Vistry Group PLC Q2 2026 Earnings Recap

Vistry’s shares fell 3.4% after results, with the review exposing weaker execution than planned and prompting a reset toward lower volume and a more capital-light model. The shift to prioritizing cash conversion and returns over volume, alongside a medium-term target of 12,000 units, is the clearest sign investors may be concerned about the business’s growth and execution outlook.

Key Takeaways

• Management acknowledged that execution of the model since 2023 “has not all gone as we planned”; a CEO review is driving changes to operations, land buying and deal selection.
• The revised medium-term plan targets a 60% partnerships / 40% open-market mix, 12,000 units, an owned land bank of 36,000 homes and 30%+ ROCE.
• Vistry received a £350m direct grant allocation under the affordable-housing programme; 29 of the 33 grant partners already work with the group.
• Management expects peak debt in FY 2026 to be below FY 2025’s level and said leverage is expected to fall by about £300m during 2026; it sees no need for an equity raise.
• Land creditors fell by a further £100m since half one, with another £70m reduction expected by year-end; unsold stock has also fallen by £80m since half year.