Vistry Group

FY23 year-end net debt was £90m (January 2024 update), confirmed at £88.8m in March 2024.

“Year-end net debt of c. £90m (31 December 2022 net cash: £118.2m) in-line with guidance and significantly down from 30 June 2023 position (net debt: £328.7m)”12 Jan 2024 · Trading update “Group net debt as at 31 December 2023 was £88.8m (2022: net cash £118.2m) with a strong balance sheet”14 Mar 2024 · Final Results

September 2024 launched a new £130m buyback to May 2025; the £100m programme was superseded, not reported complete.

“The Programme is expected to commence today, 12 September 2024, and is expected to be completed no later than the Annual General Meeting to be held on 14 May 2025.”12 Sep 2024 · Commencement of £130m share buyback programme

November 2024 cut expectation to c.17,500; FY24 completions were 17,225.

“The Group is on track to deliver more than 18,000 (FY23: 16,118) completions in FY24, an increase of more than 10% on prior year and up from our previous expectation of 17,500 units.”16 May 2024 · Trading Update “Total completions increased by 7% to 17,225 units (FY23: 16,118 units)”26 Mar 2025 · Final Results

Not mentioned in the 4 results reports since the deadline (2024-12-31) – treated as dropped.

Guidance moved to c.£200m net debt in December 2024; year-end net debt was £180.7m.

“There has been a significant cash inflow in the closing weeks of the year but the delayed income described above means that we now expect closing net debt to be in the region of £200m.”24 Dec 2024 · Trading Update “Group net debt position of £180.7m as at 31 December 2024 (31 December 2023: £88.8m)”26 Mar 2025 · Final Results

Full year results show adjusted profit before tax of £263.5m for 2024, but South Division cost issues reduced this by £91.5m, delivering approximately £172m below the £15m cost savings target.

“The issues relating to the forecasting of costs in the South Division were identified during the year and as previously reported, had a total impact of £165m”26 Mar 2025 · Final Results

Group was awarded 5-star HBF Customer Satisfaction rating for fifth consecutive year in 2024.

“The Group was awarded a 5-star HBF Customer Satisfaction rating for the fifth consecutive year in 2024”15 Jan 2025 · Trading update

Guidance cut to c.£300m in November and c.£250m in December; actual £263.5m.

“Vistry Group announces that it expects adjusted profit before tax for FY24 to be c. £250m, compared with the Group's previous guidance of c. £300m”24 Dec 2024 · Trading Update “Vistry's financial performance in 2024 was significantly below our expectations at the start of the year, with the Group reporting adjusted profit before tax of £263.5m”26 Mar 2025 · Final Results

Still £92m remaining in March 2025 and £29m in March 2026, with completion due by end of 2026.

“The Group continues to expect to complete its share buyback programme totalling £130m by its AGM in May 2025.”8 Nov 2024 · Trading update “The Group has completed £38m to date and expects to complete the remaining £92m via share buyback, to be concluded in H1 2026”26 Mar 2025 · Final Results

July 2025 update said refinancing was secured to April 2028.

“The Group has also successfully completed its refinancing, with facilities extended out to April 2028 and no changes to either the lending group or the terms of the facilities.”10 Jul 2025 · H1 2025 Trading Update “The Group completed the refinancing of its £500m Revolving Credit Facility and £400m Term Loan on 1 July 2025. Both the Revolving Credit Facility and the Term Loan, which were due to expire in December 2026 and September 2026 respectively, have been extended out to 30 April 2028.”10 Jul 2025 · H1 2025 Trading Update

FY25 adjusted profit before tax was £268.8m versus £263.5m.

“Group adjusted profit before tax ahead of prior year at £268.8m (2024: £263.5m), in line with guidance.”4 Mar 2026 · Final Results

The deadline has passed; no announcement since says whether it was met. We check again as new reports come in.

Net debt at end-2025 was £144.2m versus £180.7m.

“Net debt reduced to £144.2m as at 31 December 2025 (31 December 2024: £180.7m) with average daily debt of £733.7m.”4 Mar 2026 · Final Results

FY25 completions fell to 15,658 from 17,225.

“Revenue down 4% versus prior year with a decrease in completions of 9% to 15,658 units (2024: 17,225 units) reflecting continued challenges in the Open Market”4 Mar 2026 · Final Results

Partner Funded units reduced by c. 8% to c. 11,600 in 2025, and additional affordable housing volumes increased by c.30% in H2 2025, but overall completions were down 9% to 15,658 units versus prior year.

“Additional affordable housing volumes increased by c.30% in the second half compared to the same period last year, benefitting from the increased clarity of future funding following June's Spending Review.”14 Jan 2026 · Trading update

Review published on 24 September 2026 with restructuring plan.

“In parallel, we have now completed an extensive review of our business and operating model including how best to position the Group for future success, the conclusions of which we are communicating today alongside our half year results.”24 Sep 2026 · Half-year Results

After profit warnings in Oct-Dec 2024 the £1bn was not restated; later returns were only a £130m buyback, with £29m remaining in March 2026, and results showed a loss.

“We remain confident in achieving a 40% ROCE and £800m operating profit in the medium term, and returning £1bn of capital to our shareholders over the next three years”14 Mar 2024 · Final Results “since the strategy update 12 months ago, I'm pleased that the Group has now announced or returned £285m of the targeted £1bn capital return to shareholders over three years”5 Sep 2024 · Half-year Results

September 2026 lowered it to a broadly neutral cash position; net debt was £468.8m at June.

“we are now expecting a net cash position in excess of £100m at 31 December 2026”13 May 2026 · AGM Trading update “the Group now expects to achieve a broadly neutral debt position at December”24 Sep 2026 · Half-year Results

May 2026 guided H1 lower; H1 adjusted loss £83.3m, revenue and completions down; strategy shifts to a smaller business.

“Primarily due to the up-front profit impact of the actions to accelerate cash generation, as described above, we expect H1 profit to be significantly lower than the prior year. However, with the benefits of an improved margin mix on active sites and a step up in demand from our affordable housing partners we expect H2 2026 profit to be in line with H2 2025 profit.”13 May 2026 · AGM Trading update “Group delivered an adjusted loss before tax of £83.3m (H1 25: £80.6m profit), reflecting both discounting of Open Market stock to generate cash and approximately £50m in relation to the early impacts of the CEO review process”24 Sep 2026 · Half-year Results

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