at fair value and subsequently classi\ufb01ed into one of the
following measurement categories:
\u2022 Measured at amortised cost
\u2022 Measured at fair value through pro\ufb01t or loss (FVTPL)
Non-derivative \ufb01nancial liabilities are measured at FVTPL when they are considered held for trading
or designated as such on initial recognition. The Group has no non-derivative \ufb01nancial liabilities
measured at FVTPL.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00462": { "value": "Borrowings
Borrowings are initially recognised at fair value, net of transaction costs incurred and subsequently
measured at amortised cost.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00463": { "value": "Trade and other payables
Trade and other payables are measured at amortised cost. When the acquisition of land has deferred
payment terms, a land creditor is recognised. Payables are discounted to present value when
repayment is due more than one year after initial recognition, or the impact is material.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00464": { "value": "Customer deposits
Customer deposits, measured at amortised cost, are recorded as a liability on receipt and released
to the income statement as revenue upon legal completion. ", "dimensions": { "concept": "taylorwimpeyplc:DescriptionOfAccountingPolicyForCustomerDepositsPolicyTextBlock", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00465": { "value": "Equity instruments
An equity instrument is any contract that evidences a residual interest in the assets of the Group after
deducting all of its liabilities. Equity instruments issued by the Parent Company are recorded as the
proceeds are received, net of direct issue costs. ", "dimensions": { "concept": "taylorwimpeyplc:DescriptionOfAccountingPolicyForEquityInstrumentsPolicyTextBlock", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00466": { "value": "Derivative \ufb01nancial instruments and hedge accounting
The Group uses foreign currency borrowings and derivatives to hedge its net investment exposure to
movements in exchange rates on translation of certain individual \ufb01nancial statements denominated in
foreign currencies other than Sterling, which is the functional currency of the Parent Company.
Derivative \ufb01nancial instruments are measured at fair value. Changes in the fair value of derivative \ufb01nancial
instruments that are designated and effective as hedges of net investments in foreign operations are
recognised directly in other comprehensive income and the ineffective portion, if\u00a0any, is recognised
immediately in the income statement.
For an effective hedge of an exposure to changes in fair value, the hedged item is adjusted for changes
in fair value attributable to the risk being hedged with the corresponding entry in the consolidated
income statement. Gains or losses from remeasuring the derivative, or for non-derivatives the
foreign currency component of its carrying amount, are also recognised in the income statement.
Changes in the fair value of derivative \ufb01nancial instruments that do not qualify for hedge accounting
are recognised in the income statement as they arise.
Hedge accounting is discontinued if the hedged item is sold or no longer quali\ufb01es for hedge accounting,
at which point any cumulative gain or loss on the hedging instrument accumulated in other
comprehensive income is transferred to the income statement for the period. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00467": { "value": "Derivative \ufb01nancial instruments and hedge accounting
The Group uses foreign currency borrowings and derivatives to hedge its net investment exposure to
movements in exchange rates on translation of certain individual \ufb01nancial statements denominated in
foreign currencies other than Sterling, which is the functional currency of the Parent Company.
Derivative \ufb01nancial instruments are measured at fair value. Changes in the fair value of derivative \ufb01nancial
instruments that are designated and effective as hedges of net investments in foreign operations are
recognised directly in other comprehensive income and the ineffective portion, if\u00a0any, is recognised
immediately in the income statement.
For an effective hedge of an exposure to changes in fair value, the hedged item is adjusted for changes
in fair value attributable to the risk being hedged with the corresponding entry in the consolidated
income statement. Gains or losses from remeasuring the derivative, or for non-derivatives the
foreign currency component of its carrying amount, are also recognised in the income statement.
Changes in the fair value of derivative \ufb01nancial instruments that do not qualify for hedge accounting
are recognised in the income statement as they arise.
Hedge accounting is discontinued if the hedged item is sold or no longer quali\ufb01es for hedge accounting,
at which point any cumulative gain or loss on the hedging instrument accumulated in other
comprehensive income is transferred to the income statement for the period.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00468": { "value": "Derivative \ufb01nancial instruments and hedge accounting
The Group uses foreign currency borrowings and derivatives to hedge its net investment exposure to
movements in exchange rates on translation of certain individual \ufb01nancial statements denominated in
foreign currencies other than Sterling, which is the functional currency of the Parent Company.
Derivative \ufb01nancial instruments are measured at fair value. Changes in the fair value of derivative \ufb01nancial
instruments that are designated and effective as hedges of net investments in foreign operations are
recognised directly in other comprehensive income and the ineffective portion, if\u00a0any, is recognised
immediately in the income statement.
For an effective hedge of an exposure to changes in fair value, the hedged item is adjusted for changes
in fair value attributable to the risk being hedged with the corresponding entry in the consolidated
income statement. Gains or losses from remeasuring the derivative, or for non-derivatives the
foreign currency component of its carrying amount, are also recognised in the income statement.
Changes in the fair value of derivative \ufb01nancial instruments that do not qualify for hedge accounting
are recognised in the income statement as they arise.
Hedge accounting is discontinued if the hedged item is sold or no longer quali\ufb01es for hedge accounting,
at which point any cumulative gain or loss on the hedging instrument accumulated in other
comprehensive income is transferred to the income statement for the period.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00469": { "value": "Provisions
Provisions are recognised when the Group has a present legal or constructive obligation as a result of
a past event, and it is probable that the Group will be required to settle that obligation. Provisions are
measured at the Directors\u2019 best estimate of the expenditure required to settle the\u00a0obligation at the
balance sheet date and are discounted to present value where the effect is\u00a0material. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00470": { "value": "Inventories
Inventories are initially stated at cost and held at the lower of this initial amount and net realisable value.
Costs comprise direct materials and, where applicable, direct labour and those overheads that have
been incurred in bringing the inventories to their present location and condition. Net realisable value
represents the estimated selling price less all estimated costs of completion and costs to be incurred
in marketing, selling and distribution. Land is recognised in inventory when the signi\ufb01cant risks and
rewards of ownership have been transferred to the Group.
Non-refundable land option payments are initially recognised in inventory. They are reviewed regularly
and written off to the income statement when it is probable that the option will not be\u00a0exercised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00471": { "value": "Taxation
The tax charge represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable pro\ufb01t for the year. Taxable pro\ufb01t differs from pro\ufb01t before
tax as reported in the income statement because it excludes items of income or expense that are
taxable or deductible in other years, and it further excludes items that are never taxable or deductible.
The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively
enacted at the balance sheet date. Deferred tax
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying
amounts of assets and liabilities in the \ufb01nancial statements and the corresponding tax bases used
in the computation of taxable pro\ufb01t. Deferred tax liabilities are generally recognised for all taxable
temporary differences and deferred tax assets are recognised to the extent that it is probable that
taxable pro\ufb01ts will be available against which deductible temporary differences can be utilised.
Such assets and liabilities are not recognised if the temporary difference arises from goodwill or
from the initial recognition (other than in a business combination) of other assets and liabilities in
a transaction that affects neither the taxable pro\ufb01t nor the accounting pro\ufb01t.
Deferred tax liabilities are also recognised for taxable temporary differences arising on investments
in subsidiaries and interests in joint ventures, except where the Group is able to control the reversal
of the temporary difference and\u00a0it is probable that the temporary difference will not reverse in the
foreseeable future.
Deferred tax is measured on a non-discounted basis using the tax rates and laws that have been
enacted or substantively enacted by the balance sheet date.
The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the
extent that it is no longer probable that suf\ufb01cient taxable pro\ufb01ts will be available to allow all or part of
the asset to be recovered. Deferred tax is charged or credited to the income statement, except when
it relates to items charged or credited directly to other comprehensive income or equity, in which case
the deferred tax is also dealt with in other comprehensive income or equity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00472": { "value": "Current tax
The tax currently payable is based on taxable pro\ufb01t for the year. Taxable pro\ufb01t differs from pro\ufb01t before
tax as reported in the income statement because it excludes items of income or expense that are
taxable or deductible in other years, and it further excludes items that are never taxable or deductible.
The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively
enacted at the balance sheet date. ", "dimensions": { "concept": "taylorwimpeyplc:DescriptionOfAccountingPolicyForCurrentTaxPolicyTextBlock", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00473": { "value": "Deferred tax
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying
amounts of assets and liabilities in the \ufb01nancial statements and the corresponding tax bases used
in the computation of taxable pro\ufb01t. Deferred tax liabilities are generally recognised for all taxable
temporary differences and deferred tax assets are recognised to the extent that it is probable that
taxable pro\ufb01ts will be available against which deductible temporary differences can be utilised.
Such assets and liabilities are not recognised if the temporary difference arises from goodwill or
from the initial recognition (other than in a business combination) of other assets and liabilities in
a transaction that affects neither the taxable pro\ufb01t nor the accounting pro\ufb01t.
Deferred tax liabilities are also recognised for taxable temporary differences arising on investments
in subsidiaries and interests in joint ventures, except where the Group is able to control the reversal
of the temporary difference and\u00a0it is probable that the temporary difference will not reverse in the
foreseeable future.Deferred tax is measured on a non-discounted basis using the tax rates and laws that have been
enacted or substantively enacted by the balance sheet date.
The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the
extent that it is no longer probable that suf\ufb01cient taxable pro\ufb01ts will be available to allow all or part of
the asset to be recovered. Deferred tax is charged or credited to the income statement, except when
it relates to items charged or credited directly to other comprehensive income or equity, in which case
the deferred tax is also dealt with in other comprehensive income or equity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00474": { "value": "Share-based payments
The Group issues equity-settled share-based payments to certain employees. Equity-settled
share-based payments are measured at fair value at the date of grant. The fair value is expensed
on a straight-line basis over the vesting period, based on the Group\u2019s estimate of shares that will
vest after adjusting for the effect of non-market vesting conditions. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00475": { "value": "Employee bene\ufb01ts
For de\ufb01ned bene\ufb01t plans, a \ufb01nance charge is determined on the net de\ufb01ned bene\ufb01t pension liability.
The operating and \ufb01nancing costs of such plans are recognised separately in the income statement;
past service costs are recognised as an expense at the earlier of when the plan is amended or
curtailment occurs, at the same time as which the entity will recognise related restructuring costs
or termination bene\ufb01ts. Certain liability management costs and \ufb01nancing costs are recognised in
the periods in which they arise. Actuarial gains and losses are recognised immediately in the
consolidated statement of comprehensive income.
The retirement bene\ufb01t obligation recognised in the consolidated statement of \ufb01nancial position
represents either the net de\ufb01cit position of the scheme or, should the scheme be in an IAS 19
accounting surplus, the IFRIC 14 liability equal to the present value of future committed
cash contributions.
Payments to de\ufb01ned contribution schemes are charged as an expense as they\u00a0fall due.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00368": { "value": "2
Critical accounting judgements and key sources of
estimation\u00a0uncertainty
Preparation of the consolidated \ufb01nancial statements requires management to make signi\ufb01cant
judgements and estimates. Management has considered whether there are any such sources of
estimation or accounting judgements in preparing the consolidated \ufb01nancial statements and highlights
the following areas. In identifying these areas, management has considered the size of the associated
balance and the potential likelihood of changes due to macroeconomic factors.
Critical accounting judgements
Management has not made any individual critical accounting judgements that are material to
the Group.
Key sources of estimation uncertainty
Key sources of estimation uncertainty are those which present a signi\ufb01cant risk of potential material
adjustment to carrying amounts of assets or liabilities within the next \ufb01nancial year.
Cladding \ufb01re safety provision
The provision for cladding \ufb01re safety works is considered to be a key source of estimation uncertainty
given its size and the estimation inherent in developing the provision where assessments have yet to be
performed and works are not yet tendered. The Group estimates the provision based on the number
of buildings that may require works and the costs to carry out the identi\ufb01ed works. In determining the
total cost of works, management has increasingly been supported by third party quotations received.
However, on buildings not yet tendered or assessed, estimates are made for the nature of works to be
carried out and the costs of those works based on the experience the Group has from projects currently
ongoing. The provision is therefore complex in nature and involves judgements and estimates, which
can be impacted by changes in the costs of materials and labour, unanticipated works being required,
evolving industry practices and changes to regulations. If there were a 10% change in costs for
untendered projects, arising from changes to scope or rates, the provision would increase/decrease
by \u00a324 million. During the year the provision has been increased by \u00a3225.8 million, net of discounting,
(2024: \u00a368.9 million), see Note 6. Based on the information currently available, the provision represents
management\u2019s best estimate of the liability for the Group.
Employee bene\ufb01ts
The value of the de\ufb01ned bene\ufb01t plan liabilities is determined by using various assumptions, including
discount rate, future rates of in\ufb02ation, growth, yields, returns on investments and mortality rates.
As actual changes in these values may differ from those assumed, this is a key source of estimation
uncertainty within the consolidated \ufb01nancial statements. Changes in these assumptions over time and
differences to the actual outcome will be re\ufb02ected in the consolidated statement of comprehensive
income. Note 21 details the main assumptions in accounting for the Group\u2019s de\ufb01ned bene\ufb01t pension
scheme, along with sensitivities of the liabilities to changes in these assumptions.Other sources of estimation uncertainty
Cost allocation
In order to determine the pro\ufb01t that the Group is able to recognise on its developments in a speci\ufb01c
period, the Group has to allocate site-wide development costs between units built in the current year
and in future years. It also has to estimate costs to complete, including those driven by climate-related
regulation, and make estimates relating to future sales prices and margins on those developments
and units. In making these assessments, there is a degree of inherent uncertainty. The Group has
developed internal controls to assess and review carrying values and the appropriateness of
estimates made.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00369": { "value": "3
General information
Taylor Wimpey plc is a public company limited by shares, incorporated and domiciled in the
United Kingdom under the Companies Act and is registered in England and Wales. The Company\u2019s
registered of\ufb01ce is Taylor Wimpey plc, Gate House, Turnpike Road, High Wycombe, Buckinghamshire,
HP12 3NR. The nature of the Group\u2019s operations and its principal activities are set out in the
Strategic Report on pages 3 to 89.
These consolidated \ufb01nancial statements are presented in pounds Sterling as the currency of the
primary economic environment in which the Group operates.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00349": { "value": "Taylor Wimpey plc ", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00355": { "value": "Taylor Wimpey plc ", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00352": { "value": "Taylor Wimpey plc ", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00357": { "value": "public company limited by shares", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00356": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00353": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00351": { "value": "Taylor Wimpey plc, Gate House, Turnpike Road, High Wycombe, Buckinghamshire, HP12 3NR", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00370": { "value": "These consolidated \ufb01nancial statements are presented in pounds Sterling as the currency of the primary economic environment in which the Group operates.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00372": { "value": "4
Revenue
An analysis of the Group\u2019s continuing revenue is as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Private sales
3,329.3
2,960.7
Partnership housing
414.1
404.1
Land and other
101.2
36.4
\u00a0
3,844.6
3,401.2
\n
Other revenue includes income from the sale of commercial properties developed as part of larger
residential developments. The Group\u2019s revenue includes revenue from construction contracts that
are recognised over time by reference to the stage of completion of the contract with the customer.
All other revenue is recognised at a point in time once control of the property is\u00a0transferred to
the customer.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Recognised at a point in time
3,322.4
2,935.2
Recognised over time
522.2
466.0
\u00a0
3,844.6
3,401.2
\n
At 31 December 2025, the aggregate amount of the transaction price allocated to unsatis\ufb01ed
performance obligations on construction contracts was \u00a3974.8 million (2024: \u00a3819.7 million),
of\u00a0which approximately 45% is expected to be recognised as revenue during 2026. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00371": { "value": "4
Revenue
An analysis of the Group\u2019s continuing revenue is as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Private sales
3,329.3
2,960.7
Partnership housing
414.1
404.1
Land and other
101.2
36.4
\u00a0
3,844.6
3,401.2
\n
Other revenue includes income from the sale of commercial properties developed as part of larger
residential developments. The Group\u2019s revenue includes revenue from construction contracts that
are recognised over time by reference to the stage of completion of the contract with the customer.
All other revenue is recognised at a point in time once control of the property is\u00a0transferred to
the customer.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Recognised at a point in time
3,322.4
2,935.2
Recognised over time
522.2
466.0
\u00a0
3,844.6
3,401.2
\n
At 31 December 2025, the aggregate amount of the transaction price allocated to unsatis\ufb01ed
performance obligations on construction contracts was \u00a3974.8 million (2024: \u00a3819.7 million),
of\u00a0which approximately 45% is expected to be recognised as revenue during 2026. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00373": { "value": "5
Operating segments
The Group operates in two countries, the United Kingdom and Spain, and has two reportable segments
of those countries. Revenue in Spain arises entirely on private sales.
The accounting policies of the reportable segments are the same as the Group\u2019s accounting policies
described in Note 1.
Segment information about these businesses is presented below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
UK
Spain
Total
UK
Spain
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
External sales
3,652.0
192.6
3,844.6
3,214.6
186.6
3,401.2
Result
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Profit before joint ventures,
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
finance (costs)/income and
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
exceptional items
366.8
51.7
418.5
369.0
47.4
416.4
Share of results of joint ventures
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
before exceptional items
2.1
\u2013
2.1
(0.2)
\u2013
(0.2)
Adjusted operating profit (Note 32)
368.9
51.7
420.6
368.8
47.4
416.2
Exceptional items (Note 6)
(243.8)
\u2013
(243.8)
(98.2)
\u2013
(98.2)
Profit before net finance
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
(costs)/income
125.1
51.7
176.8
270.6
47.4
318.0
Net finance (costs)/income
\u00a0 \u00a0
(30.3)
\u00a0 \u00a0
2.3
Profit before taxation
\u00a0 \u00a0
146.5
\u00a0 \u00a0
320.3
Taxation charge
\u00a0 \u00a0
(46.1)
\u00a0 \u00a0
(100.7)
Profit for the year
\u00a0 \u00a0
100.4
\u00a0 \u00a0
219.6
\n\n \n
\u00a0
2025
2024
\u00a0
UK
Spain
Total
UK
Spain
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets and liabilities
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Segment operating assets
5,342.1
233.3
5,575.4
5,355.4
236.6
5,592.0
Joint ventures
26.6
\u2013
26.6
26.9
\u2013
26.9
Segment operating liabilities
(1,644.9)
(144.0)
(1,788.9)
(1,654.8)
(147.1)
(1,801.9)
Net operating assets
3,723.8
89.3
3,813.1
3,727.5
89.5
3,817.0
Net current taxation
\u00a0\u00a0
5.5
\u00a0\u00a0
2.8
Net deferred taxation (Note 14)
\u00a0\u00a0
25.6
\u00a0\u00a0
20.6
Net cash (Note 27)
\u00a0\u00a0
342.6
\u00a0\u00a0
564.8
Net assets
\u00a0\u00a0
4,186.8
\u00a0\u00a0
4,405.2
\n \n
\u00a0
2025
2024
\u00a0
UK
Spain
Total
UK
Spain
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Other information
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Property, plant and
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
equipment\u00a0additions
4.0
0.2
4.2
3.3
0.1
3.4
Right-of-use asset additions
10.0
0.7
10.7
9.2
0.2
9.4
Intangible asset additions
2.5
\u2013
2.5
\u2013
\u2013
\u2013
Property, plant and
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
equipment\u00a0depreciation
(2.8)
(0.2)
(3.0)
(2.4)
(0.1)
(2.5)
Right-of-use asset depreciation
(11.0)
(0.4)
(11.4)
(10.4)
(0.3)
(10.7)
Amortisation of
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
intangible assets
(1.3)
\u2013
(1.3)
(1.1)
\u2013
(1.1)
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00374": { "value": "6
Net operating expenses and pro\ufb01t on ordinary activities
before \ufb01nancing
Pro\ufb01t on ordinary activities before \ufb01nancing for continuing operations has been arrived at after
charging/(crediting):
\n \n
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Administration expenses
247.4
242.0
Other expenses
115.3
101.4
Other income
(122.8)
(111.1)
Exceptional items
243.8
82.5
Net operating expenses
483.7
314.8
\n
The majority of the other income and other expenses shown above relates to the income and
associated costs arising on the sale of part exchange properties. Also included in other income and
other expenses are pro\ufb01t/loss on the sale of property, plant and equipment, the revaluation of certain
shared equity mortgage receivables and abortive land acquisition costs.
\n \n
2025
2024
Exceptional items
\u00a3m
\u00a3m
Provision in relation to cladding fire safety
225.8
68.9
Loss on disposal of joint venture
\u2013
13.6
CMA information sharing investigation
18.0
\u2013
243.8
82.5
Share of results of joint ventures
\u2013
15.7
Unwinding of discount on cladding fire safety provision
3.9
\u2013
Total exceptional items
247.7
98.2
\nCladding \ufb01re safety
In 2025, as part of the Group\u2019s ongoing work to meet the Government\u2019s Remediation Action Plan
deadlines, the Group has continued to carry out intrusive investigations and updated FRAEW
assessments across its legacy buildings. These assessments and increased engagement with chartered
\ufb01re engineers in the \ufb01rst half of the year led to a reassessment of the Group\u2019s risk exposure on building
remediation, including updated evaluation of buildings that had not yet undergone intrusive FRAEW
assessments. As a result, in the \ufb01rst half of the year, the provision for cladding \ufb01re safety remediation
increased by \u00a3222.2 million, which was recognised as an exceptional item. In the second half of the
year the Group has made good progress with assessments, tenders and works. Since June 2025 the
provision has increased by a further \u00a33.6 million due to in\ufb02ation, legal fees and other minor differences,
resulting in the provision increasing by \u00a3225.8 million (net of discounting) in the year, recognised as an
exceptional item. This overall increase in the provision in the year is as a result of:
\u2022 The scope of works has been expanded to remediate historical building defects. These building
defects, relating to cavity barriers behind brickwork and render, were not visible in earlier non-intrusive
assessments. The increased provision includes an allowance, which represents the Group\u2019s best
estimate, to remediate cavity barrier defects in buildings where an FRAEW assessment has not yet
been received. As more FRAEW assessments are received this risk element reduces over time.
\u2022 The Group has experienced chartered \ufb01re engineers\u2019 interpretation of the PAS9980 standard
evolve, becoming more cautious. Some buildings that were previously considered acceptable
requiring no remediation work under earlier EWS1 assessments have now been identi\ufb01ed as
needing remediation through recent FRAEW assessments, thereby increasing the level of remediation
required and costs involved.
\u2022 Wider associated project costs have increased as a result of the above, including site-speci\ufb01c cost
increases, professional fees, contingencies and an uplift in Building Safety Fund related buildings,
partially offset by discounting.
In 2024, the Group recognised an increase in the provision of \u00a388.0 million due to an escalation of costs
on tenders received in that year, a small number of new buildings being added and increased project
delivery administration costs, including the funding of Building Safety Fund pre-tender costs. In addition,
one of the Group\u2019s joint ventures recognised a provision for remediation works on the buildings it built,
and as a result \u00a319.1 million was released from the provision held by the Group in relation to those
buildings. This resulted in the net expense recognised by the Group in 2024 being \u00a368.9 million.
CMA information sharing investigation
In February 2024 the CMA announced it was commencing an investigation into a number of
housebuilders, including the Group, relating to concerns that they may have exchanged competitively
sensitive information. In the year, and as announced on 9 July 2025, the Group has offered certain
commitments to the CMA in respect of those concerns, the costs for which, including associated legal
and professional fees, have been recognised as an exceptional item.
Loss on disposal of joint venture
During the prior year, the Group disposed of its interest in Winstanley and York Road Regeneration LLP
and recognised a \u00a313.6 million loss arising from the difference between proceeds on disposal and the
Group\u2019s net investment in the joint venture. This expense, being non-recurring, and outside of the normal
operations of the Group, was recognised as an exceptional item.
Share of results of joint ventures
As noted above, in the prior year, a joint venture of the Group recognised a provision for remediation
costs on buildings it built. The Group\u2019s share of that cost, net of tax, was recognised as an exceptional
item in line with the recognition of the Group\u2019s cladding \ufb01re safety provision.
Pro\ufb01t on ordinary activities before \ufb01nancing has been arrived at after charging:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Cost of inventories recognised as an expense in cost of sales
3,030.4
2,635.0
Property, plant and equipment depreciation (Note 12)
3.0
2.5
Right-of-use asset depreciation (Note 19)
11.4
10.7
Amortisation of intangible assets (Note 11)
1.3
1.1
\n
The remuneration paid to the Group\u2019s external Auditors is as follows:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Fees payable for the audit of the Company\u2019s annual accounts
\u00a0 \u00a0
and consolidated financial statements
0.2
0.2
Fees payable to the Company\u2019s Auditors and its associates for
\u00a0 \u00a0
other services to the Group:
\u00a0 \u00a0
The audit of the Company\u2019s subsidiaries pursuant to legislation
1.1
1.0
Total audit fees
1.3
1.2
Other assurance services
0.2
0.2
Total non-audit fees
0.2
0.2
Total fees
1.5
1.4
\nNon-audit services in 2025 and 2024 predominantly relate to work undertaken as a result of
PricewaterhouseCoopers LLP\u2019s role as auditors, or work resulting from knowledge and experience
gained as part of the role. In 2025 and 2024, the fees relating to other assurance services primarily
related to the review of the interim statements and also included, in 2025, \u00a3100,000 for non-audit
assurance work relating to certain ESG metrics (2024: \u00a365,000) and in both years \u00a32,000 for a
subscription service providing factual updates and changes to applicable law, regulation or accounting
and auditing standards. In 2025, \u00a32,000 (2024: \u00a31,000) was also incurred for agreed upon procedures
work performed in Spain.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00375": { "value": "6
Net operating expenses and pro\ufb01t on ordinary activities
before \ufb01nancing
Pro\ufb01t on ordinary activities before \ufb01nancing for continuing operations has been arrived at after
charging/(crediting):
\n \n
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Administration expenses
247.4
242.0
Other expenses
115.3
101.4
Other income
(122.8)
(111.1)
Exceptional items
243.8
82.5
Net operating expenses
483.7
314.8
\n
The majority of the other income and other expenses shown above relates to the income and
associated costs arising on the sale of part exchange properties. Also included in other income and
other expenses are pro\ufb01t/loss on the sale of property, plant and equipment, the revaluation of certain
shared equity mortgage receivables and abortive land acquisition costs.
\n \n
2025
2024
Exceptional items
\u00a3m
\u00a3m
Provision in relation to cladding fire safety
225.8
68.9
Loss on disposal of joint venture
\u2013
13.6
CMA information sharing investigation
18.0
\u2013
243.8
82.5
Share of results of joint ventures
\u2013
15.7
Unwinding of discount on cladding fire safety provision
3.9
\u2013
Total exceptional items
247.7
98.2
\nCladding \ufb01re safety
In 2025, as part of the Group\u2019s ongoing work to meet the Government\u2019s Remediation Action Plan
deadlines, the Group has continued to carry out intrusive investigations and updated FRAEW
assessments across its legacy buildings. These assessments and increased engagement with chartered
\ufb01re engineers in the \ufb01rst half of the year led to a reassessment of the Group\u2019s risk exposure on building
remediation, including updated evaluation of buildings that had not yet undergone intrusive FRAEW
assessments. As a result, in the \ufb01rst half of the year, the provision for cladding \ufb01re safety remediation
increased by \u00a3222.2 million, which was recognised as an exceptional item. In the second half of the
year the Group has made good progress with assessments, tenders and works. Since June 2025 the
provision has increased by a further \u00a33.6 million due to in\ufb02ation, legal fees and other minor differences,
resulting in the provision increasing by \u00a3225.8 million (net of discounting) in the year, recognised as an
exceptional item. This overall increase in the provision in the year is as a result of:
\u2022 The scope of works has been expanded to remediate historical building defects. These building
defects, relating to cavity barriers behind brickwork and render, were not visible in earlier non-intrusive
assessments. The increased provision includes an allowance, which represents the Group\u2019s best
estimate, to remediate cavity barrier defects in buildings where an FRAEW assessment has not yet
been received. As more FRAEW assessments are received this risk element reduces over time.
\u2022 The Group has experienced chartered \ufb01re engineers\u2019 interpretation of the PAS9980 standard
evolve, becoming more cautious. Some buildings that were previously considered acceptable
requiring no remediation work under earlier EWS1 assessments have now been identi\ufb01ed as
needing remediation through recent FRAEW assessments, thereby increasing the level of remediation
required and costs involved.
\u2022 Wider associated project costs have increased as a result of the above, including site-speci\ufb01c cost
increases, professional fees, contingencies and an uplift in Building Safety Fund related buildings,
partially offset by discounting.
In 2024, the Group recognised an increase in the provision of \u00a388.0 million due to an escalation of costs
on tenders received in that year, a small number of new buildings being added and increased project
delivery administration costs, including the funding of Building Safety Fund pre-tender costs. In addition,
one of the Group\u2019s joint ventures recognised a provision for remediation works on the buildings it built,
and as a result \u00a319.1 million was released from the provision held by the Group in relation to those
buildings. This resulted in the net expense recognised by the Group in 2024 being \u00a368.9 million.
CMA information sharing investigation
In February 2024 the CMA announced it was commencing an investigation into a number of
housebuilders, including the Group, relating to concerns that they may have exchanged competitively
sensitive information. In the year, and as announced on 9 July 2025, the Group has offered certain
commitments to the CMA in respect of those concerns, the costs for which, including associated legal
and professional fees, have been recognised as an exceptional item.
Loss on disposal of joint venture
During the prior year, the Group disposed of its interest in Winstanley and York Road Regeneration LLP
and recognised a \u00a313.6 million loss arising from the difference between proceeds on disposal and the
Group\u2019s net investment in the joint venture. This expense, being non-recurring, and outside of the normal
operations of the Group, was recognised as an exceptional item.
Share of results of joint ventures
As noted above, in the prior year, a joint venture of the Group recognised a provision for remediation
costs on buildings it built. The Group\u2019s share of that cost, net of tax, was recognised as an exceptional
item in line with the recognition of the Group\u2019s cladding \ufb01re safety provision.
Pro\ufb01t on ordinary activities before \ufb01nancing has been arrived at after charging:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Cost of inventories recognised as an expense in cost of sales
3,030.4
2,635.0
Property, plant and equipment depreciation (Note 12)
3.0
2.5
Right-of-use asset depreciation (Note 19)
11.4
10.7
Amortisation of intangible assets (Note 11)
1.3
1.1
\n
The remuneration paid to the Group\u2019s external Auditors is as follows:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Fees payable for the audit of the Company\u2019s annual accounts
\u00a0 \u00a0
and consolidated financial statements
0.2
0.2
Fees payable to the Company\u2019s Auditors and its associates for
\u00a0 \u00a0
other services to the Group:
\u00a0 \u00a0
The audit of the Company\u2019s subsidiaries pursuant to legislation
1.1
1.0
Total audit fees
1.3
1.2
Other assurance services
0.2
0.2
Total non-audit fees
0.2
0.2
Total fees
1.5
1.4
\nNon-audit services in 2025 and 2024 predominantly relate to work undertaken as a result of
PricewaterhouseCoopers LLP\u2019s role as auditors, or work resulting from knowledge and experience
gained as part of the role. In 2025 and 2024, the fees relating to other assurance services primarily
related to the review of the interim statements and also included, in 2025, \u00a3100,000 for non-audit
assurance work relating to certain ESG metrics (2024: \u00a365,000) and in both years \u00a32,000 for a
subscription service providing factual updates and changes to applicable law, regulation or accounting
and auditing standards. In 2025, \u00a32,000 (2024: \u00a31,000) was also incurred for agreed upon procedures
work performed in Spain.", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00377": { "value": "6
Net operating expenses and pro\ufb01t on ordinary activities
before \ufb01nancing
Pro\ufb01t on ordinary activities before \ufb01nancing for continuing operations has been arrived at after
charging/(crediting):
\n \n
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Administration expenses
247.4
242.0
Other expenses
115.3
101.4
Other income
(122.8)
(111.1)
Exceptional items
243.8
82.5
Net operating expenses
483.7
314.8
\n
The majority of the other income and other expenses shown above relates to the income and
associated costs arising on the sale of part exchange properties. Also included in other income and
other expenses are pro\ufb01t/loss on the sale of property, plant and equipment, the revaluation of certain
shared equity mortgage receivables and abortive land acquisition costs.
\n \n
2025
2024
Exceptional items
\u00a3m
\u00a3m
Provision in relation to cladding fire safety
225.8
68.9
Loss on disposal of joint venture
\u2013
13.6
CMA information sharing investigation
18.0
\u2013
243.8
82.5
Share of results of joint ventures
\u2013
15.7
Unwinding of discount on cladding fire safety provision
3.9
\u2013
Total exceptional items
247.7
98.2
\nCladding \ufb01re safety
In 2025, as part of the Group\u2019s ongoing work to meet the Government\u2019s Remediation Action Plan
deadlines, the Group has continued to carry out intrusive investigations and updated FRAEW
assessments across its legacy buildings. These assessments and increased engagement with chartered
\ufb01re engineers in the \ufb01rst half of the year led to a reassessment of the Group\u2019s risk exposure on building
remediation, including updated evaluation of buildings that had not yet undergone intrusive FRAEW
assessments. As a result, in the \ufb01rst half of the year, the provision for cladding \ufb01re safety remediation
increased by \u00a3222.2 million, which was recognised as an exceptional item. In the second half of the
year the Group has made good progress with assessments, tenders and works. Since June 2025 the
provision has increased by a further \u00a33.6 million due to in\ufb02ation, legal fees and other minor differences,
resulting in the provision increasing by \u00a3225.8 million (net of discounting) in the year, recognised as an
exceptional item. This overall increase in the provision in the year is as a result of:
\u2022 The scope of works has been expanded to remediate historical building defects. These building
defects, relating to cavity barriers behind brickwork and render, were not visible in earlier non-intrusive
assessments. The increased provision includes an allowance, which represents the Group\u2019s best
estimate, to remediate cavity barrier defects in buildings where an FRAEW assessment has not yet
been received. As more FRAEW assessments are received this risk element reduces over time.
\u2022 The Group has experienced chartered \ufb01re engineers\u2019 interpretation of the PAS9980 standard
evolve, becoming more cautious. Some buildings that were previously considered acceptable
requiring no remediation work under earlier EWS1 assessments have now been identi\ufb01ed as
needing remediation through recent FRAEW assessments, thereby increasing the level of remediation
required and costs involved.
\u2022 Wider associated project costs have increased as a result of the above, including site-speci\ufb01c cost
increases, professional fees, contingencies and an uplift in Building Safety Fund related buildings,
partially offset by discounting.
In 2024, the Group recognised an increase in the provision of \u00a388.0 million due to an escalation of costs
on tenders received in that year, a small number of new buildings being added and increased project
delivery administration costs, including the funding of Building Safety Fund pre-tender costs. In addition,
one of the Group\u2019s joint ventures recognised a provision for remediation works on the buildings it built,
and as a result \u00a319.1 million was released from the provision held by the Group in relation to those
buildings. This resulted in the net expense recognised by the Group in 2024 being \u00a368.9 million.
CMA information sharing investigation
In February 2024 the CMA announced it was commencing an investigation into a number of
housebuilders, including the Group, relating to concerns that they may have exchanged competitively
sensitive information. In the year, and as announced on 9 July 2025, the Group has offered certain
commitments to the CMA in respect of those concerns, the costs for which, including associated legal
and professional fees, have been recognised as an exceptional item.
Loss on disposal of joint venture
During the prior year, the Group disposed of its interest in Winstanley and York Road Regeneration LLP
and recognised a \u00a313.6 million loss arising from the difference between proceeds on disposal and the
Group\u2019s net investment in the joint venture. This expense, being non-recurring, and outside of the normal
operations of the Group, was recognised as an exceptional item.
Share of results of joint ventures
As noted above, in the prior year, a joint venture of the Group recognised a provision for remediation
costs on buildings it built. The Group\u2019s share of that cost, net of tax, was recognised as an exceptional
item in line with the recognition of the Group\u2019s cladding \ufb01re safety provision.
Pro\ufb01t on ordinary activities before \ufb01nancing has been arrived at after charging:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Cost of inventories recognised as an expense in cost of sales
3,030.4
2,635.0
Property, plant and equipment depreciation (Note 12)
3.0
2.5
Right-of-use asset depreciation (Note 19)
11.4
10.7
Amortisation of intangible assets (Note 11)
1.3
1.1
\n
The remuneration paid to the Group\u2019s external Auditors is as follows:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Fees payable for the audit of the Company\u2019s annual accounts
\u00a0 \u00a0
and consolidated financial statements
0.2
0.2
Fees payable to the Company\u2019s Auditors and its associates for
\u00a0 \u00a0
other services to the Group:
\u00a0 \u00a0
The audit of the Company\u2019s subsidiaries pursuant to legislation
1.1
1.0
Total audit fees
1.3
1.2
Other assurance services
0.2
0.2
Total non-audit fees
0.2
0.2
Total fees
1.5
1.4
\n
Non-audit services in 2025 and 2024 predominantly relate to work undertaken as a result of
PricewaterhouseCoopers LLP\u2019s role as auditors, or work resulting from knowledge and experience
gained as part of the role. In 2025 and 2024, the fees relating to other assurance services primarily
related to the review of the interim statements and also included, in 2025, \u00a3100,000 for non-audit
assurance work relating to certain ESG metrics (2024: \u00a365,000) and in both years \u00a32,000 for a
subscription service providing factual updates and changes to applicable law, regulation or accounting
and auditing standards. In 2025, \u00a32,000 (2024: \u00a31,000) was also incurred for agreed upon procedures
work performed in Spain.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00376": { "value": "6
Net operating expenses and pro\ufb01t on ordinary activities
before \ufb01nancing
Pro\ufb01t on ordinary activities before \ufb01nancing for continuing operations has been arrived at after
charging/(crediting):
\n \n
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Administration expenses
247.4
242.0
Other expenses
115.3
101.4
Other income
(122.8)
(111.1)
Exceptional items
243.8
82.5
Net operating expenses
483.7
314.8
\n
The majority of the other income and other expenses shown above relates to the income and
associated costs arising on the sale of part exchange properties. Also included in other income and
other expenses are pro\ufb01t/loss on the sale of property, plant and equipment, the revaluation of certain
shared equity mortgage receivables and abortive land acquisition costs.
\n \n
2025
2024
Exceptional items
\u00a3m
\u00a3m
Provision in relation to cladding fire safety
225.8
68.9
Loss on disposal of joint venture
\u2013
13.6
CMA information sharing investigation
18.0
\u2013
243.8
82.5
Share of results of joint ventures
\u2013
15.7
Unwinding of discount on cladding fire safety provision
3.9
\u2013
Total exceptional items
247.7
98.2
\n
Cladding \ufb01re safety
In 2025, as part of the Group\u2019s ongoing work to meet the Government\u2019s Remediation Action Plan
deadlines, the Group has continued to carry out intrusive investigations and updated FRAEW
assessments across its legacy buildings. These assessments and increased engagement with chartered
\ufb01re engineers in the \ufb01rst half of the year led to a reassessment of the Group\u2019s risk exposure on building
remediation, including updated evaluation of buildings that had not yet undergone intrusive FRAEW
assessments. As a result, in the \ufb01rst half of the year, the provision for cladding \ufb01re safety remediation
increased by \u00a3222.2 million, which was recognised as an exceptional item. In the second half of the
year the Group has made good progress with assessments, tenders and works. Since June 2025 the
provision has increased by a further \u00a33.6 million due to in\ufb02ation, legal fees and other minor differences,
resulting in the provision increasing by \u00a3225.8 million (net of discounting) in the year, recognised as an
exceptional item. This overall increase in the provision in the year is as a result of:
\u2022 The scope of works has been expanded to remediate historical building defects. These building
defects, relating to cavity barriers behind brickwork and render, were not visible in earlier non-intrusive
assessments. The increased provision includes an allowance, which represents the Group\u2019s best
estimate, to remediate cavity barrier defects in buildings where an FRAEW assessment has not yet
been received. As more FRAEW assessments are received this risk element reduces over time.
\u2022 The Group has experienced chartered \ufb01re engineers\u2019 interpretation of the PAS9980 standard
evolve, becoming more cautious. Some buildings that were previously considered acceptable
requiring no remediation work under earlier EWS1 assessments have now been identi\ufb01ed as
needing remediation through recent FRAEW assessments, thereby increasing the level of remediation
required and costs involved.
\u2022 Wider associated project costs have increased as a result of the above, including site-speci\ufb01c cost
increases, professional fees, contingencies and an uplift in Building Safety Fund related buildings,
partially offset by discounting.
In 2024, the Group recognised an increase in the provision of \u00a388.0 million due to an escalation of costs
on tenders received in that year, a small number of new buildings being added and increased project
delivery administration costs, including the funding of Building Safety Fund pre-tender costs. In addition,
one of the Group\u2019s joint ventures recognised a provision for remediation works on the buildings it built,
and as a result \u00a319.1 million was released from the provision held by the Group in relation to those
buildings. This resulted in the net expense recognised by the Group in 2024 being \u00a368.9 million.
CMA information sharing investigation
In February 2024 the CMA announced it was commencing an investigation into a number of
housebuilders, including the Group, relating to concerns that they may have exchanged competitively
sensitive information. In the year, and as announced on 9 July 2025, the Group has offered certain
commitments to the CMA in respect of those concerns, the costs for which, including associated legal
and professional fees, have been recognised as an exceptional item.
Loss on disposal of joint venture
During the prior year, the Group disposed of its interest in Winstanley and York Road Regeneration LLP
and recognised a \u00a313.6 million loss arising from the difference between proceeds on disposal and the
Group\u2019s net investment in the joint venture. This expense, being non-recurring, and outside of the normal
operations of the Group, was recognised as an exceptional item.
Share of results of joint ventures
As noted above, in the prior year, a joint venture of the Group recognised a provision for remediation
costs on buildings it built. The Group\u2019s share of that cost, net of tax, was recognised as an exceptional
item in line with the recognition of the Group\u2019s cladding \ufb01re safety provision.
Pro\ufb01t on ordinary activities before \ufb01nancing has been arrived at after charging:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Cost of inventories recognised as an expense in cost of sales
3,030.4
2,635.0
Property, plant and equipment depreciation (Note 12)
3.0
2.5
Right-of-use asset depreciation (Note 19)
11.4
10.7
Amortisation of intangible assets (Note 11)
1.3
1.1
\n
The remuneration paid to the Group\u2019s external Auditors is as follows:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Fees payable for the audit of the Company\u2019s annual accounts
\u00a0 \u00a0
and consolidated financial statements
0.2
0.2
Fees payable to the Company\u2019s Auditors and its associates for
\u00a0 \u00a0
other services to the Group:
\u00a0 \u00a0
The audit of the Company\u2019s subsidiaries pursuant to legislation
1.1
1.0
Total audit fees
1.3
1.2
Other assurance services
0.2
0.2
Total non-audit fees
0.2
0.2
Total fees
1.5
1.4
\n
Non-audit services in 2025 and 2024 predominantly relate to work undertaken as a result of
PricewaterhouseCoopers LLP\u2019s role as auditors, or work resulting from knowledge and experience
gained as part of the role. In 2025 and 2024, the fees relating to other assurance services primarily
related to the review of the interim statements and also included, in 2025, \u00a3100,000 for non-audit
assurance work relating to certain ESG metrics (2024: \u00a365,000) and in both years \u00a32,000 for a
subscription service providing factual updates and changes to applicable law, regulation or accounting
and auditing standards. In 2025, \u00a32,000 (2024: \u00a31,000) was also incurred for agreed upon procedures
work performed in Spain.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00378": { "value": "The remuneration paid to the Group\u2019s external Auditors is as follows: \n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Fees payable for the audit of the Company\u2019s annual accounts
\u00a0 \u00a0
and consolidated financial statements
0.2
0.2
Fees payable to the Company\u2019s Auditors and its associates for
\u00a0 \u00a0
other services to the Group:
\u00a0 \u00a0
The audit of the Company\u2019s subsidiaries pursuant to legislation
1.1
1.0
Total audit fees
1.3
1.2
Other assurance services
0.2
0.2
Total non-audit fees
0.2
0.2
Total fees
1.5
1.4
Non-audit services in 2025 and 2024 predominantly relate to work undertaken as a result of
PricewaterhouseCoopers LLP\u2019s role as auditors, or work resulting from knowledge and experience
gained as part of the role. In 2025 and 2024, the fees relating to other assurance services primarily
related to the review of the interim statements and also included, in 2025, \u00a3100,000 for non-audit
assurance work relating to certain ESG metrics (2024: \u00a365,000) and in both years \u00a32,000 for a
subscription service providing factual updates and changes to applicable law, regulation or accounting
and auditing standards. In 2025, \u00a32,000 (2024: \u00a31,000) was also incurred for agreed upon procedures
work performed in Spain.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00380": { "value": "8
Finance income and \ufb01nance costs
\n \n
2025
2024
Finance income
\u00a3m
\u00a3m
Interest receivable
12.1
29.7
12.1
29.7
\n\n \n
2025
2024
Finance costs
\u00a3m
\u00a3m
Interest on bank and other loans
(8.9)
(8.0)
Foreign exchange loss
(0.8)
(0.1)
(9.7)
(8.1)
Unwinding of discount on land creditors and other items
(26.1)
(16.7)
Unwinding of discount on provisions (Note 22)
(3.9)
\u2013
Interest on lease liabilities (Note 19)
(1.6)
(1.5)
Net interest on pension liability (Note 21)
(1.1)
(1.1)
(42.4)
(27.4)
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00381": { "value": "8
Finance income and \ufb01nance costs
\n \n
2025
2024
Finance income
\u00a3m
\u00a3m
Interest receivable
12.1
29.7
12.1
29.7
\n\n \n
2025
2024
Finance costs
\u00a3m
\u00a3m
Interest on bank and other loans
(8.9)
(8.0)
Foreign exchange loss
(0.8)
(0.1)
(9.7)
(8.1)
Unwinding of discount on land creditors and other items
(26.1)
(16.7)
Unwinding of discount on provisions (Note 22)
(3.9)
\u2013
Interest on lease liabilities (Note 19)
(1.6)
(1.5)
Net interest on pension liability (Note 21)
(1.1)
(1.1)
(42.4)
(27.4)
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00382": { "value": "\n \n
2025
2024
Finance income
\u00a3m
\u00a3m
Interest receivable
12.1
29.7
12.1
29.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00383": { "value": "\n \n
2025
2024
Finance income
\u00a3m
\u00a3m
Interest receivable
12.1
29.7
12.1
29.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00384": { "value": "\n \n
2025
2024
Finance costs
\u00a3m
\u00a3m
Interest on bank and other loans
(8.9)
(8.0)
Foreign exchange loss
(0.8)
(0.1)
(9.7)
(8.1)
Unwinding of discount on land creditors and other items
(26.1)
(16.7)
Unwinding of discount on provisions (Note 22)
(3.9)
\u2013
Interest on lease liabilities (Note 19)
(1.6)
(1.5)
Net interest on pension liability (Note 21)
(1.1)
(1.1)
(42.4)
(27.4)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00385": { "value": "\n \n
2025
2024
Finance costs
\u00a3m
\u00a3m
Interest on bank and other loans
(8.9)
(8.0)
Foreign exchange loss
(0.8)
(0.1)
(9.7)
(8.1)
Unwinding of discount on land creditors and other items
(26.1)
(16.7)
Unwinding of discount on provisions (Note 22)
(3.9)
\u2013
Interest on lease liabilities (Note 19)
(1.6)
(1.5)
Net interest on pension liability (Note 21)
(1.1)
(1.1)
(42.4)
(27.4)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00386": { "value": "9
Taxation charge
Tax (charged)/credited in the consolidated income statement is analysed as follows:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0\u00a0
2025
2024
\u00a0\u00a0
\u00a3m
\u00a3m
Current tax
\u00a0\u00a0\u00a0
UK:
Current year
(39.1)
(91.9)
\u00a0
Adjustment in respect of prior years
2.9
4.1
Overseas:
Current year
(15.3)
(11.2)
\u00a0
Adjustment in respect of prior years
\u2013
\u2013
\u00a0\u00a0
(51.5)
(99.0)
Deferred tax
\u00a0\u00a0\u00a0
UK:
Current year
5.2
(3.8)
\u00a0
Adjustment in respect of prior years
(0.8)
2.7
Overseas:
Current year
1.0
(0.6)
\u00a0
Adjustment in respect of prior years
\u2013
\u2013
\u00a0\u00a0
5.4
(1.7)
\u00a0\u00a0
(46.1)
(100.7)
\n
Corporation tax is calculated at 29.0% (2024: 29.0%) of the estimated assessable pro\ufb01t for the year
in the UK. This includes corporation tax at the rate of 25.0% (2024: 25.0%) and residential property
developer tax at the rate of 4.0% (2024: 4.0%) on pro\ufb01ts arising from residential property development
activities. Taxation outside the UK is calculated at the rates prevailing in the respective jurisdictions.
The tax charge for the year includes an exceptional credit of \u00a365.5 million relating to the cladding \ufb01re
safety provision and other exceptional items (2024: \u00a320.2 million).
The charge for the year can be reconciled to the pro\ufb01t per the consolidated income statement
as follows:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Profit before tax
146.5
320.3
Tax at the UK corporation tax rate of 29.0% (2024: 29.0%)
(42.5)
(92.9)
Net over provision in respect of prior years
2.1
6.8
Net impact of items that are not taxable or deductible
(7.8)
(13.7)
Derecognition of deferred tax assets
\u2013
(2.8)
Other rate impacting adjustments
2.1
1.9
Tax charge for the year
(46.1)
(100.7)
\n
Owing to its size and multinational operations, the Group is within the scope of the OECD Pillar
Two model rules, which are designed to ensure that large multinational groups incur a 15% minimum
effective tax rate in each jurisdiction in which they operate. Pillar Two legislation was enacted in the
UK in June 2023 and applies to periods beginning on or after 31 December 2023. The Group applies
the exception to recognising and disclosing information about deferred tax assets and liabilities related
to Pillar Two income taxes, as provided in the amendments to IAS 12 issued in May 2023.
Under the legislation, the Group is liable to pay a top-up tax for the difference between its effective
tax rate per jurisdiction and the 15% minimum rate. It is expected that the Group will meet the safe
harbour provisions, meaning that no additional tax is expected to be due.14
Deferred tax
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0 \u00a0
Temporary
\u00a0
Losses and other
\u00a0
\u00a0
Share-based
Capital
differences on
Retirement benefit
temporary
\u00a0
\u00a0
payments
allowances
overseas provisions
obligations
differences
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January 2024
1.9
2.0
5.3
7.7
6.5
23.4
(Charge)/credit to income
(0.2)
(2.3)
(0.6)
(0.9)
2.3
(1.7)
Charge to other comprehensive income
\u2013
\u2013
\u2013
(0.4)
\u2013
(0.4)
Charge to statement of changes in equity
(0.4)
\u2013
\u2013
\u2013
\u2013
(0.4)
Foreign exchange
\u2013
\u2013
(0.3)
\u2013
\u2013
(0.3)
At 31 December 2024
1.3
(0.3)
4.4
6.4
8.8
20.6
(Charge)/credit to income
(0.4)
(0.8)
1.0
(0.9)
6.5
5.4
Charge to other comprehensive income
\u2013
\u2013
\u2013
(0.3)
\u2013
(0.3)
Charge to statement of changes in equity
(0.3)
\u2013
\u2013
\u2013
\u2013
(0.3)
Foreign exchange
\u2013
\u2013
0.2
\u2013
\u2013
0.2
At 31 December 2025
0.6
(1.1)
5.6
5.2
15.3
25.6
\n
Closing deferred tax on temporary differences has been calculated at the tax rates that are expected to apply for the period when the asset is realised or liability is settled. Accordingly, deferred tax on
UK temporary differences has been calculated at 29% (31 December 2024: 29%). Deferred tax on Spanish temporary differences has been calculated at 25% (31 December 2024: 25%).
The net deferred tax balance is analysed into assets and liabilities as follows:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Deferred tax assets
26.2
21.6
Deferred tax liabilities
(0.6)
(1.0)
\u00a0
25.6
20.6
\n
The Group has not recognised temporary differences relating to tax losses carried forward and other temporary differences amounting to \u00a314.1 million (2024: \u00a315.9 million) in the UK and \u00a319.4 million
(\u00a318.4 million) in Spain. The UK and Spanish temporary differences have not been recognised as insuf\ufb01cient certainty exists as to their future utilisation.
At the balance sheet date, the Group has unused UK capital losses of \u00a3269.7 million (2024: \u00a3269.7 million). No deferred tax asset has been recognised in respect of the capital losses at 31 December 2025
(2024: \u00a3nil) because the Group does not believe that it is probable that these capital losses will be utilised in the foreseeable future.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00387": { "value": "9
Taxation charge
Tax (charged)/credited in the consolidated income statement is analysed as follows:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0\u00a0
2025
2024
\u00a0\u00a0
\u00a3m
\u00a3m
Current tax
\u00a0\u00a0\u00a0
UK:
Current year
(39.1)
(91.9)
\u00a0
Adjustment in respect of prior years
2.9
4.1
Overseas:
Current year
(15.3)
(11.2)
\u00a0
Adjustment in respect of prior years
\u2013
\u2013
\u00a0\u00a0
(51.5)
(99.0)
Deferred tax
\u00a0\u00a0\u00a0
UK:
Current year
5.2
(3.8)
\u00a0
Adjustment in respect of prior years
(0.8)
2.7
Overseas:
Current year
1.0
(0.6)
\u00a0
Adjustment in respect of prior years
\u2013
\u2013
\u00a0\u00a0
5.4
(1.7)
\u00a0\u00a0
(46.1)
(100.7)
\n
Corporation tax is calculated at 29.0% (2024: 29.0%) of the estimated assessable pro\ufb01t for the year
in the UK. This includes corporation tax at the rate of 25.0% (2024: 25.0%) and residential property
developer tax at the rate of 4.0% (2024: 4.0%) on pro\ufb01ts arising from residential property development
activities. Taxation outside the UK is calculated at the rates prevailing in the respective jurisdictions.
The tax charge for the year includes an exceptional credit of \u00a365.5 million relating to the cladding \ufb01re
safety provision and other exceptional items (2024: \u00a320.2 million).
The charge for the year can be reconciled to the pro\ufb01t per the consolidated income statement
as follows:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Profit before tax
146.5
320.3
Tax at the UK corporation tax rate of 29.0% (2024: 29.0%)
(42.5)
(92.9)
Net over provision in respect of prior years
2.1
6.8
Net impact of items that are not taxable or deductible
(7.8)
(13.7)
Derecognition of deferred tax assets
\u2013
(2.8)
Other rate impacting adjustments
2.1
1.9
Tax charge for the year
(46.1)
(100.7)
\n
Owing to its size and multinational operations, the Group is within the scope of the OECD Pillar
Two model rules, which are designed to ensure that large multinational groups incur a 15% minimum
effective tax rate in each jurisdiction in which they operate. Pillar Two legislation was enacted in the
UK in June 2023 and applies to periods beginning on or after 31 December 2023. The Group applies
the exception to recognising and disclosing information about deferred tax assets and liabilities related
to Pillar Two income taxes, as provided in the amendments to IAS 12 issued in May 2023.
Under the legislation, the Group is liable to pay a top-up tax for the difference between its effective
tax rate per jurisdiction and the 15% minimum rate. It is expected that the Group will meet the safe
harbour provisions, meaning that no additional tax is expected to be due.14
Deferred tax
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0 \u00a0
Temporary
\u00a0
Losses and other
\u00a0
\u00a0
Share-based
Capital
differences on
Retirement benefit
temporary
\u00a0
\u00a0
payments
allowances
overseas provisions
obligations
differences
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January 2024
1.9
2.0
5.3
7.7
6.5
23.4
(Charge)/credit to income
(0.2)
(2.3)
(0.6)
(0.9)
2.3
(1.7)
Charge to other comprehensive income
\u2013
\u2013
\u2013
(0.4)
\u2013
(0.4)
Charge to statement of changes in equity
(0.4)
\u2013
\u2013
\u2013
\u2013
(0.4)
Foreign exchange
\u2013
\u2013
(0.3)
\u2013
\u2013
(0.3)
At 31 December 2024
1.3
(0.3)
4.4
6.4
8.8
20.6
(Charge)/credit to income
(0.4)
(0.8)
1.0
(0.9)
6.5
5.4
Charge to other comprehensive income
\u2013
\u2013
\u2013
(0.3)
\u2013
(0.3)
Charge to statement of changes in equity
(0.3)
\u2013
\u2013
\u2013
\u2013
(0.3)
Foreign exchange
\u2013
\u2013
0.2
\u2013
\u2013
0.2
At 31 December 2025
0.6
(1.1)
5.6
5.2
15.3
25.6
\n
Closing deferred tax on temporary differences has been calculated at the tax rates that are expected to apply for the period when the asset is realised or liability is settled. Accordingly, deferred tax on
UK temporary differences has been calculated at 29% (31 December 2024: 29%). Deferred tax on Spanish temporary differences has been calculated at 25% (31 December 2024: 25%).
The net deferred tax balance is analysed into assets and liabilities as follows:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Deferred tax assets
26.2
21.6
Deferred tax liabilities
(0.6)
(1.0)
\u00a0
25.6
20.6
\n
The Group has not recognised temporary differences relating to tax losses carried forward and other temporary differences amounting to \u00a314.1 million (2024: \u00a315.9 million) in the UK and \u00a319.4 million
(\u00a318.4 million) in Spain. The UK and Spanish temporary differences have not been recognised as insuf\ufb01cient certainty exists as to their future utilisation.
At the balance sheet date, the Group has unused UK capital losses of \u00a3269.7 million (2024: \u00a3269.7 million). No deferred tax asset has been recognised in respect of the capital losses at 31 December 2025
(2024: \u00a3nil) because the Group does not believe that it is probable that these capital losses will be utilised in the foreseeable future.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00388": { "value": "10
Earnings per share
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2025
2024
Basic earnings per share
2.8p
6.2p
Diluted earnings per share
2.8p
6.2p
Adjusted basic earnings per share
8.0p
8.4p
Adjusted diluted earnings per share
8.0p
8.4p
Weighted average number of shares for basic earnings per\u00a0share \u2013 million
3,539.4
3,538.5
Weighted average number of shares for diluted earnings per\u00a0share \u2013 million
3,548.6
3,551.9
\n
Adjusted basic and adjusted diluted earnings per share, which exclude the impact of exceptional
items and any associated net tax amounts, are presented to provide a measure of the underlying
performance of the Group. A reconciliation of earnings attributable to equity shareholders used for
basic and diluted earnings per share to that used for adjusted earnings per share is shown below.
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Earnings for basic and diluted earnings per share
100.4
219.6
Adjust for exceptional items (Note 6)
247.7
98.2
Adjust for tax on exceptional items (Note 9)
(65.5)
(20.2)
Earnings for adjusted basic and adjusted diluted earnings per\u00a0share
282.6
297.6
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2025
2024
\u00a0
Million
Million
Weighted average number of shares for basic earnings per\u00a0share
3,539.4
3,538.5
Dilution from share options
9.2
13.4
Weighted average number of shares for diluted earnings per\u00a0share
3,548.6
3,551.9
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00389": { "value": "11
Intangible assets
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Software and
\u00a0
\u00a0
Brands
licences
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0
At 1 January 2024
140.2
23.8
164.0
Additions
\u2013
\u2013
\u2013
At 31 December 2024
140.2
23.8
164.0
Additions
\u2013
2.5
2.5
Disposals
\u2013
(4.3)
(4.3)
At 31 December 2025
140.2
22.0
162.2
Accumulated amortisation
\u00a0 \u00a0 \u00a0
At 1 January 2024
(140.2)
(21.2)
(161.4)
Charge for the year
\u2013
(1.1)
(1.1)
At 31 December 2024
(140.2)
(22.3)
(162.5)
Charge for the year
\u2013
(1.3)
(1.3)
Disposals
\u2013
4.3
4.3
At 31 December 2025
(140.2)
(19.3)
(159.5)
Carrying amount
\u00a0 \u00a0 \u00a0
At 31 December 2025
\u2013
2.7
2.7
At 31 December 2024
\u2013
1.5
1.5
\nThe amortisation of software is recognised within administration expenses in the income statement. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00390": { "value": "11
Intangible assets
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Software and
\u00a0
\u00a0
Brands
licences
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0
At 1 January 2024
140.2
23.8
164.0
Additions
\u2013
\u2013
\u2013
At 31 December 2024
140.2
23.8
164.0
Additions
\u2013
2.5
2.5
Disposals
\u2013
(4.3)
(4.3)
At 31 December 2025
140.2
22.0
162.2
Accumulated amortisation
\u00a0 \u00a0 \u00a0
At 1 January 2024
(140.2)
(21.2)
(161.4)
Charge for the year
\u2013
(1.1)
(1.1)
At 31 December 2024
(140.2)
(22.3)
(162.5)
Charge for the year
\u2013
(1.3)
(1.3)
Disposals
\u2013
4.3
4.3
At 31 December 2025
(140.2)
(19.3)
(159.5)
Carrying amount
\u00a0 \u00a0 \u00a0
At 31 December 2025
\u2013
2.7
2.7
At 31 December 2024
\u2013
1.5
1.5
\nThe amortisation of software is recognised within administration expenses in the income statement. 12
Property, plant and equipment
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Freehold
Plant, equipment
\u00a0
\u00a0
land and
and leasehold
\u00a0
\u00a0
buildings
improvements
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0
At 1 January 2024
14.3
37.0
51.3
Additions
\u2013
3.4
3.4
Disposals
(0.1)
(1.3)
(1.4)
Exchange movements
\u2013
(0.1)
(0.1)
At 31 December 2024
14.2
39.0
53.2
Additions
\u2013
4.2
4.2
Disposals
\u2013
(8.8)
(8.8)
Exchange movements
\u2013
0.1
0.1
At 31 December 2025
14.2
34.5
48.7
Accumulated depreciation
\u00a0 \u00a0 \u00a0
At 1 January 2024
(4.7)
(24.6)
(29.3)
Charge for the year
(0.5)
(2.0)
(2.5)
Disposals
\u2013
0.4
0.4
Exchange movements
\u2013
0.1
0.1
At 31 December 2024
(5.2)
(26.1)
(31.3)
Charge for the year
(0.4)
(2.6)
(3.0)
Disposals
\u2013
8.8
8.8
Exchange movements
\u2013
(0.1)
(0.1)
At 31 December 2025
(5.6)
(20.0)
(25.6)
Carrying amount
\u00a0 \u00a0 \u00a0
At 31 December 2025
8.6
14.5
23.1
At 31 December 2024
9.0
12.9
21.9
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00391": { "value": "12
Property, plant and equipment
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Freehold
Plant, equipment
\u00a0
\u00a0
land and
and leasehold
\u00a0
\u00a0
buildings
improvements
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0
At 1 January 2024
14.3
37.0
51.3
Additions
\u2013
3.4
3.4
Disposals
(0.1)
(1.3)
(1.4)
Exchange movements
\u2013
(0.1)
(0.1)
At 31 December 2024
14.2
39.0
53.2
Additions
\u2013
4.2
4.2
Disposals
\u2013
(8.8)
(8.8)
Exchange movements
\u2013
0.1
0.1
At 31 December 2025
14.2
34.5
48.7
Accumulated depreciation
\u00a0 \u00a0 \u00a0
At 1 January 2024
(4.7)
(24.6)
(29.3)
Charge for the year
(0.5)
(2.0)
(2.5)
Disposals
\u2013
0.4
0.4
Exchange movements
\u2013
0.1
0.1
At 31 December 2024
(5.2)
(26.1)
(31.3)
Charge for the year
(0.4)
(2.6)
(3.0)
Disposals
\u2013
8.8
8.8
Exchange movements
\u2013
(0.1)
(0.1)
At 31 December 2025
(5.6)
(20.0)
(25.6)
Carrying amount
\u00a0 \u00a0 \u00a0
At 31 December 2025
8.6
14.5
23.1
At 31 December 2024
9.0
12.9
21.9
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00392": { "value": "13
Interests in joint ventures
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Share of net assets
24.9
22.8
Loans to joint ventures
1.7
4.1
Total interests in joint ventures
26.6
26.9
\n
The Group has three (2024: three) material joint ventures whose principal activity is residential
housebuilding or development. The Group considers a joint venture to be material when it is \ufb01nancially
or strategically important to the Group.
The particulars of the material joint ventures for 2025 are as follows:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Interest in the
\u00a0
Country of
issued ordinary
Joint venture
incorporation
share capital*
Greenwich Millennium Village Limited
United Kingdom
50%
Whitehill & Bordon Development Company Phase 1a Limited
United Kingdom
50%
Whitehill & Bordon Regeneration Company Limited
United Kingdom
50%
\n
*
Interests held by subsidiary undertakings.
The loss recognised by Greenwich Millennium Village Limited in the prior year re\ufb02ects its recognition of
an exceptional provision for remedial works on buildings it built (see Note 6). Further information on the
particulars of joint ventures can be found on pages 224 to 225.
The following two tables show summary \ufb01nancial information for the material joint ventures and in total for the immaterial joint ventures. Unless speci\ufb01cally indicated, this information represents 100% of the
\n
joint venture before intercompany eliminations.
\n\n \n
Whitehill
& Bordon
Whitehill
Greenwich
Development
& Bordon
Millennium
Company
Regeneration
Immaterial
Village
Phase 1a
Company
joint ventures
Total
2025
2025
2025
2025
2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Non-current assets
\u2013
\u2013
55.0
2.3
57.3
Current assets excluding cash
88.1
21.9
11.4
37.1
158.5
Cash and cash equivalents
2.4
1.7
11.7
5.2
21.0
Current financial liabilities
(13.2)
(6.9)
(29.0)
(2.1)
(51.2)
Current other liabilities
\u2013
(1.0)
\u2013
\u2013
(1.0)
Non-current financial liabilities*
(35.3)
(7.4)
(46.1)
(45.4)
(134.2)
Net assets/(liabilities) (100%)
42.0
8.3
3.0
(2.9)
50.4
Group share of net assets/(liabilities)
21.0
4.2
1.5
(1.8)
24.9
Loans to joint ventures
\u2013
\u2013
0.1
1.6
1.7
Total interests in joint ventures
21.0
4.2
1.6
(0.2)
26.6
Revenue
12.3
49.3
18.1
7.3
87.0
Interest income/(expense)
0.1
(1.3)
0.2
(2.8)
(3.8)
Income tax (expense)/credit
(0.3)
(1.7)
\u2013
0.6
(1.4)
Profit/(loss) for the year
0.9
5.0
\u2013
(1.9)
4.0
Group share of profit/(loss) for the year
0.5
2.5
\u2013
(0.9)
2.1
\n
*
Non-current \ufb01nancial liabilities include amounts owed to joint venture partners.
\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Whitehill
\u00a0 \u00a0 \u00a0
\u00a0 \u00a0
& Bordon
Whitehill
\u00a0 \u00a0
\u00a0
Greenwich
Development
& Bordon
\u00a0 \u00a0
\u00a0
Millennium
Company
Regeneration
Immaterial
\u00a0
\u00a0
Village
Phase 1a
Company
joint ventures
Total
\u00a0
2024
2024
2024
2024
2024
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Non-current assets
3.2
\u2013
62.5
1.7
67.4
Current assets excluding cash
78.4
28.2
5.8
31.6
144.0
Cash and cash equivalents
8.5
0.4
0.1
3.4
12.4
Current financial liabilities
(47.8)
(12.7)
(21.1)
(1.4)
(83.0)
Current other liabilities
\u2013
\u2013
\u2013
\u2013
\u2013
Non-current financial liabilities*
(1.4)
(12.9)
(44.1)
(36.3)
(94.7)
Net assets/(liabilities) (100%)
40.9
3.0
3.2
(1.0)
46.1
Group share of net assets/(liabilities)
20.5
1.5
1.6
(0.8)
22.8
Loans to joint ventures
\u2013
\u2013
2.5
1.6
4.1
Total interests in joint ventures
20.5
1.5
4.1
0.8
26.9
Revenue
78.0
16.4
21.7
4.7
120.8
Interest (expense)/income
(0.1)
(1.4)
0.4
(7.9)
(9.0)
Income tax credit/(expense)
7.4
(0.1)
0.1
0.9
8.3
(Loss)/profit for the year
(22.1)
0.4
(0.1)
(9.8)
(31.6)
Group share of (loss)/profit for the year
(11.1)
0.2
(0.1)
(4.9)
(15.9)
\n
*
Non-current \ufb01nancial liabilities include amounts owed to joint venture partners.
During the current and prior year, no entity charged depreciation or amortisation. No entity had discontinued operations or items of other comprehensive income.", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00393": { "value": "13
Interests in joint ventures
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Share of net assets
24.9
22.8
Loans to joint ventures
1.7
4.1
Total interests in joint ventures
26.6
26.9
\n
The Group has three (2024: three) material joint ventures whose principal activity is residential
housebuilding or development. The Group considers a joint venture to be material when it is \ufb01nancially
or strategically important to the Group.
The particulars of the material joint ventures for 2025 are as follows:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Interest in the
\u00a0
Country of
issued ordinary
Joint venture
incorporation
share capital*
Greenwich Millennium Village Limited
United Kingdom
50%
Whitehill & Bordon Development Company Phase 1a Limited
United Kingdom
50%
Whitehill & Bordon Regeneration Company Limited
United Kingdom
50%
\n
*
Interests held by subsidiary undertakings.
The loss recognised by Greenwich Millennium Village Limited in the prior year re\ufb02ects its recognition of
an exceptional provision for remedial works on buildings it built (see Note 6). Further information on the
particulars of joint ventures can be found on pages 224 to 225.
\n\n\n
The following two tables show summary \ufb01nancial information for the material joint ventures and in total for the immaterial joint ventures. Unless speci\ufb01cally indicated, this information represents 100% of the
\n
joint venture before intercompany eliminations.
\n\n \n
Whitehill
& Bordon
Whitehill
Greenwich
Development
& Bordon
Millennium
Company
Regeneration
Immaterial
Village
Phase 1a
Company
joint ventures
Total
2025
2025
2025
2025
2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Non-current assets
\u2013
\u2013
55.0
2.3
57.3
Current assets excluding cash
88.1
21.9
11.4
37.1
158.5
Cash and cash equivalents
2.4
1.7
11.7
5.2
21.0
Current financial liabilities
(13.2)
(6.9)
(29.0)
(2.1)
(51.2)
Current other liabilities
\u2013
(1.0)
\u2013
\u2013
(1.0)
Non-current financial liabilities*
(35.3)
(7.4)
(46.1)
(45.4)
(134.2)
Net assets/(liabilities) (100%)
42.0
8.3
3.0
(2.9)
50.4
Group share of net assets/(liabilities)
21.0
4.2
1.5
(1.8)
24.9
Loans to joint ventures
\u2013
\u2013
0.1
1.6
1.7
Total interests in joint ventures
21.0
4.2
1.6
(0.2)
26.6
Revenue
12.3
49.3
18.1
7.3
87.0
Interest income/(expense)
0.1
(1.3)
0.2
(2.8)
(3.8)
Income tax (expense)/credit
(0.3)
(1.7)
\u2013
0.6
(1.4)
Profit/(loss) for the year
0.9
5.0
\u2013
(1.9)
4.0
Group share of profit/(loss) for the year
0.5
2.5
\u2013
(0.9)
2.1
\n
*
Non-current \ufb01nancial liabilities include amounts owed to joint venture partners.
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Whitehill
\u00a0 \u00a0 \u00a0
\u00a0 \u00a0
& Bordon
Whitehill
\u00a0 \u00a0
\u00a0
Greenwich
Development
& Bordon
\u00a0 \u00a0
\u00a0
Millennium
Company
Regeneration
Immaterial
\u00a0
\u00a0
Village
Phase 1a
Company
joint ventures
Total
\u00a0
2024
2024
2024
2024
2024
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Non-current assets
3.2
\u2013
62.5
1.7
67.4
Current assets excluding cash
78.4
28.2
5.8
31.6
144.0
Cash and cash equivalents
8.5
0.4
0.1
3.4
12.4
Current financial liabilities
(47.8)
(12.7)
(21.1)
(1.4)
(83.0)
Current other liabilities
\u2013
\u2013
\u2013
\u2013
\u2013
Non-current financial liabilities*
(1.4)
(12.9)
(44.1)
(36.3)
(94.7)
Net assets/(liabilities) (100%)
40.9
3.0
3.2
(1.0)
46.1
Group share of net assets/(liabilities)
20.5
1.5
1.6
(0.8)
22.8
Loans to joint ventures
\u2013
\u2013
2.5
1.6
4.1
Total interests in joint ventures
20.5
1.5
4.1
0.8
26.9
Revenue
78.0
16.4
21.7
4.7
120.8
Interest (expense)/income
(0.1)
(1.4)
0.4
(7.9)
(9.0)
Income tax credit/(expense)
7.4
(0.1)
0.1
0.9
8.3
(Loss)/profit for the year
(22.1)
0.4
(0.1)
(9.8)
(31.6)
Group share of (loss)/profit for the year
(11.1)
0.2
(0.1)
(4.9)
(15.9)
\n
*
Non-current \ufb01nancial liabilities include amounts owed to joint venture partners.
During the current and prior year, no entity charged depreciation or amortisation. No entity had discontinued operations or items of other comprehensive income.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00394": { "value": "13
Interests in joint ventures
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Share of net assets
24.9
22.8
Loans to joint ventures
1.7
4.1
Total interests in joint ventures
26.6
26.9
\n
The Group has three (2024: three) material joint ventures whose principal activity is residential
housebuilding or development. The Group considers a joint venture to be material when it is \ufb01nancially
or strategically important to the Group.
The particulars of the material joint ventures for 2025 are as follows:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Interest in the
\u00a0
Country of
issued ordinary
Joint venture
incorporation
share capital*
Greenwich Millennium Village Limited
United Kingdom
50%
Whitehill & Bordon Development Company Phase 1a Limited
United Kingdom
50%
Whitehill & Bordon Regeneration Company Limited
United Kingdom
50%
\n
*
Interests held by subsidiary undertakings.
The loss recognised by Greenwich Millennium Village Limited in the prior year re\ufb02ects its recognition of
an exceptional provision for remedial works on buildings it built (see Note 6). Further information on the
particulars of joint ventures can be found on pages 224 to 225.
\n\n\n
The following two tables show summary \ufb01nancial information for the material joint ventures and in total for the immaterial joint ventures. Unless speci\ufb01cally indicated, this information represents 100% of the
\n
joint venture before intercompany eliminations.
\n\n \n
Whitehill
& Bordon
Whitehill
Greenwich
Development
& Bordon
Millennium
Company
Regeneration
Immaterial
Village
Phase 1a
Company
joint ventures
Total
2025
2025
2025
2025
2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Non-current assets
\u2013
\u2013
55.0
2.3
57.3
Current assets excluding cash
88.1
21.9
11.4
37.1
158.5
Cash and cash equivalents
2.4
1.7
11.7
5.2
21.0
Current financial liabilities
(13.2)
(6.9)
(29.0)
(2.1)
(51.2)
Current other liabilities
\u2013
(1.0)
\u2013
\u2013
(1.0)
Non-current financial liabilities*
(35.3)
(7.4)
(46.1)
(45.4)
(134.2)
Net assets/(liabilities) (100%)
42.0
8.3
3.0
(2.9)
50.4
Group share of net assets/(liabilities)
21.0
4.2
1.5
(1.8)
24.9
Loans to joint ventures
\u2013
\u2013
0.1
1.6
1.7
Total interests in joint ventures
21.0
4.2
1.6
(0.2)
26.6
Revenue
12.3
49.3
18.1
7.3
87.0
Interest income/(expense)
0.1
(1.3)
0.2
(2.8)
(3.8)
Income tax (expense)/credit
(0.3)
(1.7)
\u2013
0.6
(1.4)
Profit/(loss) for the year
0.9
5.0
\u2013
(1.9)
4.0
Group share of profit/(loss) for the year
0.5
2.5
\u2013
(0.9)
2.1
\n
*
Non-current \ufb01nancial liabilities include amounts owed to joint venture partners.
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Whitehill
\u00a0 \u00a0 \u00a0
\u00a0 \u00a0
& Bordon
Whitehill
\u00a0 \u00a0
\u00a0
Greenwich
Development
& Bordon
\u00a0 \u00a0
\u00a0
Millennium
Company
Regeneration
Immaterial
\u00a0
\u00a0
Village
Phase 1a
Company
joint ventures
Total
\u00a0
2024
2024
2024
2024
2024
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Non-current assets
3.2
\u2013
62.5
1.7
67.4
Current assets excluding cash
78.4
28.2
5.8
31.6
144.0
Cash and cash equivalents
8.5
0.4
0.1
3.4
12.4
Current financial liabilities
(47.8)
(12.7)
(21.1)
(1.4)
(83.0)
Current other liabilities
\u2013
\u2013
\u2013
\u2013
\u2013
Non-current financial liabilities*
(1.4)
(12.9)
(44.1)
(36.3)
(94.7)
Net assets/(liabilities) (100%)
40.9
3.0
3.2
(1.0)
46.1
Group share of net assets/(liabilities)
20.5
1.5
1.6
(0.8)
22.8
Loans to joint ventures
\u2013
\u2013
2.5
1.6
4.1
Total interests in joint ventures
20.5
1.5
4.1
0.8
26.9
Revenue
78.0
16.4
21.7
4.7
120.8
Interest (expense)/income
(0.1)
(1.4)
0.4
(7.9)
(9.0)
Income tax credit/(expense)
7.4
(0.1)
0.1
0.9
8.3
(Loss)/profit for the year
(22.1)
0.4
(0.1)
(9.8)
(31.6)
Group share of (loss)/profit for the year
(11.1)
0.2
(0.1)
(4.9)
(15.9)
\n
*
Non-current \ufb01nancial liabilities include amounts owed to joint venture partners.
During the current and prior year, no entity charged depreciation or amortisation. No entity had discontinued operations or items of other comprehensive income.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00395": { "value": "15
Inventories
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Land
3,200.4
3,387.5
Development and construction costs
2,019.7
1,949.3
Part exchange and other
51.3
39.8
\u00a0
5,271.4
5,376.6
\n
The markets in our core geographies, which are the primary drivers of our business, continue to
trade positively. At 31 December 2025, the Group completed a net realisable value assessment of
inventory, considering each site individually and based on estimates of sales price, costs to complete
and costs to sell. At 31 December 2025, the provision held in the United Kingdom was \u00a312.6 million
(2024: \u00a325.1 million) and \u00a327.6 million in Spain (2024: \u00a328.0 million). The table below details the
movements on the inventory provision recorded in the year.
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
1 January
53.1
58.9
Net utilised
(14.3)
(4.2)
Foreign exchange
1.4
(1.6)
31 December
40.2
53.1
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00396": { "value": "16
Other \ufb01nancial assets
Trade and other receivables
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Current
Non-current
\u00a0
2025
2024
2025
2024
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade receivables
117.0
79.7
18.3
10.1
Other receivables
88.6
50.7
8.4
4.8
\u00a0
205.6
130.4
26.7
14.9
\n
Included within trade receivables are mortgage receivables of \u00a34.7 million (2024:\u00a0\u00a35.2 million),
including shared equity loans which are measured at fair value through pro\ufb01t or loss. Included within
trade receivables is \u00a363.8 million (2024: \u00a319.0 million) of contract assets arising on construction
contracts. Other receivables is comprised of recoverable VAT, land receivables and other sundry items.
Cash and cash equivalents
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Cash and cash equivalents
429.6
647.4
\n
\u00a310.9 million (2024: \u00a316.0 million) of cash and cash equivalents held in Spain from customer
deposits can only be used for development expenditure on the sites to which the deposits relate.
Further information on \ufb01nancial assets can be found in Note 20. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00397": { "value": "Trade and other receivables \n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Current
Non-current
\u00a0
2025
2024
2025
2024
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade receivables
117.0
79.7
18.3
10.1
Other receivables
88.6
50.7
8.4
4.8
\u00a0
205.6
130.4
26.7
14.9
\n
Included within trade receivables are mortgage receivables of \u00a34.7 million (2024:\u00a0\u00a35.2 million),
including shared equity loans which are measured at fair value through pro\ufb01t or loss. Included within
trade receivables is \u00a363.8 million (2024: \u00a319.0 million) of contract assets arising on construction
contracts. Other receivables is comprised of recoverable VAT, land receivables and other sundry items.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00398": { "value": "Cash and cash equivalents \n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Cash and cash equivalents
429.6
647.4
\n
\u00a310.9 million (2024: \u00a316.0 million) of cash and cash equivalents held in Spain from customer
deposits can only be used for development expenditure on the sites to which the deposits relate.
Further information on \ufb01nancial assets can be found in Note 20. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00399": { "value": "17
Bank and other loans
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
\u20ac100.0 million 5.08% Senior Loan Notes 2030
87.0
82.6
\u00a0
87.0
82.6
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Amount due for settlement after one year
87.0
82.6
\u00a0
87.0
82.6
\nFurther information on loan facilities can be found in Note 20. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00400": { "value": "17
Bank and other loans
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
\u20ac100.0 million 5.08% Senior Loan Notes 2030
87.0
82.6
\u00a0
87.0
82.6
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Amount due for settlement after one year
87.0
82.6
\u00a0
87.0
82.6
\nFurther information on loan facilities can be found in Note 20. 20
Financial instruments and fair value disclosures
Capital management
The Group\u2019s policy is to maintain a strong balance sheet and to have an appropriate funding structure.
Shareholders\u2019 equity and term debt are used to \ufb01nance non-current assets and the medium to
long term inventories. Revolving credit facilities are used to \ufb01nance net current assets, including
development and construction costs. The Group\u2019s \ufb01nancing facilities contain the usual \ufb01nancial
covenants, including minimum interest cover and maximum gearing. The Group met these requirements
throughout the year and up to the date of the approval of the consolidated \ufb01nancial statements.
The Ordinary Dividend Policy is to return c.7.5% of net assets to shareholders annually, which will
be at least \u00a3250 million per annum, in two equal instalments.
Financial assets and \ufb01nancial liabilities
Categories of \ufb01nancial assets and \ufb01nancial liabilities are as follows:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Carrying value
Fair value
\u00a0 \u00a0
31 December
31 December
31 December
31 December
\u00a0
Fair value
2025
2024
2025
2024
Financial assets
hierarchy
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cash and cash equivalents
a
429.6
647.4
429.6
647.4
Land receivables
a
41.3
1.8
41.3
1.8
Other financial assets
a
11.3
10.8
11.3
10.8
Trade and other receivables
a
82.1
98.3
82.1
98.3
Mortgage receivables
b
4.7
5.2
4.7
5.2
\u00a0 \u00a0
569.0
763.5
569.0
763.5
\n
a. The Directors consider the carrying amounts of \ufb01nancial assets and \ufb01nancial liabilities recorded at amortised cost in the
consolidated \ufb01nancial statements to approximate their fair value.
b. Mortgage receivables relate to sales incentives, including shared equity loans, and are measured at fair value through
pro\ufb01t or loss. The fair value is established based on a publicly available national house price index, being signi\ufb01cant other
observable inputs (level 2).
Land receivables and trade and other receivables are included in the balance sheet as trade and other
receivables for current and non-current amounts. Current and non-current trade and other receivables,
as disclosed in Note 16, include \u00a3104.2 million (2024: \u00a340.0 million) of non-\ufb01nancial assets.
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Carrying value
Fair value
\u00a0 \u00a0
31 December
31 December
31 December
31 December
\u00a0
Fair value
2025
2024
2025
2024
Financial liabilities
hierarchy
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Bank and other loans
a
87.0
82.6
90.3
84.8
Land creditors
b
522.5
627.9
522.5
627.9
Trade and other payables
b
615.7
648.2
615.7
648.2
Lease liabilities
b
37.0
38.4
37.0
38.4
\u00a0 \u00a0
1,262.2
1,397.1
1,265.5
1,399.3
\n
a. The fair value of the \u20ac100 million \ufb01xed rate loan notes has been determined by reference to external interest rates and the
Directors\u2019 assessment of the margin for credit risk (level 2).
b. The Directors consider the carrying amounts of \ufb01nancial assets and \ufb01nancial liabilities recorded at amortised cost in the
consolidated \ufb01nancial statements to approximate their fair value.
Land creditors and trade and other payables are included in the balance sheet as trade and other
payables for current and non-current amounts. Current and non-current trade and other payables,
as disclosed in Note 18, include \u00a3103.5 million (2024: \u00a3158.5 million) of non-\ufb01nancial liabilities.
The Group has designated the carrying value of \u20ac100.0 million of foreign currency borrowings
(2024: \u20ac100.0 million) as a net investment hedge, equating to \u00a387.0 million (2024: \u00a382.6 million).
The Group has no \ufb01nancial instruments with fair values that are determined by reference to signi\ufb01cant
unobservable inputs (level 3), nor have there been any transfers of assets or liabilities between levels
of the fair value hierarchy. There are no non-recurring fair value measurements.
At the end of 2025, contracts were in place to offset the foreign exchange movements on intra-Group
loans to buy/(sell) against Sterling: \u20ac15.0 million, equivalent to \u00a313.0 million (2024: nil). The fair value of
the forward contracts is not material as they were entered into on or near 31 December 2025 and
mature less than one month later, hence the value of the derivative is negligible.
Market risk
The Group\u2019s activities expose it to the \ufb01nancial risks of changes in both foreign currency exchange rates
and interest rates. The Group aims to manage the exposure to these risks using \ufb01xed or
variable rate borrowings, foreign currency borrowings and derivative \ufb01nancial instruments.
(a) Interest rate risk management
The Group can be exposed to interest rate risk as the Group borrows funds, when required, at\u00a0variable
interest rates. The exposure to variable rate borrowings can \ufb02uctuate during the year due to the
seasonal nature of cash \ufb02ows relating to housing sales and the less certain timing of land payments.
Group policy is to manage the volatility risk of interest rates on borrowings by a\u00a0combination of \ufb01xed
rate borrowings and interest rate swaps such that the sensitivity to potential changes in variable rates
is within acceptable levels. Group policy does not allow the use of derivatives to speculate against
changes to future interest rates and they are only used to manage exposure to volatility. Interest rate
hedging using derivatives has not taken place in the current or previous year. This policy has not
changed during the year.
To measure the risk, variable rate borrowings and the expected interest cost for the year are forecast
monthly and compared to budget using management\u2019s expectations of a possible change in interest
rates. Interest expense volatility remained within acceptable limits throughout the year.
Interest rate sensitivity
The effect on both income and equity, based on exposure to non-derivative \ufb02oating rate instruments
and cash and cash equivalents at the balance sheet date, is shown in the table below. The Group
does not currently have any outstanding interest rate derivatives. The 0.50% (2024: 0.50%) change
represents a reasonably possible change in interest rates over the next \ufb01nancial year. The table assumes
all other variables remain constant in accordance with IFRS 7.
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Income
Equity
Income
Equity
\u00a0
sensitivity
sensitivity
sensitivity
sensitivity
\u00a0
2025
2025
2024
2024
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
0.50% (2024: 0.50%) increase in interest rates
2.1
2.1
3.2
3.2
0.50% (2024: 0.50%) decrease in interest rates
(2.1)
(2.1)
(3.2)
(3.2)
\n
(b) Foreign currency risk management
The Group\u2019s overseas activities expose it to the \ufb01nancial risks of changes in foreign currency exchange
rates. Its Spanish subsidiary is the only foreign operation of the Group.
The Group is not materially exposed to transaction risks as all Group companies conduct their business
in their respective functional currencies. Group policy requires that transaction risks are hedged to the
functional currency of the subsidiary using foreign currency borrowings or derivatives where appropriate.
The Group is exposed to the translation risk from accounting for both the income and the net
investment held in a functional currency other than Sterling. The net investment risk may be hedged
using foreign currency borrowings and derivatives. Assets and liabilities denominated in non-functional
currencies are retranslated each month using the latest exchange rates. Income is also measured
monthly using the latest exchange rates and compared with a budget held at historical exchange rates.
Other than the natural hedge provided by foreign currency borrowings, the translation risk of income
is not hedged using derivatives. The policy is kept under periodic review and has not changed during
the year.
Hedge accounting
Hedging activities are evaluated periodically to ensure that they are in line with Group policy.
The Group has designated the carrying value of \u20ac100.0 million of foreign currency borrowings
(2024: \u20ac100.0 million) held at the balance sheet date as a net investment hedge of part of the
Group\u2019s investment in Euro-denominated assets, equating to \u00a387.0 million (2024: \u00a382.6 million).
The change in the carrying value of \u00a34.3 million (2024: \u00a3(3.9) million) of the borrowings designated
as a net investment hedge offset the exchange movement on the foreign currency net investments
which are presented in the consolidated statement of comprehensive income.
Foreign currency sensitivity
The Group is exposed to the Euro due to its Spanish operations. The following table details how the
Group\u2019s income and equity would increase/(decrease) on a before tax basis following a 5% (2024: 5%)
change in the currency\u2019s value against Sterling, all other variables remaining constant. The 5% change
represents a reasonably possible change in the speci\ufb01ed Euro exchange rates in relation to Sterling.
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Income
Equity
Income
Equity
\u00a0
sensitivity
sensitivity
sensitivity
sensitivity
\u00a0
2025
2025
2024
2024
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Euro weakens against Sterling
\u2013
4.1
\u2013
3.9
Euro strengthens against Sterling
\u2013
(4.5)
\u2013
(4.3)
\n
Credit risk
Credit risk is the risk of \ufb01nancial loss where counterparties are not able to meet their obligations.
Group policy is that surplus cash, when not used to repay borrowings, is placed on deposit
with the Group\u2019s main relationship banks and with other banks or money market funds based on
a minimum credit rating and maximum exposure. There is no signi\ufb01cant concentration of risk to any
single counterparty.
Land receivables arise from sales of surplus land on deferred terms. If the credit risk is not acceptable,
then the deferred payment must have adequate security, either by an appropriate guarantee or
a charge over the land. The fair value of any land held as security is considered by management
to be suf\ufb01cient in relation to the carrying amount of the receivable to which it relates.
Trade and other receivables comprise mainly amounts receivable from various housing associations,
other housebuilders and corporate investors. Each outstanding amount is separately monitored and
managed in accordance with its speci\ufb01c contractual terms to determine if there is a risk of default.
Management considers that the credit quality of the various receivables is good in respect of the
amounts outstanding and therefore credit risk is considered to be low. There is no signi\ufb01cant
concentration of risk.
Mortgage receivables, including shared equity loans, are in connection with various historical
sales promotion schemes and are measured at fair value through pro\ufb01t or loss. The mortgages
are secured by a second charge over the property with a low level of experienced credit losses
due to non-payment.
The carrying amount of \ufb01nancial assets, as detailed above, represents the Group\u2019s maximum exposure
to credit risk at the reporting date, assuming that any security held has no value.
Liquidity risk
Liquidity risk is the risk that the Group does not have suf\ufb01cient \ufb01nancial resources available to meet its
obligations as they fall due. The Group manages liquidity risk by continuously monitoring forecast and
actual cash \ufb02ows, matching the expected cash \ufb02ow timings of \ufb01nancial assets and liabilities with the
use of cash and cash equivalents, borrowings, overdrafts and committed revolving credit facilities
with a minimum of 12 months to maturity. Future borrowing requirements are forecast monthly
and funding headroom is maintained above forecast peak requirements to meet unforeseen events.
During the year the Group partially utilised its revolving credit facility and drew, and repaid, a maximum
drawings of \u00a3175.0 million (2024: nil) for working capital requirements. At 31 December 2025, the
Group\u2019s borrowings and facilities had a range of maturities with a weighted average life of 4.5 years
(2024: 4.6 years).
In addition to the \u20ac100.0 million 5.08% senior loan notes maturing June 2030, the Group has
access to a committed \u00a3600.0 million revolving credit facility expiring July 2030, having agreed in
2025 to extend the revolving credit facility by one year. The borrowings and facilities contain \ufb01nancial
covenants based on minimum tangible net worth, maximum gearing and minimum interest cover.
At the balance sheet date, the total unused committed amount was \u00a3600.0 million (2024: \u00a3600.0 million)
and cash and cash equivalents were \u00a3429.6 million (2024: \u00a3647.4 million).
The maturity pro\ufb01le of the anticipated future cash \ufb02ows including interest, using the latest applicable
relevant rate, based on the earliest date on which the Group can be required to pay \ufb01nancial liabilities on
an undiscounted basis, is as follows:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0\u00a0\u00a0
Trade
\u00a0\u00a0
\u00a0
Bank and
Land
and\u00a0other
Lease
\u00a0
\u00a0
other loans
creditors
payables
liabilities
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
On demand
\u2013
\u2013
\u2013
\u2013
\u2013
Within one year
4.4
304.3
583.4
13.0
905.1
More than one year and
\u00a0\u00a0\u00a0\u00a0\u00a0
less\u00a0than two years
4.4
126.6
17.9
9.4
158.3
More than two years and
\u00a0\u00a0\u00a0\u00a0\u00a0
less than five years
98.0
75.8
10.2
13.7
197.7
More than five years
\u2013
42.0
4.2
4.7
50.9
31 December 2025
106.8
548.7
615.7
40.8
1,312.0
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0 \u00a0
Trade
\u00a0 \u00a0
\u00a0
Bank and
Land
and\u00a0other
Lease
\u00a0
\u00a0
other loans
creditors
payables
liabilities
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
On demand
\u2013
\u2013
\u2013
\u2013
\u2013
Within one year
4.2
366.5
613.0
11.8
995.5
More than one year and
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
less\u00a0than two years
4.2
158.7
21.0
10.6
194.5
More than two years and
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
less than five years
12.6
106.8
10.8
13.5
143.7
More than five years
84.7
27.9
3.4
7.1
123.1
31 December 2024
105.7
659.9
648.2
43.0
1,456.8
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00401": { "value": "18
Trade and other payables
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Current
Non-current
\u00a0
2025
2024
2025
2024
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade payables
331.7
322.7
22.5
23.1
Land creditors
296.4
355.9
226.1
272.0
Social security and other taxes
9.0
7.9
\u2013
\u2013
Customer deposits
56.8
90.7
9.6
6.8
Accruals
227.9
246.8
5.3
4.8
Deferred income
20.7
16.4
5.0
36.6
Other payables
24.2
43.5
6.5
7.4
\u00a0
966.7
1,083.9
275.0
350.7
\n
Revenue recognised in the current year that was included in the customer deposit balance brought
forward at the beginning of the year was \u00a390.7 million (2024: \u00a380.3 million). Other payables include
\u00a37.5 million (2024: \u00a38.1 million) of repayable grants and \u00a314.8 million (2024: \u00a333.0 million) of short term
cash transfer from a joint venture (see Note 30).
Land creditors are denominated as follows:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Sterling
478.8
587.0
Euros
43.7
40.9
\u00a0
522.5
627.9
\n
Land creditors of \u00a3503.8 million (2024: \u00a3608.9 million) are secured against land acquired for development.
Further information on \ufb01nancial liabilities can be found in Note 20.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00402": { "value": "18
Trade and other payables
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Current
Non-current
\u00a0
2025
2024
2025
2024
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade payables
331.7
322.7
22.5
23.1
Land creditors
296.4
355.9
226.1
272.0
Social security and other taxes
9.0
7.9
\u2013
\u2013
Customer deposits
56.8
90.7
9.6
6.8
Accruals
227.9
246.8
5.3
4.8
Deferred income
20.7
16.4
5.0
36.6
Other payables
24.2
43.5
6.5
7.4
\u00a0
966.7
1,083.9
275.0
350.7
\n
Revenue recognised in the current year that was included in the customer deposit balance brought
forward at the beginning of the year was \u00a390.7 million (2024: \u00a380.3 million). Other payables include
\u00a37.5 million (2024: \u00a38.1 million) of repayable grants and \u00a314.8 million (2024: \u00a333.0 million) of short term
cash transfer from a joint venture (see Note 30).
Land creditors are denominated as follows:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Sterling
478.8
587.0
Euros
43.7
40.9
\u00a0
522.5
627.9
\n
Land creditors of \u00a3503.8 million (2024: \u00a3608.9 million) are secured against land acquired for development.
Further information on \ufb01nancial liabilities can be found in Note 20.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00403": { "value": "18
Trade and other payables
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Current
Non-current
\u00a0
2025
2024
2025
2024
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade payables
331.7
322.7
22.5
23.1
Land creditors
296.4
355.9
226.1
272.0
Social security and other taxes
9.0
7.9
\u2013
\u2013
Customer deposits
56.8
90.7
9.6
6.8
Accruals
227.9
246.8
5.3
4.8
Deferred income
20.7
16.4
5.0
36.6
Other payables
24.2
43.5
6.5
7.4
\u00a0
966.7
1,083.9
275.0
350.7
\n
Revenue recognised in the current year that was included in the customer deposit balance brought
forward at the beginning of the year was \u00a390.7 million (2024: \u00a380.3 million). Other payables include
\u00a37.5 million (2024: \u00a38.1 million) of repayable grants and \u00a314.8 million (2024: \u00a333.0 million) of short term
cash transfer from a joint venture (see Note 30).
Land creditors are denominated as follows:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Sterling
478.8
587.0
Euros
43.7
40.9
\u00a0
522.5
627.9
\n
Land creditors of \u00a3503.8 million (2024: \u00a3608.9 million) are secured against land acquired for development.
Further information on \ufb01nancial liabilities can be found in Note 20.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00404": { "value": "18
Trade and other payables
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Current
Non-current
\u00a0
2025
2024
2025
2024
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade payables
331.7
322.7
22.5
23.1
Land creditors
296.4
355.9
226.1
272.0
Social security and other taxes
9.0
7.9
\u2013
\u2013
Customer deposits
56.8
90.7
9.6
6.8
Accruals
227.9
246.8
5.3
4.8
Deferred income
20.7
16.4
5.0
36.6
Other payables
24.2
43.5
6.5
7.4
\u00a0
966.7
1,083.9
275.0
350.7
\n
Revenue recognised in the current year that was included in the customer deposit balance brought
forward at the beginning of the year was \u00a390.7 million (2024: \u00a380.3 million). Other payables include
\u00a37.5 million (2024: \u00a38.1 million) of repayable grants and \u00a314.8 million (2024: \u00a333.0 million) of short term
cash transfer from a joint venture (see Note 30).
Land creditors are denominated as follows:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Sterling
478.8
587.0
Euros
43.7
40.9
\u00a0
522.5
627.9
\n
Land creditors of \u00a3503.8 million (2024: \u00a3608.9 million) are secured against land acquired for development.
Further information on \ufb01nancial liabilities can be found in Note 20.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00405": { "value": "19
Leases
The Group as a lessee
The Group\u2019s leases consist primarily of premises and equipment.
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Premises
Equipment
Total
Right-of-use assets
\u00a3m
\u00a3m
\u00a3m
At 1 January 2025
22.0
13.9
35.9
At 31 December 2025
18.8
15.8
34.6
Additions during the year
1.5
9.2
10.7
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2025
2024
Lease liabilities
\u00a3m
\u00a3m
At 1 January
38.4
39.8
Additions
10.7
9.4
Disposals
(0.7)
(1.2)
Interest charge
1.6
1.5
Payments
(13.1)
(11.1)
Foreign exchange
0.1
\u2013
At 31 December
37.0
38.4
Current
11.7
10.4
Non-current
25.3
28.0
Total
37.0
38.4
\n\n \n
2025
2024
Amounts recognised in the income statement
\u00a3m
\u00a3m
Depreciation charged on right-of-use premises
4.7
4.7
Depreciation charged on right-of-use equipment
6.7
6.0
Interest on lease liabilities
1.6
1.5
Total
13.0
12.2
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00406": { "value": "20
Financial instruments and fair value disclosures
Capital management
The Group\u2019s policy is to maintain a strong balance sheet and to have an appropriate funding structure.
Shareholders\u2019 equity and term debt are used to \ufb01nance non-current assets and the medium to
long term inventories. Revolving credit facilities are used to \ufb01nance net current assets, including
development and construction costs. The Group\u2019s \ufb01nancing facilities contain the usual \ufb01nancial
covenants, including minimum interest cover and maximum gearing. The Group met these requirements
throughout the year and up to the date of the approval of the consolidated \ufb01nancial statements.
The Ordinary Dividend Policy is to return c.7.5% of net assets to shareholders annually, which will
be at least \u00a3250 million per annum, in two equal instalments.
Financial assets and \ufb01nancial liabilities
Categories of \ufb01nancial assets and \ufb01nancial liabilities are as follows:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Carrying value
Fair value
\u00a0 \u00a0
31 December
31 December
31 December
31 December
\u00a0
Fair value
2025
2024
2025
2024
Financial assets
hierarchy
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cash and cash equivalents
a
429.6
647.4
429.6
647.4
Land receivables
a
41.3
1.8
41.3
1.8
Other financial assets
a
11.3
10.8
11.3
10.8
Trade and other receivables
a
82.1
98.3
82.1
98.3
Mortgage receivables
b
4.7
5.2
4.7
5.2
\u00a0 \u00a0
569.0
763.5
569.0
763.5
\n
a. The Directors consider the carrying amounts of \ufb01nancial assets and \ufb01nancial liabilities recorded at amortised cost in the
consolidated \ufb01nancial statements to approximate their fair value.
b. Mortgage receivables relate to sales incentives, including shared equity loans, and are measured at fair value through
pro\ufb01t or loss. The fair value is established based on a publicly available national house price index, being signi\ufb01cant other
observable inputs (level 2).
Land receivables and trade and other receivables are included in the balance sheet as trade and other
receivables for current and non-current amounts. Current and non-current trade and other receivables,
as disclosed in Note 16, include \u00a3104.2 million (2024: \u00a340.0 million) of non-\ufb01nancial assets.
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Carrying value
Fair value
\u00a0 \u00a0
31 December
31 December
31 December
31 December
\u00a0
Fair value
2025
2024
2025
2024
Financial liabilities
hierarchy
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Bank and other loans
a
87.0
82.6
90.3
84.8
Land creditors
b
522.5
627.9
522.5
627.9
Trade and other payables
b
615.7
648.2
615.7
648.2
Lease liabilities
b
37.0
38.4
37.0
38.4
\u00a0 \u00a0
1,262.2
1,397.1
1,265.5
1,399.3
\n
a. The fair value of the \u20ac100 million \ufb01xed rate loan notes has been determined by reference to external interest rates and the
Directors\u2019 assessment of the margin for credit risk (level 2).
b. The Directors consider the carrying amounts of \ufb01nancial assets and \ufb01nancial liabilities recorded at amortised cost in the
consolidated \ufb01nancial statements to approximate their fair value.
Land creditors and trade and other payables are included in the balance sheet as trade and other
payables for current and non-current amounts. Current and non-current trade and other payables,
as disclosed in Note 18, include \u00a3103.5 million (2024: \u00a3158.5 million) of non-\ufb01nancial liabilities.
The Group has designated the carrying value of \u20ac100.0 million of foreign currency borrowings
(2024: \u20ac100.0 million) as a net investment hedge, equating to \u00a387.0 million (2024: \u00a382.6 million).
The Group has no \ufb01nancial instruments with fair values that are determined by reference to signi\ufb01cant
unobservable inputs (level 3), nor have there been any transfers of assets or liabilities between levels
of the fair value hierarchy. There are no non-recurring fair value measurements.
At the end of 2025, contracts were in place to offset the foreign exchange movements on intra-Group
loans to buy/(sell) against Sterling: \u20ac15.0 million, equivalent to \u00a313.0 million (2024: nil). The fair value of
the forward contracts is not material as they were entered into on or near 31 December 2025 and
mature less than one month later, hence the value of the derivative is negligible.
Market risk
The Group\u2019s activities expose it to the \ufb01nancial risks of changes in both foreign currency exchange rates
and interest rates. The Group aims to manage the exposure to these risks using \ufb01xed or
variable rate borrowings, foreign currency borrowings and derivative \ufb01nancial instruments.
(a) Interest rate risk management
The Group can be exposed to interest rate risk as the Group borrows funds, when required, at\u00a0variable
interest rates. The exposure to variable rate borrowings can \ufb02uctuate during the year due to the
seasonal nature of cash \ufb02ows relating to housing sales and the less certain timing of land payments.
Group policy is to manage the volatility risk of interest rates on borrowings by a\u00a0combination of \ufb01xed
rate borrowings and interest rate swaps such that the sensitivity to potential changes in variable rates
is within acceptable levels. Group policy does not allow the use of derivatives to speculate against
changes to future interest rates and they are only used to manage exposure to volatility. Interest rate
hedging using derivatives has not taken place in the current or previous year. This policy has not
changed during the year.
To measure the risk, variable rate borrowings and the expected interest cost for the year are forecast
monthly and compared to budget using management\u2019s expectations of a possible change in interest
rates. Interest expense volatility remained within acceptable limits throughout the year.
Interest rate sensitivity
The effect on both income and equity, based on exposure to non-derivative \ufb02oating rate instruments
and cash and cash equivalents at the balance sheet date, is shown in the table below. The Group
does not currently have any outstanding interest rate derivatives. The 0.50% (2024: 0.50%) change
represents a reasonably possible change in interest rates over the next \ufb01nancial year. The table assumes
all other variables remain constant in accordance with IFRS 7.
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Income
Equity
Income
Equity
\u00a0
sensitivity
sensitivity
sensitivity
sensitivity
\u00a0
2025
2025
2024
2024
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
0.50% (2024: 0.50%) increase in interest rates
2.1
2.1
3.2
3.2
0.50% (2024: 0.50%) decrease in interest rates
(2.1)
(2.1)
(3.2)
(3.2)
\n
(b) Foreign currency risk management
The Group\u2019s overseas activities expose it to the \ufb01nancial risks of changes in foreign currency exchange
rates. Its Spanish subsidiary is the only foreign operation of the Group.
The Group is not materially exposed to transaction risks as all Group companies conduct their business
in their respective functional currencies. Group policy requires that transaction risks are hedged to the
functional currency of the subsidiary using foreign currency borrowings or derivatives where appropriate.
The Group is exposed to the translation risk from accounting for both the income and the net
investment held in a functional currency other than Sterling. The net investment risk may be hedged
using foreign currency borrowings and derivatives. Assets and liabilities denominated in non-functional
currencies are retranslated each month using the latest exchange rates. Income is also measured
monthly using the latest exchange rates and compared with a budget held at historical exchange rates.
Other than the natural hedge provided by foreign currency borrowings, the translation risk of income
is not hedged using derivatives. The policy is kept under periodic review and has not changed during
the year.
Hedge accounting
Hedging activities are evaluated periodically to ensure that they are in line with Group policy.
The Group has designated the carrying value of \u20ac100.0 million of foreign currency borrowings
(2024: \u20ac100.0 million) held at the balance sheet date as a net investment hedge of part of the
Group\u2019s investment in Euro-denominated assets, equating to \u00a387.0 million (2024: \u00a382.6 million).
The change in the carrying value of \u00a34.3 million (2024: \u00a3(3.9) million) of the borrowings designated
as a net investment hedge offset the exchange movement on the foreign currency net investments
which are presented in the consolidated statement of comprehensive income.
Foreign currency sensitivity
The Group is exposed to the Euro due to its Spanish operations. The following table details how the
Group\u2019s income and equity would increase/(decrease) on a before tax basis following a 5% (2024: 5%)
change in the currency\u2019s value against Sterling, all other variables remaining constant. The 5% change
represents a reasonably possible change in the speci\ufb01ed Euro exchange rates in relation to Sterling.
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Income
Equity
Income
Equity
\u00a0
sensitivity
sensitivity
sensitivity
sensitivity
\u00a0
2025
2025
2024
2024
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Euro weakens against Sterling
\u2013
4.1
\u2013
3.9
Euro strengthens against Sterling
\u2013
(4.5)
\u2013
(4.3)
\n
Credit risk
Credit risk is the risk of \ufb01nancial loss where counterparties are not able to meet their obligations.
Group policy is that surplus cash, when not used to repay borrowings, is placed on deposit
with the Group\u2019s main relationship banks and with other banks or money market funds based on
a minimum credit rating and maximum exposure. There is no signi\ufb01cant concentration of risk to any
single counterparty.
Land receivables arise from sales of surplus land on deferred terms. If the credit risk is not acceptable,
then the deferred payment must have adequate security, either by an appropriate guarantee or
a charge over the land. The fair value of any land held as security is considered by management
to be suf\ufb01cient in relation to the carrying amount of the receivable to which it relates.
Trade and other receivables comprise mainly amounts receivable from various housing associations,
other housebuilders and corporate investors. Each outstanding amount is separately monitored and
managed in accordance with its speci\ufb01c contractual terms to determine if there is a risk of default.
Management considers that the credit quality of the various receivables is good in respect of the
amounts outstanding and therefore credit risk is considered to be low. There is no signi\ufb01cant
concentration of risk.
Mortgage receivables, including shared equity loans, are in connection with various historical
sales promotion schemes and are measured at fair value through pro\ufb01t or loss. The mortgages
are secured by a second charge over the property with a low level of experienced credit losses
due to non-payment.
The carrying amount of \ufb01nancial assets, as detailed above, represents the Group\u2019s maximum exposure
to credit risk at the reporting date, assuming that any security held has no value.
Liquidity risk
Liquidity risk is the risk that the Group does not have suf\ufb01cient \ufb01nancial resources available to meet its
obligations as they fall due. The Group manages liquidity risk by continuously monitoring forecast and
actual cash \ufb02ows, matching the expected cash \ufb02ow timings of \ufb01nancial assets and liabilities with the
use of cash and cash equivalents, borrowings, overdrafts and committed revolving credit facilities
with a minimum of 12 months to maturity. Future borrowing requirements are forecast monthly
and funding headroom is maintained above forecast peak requirements to meet unforeseen events.
During the year the Group partially utilised its revolving credit facility and drew, and repaid, a maximum
drawings of \u00a3175.0 million (2024: nil) for working capital requirements. At 31 December 2025, the
Group\u2019s borrowings and facilities had a range of maturities with a weighted average life of 4.5 years
(2024: 4.6 years).
In addition to the \u20ac100.0 million 5.08% senior loan notes maturing June 2030, the Group has
access to a committed \u00a3600.0 million revolving credit facility expiring July 2030, having agreed in
2025 to extend the revolving credit facility by one year. The borrowings and facilities contain \ufb01nancial
covenants based on minimum tangible net worth, maximum gearing and minimum interest cover.
At the balance sheet date, the total unused committed amount was \u00a3600.0 million (2024: \u00a3600.0 million)
and cash and cash equivalents were \u00a3429.6 million (2024: \u00a3647.4 million).
The maturity pro\ufb01le of the anticipated future cash \ufb02ows including interest, using the latest applicable
relevant rate, based on the earliest date on which the Group can be required to pay \ufb01nancial liabilities on
an undiscounted basis, is as follows:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0\u00a0\u00a0
Trade
\u00a0\u00a0
\u00a0
Bank and
Land
and\u00a0other
Lease
\u00a0
\u00a0
other loans
creditors
payables
liabilities
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
On demand
\u2013
\u2013
\u2013
\u2013
\u2013
Within one year
4.4
304.3
583.4
13.0
905.1
More than one year and
\u00a0\u00a0\u00a0\u00a0\u00a0
less\u00a0than two years
4.4
126.6
17.9
9.4
158.3
More than two years and
\u00a0\u00a0\u00a0\u00a0\u00a0
less than five years
98.0
75.8
10.2
13.7
197.7
More than five years
\u2013
42.0
4.2
4.7
50.9
31 December 2025
106.8
548.7
615.7
40.8
1,312.0
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0 \u00a0
Trade
\u00a0 \u00a0
\u00a0
Bank and
Land
and\u00a0other
Lease
\u00a0
\u00a0
other loans
creditors
payables
liabilities
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
On demand
\u2013
\u2013
\u2013
\u2013
\u2013
Within one year
4.2
366.5
613.0
11.8
995.5
More than one year and
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
less\u00a0than two years
4.2
158.7
21.0
10.6
194.5
More than two years and
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
less than five years
12.6
106.8
10.8
13.5
143.7
More than five years
84.7
27.9
3.4
7.1
123.1
31 December 2024
105.7
659.9
648.2
43.0
1,456.8
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00407": { "value": "Capital management
The Group\u2019s policy is to maintain a strong balance sheet and to have an appropriate funding structure.
Shareholders\u2019 equity and term debt are used to \ufb01nance non-current assets and the medium to
long term inventories. Revolving credit facilities are used to \ufb01nance net current assets, including
development and construction costs. The Group\u2019s \ufb01nancing facilities contain the usual \ufb01nancial
covenants, including minimum interest cover and maximum gearing. The Group met these requirements
throughout the year and up to the date of the approval of the consolidated \ufb01nancial statements.
The Ordinary Dividend Policy is to return c.7.5% of net assets to shareholders annually, which will
be at least \u00a3250 million per annum, in two equal instalments. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00408": { "value": "Financial assets and \ufb01nancial liabilities
Categories of \ufb01nancial assets and \ufb01nancial liabilities are as follows:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Carrying value
Fair value
\u00a0 \u00a0
31 December
31 December
31 December
31 December
\u00a0
Fair value
2025
2024
2025
2024
Financial assets
hierarchy
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cash and cash equivalents
a
429.6
647.4
429.6
647.4
Land receivables
a
41.3
1.8
41.3
1.8
Other financial assets
a
11.3
10.8
11.3
10.8
Trade and other receivables
a
82.1
98.3
82.1
98.3
Mortgage receivables
b
4.7
5.2
4.7
5.2
\u00a0 \u00a0
569.0
763.5
569.0
763.5
\n
a. The Directors consider the carrying amounts of \ufb01nancial assets and \ufb01nancial liabilities recorded at amortised cost in the
consolidated \ufb01nancial statements to approximate their fair value.
b. Mortgage receivables relate to sales incentives, including shared equity loans, and are measured at fair value through
pro\ufb01t or loss. The fair value is established based on a publicly available national house price index, being signi\ufb01cant other
observable inputs (level 2).
Land receivables and trade and other receivables are included in the balance sheet as trade and other
receivables for current and non-current amounts. Current and non-current trade and other receivables,
as disclosed in Note 16, include \u00a3104.2 million (2024: \u00a340.0 million) of non-\ufb01nancial assets.
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Carrying value
Fair value
\u00a0 \u00a0
31 December
31 December
31 December
31 December
\u00a0
Fair value
2025
2024
2025
2024
Financial liabilities
hierarchy
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Bank and other loans
a
87.0
82.6
90.3
84.8
Land creditors
b
522.5
627.9
522.5
627.9
Trade and other payables
b
615.7
648.2
615.7
648.2
Lease liabilities
b
37.0
38.4
37.0
38.4
\u00a0 \u00a0
1,262.2
1,397.1
1,265.5
1,399.3
\n
a. The fair value of the \u20ac100 million \ufb01xed rate loan notes has been determined by reference to external interest rates and the
Directors\u2019 assessment of the margin for credit risk (level 2).
b. The Directors consider the carrying amounts of \ufb01nancial assets and \ufb01nancial liabilities recorded at amortised cost in the
consolidated \ufb01nancial statements to approximate their fair value.
Land creditors and trade and other payables are included in the balance sheet as trade and other
payables for current and non-current amounts. Current and non-current trade and other payables,
as disclosed in Note 18, include \u00a3103.5 million (2024: \u00a3158.5 million) of non-\ufb01nancial liabilities.
The Group has designated the carrying value of \u20ac100.0 million of foreign currency borrowings
(2024: \u20ac100.0 million) as a net investment hedge, equating to \u00a387.0 million (2024: \u00a382.6 million).
The Group has no \ufb01nancial instruments with fair values that are determined by reference to signi\ufb01cant
unobservable inputs (level 3), nor have there been any transfers of assets or liabilities between levels
of the fair value hierarchy. There are no non-recurring fair value measurements.
At the end of 2025, contracts were in place to offset the foreign exchange movements on intra-Group
loans to buy/(sell) against Sterling: \u20ac15.0 million, equivalent to \u00a313.0 million (2024: nil). The fair value of
the forward contracts is not material as they were entered into on or near 31 December 2025 and
mature less than one month later, hence the value of the derivative is negligible.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00409": { "value": "Financial assets and \ufb01nancial liabilities
Categories of \ufb01nancial assets and \ufb01nancial liabilities are as follows:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Carrying value
Fair value
\u00a0 \u00a0
31 December
31 December
31 December
31 December
\u00a0
Fair value
2025
2024
2025
2024
Financial assets
hierarchy
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cash and cash equivalents
a
429.6
647.4
429.6
647.4
Land receivables
a
41.3
1.8
41.3
1.8
Other financial assets
a
11.3
10.8
11.3
10.8
Trade and other receivables
a
82.1
98.3
82.1
98.3
Mortgage receivables
b
4.7
5.2
4.7
5.2
\u00a0 \u00a0
569.0
763.5
569.0
763.5
\n
a. The Directors consider the carrying amounts of \ufb01nancial assets and \ufb01nancial liabilities recorded at amortised cost in the
consolidated \ufb01nancial statements to approximate their fair value.
b. Mortgage receivables relate to sales incentives, including shared equity loans, and are measured at fair value through
pro\ufb01t or loss. The fair value is established based on a publicly available national house price index, being signi\ufb01cant other
observable inputs (level 2).
Land receivables and trade and other receivables are included in the balance sheet as trade and other
receivables for current and non-current amounts. Current and non-current trade and other receivables,
as disclosed in Note 16, include \u00a3104.2 million (2024: \u00a340.0 million) of non-\ufb01nancial assets.
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Carrying value
Fair value
\u00a0 \u00a0
31 December
31 December
31 December
31 December
\u00a0
Fair value
2025
2024
2025
2024
Financial liabilities
hierarchy
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Bank and other loans
a
87.0
82.6
90.3
84.8
Land creditors
b
522.5
627.9
522.5
627.9
Trade and other payables
b
615.7
648.2
615.7
648.2
Lease liabilities
b
37.0
38.4
37.0
38.4
\u00a0 \u00a0
1,262.2
1,397.1
1,265.5
1,399.3
\n
a. The fair value of the \u20ac100 million \ufb01xed rate loan notes has been determined by reference to external interest rates and the
Directors\u2019 assessment of the margin for credit risk (level 2).
b. The Directors consider the carrying amounts of \ufb01nancial assets and \ufb01nancial liabilities recorded at amortised cost in the
consolidated \ufb01nancial statements to approximate their fair value.
Land creditors and trade and other payables are included in the balance sheet as trade and other
payables for current and non-current amounts. Current and non-current trade and other payables,
as disclosed in Note 18, include \u00a3103.5 million (2024: \u00a3158.5 million) of non-\ufb01nancial liabilities.
The Group has designated the carrying value of \u20ac100.0 million of foreign currency borrowings
(2024: \u20ac100.0 million) as a net investment hedge, equating to \u00a387.0 million (2024: \u00a382.6 million).
The Group has no \ufb01nancial instruments with fair values that are determined by reference to signi\ufb01cant
unobservable inputs (level 3), nor have there been any transfers of assets or liabilities between levels
of the fair value hierarchy. There are no non-recurring fair value measurements.
At the end of 2025, contracts were in place to offset the foreign exchange movements on intra-Group
loans to buy/(sell) against Sterling: \u20ac15.0 million, equivalent to \u00a313.0 million (2024: nil). The fair value of
the forward contracts is not material as they were entered into on or near 31 December 2025 and
mature less than one month later, hence the value of the derivative is negligible.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00410": { "value": "Market risk
The Group\u2019s activities expose it to the \ufb01nancial risks of changes in both foreign currency exchange rates
and interest rates. The Group aims to manage the exposure to these risks using \ufb01xed or
variable rate borrowings, foreign currency borrowings and derivative \ufb01nancial instruments.
(a) Interest rate risk management
The Group can be exposed to interest rate risk as the Group borrows funds, when required, at\u00a0variable
interest rates. The exposure to variable rate borrowings can \ufb02uctuate during the year due to the
seasonal nature of cash \ufb02ows relating to housing sales and the less certain timing of land payments.
Group policy is to manage the volatility risk of interest rates on borrowings by a\u00a0combination of \ufb01xed
rate borrowings and interest rate swaps such that the sensitivity to potential changes in variable rates
is within acceptable levels. Group policy does not allow the use of derivatives to speculate against
changes to future interest rates and they are only used to manage exposure to volatility. Interest rate
hedging using derivatives has not taken place in the current or previous year. This policy has not
changed during the year.
To measure the risk, variable rate borrowings and the expected interest cost for the year are forecast
monthly and compared to budget using management\u2019s expectations of a possible change in interest
rates. Interest expense volatility remained within acceptable limits throughout the year.
Interest rate sensitivity
The effect on both income and equity, based on exposure to non-derivative \ufb02oating rate instruments
and cash and cash equivalents at the balance sheet date, is shown in the table below. The Group
does not currently have any outstanding interest rate derivatives. The 0.50% (2024: 0.50%) change
represents a reasonably possible change in interest rates over the next \ufb01nancial year. The table assumes
all other variables remain constant in accordance with IFRS 7.
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Income
Equity
Income
Equity
\u00a0
sensitivity
sensitivity
sensitivity
sensitivity
\u00a0
2025
2025
2024
2024
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
0.50% (2024: 0.50%) increase in interest rates
2.1
2.1
3.2
3.2
0.50% (2024: 0.50%) decrease in interest rates
(2.1)
(2.1)
(3.2)
(3.2)
\n
(b) Foreign currency risk management
The Group\u2019s overseas activities expose it to the \ufb01nancial risks of changes in foreign currency exchange
rates. Its Spanish subsidiary is the only foreign operation of the Group.
The Group is not materially exposed to transaction risks as all Group companies conduct their business
in their respective functional currencies. Group policy requires that transaction risks are hedged to the
functional currency of the subsidiary using foreign currency borrowings or derivatives where appropriate.
The Group is exposed to the translation risk from accounting for both the income and the net
investment held in a functional currency other than Sterling. The net investment risk may be hedged
using foreign currency borrowings and derivatives. Assets and liabilities denominated in non-functional
currencies are retranslated each month using the latest exchange rates. Income is also measured
monthly using the latest exchange rates and compared with a budget held at historical exchange rates.
Other than the natural hedge provided by foreign currency borrowings, the translation risk of income
is not hedged using derivatives. The policy is kept under periodic review and has not changed during
the year.
Hedge accounting
Hedging activities are evaluated periodically to ensure that they are in line with Group policy.
The Group has designated the carrying value of \u20ac100.0 million of foreign currency borrowings
(2024: \u20ac100.0 million) held at the balance sheet date as a net investment hedge of part of the
Group\u2019s investment in Euro-denominated assets, equating to \u00a387.0 million (2024: \u00a382.6 million).
The change in the carrying value of \u00a34.3 million (2024: \u00a3(3.9) million) of the borrowings designated
as a net investment hedge offset the exchange movement on the foreign currency net investments
which are presented in the consolidated statement of comprehensive income.
Foreign currency sensitivity
The Group is exposed to the Euro due to its Spanish operations. The following table details how the
Group\u2019s income and equity would increase/(decrease) on a before tax basis following a 5% (2024: 5%)
change in the currency\u2019s value against Sterling, all other variables remaining constant. The 5% change
represents a reasonably possible change in the speci\ufb01ed Euro exchange rates in relation to Sterling.
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Income
Equity
Income
Equity
\u00a0
sensitivity
sensitivity
sensitivity
sensitivity
\u00a0
2025
2025
2024
2024
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Euro weakens against Sterling
\u2013
4.1
\u2013
3.9
Euro strengthens against Sterling
\u2013
(4.5)
\u2013
(4.3)
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00411": { "value": "Credit risk
Credit risk is the risk of \ufb01nancial loss where counterparties are not able to meet their obligations.
Group policy is that surplus cash, when not used to repay borrowings, is placed on deposit
with the Group\u2019s main relationship banks and with other banks or money market funds based on
a minimum credit rating and maximum exposure. There is no signi\ufb01cant concentration of risk to any
single counterparty.
Land receivables arise from sales of surplus land on deferred terms. If the credit risk is not acceptable,
then the deferred payment must have adequate security, either by an appropriate guarantee or
a charge over the land. The fair value of any land held as security is considered by management
to be suf\ufb01cient in relation to the carrying amount of the receivable to which it relates.
Trade and other receivables comprise mainly amounts receivable from various housing associations,
other housebuilders and corporate investors. Each outstanding amount is separately monitored and
managed in accordance with its speci\ufb01c contractual terms to determine if there is a risk of default.
Management considers that the credit quality of the various receivables is good in respect of the
amounts outstanding and therefore credit risk is considered to be low. There is no signi\ufb01cant
concentration of risk.
Mortgage receivables, including shared equity loans, are in connection with various historical
sales promotion schemes and are measured at fair value through pro\ufb01t or loss. The mortgages
are secured by a second charge over the property with a low level of experienced credit losses
due to non-payment.
The carrying amount of \ufb01nancial assets, as detailed above, represents the Group\u2019s maximum exposure
to credit risk at the reporting date, assuming that any security held has no value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00412": { "value": "Liquidity risk
Liquidity risk is the risk that the Group does not have suf\ufb01cient \ufb01nancial resources available to meet its
obligations as they fall due. The Group manages liquidity risk by continuously monitoring forecast and
actual cash \ufb02ows, matching the expected cash \ufb02ow timings of \ufb01nancial assets and liabilities with the
use of cash and cash equivalents, borrowings, overdrafts and committed revolving credit facilities
with a minimum of 12 months to maturity. Future borrowing requirements are forecast monthly
and funding headroom is maintained above forecast peak requirements to meet unforeseen events.
During the year the Group partially utilised its revolving credit facility and drew, and repaid, a maximum
drawings of \u00a3175.0 million (2024: nil) for working capital requirements. At 31 December 2025, the
Group\u2019s borrowings and facilities had a range of maturities with a weighted average life of 4.5 years
(2024: 4.6 years).
In addition to the \u20ac100.0 million 5.08% senior loan notes maturing June 2030, the Group has
access to a committed \u00a3600.0 million revolving credit facility expiring July 2030, having agreed in
2025 to extend the revolving credit facility by one year. The borrowings and facilities contain \ufb01nancial
covenants based on minimum tangible net worth, maximum gearing and minimum interest cover.
At the balance sheet date, the total unused committed amount was \u00a3600.0 million (2024: \u00a3600.0 million)
and cash and cash equivalents were \u00a3429.6 million (2024: \u00a3647.4 million).The maturity pro\ufb01le of the anticipated future cash \ufb02ows including interest, using the latest applicable
relevant rate, based on the earliest date on which the Group can be required to pay \ufb01nancial liabilities on
an undiscounted basis, is as follows:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0\u00a0\u00a0
Trade
\u00a0\u00a0
\u00a0
Bank and
Land
and\u00a0other
Lease
\u00a0
\u00a0
other loans
creditors
payables
liabilities
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
On demand
\u2013
\u2013
\u2013
\u2013
\u2013
Within one year
4.4
304.3
583.4
13.0
905.1
More than one year and
\u00a0\u00a0\u00a0\u00a0\u00a0
less\u00a0than two years
4.4
126.6
17.9
9.4
158.3
More than two years and
\u00a0\u00a0\u00a0\u00a0\u00a0
less than five years
98.0
75.8
10.2
13.7
197.7
More than five years
\u2013
42.0
4.2
4.7
50.9
31 December 2025
106.8
548.7
615.7
40.8
1,312.0
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0 \u00a0
Trade
\u00a0 \u00a0
\u00a0
Bank and
Land
and\u00a0other
Lease
\u00a0
\u00a0
other loans
creditors
payables
liabilities
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
On demand
\u2013
\u2013
\u2013
\u2013
\u2013
Within one year
4.2
366.5
613.0
11.8
995.5
More than one year and
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
less\u00a0than two years
4.2
158.7
21.0
10.6
194.5
More than two years and
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
less than five years
12.6
106.8
10.8
13.5
143.7
More than five years
84.7
27.9
3.4
7.1
123.1
31 December 2024
105.7
659.9
648.2
43.0
1,456.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00414": { "value": "De\ufb01ned contribution pension plan
A de\ufb01ned contribution plan is an arrangement under which the Group pays contributions to an
independently administered fund or policy; such contributions are based on a \ufb01xed percentage of
employees\u2019 pay. The Group has no legal or constructive obligations to pay further contributions to the
fund/policy once the contributions have been paid. Employees\u2019 bene\ufb01ts are determined by the amount
of contributions paid by the Group and the employee, together with investment returns earned on the
contributions arising from the performance of each individual\u2019s chosen investments and the type of
pension the employee chooses to buy at retirement. As a result, actuarial risk (that bene\ufb01ts will be
lower than expected) and investment risk (that invested assets will not perform in line with expectations)
fall on the employee.
The Group\u2019s contributions are recognised as an employee bene\ufb01t expense when they are due.
Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in
the future payments is available.
The Group\u2019s de\ufb01ned contribution plan, the Taylor Wimpey Personal Choice Plan (TWPCP), is offered
to all new and existing monthly paid employees and is provided by Scottish Widows. The People\u2019s
Pension is used for auto enrolment purposes for all weekly paid employees and those monthly
paid employees not participating in the TWPCP. The People\u2019s Pension is provided by People\u2019s
Partnership, one of the UK\u2019s largest providers of \ufb01nancial bene\ufb01ts to construction industry employers
and individuals.
The Group made contributions to its de\ufb01ned contribution arrangements of \u00a316.4 million in the year
(2024: \u00a315.0 million), which is included in the income statement charge.", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00415": { "value": "De\ufb01ned bene\ufb01t pension scheme
The Group\u2019s de\ufb01ned bene\ufb01t pension scheme in the UK is the TWPS. The TWPS is a funded de\ufb01ned
bene\ufb01t pension scheme which provides bene\ufb01ts to bene\ufb01ciaries in the form of a guaranteed level of
pension payable for life. The level of bene\ufb01ts provided depends on an individual member\u2019s length of
service and their salary in the \ufb01nal years leading up to retirement or date of ceasing active accrual if
earlier. Pension payments are generally increased in line with in\ufb02ation subject to caps speci\ufb01ed in
the TWPS rules. The TWPS is closed to new members and future accrual.
The Group operates the TWPS under the UK regulatory framework. Bene\ufb01ts are paid to members from
a Trustee-administered fund and the Trustee is responsible for ensuring that the TWPS is well managed
and that members\u2019 bene\ufb01ts are secure. Scheme assets are held in trust.
The TWPS Trustee\u2019s other duties include managing the investment of scheme assets, administration of
scheme bene\ufb01ts and exercising of discretionary powers. The Group works closely with the Trustee to
manage the TWPS. The Trustee of the TWPS owes \ufb01duciary duties to the TWPS\u2019 bene\ufb01ciaries. The
appointment of the Directors to the Trustee Board is determined by the TWPS trust documentation.
The most recent triennial valuation of the TWPS was undertaken with a reference date of 31\u00a0December
2022. The table below sets out the key assumptions agreed as part of this\u00a0valuation.
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
Assumptions
\u00a0
Discount rate
2.35% per annum above the yield on the nominal gilt yield curve.
(pre-retirement)
\u00a0
Discount rate
0.50% per annum above the yield on the nominal gilt yield curve.
(post-retirement)
\u00a0
RPI inflation
Implied inflation gilt yield curve.
CPI inflation
Prior to 2030: RPI less 0.8%. 2030 onwards: Equal to RPI.
Mortality
104% of S3PxA tables, CMI_2022 improvements with 1.50% long term trend rate,
\u00a0
a smoothing factor of 7 and an initial addition parameter of 0.5%, w2020, w2021 and
\u00a0
w2022 parameters set at 0%, 0% and 25% respectively.
\n
The result of this valuation was a Technical Provisions surplus at 31 December 2022 of \u00a355 million.
As\u00a0a result, no de\ufb01cit contributions were required to be paid to the TWPS or to the escrow account
established following the 2019 valuation. On an IAS 19 accounting basis the underlying surplus in the
TWPS at 31 December 2025 was \u00a3107.0 million (31 December 2024: \u00a390.2 million). The terms of
the TWPS are such that the Group does not have an unconditional right to a refund of surplus.
As a result, the Group recognised an adjustment to the underlying surplus in the TWPS on an
IAS 19 accounting basis of \u00a3124.8\u00a0million (31 December 2024: \u00a3112.2 million), resulting in an
IFRIC 14 de\ufb01cit of \u00a317.8 million (31 December 2024: \u00a322.0 million), which represented the present
value of future contributions under the funding plan.
The TWPS Trustee holds a \ufb01xed charge over the escrow account, established following the 2019
valuation, that is recognised in other \ufb01nancial assets. At 31 December 2025 the escrow account held
\u00a311.3 million (31 December 2024: \u00a310.8 million), with interest earned by the escrow account being
retained within the escrow account. Transfers out of the escrow account (either to the TWPS or the
Group) are subject to the 2019 triennial funding arrangement entered into between the Group and the
Trustee, and as such the funds are restricted from use by the Group for other purposes and are
therefore not classi\ufb01ed as cash or cash equivalents. The escrow account will be in place until
30 June 2028, at which point a funding test will be conducted and funds will either be paid to
the TWPS or returned to the Group.
In 2013, the Group introduced a \u00a3100.0 million Pension Funding Partnership (PFP) that utilises the
Group\u2019s show homes, as well as six of\ufb01ces, in a sale and leaseback structure. This provides \u00a35.1 million
of annual funding for the TWPS. In March 2024, the Group reached agreement with the Trustee to
restructure the PFP. The restructure retained the existing contributions payable until 2029 but replaced
the payment of up to \u00a3100 million that may have been due in 2029, with seven annual payments of
up to \u00a312.5 million each from 2029 to 2035. These are only payable if the TWPS has a de\ufb01cit on its
Technical Provisions funding basis at the prior 31 December. The assets held within the PFP do not
affect the IAS 19 \ufb01gures (before IFRIC 14) as they remain assets of the Group, and are not assets of the
TWPS. At 31 December 2025, there was \u00a394.1 million of property and \u00a318.8 million of cash held within
the structure (31 December 2024: \u00a375.1 million of property and \u00a337.6 million of cash).The Group continues to work closely with the Trustee in managing pension risks, including management
of interest rate, in\ufb02ation and longevity risks. The TWPS assets are approximately 102% (31 December
2024: 102%) hedged against changes in both interest rates and in\ufb02ation expectations on the scheme\u2019s
long term funding basis that is currently used for investment strategy purposes. The TWPS also bene\ufb01ts
from a bulk annuity contract which covers some of the largest liabilities in the scheme, providing
protection against interest rate, in\ufb02ation and longevity risk.
The weighted average duration of the de\ufb01ned bene\ufb01t obligation at the end of the year is approximately
10 years (31 December 2024: approximately 11 years).
In July 2024, the Court of Appeal upheld a High Court decision from June 2023 in Virgin Media Limited
v NTL Pension Trustees II Limited, which ruled that certain historic amendments made to salary-related
contracted-out pension schemes were invalid if the requirement to obtain written actuarial con\ufb01rmation
(a section 37 con\ufb01rmation) was not prepared for those amendments. This ruling affects amendments
made to contracted-out salary-related schemes between 6 April 1997 and 5 April 2016.
The Trustee of the TWPS had commenced a review of the Scheme\u2019s historic amendments in light of this
ruling. In a statement on 5 June 2025, the Government con\ufb01rmed that it would legislate to address the
issue and draft legislation was included in the Pension Schemes Bill at the start of September 2025.
The Bill is currently making its way through the legislative timetable and is expected to come into force
during 2026. The Trustee of the TWPS expects to conclude its review during 2026 once the legislation
has been \ufb01nalised. For that reason, it is currently not possible to assess with any certainty what, if any,
the impact would be on the Scheme.
Accounting assumptions
The assumptions used in calculating the accounting costs and obligations of the TWPS, as detailed
below, are set by the Directors after consultation with independent actuaries. The basis for these
assumptions is prescribed by IAS 19 and they do not re\ufb02ect the assumptions that may be used
in future funding valuations of the TWPS.
The discount rate used to determine the present value of the obligations is set by reference to\u00a0
market yields on high-quality corporate bonds with regard for the duration to the TWPS liabilities.
The assumption for RPI in\ufb02ation is set by reference to the Bank of England\u2019s implied in\ufb02ation curve
with regard to the duration of the TWPS liabilities, with appropriate adjustments to re\ufb02ect distortions
due to supply and demand for in\ufb02ation-linked securities. CPI in\ufb02ation is set\u00a0by reference to RPI in\ufb02ation
as no CPI-linked bonds exist to render implied CPI in\ufb02ation directly observable.
The mortality assumption is based on 102% of S3PxA tables, CMI_2024 improvements with a 1% long
term trend rate, a smoothing factor of 7, an initial addition parameter of 0.25% and a half-life parameter
of 0.5. The mortality assumption used in 2024 was 102% of S3PxA tables, CMI_2023 improvements
with a 1% long term trend rate, a smoothing factor of 7, an initial addition parameter of 0.25%, a w2020
and w2021 parameter of 0% and a w2022 and w2023 parameter of 100%.
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
Accounting valuation assumptions
2025
2024
At 31 December:
\u00a0 \u00a0
Discount rate for scheme liabilities
5.40%
5.35%
General pay inflation
n/a
n/a
Deferred pension increases
2.00%
2.30%
Pension increases*
1.85%-3.60%
1.95%-3.70%
\n
*
Pension increases depend on the section of the TWPS of which each member is a part.
The current life expectancies (in years) underlying the value of the accrued liabilities for the TWPS are:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2025
2024
Life expectancy
Male
Female
Male
Female
Member currently aged 65
87
89
86
89
Member currently aged 45
87
90
87
90
\n
The table below shows the impact to the present value of scheme liabilities of movements in key
assumptions, measured using the same method as the de\ufb01ned bene\ufb01t scheme.
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0 \u00a0
Impact on
\u00a0 \u00a0 \u00a0
scheme
\u00a0 \u00a0
Impact on
liabilities
Assumption
Change in assumption
scheme liabilities
(%)
Discount rate
Decrease by 0.5% p.a.
Increase by \u00a371m
4.6
Rate of inflation*
Increase by 0.5% p.a.
Increase by \u00a337m
2.4
Life expectancy
Members live 1 year longer
Increase by \u00a362m
4.0
\n
*
Assumed to affect deferred revaluation and pensioner increases in payment.
The sensitivity of increasing life expectancy has been reduced by the medically underwritten buy-in.
See the section on risks and risk management at the end of this note.\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
31 December 2025
Level 1
Level 2
Level 3
Total
Percentage of total
Fair value of scheme assets of the TWPS
\u00a3m
\u00a3m
\u00a3m
\u00a3m
scheme assets
Diversified growth funds
(a)
\u2013
240.8
\u2013
240.8
15.9%
Multi-asset credit
0.2
264.2
\u2013
264.4
17.4%
Direct lending
6.1
\u2013
99.3
105.4
7.0%
Fixed income
5.9
164.6
\u2013
170.5
11.3%
Liability-driven investment
(b)
48.3
557.1
\u2013
605.4
40.0%
Insurance policies in respect of certain members
\u2013
\u2013
120.0
120.0
7.9%
Cash
7.3
\u2013
\u2013
7.3
0.5%
\u00a0
67.8
1,226.7
219.3
1,513.8
100.0%
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
31 December 2024
Level 1
Level 2
Level 3
Total
Percentage of total
Fair value of scheme assets of the TWPS
\u00a3m
\u00a3m
\u00a3m
\u00a3m
scheme assets
Equity
(c)
\u2013
29.1
\u2013
29.1
1.9%
Diversified growth funds
(a)
\u2013
224.3
\u2013
224.3
14.7%
Multi-asset credit
0.2
253.2
\u2013
253.4
16.7%
Direct lending
1.0
\u2013
117.4
118.4
7.8%
Fixed income
2.5
187.6
\u2013
190.1
12.5%
Liability-driven investment
(b)
39.2
535.0
\u2013
574.2
37.7%
Insurance policies in respect of certain members
\u2013
\u2013
124.0
124.0
8.1%
Cash
8.8
\u2013
\u2013
8.8
0.6%
\u00a0
51.7
1,229.2
241.4
1,522.3
100.0%
\n
(a) This amount relates to the Scheme\u2019s Diversi\ufb01ed Risk Premia (DRP) allocation. The net leverage on the two funds in the DRP allocation at 31 December 2025 was 1.7x and 1.6x (31 December 2024: 0.5x and 0.7x).
(b) The bespoke Liability Driven Investment (LDI) fund is designed to protect the Scheme against movements in interest rates and in\ufb02ation. The overall leverage on the LDI fund at 31 December 2025 was approximately 3.0x (31 December 2024: 3.0x).
(c) This amount relates to Volatility Controlled Equities. The leverage at 31 December 2024 was 3.7x. As at 31 December 2025 the Scheme was no longer invested in this fund.
The value of the annuities held by the TWPS are set equal to the value of the liabilities which these annuities match. All other fair values are provided by the fund managers and collated by Northern Trust
as custodian, who independently price the securities from their preferred vendor sources where the data is publicly available and rely on investment manager data where this information is not available.
Where available, the fair values are quoted prices (e.g. listed equity). Unlisted investments (e.g. private equity) are included at values provided by the fund manager in\u00a0accordance with relevant guidance.
Other signi\ufb01cant assets are valued based on observable inputs.
There are no investments in respect of the Group\u2019s own securities. The table below details the movements in the TWPS pension liability and assets recorded through the income statement and other comprehensive income. \n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2025
2024
\u00a0 \u00a0 \u00a0
Asset/(liability)
\u00a0 \u00a0
Asset/(liability)
\u00a0
Present value
Fair value of
recognised on
Present value
Fair value of
recognised on
\u00a0
of obligation
scheme assets
balance sheet
of obligation
scheme assets
balance sheet
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January
(1,544.3)
1,522.3
(22.0)
(1,679.8)
1,653.5
(26.3)
Administration expenses
\u2013
(2.8)
(2.8)
\u2013
(3.1)
(3.1)
Interest (expense)/income
(79.8)
78.7
(1.1)
(74.7)
73.6
(1.1)
Total amount recognised in income statement
(79.8)
75.9
(3.9)
(74.7)
70.5
(4.2)
Remeasurement gain/(loss) on scheme assets
\u2013
15.7
15.7
\u2013
(98.5)
(98.5)
Change in demographic assumptions
(18.2)
\u2013
(18.2)
(1.0)
\u2013
(1.0)
Change in financial assumptions
30.5
\u2013
30.5
104.1
\u2013
104.1
Experience (loss)/gain
(20.4)
\u2013
(20.4)
1.3
\u2013
1.3
Adjustment to liabilities for IFRIC 14
(6.6)
\u2013
(6.6)
(4.5)
\u2013
(4.5)
Total remeasurements in other comprehensive income
(14.7)
15.7
1.0
99.9
(98.5)
1.4
Employer contributions
\u2013
7.1
7.1
\u2013
7.1
7.1
Employee contributions
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Benefit payments
107.2
(107.2)
\u2013
110.3
(110.3)
\u2013
At 31 December
(1,531.6)
1,513.8
(17.8)
(1,544.3)
1,522.3
(22.0)
\n\n \n
2025
2024
Accounting valuation
\u00a3m
\u00a3m
Fair value of scheme assets
1,513.8
1,522.3
Present value of scheme obligations
(1,406.8)
(1,432.1)
Surplus in scheme
107.0
90.2
IFRIC 14 limitation on recognition of surplus
(124.8)
(112.2)
Deficit after IFRIC 14 adjustment
(17.8)
(22.0)
\nRisks and risk management
The TWPS, in common with the majority of such de\ufb01ned bene\ufb01t pension schemes in the UK, has a number of areas of risk. These areas of risk, and the ways in which the Group has sought to manage them,
are set out in the table below.
The risks are considered from both a funding perspective, which drives the cash commitments of the Group, and from an accounting perspective, i.e. the extent to which such risks affect the amounts recorded in
the consolidated \ufb01nancial statements.
Although investment decisions in the UK are the responsibility of the TWPS Trustee, the Group takes an active interest to ensure that the pension scheme risks are managed ef\ufb01ciently. The Group has regular
meetings with the Trustee to discuss investment performance, regulatory changes and proposals to actively manage the position of the TWPS.
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
Risk
Description
Asset volatility
The TWPS strategy remains well diversified through its exposure to a range of asset classes, including direct loans, government bonds and a broad spectrum of corporate bonds and other fixed income
\u00a0
exposures. The TWPS invests across a number of managers to reduce manager concentration risk.
\u00a0
The TWPS does not target a specific asset allocation but instead bases its strategic asset allocation on the return objectives and risk constraints agreed upon by the Trustee. In response to the significant
\u00a0
increases in bond yields over 2022, the Trustee took prudent steps to ensure that the TWPS continued to have sufficient collateral in support of the liability-hedging programme. During the course of 2023 and
\u00a0
2024, the Company and Trustee rebalanced the portfolio into more liquid assets with the appointment of three new managers during the period, with all three having daily dealing terms and which are reflected
\u00a0
in the asset allocation at the end of the reporting period.
Changes in
Falling bond yields tend to increase the funding and accounting liabilities. However, the investment in bond and liability-matching derivatives offers a significant degree of matching, i.e. the movement in assets
bond\u00a0yields
arising from changes in bond yields substantially matches the movement in the funding or accounting liabilities. In this way, the exposure to movements in bond yields is reduced.
Investing in
To maintain appropriate diversification of investments within the TWPS assets and to take advantage of overseas investment returns, a proportion of the underlying investment portfolio is invested overseas.
foreign currency
To balance the risk of investing in foreign currencies while having an obligation to settle benefits in Sterling, a currency hedging programme, using forward foreign exchange contracts, has been put in place
\u00a0
to reduce the currency exposure of these overseas investments to the targeted level.
Asset/liability
In order to manage the TWPS\u2019 economic exposure to interest rates and inflation rates, a liability-hedging programme has been put in place. Derivatives are used to hedge changes in the TWPS\u2019 assets from
mismatch
changes in its liabilities, substantially reducing asset/liability mismatch risk. However, it is only possible to target matching of the assets with the liabilities assessed on one measure. Due to its relevance in driving
\u00a0
Company contributions, the current policy is to assess the matching against the TWPS\u2019 long term funding basis. This can lead to a slight mismatch between the assets and the liabilities assessed on the
\u00a0
Company\u2019s accounting basis, in particular if\u00a0there is a change in corporate bond yield spreads.
\n\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
Risk
Description
Liquidity
The TWPS requires sufficient liquidity to meet benefit payments, and to ensure sufficient collateral to support the liability-hedging programme. The Trustee has adopted processes to ensure that the TWPS
\u00a0
holds sufficient assets within the liability-hedging programme to cover the impact of a further 4.0% increase in yields. The manager of the liability-hedging programme also has direct access to further liquid
\u00a0
assets should they be required.
\u00a0
Across the portfolio, the TWPS has liquid assets which could be sold at short notice if required. In particular, 66.8% are managed in either segregated accounts or daily/weekly dealt pooled funds and can be
\u00a0
realised within a few business days under normal market conditions, and 16.7% are invested in pooled funds with monthly redemption dates. Of the remaining assets, 0.6% could be redeemed within
\u00a0
approximately six to nine months of notification in normal market conditions, and the rest are made up of illiquid assets including insurance policies and illiquid debt (which includes direct lending bonds).
Life expectancy
The majority of the TWPS obligations are to provide a pension for the life of the member on retirement, so increases in life expectancy will result in an increase in the TWPS\u2019 liabilities. The inflation-linked nature
\u00a0
of the majority of benefit payments from the TWPS increases the sensitivity of the liabilities to changes in life expectancy. During 2014, the Group reached agreement with Partnership Life Assurance Company
\u00a0
Limited (now Just Group plc) to insure the benefits of c.100 members with the greatest anticipated liabilities through a medically underwritten buy-in. By insuring these members, the Group has removed more
\u00a0
than 10% of longevity risk from the TWPS by significantly reducing the longevity risk in relation to a large proportion of the liabilities.
Climate risk
The TWPS Trustee recognises that climate change is a financial risk affecting the TWPS assets. The TWPS Trustee integrates the monitoring of appropriate climate risk metrics into its risk management
\u00a0
framework and considers these metrics when making investment decisions. The TWPS Trustee requires its appointed investment managers to integrate climate change risks and opportunities into their
\u00a0
investment processes as applied to the assets of the TWPS.
Responsible
The TWPS Trustee recognises that environmental, social and governance (ESG) risks can be financially material risks and should be considered as part of the TWPS\u2019 investment strategy. The TWPS Trustee
investment
has adopted a responsible investment policy and considers ESG risks when making investment decisions. The TWPS Trustee also has a programme of regular dialogue with its investment managers, with
\u00a0
a particular focus on the TWPS Trustee\u2019s key themes of Climate Change and Diversity, Equity and Inclusion. The TWPS Trustee expects its investment managers to have robust ESG, climate change and
\u00a0
stewardship policies and processes in place, and challenges its managers where deficiencies or areas for further improvement are identified.
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00416": { "value": "22
Provisions
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Cladding
\u00a0 \u00a0 \u00a0
\u00a0
fire safety
Leasehold
Other
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January 2024
191.9
19.5
75.3
286.7
Additions
88.0
\u2013
5.8
93.8
Utilisation
(28.5)
(5.6)
(7.7)
(41.8)
Released
(19.1)
\u2013
(12.7)
(31.8)
Foreign exchange
\u2013
\u2013
(0.2)
(0.2)
At 31 December 2024
232.3
13.9
60.5
306.7
Additions
225.8
\u2013
43.7
269.5
Utilisation
(49.4)
(3.3)
(35.5)
(88.2)
Unwind of discount
3.9
\u2013
\u2013
3.9
Foreign exchange
\u2013
\u2013
0.2
0.2
At 31 December 2025
412.6
10.6
68.9
492.1
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Current
211.1
161.7
Non-current
281.0
145.0
31 December
492.1
306.7
\n
In 2018, the Group established an exceptional provision for the cost of replacing ACM on a small
number of legacy developments, which has been increased since then to re\ufb02ect the latest estimates
of costs to complete the planned works as well as the requirements of the Government\u2019s Building Safety
Pledge for Developers (see Note 6). It is expected that around 35% of the remaining provision will be
utilised over the next 12 months.
In 2017, the Group launched a leasehold assistance scheme to help certain customers restructure
their ground rent agreements with their freeholder and established an associated provision of
\u00a3130.0 million to fund this. The provision remaining will be utilised as leaseholders apply to the scheme
and have their leases varied. As the timing of applications by leaseholders is outside of the control of
the Group, the provision is recognised as a current liability.
Other provisions consist of a remedial work provision covering various obligations on a limited
number of sites across the Group. Other provisions also include amounts for legal claims and other
contract-related costs associated with various matters arising across the Group, the majority of
which are anticipated to be settled within a three-year period; however, there is some uncertainty
regarding the timing of these out\ufb02ows due to the nature of the claims and the length of time it can
take to reach settlement. The increase in the other provisions in the period is largely due to the costs
recognised for remediation at one of the Group\u2019s London developments where the original principal
contractor was carrying out the works, but it has recently ceased operations on site, and the costs
associated with the commitments made to the CMA, as described in Note 6. ", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00417": { "value": "22
Provisions
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Cladding
\u00a0 \u00a0 \u00a0
\u00a0
fire safety
Leasehold
Other
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January 2024
191.9
19.5
75.3
286.7
Additions
88.0
\u2013
5.8
93.8
Utilisation
(28.5)
(5.6)
(7.7)
(41.8)
Released
(19.1)
\u2013
(12.7)
(31.8)
Foreign exchange
\u2013
\u2013
(0.2)
(0.2)
At 31 December 2024
232.3
13.9
60.5
306.7
Additions
225.8
\u2013
43.7
269.5
Utilisation
(49.4)
(3.3)
(35.5)
(88.2)
Unwind of discount
3.9
\u2013
\u2013
3.9
Foreign exchange
\u2013
\u2013
0.2
0.2
At 31 December 2025
412.6
10.6
68.9
492.1
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Current
211.1
161.7
Non-current
281.0
145.0
31 December
492.1
306.7
\n
In 2018, the Group established an exceptional provision for the cost of replacing ACM on a small
number of legacy developments, which has been increased since then to re\ufb02ect the latest estimates
of costs to complete the planned works as well as the requirements of the Government\u2019s Building Safety
Pledge for Developers (see Note 6). It is expected that around 35% of the remaining provision will be
utilised over the next 12 months.
In 2017, the Group launched a leasehold assistance scheme to help certain customers restructure
their ground rent agreements with their freeholder and established an associated provision of
\u00a3130.0 million to fund this. The provision remaining will be utilised as leaseholders apply to the scheme
and have their leases varied. As the timing of applications by leaseholders is outside of the control of
the Group, the provision is recognised as a current liability.
Other provisions consist of a remedial work provision covering various obligations on a limited
number of sites across the Group. Other provisions also include amounts for legal claims and other
contract-related costs associated with various matters arising across the Group, the majority of
which are anticipated to be settled within a three-year period; however, there is some uncertainty
regarding the timing of these out\ufb02ows due to the nature of the claims and the length of time it can
take to reach settlement. The increase in the other provisions in the period is largely due to the costs
recognised for remediation at one of the Group\u2019s London developments where the original principal
contractor was carrying out the works, but it has recently ceased operations on site, and the costs
associated with the commitments made to the CMA, as described in Note 6.28
Contingent liabilities and capital commitments
The Group in the normal course of business has given guarantees and entered into counter-indemnities
in respect of bonds relating to the Group\u2019s own contracts and has given guarantees in respect of the
Group\u2019s share of certain contractual obligations of joint ventures. The possibility of any out\ufb02ow in
settlement for these is considered to be remote.
The Group has entered into counter-indemnities in the normal course of business in respect of
performance bonds.
Provision is made for the Directors\u2019 best estimate of all known legal claims and all legal actions
in progress. The Group takes legal advice as to the likelihood of success of claims and actions
and no provision is made where the Directors consider, based on that advice, that the action is
unlikely to succeed.
The Group has no material contingent liabilities or capital commitments at 31 December 2025
(2024: none).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00418": { "value": "23
Share capital
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Authorised:
\u00a0 \u00a0
22,200,819,176 (2024: 22,200,819,176) ordinary shares of 1p\u00a0each
222.0
222.0
1,158,299,201 (2024: 1,158,299,201) deferred ordinary shares of\u00a024p each
278.0
278.0
31 December
500.0
500.0
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Number of
Number of deferred
\u00a0
\u00a0
ordinary shares
ordinary shares
\u00a3m
Issued and fully paid:
\u00a0 \u00a0 \u00a0
31 December 2024
3,556,985,103
1,065,566,274
291.3
31 December 2025
3,556,985,103
1,065,566,274
291.3
\n
During the year, the Company issued nil (2024: nil) ordinary shares to satisfy option exercises.
The Company has two classes of shares:
\u2022 Ordinary shares of 1p, each of which carries the right to one vote at general meetings of
the\u00a0Company and such other rights and obligations as are set out in the Company\u2019s Articles
of Association.
\u2022 Deferred ordinary shares of 24p, which carry no voting rights and no entitlement to any dividend.
The deferred ordinary shares were issued as part of a capital reorganisation in 2009 and have not
subsequently changed. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00419": { "value": "23
Share capital
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Authorised:
\u00a0 \u00a0
22,200,819,176 (2024: 22,200,819,176) ordinary shares of 1p\u00a0each
222.0
222.0
1,158,299,201 (2024: 1,158,299,201) deferred ordinary shares of\u00a024p each
278.0
278.0
31 December
500.0
500.0
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Number of
Number of deferred
\u00a0
\u00a0
ordinary shares
ordinary shares
\u00a3m
Issued and fully paid:
\u00a0 \u00a0 \u00a0
31 December 2024
3,556,985,103
1,065,566,274
291.3
31 December 2025
3,556,985,103
1,065,566,274
291.3
\n
During the year, the Company issued nil (2024: nil) ordinary shares to satisfy option exercises.
The Company has two classes of shares:
\u2022 Ordinary shares of 1p, each of which carries the right to one vote at general meetings of
the\u00a0Company and such other rights and obligations as are set out in the Company\u2019s Articles
of Association.
\u2022 Deferred ordinary shares of 24p, which carry no voting rights and no entitlement to any dividend.
The deferred ordinary shares were issued as part of a capital reorganisation in 2009 and have not
subsequently changed.
24
Share premium
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
At 1 January
777.9
777.9
Shares issued in year
\u2013
\u2013
At 31 December
777.9
777.9
\n
25
Other reserves
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Capital
\u00a0 \u00a0 \u00a0
\u00a0
redemption
Translation
\u00a0
Total other
\u00a0
reserve
reserve
Other
reserves
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Balance at 1 January 2024
32.4
8.0
504.0
544.4
Exchange differences on
\u00a0 \u00a0 \u00a0 \u00a0
translation of foreign operations
\u2013
(8.8)
\u2013
(8.8)
Movement in fair value of
\u00a0 \u00a0 \u00a0 \u00a0
hedging instruments
\u2013
3.9
\u2013
3.9
Balance at 31 December 2024
32.4
3.1
504.0
539.5
Exchange differences on
\u00a0 \u00a0 \u00a0 \u00a0
translation of foreign operations
\u2013
8.2
\u2013
8.2
Movement in fair value of
\u00a0 \u00a0 \u00a0 \u00a0
hedging instruments
\u2013
(4.3)
\u2013
(4.3)
Balance at 31 December 2025
32.4
7.0
504.0
543.4
\n
Capital redemption reserve
The capital redemption reserve arose on a redemption of the Company\u2019s shares and is
not distributable.
Translation reserve
The translation reserve consists of exchange differences arising on the translation of overseas
operations. It also includes changes in the fair value of hedging instruments where such
instruments are designated and effective as hedges of investment in overseas operations.
Other reserves
\u00a3499.1 million of other reserves arose on the cash box placing that occurred in June 2020
and quali\ufb01ed for merger relief under Section 612 of the Companies Act 2006.
26
Own shares
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a3m
\u00a0
Balance at 1 January 2024
29.7
Own shares acquired
4.0
Disposed of on exercise of options
(6.1)
Balance at 31 December 2024
27.6
Own shares acquired
3.3
Disposed of on exercise of options
(10.7)
Balance at 31 December 2025
20.2
\n
The own shares reserve represents the cost of shares in Taylor Wimpey plc purchased in the market,
those held as treasury shares and those held by the Taylor Wimpey Employee Share Ownership Trusts
(ESOTs) to satisfy options and conditional share awards under the Group\u2019s share plans.
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2025
2024
\u00a0
Number
Number
Ordinary shares held in trust and treasury for bonus,
\u00a0 \u00a0
option and performance award plans
15.7m
20.6m
\n
During the year, Taylor Wimpey plc purchased 3.1 million of its own shares to be held in the ESOTs
(2024: 3.2 million). The market value of the shares held in the ESOTs and treasury at 31 December 2025
was \u00a316.9 million (2024: \u00a325.1 million) and their nominal value was \u00a30.2 million (2024: \u00a30.2 million).
Dividends on these shares have been waived except for a nominal aggregate amount in pence.
ESOTs are used to hold the Company\u2019s shares which have been acquired on the market. These shares
and those held in treasury are used to meet the valid exercise of options and/or vesting of conditional
awards and/or award of shares under the Group\u2019s share option plans.
The ESOTs\u2019 entire holding of shares and those held in treasury at 31 December 2025 and
31 December 2024 were covered by outstanding options and conditional awards over shares
at those dates. ", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00420": { "value": "24
Share premium
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
At 1 January
777.9
777.9
Shares issued in year
\u2013
\u2013
At 31 December
777.9
777.9
\n", "dimensions": { "concept": "taylorwimpeyplc:DisclosureOfSharePremiumTextBlock", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00421": { "value": "25
Other reserves
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Capital
\u00a0 \u00a0 \u00a0
\u00a0
redemption
Translation
\u00a0
Total other
\u00a0
reserve
reserve
Other
reserves
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Balance at 1 January 2024
32.4
8.0
504.0
544.4
Exchange differences on
\u00a0 \u00a0 \u00a0 \u00a0
translation of foreign operations
\u2013
(8.8)
\u2013
(8.8)
Movement in fair value of
\u00a0 \u00a0 \u00a0 \u00a0
hedging instruments
\u2013
3.9
\u2013
3.9
Balance at 31 December 2024
32.4
3.1
504.0
539.5
Exchange differences on
\u00a0 \u00a0 \u00a0 \u00a0
translation of foreign operations
\u2013
8.2
\u2013
8.2
Movement in fair value of
\u00a0 \u00a0 \u00a0 \u00a0
hedging instruments
\u2013
(4.3)
\u2013
(4.3)
Balance at 31 December 2025
32.4
7.0
504.0
543.4
\n
Capital redemption reserve
The capital redemption reserve arose on a redemption of the Company\u2019s shares and is
not distributable.
Translation reserve
The translation reserve consists of exchange differences arising on the translation of overseas
operations. It also includes changes in the fair value of hedging instruments where such
instruments are designated and effective as hedges of investment in overseas operations.
Other reserves
\u00a3499.1 million of other reserves arose on the cash box placing that occurred in June 2020
and quali\ufb01ed for merger relief under Section 612 of the Companies Act 2006. ", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00422": { "value": "26
Own shares
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a3m
\u00a0
Balance at 1 January 2024
29.7
Own shares acquired
4.0
Disposed of on exercise of options
(6.1)
Balance at 31 December 2024
27.6
Own shares acquired
3.3
Disposed of on exercise of options
(10.7)
Balance at 31 December 2025
20.2
\n
The own shares reserve represents the cost of shares in Taylor Wimpey plc purchased in the market,
those held as treasury shares and those held by the Taylor Wimpey Employee Share Ownership Trusts
(ESOTs) to satisfy options and conditional share awards under the Group\u2019s share plans.
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2025
2024
\u00a0
Number
Number
Ordinary shares held in trust and treasury for bonus,
\u00a0 \u00a0
option and performance award plans
15.7m
20.6m
\n
During the year, Taylor Wimpey plc purchased 3.1 million of its own shares to be held in the ESOTs
(2024: 3.2 million). The market value of the shares held in the ESOTs and treasury at 31 December 2025
was \u00a316.9 million (2024: \u00a325.1 million) and their nominal value was \u00a30.2 million (2024: \u00a30.2 million).
Dividends on these shares have been waived except for a nominal aggregate amount in pence.
ESOTs are used to hold the Company\u2019s shares which have been acquired on the market. These shares
and those held in treasury are used to meet the valid exercise of options and/or vesting of conditional
awards and/or award of shares under the Group\u2019s share option plans.
The ESOTs\u2019 entire holding of shares and those held in treasury at 31 December 2025 and
31 December 2024 were covered by outstanding options and conditional awards over shares
at those dates. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00423": { "value": "27
Notes to the cash \ufb02ow statement
Cash and cash equivalents comprise cash at bank and other short term highly liquid investments with
an original maturity of three months or less.
Movement in net cash
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Cash and cash
Bank and
Total
\u00a0
equivalents
other loans
net cash
\u00a0
\u00a3m
\u00a3m
\u00a3m
Balance at 1 January 2024
764.9
(87.0)
677.9
Net cash flow
(113.5)
\u2013
(113.5)
Foreign exchange
(4.0)
4.4
0.4
Balance at 31 December 2024
647.4
(82.6)
564.8
Net cash flow
(220.9)
\u2013
(220.9)
Foreign exchange
3.1
(4.4)
(1.3)
Balance at 31 December 2025
429.6
(87.0)
342.6
\n
For movements in lease liabilities in the year see Note 19. Inventory working capital movements in the
cash \ufb02ow statement include the related movements in land debtors and land\u00a0creditors.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00426": { "value": "28
Contingent liabilities and capital commitments
The Group in the normal course of business has given guarantees and entered into counter-indemnities
in respect of bonds relating to the Group\u2019s own contracts and has given guarantees in respect of the
Group\u2019s share of certain contractual obligations of joint ventures. The possibility of any out\ufb02ow in
settlement for these is considered to be remote.
The Group has entered into counter-indemnities in the normal course of business in respect of
performance bonds.
Provision is made for the Directors\u2019 best estimate of all known legal claims and all legal actions
in progress. The Group takes legal advice as to the likelihood of success of claims and actions
and no provision is made where the Directors consider, based on that advice, that the action is
unlikely to succeed.
The Group has no material contingent liabilities or capital commitments at 31 December 2025
(2024: none).", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00425": { "value": "28
Contingent liabilities and capital commitments
The Group in the normal course of business has given guarantees and entered into counter-indemnities
in respect of bonds relating to the Group\u2019s own contracts and has given guarantees in respect of the
Group\u2019s share of certain contractual obligations of joint ventures. The possibility of any out\ufb02ow in
settlement for these is considered to be remote.
The Group has entered into counter-indemnities in the normal course of business in respect of
performance bonds.
Provision is made for the Directors\u2019 best estimate of all known legal claims and all legal actions
in progress. The Group takes legal advice as to the likelihood of success of claims and actions
and no provision is made where the Directors consider, based on that advice, that the action is
unlikely to succeed.
The Group has no material contingent liabilities or capital commitments at 31 December 2025
(2024: none).", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00424": { "value": "28
Contingent liabilities and capital commitments
The Group in the normal course of business has given guarantees and entered into counter-indemnities
in respect of bonds relating to the Group\u2019s own contracts and has given guarantees in respect of the
Group\u2019s share of certain contractual obligations of joint ventures. The possibility of any out\ufb02ow in
settlement for these is considered to be remote.
The Group has entered into counter-indemnities in the normal course of business in respect of
performance bonds.
Provision is made for the Directors\u2019 best estimate of all known legal claims and all legal actions
in progress. The Group takes legal advice as to the likelihood of success of claims and actions
and no provision is made where the Directors consider, based on that advice, that the action is
unlikely to succeed.
The Group has no material contingent liabilities or capital commitments at 31 December 2025
(2024: none).", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00428": { "value": "30
Related party transactions
Transactions between the Company and its subsidiaries, which are related parties, have been eliminated
on consolidation and are not disclosed in this note. The pension schemes of the Group are related
parties. Arrangements between the Group and its pension schemes are disclosed in Note 21.
Transactions between the Group and its joint ventures are disclosed below. The Group has loans
with joint ventures that are detailed in Note 13.
Taylor Wimpey Scottish Limited Partnership (the Partnership) is fully consolidated into these \ufb01nancial
statements and the Group has taken advantage of the exemption available under the Partnerships
(Accounts) Regulations 2008 to not \ufb01le separate accounts for the Partnership.
Trading transactions
During the year, Group sales to joint ventures totalled \u00a326.4 million (2024: \u00a326.9 million) and purchases
totalled \u00a32.8 million (2024: \u00a36.3 million). Interest received from joint ventures was\u00a0nil (2024: \u00a32.1 million).
At 31 December 2025, receivables from joint ventures were\u00a0\u00a32.6\u00a0million (31 December 2024: \u00a35.0
million) and payables were \u00a319.0 million (31\u00a0December 2024: \u00a333.5 million). Included within the
payables balance is \u00a314.8 million (31 December 2024: \u00a333.0 million) of a cash transfer that occurred in
the prior year from a joint venture due to that joint venture having a short term excess of cash beyond
that required for its immediate operational purposes, it is returnable to the joint venture on demand and
no interest is due on the balance.
Remuneration of key management personnel
The key management personnel of the Group are the members of the Group Management Team (GMT)
as presented on page 95.
The remuneration information for the Executive Directors is set out in the Remuneration Committee
report on page 148. The aggregate compensation for the other members of the GMT is as follows:
\n \n
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Short term employee benefits
3.5
5.0
Post-employment benefits
0.3
0.3
Total (excluding share-based payments charge)
3.8
5.3
\n
In addition to the amounts above, a share-based payment charge of \u00a30.8 million (2024: \u00a31.8\u00a0million)
related to share options held by members of the GMT.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00430": { "value": "31
Dividends
\n \n
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Proposed
\u00a0 \u00a0
Interim dividend 2025: 4.67p (2024: 4.80p) per ordinary share of\u00a01p each
165.4
169.9
Final dividend 2025: 2.95p (2024: 4.66p) per ordinary share of\u00a01p each
104.6
165.0
\u00a0
270.0
334.9
Amounts recognised as distributions to equity holders
\u00a0 \u00a0
Paid
\u00a0 \u00a0
Final dividend 2024: 4.66p (2023: 4.79p) per ordinary share of\u00a01p each
165.0
169.5
Interim dividend 2025: 4.67p (2024: 4.80p) per ordinary share of\u00a01p each
165.4
169.9
\u00a0
330.4
339.4
\n
The Directors recommend a \ufb01nal dividend for the year ended 31 December 2025 of 2.95 pence per
share (2024: 4.66 pence per share) subject to shareholder approval at the Annual General Meeting,
with an equivalent \ufb01nal dividend charge of c.\u00a3105 million based on the number of shares in issue at the
end of the year (2024: \u00a3165.0 million). The \ufb01nal dividend will be paid on 15 May 2026 to all shareholders
registered at the close of business on 7 April 2026.
In accordance with IAS 10 \u2018Events after the Reporting Period\u2019, the proposed \ufb01nal dividend has not been
accrued as a liability at 31 December 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00433": { "value": "0.0295", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00434": { "value": "0.0466", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00431": { "value": "104600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00432": { "value": "165000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00435": { "value": "0.0295", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00436": { "value": "0.0466", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00437": { "value": "32
Alternative performance measures
The Group uses a number of alternative performance measures (APMs) which are not de\ufb01ned
within UK-adopted international accounting standards. The Directors use these measures in order
to assess the underlying operational performance of the Group and, as such, these measures should
be considered alongside statutory measures. The following APMs are referred to throughout the year
end results.
Pro\ufb01t before taxation and exceptional items and pro\ufb01t for the period before
exceptional items
The Directors consider that the removal of exceptional items from the reported results provides more
clarity on the performance of the Group. They are reconciled to pro\ufb01t before tax and pro\ufb01t for the period
on the face of the consolidated income statement.
Adjusted operating pro\ufb01t and adjusted operating pro\ufb01t margin
Throughout the Annual Report and Accounts, adjusted operating pro\ufb01t is used as one of the main
measures of performance. Adjusted operating pro\ufb01t is de\ufb01ned as pro\ufb01t on ordinary activities before
\ufb01nancing, exceptional items and tax, after share of results of joint ventures. The Directors consider this
to be an important measure of the underlying performance of the Group. Adjusted operating pro\ufb01t
margin is calculated as adjusted operating pro\ufb01t divided by total revenue.
In preparation for the adoption of IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019 in 2027,
which for the \ufb01rst time de\ufb01nes an operating pro\ufb01t subtotal, the Group has renamed the measures of
operating pro\ufb01t and operating pro\ufb01t margin to adjusted operating pro\ufb01t and adjusted operating pro\ufb01t
margin respectively. The calculation methodologies for the measures are unchanged.
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2025
2024
Profit on ordinary activities before financing (\u00a3m)
174.7
333.9
Adjusted for:
\u00a0 \u00a0
Share of results of joint ventures (\u00a3m) (Note 13)
2.1
(15.9)
Exceptional items (\u00a3m) (Note 6)
243.8
98.2
Adjusted operating profit (\u00a3m)
420.6
416.2
Revenue (\u00a3m) (Note 4)
3,844.6
3,401.2
Adjusted operating profit margin
10.9%
12.2%
\n
Net operating assets
Net operating assets is de\ufb01ned as basic net assets less net cash, excluding net taxation balances
and accrued dividends. Average net operating assets is the average of the opening and closing net
operating assets of the 12-month period. With return on net operating assets, the Directors consider
this to be an important measure of the underlying operating ef\ufb01ciency and performance of the Group.
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2025
2024
2023
Basic net assets (\u00a3m)
4,186.8
4,405.2
4,523.4
Adjusted for:
\u00a0 \u00a0 \u00a0
Cash (\u00a3m) (Note 16)
(429.6)
(647.4)
(764.9)
Borrowings (\u00a3m) (Note 17)
87.0
82.6
87.0
Net taxation (\u00a3m)
(31.1)
(23.4)
(21.8)
Accrued dividends (\u00a3m)
\u2013
\u2013
\u2013
Net operating assets (\u00a3m)
3,813.1
3,817.0
3,823.7
Average basic net assets (\u00a3m)
4,296.0
4,464.3
\u00a0
Average net operating assets (\u00a3m)
3,815.1
3,820.4
\u00a0
\n
Return on net operating assets
Return on net operating assets is de\ufb01ned as rolling 12-month adjusted operating pro\ufb01t divided by the
average of opening and closing net operating assets. The Directors consider this to be an important
measure of the underlying operating ef\ufb01ciency and performance of the Group.
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2025
2024
Adjusted operating profit (\u00a3m)
420.6
416.2
Average net operating assets (\u00a3m)
3,815.1
3,820.4
Return on net operating assets
11.0%
10.9%
\nTangible net assets per share
This is calculated as net assets before any accrued dividends, excluding intangible assets, divided
by the number of ordinary shares in issue at the end of the period. The Directors consider this to be
a good measure of the value intrinsic within each ordinary share.
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2025
2024
Basic net assets (\u00a3m)
4,186.8
4,405.2
Adjusted for:
\u00a0 \u00a0
Intangible assets (\u00a3m) (Note 11)
(2.7)
(1.5)
Tangible net assets (\u00a3m)
4,184.1
4,403.7
Ordinary shares in issue (millions)
3,557.0
3,557.0
Tangible net assets per share (pence)
117.6
123.8
\n
Adjusted basic and diluted earnings per share
This is calculated as earnings attributed to shareholders of the Parent, excluding exceptional items and
tax on exceptional items, divided by the weighted average number of shares in issue during the period.
The Directors consider this provides an important measure of the underlying earnings capacity of the
Group. Note 10 shows a reconciliation from basic and diluted earnings per share to adjusted basic
and diluted earnings per share.
Net operating asset turn
This is de\ufb01ned as 12-month rolling total revenue divided by the average of opening and closing net
operating assets. The Directors consider this to be a good indicator of how ef\ufb01ciently the Group is
utilising its assets to generate value for shareholders.
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2025
2024
Revenue (\u00a3m) (Note 4)
3,844.6
3,401.2
Average net operating assets (\u00a3m)
3,815.1
3,820.4
Net operating asset turn
1.01
0.89
\n
Net cash
Net cash is de\ufb01ned as total cash less total borrowings (bank and other loans). This is considered by the
Directors to be the best indicator of the \ufb01nancing position of the Group. This\u00a0is reconciled in Note 27.
Cash conversion
This is de\ufb01ned as cash generated from operations, which excludes payments relating to exceptional
charges, divided by adjusted operating pro\ufb01t on a rolling 12-month basis. The Directors consider this
measure to be a good indication of how ef\ufb01ciently the Group is turning pro\ufb01t into\u00a0cash.
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2025
2024
Cash generated from operations (\u00a3m)
268.0
311.7
Adjusted operating profit (\u00a3m)
420.6
416.2
Cash conversion
63.7%
74.9%
\n
Adjusted gearing
This is de\ufb01ned as adjusted net debt divided by basic net assets. The Directors consider this to be
a more representative measure of the Group\u2019s gearing levels. Adjusted net debt is de\ufb01ned as net cash
less land creditors.
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2025
2024
Cash (\u00a3m) (Note 16)
429.6
647.4
Loans (\u00a3m) (Note 17)
(87.0)
(82.6)
Net cash (\u00a3m)
342.6
564.8
Land creditors (\u00a3m) (Note 18)
(522.5)
(627.9)
Adjusted net debt (\u00a3m)
(179.9)
(63.1)
Basic net assets (\u00a3m)
4,186.8
4,405.2
Adjusted gearing
4.3%
1.4%
\n", "dimensions": { "concept": "taylorwimpeyplc:DisclosureOfAlternativePerformanceMeasuresTextBlock", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00438": { "value": "33
Post balance sheet events
There were no material subsequent events affecting the Group after 31 December 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:21380089BTRXTD8S3R66", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }