Taylor Wimpey: Conference Call Feedback

Research evidence excerpt

Taylor Wimpey: Conference Call Feedback

C A Z E N O V E Europe Equity Research

31 July 2026

Taylor Wimpey Underweight

TW.L, TW/ LN

Conference Call Feedback Price (30 Jul 26):83p

Price Target (Dec-27):70p

Following H1 results reported this morning (link to our first take), Taylor Wimpey European Building & Construction

hosted a conference call. We enclose our detailed feedback below. Our key take- and Infrastructure

aways were: 1) The company said that today’s announcement owes to a longer- Zaim Beekawa AC

than-expected market downturn and the level of political and macro-economic (44-20) 7134-4175

uncertainty; 2) Overall, build-cost inflation of 3-4% is expected for the full year zaim.beekawa@jpmorgan.com

and should remain a headwind in H2, particularly in materials; 3) The company has J.P. Morgan Securities plc

been careful to mark rising costs as surcharges rather than underlying pricing, Elodie Rall

which should allow for the removal of those higher prices when energy prices (44-20) 7134-5911

elodie.rall@jpmorgan.com

decline; 4) If pricing remains down 2% on an underlying basis for the rest of the J.P. Morgan Securities plc

year, this could mean a FY margin impact of 1.5%-2%; 5) Management was clear Jamie Smallbone

that there is no change to the strategy outlined at the CMD, but that targets for (44-20) 3493-7015

returns may take longer to reach given the current environment; 6) Nothing jamie.smallbone@jpmorgan.com

substantive has been heard from the new government yet regarding any demand- J.P. Morgan Securities plc

side support Manshi Sinha

(91-22) 6157 5111

• Shareholder Returns. The company said that today’s announcement is due to manshi.sinha@jpmchase.com

a longer-than-expected market downturn and the level of political and macro- J.P.