EarningsQ2 2026 Earnings Report
BVHMF Q2 2026 EPS Results
Actual EPS-$0.03
Consensus EPS-$0.01
Beat/MissMissed by -$0.01
One Year Ago EPS$0.23
BVHMF Q2 2026 Revenue Results
Actual Revenue$1.88B
Expected Revenue$1.89B
Beat/MissMissed by -$15.77M
YoY Revenue Growth-13.29%
Earnings Announcement Details
QuarterQ2 2026
Date09/24/2026
TimeBefore Open
Conference CallThursday, September 24, 2026
BVHMF Upcoming Earnings
Vistry Group's next earnings date is estimated for March 4, 2027, based on past reporting schedules.
Q2 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Neutral
The call was mixed and forward-looking. Current performance was materially challenged by an GBP 83.3 million first-half loss, weak open-market and partner volumes, substantial CEO review charges, a GBP 475 million goodwill impairment, and elevated building safety costs. However, management highlighted strong affordable-housing demand, a GBP 350 million SAHP grant award, significant partner commitments, covenant support, progress on stock and land-creditor reduction, and a detailed plan targeting lower debt, higher margins, and 30%+ ROCE by FY 2031. The positive strategic outlook and deleveraging actions were substantial but balanced by significant near-term financial and operational challenges.Company Guidance
Affordable Housing Grant Allocation
Vistry received a GBP 350 million direct grant allocation from the GBP 9.6 billion SAHP award, the top allocation, with 29 of the 33 grant recipients already Vistry partners. Management said this demonstrated market confidence in Vistry as a key affordable housing deliverer.
Progress on Deleveraging
Peak debt in FY 2026 was lower than in FY 2025 despite poorer market conditions and the delay of the SAHP announcement until the end of August. Vistry said it had passed its peak debt point for the year and would not return to that peak before year-end.
Land Creditor Reduction
Land creditors were reduced by more than GBP 100 million in the first half, with a further GBP 70 million reduction expected by year-end. Overall, Vistry expects land creditors and other actions to reduce leverage by circa GBP 300 million during FY 2026.
Private Work-in-Progress and Stock Reduction
Unsold stock continued to fall. After GBP 300 million of progress reported in July, Vistry made a further GBP 80 million of progress since the half year and generated another GBP 20 million of cash in Q3 by exiting its part-exchange position.
No Equity Raise Expected
Management said the self-help measures being implemented are progressing well and that there is no expectation of an equity raise. Vistry said it was confident these measures would deleverage the business through the balance of 2026 and into 2027.
Strong Customer and Partner Standing
Vistry said it was comfortably maintaining its five-star HBF status, had received strong feedback from partners, and continued to have strong relationships with partners, local authorities, landowners, and its supply chain.
Structural Demand Across Tenures
Management said there was strong structural demand for affordable housing and mixed-tenure housing across the country, supported by demand from private customers, housing associations, and PRS investors.
Successful Mixed-Tenure Site Performance
The CEO review found that 59% of active partnership sites were performing well, with an average gross margin of 18.5%. Management said the findings provided evidence that the mixed-tenure model works when executed effectively.
High-Return Northeast Site
A 375-unit northeast mixed-tenure site completed in September 2025 achieved a 25% gross margin across a 45% open-market and 55% PRS, affordable, and Section 106 mix. Management described it as having extremely strong ROCE and no cash tie-up during the job.
Flexible Tenure Strategy Demonstrated in the Northwest
On a 250-plot northwest site, Vistry shifted the planned mix toward PRS as private-market reliability weakened. The margin reduced from 23% to 20%, while ROCE increased to 311% and maximum cash tie-up was GBP 4.1 million.
Large Partner Pipeline
Vistry has 150 partners currently in contract and GBP 3.4 billion of further value under negotiation across 60 partners. Five strategic development agreements have been executed since July, with 10 more at an advanced stage.
Committed Partner Homes
The strategic development agreements are expected to provide 20,000 committed homes over the five-year period, with delivery through these arrangements starting in October 2026. Management said the agreements would provide greater certainty on volume delivery.
Vistry Works Steady-State Capacity
Vistry Works delivered volumes of between 5,000 and 6,000 homes in FY 2026 and plans to hold volume at 6,000 homes going forward, representing half of the 12,000-unit medium-term target.
Planned Overhead Savings
Vistry is targeting GBP 50 million of overhead savings in 2027, with further improvements by 2029 and in the medium term. The savings are expected to come from business-as-usual savings, regional reorganization, reduced activity, and a smaller central services team.
Five-Year Operating Targets
Vistry confirmed FY 2031 targets of 12,000 units per annum, a 60% partnerships and 40% open-market mix, a 12% operating margin, circa GBP 400 million of APBT, and a 30%+ ROCE.
Balance-Sheet and Capital Targets
The medium-term plan targets 36,000 owned land plots, average daily net debt of GBP 300 million, operating profit of GBP 450 million, and capital employed of GBP 1.5 billion. Vistry is also targeting 100% free cash flow conversion.
Debt Reduction Roadmap
Vistry is targeting average daily net debt of GBP 500 million in FY 2027, below GBP 400 million in FY 2028, and GBP 300 million from FY 2029. Management also expects circa GBP 300 million of capital release from the land bank over the three years to FY 2029.
Covenant Headroom and Bank Support
Vistry reported significant headroom on all covenants at the half year, including interest cover. Banks waived the interest-cover covenants for the end of FY 2026 and the half-year point in FY 2027, and management said the process had been supportive. A severe but plausible downside case resulted in no material uncertainty over going concern, supported by the auditors' clean opinion.
Strong Forward Order Book
Vistry reported a forward order book of GBP 3.3 billion. Management also said the SAHP award had created good momentum in affordable housing and a strong pipeline of future opportunities.
Strategic Land Interest
Vistry said it had received excellent interest and a large number of high-quality bids for land brought to market, including interest from PLCs and larger privately owned businesses.
BVHMF Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed