Bellway FY26 guidance remains unchanged, with Bellway unsurprisingly noting an uncertain outlook beyond current financial year

研报英文原文证据摘录

Bellway FY26 guidance remains unchanged, with Bellway unsurprisingly noting an uncertain outlook beyond current financial year

C A Z E N O V E Europe Equity Research

09 June 2026

Bellway

FY26 guidance remains unchanged, with Bellway Overweight

unsurprisingly noting an uncertain outlook beyond BWY.L, BWY LN

current financial year Price (08 Jun 26):1,755p

Price Target (Dec-27):3,480p

Our Take: Bellway has reported a trading update for the period 1 February to 29 European Building & Construction

May 2026, reiterating its FY26 guidance for completions of 9,300-9,500 homes and Infrastructure

and underlying operating profit within the previously guided range of £320m- Zaim Beekawa AC

330m. However, in the period, the company has noted a moderation in customer (44-20) 7134-4175

demand in April and May, though reservation rates remain above H1 with incentive zaim.beekawa@jpmorgan.com

usage averaging around 5%. Overall, Private reservation rate per outlet per week J.P. Morgan Securities plc

was 0.65 (2025, 0.67) and excluding bulk sales was 0.58 (2025, 0.61). Bellway has Elodie Rall

noted upward pressure on build costs and is actively managing these but will have (44-20) 7134-5911

elodie.rall@jpmorgan.com

better visibility for FY27 when it next reports. Furthermore, the company has J.P. Morgan Securities plc

stated that the outlook beyond the current financial year remains uncertain, which Jamie Smallbone

we think is a fair statement and the comments on build cost inflation into next year (44-20) 3493-7015

should come as no real surprise. jamie.smallbone@jpmorgan.com

J.P. Morgan Securities plc

• Noteworthy Areas: In our view, the key noteworthy areas from Bellway’s Manshi Sinha

Trading Update for the period 1 February to 29 May 2026 are: 1) Private (91-22) 6157 5111