Bellway (BWY) Q4 2026 TU earnings summary

Executive summary

• Achieved 10.8% growth in total housing completions to 9,695 homes, exceeding guidance, with robust operational performance despite industry headwinds.

• Focused on operational improvement and capital efficiency, resulting in strong cash generation and increased shareholder returns.

• Board remains confident in future growth opportunities but highlights near-term market uncertainty and calls for government action to support housing demand.

Financial highlights

• Housing revenue rose over 13% to £3.14bn year-over-year, with underlying operating profit expected around £320m (2025: £303.5m).

• Average selling price increased to £324,000 (2025: £316,412), driven by geographic and mix changes.

• Adjusted operating margin expected at 10% (2025: 10.9%) due to higher bulk sales proportion.

• Net cash at year-end was £157.7m (2025: £41.8m), with adjusted gearing under 5% (2025: 8.3%).

• Adjusted operating cashflow exceeded £850m (2025: £638.9m), above previous guidance.

Outlook and guidance

• Industry faces ongoing headwinds, with risk of prolonged softer demand and renewed build cost inflation.

• Emphasis on cost control, monetisation of land bank, and capital efficiency to support asset turn and cash generation.

• FY27 guidance and total shareholder returns to be announced with full year results in October.