Vistry Group (VTYV.L): 1H26 trading update: Significant 2H skew, continued focus on cash generation

Research evidence excerpt

Vistry Group (VTYV.L): 1H26 trading update: Significant 2H skew, continued focus on cash generation

Equity Research

8 July 2026 | 8:36AM BST

Vistry Group (VTYV.L): 1H26 trading update: Significant 2H skew,

continued focus on cash generation

Vistry released a trading update for 1H26. The Group now expects to deliver a loss Rebecca Parker

+44(20)7051-6646 |

before tax in H1 of approximately £30m, below Visible Alpha Consensus Data rebecca.x.parker@gs.com

Goldman Sachs International

expectations for a profit of £23m and GSe of £31m. Excluding the impact of the cash

Jonathan Kownator

generation activities and the early actions related to the ongoing CEO review, profit +44(20)7051-2974 |

before tax was £20m. The Group completed 6,100 homes (1H25: 6,889) and the jonathan.kownator@gs.comGoldman Sachs International

sales rate was 1.03 (1H25: 1.01). Vistry also announced that Tim Lawlor, the Chief Kuber Sood, CFA

Financial Officer, has resigned to take up a CFO in a privately owned business in a +1(332)245-7812Goldman Sachs India| kuber.sood@gs.comSPL

different sector.

Profit in 1H has been significantly impacted by lower volumes of partner deals, in

addition to the timing of land sales and higher finance costs. The CEO review is

expected to have further one-off profit impacts, and more details will be presented

at the half year results in September. Vistry also commented that they have

renegotiated several partner deals that did not meet their commercial requirements,

resulting in a delay to the completion of those deals.

The Group’s cash generation activities have had a negative impact on profitability

within the first half, and the benefit of these actions is expected to come through in

the second half due to the lag between action and cash realisation. The Group’s net