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• PSN_AR23_cover_14763_PSN_AR23_Persimmon PLC

Unlocking
future potential
Persimmon Plc Annual Report 2023

In a landscape marked by economic
complexities, Persimmon’s approach is
anchored in resilience andinnovation.
Ourforward-thinking strategies are
drivenby a deep understanding of
marketdynamics, enabling us to
navigatechallenges. Embracing
sustainability as a guiding principle,
we’reincorporating modern
constructiontechniques that
enhanceefficiency and reduce
environmental impact.
Together we are embracing
our opportunities.
Persimmon Plc Annual Report 2023

Contents
Strategic report
Highlights 02
Our strategic framework 03
At a glance 04
Investment case 05
Chairman’s statement 06
Our markets 08
Our business model 10
Our value chain 12
Group Chief Executive’s statement 13
Our strategy 20
Key performance indicators 22
Financial review 26
Our people and culture 29
Sustainability 34
Non-financial information
andsustainability statement
54
Section 172 statement 55
Principal decisions 58
TCFD 59
Principal risks and material issues 69
Viability statement 76
Governance
Directors’ Report 79-117
Governance at a glance 79
Chairman’s introduction
togovernance
80
Board leadership 82
Corporate governance statement 84
Nomination Committee report 97
Audit & Risk Committee report 107
Other disclosures 114
Remuneration Committee
report
118
Statement of Directors’
Responsibilities
145
Financial statements
Independent auditor’s report 146
Consolidated statement of
comprehensive income
153
Balance sheets 154
Statement of changes in
shareholders’ equity
155
Cash flow statements 157
Notes to the financial statements 158
Other information 196
Discover more online
Visit persimmonhomes.com/corporate
Persimmon Plc Annual Report 2023 01
Financial statementsGovernance Other informationStrategic report

Highlights
Strong performance
Number of homes sold
9,922
2022: 14,868
1. As at 10 March 2024 (2022 figure as at 12 March 2023).
2. Estimated using an economic toolkit.
3. 12-month rolling average calculated on operating profit before legacy buildings provision charge (2023: £nil, 2022: £275.0m) and
goodwill impairment (2023: £7.6m, 2022: £6.6m) and total capital employed. Capital employed being the Group’s net assets less cash
andcash equivalents plus land creditors.
4. The value of homes delivered to housing associations, the value of discounted open market value homes plus the value of planning
contributions we have made over the last five years.
• 9,922 new home completions in FY23, ahead of our initial
guidance with strong delivery in Q4
• Net private sales rate of 0.58 per outlet per week in 2023,
ahead of industry average
• Underlying operating profit and margin impacted by lower
volumes, build cost inflation and mix as expected in 2023
• 43% improvement in NHBC reportable items to deliver our
highest quality homes yet
• NHBC customer satisfaction score improved to 92.9%,
continued five-star HBF rating
• Private ASP held up well with some softening in second half,
reflected in forward order book pricing
• Successfully controlled WIP investment to match demand,
without compromising on investment for future growth
• Enhanced planning approach working well with c.11,000
plots achieving detailed consent in the period, resulting in a
7% increase in ‘owned plots with detailed planning’
• Net land spend of £398m including the settlement of land
creditors of £253m
Financial Sustainable Operational
Average selling price
2023
£255,752
2022: £248,616
Owned land holdings
(plots)
66,742
2022: 70,768
Construction and supply
chain jobs supported
2
c.76,000
2022: c.92,000
Private forward sales
1
£946m
2022: £908m
Return on capital
employed (‘ROCE’)
3
10.5%
2022: 30.4%
Investment in local
communities
4
c.£2.3bn
2022: £2.4bn
CDP climate score
A-
2022: B
Reportable Items
0.28
2022: 0.49
Persimmon Plc Annual Report 202302

Our strategic framework
Clear priorities
with sustainability
at the heart
Our mission
To build homes with quality our customers can
rely on at a price they can afford.
Our vision
To be Britain’s leading homebuilder, with quality
andcustomer service at its heart, building the
best value homes on the market in sustainable
and inclusive communities.
We will invest in innovation and technology to
extend our low cost strengths and enhance our
five-star capabilities to enable as many people
aspossible to buy the homes we build.
O
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Customer focused
Value driven
Team work
Social impact
Excellence always
1
Build quality
and safety
2
Reinforce trust:
customers at the
heart of our business
3
Disciplined growth:
high quality land
investment
4
Industry-leading
financial
performance
5
Supporting
sustainable
communities
Persimmon Plc Annual Report 2023 03
Financial statementsGovernance Other informationStrategic report
Read more on pages 20 and 21
See Sustainability on
pages 34 to 53

At a glance
Empowering success through choice
Persimmon Homes is our core brand which delivers
arange of traditional family housing throughout the UK
in places where customers wish to live and work. With a
focus on delivering value and quality for our customers,
we sell most of our homes under this brand.
Average selling price
£272,919
2022: £262,461
Revenue
£1,899m
2022: £2,961m
Completions
6,958
20 2 2: 11,282
The Charles Church brand complements and
differentiates itself from Persimmon by delivering larger,
higher-specification homes in premium locations across
the UK. We build homes under this brand tailored to
local markets where our research and experience has
identified a strong demand for a premium product.
Westbury Partnerships is our brand with a focus
onaffordable social housing. We sell these homes to
housing associations across the UK. This brand plays
akey part in the delivery of sustainable homes for the
benefit of lower-income occupiers, offering solutions
tosome of the country’s affordable housing needs.
Average selling price
£409,488
2022: £395,460
Revenue
£296m
2022: £353m
Completions
723
2022: 892
Average selling price
£152,852
2022: £142,017
Revenue
£343m
2022: £383m
Completions
2,241
2022: 2,694
Sustainability recognition
See Sustainability on pages 34 to 53
01 North Scotland
02 East Scotland
03 West Scotland
04 North East
05 Durham
06 Teesside
07 Lancashire
08 Yorkshire
09 West Yorkshire
10 North West
11 Nottingham
12 West Midlands
13 North Midlands
14 East Midlands
15 Anglia
16 Central
17 South Midlands
18 Midlands
19 Suffolk
20 Essex
21 West Wales
22 East Wales
23 Severn Valley
24 Wessex
25 Thames Valley
26 South East
27 South Coast
28 South West
29 Cornwall and
WestDevon
30 Persimmon Plc
Head Office
31 Space4
32 Brickworks and
Tileworks
30
21
22
23
24
28
29
12
16
17
18
20
26
27
25
14
19
13
07
08
09
10
11
15
31
32
04
05
06
02
03
01
30
Persimmon Plc Annual Report 202304

Investment case
Building for the future
Persimmon is a leading UK homebuilder and is well placed in a market
where there is strong demand for new homes. We have adifferentiated
proposition focused on delivering high-quality homes ataffordable price
points for our customers, in an efficient and cost-effective manner.
Wehave broad market appeal with UK-wide presence across our three
brands, competitive advantage through affordability, vertical integration
and a commitment to sustainability. Our resilient business model, backed
by experienced management and strong financial stability, paves the
way for sustained growth, industry-leading shareholder returns and
market leadership over the medium to long-term.
1
Competitive advantage
Our private average selling price is over 20% lower than
the industry norm, making our homes not just accessible
but genuinely affordable for a diverse range of
customers, including first-time buyers.
2
National diversification
Our UK-wide presence reduces regional reliance while
providing economies of scale, and our multi-brand
portfolio ensures broad market appeal.
3
Growth
The long-term demand outlook for new homes is
favourable. With our land holdings and operational
footprint, we are well positioned for disciplined growth
when market conditions improve.
4
Quality sustainable homes
Our motto is to ‘Build Right First Time’. Our high-quality
homes are five-star HBF rated and have strong customer
satisfaction ratings. We continue to pursue our carbon
reduction targets, aiming to deliver net zero homes
by2030.
5
Efficiency and resilience
Our vertical integration enhances supply chain resilience
and offers opportunity for innovation. Combined with our
discipline around cost control, this ensures our build costs
are kept low without compromising on quality.
6
Land
We have an excellent track record of purchasing land at
attractive prices reflected in our low per plot cost which,
combined with our operational efficiency, underpins our
ability to generate industry-leading margins and high
levels of ROCE when market conditions improve.
7
Financial strength
We operate with a robust balance sheet and generate
strong cash generation through the cycle.
8
Experienced leadership
The extensive sector experience of our leadership team
ensures disciplined business management. We are
continuously exploring solutions to meet future demands,
staying ahead of the curve.
Discover more online at persimmonhomes.com
Persimmon Homes 1,899
Charles Church 296
Westbury Partnerships 343
Total 2,538
Persimmon Homes 6,958
Charles Church 723
Westbury Partnerships 2,241
Total 9,922
Persimmon Homes 57, 10 7
Charles Church 9,523
Westbury Partnerships 15,605
Total 82,235
Group Housing
revenue
(£m)
Homes
sold
Landholdings
(plots)
Persimmon Plc Annual Report 2023 05
Financial statementsGovernance Other informationStrategic report

I am convinced our long-term
future is bright and we are
all looking forward to
working together to
maintain Persimmon’s
industry-leading position.
Opportunity for everyone
Introduction
2023 was always going to be a challenging year, following on from the
sharp rise in mortgage rates in autumn 2022 and a general climate of
economic uncertainty. The strategy we set out and the actions we took
enabled us to navigate this environment well, performing ahead of
expectations for the year. In particular, our programme of continuous
improvement in build quality and customer care has enabled us to retain our
five-star Home Builders Federation rating, as evidence of the sustainable
transformation of our business.
Chairman’s statement
As expected at the start of the year, the number of new home completions
andprofit delivery of the Group was significantly down on the prior year,
reflecting a difficult macroeconomic backdrop. While demand remains high,
affordability and mortgage availability has been difficult for many of our
customers, especially first-time buyers. Thankfully, there has been some
stabilisation in recent months with mortgage rates having fallen from their
peak in July 2023.
While 2024 will not be an easy year, I remain very confident of the exciting
long-term prospects for the Group. There is no doubt that the country
continues to face a significant housing shortage, with a growing population,
continuing migration and household formation as well as a sizeable amount
of old housing stock.
The operational progress we have made in the year means that we are well
placed to benefit from strong pent-up demand as the housing cycle turns. Our
homes are built to the highest standards and across our three brands, we are
truly affordable for our customers with a private average selling price that is
over 20% lower than the national average
1
. We are investing in expanding
our outlet base with good success in obtaining planning permissions in 2023,
despite the continued challenges of the UK planning system.
My colleagues have navigated the challenges of 2023 well and with
impressive skill and commitment. Our mission is to build quality homes
ofvalue at a price our customers can afford. Our performance in 2023
demonstrates the considerable progress that the Group has made over
thelast five years.
1. National average selling price for newly built homes sourced from the UK House Price
Index as calculated by the Office for National Statistics from data provided by HM Land
registry. Group average private selling price is £285,774.
Persimmon Plc Annual Report 202306

Building a sustainable business for the future
Following the swift rise in interest rates at the end of 2022, the Group acted
quickly to enhance its already strong investment discipline and working
capital cost controls. This continued throughout 2023 to protect our cash
position and in the longer-term provide the flexibility to pursue new growth
opportunities. Persimmon’s historical strength has been built on conservative
balance sheet management and limited gearing. We continue to observe
these principles and manage our cost base with prudence.
We do not currently anticipate a major improvement in market conditions in
2024, with a general election likely this year and interest rates expected to
remain at current levels for some time. However, we have had good success
with our sharpened approach to planning through local engagement which
will allow us to grow outlet numbers in the coming year and our continued
strength in land buying gives us a strong platform for growth when the market
does recover. We are focused on purchasing the right land for development
which will include a mix of greenfield and brownfield opportunities,
recognising the Government’s focus on greater use of brownfield land.
Industry leadership
We signed the English and Welsh Building Safety Remediation Agreements in
the year. We are getting on with required remediation works and expect the
work to be largely completed over the next two to three years.
The Company is fortunate to have three established brands and, in addition to
the core Persimmon homes, we will further exploit the excellence of Charles
Church which allows us to penetrate higher price points, as well as developing
Westbury working in partnership with local authorities and housing associations.
Shareholder returns
We recognise the importance of returns for our shareholders and our Capital
Allocation Policy, established in 2022, seeks to balance cash returns to our
shareholders with investment in the business for future growth. For 2023, the
Board proposes a final dividend of 40p per share to be paid on 12 July 2024
to shareholders on the register at 21 June 2024, following shareholder
approval at the AGM. This dividend is in addition to the interim dividend of
20p per share, paid in November 2023, to give a total dividend per share of
60p in respect of financial year 2023. The Board’s intention is to at least
maintain the 2023 dividend per share in 2024, with a view to growing this
over time as market conditions permit.
Board changes
During the year we had a number of changes to the Board with the appointments
of Colette O’Shea and Alexandra Depledge MBE as Independent Non-Executive
Directors of the Group. I am delighted to welcome both Colette and Alexandra
to the Board with both adding highly relevant and complementary skills to the
Persimmon Board. Simon Litherland and Joanna Place, Non-Executive
Directors of the Group, both decided not to seek re-election for a further term
at the AGM stepping down from the Board after six years and three years,
respectively. On behalf of the Board, I would like to thank Simon and Joanna
for their most valuable contributions to the Persimmon Board over recent years.
We also announced on 8 November 2023, that Andrew Duxbury would be
joining the Group as Chief Financial Officer, replacing Jason Windsor who
left the business in early September. Andrew has extensive experience as a
finance director in the construction and housebuilding industry, which will be
an invaluable asset to Persimmon as we continue to provide good quality
homes for families across the UK and position the business for future growth.
We look forward to welcoming Andrew to the business in due course.
In conclusion
Finally, on behalf of the whole Board I would like to thank our colleagues,
subcontractors and suppliers for their hard work and determination through
challenging market conditions in 2023. We are well placed to manage
near-term uncertainty and are actively positioning the business for disciplined
future growth. I am convinced our long-term future is bright and we are all
looking forward to working together to maintain Persimmon’s industry-leading
position and deliver more quality homes for our customers and sustainable
returns for our shareholders through the cycle.
Roger Devlin
Chairman
11 March 2024
Persimmon Plc Annual Report 2023 07
Financial statementsGovernance Other informationStrategic report

Our markets
Opportunity for the future
Links to key priorities
1
Build quality and safety
2
Reinforce trust: customers at the
heartofourbusiness
3
Disciplined growth: high quality land investment
Read more on pages 20 to 21
Links to key priorities
3
Disciplined growth: high quality land investment
4
Industry-leading financial performance
Read more on pages 20 and 21
Links to principal risks
1
UK economic conditions
2
Government policy and political risk
6
Land
9
Regulatory compliance
Read more on pages 72 to 75
Housing supply
Market trends
There is a chronic undersupply of housing,
compounded by population growth and the need
forreplacement of existing housing stock. The
Government’s target of delivering 300,000 homes
annually in England is not being met which is adding
to the housing crisis. There is a need for high-quality
homes across all tenures, not just private homes for
sale. Development drives community benefits,
economic activity and aligns with the broader
pursuitof net zero emissions as new homes become
more energy efficient.
However, the industry has struggled to meet housing
targets, leading to price inflation in some areas and
exacerbating supply-demand imbalances. In 2023,
economic uncertainty, affordability challenges, and
the end of schemes like Help to Buy further impacted
delivery rates. There remains near-term uncertainty,
driven by factors such as an expected general
election in 2024, which further complicates the
landscape. Moreover, the planning environment
andlimited land supply pose significant barriers
todevelopment and home delivery.
Our response
We remain committed to delivering high-quality
homes, evidenced by the delivery of our highest-
ever quality homes in 2023. Delivery of homes in
2023 was impacted by the challenging market
backdrop. However, as the market recovers, with
asubstantial portfolio of plots under our control,
weare well positioned to expand our outlet network
and return to volume growth to help the industry
meet housing demand.
Additionally, we engage proactively with
policymakers to address planning constraints
andadvocate for measures that support
sustainabledevelopment.
Overall, our response emphasises resilience,
innovation, and collaboration to drive sustainable
growth and address the pressing needs of the UK
housing market.
300,000
Government ambition for new home
additions in England
Discover more at www.persimmonhomes.com
Mortgage availability and affordability
Market trends
The housing market has faced challenges since
2022, with higher mortgage rates impacting
affordability. Although UK base rates have peaked,
there’s ongoing uncertainty about the extent of
interest rate cuts in 2024. Swap rates, though
reducing from peak levels, have experienced
volatility, and their trend will be crucial for restoring
confidence in the housing market.
House prices in December 2023 saw a 1.8% decline
compared to the previous year, marking a 4.5%
decrease from the all-time high recorded in late
summer 2022¹. At the end of 2023, the average
two-year mortgage fix was 5.93%, significantly
higher than the 2.38% average two years earlier².
Despite these fluctuations, with stability in the Bank
of England base rate and the average mortgage
rates falling, the backdrop is improving for buyers.
This was evidenced with a recent uptick in mortgage
approvals, rising from 49.3k in November to 50.5k in
December 2023³. While mortgage approvals are
rising, they remain notably below a ‘normal’ level with
the first-time buyer market particularly constrained.
Our response
Persimmon provides diverse house types at attractive
prices, enabling customers to purchase at a price
they can afford. Our private average selling price of
£285,774 is over 20% below the national average
4
and reflects our commitment to accessible housing.
We continue to adapt our strategies to mitigate
economic uncertainties and affordability issues. This
includes optimising sales approaches and exploring
solutions such as shared ownership products.
over
20%
lower private ASP than national average4
Discover more at www.persimmonhomes.com
1. Nationwide House Price Index.
2. Moneyfacts.
3. Bank of England.
4. Based on the Group’s private average selling price of
£285,774 for the year to 31 December 2023 compared
with the national average selling price for newly built homes
sourced from the UK House Price Index as calculated by
theOffice for National Statistics from data provided
byHMLand Registry.
Links to principal risks
1
UK economic conditions
2
Government policy and political risk
11
Mortgage availability
Read more on pages 72 to 75
Persimmon Plc Annual Report 202308

Skilled labour and materials
Market trends
The UK construction industry faces labour shortages
due to an ageing workforce, post-Brexit immigration
restrictions, skills gaps, and negative industry
perceptions. These factors limit the availability
ofskilled workers, hindering productivity and
exacerbating challenges in meeting demand for
construction projects.
Throughout the first half of the year, the UK
construction market faced significant build cost
inflation which started to ease in the second half of
the year. Overall build cost inflation was c.8–9% in
2023. The softening of build cost inflation towards
the end of 2023 will benefit completions from 2024.
Our response
In response to the shortage of supply challenges in the
industry, we leverage a robust supply chain and
leverage group agreements to mitigate material costs.
During the year we proactively approached suppliers
to renegotiate prices as market conditions softened.
In addition, our vertically integrated manufacturing
facilities continue to support delivery and efficiency
across the business. Brickworks, Tileworks and
Space4 all performed well in 2023, aligning output
with the lower completions in the year and operating
with a low level of fixed costs.
To address the labour shortage, our proactive
approach involves recruiting and training numerous
apprentices and trainees, complemented by a
comprehensive graduate recruitment programme.
Collaborative efforts with schools, colleges,
andsubcontractors further support apprentice
recruitment, ensuring a resilient response to
industrychallenges.
431
apprentices within the business
43k
supply chain jobs supported
Discover more at www.persimmonhomes.com
Planning and regulation
Market trends
The UK planning system is facing a number of
challenges. It is a lengthy and complicated process
which has been made more challenging with
uncertainty around local housing plans and changes
to the National Planning Policy Framework (‘NPPF’)
following the passing of the ‘Levelling Up Bill’ which
removed the requirement for local authorities to have
a local housing target or maintain a five-year
landsupply.
Planning permissions are currently being granted at
record lows with around 60 local authorities having
paused or withdrawn their local plans. In addition,
the Home Builders Federation estimates that around
185,000 homes are on hold due to Natural
England’s mitigation measures on nutrient neutrality,
water neutrality and Recreational Impact Zones.
Amendments to Part L regulations which include a
c.30% enhancement in the efficiency of new homes
came into effect for all developments in June 2023.
The proposed Future Homes Standard (‘FHS’),
expected in 2025, requires an approximately 80%
efficiency improvement compared with regulations
as at June 2022. Biodiversity net gain legislation
came into force in February 2024 which requires
a10% minimum net gain on all developments.
Our response
The Group is supportive of the objectives to enhance
home quality and actively engages in reducing carbon
usage in the industry. The Group is trialling various low
carbon building techniques and participates in the Low
Carbon Homes Steering Group.
Despite a more challenging planning environment,
Persimmon’s sharpened approach to planning is
bearing fruit, with detailed planning achieved on
c.11,000 plots in the period. This involves greater
engagement at a local level and ensuring that
applications are aligned with needs. This resulted in a
halving in the number of planning refusals received in
2023 compared with the previous five-year average.
c.11k
plots achieved detailed planning in 2023
Discover more at www.persimmonhomes.com
Links to key priorities
1
Build quality and safety
3
Disciplined growth: high-quality land investment
4
Industry-leading financial performance
Read more on pages 20 and 21
Links to key priorities
1
Build quality and safety
2
Reinforce trust: customers at the
heartofourbusiness
4
Industry-leading financial performance
Read more on pages 20 and 21
Links to principal risks
2
Government policy and political risk
3
Health, safety and environment
4
Skilled workforce, retention and succession
6
Land
9
Regulatory compliance
12
Legacy buildings
Read more on pages 72 to 75
Links to principal risks
1
UK economic conditions
2
Government policy and political risk
4
Skilled workforce, retention and succession
5
Supply chain
8
Reputation
9
Regulatory compliance
Read more on pages 72 to 75
Persimmon Plc Annual Report 2023 09
Financial statementsGovernance Other informationStrategic report

Our business model
T
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What we do
We are a UK homebuilder
focused on identifying and
meeting local housing needs.
Ourskilled land, planning,
anddesign teams collaborate
closely with local governments,
landowners, and communities
toplan and deliver developments
in areas where people desire
tolive and work.
With a disciplined land investment strategy and in-house
manufacturing facilities for key materials, we ensure
quality and sustainability. Our goal is to create
affordable, well-designed homes within sustainable
communities, backed by exceptional customer service
throughout the home buying journey.
BRANDS
AND
GEOGRAPHIC
REACH
Our UK-wide network and
three strong brands provide
quality homes at a range
ofprice points.
VERTICAL
INTEGRATION
AND
INNOVATION
Our factories provide
security of supply over key
materials while allowing
continued innovation.
HIGH-QUALITY LAND
Our high-quality land holdings with industry-
leading embedded margins areakey strength.
QUALITY AND AFFORDABILITY
We build high-quality homes at attractive
prices,enabling our customers to access
thehousingmarket.
CUSTOMERS
Placing customers first, building
trust, and delivering exceptional
value homes.
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See Sustainability
on pages 34 to 53
Persimmon Plc Annual Report 202310

Persimmon’s offering is
resonating well with customers.
We have successfully balanced
our need to control costs, whilst
investing in the business to
position it for sustainable growth
when conditions improve.
Dean Finch
Group Chief Executive
Financial performance
Our well-established strategy provides
aresilient balance sheet and high quality
landholdings from which we have the
expertise to deliver sustainable returns
forallour stakeholders.
Financial strength
£3.4bn
balance sheet net assets
at 31 December 2023
Surplus capital returned to shareholders
£255m
in the year to 31 December 2023
Resilient balance sheet
£420m
net cash at 31 December 2023
Employment
4,825
direct employees at 31 December 2023
Jobs supported
c.76k
construction and supply chain jobs
2
Create sustainable communities
Our Placemaking Framework ensures
thatallour developments create a sense of
place for our customers and put communities
at theheart of our developments.
New homes delivered
9,922
2,241 delivered to housing associations
‘Homes for all’
£285,774
our private average selling price is over 20% lower
than the UK national average
1
Investing in communities
c.£2.3bn
over the last five years
Public open spaces
452
acres created
2
HBF score
92.9%
HBF survey – percentage of customers who
wouldrecommend Persimmon to a friend
The value we create
1. Based on the Group’s private average selling
price of £285,774 for the year to 31December
2023 compared with the national average
selling price for newly built homes sourced
from the UK House Price Index as calculated
by the Office for National Statistics from data
provided by HM Land Registry.
2. Estimated using an economic tool kit.
Persimmon Plc Annual Report 2023 11
Financial statementsGovernance Other informationStrategic report

Our value chain
Opportunity through vertical integration
Our vertical integration provides
security of supply and quality of
key materials. This is supported
by Group and local buying teams
who secure the best deals on
other material requirements.
Through our vertically integrated capabilities, we will
invest in innovation and technology to extend our low
cost strengths and enhance our five-star capabilities
toenable as many people as possible to buy the
homeswebuild.
Our Space4 manufacturing business produces timber frames,
highly insulated wall panels and roof cassettes as a‘fabric first’
solution to the construction of new homes. Space4’s MMC system
helps us to improve site productivity, increase build capacity and
mitigate construction industry skills shortages. Space4 supports
allof our brands and supplied c.3,300 timber frame kits and roof
systems to the Group in 2023. Our Space4 factory provides us
with the unique ability to implement (among other initiatives)
innovative ‘fabric first’ solutions to enhance the future efficiency
ofour homes.
Brickworks produces concrete bricks and is entirely focused on
supplying the Group’s housebuilding operations. During 2023,
Brickworks supplied c.44m bricks and block paving to 248 sites
across the Group. This represented 54% of the Group’s brick usage
in 2023. The factory has the capacity to produce c.70m bricks
peryear.
Tileworks, the Group’s own concrete roof tile manufacturing
facility, produces tiles solely for the Group. During the year,
Tileworks supplied c.7m tiles to 238 sites across the Group.
Capacity of current
Space4 factory
9,500
units
Bricks sourced from
Brickworks in 2023
54%
FibreNest is the Group’s own ultrafast, nationwide full fibre
broadband service to the home, which aims to ensure all our
customers are connected to the internet from moving in day.
FibreNest provides ultrafast speeds coupled with excellent levels
ofservice. At the end of 2023, there were over 36,000 connected
customers across c.380 housing developments.
Persimmon Plc Annual Report 202312

Number of timber frame units for
homes to be produced each year
7,000
Group Chief Executive’s statement
Navigating the path to success
Introduction
The Group successfully navigated the challenging market conditions in 2023.
We made good progress on our five strategic priorities, delivering high
quality sustainable homes and enhancing trust with our customers whilst
maintaining a disciplined approach to cost control and land buying to support
our industry-leading financial performance over the medium-term.
The investments we have made over the past few years are delivering results.
Our enhanced sales and marketing capabilities enabled us to achieve a net
sales rate of 0.58 per outlet per week for 2023 and we completed the sale of
9,922 new homes, ahead of previous guidance. This was achieved while
providing exceptional service to our customers and further improving our
quality metrics which are our best ever, with a 43% improvement in reportable
items per home in 2023, as measured by the NHBC. This outcome reflects the
dedication of colleagues throughout the Group and illustrates the significant
progress the business has made in recent years.
Our three core brands, with homes across different price ranges, coupled
with our robust land acquisition practices, are key strengths in today’s
affordability-focused market. Our proactive investment into the business,
including timber frame and increased use of panelisation, as well as innovative
solutions like TopHat, underscore our adaptability to evolving regulations and
market conditions. We will emerge from this downturn with good visibility over
our land pipeline which will support a return to growth in outlets and volumes,
improved margins and strong cash generation. This reflects the effectiveness
of our core strategy, paving the way for sustainable shareholder returns over
the medium-term.
2023 trading
Demand for high quality, affordable homes remained strong; however,
customer confidence was impacted by more limited mortgage availability
following the ‘mini’ budget and stretched affordability. At the end of 2023, the
average two-year mortgage fix was 5.9%, significantly higher than the 2.4%
average two years earlier
1
which was further compounded by the removal of
Help-to-Buy in October 2022. Throughout the year, we focused on securing
sales through controlled use of incentives and investor deals, maintaining
discipline with a sustained pick up in interest in our homes from the lows of Q4
2022. Overall, the average private net sales rate for 2023 was 0.58 per outlet
per week (2022: 0.69) with stable cancellation levels throughout the year.
Overall, we delivered 9,922 legal completions (2022: 14,868) with a reduction
in the new housing gross margin to 20.5%
2
(2022: 30.9%), in line with our
margin guidance at the start of the year. This performance, although down on
the prior year, reflects the economic headwinds faced across the broader
industry and, while disappointing, is not reflective of the future strong prospects
for the Group. I am delighted at how colleagues across the business have
stepped up to the challenge of a tougher trading environment to preserve
Persimmon’s great strengths while making good progress in enhancing our
build quality and customer service.
Planning approval for
new Space4 factory
In June 2023, we achieved planning approval
for our new state-of-the-art timber frame facility
on the edge of Loughborough. The new facility
isbelieved to be the biggest in the UK and will
bring up to 120 new jobs to Loughborough and
the surrounding areas. The factory will produce
timber frame units for up to 7,000 homes a year
and is set to be in full operation towards the end
of 2025.
Utilising modern methods of construction
(‘MMC’) systems within Space4’s products
places sustainability at the core of our build
practices. Utilising timber over other materials
enables the homes to be more environmentally
friendly; all the timber used is from sustainable
forestry sources.
Discover more at www.persimmonhomes.com
Creating opportunities
We have made excellent progress on
our key priorities in the last few years,
with a series of incremental initiatives
contributing to building a much
stronger business.
Persimmon Plc Annual Report 2023 13
Financial statementsGovernance Other informationStrategic report

Creating opportunities
Group Chief Executive’s statement continued
Housing gross margin 2022 30.9%
Inflation impact -480bps
Sales rate -210bps
Increased proportion of completions to housing association partners -65bps
Sales incentives and marketing -220bps
Impact of one-offs and accelerated exit from two sites -65bps
Housing gross margin 2023 20.5%
Disciplined cost control has been a core focus in the year, prioritising margin
protection and cash generation. The Group quickly responded to changing
market conditions in late 2022 to protect its cash position, while allowing
investment for growth opportunities in the long-term. This strategy persisted
throughout 2023, with added cost control measures and centralised oversight
of expenditure within regional operations to maintain discipline and improve
efficiency across the Group.
Building safety and the developer remediation contract
During the year, we signed both the UK Government’s Self Remediation
Contract (in England) and also the Welsh Government’s Developers’ Pact,
which turn the respective Building Safety Pledges into binding commitments.
On 1 August, the Department for Levelling Up, Housing and Communities
announced that we had joined the associated Responsible Actors Scheme.
Failure to join the scheme, or to meet remediation commitments, could result in
planning and building control sanctions being taken against the relevant
developers. Alongside other developers we signed the Scottish Safer
Buildings Accord in May and discussions are ongoing between the industry
and Scottish Government to agree a long form contract. While these
discussions are ongoing, we continue to make progress on Scottish
developments to deliver on our previously stated commitments. We have
assessed 98% of the 82 known developments with any necessary work
already completed on 39 of those and work is underway on a further 17.
Competition and Markets Authority (‘CMA’) investigation into
the housebuilding industry
On 26 February 2024, the CMA published its report on the market study into
the housebuilding market which concluded that the complex and unpredictable
planning system was “a key driver of the under delivery of new housing”.
Homes England and
Department for Levelling Up,
Housing and Communities
official visit
On 12 October 2023, Homes England and
theDepartment for Levelling Up, Housing
andCommunities visited our Foxfields site in
Stoke-on-Trent. The teams were given a tour of
the new community, meeting with the Persimmon
team to learn more about the developer’s success
in delivering a number of First Homes on the
development, as well as discuss the opportunities
and challenges facing the housing sector.
The visit gave us an opportunity to see the
impact that the First Homes programme is
having for first-time buyers around the
country. We are grateful to Persimmon
which has been a great supporter of the
programme and has played a significant
role in our pilot which will deliver up to
1,500 First Homes ahead of the policy being
fully rolled out through the planning system.
DLUHC official
2023 trading continued
Average selling prices increased 3% year on year to £255,752 (2022:
£248,616). The Group’s private average selling price increased by 5% to
£285,774 (2022: £272,206) largely reflecting the mix of developments and
homes sold with underlying house prices under pressure, particularly in the
second half of the year. Our investment in a core ‘Partnerships’ team around
18 months ago has delivered further benefits with our Partnerships average
selling price up 8% to £152,852 in 2023 (2022: £142,017).
While we saw increases in house prices in 2023, underlying sales prices were
mixed across the country and, as previously indicated, we experienced high
levels of build cost inflation of c.8-9% on completions in the year. Our vertically
integrated factories – Brickworks, Tileworks and Space4 – and negotiations
with suppliers helped to partially offset broader supplier increases which
were a significant headwind for the Group in 2023. As anticipated in the
2022 full year results announcement, these factors, combined with lower
volumes and increased sales and marketing costs impacted the Group’s
housing gross margin. This, together with a higher proportion of homes sold
toour housing associations partners (2023: 23%; 2022: 18%), one-off costs
associated with the remediation of two completed sites and accelerated exit
from two sites, adversely impacted housing gross margin by 1,040bps in the
year to give a housing gross margin of 20.5%
2
(2022: 30.9%).
Persimmon Plc Annual Report 202314

The CMA also announced that it had opened an investigation into eight
housebuilders under the Competition Act 1998 regarding the sharing of
information. As we did with the market study, we will co-operate with the
CMA on this investigation.
Our five priorities
We have made excellent progress on our key priorities in the last few years,
with a series of incremental initiatives contributing to building a much stronger
business, enhancing both operational resilience and financial sustainability.
The recent CMA market study into housebuilding suggests that we have been
right to focus in these areas. Amongst many findings and recommendations to
Government, the study identified the planning system as perhaps the key
barrier to new home delivery. Our focus on improving our success in securing
planning approvals has therefore been crucial. Other recommendations
included the need to further strengthen the industry’s consistent approach to
customer service, quality and innovation, as well as highlighting the central
role grant-funded Affordable Housing plays in meeting our housing needs.
These recommendations demonstrate why our investment in securing five-star
customer service, a new Space4 factory, TopHat and our Partnerships team
have been important.
Our strategy, centred around our three core brands, is particularly relevant in
times where affordability is crucial. Our emphasis on cost leadership, vertical
integration, and strategic land acquisition not only position our business for
industry-leading financial returns in the medium to long-term but also address
past quality concerns, adopt a proactive approach to changing regulations,
and a renewed focus on customer satisfaction.
As I set out three years ago, shortly after taking on the role of Chief Executive,
our five priorities guide our approach of building on Persimmon’s great
strengths and enhancing our capabilities in key areas:
• Build quality: our ambition has grown from ‘build right, first time, every
time’ to ‘trusted to deliver five-star homes consistently’;
• Reinforcing trust: in seeking to build a compelling brand we place
customers at the heart of our business and are trusted to deliver the best
value homes customers can be proud of;
• Disciplined growth: maintain our stringent appraisal, investing in high
quality land in the right areas;
• Industry-leading financial performance: sustain our industry-leading
margins and returns, drive healthy profit and cash;
• Supporting sustainable communities: actively part of the net zero carbon
economy transition, the communities we operate in and efforts to
widenopportunity.
Build quality
• 43% improvement in NHBC Reportable Items
3
• Secured Charter Champion status for leadership and culture around
building safety by Building a Safer Future
Persimmon’s commitment to quality is embedded throughout the business
through its comprehensive construction excellence programme, known as
ThePersimmon Way, which rigorously ensures high-quality homes through
stringent quality control measures. This dedication has resulted in significant
progress in enhancing build quality, demonstrated by improved NHBC
Reportable Items and Construction Quality Review scores in recent years.
In2023, Persimmon delivered its highest ever quality homes with a 43%
reduction in NHBC Reportable Items to 0.28 per home
3
(2022: 0.49).
Innovation is a key part of the Group’s strategy; investments in digital systems and
off-site manufacturing facilities are improving build efficiency and quality as well
as proactively positioning the business for changing market conditions. In June,
we secured planning permission for our new Space4 factory in Leicestershire.
Thisnext-generation factory will use advanced automation to provide up to
7,000 units a year and allow even more of the timber frame to be built in the
factory. Our investment in TopHat, announced in April, presents exciting
opportunities with the potential to leverage both its modular units on our sites as
well as utilise its advanced brick façade with Persimmon’s Space4 timber frames.
Safety remains paramount for Persimmon, as evidenced by its commitment to
the Building a Safer Future Charter and ongoing investments in safety
measures across all operations. In 2023, our Group Annual Incidence Injury
Rate was 1.4 per 1,000 workers, down from 1.8 in the prior year.
As a result of the success of our multi-year strategy to ‘build right, first time,
every time’, our ambition has evolved to be ‘trusted to deliver five-star homes
consistently’, reflecting our commitment to quality.
Our ambition has evolved to be
‘trusted to deliver five-star homes
consistently’, reflecting our
commitment to quality.
Persimmon Plc Annual Report 2023 15
Financial statementsGovernance Other informationStrategic report

Group Chief Executive’s statement continued
Our five priorities continued
Reinforcing trust
• Improved eight-week and nine-month NHBC customer satisfaction scores
with continued HBF five-star builder status
• 8% increase in Persimmon Homes Trustpilot score
• Awarded the Princess Royal Training Award for our ISP Sales Excellence
programme with 175 participants to date
We are committed to providing customers with exceptional service throughout
their home buying journey and we were proud to achieve a five-star HBF
rating for a second consecutive year. Our homes are built to the highest
standards whilst being attractively priced, over 20% lower than the national
average
4
. Our three brands, Persimmon Homes, Charles Church and
Westbury Partnerships, all cater for different areas of the market.
Persimmon Homes, our core brand, offers traditional family housing across
the UK, prioritising value and quality for our customers. This is complemented
by Charles Church, providing larger, higher-specification homes in premium
locations, tailored to local markets. During the year we trialled improved
specification Charles Church homes on selected premium sites, such as
Lichfield in Staffordshire, with excellent results and are exploring further
opportunities for improved value across the business.
In 2023, we further enhanced our sales and marketing capabilities through
our marketing campaigns and tailored sales incentives for customers as well
as investing in YourKeys, our new customer relations management system.
Thisimproved customer experience is evidenced by achieving five-star HBF
builder status for a second year with our NHBC eight-week customer satisfaction
score improving by 230bps to 92.9%
5
and an 8% improvement in our
Persimmon Homes Trustpilot score.
We continue to look at ways in which we can help our customers achieve
theirambition of purchasing a new home, whether a first-time buyer or home
mover. We offered a range of incentives to our customers with average incentives
on completions c.4% in the year (2022: c.2%). We saw a particularly strong
take up of our part exchange offering which was used on around 18% of
private completions in the year.
While affordability constraints continue, we have been proactive at looking at
alternative solutions for customers including participating in the Government’s
First Homes scheme where we completed 194 homes in 2023.
Our third brand, Westbury Partnerships, specialises in affordable social
housing, sold to housing associations nationwide, providing sustainable
homes for lower-income occupants. We have invested in our offering in this
area over recent years, with a core Partnerships team established in 2021,
enhancing our customer service alongside improved product quality, ensuring
that we get best value for our homes. In 2023, our Partnerships average
selling price increased by 8% reflecting this improved approach. With
affordable housing a key policy focus we expect partnerships to become an
increasingly important part of the business and are looking to work more
closely with bodies like Homes England to explore mutually beneficial
opportunities, as well as explore the potential to leverage our partnership
with TopHat.
Disciplined growth: high quality land investment
• A total of 42 new sites with 7,230 plots added to our owned and controlled
land holdings.
• Forward owned land holdings of 66,742 plots, equivalent to 6.7 years
supply at 2023 levels.
• c.13,500 acres of strategic land at 31 December 2023, having added
c.1,000 acres in the year.
• Excellent result on planning with c.11,000 plots achieving detailed planning.
Over the past couple of years, we have made significant progress on
improving and strengthening the Group oversight of product design, land
acquisition, planning and construction through The Persimmon Way. We
carefully evaluate land investment opportunities, focusing on high-demand
locations where people desire to live and work, and timing these investments
appropriately within the housing market cycle.
Our homes are built to the highest
standards whilst being attractively
priced, over 20% lower than the
national average.
Persimmon Plc Annual Report 202316

Creating opportunities
The Group’s high quality land holdings are a key strength for the business.
During 2023, we added 7,230 plots across 42 new sites to our owned and
controlled land holdings, a plot replacement rate of 73%. While lower than
inthe prior year, these additions maintained our industry-leading embedded
margins and reflect the highly selective approach we outlined at the start
ofthe year. At 31 December 2023, the Group held 66,742 plots in its
ownedland holdings with a plot cost to anticipated revenue ratio of 11.5%
6
(2022: 11.4%).
Our enhanced approach to planning had real success in the year, achieving
detailed planning permission on both owned and under control sites despite
atough planning backdrop. Overall, we achieved detailed planning on
c.11,000 plots in the period, many of those achieved ahead of schedule.
Thisresulted in a 7% increase in the number of plots owned with detailed
planning to 38,443 plots (2022: 35,860 plots) and has also improved our
use of capital with 58% of our owned land holdings now having detailed
consent (2022: 51%). This gives us good visibility for the coming year, with
98% of expected plots for delivery in 2024 owned and with detailed consent.
Our product is now more appealing to customers and local authorities.
Weprovide local homes for local people and create local jobs, ticking all
theboxes from both a customer and local authority perspective.
The Group ended the year with 258 selling outlets at 31 December 2023,
operating from an average of 266 for the year. The lower year end position is
largely a function of timing, with a number of outlets closing during the fourth
quarter as we sold out faster than expected on some sites. We remain on track
to open a gross additional 30 outlets for the spring selling season as we look
to grow our net outlet base during 2024.
Industry-leading financial performance
• Continue to build strength in our future land bank maintaining a high hurdle
rate; strong embedded gross margin within land holdings at 29%
7
.
• Disciplined approach to work in progress with build rates matching sales
in2023.
• Identified areas for cost savings or value enhancement that do not
compromise on quality as part of the initiatives set out in August.
We have completed several initiatives during the year as part of our focus
oncost control and efficiency, without compromising on investment for future
growth. This included comprehensive reviews of value engineering to identify
efficiency opportunities without compromising quality, efforts to secure
procurement savings – including greater use of our in-house manufacturing
– and the reassessment of specifications to align with customer affordability.
Underpinning all of these initiatives was disciplined control of work in progress
to manage cash. Build rates were closely matched to sales in the period with
rates around 28% lower year on year at 198 equivalent units per week.
Weended the period with 4,170 equivalent units built, giving us a healthy
level of work in progress for the 2024 financial year.
Persimmon’s vertical integration continues to be a key strength and advantage
for the business. Our Brickworks, Tileworks, and Space4 timber frame factories
ensure a reliable, cost-effective supply of high quality materials. They support
our aim of achieving faster, higher quality builds, which in turn improves our
quality of earnings and asset turn to support strong margins and return on
average capital employed (‘ROACE’) through the cycle. We adjusted our
factory shift patterns during the year to reflect the reduced output of the
Group, maintaining low production costs while retaining the flexibility to scale
up when market conditions improve. We continue to focus on maximising use
of our in-house production and increased the use of our own bricks in 2023 to
54%, at an estimated saving of up to £1,800 per plot. Use of our Tileworks
roof tile is over 80% with an estimated saving of up to £600 per plot and we
sourced 70% of timber frames from Space4 in 2023, at an estimated saving
of up to £1,200 per plot.
We have an excellent pipeline of land with an embedded gross margin of
29%
7
based on market conditions at 31 December 2023. This pipeline gives
us confidence in our ability to grow our outlet network over the medium term,
with 30 gross new outlets expected to be open for the spring selling season.
We will continue to assess new outlet openings, balancing the cash investment
required with likely customer demand.
West Midlands
sustainable office refit
Over the past 18 months, our Telford office has
made changes to ensure it is operating at a high
level of energy efficiency, with a range of other
measures also put in place to make the office
more environmentally friendly.
The project has involved the installation of solar
panels on the roof of the office – which has
resulted in a 68% decrease in kWh – as well as
changes to office lighting, increased recycling
policies and a commitment to reducing the
amount of paper on a day-to-day basis.
Discover more at www.persimmonhomes.com
Amount solar panels led to
decrease in kWh
68%
Persimmon Plc Annual Report 2023 17
Financial statementsGovernance Other informationStrategic report

Group Chief Executive’s statement continued
Our five priorities continued
Industry-leading financial performance continued
We actively renegotiated subcontractor pricing in the year, resulting in
asoftening of build cost inflation in the second half, which will benefit
completions from 2024. We continue to position the business for a return
togrowth over the medium-term and therefore maintained the operational
footprint of our already lean-fixed cost base in the period, however, to
navigate current challenges, we enacted a hiring freeze and closed our
SouthYorkshire office, resulting in a 13% reduction in our headcount or £23m
annualised cash saving.
Supporting sustainable communities
• Successful trial of hybrid diesel generators
• Zero carbon home with Zero Bills trial with Octopus Energy
• Sustainable office refit in Telford
• CDP climate survey score of A-
We are committed to leaving a positive legacy in the communities where we
operate, delivering homes and employment opportunities for local people.
Our ‘Placemaking Framework’ equips site design teams to create appealing
communities near essential amenities, fostering customer well-being. Not only
do we invest in local infrastructure but through the Persimmon Community
Champions scheme we support charities, sports clubs, and community groups
nationwide, donating c.£734,000 in 2023.
We provide energy-efficient homes to our customers, promoting sustainability
and reducing running costs. In 2023, we constructed our second zero carbon
home at our Backbridge Farm site in Malmesbury, taking the learnings from
our first zero carbon home constructed in 2022 at Germany Beck in York.
Ourlatest zero carbon home is not only constructed in line with the Future
Homes Standard but is part of a ‘Zero Bills’ trial with Octopus Energy, where
the homeowner has zero energy bills for the first five years of ownership.
Included within our owned land bank we now have over 17,000 plots with
planning permission for air source heat pumps or electric heating to be installed,
with c.3,900 of these to be delivered ahead of expected regulation changes.
We recognise the importance of good digital connectivity for our customers
and FibreNest continued to expand its customer base during the year with
over 36,000 customers across c.380 developments now connected to our
national ultrafast broadband network. In 2023, FibreNest’s Day One
connection rate improved to 95% (2022: 90%).
As part of our efforts to reduce our own energy consumption, in 2023 we
trialled the use of hybrid generators on one of our sites in East Wales, which
has demonstrated a significant saving in diesel usage and provided cost
savings. We will look to roll these out to all suitable new developments from
2024. In addition, our Telford office underwent a refit during the year which
included the installation of solar panels and changes to the office lighting.
Overall, this has led to a 68% decrease in the amount of electricity used,
withthe office operating at a high level of energy efficiency.
Outlook
We have started 2024 in line with expectations with our recent marketing
campaign generating asignificant number of leads for our sales teams.
Enhanced competition in themortgage market and wage growth have
contributed to improved affordability albeit it continues to be constrained,
particularly for first time buyers and demand for homes remains varied across
the country. Trading in the southern and eastern counties remains more challenging
with weaker pricing, offset by a more robust trading performance in the northern
regions. We continue to selectively use incentives, including part exchange,
to drive reservations and overall, our net private sales rate was slightly higher
in the first ten weeks of 2024 at 0.59 against 0.54 in the comparable period
in 2023. Excluding bulk sales, the net private sales rate was 0.53 per outlet
per week, broadly in line with the prior year (2023: 0.54; excluding First
Homes: 0.50). Cancellation rates remain at normal levels at c.16%.
Persimmon Plc Annual Report 202318

Priorities for capital allocation
Strong balance sheet
and low leverage
Maintain a strong balance sheet
through the cycle
Organic growth
Investment in existing sites and new sites
to grow the number of outlets
Sustainable ordinary dividend
Well covered by profits over the cycle;
new base dividend established
in 2022
Return any excess capital
toshareholders
Special dividend or share buyback
With interest rates expected to remain at current levels and a general election
on the horizon, market conditions are expected to remain subdued throughout
2024. However, we are well placed to manage this and are positioning the
business for sustainable future growth over the medium-term. We remain on
track to open a gross new 30 outlets for the spring selling season as we work
towards growing our outlet base back to over 300 open outlets over the
medium-term.
Our current forward sales position is £1.55bn, including £946m of private
forward sales with a private ASP of c.£280,000. Overall, we expect to
deliver between 10,000 and 10,500 completions in 2024 with a housing
operating margin in line with 2023. Build cost inflation is expected to be
c.3–5% in 2024, with spot inflation currently running at c.1%.
Although the near-term outlook remains uncertain, the significant pent-up
demand for homes remains unchanged. Customers want quality homes in the
places where they want to live and work, and affordability is crucial. We are
well placed to meet this demand over the medium-term through our three
excellent brands offering different price ranges, with an average private
selling price below the national market average
4
. The investments and
operational changes that we have made in the past few years mean that
weare trusted by our customers to deliver consistently high quality homes.
We can achieve this while positioning the business for sustainable growth,
supported by our vertically integrated business model, strategic land buying
and disciplined approach to cost control. Through further investments in
innovation, we are well placed to build even higher quality homes better,
faster and more efficiently over time.
We have good visibility over our land pipeline, which will not only support a
return to growth but improved margins and robust cash generation. Our focus
on maintaining a robust balance sheet while investing for growth gives us
confidence in our ability to generate industry-leading returns over the
medium-term.
Dean Finch
Group Chief Executive
11 March 2024
Footnotes
1. Moneyfacts.
2. Stated before legacy buildings provision charge (2023: £nil, 2022: £275.0m) and based
on new housing revenue (2023: £2,537.6m, 2022: £3,696.4m).
3. The number of items per home reported on by the NHBC on inspection of our homes
during key build stages.
4. National average selling price for newly built homes sourced from the UK House Price
Index as calculated by the Office for National Statistics from data provided by HM Land
registry. Group average private selling price is £285,774.
5. The Group participates in a National New Homes Survey, run by the Home Builders
Federation. The build quality score is based on how satisfied customers are with the quality
of their home. The rating used here reflects the live score at time of publication.
6. Land cost value for the plot divided by the anticipated future revenue of the new home sold.
7. Estimated weighted average gross margin based on assumed revenues and costs at
31December 2023 and normalised output levels.
Persimmon Plc Annual Report 2023 19
Financial statementsGovernance Other informationStrategic report

Our strategy
Key priorities going forward
Our five key priorities guide
ourapproach of building on
Persimmon’s great strengths
andenhancing our capabilities
inkeyareas.
Our progress against these five priorities also provides a
strong platform from which to continue to deliver against
achallenging operational environment in the short-term.
We are combining operational excellence with commercial
excellence to improve our product, our systems and
processes and our position in the market, to serve
customers well while building a stronger business for
thelong-term.
What this means
Our mission is to build homes with quality our customers can rely on at a price
they can afford. We aim to consistently deliver high-quality homes to our
customers, striving to ‘build right, first time, every time’. We are committed to
driving safety improvements within our Company and across the industry.
How we do it
• We have embedded the Persimmon Way, the Group’s construction
excellence programme, into our operations. This delivers a comprehensive
approach covering all aspects of our build programmes.
• Training our teams is key to the success of the Persimmon Way – the
‘Persimmon Construction Pathway’ provides a comprehensive internal
training programme for our site teams.
• Technology and innovation – we have developed a number of digital
applications that assist our on-site teams to drive quality and efficiencies
across the business.
• Quality assurance – we have a team of Independent Quality Inspectors
that undertake inspections at certain key stages of the build programme.
Progress
• Our National House Building Council (‘NHBC’) Reportable Items* have
improved by 43% in the year.
• Our NHBC Construction Quality Review (‘CQR’) score has improved by
300bps in the year.
• Persimmon named a ‘Chartered Champion’ for leadership and culture
around building safety by the Building a Safer Future organisation.
Aligning to our sustainability strategy
• We are committed to operating efficiently, and have committed to reduce
our operational carbon emissions by 46% by 2030.
* The number of items reported on by the NHBC on inspections of our homes
atkey build stages.
Strategic progress
NHBC Reportable Items
0.28
43% improvement
SAP rating
84
average on our homes
Embedded in land bank
29%
gross margin
2
Reinforce trust: customers at the
heart of our business
What this means
We aim to be a trusted partner who reliably delivers an outstanding
experience from the moment a customer starts their research into buying
ahome, through the sales journey and then post-legal completion.
How we do it
• We provide attractively priced, good quality homes.
• We offer a range of sales schemes that help our customers to overcome
constraints, enabling them to purchase their dream home.
• We have dedicated customer service throughout our customers’ house
buying and homeowning journeys.
• We invest in our people, providing robust training pathways (a combination
of in-house and externally accredited training), and improved tooling that
delivers better employee experiences, in turn enabling our teams to better
service our customers.
Progress
• We are delighted to have been awarded the HBF five-star rating for thesecond
year in a row, and pleased to report a 230bps improvement incustomer
recommendation on the NHBC eight-week customer satisfactionsurvey.
• 370bps improvement in customer recommendation on the NHBC
nine-month customer satisfaction survey.
• On Trustpilot our customers are scoring us on average 4.2 for Persimmon
Homes (2022: 3.9) and 4.1 for Charles Church (2022: 4.1), reflecting our
continued focus on customer service.
• Our ISP Sales Excellence Programme has been awarded a Princess Royal
Training Award, and 175 sales advisors have participated to date.
Aligning to our sustainability strategy
• Our new homes are around 30% more energy efficient than older homes,
resulting in a warmer and more affordable to run home.
• Through our Placemaking Framework, we are integrating sustainability into
the design of new communities, providing green spaces, sustainable
transport, and biodiversity gain.
1
Build quality and safety
Persimmon Plc Annual Report 202320

What this means
We ensure our land investment opportunities meet our strict investment criteria, in
high-demand locations where people wish to live and work, and take place
at the right time in the housing market cycle.
How we do it
• Our experienced land, planning and design teams bring a consistent
approach to our land buying.
• We work closely with all stakeholders, including land owners, local
communities and local planning authorities to deliver new housing in the
areas of greatest need.
• We maintain high-quality consented land holdings, enabling the Group to
be resilient to any volatile movements in the land market.
• We invest in strategic land, securing options on areas of land which will
give a stronger return on investment in the future.
Progress
• 42 new sites acquired in the year, adding 7,230 new plots to our owned
land holdings.
• Forward-owned land supply of 66,742 plots, equivalent to 6.7 years at
2023 volumes.
• c.13,500 acres of strategic land at 31 December 2023, having added
c.1,000 acres in the year.
Aligning to our sustainability strategy
• All our land acquisitions are subject to rigorous environmental and flood
risk assessments, ensuring we respect the natural environment and mitigate
against adverse environmental impacts.
• We assess our long-term strategic portfolio against climate risk, to ensure
we are investing in land which is resilient to climate risk, and disclose in
accordance with the TCFD framework.
3
Disciplined growth: high-quality
land investment
4
Industry-leading financial
performance
What this means
We aim to operate efficiently in all areas, providing a sound investment case,
generating strong cash flows, maintaining financial flexibility, minimising
financial risk and retaining financial strength by making well-judged
assessments through the housing cycle.
How we do it
• We maintain a strong balance sheet sustaining continued investment and
future returns.
• Maintaining high-quality land holdings through a disciplined approach to
our land replacement.
• We place customers at the heart of our business by pursuing developments that
deliver good-quality new housing for the benefit of all potential occupiers.
• We exercise discipline and strong control over the Group’s outlets and
levels of work in progress (‘WIP’).
• We maintain strict levels of governance and financial discipline across all
our operations and financial processes.
Progress
• Net asset value per share of 1,070p.
• c.£310m investment in new land in 2023.
• Disciplined investment in WIP with build rates closely matching sales at
198 equivalent units per week.
• Net cash of £420m at 31 December 2023.
Aligning to our sustainability strategy
• Our investment in vertical integration through our in-house manufacturing,
Space4, Brickworks and Tileworks, are key contributors to efficiency,
sustainable construction and reducing our carbon footprint particularly as
we increase our use of timber frames.
• We have built long-term strategic supplier relationships and framework
agreements, embedding sustainability criteria as key requirements.
What this means
We are committed to leaving a positive legacy in the communities in which
wework. We are proud to deliver homes and provide jobs for local people
intheir local communities.
How we do it
• Our ‘Placemaking Framework’ provides our site design teams with
appropriate tools to deliver attractive communities, close to local amenities
and that promote customer wellbeing.
• We enhance local facilities, providing investment in local infrastructure
(e.g. transport, education, retail and recreation facilities) through the
planning system.
• The Community Champions scheme donates to charities, sports clubs and
local community groups across the country.
• We deliver energy-efficient homes to our customers, making them less
costly to run.
Progress
• 2,402 affordable homes* provided.
• The average SAP rating of our homes is 84 (equivalent to a ‘B’ EPC rating).
• Donated c.£734,000 to 384 charities, sports clubs and community
groupsacross the country through local donations and our Community
Champions Fund.
Aligning to our sustainability strategy
• Our engagement in the wider community is very important to us and as
well as providing local energy-efficient homes, local jobs and charitable
donations we engage with the broader community including local schools.
• We provided 2,241 affordable homes in 2023. Or under the planning
process, we invest in local communities, providing green space, education
and community buildings and this amounted to £81m in 2023.
* Homes provided to our housing association partners and discounted open
market value homes.
5
Supporting sustainable communities
Persimmon Plc Annual Report 2023 21
Financial statementsGovernance Other informationStrategic report

Key performance indicators – Financial
Definition
Revenue generated from the legal completion
ofnew homes to our private customers and
housing association partners.
Why we measure it
Strength of housing revenue is an important
measure of the success of our strategy. Our
range of house types and emphasis on quality
homes at a range of price points puts us in a
strong position in our markets.
Definition
Anticipated revenue for future home sales to
private customers and contracts with housing
associations that have yet to legally complete.
Why we measure it
Forward sales give us an indication of the level
of demand we have for homes going into future
periods. This allows us to ensure we are controlling
work in progress to meet demand andmaintain
strong financial discipline.
Definition
Based on operating profit before legacy
buildings provision and goodwill impairment
(underlying operating profit) and new
housingrevenue.
Why we measure it
We have a strong track record of delivering
industry-leading returns and we monitor our
performance to ensure continued discipline
inour approach.
Definition
Stated before legacy buildings provision
andgoodwill impairment.
Why we measure it
Our disciplined land replacement processes,
cost management and efficiency programmes
aim to generate superior returns which provide
a platform for further investment in the Group’s
resources to support our future growth.
Links to key priorities
2 3 4
New housing revenue
£2,538m
-31%
2023
2022
2021
2020
2019
2,538
3,696
3,450
3,130
3,420
Read more on p26 Read more on p19
Links to key priorities
2 3 4
Forward sales
£1,060m
+2%
2023
2022
2021
2020
2019
1,060
1,040
1,624
1,689
1,357
Underlying new housing
operatingmargin
1
14.0%
-13.2ppts
2023
2022
2021
2020
2019
14.0
27. 2
28.0
27. 6
30.3
Links to key priorities
2 3 4
Underlying profit
beforetax
2
£359m
-64%
2023
2022
2021
2020
2019
359
1,012
973
863
1,048
Links to key priorities
2 3 4
Read more on p26 Read more on p26
Persimmon Plc Annual Report 202322

Definition
Net cash flow before financing activities.
Why we measure it
We use this to measure balance sheet strength
and liquidity. Ensuring we have an appropriate
capital structure to support the business through
the cycle is key to our success.
Definition
Cash and cash equivalents, bank overdrafts
andinterest-bearing borrowings.
Why we measure it
Ensuring we have an appropriate capital
structure to support the business through the
cycle is key to our success.
Definition
12-month rolling average calculated on
underlying operating profit and total capital
employed. Capital employed being the Group’s
net assets less cash and cash equivalents plus
land creditors.
Why we measure it
Our focus on return on average capital
employed allows us to measure the efficiency
ofour use of capital. We will continue our
disciplined approach to working capital
management to meet market demand.
Definition
Calculated as the total value of the Group’s
assets minus total liabilities divided by the
number of shares in issue.
Why we measure it
Net asset value per share movement is an
indicator of the value that we are delivering for
our shareholders. We have a good track record
of delivering strong returns for our shareholders
through the cycle.
Free cash generation
3
-£173m
-£546m
2023
2022
2021
2020
2019
(173)
373
767
749
608
Links to key priorities
2 3 4
Net cash
£420m
-£442m
2023
2022
2021
2020
2019
420
862
1,247
1,234
844
Links to key priorities
2 3 4
Return on average
capitalemployed
4
10.5%
-19.9ppts
2023
2022
2021
2020
2019
10.5
30.4
35.8
29.4
37. 0
Links to key priorities
3 4
Net assets per share
1,070p
-1%
2023
2022
2021
2020
2019
1,070
1,077
1,136
1,103
1,022
Links to key priorities
3 4 5
Read more on p28 Read more on p28 Read more on p26 Read more on p27
Links to key priorities
1
Build quality and safety
4
Industry-leading financial performance
2
Reinforce trust: customers at the heart of our business
5
Supporting sustainable communities
3
Disciplined growth: high-quality land investment
Read more on pages 20 and 21
Persimmon Plc Annual Report 2023 23
Financial statementsGovernance Other informationStrategic report

Key performance indicators – Non-financial
Customer satisfaction
score
92.9%
+230bps
2023
2022
2021
2020
2019
89.6
86.6
87.9
84.7
79.2
Quality
89.6%
+300bps
2023
2022
2021
2020
2019
92.9
90.6
92.0
89.7
83.7
Links to key priorities
1 2 4 5
Links to key priorities
1 2 4 5
Links to key priorities
1 2 4 5
Number of work-related
incidents (RIDDORS)
2.8
-22%
2023
2022
2021
2020
2019
2.8
3.6
4.0
3.4
3.8
Links to key priorities
3 4 5
Land holdings
82,235
-6%
2023
2022
2021
2020
2019
82,235
87,19 0
88,043
84 ,174
93,246
Read more on pages 16 and 20 Read more on pages 15 and 20 Read more on pages 51 to 52 Read more on pages 16 and 27
Definition
Based on the number of customers who would
recommend their builder to a friend in the
National New Homes Survey, run by the HBF.
Why we measure it
We put our customers at the heart of our
business and ensuring they are satisfied is key to
the Group’s success. We were delighted to be
awarded HBF five-star builder status again in
2023, demonstrating the significant progress
made over the past few years.
Definition
Based on how satisfied customers are with
thequality of their new home in the National
New Homes Survey, run by the HBF.
Why we measure it
Our ethos is to ‘build right, first time’. Monitoring
our performance is key to building consistently
high-quality homes for our customers.
Definition
Reportable accidents, RIDDORS, reported per
1,000 workers in our housebuilding operations
(including, where relevant, those reported by
our subcontractors).
Why we measure it
The safety of our employees, subcontractors
and customers is the number one priority for
ourbusiness.
Definition
The number of plots we have either owned
orunder control to support our future
homedelivery.
Why we measure it
The Group’s high quality land holdings with
industry-leading margins are a key strength of
the business. By monitoring them we can track
our future pipeline of work.
Persimmon Plc Annual Report 202324

Links to key priorities
2 4 5
Absolute Scope 1 and 2
carbon emissions (tonnes
CO
2
e market based)
21,973
2023
2022
2021
2020
2019
21,973
25,017
26,447
27, 5 4 3
30,797
1. Based on new housing revenue (2023: £2,537.6m, 2022: £3,696.4m)
and underlying operating profit (2023: £354.5m, 2022: £1,006.4m)
(stated before legacy buildings provision (2023: nil, 2022: £275.0m)
and goodwill impairment (2023:£7.6m, 2022: £6.6m)).
2. Stated before legacy buildings provision (2023: £nil, 2022: £275.0m)
and goodwill impairment (2023: £7.6m, 2022: £6.6m). Profit
before tax after legacy buildings provision and goodwill
impairment is £351.8m (2022: £730.7m).
3. Free cash generation is defined as net cash flow before financing
activities and before £nil of employers’ National Insurance
contribution payments in respect of share-based payments
(2022: £nil, 2021: £nil, 2020: £0.7m, 2019: £13.9m).
4. 12-month rolling average calculated on underlying operating
profit and total capital employed (including land creditors).
Underlying operating profit is stated before legacy buildings
provision (2023: £nil, 2022: £275.0m) and goodwill impairment
(2023: £7.6m, 2022: £6.6m).
Links to key priorities
1
Build quality and safety
2
Reinforce trust: customers at the heart ofour business
3
Disciplined growth: high quality land investment
4
Industry-leading financial performance
5
Supporting sustainable communities
Read more on pages 20 and 21
Read more on pages 37 and 44
Definition:
The amount of carbon we emit from using
energy in our own activities including offices,
manufacturing businesses, construction sites and
business travel. Energy sources include diesel,
petrol, LPG, kerosene, gas, electricity.
Why we measure it:
We are committed to reducing our carbon
emissions, ensuring we meet our approved
science-based targets, and contribute to
achieving the Government’s long-term net zero
carbon goal.
Persimmon Plc Annual Report 2023 25
Financial statementsGovernance Other informationStrategic report

Persimmon Plc Annual Report 202326
Financial review
Growing forward together
Trading
2023 quarterly performance
2023 quarterly performance Q1 Q2 HY Q3 Q4 FY
Completions 1,136 3,113 4,249 1,439 4,234 9,922
Net private sales rate 0.62 0.58 0.59 0.48 0.69 0.58
FTB
*
% (private completions) 38% 33% 34% 32% 26% 31%
Average sales outlets 266 268 267 271 257 266
* First time buyers.
A key feature of the Group’s strategy is
the commitment to minimise financial
risk, retain flexibility and maintain
capital discipline over the long-term
through the housing cycle.
1. The Group’s total revenues include the fair value of consideration received or receivable
on the sale of part exchange properties and income from the provision of broadband
internet services. New housing revenues are the revenues generated on the sale of newly
built residential properties only.
2. Stated before legacy buildings provision charge (2023: £nil, 2022: £275.0m).
3. Stated before legacy buildings provision charge (2023: £nil, 2022: £275.0m) and based
on new housing revenue (2023: £2,537.6m, 2022: £3,696.4m)
4. Stated before legacy buildings provision charge (2023: £nil, 2022: £275.0m) and
goodwill impairment (2023: £7.6m, 2022: £6.6m).
5. Stated before legacy buildings provision charge (2023: £nil, 2022: £275.0m) and
goodwill impairment (2023: £7.6m, 2022: £6.6m) and based on new housing revenue
(2023: £2,537.6m, 2022: £3,696.4m).
6. 12-month rolling average calculated on operating profit before legacy buildings provision
charge (2023: £nil, 2022: £275.0m) and goodwill impairment (2023: £7.6m, 2022: £6.6m)
and total capital employed. Capital employed being the Group’s net assets less cash and
cash equivalents plus land creditors. ROACE excluding land creditors is calculated on
capital employed being the Group’s net assets less cash and cash equivalents excluding
land creditors. Statutory ROACE including land creditors is calculated on reported
operating profit and capital employed with capital employed being the Group’s net
assetsless cash and cash equivalents plus land creditors.
7. Land cost value for the plot divided by the revenue of the new home sold.
8. Estimated weighted average gross margin based on assumed revenues and costs at
31December 2023 and normalised output levels.
9. Land cost value for the plot divided by the anticipated future revenue of the new home sold.
We saw a sustained pick up in interest in our homes throughout the year from
the lows of Q4 2022, albeit with demand lower than previous years as a result
of high interest rates and the removal of Help-to-Buy. Overall, average private
net sales were 0.58 per outlet per week for the year (2022: 0.69). This included
a strong year on year improvement in private net sales rates in the fourth quarter
to 0.41 per outlet per week (excluding investor deals) compared with 0.28 in
Q4 2022.
Our forward sales position at 31 December 2023 was up 2% on the prior
year at £1,060m (2022: £1,040m), of which £499m related to private
forward sales, up 4% (2022: £478m).
The Group generated total revenues
1
of £2.77bn (2022: £3.82bn), with
newhousing revenue 31% lower than 2022 at £2.54bn (2022: £3.70bn)
reflecting the weaker forward order book at the start of the year and more
challenging trading conditions. The Group delivered 33% less new homes
in2023 when compared to the prior year (2023: 9,922; 2022: 14,868) at
anaverage selling price of £255,752 (2022: £248,616), 3% higher.
The Group delivered 7,681, new homes to private customers, a decrease
of37% on the prior year (2022: 12,174). This included 780 completions
toinvestors down from 889 completions in 2022 reflecting our disciplined
approach to this segment of the market. The private average selling price of
£285,774 (2022: £272,206) was up 5% year on year largely reflecting the
mix of new homes sold with some price softening and increased use of incentives
in the second half of the year. The Group delivered a further 2,241 new
partnership homes to housing associations (2022: 2,694) at an average
selling price up 8% at £152,852 (2022: £142,017).
The Group’s underlying gross profit
2
for the year was £520m (2022: £1.14bn)
with a new housing gross margin of 20.5%
3
(2022: 30.9%) largely reflecting
the impact of lower volume as well as additional one-off costs associated with
the remediation of two completed sites (c.£7m) and the commercial decision
to accelerate delivery at our sites in Bracknell and Basingstoke (c.£10m).
Underlying operating profit
4
for the Group was £355m (2022: £1,007m),
generating an underlying new housing operating margin
5
of 14.0% (2022:27.2%).
The Group’s reported operating profit was £347m (2022: £725m) reflecting
the impact of goodwill amortisation of £8m (2022: £7m). There were no
exceptional charges in the year (2022: £275.0m provision charge in relation
to building safety).
The Group generated a profit before tax of £352m in the year (2022: £731m).
Underlying basic earnings per share
4
for the year was 82.4p, 67% lower than
the prior year (2022: 247.3p).
Underlying return on average capital employed (‘ROACE’) including land
creditors was 10.5%
6
, lower than the prior year (2022: 30.4%) reflecting the
reduced underlying operating profit
4
in the period and the increased investment
in work in progress with a 2% increase in average capital employed. ROACE
excluding land creditors was 11.8%
6
compared with 35.6% at 31 December
2022. On a statutory basis, ROACE including land creditors was 10.2%
6
(2022: 21.9%).

Persimmon Plc Annual Report 2023 27
Financial statementsGovernance Other informationStrategic report
Underlying operating profit
3
£355m
2022: £1,007m
Underlying return on average capital employed
5
10.5%
2022: 30.4%
Land creditors
£372m
2022: £473m
Building safety
Across our programme as a whole we continue our proactive approach of
working with management companies, factors (in Scotland) and their agents to
carry out necessary remediation as soon as possible. The table below sets out
our detailed position at 31 December 2023, compared to 1 March 2023. The
total number of eligible developments has increased to 82 from 73, as new
buildings we were not aware of on 1 March 2023 came into our programme.
Of the total of 82 developments in our programme, 39 (48%) have already
had any necessary works completed. Of the remaining 43 developments,
17currently have work on site and 26 are at varying stages of pre-tender,
live tender, contractualisation or agreed contract and works starting very
soon. As the pre-tender and on site lines in the table below demonstrate in
particular, developments are actively progressing through the programme.
Identified developments
As of
1 March 2023
As of
31 Dec 2023
Recently made aware and under investigation — 2
Pre-tender preparation on-going 21 8
Live tender process 2 6
Sub-total: progressing through tender 23 16
Progressing to contract 8 7
Contracted but works yet to start — 3
Sub-total: pre-works starting 31 26
Currently on site 9 17
Sub-total: to complete 40 43
Completed developments 33 39
Total identified developments 73 82
We incurred £48m of costs on the programme in the year, with total costs so far
now just under £65m. The next 24 months are projected to be the peak period
of cash expenditure on this programme. Given our own proactive approach
and the sustained significant publicity around cladding and building safety,
wedo not anticipate substantial new building additions into the programme.
We believe our existing provision remains sufficient.
Taxation
The Group has an overall tax charge of £96m for the year (2022: £170m)
andan effective tax rate of 27.4% (2022: 23.2%), marginally lower than the
mainstream rate of 27.5% (2022: 22.0%). Factors that may affect the Group’s
taxation charge include changes in tax legislation and the closure of certain
open matters in the ordinary course of business in relation to prior year’s
taxcomputations.
Balance sheet
The Group has maintained its robust balance sheet with net assets of £3,419m
at 31 December 2023 (2022: £3,439m), equivalent to 1,070p net assets per
share (2022: 1,077p). This was after returning £255m of surplus capital to
shareholders reflecting a final dividend of 60p per share in respect of the
2022 financial year and 20p per share by way of an interim dividend for the
2023 financial year. Retained earnings were £2,848m (2022: £2,868m).
As at 31 December 2023, we owned 591 part exchange properties (2022:
286 properties) at a value of £115m (2022: £61m). Part exchange continues
to be a key sales incentive for our customers and we are progressing sales of
any part exchange properties promptly and at around expected values.
The Group’s defined benefit pension asset has decreased to £127m at
31December 2023 (2022: £156m), the decrease being due to changes in
assumptions that have lowered the discount rate and increased inflation rates
as well as underperformance of asset returns from that expected at the start
ofthe year.
At 31 December 2023, the building safety provision stands at £283m and
ismanagement’s best estimate of the costs of completing works to ensure fire
safety on all remaining affected buildings that we are responsible for.
The Group’s land holdings
At 31 December 2023, the carrying value of the Group’s land assets was
broadly in line with the prior year at £2,104m (2022: £2,092m), reflecting
the continuation of the Group’s disciplined land replacement strategy, its
investment in its future and the focus in the year on converting owned land
with outline planning permissions to implementable consents. The Group’s
land cost recoveries for the year of 11.7%⁷ of new housing revenue is 30bps
lower than the prior year reflecting the attractive margin embedded within
theGroup’s land holdings.
During the year, the Group brought 7,230 plots into its owned and under
control land holdings across 42 locations, of which 1,642 (23%) of the plots
added were converted from our strategic land portfolio.
The owned and under control land holdings of 82,235 at 31 December 2023
(2022: 87,190) represents 8.3 years of forward supply at 2023 volumes.
66,742 plots are owned of which 38,443 have a detailed implementable
planning consent, an increase of 7%, providing excellent visibility of the near
to medium-term. The Group’s owned land holdings represents 6.7 years of
forward supply at 2023 volumes, with an overall pro-forma gross margin
8
of
29% (2022: 32%) and a land cost to revenue ratio of 11.5%
9
(2022: 11.4%).
A further 15,493 plots are under the Group’s control (2022: 16,422), being
plots where the Group has exchanged contracts to acquire the site but has yet
to complete the contract due to outstanding planning conditions remaining
unfulfilled. Cash outflows with regard to these under control plots will be limited
to deposits paid on the exchange of contracts and fees associated with progressing
the sites through the planning system. During the year, the Groups progressed
c.11,000 owned or under control plots through the planning system, transferring
them into the Group’s owned land holdings.

Persimmon Plc Annual Report 202328
Cash generation and liquidity
At 31 December 2023, the Group had a cash balance of £420m (2022:
£862m) with the Group having generated £211m (2022: £1,003m) of cash
before returning £255m of surplus capital to shareholders in relation to the
2022 financial year and interim dividend in relation to the 2023 financial
year, along with net land spend of £398m (2022: £638m). Resulting from the
Group’s reduced activity in the land market during 2023 and the settlement
ofits deferred commitments the Group’s land creditors have decreased by
£101m to £372m (2022: £473m). Cash utilised in operations was £66m
(2022: £566m generated).
The Group’s shared equity loans have generated £6m of cash in the year
(2022: £13m). The carrying value of these outstanding shared equity loans,
reported as “Shared equity loan receivables”, is £32m at 31 December 2023
(2022: £36m).
Net finance income for the year was £5m (2022: £6m) and includes £2m of
gains generated on the Group’s shared equity loan receivables (2022: £4m),
£6m of imputed interest payable on land creditors (2022: £2m) and £4m of
imputed interest payable on the legacy buildings provision (2022: £nil).
In July the Group signed a new Revolving Credit Facility (‘RCF’) of £700m
which has a five-year term to July 2028 with the possibility to extend for a
further two years. This facility replaced the Group’s existing £300m RCF
which was due to expire on 31 March 2026. We had good support from
banking partners, with a consortium of five participating banks. The RCF is a
‘sustainability linked’ facility within the banks’ finance frameworks, with ESG
targets covering the facility’s term. The targets are consistent with the Group’s
science-based operational carbon reduction targets, our commitment to
deliver net zero homes in use by 2030 and our long-standing ambition to
deliver excellent development opportunities for our colleagues.
As we look to expand our outlet base and invest in work in progress in
anticipation of a housing market upturn, we expect to utilise the RCF during
2024. Consequently, we anticipate transitioning from an average net cash to
an average net debt position, resulting in an estimated net finance charge of
approximately £15m-£20m for the 2024 financial year. Wecurrently
anticipate our net cash to be between zero and £200m asof 31December
2024.
Capital returns
A key feature of the Group’s strategy is the commitment to minimise financial
risk, retain flexibility and maintain capital discipline over the long-term
through the housing cycle.
For 2023, the Board proposes a final dividend of 40p per share to be paid
on 12 July 2024 to shareholders on the register on 21 June 2024, following
shareholder approval at the AGM. This dividend is in addition to the interim
dividend of 20p per share paid on 3 November 2023 to shareholders on the
register at 13 October 2023 to give a total dividend of 60p in respect of
financial year 2023 (2022: 60p).
For 2024, the Board’s intention is to at least maintain the 2023 dividend per
share with a view to growing this over time whilst maintaining an average
payout that is well covered by earnings over the housing cycle. This approach
will balance shareholder payouts with the Company’s objective to retain
capital to invest sustainably and profitably for growth. Any dividend proposal
in future years is subject to the Company’s financial performance and position
at that time.
11 March 2024
Financial review continued
The Group’s land holdings continued
The Group incurred a net £398m of cash land spend during 2023, including
£253m relating to the satisfaction of deferred land commitments as well as
the associated cash spend on the acquisition of sites previously held as under
control sites and their movement into the Group’s owned land holdings.
In 2023, the Group acquired interests in a further c.1,000 acres of strategic
land, securing a total of c.13,500 acres at 31 December 2023 (2022:
c.13,100 acres). This will provide a long-term supply of forward plots for
future development by the Group.
Work in progress
We entered 2023 with 4,071 equivalent units of new homes under construction.
Execution of our build programmes was strong throughout 2023 and we
successfully matched the rate of build to demand levels within the year.
Onaverage, overall build rates tracked 28% lower in the year, with an
average of 198 equivalent units of build per week, compared to 276 per
week in 2022. We start 2024 with a significant level of work in progress,
with4,170 equivalent units of build on the balance sheet.
The Group increased its average outlet position by 3% in the year and
continued to support investment in a number of large sites which require high
levels of infrastructure and enabling works. In addition, we have seen higher
rates of cost inflation. This has resulted in our work in progress investment at
31 December 2023 of £1,431m being 13% higher than the level of investment
with which we entered 2023 (£1,264m).
We remain focused on build levels throughout 2024, managing appropriate
levels of build against customer demand, facing into the continuing operational
challenges within the industry and whilst securing the availability of key build
components through our in-house manufactured bricks, roof tiles, closed
panel timber frame kits and pre-manufactured roof cassettes. All of this whilst
delivering high levels of customer satisfaction and build quality.

Our people and culture
Supporting our workforce
Working at Persimmon
During the year, we have continued to embed our values across the workforce
through our training activity, internal communications and engagement
activities. We are pleased that once again we have received an excellent
employee engagement score of 81% from our YourSay employee engagement
survey, a score that is comparable to our four-year average. Of particular
note in this year’s survey is that 87% of colleagues are motivated to do their
best at work and 90% are committed to Persimmon and what we are trying to
achieve, both of which are significantly above their benchmarks and reflect
the evolution of our culture, where colleagues are becoming better trained,
have greater career opportunities, are more informed, and above all, are
highly valued.
Supported by our HR strategy, we have instilled a disciplined approach to
allour activities through our central functions, ensuring we provide consistent
standards across the Group, particularly in delivering build quality and a
professional service. However, our structure, with the network of regional
operating businesses, enables us to react quickly to address the needs of
ourcustomers on a local basis. This is reflected through two of our values,
where a strong sense of teamwork and loyalty is prevalent amongst
colleagues within each region, and our social impact is epitomised by the
community engagement that each regional team undertakes in their locality.
Revised priorities
Our HR strategy is well established, and as well as being positioned to help the
Group achieve our vision, it supports our ambition to become the employer of
choice in the sector. It aligns the activity of the Group HR department across
every stage of the employment cycle, to deliver a balanced portfolio of activity
to all our colleagues, irrespective of where they are in their careers.
Whilst the HR strategy determines the priorities for the Group HR department,
it is important that it remains agile and adaptable, enabling us to react quickly
to new priorities. This year, the challenging economic conditions have resulted
in additional activity for the department that has helped the business to instil
discipline and resilience into our activities, to help us navigate the downturn
inthe housing cycle successfully.
Such activity has included managing a controlled reduction in headcount
through the selective non-replacement of leavers andensuring that there is a
business case to support every hire. Where recruitment has been necessary,
our Talent Acquisition teamhas been active in ensuring we use the most
cost-effectivesolutions to attract new hires.
Our HR strategy is well
established and supports our
ambition to become the employer
of choice in the sector.
Persimmon Plc Annual Report 2023 29
Financial statementsGovernance Other informationStrategic report
EMPLOYEE
LIFECYCLE
1: Attraction and
recruitment
2: Onboarding
3: Learning and
development
4: Reward and
recognition
5: Progression and
performance
6: Culture and
retention
7: Exit

Our people and culture continued
Persimmon’s apprentice
programme
Persimmon has a long tradition of training site operatives
through its apprentice programme and it is important that
we continue to recruit for these places, even when the
market is more challenging, as it will secure our skilled
workforce of the future.
One such recruit is Sam Tesfalem, an apprentice bricklayer
at Persimmon Homes West Yorkshire, who started his
apprenticeship in 2022 after being recruited from a
full-time course at Leeds College of Building. Sam came
tothe UK with his family in 2015 when they were refugees
from the war in Eritrea. Despite not being able to speak
anyEnglish upon his arrival, Sam has worked hard to pass
his academic qualifications and since joining Persimmon,
hison-site mentor, bricklaying sub-contractor
AndyGeldartsays:
Continuing our improvement
Our position in the housing cycle has also led to some revised priorities for
theGroup Training department, which has revised its programmes to deliver
training and development to our front-line colleagues who have responsibility
for delivering our build quality and customer service. Our performance in
both of these areas, against internal KPIs and external industry measures,
hasimproved significantly in the last three years, and it was important this
year that we retained the focus on these issues to continue our record of
improvement, especially as the reduced demand for houses intensified the
competition for every sale.
Maintaining a focus on build quality and the continuing reduction in ‘NHBC
Reportable Items’, our in-house technical assessment has been undertaken by
c.715 construction managers and highlighted any knowledge gaps in respect
of the NHBC Standards across every build stage. The resulting training needs
were identified for each manager on an individual basis and have been
addressed during the year by our construction trainers through a variety of
remote learning, classroom tuition and practical on-site training events.
Our partnership with the Institute of Customer Service has led to a step-change
in the training we provide to our customer care teams. At the forefront of this
has been an intensive training programme undertaken by the customer care
managers from all our operating businesses. This programme was delivered
and accredited by the ICS, providing a varied and independent approach to
customer service that included the managers creating action plans to introduce
to their departments to raise the level of service in all areas, from call handling
and communication to the professional resolution of customers’ issues.
Sam has become an indispensable
team member and shows how
important apprentices are in
creating the workforce of
tomorrow. He has become an
asset to the business, quickly
grasping the knowledge, skills
and behaviours required
ofagood bricklayer.
Andy Geldart
Bricklaying sub-contractor
c.715
construction managers
completed our in-house
technical assessment
81%
staff engagement score
Persimmon Plc Annual Report 202330

Award-winning training
It is important that the emphasis on quality and service is part of our customer
journey from the first time a prospective buyer enters the sales office. This
year, a focus of our sales training has been to ensure we understand and
address all our customers’ needs, beginning our relationship with the highest
professional standards.
Our partnership with the Institute of Professional Sales has enabled us to
refine the content of our Sales Excellence Programme, which forms the basis
of the training that all our sales advisors receive, and following last year’s
Investor in Sales recognition, we remain the only major home builder offering
externally accredited training to its sales force.
The success of the Sales Excellence Programme was recognised this year with
the Company receiving a Princess Royal Training Award. Sponsored by City
& Guilds, these awards honour organisations that show exceptional
commitment to learning and development. Following an in-depth audit, the
judging panel highlighted our ethical sales approach and how it enhances
customer service. They were impressed by the career advancement provided
by our people becoming members of the ISP and noted that our attrition rate
for delegates was notably lower than for our general sales advisor population.
Persimmon’s graduate
development programme
Georgina was part of our inaugural graduate development
programme. Joining us in 2021, she has just commenced
her permanent role following completion of the
graduatescheme.
Studying geography at Loughborough, Georgina had an
interest in climate studies and her dissertation was about
the impact of new home developments, which drew her to
work for a house builder. Joining Persimmon Homes West
Midlands in her home town of Wolverhampton, she
worked in all the operational departments during her first
year, particularly enjoying her nine-week placement on
site, so much so that she chose it as one of her six-month
placements in year two and feels it gave her a very good
understanding of our business at the sharpend.
Following this, she was invited to work in the Group Energy
Networks and Utilities department. Part of our Group
technical function, this department was established to
improve our relationships with the energy and
utilitycompanies.
Following the success of her placement, Georgina was
offered a permanent role and she is extremely excited by
the opportunity.
Training delivery
The versatility of our in-house training team has been ably demonstrated with
the activity to support our adoption and adherence to various industry-wide
standards and directives, which require colleagues to receive training to
ensure our compliance. This has included training for all employees in
preparation for the introduction of the New Homes Quality Code, specific
training for our site and sales colleagues so they understand their roles in
respect of The Future Homes Standard, and increasing the knowledge of site,
commercial and technical teams in preparation for the requirements on the
Group as a Building a Safer Future Champion. Delivering this training
in-house enables us to schedule it for the convenience of colleagues,
placingit in the context of our business and specific house types, and
wherenecessary, embed it within our wider activities.
The purchase of new software this year has also enabled us to further expand
our e-learning capability, allowing more of our training delivery to be
accessed by employees at a time to suit their schedules.
During the year, the Group Training department was responsible for delivering
c.14,600 training days (2022: c.13,800). Of these, around a third were
delivered remotely. We have c.720 apprentices and trainees (2022: c.700)
of whom c.430 are engaged on formal apprenticeships (2022:c.400).
Discover more online at persimmonhomes.com
New software this year has
enabled us to further expand
our e-learning capability.
Persimmon Plc Annual Report 2023 31
Financial statementsGovernance Other informationStrategic report

Nurturing our talent
We are keen to provide opportunities for people to fulfil their ambitions
regardless of the stage they are at in their careers.
Two cohorts of colleagues with the potential to become Managing Directors
of our operating businesses or Directors within Group functions, were
selected to participate in our Future Leaders’ Programme which commenced
in 2022. Following a comprehensive syllabus of development activity, six of
the participants were promoted to more senior roles during 2023.
To accelerate the progression of people identified through our Talent Review
as ‘high potentials’, we launched an Advanced Management Programme
thisyear. This brings together participants from different regions and Group
functions to help them learn more about the wider business while developing
tools and techniques to employ back in the workplace. In addition to
structured training sessions, the participants work together on projects,
designed to stretch them and broaden their knowledge base. The objective
ofthis programme is to find our Directors and department heads of the future.
At the other end of the spectrum, our first rotational graduate development
programme was launched in 2021. The programme has been very well
received, both by the graduates themselves and the management teams in
thebusiness. We are keen to bring in diversity of thought and background
and therefore encourage applications from graduates with a degree in any
subject, not just those which are construction related. That first intake, all of
whom are still with the Company, moved into their permanent roles this year,
following the completion of their rotational programmes and the breadth of
these roles highlights the range of opportunities available. Positions have
been accepted in Energy Networks, Land, Commercial, External Affairs,
Human Resources and Construction departments.
A diverse business
Activity to support our Equality, Diversity and Inclusion strategy has seen
substantial progress from our working group, which is comprised of
volunteersfrom a range of roles from across the organisation, making
excellent headway against the strategy we developed after an external audit
in 2022. Each member has a specific work stream, such as communication,
training, or recruitment, which feeds into the plan as they collaborate with
their colleagues to deliver change.
There has been some significant training activity in this area too, with over
200 senior leaders improving their awareness and knowledge of Equality,
Diversity and Inclusion, the specific subject of an inclusive leadership course.
Contributing to the broader cultural change within the organisation, this
course challenged them to question how inclusive they are as leaders.
At a different level, over 500 employees across our developments have experienced
our positive workplace sessions that focus on banter, bullying and harassment
and which also link to mental health awareness as well as inclusivity.
Our Women’s Network is firmly established and has seen a number of online
events that have been well attended. The focus next year is to hold a series of
face-to-face events across the country. A steering group has also been set up
to launch Persimmon Pride, which will be a network for colleagues from the
LGBTQ+ community.
To bring in diversity of thought
and background, we encourage
applications from graduates
witha degree in any subject.
YourSay survey action plans
The Managing Directors of our operating businesses are
tasked with formulating their own local plans in response to
the outcome of the YourSay survey. A good example of this is
in Persimmon Homes Teesside, which has formed a YourSay
Working Group, that is comprised of a cross-section of
employees from office and site. Meeting quarterly, they
discuss issues that are important to the local workforce
ranging from welfare and office facilities, to the Company’s
performance and social events, which is supplemented by
an online newsletter.
The Regional Working Group has
proved to be a positive forum to
openly discuss matters raised by
colleagues. Engagement is key to
ensuring that the region operates
as a collective and all employees
feel part of the local team.
Sean Taylor
Managing Director of Persimmon Homes
Designer to review
Our people and culture continued
Persimmon Plc Annual Report 202332

Economy Minister visit to
Persimmon Academy
As part of National Apprenticeship Week, Vaughan
Gething MS, Minister for the Economy of Wales, was given
a tour of the ‘Persimmon Academy’, a partnership with
Bridgend College which sees apprentices develop their
skills at a bespoke construction and learning facility at our
development in Llanilid, near Pontyclun. The Minister met
with the Persimmon’s apprentice bricklayers and carpenters.
He was given a tour of the site and observed students
being taught in the onsite classroom before being shown
more practical elements of the training at the bespoke
construction workshop. Alongside the College, Persimmon
has also designed a bespoke ‘management apprenticeship’
and will train future staff for the Company’s Welsh
developments with qualifications in construction and
sitemanagement.
It was a real pleasure to meet
theapprentices at the Persimmon
Academy today and to see how
they’re gaining the vital practical
experience they need at the
academy.
Vaughan Gething MS
Minister for the Economy of Wales
Our innovative training initiative
at Llanilid is creating significant
career opportunities for local
people, and is a core part of our
vision to become the nation’s
leading housebuilder.
Andy Edwards
Managing Director for West Wales
Through our innovative partnership
with Persimmon Homes, we are
offering apprentices a route to an
exceptional career pathway.
Simon Pirotte
Principal and CEO of Bridgend College
Persimmon Plc Annual Report 2023 33
Financial statementsGovernance Other informationStrategic report

Persimmon Plc Annual Report 202334
Sustainability
Our sustainability strategy
comprises three key pillars
todrive our performance
andfocus. The pillars reflect
our material issues and are
aligned to the Group’s five
key priorities, ensuring that
sustainability is a core part
ofthe Group’s operations.
We provide local homes for
localpeople and create local
jobs, ticking all the boxes from
both a customer and local
authority perspective.
Dean Finch
Group Chief Executive
Our sustainability pillars
Building for
tomorrow
We will achieve net zero
carbon homes in use and in
our operations, supported by
carbon reduction commitments,
aligned to climate science.
We have a key role to play in minimising our environmental
impact through our operations, our supply chain and
the homes and communities we build, ultimately
helping our customers to live more sustainably.
Reducing our impact makes sense not only from an
environmental perspective, but it also ensures greater
efficiencies throughout our supply chain and operations.
Key priorities
We are committed to reducing our carbon emissions
and have approved science-based targets for our
operations and our indirect emissions (i.e. our homes in
use and our supply chain).
We aim to be net zero carbon for our homes in use by
2030, and in our operations by 2040 (see pages 36
to 43), and have established carbon reduction glide
paths to achieve our targets.
We aim to have 50% of our homes built using timber
frames from our off-site manufacturing facilities by 2027
Transforming
communities
We will positively
transformcommunities
directly connected to
Persimmon’s activities.
Creating sustainable places for our customers is at the
heart of what we do. Our Placemaking Framework
guides all our developments and ensures we create
lasting sustainable communities with great design,
theright house types, and valued green open spaces.
It is essential we make a positive impact when building
new homes, meeting stakeholder expectations and
engaging local residents.
Key priorities
We are committed to maintaining a HBF five-star
rating for our homes.
We are committed to delivering high-quality homes.
Our NHBC Reportable Items, reduced to 0.28 for the
year ended 31December 2023.
We are committed to delivering at least 10%
Biodiversity Net Gain on our developments from
February 2024.
We are committed to leaving a lasting legacy
inthecommunities we operate in.
Safe and inclusive
We have a safe and inclusive
culture focused onthe
wellbeing of our customers,
communities and workforce.
Recruiting and retaining the right people means we
deliver our five key priorities and provide excellent
customer service.
It is a priority that our processes meet stringent
standards to ensure safety and wellbeing.
Key priorities
We will report our Annual Incidence Injury Rate
andwill aim to improve it year on year.
We will continue to increase our female representation
to 40% of our employees, 35% of our senior management
team and 45% of employees in management roles by
the end of 2025.
The Group will maintain being a Living Wage
Foundation-accredited employer.
We will continue to apply ethical standards and expect
our supply chain to comply with similar standards.
Read more on pages 36 to 45 Read more on pages 46 to 49 Read more on pages 50 to 53

Persimmon Plc Annual Report 2023 35
Financial statementsGovernance Other informationStrategic report
Sustainability highlights
Community champion
donations
c.£627k
2022: c.£692k
HBF customer
satisfaction score
Tonnes of greenhouse gas
emissions per home sold
2.21
2022: 1.68
Affordable homes
2,402
2
2022: 2,868
1. Estimated using an economic tool kit.
2. Homes provided to our housing association partners and discounted
open market value homes.
Public open spaces and gardens
provided for families
452 acres
1
2022: 674 acres
Trees planted on our
developments
c.145,840
2022: c.147,000
Operational waste
recycled
98%
2022: 96%
Average SAP rating
of our homes
84
2022: 84
Investment in local communities
over the last 5 years
£2.3bn
2022: £2.4bn

Persimmon Plc Annual Report 202336
1
Moving towards Net Zero – Our Transition Plan
Reducing carbon emissions and limiting
global warming is a key business priority
and we are committed to playing our part.
We have developed a high level Transition
Plan to deliver carbon reductions over
time, aligned to ensuring global warming
remains below 1.5
o
C.
We continue to evolve our understanding of the carbon emissions
from our supply chain and report our Scope 3 emissions. (See table
on page 44). As a homebuilder, the majority (c.99%) of the emissions
that we generate come from our indirect activities, through the goods
and services that we procure, and the use of our homes by our
customers (Scope 3 emissions). See our carbon reporting
methodology for more information.
We are working on all fronts to reduce our carbon emissions with
reduction plans in place for our operations emissions, for reducing
the carbon emissions from our homes in use, and for reducing the
embodied carbon in the goods and materials that we use.
Building for tomorrow
The average standard
assessment procedure (SAP)
rating of our new homes
84
equating to an EPC ‘B’ rating
Average dwelling emission
rate of homes (kgCO
2
e/m
2
/yr)*
16.56
* The average dwelling emission rate has beenexternally
assured to a limited level ofassurance by Ernst & Young LLP
(see www.persimmonhomes.com/corporate/sustainability).
Fuels 14,919
Business travel 3,726
Gas 3,304
Sites inc plots 1, 317
Manufacturing and FibreNest 645
Offices 512
Purchased goods and services 962,496
Use of sold products 791,950
Employee commuting 9,952
Scope 1
(tonnes CO
2
e)
Scope 2
(tonnes CO
2
e
location based)
Scope 3
(tonnes CO
2
e)
We have set ambitious carbon reduction targets for the key
areas of our business which contribute most carbonemissions:
• to be net zero in our homes in use by 2030; and
• to be net zero carbon in our operations by 2040.
This commitment is supported by approved interim
science-based carbon reduction targets, aligned to the
ParisAgreement:
• to reduce carbon emissions from our own operations
by46.2% (2019 baseline) by 2030; and
• to reduce carbon emissions from our indirect operations
(i.e. those from our homes in use and our supply chain,
known as Scope 3) by at least 22% per m
2
completed floor
area by 2030 (2019 baseline).
These are challenging targets requiring product innovation,
supply chain engagement and changes to current
operational processes.
In this pillar:
1
Moving towards
net zero – Our
Transition Plan
2
Greenhouse gas
reporting
3
Creating a
responsible
supply chain
Sustainability continued

Persimmon Plc Annual Report 2023 37
Financial statementsGovernance Other informationStrategic report
Reducing our operational carbon emissions (Scope 1 and 2)
From 2022–2026 By 2030 By 2040/2050
Our carbon reduction targets
29% reduction in absolute carbon emissions
(from 2019 baseline)
46% reduction in absolute carbon emissions
(from a 2019 baseline)
Net zero carbon in our operations by 2040
Under development to set long-term, science-based
NZCtargets
Our priority actions
(already underway and planned)
100% REGO backed electricity
100% REGO backed electricity (already in place) 100% eco site cabins with diesel-free hybrid generators
Efficiency first strategy – reduction in diesel use
Construction plant all electric or hydrogen
Hybrid diesel generator trial
Up to 90% switch to hybrid generators 100% EV car fleet
Introduce hybrid generators onto sites
Eco cabin replacement programme underway
New energy-efficient cabin strategy in place
c.80% of car fleet EV
Achieve 40% car fleet EV or hybrid
Option to use green/HVO diesel replacement
Option to use green/HVO diesel replacement Small number of electric/hydrogen construction plants in use
External enablers
• Grid decarbonisation trajectory maintained and sufficient
electricity gridcapacity
• Sustainable HVO or green diesel alternatives available
• Gas in new homes banned through FHS
• Grid decarbonisation on track for 100% by 2035
• Industry availability of electric or hydrogen construction plant
• 100% green electricity from grid
Key: Targets in place Targets under development Actions complete Actions underway Actions planned
High level transition pathway
We are in the process of establishing long-term net zero carbon targets in accordance with the Science Based Targets
initiative Net-Zero Carbon (‘NZC’) Standard, which requires most sectors to significantly reduce absolute carbon
emissions byaround 90% (depending on sector) by 2050 at the latest, with the remainder being offset or neutralised
through a suitable mechanism. The following tables on pages 37 to 39 summarise our carbon reduction pathways as
we transition towards net zero carbon.
The long-term NZC modelling requires significant assumptions on the achievement of decarbonisation of key
carbon-intensive sectors such as cement, steel, and bricks, on which the construction sector is dependent. These sectors
have made their own commitments to NZC targets and are investing in innovation and technology. We have a strong
relationship with our supply chain and collectively the sector is developing common tools and methodologies to ensure
comparability in carbon data to include EPDs, LCAs, and to support decision making. We are an active member of the
Future Homes Hub and are members of the Embodied carbon/Whole Life Carbon Working Group.

Persimmon Plc Annual Report 202338
High Level Transition Pathway continued
Improving energy efficiency of our homes in use (Scope 3 emissions)
From 2022–2026 By 2030 By 2040/2050
Our carbon reduction targets
Achieve net zero carbon homes by 2030 Under development to set long-term, science-based
NZCtargets
Achieve at least 22% per m
2
completed floor area by 2030
(2019baseline)
Our priority actions
(already underway and planned)
Energy transition plans in place for all developments
All homes will be delivering to FHS, and additional
technologies e.g. WWHR, MHVR, solar PV, battery storage
systems to achieve zero carbon homes
Increased thermal efficiency
Part L 2021 homes designed with a ‘fabric first’ approach to
maximise energy efficiency
New house type designs already in place in readiness for
FHSintroduction
Innovation trials of new technologies undertaken
12-month real life trial of zero carbon home at Germany
Beckundertaken
Zero carbon house at Malmesbury built
Increase use of timber frame
c.1,000 ASHPs to be installed over the next two years
External enablers
• Availability of ASHPs and sufficient qualified installers
• Grid decarbonisation trajectory maintained and sufficient
electricity gridcapacity
• Lenders recognise the increased value of more energy-efficient
homes, and this is reflected in mortgage offers
• Grid decarbonisation on track for 100% by 2035
Key: Targets in place Targets under development Actions complete Actions underway Actions planned
Sustainability continued
Building for tomorrow continued

Persimmon Plc Annual Report 2023 39
Financial statementsGovernance Other informationStrategic report
Reducing the carbon footprint of our homes during construction (Scope 3 emissions)
From 2022–2026 By 2030 By 2040/2050
Our carbon reduction targets
Achieve a carbon reduction of at least 22% per m
2
completed
floor area by 2030 (2019 baseline)
Under development to set long-term, science-based
NZCtargets
Achieve 50% timber frame builds by 2027
Our priority actions
(already underway and planned)
Already building around 30% timber frame homes
Increasing timber frame and MMC components
Introduction of ~30% GGBS at brickworks and tileworks to
reduce cement content
Targeted to be a zero waste company
Detailed embodied carbon study already complete and
informing materials targets and reduction plans.
Building circular economy principles into our operations
Strategic partnerships with suppliers and trials of low carbon
alternatives being built
Innovation programme in place – undertaking trial of zero
cement substitute for bricks and tiles (2024/2025)
Enablers
• Grid decarbonisation trajectory maintained and sufficient
electricity gridcapacity
• Development of supply chain partnerships
• Standardisation of LCA methodologies and data
• Cement industry on track to achieve its NZC pathway
• Iron and steel industry on track to achieve its NZC pathway
• Clay brick industry on track to achieve its NZC pathway
• Grid decarbonisation on track for 100% by 2035
• Embodied carbon regulations
Key: Targets in place Targets under development Actions complete Actions underway Actions planned

Persimmon Plc Annual Report 202340
Developing Net Zero carbon homes
We have been carefully planning our transition
to low carbon design and heating solutions
andhow best to improve energy efficiency
inour homes, with our customer experience
being a key consideration.
We have developed energy transition plans for all our developments in
anticipation of the requirements of the forthcoming Future Homes Standard
(‘FHS’) and the phase out of gas, ensuring appropriate timescales and
commercial needs. This has been planned to take account of developments
already underway entering their last build phases, those that complete prior
to 2025, new sites, specific location requirements and customer expectations.
Over the next two years we will already be installing over 1,000 ASHPs
onsites, ahead of any regulatory requirements.
Innovative products and new solutions are emerging onto the market, and
ourtechnical teams are constantly analysing options and creating
optimisedsolutions.
We have a significant advantage through our Space4 timber frame products
to provide an effective ‘fabric first’ approach and deliver increased insulation
and thermal efficiency which will be a key contributor to achieving the energy
efficiency requirements.
Technology roadmap for the delivery of Part L
To achieve the recently introduced Part L 2021 building regulations requiring
a 31% reduction in carbon emissions, we are taking the following design route:
1
A ‘fabric first’ approach – improving the thermal efficiency
ofour homes with increased insulation in walls and floors –
minimising the amount of energy our customers will need to use
and making the home cheaper to run.
2
Providing more efficient gas boilers and control systems, so that
our customers can heat their homes and water effectively and
control with smart technology, for example waste water
heatrecovery.
3
Some of our homes will have solar panels, providing renewable
energy for our customers and reducing the need to use
electricity from the grid.
The planned introduction of the Future Homes Standard (‘FHS’) (Scotland
2024, England from 2025) requires a significant step change in energy
efficiency and carbon reduction, having to achieve a 75–80% carbon
emissions reduction.
The legislation is still going through consultation, and whilst some elements
ofthe design will be core, such as increased thermal efficiency, there will be
anumber of options available, especially around heating systems, which will
need to be considered as part of each site design to achieve the carbon
reductions required, including:
1
Further increased thermal efficiency through the fabric such as
additional insulation in the floors, walls, roofs will be required,
and the potential increased use of panelised wall systems.
2
Gas heating will be banned from new homes when the FHS
comes into force during 2025, and therefore alternative heating
systems will be required such as all-electric heating orair
source heat pumps (‘ASHPs’).
3
Options for localised heating systems such as ground source
heat pumps, or small-scale district heating systems, will need
tobe explored, and will be region and location dependent.
Wewill conduct detailed studies to ensure the most optimised
heating solutions are provided.
4
Waste water heat recovery systems and mechanical heat and
ventilation systems may be required, which capture and re-use
heat which would otherwise be wasted.
5
Increased air tightness of the homes, and improved glazing
specifications such as triple glazing.
6
Solar PV and battery storage systems may be required where
local authorities have renewable energy strategies.
All of the above options are being carefully considered for each site to ensure
the best option for our customers and our business.
Over the next two years we will already be
installing over 1,000 ASHPs on sites, ahead
of any regulatory requirements.
Sustainability continued
Building for tomorrow continued

Persimmon Plc Annual Report 2023 41
Financial statementsGovernance Other informationStrategic report
Zero carbon homes –
Backbridge,Malmesbury
At the forefront of technology
The future heating systems are different, and we have
beenundertaking a number of new technology tests and
detailed trials to best optimise energy efficiency solutions
and understand what works for our customers. In 2023 we
constructed a zero carbon home at our site in Malmesbury
based on a Future Home Standard specification and using
our learnings from our first zero carbon home completed
in2022 at Germany Beck, York.
The home in Malmesbury is timber frame construction
witha brick façade, and uses new highly thermal-efficient
timber frame wall cassettes designed and built by our
Space4 factory. This has enabled us to trial not only panel
construction techniques but also installation processes.
Zero carbon heating is provided in the form of an air source
heat pump, and a waste water heat recovery system has
been fitted to achieve the requirements of the anticipated
FHS. The home is fitted with smart energy management
systems to ensure that efficiency and occupier comfort
isoptimised.
In addition, a solar PV system with battery storage has also
been installed which enables the home to operate as zero
carbon. The house has been sold and its energy performance
and real-life usability will be monitored for a period of 12
months with the home owner. This will provide invaluable
information on real-world conditions and experience
rather than a laboratory environment.
Technology roadmap for the delivery
of the Future Homes Standard
Solar PV and
battery storage
Thermally
efficient walls
Loft
insulation
Water waste
heat recovery
Panelised off-site
manufacturing
Thermally
efficient floors
EV charging
Air source heat pump – or other low
carbon technology heating system
Air source heat
cylinders
Triple glazing
(if required)

Persimmon Plc Annual Report 202342
Hybrid generator trial at
Llanwern, East Wales
A combined battery diesel generator trial has been
undertaken at one of our developments in East Wales,
withbi-monthly monitoring of performance. Over the
course of four months it has so far demonstrated a
significant saving in diesel usage and cost savings.
Uponsuccessful conclusion of the trial, we will roll out
hybrid diesel generators on suitable development sites.
Key lessons learnt have been the additional benefit that
can be gained by optimisation of the systems to meet
specific sites’ needs, and remote performance monitoring
with regular reporting.
Working towards net zero carbon operations
We continue to focus on reducing operational
carbon emissions across the Group, and have
adetailed plan as laid out in our Transition
Pathway on pages 37 to 39.
During the year, the Group’s market-based Scope 1 and 2 greenhouse gas
emissions per home sold was 2.21 tonnes CO
2
e (2022: 1.68 tonnes CO
2
e).
This increase in carbon emissions per home is a consequence of less legal
completions during the period and a baseload of energy which is not volume
linked. However, our absolute carbon emissions have reduced to 21,973 tonnes
over the period 2022: 25,017, keeping us well on track to meet our approved
science-based carbon target.
A number of energy efficiency actions have been undertaken during 2023,
with a principal focus on reducing diesel consumption which makes up 65%
ofour operational greenhouse gas emissions (market-based). Our Regional
Chairs receive bi-monthly diesel usage data from across the Company to
ensure site efficiency, and share best practice findings, and have been
focusing on driving site efficiency actions.
The Group has continued its programme of energy awareness training
modules to improve on-site energy efficiency, such as providing electric
power to our developments as soon as possible to reduce the use ofgenerator
power, restricting machine idling time and using appropriate travel speeds
when travelling around the development.
A new site cabin layout strategy is being developed which will guide all
businesses on appropriate location on a development and the specification.
This has provided an ideal opportunity to embed sustainability principles
andenergy efficiency to help future-proof the business, and reduce
carbonemissions.
Reducing the carbon emissions from our construction fleet (e.g. forklifts) is
akey priority, with a focus on ensuring efficient driving is employed, and
seeking longer-term alternative fuels. A strategic meeting was held with JCB
inJuly to review their new electric and hydrogen technologies and understand
the timelines for transition.
The Group continues to purchase 100% REGO
backed renewable energy for our offices and
manufacturing facilities. In addition, all
electricity purchased for our sites and supplying
our plots whilst under our ownership is also
100% REGO backed renewable energy.
The Group participates in the CDP climate
survey, receiving a score of
A-
in this year’s survey
Greenhouse gas emissions per home sold
(market based)
2.21
tonnes CO
2
e/home
2022: 1.68 tonnes CO
2
e/home
Absolute Emissions Scope 1 and 2
21,973
tonnes CO
2
e
2022: 25,017 tonnes CO
2
e
Sustainability continued
Building for tomorrow continued
Above: Hybrid generator trial at Llanwern, East Wales.

Persimmon Plc Annual Report 2023 43
Financial statementsGovernance Other informationStrategic report
We have significant benefits in reducing
embodied carbon impacts through our
vertical integration strategy with our own
timber frame manufacturing facility, Space4,
and our Brickworks and Tileworks factories.
Moving towards net zero – reducing our
Scope 3 indirect emissions
Our Scope 3 emissions arise from indirect activities through our supply chain,
and make up the vast majority of our overall carbon footprint.
Throughout 2023 we adopted a broad-ranging approach to reducing
Scope3 emissions and the whole life carbon impacts of our business.
The following provides a summary:
• We have significant benefits in reducing embodied carbon impacts
throughour vertical integration strategy with our own timber frame
manufacturing facility, Space4, and our Brickworks and Tileworks
factories. The use of timber frame construction (kits and roof systems)
replaces masonry components and, from a sector-wide study, completed
by the Future Homes Hub in 2022, on average delivers a 16% reduction.
Our own bricks and tiles are made from concrete, with a lower carbon
footprint that those made traditionally from clay, which require firing in gas
kilns at temperatures exceeding 1000 °C. In addition, our Brickworks
factory has run successful trials using ground granulated blast-furnace slag
(‘GGBS’) as a cement replacement, which is expected to further reduce the
footprint by over 5,000 tonnes of CO
2
p.a. when introduced during 2024.
• We have collaborative long-term relationships with our supply chain
andas part of our responsible procurement process regularly engage
onsustainability and new materials and innovations. In addition, we are
partners of the Sustainability Supply Chain School to assist in the delivery
of a consistent approach to sustainability and responsible sourcing. The
School provides a learning and engagement platform to upskill people
working within the built environment sector. Our partnership support
enables free online learning materials, seminars, workshops and other
services for our supply chain to help them improve environmental,
socialand economic sustainability awareness on issues including
carbonreduction, waste reduction, resource use and human rights.
• We are in the process of finalising a detailed embodied carbon study
ofour ten most popular house types which will provide us with detailed
understanding of material types and those areas where most carbon
reduction can be effectively made.
• We sit on the industry collaborative network, the Future Homes Hub Whole
Life Carbon Task Force, and reducing whole life carbon emission is a
whole industry challenge. The Task Force has undertaken detailed analysis
of available embodied carbon footprints to create an understanding of
where interventions can best be made and created a delivery roadmap
over the next five years.
Above: Tileworks.

Persimmon Plc Annual Report 202344
2
Greenhouse gas reporting
Greenhouse gas emissions and energy consumption reporting (Scope 1, 2 and 3)
The Group has reported on greenhouse gas emissions in line with the UK Government’s ‘Environmental Reporting Guidelines: including streamlined energy
andcarbon reporting guidance’ (dated March 2019). The GHG Protocol Corporate Accounting and Reporting Standard (Revised Edition) has been used as
themethodology to quantify and report greenhouse gas emissions. The Group operates in England, Wales and Scotland, and emissions are reported in line
withthe financial control of the Group.
Greenhouse gas emissions 2023 2022 2 0 21 2020
Scope 1 emissions from gas, transport and construction site fuel use tCO
2
e 21,949* 25,005* 25,298 25,887
Scope 2 emissions from electricity use
Location based tCO
2
e 2,594* 2,151* 2,380 3,480
Market based tCO
2
e 24* 12 * 1,149 1,656
Total Scope 1 and 2 greenhouse gas emissions
Location based tCO
2
e 24,544* 27,156* 27,678 29,367
Market based tCO
2
e 21,973* 25,017* 26,447 27,543
Scope 1 energy consumption MWh 87,322 99,980 96,508 95,110
Scope 2 energy consumption MWh 12,887 11 , 4 1 0 11,208 14,925
Carbon intensity Scope 1 & 2 emissions (per home sold)
Location based tCO
2
e/per home sold 2.474 1.826 1.902 2.163
Market based tCO
2
e/per home sold 2.214 1.683 1. 818 2.028
Scope 3 emissions – Category 1: Purchased Services & Goods tCO
2
e 962,496* 1,288,322* 1,254,243 N/A
Scope 3 emissions – Category 11: Use of Sold Products tCO
2
e 791,950* 1,394,740* 1,193,835 N/A
Scope 3 emissions – Category 7: Employee commuting tCO
2
e 9,952 11,067 14,537 N/A
Carbon intensity Scope 3 carbon emissions (emissions per 100m
2
completed floor area) tCO
2
e per 100m
2
207 216 N/A N/A
Total Scope 3 emissions tCO
2
e 1,764,398 2,694,129 2,462,615 N/A
* The Scope 1, 2 and 3 (category 1 and 11) greenhouse gas emissions data for 2023 and 2022 has been externally assured to a limited level of assurance by Ernst & Young LLP
(see www.persimmonhomes.com/corporate/sustainability). The Group’s full GHG Reporting Methodology can be found at www.persimmonhomes.com/corporate/sustainability.
Continued improvements have been made to data capture and reporting methodologies during 2023, diesel fuel usage on sites has been recorded directly in litres, which has improved
accuracy, and a high proportion of our regional offices are now on smart meters. As part of the Group’s sustainability commitments, from August 2021 all purchased electricity is now backed
by Renewable Energy Guarantee of Origins (‘REGOs’) certificates, which are provided to the Group.
This year the Group is again reporting its material Scope 3 emissions; these are the emissions from indirect activities, to include: category 1 purchased goods and services (obtained from
spend data and will be improved over time as carbon data becomes available from suppliers); category 11, homes in use (obtained from SAP information), and employee commuting
(obtained from employee travel survey data).
Greenhouse gas emissions
The Group’s absolute GHG Scope 1 and 2 emissions decreased in 2023 as
aresult of decreased volumes and energy efficiency measures. Data capture
and reporting have continued to improve, allowing the effects of efficiency
measures to be more visible, and the opportunity for best practice sharing.
Anumber of energy efficiency measures have been undertaken this year
toinclude the refurbishment of a number of offices, a trial of HVO fuel, and
ahybrid battery diesel generator trial. Best practice findings are rolled out
across the business to continue to reduce carbon emissions.
Scope 3 emissions make up the majority of our total GHG footprint, around
98%. A decrease in Category 1 (purchased goods and services) has occurred
as a result of reduced completions and therefore less materials and services
being required. This is a spend-based method and other factors can have an
influence such as the costs of materials.
In 2023 we completed a detailed embodied and whole life carbon study of
our core house types providing a robust set of data to enable more accurate
calculation of category 1 impacts. This more accurate data on embodied
carbon will replace some of the category 1 purchase ledger spend which
iscurrently the method used for calculating the carbon.
Scope 3 category 11 emissions (use of sold products) have decreased,
reflecting the reduced number of homes legally completing. We have
improved our methodology this year with a far greater capture of data over
the period. The calculation methodology for this category requires a 60-year
timeframe to be used.
Sustainability continued
Building for tomorrow continued

Persimmon Plc Annual Report 2023 45
Financial statementsGovernance Other informationStrategic report
3
Creating a responsible
supply chain
Creating a responsible supply chain
Our supply chain is a critical part of our business operations in delivering
quality homes for our customers. We operate through a combination of Group
framework agreements for core materials and services, and local operating
company supplier relationships. Ensuring responsible and ethical procurement
practices is very important and our suppliers have to comply with our Supplier
Principles and Group policies. For framework agreements and significant
sourcing decisions, all requests for information (‘RFIs’) and requests for
quotation (‘RFQs’) include environmental and sustainable criteria with
appropriate weightings. Our Group Procurement team holds quarterly
supplier reviews with key suppliers where sustainability matters and
requirements are discussed.
We are partners to the Supply Chain Sustainability School to assist in the
delivery of a consistent approach to sustainability and responsible sourcing.
The School provides a learning and engagement platform to upskill people
working within the built environment sector. Free online learning materials,
seminars, workshops and other services are available to help assess and
improve environmental, social and economic sustainability awareness on
issues including waste reduction, resource use and human rights.
Responsible sourcing of timber
We are committed to responsible sourcing and look to use supply chain
systems, which minimise the environmental impact associated with the
production of key commodities such as timber. All buyers, surveyors, suppliers
and subcontractors to Persimmon via Group deals are required to purchase
Forest Stewardship Council (‘FSC’) or Programme for the Endorsement of
Forest Certification (‘PEFC’) certified timber and timber-derived materials for
use in all of our operations.
If FSC or PEFC certified timber and timber-derived materials cannot be
purchased, evidence must be provided that alternative materials are sourced
from reputable and sustainable sources.
As a minimum, all buyers, surveyors, suppliers and subcontractors must ensure
compliance to any applicable laws and regulation in relation to the sourcing
of timber and timber-derived materials. The Group Procurement department
actively tracks compliance with this policy.
In 2023 we completed the CDP Forestry questionnaire to provide greater
transparency. In 2024 we will be issuing a detailed annual questionnaire to
our Group timber and timber product suppliers to gather greater levels
ofinformation.
Enhancing our environmental
managementapproach
During 2023, a detailed environmental management programme was
launched across the business, with the roll out of standardised processes,
operating processes and procedures across the operating companies. This
has been supported by a comprehensive training programme and helped
raise awareness and understanding of environmental matters and gain more
consistency in reporting. A key focus area has been on pollution prevention
and spill control, with provision of specialist spill control equipment in high risk
areas. Local HSE managers and officers have been upskilled in environment,
and it is now part of all inspections.
Reducing waste
In 2023 98% of waste was recycled or reprocessed from our sites and off-site
manufacturing facilities (2022: 96%), with 8.29 tonnes of waste generated
per home sold (2022: 7.3 tonnes). This increase in waste generated is being
further investigated.
During 2023 there have been significant improvements to data capture and
reporting. Our Thames Valley region has partnered with a specialist waste
management advisor and is undertaking a comprehensive trial on waste
segregation and source tracking to improve recycling rates and eliminate
waste in the longer-term.
We have a number of processes on site to monitor and control our waste
management in our operating businesses. We continue to recycle brick and
block waste on most of our sites, where possible. These materials are typically
crushed for reuse in other areas on site such as piling platforms and scaffold
bases. This not only reduces the amount of waste we send to landfill, but also
reduces our requirement for third-party aggregates.
Clean site soil and sub-soil were identified as an opportunity where the
Group could share information and manage any material deficits and surplus
internally, thereby reducing waste costs and material import costs. An internal
soil management platform has been established where excess and deficit soil
needs can be registered.

Persimmon Plc Annual Report 202346
Sustainability continued
Transforming communities
Supporting sustainable communities
isakey priority for Persimmon. Our
transforming communities sustainability
pillar complements this priority for
thebusiness.
Creating sustainable places for our communities and customers is
atthe heart of our business. We have established a ‘Placemaking
Framework’ that provides a structure for each of our developments to
follow, providing a sense of place and ensuring we deliver attractively
designed communities with valued green open spaces that are well
connected to local amenities.
The Persimmon Way, our construction excellence programme, is
driving continued improvements in our build quality. We have been
awarded an HBF five-star rating for the second consecutive year and
have improved our NHBC Reportable Items by 43% with a score of
0.28 for 2023.
Our customers are seeing the benefits of the investments we are
making in our customer service and customer care. Persimmon Homes
has been rated 4.2 on Trustpilot (2022: 3.9). We are proud to deliver
homes that are affordable and that local people want to live in. Our
private average selling price of £285,774 is over 20% below the
UKnational average. We are also offering a ‘local homes guarantee’
on some of our developments where we guarantee that a proportion
of our homes on a specific development will be reserved for
localpeople.
Highlights
Affordability
£286k
Private average selling
price over
20%
below UK national
average
Investment in local
communities (over 5 years)
£2.3bn
2022: £2.4bn
Donations to local
charities
c.£734k
2022: c.£676k
NHBC reportable items
0.28
2022: 0.49
Trustpilot scores
Persimmon Homes
4.2
2022: 3.9
Charles Church
4.1
2022: 4.1
In this pillar:
1
Building for you
2
Connecting
people to nature
3
Leaving a
lastinglegacy

Persimmon Plc Annual Report 2023 47
Financial statementsGovernance Other informationStrategic report
1
Building for you
Our Placemaking Framework ensures that all
our developments are designed with a sense
ofplace to reflect the local needs and character
and create a sustainable community, with
wellbeing and social value as key deliverables.
It is fully integrated with the Persimmon Way,
and facilitates our pathway to achieving net
zero carbon.
At the core of our Placemaking Framework is the National Model Design
Code which sets out a number of characteristics of a well designed place,
toinclude character, climate and community. We have taken these and
developed ten ‘pledges’ which each of our developments must consider in the
design process, thereby ensuring the unique requirements of each location
and community are incorporated. This approach leads to high-quality
schemes which are in keeping with the area, align with local authority
requirements, and support a flourishing community.
The inclusion of climate considerations ensures our developments are
future-proofed for physical risks such as drought and flooding using blue and
green infrastructure to include sustainable urban drainage systems, and our
homes are designed with lower energy needs ready for the transition to low
carbon/zero carbon ready for our customers.
Creating healthy, safe and enjoyable public spaces is a key part of a
sustainable community and includes more shared streets, walkable
neighbourhoods and sustainable transport schemes, providing links to schools
and local amenities. Nature contributes to the quality of a place and to the
quality of our customers’ lives and is a critical component of our placemaking
approach. We also maximise the opportunity for green spaces to support and
enhance biodiversity across our developments, ensuring a home for wildlife.
A highly attractive and
sustainable new development
for139 new homes in the village
of Lakenheath, Suffolk
The new scheme, which was approved in November 2023,
was developed by our team at Suffolk region, and boasts
impressive sustainability and environmental credentials,
with every home fitted with air source heat pumps, over
200 new trees planted on site and the creation of a new
2.33 hectare off-site Breckland habitat for priority bird
species and other wildlife.
The off-site Breckland habitat, which will be located at
Gallow Bottom near to the Foxhole Heath SSSI, has been
designed specifically for the stone curlew bird population
and will be managed in perpetuity for these birds. It will
also provide wider ecological benefits to local wildlife.
As well as the environmental benefits put forward, the
scheme will also make a major contribution towards meeting
the local housing needs of the area. The development itself
will deliver 48% of the new homes that Lakenheath needs
inthe next five years and 42 new homes will also be made
available for either shared ownership or affordable rent
through a housing association partner.
We will also be investing almost £1m into the local
community with a significant proportion of this money
directed towards local schools and highway improvements,
including the B1112 junction with Eriswell Road and
Spark’sFarm.
The new development will also provide a considerable
economic boost. The scheme will create 262 new jobs in
total with 111 jobs supported directly on site with the
construction of new homes.
We’re delighted to have received
the approval from councillors
forour high-quality scheme at
Lakenheath. We’re proud of the
environmental benefits our scheme
will offer and we also know that
this site will make an important
contribution to meeting the local
housing needs of the area, helping
families and first-time buyers to
get their dream home.
Ian Hamilton
Managing Director of Suffolk region

Persimmon Plc Annual Report 202348
Embracing sustainable design
Wykham Park in Banbury has been designed with a range
of sustainability-focused placemaking features, to include
sustainable transport, recreational facilities and nature-friendly
habitats. The site will provide 237 homes, and 225 swift
bricks will be installed, providing vital nesting features for
summer-visiting swifts which are an endangered bird
species. A further 36 nesting features are provided for
other important bird and bat species welcoming them into
the development.
Hedgehog pathways have been sensitively designed into
our scheme ensuring they are able to roam freely between
gardens and out into the wider countryside. Sheltering
spaces have also been embraced within the design, set
aside within the quieter areas of the development. This
further enhances wildlife activity and movement for a range
of species both within the community and out to the
widerlandscape.
Our show home features these important assets,
showcasing their value and creating an opportunity to
positively engage every visitor with these iconic species.
These valuable biodiversity features and wildlife
communities will be supported with feeding opportunities
and movement corridors through provision of swales,
meadow planting, tree planting, scrub and retained native
hedgerows throughout the development, as well as
complementing the parkland character within the
surrounding landscape.
2
Connecting people
tonature
Creating sustainable communities is a key
driver embedded within our Placemaking
Framework, where the importance of
creating nature-rich opportunities and
green spaces is well recognised to
supportwellbeing.
Our focus is on delivering quality affordable homes and creating
sustainable places. Our new developments are increasingly
featuring enhanced green spaces to include allotments and orchards
to enable healthy lifestyles. We are proud to create spaces that
bring families and communities together and provide opportunities
to reconnect with nature and strengthen wellbeing.
We are committed to delivering greater than 10% Biodiversity Net
Gain (‘BNG’) across our developments, in line with the regulations
that came into force in February 2024. A number of our sites are
already delivering BNG requirements.
Extensive engagement across the land and planning teams has taken
place, with the continuation of comprehensive BNG training, issuing an
internal guidance series and promoting inter-disciplinary collaboration.
A detailed review of our non-developable land assets has been
undertaken, with the positive identification of a suitable large-scale
site which would enable the Group to develop its own units.
We are actively engaged in sector collaboration on BNG and sit on
the FHH Places and Nature Group and several sub-working groups.
This approach is ensuring a proactive approach with Government
and consistency in application.
We continue to build on best practice across our regions and further
embed biodiversity principles into operations and decision making.
We continue to develop internal processes and produce tailored
guidance and training on how to manage biodiversity gains and
ecologically influence designs from an early stage. In recognition
ofwell-designed schemes our Excellence Awards include categories
on sustainability and biodiversity to celebrate efforts towards nature
and sustainability principles.
We remain strongly positioned to effectively deliver biodiversity net
gain and our ability to make positive ecological choices is further
strengthened by our in-house expertise. Understanding our customers
and wider corporate responsibilities towards biodiversity strengthens
this ability and we are developing engagement tools and training
programmes to further support our teams and customers, positively
promoting connectivity with nature and the importance of biodiversity.
Sustainability continued
Transforming communities continued
We are extremely excited to be involved in
providing over 200 S Bricks for swifts to this
first phase of the development at Banbury.
This coverage is precisely the type of
meaningful provision this species needs to
hopefully arrest its decline. Working in
partnership with Persimmon to ensure the
most appropriate configuration and location
of the S Bricks for the birds has seen this
project optimise its implementation. We look
forward to working with Persimmon on its
future projects to maintain and enhance not
only this biodiversity, but also the communities
in which they are installed.
Henry Kenner
CFO Action for Swifts

Persimmon Plc Annual Report 2023 49
Financial statementsGovernance Other informationStrategic report
Cornwall team donates £5,000 to
local AirAmbulance
Persimmon Homes Devon & Cornwall donated £5,000 to
Cornwall Air Ambulance. The service operates all year
round and attends, on average, 1,000 missions every
year. The aircrew can reach anywhere in mainland
Cornwall in 20 minutes, usually reaching their destination
in 23 minutes, and the Isles of Scilly within 30 minutes.
Persimmon’s development, Trevithick Manor Park, in
Newquay, is only a few miles away from where the Air
Ambulance is based.
3
Leaving a lasting legacy
We are a national business with a local presence.
Persimmon is committed to leaving a lasting
legacy in the communities in which we work.
We support c.43,000 jobs across the supply chain and c.76,000 jobs
acrossthe wider community. Our developments engage local suppliers
andtradespeople, supporting the local economy.
Each of our operating businesses have regional teams with detailed
knowledge of the communities in which they operate. In addition to
supporting communities through the delivery of much needed, attractively
priced homes, our teams support them in a number of other ways, engaging
with them to design and develop areas that suit their needs, providing local
infrastructure and making charitable donations to support local charities.
We are committed to supporting education and providing opportunities for
young people in areas we operate. We attend events at schools and colleges,
providing career advice and guidance to young people and sit on education
boards to help shape the curriculum to provide construction skills for the
future. We further support colleges with material donations, including bricks
from our BrickWorks factory, and regularly sponsor college award
ceremonies.
Left: Ten college students from Hugh Baird
College, Bootle, visited Persimmon’s Edinburgh
Park Development in Liverpool, learning about
bricklaying and gaining hands-on experience of
an operational construction site.
We support c.43,000 jobs
across the supply chain
and c.76,000 jobs across
the wider community.

In this pillar:
1
Working safely
2
Investing in
adiverse
workforce
3
Respecting human
rights across the
valuechain
We have a safe and inclusive culture
focused on the wellbeing of our
customers, communities and workforce.
Maintaining a safe environment is of paramount importance and we
have a proactive and progressive approach to health and safety.
Our safety management system defines the policies and procedures
to ensure employees, contractors and visitors can be safe on our
sites and in manufacturing businesses. Extensive training and
inspections enable effective delivery. A key focus is placed on
wellbeing, especially mental health, and to raise awareness.
Recruiting and retaining the right people means we deliver our five
key priorities and provide excellent customer service. Equality,
Diversity and Inclusion is a key enabler for this, and we have
instigated new policies and training programmes to further embed
this in the business and decision making.
We adopt an industry leading-approach to training, with dedicated
in-house resource providing a wide range of learning opportunities
to all employees. Programmes are categorised as:
• ‘introductory’ typically covering basic courses required for
thebusiness to operate in compliance and for colleagues
tounderstand required Persimmon ways of working;
• ‘competent’ level training enables colleagues to fulfil their
coreskills and builds their capabilities; and
• ‘excellence’ training programmes are focused on providing
opportunities for skills development and progression, fulfilling
ourpeople’s potential.
Ensuring ethical, safe and fair working conditions within our supplier
chain is very important and we operate a robust approach to supplier
selection and adherence to our policies. We are mindful of the risks
of modern slavery in the construction industry and have training
programmes in place, site inspections, and whistleblowingprovisions.
Persimmon Plc Annual Report 202350
Safe and inclusive
Highlights
RIDDOR¹
2.8
2022: 3.6
AIIR²
1.4
2022: 1.8
Training interventions
atexcellence level*
382
Percentage of female
employees in senior roles
34%
2022: 34%
1. RIDDORs reported per 1,000 workers
including, where relevant, those
reported by our contractors.
2. Accident Incident Injury Rate reported
per 1,000 workers.
* The training interventions at excellence
level have been externally assured to a
limited level of assurance by Ernst &
Young LLP: www.persimmonhomes.
com/corporate/sustainability
Sustainability continued

Persimmon Plc Annual Report 2023 51
Financial statementsGovernance Other informationStrategic report
1
Working safely
The wellbeing of our customers, our workforce
and our communities remains paramount. We
take a proactive and progressive approach to
our health and safety strategy and objectives.
Our health, safety and environment
(‘HS&E’)approach
• Fully digitalised HS&E policies and standards have been completed,
making them more accessible and interactive for ourworkforce.
• Following the launch of our new Environmental Management System
(‘EMS’) and a programme of EMS training for all relevant personnel,
allsites are now receiving an enhanced specific periodic
environmentalinspection.
• An internal HS&E auditor has been appointed to undertake assurance
checks on our HS&E procedures and compliance levels across the
business, and to assist us in becoming verified in the relevant International
Organisation for Standardisations (‘ISO’).
• We continue to recognise good HS&E performance through our annual
internal ‘HS&E Excellence Awards’ by rewarding site teams that have
demonstrated a passion and commitment to HS&E initiatives above and
beyond policy requirements.
• We are rolling out a digitalised site induction and sign process via a new
internally developed and bespoke app across all our sites. This new
process ensures site personnel and our supply chain workforce are given
aconsistent induction in relation to HS&E risks. It also enables us to keep
enhanced records of personnel on site and to communicate with our site
workforce more effectively.
• Through the new app we will signpost to all our site personnel that we
intend to undertake random drug and alcohol testing and will commence
aprogramme of testing following implementation of the app across all
oursites. Random drug and alcohol testing already takes place at our
manufacturing facilities and our groundworks business in Wales.
• We have partnered with trade association and training body Fall Arrest
Safety Equipment Training (‘FASET’) to ensure that all safety decking
usedon our sites is an approved FASET system, and all our installers
meetthe required competence and training levels set by FASET. Our site
management teams are also receiving safety decking inspection training
through FASET.
• We are enhancing our arrangements for staff that undertake lone working,
giving them access to an app that will enable them to instantly raise an
alert to a 24/7 monitoring centre if they feel they are in danger.
Increasing our focus on wellbeing
The British Safety Council and leading UK charity ‘Mates in Mind’ have
assisted us to develop and implement a wellbeing strategy, to put good
mental health of all our workforce as a priority and on the same standing as
their physical health and safety. One of the key components of our wellbeing
strategy is to raise awareness on mental health, for our employed and
contract workforce.
• On World Mental Health Day we released a two-part video interview
withOlympic Gold Medallist Diver, Team GB’s Jack Laugher to discuss
how he’s dealt with mental health challenges throughout his high pressure
career, and the importance of talking about mental health to help break
down the stigma associated with it.
• We also hosted virtual drop-in sessions focusing on how important
conversations about mental health are, while exploring good mental
healthpractices.
• Through partnership with the Charity Lighthouse Club, we are running a
series of mental health workshops on sites to get our site personnel, who
are predominantly subcontractors, talking about mental health issues.
Proactive site
inspections undertaken
6,769
Training
Investment in training is a key element of mitigating the Group’s health and
safety risk. All members of our workforce, including our subcontractors,
undergo extensive training to safeguard the wellbeing of everyone that
comesonto our sites, into our manufacturing facilities or into our offices.
Training modules comprising ‘Toolbox Talks’ are regularly delivered to our
site personnel and our supply chain workforce. These training modules are
delivered at a regional level using Group-wide training material developed
by our HS&E department. The results of ongoing performance monitoring
undertaken by the department determines which topics are covered.
Inspections
Under the direction of our senior management team, the HS&E department
performs regular inspections of the Group’s operating activities. The results of
these inspections are provided to relevant management and have been used
to identify both areas for improvement and areas of best practice that can be
shared across the business.
In 2023, the HS&E department undertook 6,769 proactive site inspections.
They have considerable experience in providing both a proactive advisory
and reactive incident-led approach to identify and mitigate health and
safetyrisk.

Persimmon Plc Annual Report 202352
2
Investing in a diverse
workforce
A diverse business
Activity to support our Equality, Diversity and Inclusion strategy has seen
substantial progress from our working group, which is comprised of volunteers
from a range of roles from across the organisation, making excellent
headway against the strategy we developed after an external audit in 2022.
Each member has a specific workstream, such as communication, training,
orrecruitment, which feeds into the plan as they collaborate with their
colleagues to deliver change.
There has been significant training activity in this area too, with over 200
senior leaders having their awareness and knowledge of D&I, the specific
subject of an inclusive leadership course. Contributing to the broader cultural
change within the organisation, this course challenged them to question how
inclusive they are as leaders.
Over 450 construction employees across our developments have experienced
our positive workplace sessions that focus on banter, bullying and harassment
and which also link to mental health awareness as well as inclusivity.
The Group set stretching diversity targets with the specific objective of
increasing the representation of women across the Group by the end of 2025.
After two years, our progress against these targets is as follows:
• the percentage of females in the senior management team is currently
34.5%, against a target of 35%;
• of all our management roles in the Company, the female percentage is
31%, against a target of 45%; and
• the percentage of female employees in the Group is 28.5%, against a
target of 40%.
The Group has made good progress against its Equality, Diversity and
Inclusion strategy, part of which are its goals of increasing diversity at senior
levels and the overall proportion of women in management roles. We are
making incremental progress in increasing the proportion of females employed
in the Group as a whole, the pace of which reflects both the lower level of
overall recruitment in 2023 and the fact that site-based roles for skilled
tradespeople, operatives and labourers still attract a much higher proportion
of male applicants, despite Group and national initiatives to promote site
skill-based roles and apprenticeships to more diverse applicants.
In 2023 we introduced an additional measure of progress, which is the
percentage of salaried employees whom are female. This currently stands
at39%, comparing favourably to our target of 45% by the end of 2025.
The Persimmon Women’s Network, which was launched on International
Women’s Day in 2023, is now firmly established and has seen a number of
online events that have been well attended. The focus in 2024 is to enhance
this with regional leads and more local events across the country. A steering
group has also been set up to launch Persimmon Pride during LGBTQ+ History
Month in February 2024, a network for colleagues from the LGBTQ+
community and allies.
Our gender data 2023 2022 2 0 21
Board Male
4 (50%) 6 (66%) 6 (66%)
Female
4 (50%) 3 (33%) 3 (33%)
Senior Executive
Committee
anddirect
reports
Male
36 (66.5%) 35 (66%) 51 (72%)
Female
19 (34.5%) 18 (34%) 20 (28%)
All colleagues Male
3,451 (71%) 4,045 (73%) 3,793 (73%)
Female
1,374 (29%) 1,509 (27%) 1,403 (27%)
Median gender
pay gap 9.9% 13.5% 18.1%
1
Working safely continued
Work-related injuries
During 2023, the number of construction work-related injuries in our
housebuilding operations we reported to the Health and Safety Executive
(‘HSE’) under the Reporting of Incidents, Diseases and Dangerous Occurrences
Regulations (‘RIDDOR’) was 19 (2022: 29). Injuries per one thousand workers,
which includes injuries sustained by our contract workforce, has decreased
to2.8 per 1,000 workers (2022: 3.6). The level of build per injury, including
contractor injuries, was 262 legal completions per injury (2022: 265).
Our Group Annual Incidence Injury Rate (‘AIIR’) for 2023 was 1.4 per 1,000
workers (2022: 1.8). In our manufacturing operations, we reported 2
RIDDORs in 2023 (2022: 3).
Building safety
In March 2023, following a rigorous assessment process, we were awarded
Building a Safer Future (‘BSF’) Chartered Champion status. Dame Judith
Hackitt, in a letter to us, applauded us for the work we have done to act as a
spearhead for the industry to step up and take responsibility. To align building
safety with our own internal health and safety management system, building
safety issues will now fall under the remit of the HS&E department and a
Group Building Safety Manager has been appointed to oversee this transition
and continue our work with the BSF.
Sustainability continued
Safe and inclusive continued

Persimmon Plc Annual Report 2023 53
Financial statementsGovernance Other informationStrategic report
3
Respecting human rights
across the value chain
Human rights
The Group has a strong commitment and fundamental respect for human
rights, defined within our comprehensive suite of Group policies and
procedures and embedded throughout our operations. We regularly assess
the most significant potential human rights impact areas within our operations
to ensure our policies and controls remain appropriate. The key human rights
risk areas identified have remained consistent with prior years, and include
workforce safety, labour and employment rights of our employees and
subcontractors, and supply chain risks such as modern slavery.
Workforce safety
Ensuring the safety and wellbeing of our workforce, and all those present in
the areas in which we operate, is of critical importance. The Group maintains
comprehensive health and safety management systems to mitigate the inherent
risks to safety in construction activities. These systems are subject to regular
internal inspections by the Group Health, Safety and Environment (‘HS&E’)
department, which itself is regularly audited by independent specialists within
our Group Internal Audit department. Further safeguards are provided through
the Safety and Environment Concerns reporting telephone line and email
address, details of which are displayed in all Group offices and at all Group
construction sites.
Labour rights
The Group adheres to all UK legislation and regulations in respect of labour
rights. The Group HR department monitors the legal and regulatory landscape
to ensure that systems and controls are in place to address any changes as
they arise. The Group is also a Living Wage Foundation accredited employer,
paying the Real Living Wage (‘RLW’) to our employees and promoting
adoption of the RLW through our subcontractor base.
Supply chain
As a housebuilder operating solely within the UK, and with the vast majority
of our first-tier supply chain and subcontractors also being UK based, we do
not consider that human rights abuses such as modern slavery represent a
significant or immediate risk to our business. Nonetheless, the Group recognises
that construction remains a sector particularly exposed to modern slavery risk
and has established robust controls and procedures to reduce this exposure
and to provide assurance that our employees and suppliers continue to work
to the high standards we demand.
In 2023, the Group has continued its membership with the Gangmaster and
Labour Abuse Authority (‘GLAA’) through its ‘Construction Protocol’, ensuring
ongoing access to industry good practice in combating modern slavery. The
Group has also engaged proactively with the CCLA-led ‘Find it, Fix it, Prevent
it’ initiative, to benchmark its processes and understand stakeholder concerns
for our sector. Informed by these inputs, a comprehensive suite of controls has
been established. This includes regular audits on supply chain controls and
awareness, led by our Group Internal Audit department. Awareness posters
are also in place at all sites, encouraging the reporting of potential concerns
via our whistleblowing provision. Routine inspections and worker interviews
are carried out by the Group HS&E department, and tailored training is in
place for employees in Commercial, Procurement and Construction functions,
in addition to the annual delivery of a GLAA developed ‘Toolbox Talk’ for all
site-based workers. No reports of modern slavery or labour abuse were
reported in 2023 (down from one in 2022). Further details on the Group’s
measures to combat modern slavery are set out within our most recent
Modern Slavery Statement, which is available on our website at
www.persimmonhomes.com/corporate.
Ethical business practices
The Group expects high standards of ethical behaviour and integrity from all
employees and stakeholders involved within our operations. This expectation is
detailed within our policies, including our Code of Ethics and our Anti-Bribery
and Corruption Policy, which are reinforced through regular training. As a
further safeguard on human rights and ethical behaviour, the Group maintains
a comprehensive whistleblowing provision. This provides a range of
mechanisms through which employees and others can raise concerns in
confidence, and anonymously if needed. All whistleblowing reports are
investigated independently by our Group Internal Audit department, with
summary reporting provided to the Audit & Risk Committee. The Group has
continued its partnership with the whistleblowing charity Protect, through
which it has further strengthened whistleblowing provision through additional
training and access to tools to benchmark against best practices.
The Group expects high standards
of ethical behaviour and integrity
from all employees and stakeholders
involved within our operations.

Persimmon Plc Annual Report 202354
Non-financial information and sustainability statement
Key matters and where to find them
The following section of our Strategic Report
constitutes Persimmon Plc’s non-financial and
sustainability information. This statement has
been prepared to comply with sections 414CA(1)
and 414CB(1) of the Companies Act 2006,
toprovide an understanding of the Group’s
development, performance and position
andthe impact of our activities. Information
regarding non-financial matters is also
includedthroughout our Strategic Report.
An overview of our business model is set out on pages 10 and 11
Our policies are available on our website www.persimmonhomes.com/
corporate/sustainability/policies-and-statements
Reporting requirement Relevant policies and standards governing our approach
Where to read more in this report and
how we manage the associated risks
Environmental
Matters
Climate change is considered a principal risk for the Group, as disclosed in our Climate Change Position
Statement. Detailed information on the risks and opportunities posed by climate change can be found
throughout this report and our TCFD disclosures are set out on pages 59 to 68.
We recognise that our activities have an impact on the environment and that we have a responsibility to consider
and minimise these impacts. This commitment is formalised through our Environment Policy, which forms a key
part of the Group’s overall approach to sustainability.
Ensuring that we operate in a responsible way, and that we build homes and communities that are both efficient and
sustainable, is fundamental to the continued success of our business. Our Sustainability Policy outlines the Group’s
three sustainability pillars that shape our approach to how we undertake our activities as a responsible developer.
See pages 36 to 45,
59 to 68 and 74
Employees
Our HR strategy is well established and supports our ambition to become the employer of choice in the sector.
We place great emphasis on designing our developments and planning our work so that customers have asafe
home to live in and our workers are kept safe whilst these homes are being built. Our Health and Safety Policy
sets out the Group’s health and safety aims and is implemented through our health and safety management system
for our operational activities.
Our aim as set out in our Equality, Diversity and Inclusion Policy is to be an Employer of Choice and forour
workforce to be truly representative of all sections of society and our customers, and for each employee to feel
respected while realising their full potential.
See pages 29 to 33 and 72
Social Matters
Transforming communities is just one of the sustainability pillars outlined in our Sustainability Policy that shape
our approach to how we positively transform communities directly connected to Persimmon’s activities.
Our Community Champions programme was established in 2015 and has already donated more than £3m to
over 3,500 good causes across Great Britain. We also have a programme of community events taking place
as part of our partnership with Team GB for the 2024 Paris Olympics, along with other great initiatives. More
information on this is available on our website: www.persimmonhomes.com/community-champions-2024
See pages 46 to 50 and 21
Human Rights
We are committed to treating our employees, customers, suppliers and business partners in a fair and respectful
manner. Our Human Rights Policy sets out the standards to which we will operate to ensure these rights are
upheld throughout our businesses and operations.
Our Modern Slavery Statement sets out the steps taken by us to prevent modern slavery and human trafficking
within the Group’s business and its supply chain.
We expect our suppliers and supply chain to join us in working as sustainably and ethically as possible, which is
why we require all of our suppliers to comply with our Supplier Principles.
See page 53
Anti-
corruption and
anti-bribery
Our aim is to establish a culture within the Group in which bribery and corruption are never seen as acceptable
behaviours. Our Anti-Bribery and Corruption Policy outlines our approach to the prevention of bribery and
corruption, as an extension to our Code of Ethics.
We value our reputation for complying with all aspects of UK tax law, so we’ve taken steps to make sure we do
everything in our power to stop the facilitation of tax evasion, as set out in our Tax Evasion Policy.
See page 90
Non-financial
KPIs
We measure a number of non-financial KPIs to ensure the business is effectively managing its responsibilities. See pages 24 and 25

Relevant material issues
• Build quality and safety
• Reinforcing trust: customers at the heart of ourbusiness
• Supporting sustainable communities
Why do we engage?
Engaging with our customers helps us to be aware of their
changing needs and ensure our homes are well positioned in
the market. It also enables us to measure how we are achieving
our aim to improve the delivery of consistently good quality,
sustainable homes and excellent customer service.
Engaging with our social housing partners ensures that we
provide the appropriate range of affordable homes to meet the
needs of local communities. Maintaining positive relationships
with all of our customers minimises reputational risk for the
Group and will help to increase long-term demand for
ourhomes.
How do we engage?
We communicate with our customers in a number ofways:
• Through our sales staff, who are in regular contact with
ourcustomers from the point of reserving their new home to
moving in day; through our site teams who attend various
touchpoints with our customers in the lead-up to and
immediately after legal completion; and also through
ourcustomer care teams, who support our customers
oncethey have moved into their new home.
• We have a comprehensive communication approach for
each customer including both before and after their
moving in date.
• We participate in two national new homes surveys run
bythe Home Builders Federation to obtain independent
feedback from our customers.
• We engage with our social housing partners through
regular contact and meetings.
What did they tell us?
• Our customers want attractively priced, high quality,
sustainable and energy efficient homes.
• Customers want to be able to communicate with our teams
quickly and easily, at times and in ways convenient to them.
• Customers value a blend of digital and interpersonal
customer experiences.
• Customers want to be connected to the internet as soon as
possible following their move in date.
How do we measure the effectiveness
ofour engagement?
The following metrics are regularly reviewed by theBoard
when considering progress against our five key priorities:
• HBF eight-week and nine-month customer satisfaction
surveyscores.
• Trustpilot scores.
• Speed of resolution of any customer issues.
• Number of visitors to sites and levels of website traffic.
• Volume of sales.
• FibreNest’s achievement of timely connections.
Outcomes and effects on Board decisions
• Our build quality ambition has grown from ‘build right,
firsttime, every time’ to ‘trusted to deliver five-star
homesconsistently’.
• We have continued to invest in and progress ‘The
Persimmon Way’, our Group-wide consolidated approach
to new home construction which is considered to be a key
driver to deliver consistent quality across our business.
• We are increasing our investment in our customer
experience function, including in digital technology
andintraining.
Relevant material issues
• Build quality and safety
• Talent attraction, development and diversity andinclusion
• Supporting sustainable communities
Why do we engage?
We aim to attract and grow a talented and diverse workforce,
believing this to be fundamental to the long-term success
ofthe business. Engaging with the workforce significantly
contributes to the success and wellbeing of both the business
and our employees. Engaged employees are more likely to
bemotivated and committed to their work, leading to higher
levels of productivity and increased innovation and creativity.
Engagement leads to stronger team collaboration, better
communication and creates a positive culture enhancing
customer satisfaction.
Engaging with our employees also helps ensure they
understand and align with the Group’s strategy, vision and
values and helps us to understand the changing needs of our
workforce, to better attract, develop and retainemployees.
How do we engage?
• Through our Employee Engagement Panel, whichmeets
regularly throughout the year. Each meeting is usually
attended by a Director and is chaired by the Chief Human
Resources Officer. The Chairman, Remuneration
Committee Chair and two Non-Executive Directors
attended meetings in2023.
• Through annual employee engagement surveys and the
resulting actions and plans.
• Through our Health, Safety and Environment department
and increased online training procedures.
• Through improved internal communications to
allemployees on matters such as our business activities
and priorities, the achievements of our business and our
employees and our work in localcommunities.
• Through our Women’s Network and Persimmon Pride.
• Through role-specific conferences.
Further details can be found on pages 29 to 33
What did they tell us?
• Our 2023 engagement survey had an 81% employee
engagement score, with 90% committed to the Group
andwhat we are trying to achieve.
• Recognition is important and employees want to feel
valued and appreciated.
• Many of our colleagues have been affected by therising
cost of living.
• Our employees are supportive of the improvements
tocustomer care and quality.
• They would like continued focus on IT improvement andon
training and development.
How do we measure the effectiveness
ofour engagement?
• Feedback from the Employee Engagement Panel.
• Through the results of our annual employee
engagementsurvey.
• Changes to our employee turnover and absence rates.
• Through our customer satisfaction surveys and
qualitymeasures.
Outcomes and effects on Board decisions
• We have continued to develop our Talent and our Diversity
and Inclusion strategies.
• We implemented a 5% base pay increase made intwo
stages, with a 3% increase in July 2023 and a further 2%
in January 2024.
• We continue to be an accredited Living Wage
Foundationemployer.
• We have further improved our Learning Management
System to better record employees’ training and enable
further development of our e-learning courses.
• We continued to improve our internal
communicationsstrategy.
• We continued our communications to promote thesupport
available through our Employee Assistance Programme.
1
Customers
2
Employees
Section 172 statement
Culture and engaging with our stakeholders
To implement our five key priorities and to promote the success of the Company, we aim to build strong
relationships with all of our stakeholders. We regularly engage with our key stakeholders to understand what
matters most to them, how we can meet their interests and the likely impact of Board and management decisions.
The Board receives regular updates on stakeholder engagement at Board meetings. There are standing agenda items in order that the
Board can review progress against our five key priorities and their impact on our key stakeholders. The Board also engages directly
with key stakeholders, particularly shareholders and employees. Our key stakeholders, how we engaged with them and the results of
that engagement are set out on the following pages. The following disclosure forms the Directors’ statement required under section
414CZA of the Companies Act2006.
Persimmon Plc Annual Report 2023 55
Financial statementsGovernance Other informationStrategic report

Relevant material issues
• Supporting sustainable communities
• Reinforcing trust: customers at the heart of ourbusiness
• Social impact
Why do we engage?
Engaging with our local communities, throughout all phases
of a development, more accurately identifies their needs
andhelps us to meet those needs.
During this collaboration, we aim to address any planning
and technical issues in order that the impact of our activities
on local communities is minimised, including using planning
and environmental risk assessments.
How do we engage?
• Proactive engagement and consultation throughout
theplanning and development process of each of
ourdevelopments.
• Feedback from our local pre-launch marketingcampaigns.
• Regular engagement with planning authorities.
• Being actively involved in the communities in which we
operate, through employing local people and supporting
local charities and community groups through our
Community Champions Initiative and the Persimmon
Charitable Foundation.
• Through our External Affairs team.
Further details can be found on pages 46 to 49
What did they tell us?
• Demand for homes in communities with high amenity value
is strong.
• Local infrastructure investment is important in improving
community environments.
• To be an active part of the community through supporting
local charities and community groups.
• To be positive and responsive to the views of localpeople.
• Leaseholders and occupants of high rise buildings have
been concerned with fire safety issues.
How do we measure the effectiveness
ofour engagement?
• Speed of achieving planning consents and ability to
unlock blocked consents.
• Through the quality of our developments and our ability
todemonstrate how local priorities have been met.
• Through the impact of our Community Championsinitiative.
• Reports from the Group Director of Strategic Partnerships
and ExternalAffairs.
Outcomes and effects on Board decisions
• Developed a Placemaking Framework, to improve the
guidance and tools our planning and design teams need to
create attractive developments, which promote wellbeing
through, for example, the provision of public open spaces.
• The Company signed self remediation contracts with both
the English and Welsh Governments to protect leaseholders
from having to pay towards cladding removal or
fire-related safety issues on buildings that the Group
constructed. We continue to work positively with
theScottish Government on a similar agreement.
• Invested c.£2.3bn in local communities over the last five
years.
• Continued to support Community Champions
andthePersimmon Charitable Foundation.
Relevant material issues
• Climate change action and resilience
• Build quality and safety
• Supporting sustainable communities
Why do we engage?
The Group benefits from long-standing relationships with
many of its suppliers and subcontractors. These assist in
securing the quality and supply of materials to deliver the
Group’s build programmes effectively.
We engage with suppliers and subcontractors to ensure
adherence to our stringent health and safety standards
andrequired standards of ethical behaviour and integrity,
supported by the continued implementation of framework
agreements inclusive of policies, KPIs and expected
servicelevels.
Engagement with our suppliers and subcontractors assists us
in continuing to improve the long-term sustainability of our
supply chain.
How do we engage?
• Quarterly business reviews and regular informal discussions
with our key suppliers through our Group Procurement team,
who are responsible for arranging and negotiating Group
framework agreements and service level agreements to
ensure our suppliers arecompliant to standard terms.
• Our local operating businesses’ buying and technical teams
regularly engage with local suppliers and subcontractors.
• Our ‘Toolbox Talks’ ensure our subcontractors understand
and adhere to the health and safety standards required on
our sites.
• All Group suppliers sign up to the Group’s supplier principles,
equivalent Group policies and key performance indicators,
which describe our requirements and expectations.
• We are partners to the Supply Chain Sustainability School
which encourages engagement across the supplychain.
• We are part of the Future Homes Hub Whole Life Carbon
Oversight Group.
Further details can be found on pages 45 and 53
What did they tell us?
• The Group works in partnership with its suppliers, providing
material demand forecasting, with periodic updates detailing
any variations. This ensures continuity of supply, providing
continuity and visibility of future workflows.
• Timely payment of invoices is important – we pay invoices
within agreed timescales.
• They continue to monitor the impact of global supply chain
and price-sensitive impacts to enable continued
servicedelivery.
• Material delivery monitoring and reporting is important,
tosupport compliance and identify opportunity for reduction
of excess stock to develop a robust supply chain.
• They want to work collaboratively to identify innovative
solutions and alternative products to support changes to
statutory requirements and Building Regulations (such as
transition to Future Homes Standard) and delivery of
ourobjectives.
How do we measure the effectiveness
ofour engagement?
• The Group Procurement department provides routine
monitoring of trends and supplier performance.
Outcomes and effects on Board decisions
• Our tendering processes have been strengthened through
standardisation of our procurement process, greater
central oversight and an expanded use of
frameworkagreements.
• The department seeks to secure Group-wide deals covering
all major elements of our construction process. These
relationships and agreements will allow the Group to
establish consistent standards of quality, security of cost
andsupply of materials whilst providing our suppliers with
certainty over volumes, revenues and cashflows.
• Developed trials to evaluate the most effective method
oftransitioning to the Future Homes Standard and beyond
to net zero carbon.
• We have also been engaging with our suppliers to assess
the embodied carbon of our house types in order to
identify materials with the most impact (see page 43).
3
Communities
4
Suppliers and subcontractors
Section 172 statement continued
Persimmon Plc Annual Report 202356

5
Shareholders
6
Government, regulators and industry bodies
Relevant material issues
• Supporting sustainable communities
• Build quality and safety
• Reinforcing trust: customers at the heart of ourbusiness
• Disciplined growth: high-quality land investment
• Industry-leading financial performance
Why do we engage?
Access to capital is important for the long-term success
ofthebusiness.
Through our engagement we aim to create investor buy-in
ofour core focus areas and how we execute them.
We create value for our investors by generating surplus
capital beyond the reinvestment needs of the business as
themarket cycle develops.
How do we engage?
• The Executive Directors and IR Director hold regular
meetings with analysts and investors as part of the Group’s
reporting cycle and formal roadshows.
• We hold shareholder roadshows. In addition, throughout
the year, the Executive Directors and IR Director
participate in calls, investor conferences and site visits to
meet prospective and existing investors, to communicate
the Group’s strategy.
• We obtain feedback from the Company’s brokers,
marketanalysts and shareholder groups.
• There is a regular report from the IR Director to theBoard.
• All Board members attend the Company’s Annual General
Meeting, where the Chairman and Group Chief Executive
update shareholders, and we conduct the vote on
resolutions by poll.
• The Chairman and the Non-Executive Directors are also
available to attend meetings with major shareholders to
gain an understanding of any issues and concerns.
• The Remuneration Committee Chair engaged with major
shareholders on the proposed Remuneration Policy and
implementation of the Policy for 2023.
What did they tell us?
• Fair pay for the whole workforce.
• They would like an environmental metric for
incentiveawards.
• Requirement of a diverse Board and pipeline of talent
forsuccession to executive positions.
• Preference for a sustainable dividend.
How do we measure the effectiveness
ofour engagement?
• Feedback from analysts and investors.
• Movements on the share register.
Outcomes and effects on Board decisions
• The Group continued to be an accredited Living Wage
Foundation employer.
• Maintained a rigorous process for each Board
appointment, led by the Nomination Committee.
• Inclusion of an environmental metric in the performance
condition for 2023 share awards.
Relevant material issues
• Supporting sustainable communities
• Build quality and safety
• Reinforcing trust: customers at the heart of ourbusiness
Why do we engage?
We engage with national Government regarding Government
policy that could affect the Group.
We meet with local councillors and local authority planning
departments to ensure we are able to create sustainable
communities with high amenity value in places wherepeople
wish to live and work.
We engage with the Health and Safety Executive inrelation
to industry-wide initiatives to reduce health and safety risks
toboth our workforce and local communities.
How do we engage?
• We are a member of the Home Builders Federation and
Homes for Scotland.
• We engage with Government departments directly,
andworking with the Home Builders Federation and
Homes for Scotland, to explain industry opportunities
andchallenges.
• By participating in industry meetings with Ministers.
• Regular dialogue with Homes England and with the Health
and SafetyExecutive.
• Engaging with local councillors and local planning
authorities.
What did they tell us?
• As part of the UK achieving its target of net zero by 2050,
the Government is consulting on the Future Homes
Standard, which aims to significantly reduce the carbon
emissions of a home built to current regulations.
• It is essential to maintain a skilled and well-resourced
Health, Safety and Environment Department.
• To better reflect the views of local authorities and
communities in the plans we develop.
How do we measure the effectiveness
ofour engagement?
• The Board receives updates from the Group Chief
Executive and Group Director of Strategic Partnerships
and External Affairs regarding direct engagement with
Government, Homes England and the Home Builders
Federation.
• Our engagement has led to an enhanced planning
approach, with c.11,000 plots achieving detailed consent.
Outcomes and effects on Board decisions
• To protect leaseholders, we signed self remediation
contracts with both the English and Welsh Governments to
protect leaseholders from having to pay towards cladding
removal or fire-related safety issues on buildings that the
Group constructed. We continue to work positively with
the Scottish Government on a similar agreement.
• We were awarded Building a Safer Future Chartered
Champion status in March 2023. We were applauded for
the work we have done to act as a spearhead for the
industry to step up and take responsibility.
Persimmon Plc Annual Report 2023 57
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Principal decisions
We define principal decisions as both those that are material to the Group but
also those that are significant to any of our key stakeholder groups. In making
the following principal decisions the Board considered the outcome from its
stakeholder engagement (pages 55 to 57) as well as the need to maintain a
reputation for high standards of business conduct and the need to act fairly
between members of the Company.
A description of the principal decisions made by the Board during 2023 and
to the date of this report is provided below. The main activities of the Board
are set out on page 85.
Capital Allocation Policy
The Board recognises the importance of sustainable dividends for shareholders
and will continue to prioritise value creation from a strong returnon capital.
The Board’s Capital Allocation Policy follows the following key principles:
• Invest in the long-term performance of the Company by ensuring the
business retains sufficient capital to continue our disciplined and
appropriately timed approach to land acquisition.
• Operate prudently, with low balance sheet risk, and a continued focus
onachieving a superior return on capital.
• Ordinary dividends will be set at a level that is well covered by post-tax
profits, thereby balancing capital retained for investment in the business
with those dividends.
• Any excess capital will be distributed to shareholders from time to time,
through a share buyback or special dividend.
The Board announced an interim dividend of 20p per share in August 2023,
which was paid on 3 November 2023. The Board has also recommended the
payment of a final dividend of 40p per ordinary share for the year ended 31
December 2023. In determining the capital returns, the Board considered the
ongoing performance of the business and prevailing market conditions.
The Board balances returns to shareholders with the needs of the Group’s
other key stakeholders in order to deliver a level and nature of return that is
considered sustainable in the long-term.
Building safety
Developer contract with English and Welsh Governments
The Company remains committed to undertaking any cladding or life-critical
fire safety remediation works for buildings it has constructed, and to protecting
leaseholders. In March 2023 the Company signed the UK Government’s Self
Remediation Contract, which turns the Building Safety Pledge we signed in
April 2022 into binding commitments for the industry. Wealso entered into
the Welsh Self Remediation Contract with the Welsh Ministers in March 2023.
The contracts are consistent with the approach already announced by the
Company in February 2021. We led the industry when we announced our
original commitment to protect leaseholders from the costs of cladding removal
or the remediation of fire-related safety issues on developments that we
constructed. The Board particularly considered the improvements to fire safety
for residents of the developments built by the Group when considering whether
to enter into the contract. The Board also considered the potential consequences
of not entering into the contracts, noting the potential for developers to be
deemed to be non-responsible developers and face sanctions under new
legislative provisions.
The initial remediation work led to a more detailed understanding of costs,
which now include non-cladding fire-related build defects. Combined with
thebroader scope required by government, which resulted both in an increase
in the amount of work required and in the number of eligible buildings, and
against a background of significant build cost inflation, we increased our
provision for this multi-year programme to approximately £350m. The
Directors believe that maintaining a reputation for good build quality and
high safety standards, and to be a business with a long-term, responsible
andsustainable future, is beneficial for all of our stakeholders, but particularly
local communities, previous customers, new customers, employees
andshareholders.
Appointment of new Chief Financial Officer
After an extensive recruitment process, Andrew Duxbury was announced as
the Group’s new Chief Financial Officer in November 2023. Andrew’s start
date will be confirmed in due course. Andrew has extensive experience as a
finance director in the construction and housebuilding industries, which will
be an invaluable asset to the Group as we continue to provide good quality
homes for families across the UK and position the business for future growth.
The Board considers that Andrew will complement the Group’s strong
management team.
Investment in modular home manufacturer
In April 2023, we committed to invest £25m into TopHat, an innovative
modular home manufacturer. This investment provides the Group with
guaranteed access to TopHat’s highly energy-efficient volumetric modular
units as well as an innovative brick façade to use with our Space4 timber
frame products. The new partnership will provide further build efficiencies,
help manage the growing challenge of labour shortages in key trades and
expand our product range for customers.
Revolving Credit Facility
In July 2023 the Group signed a new Revolving Credit Facility (‘RCF’) of
£700m which has a five-year term out to July 2028. This facility replaced the
Group’s previous £300m Revolving Credit Facility which was due to expire
on 31 March 2026. The RCF is a ‘sustainability linked’ facility within the
banks’ finance frameworks, with ESG targets covering the facility’s term. The
targets are consistent with the Group’s science-based operational carbon
reduction targets, our commitment to deliver net zero homes in use by 2030
and our long-standing ambition to deliver excellent development
opportunities for ourcolleagues.
Persimmon Plc Annual Report 202358

Persimmon Plc Annual Report 2023 59
Financial statementsGovernance Other informationStrategic report
TCFD
Task Force on
Climate-related Financial
Disclosures(‘TCFD’)
The Board recognises the global climate emergency and
therisks and opportunities posed by climate change to
theGroup’s business model and strategy.
Climate change is identified as a principal risk for the Group,
and the Group reports climate-related disclosures consistent
with the latest TCFD recommendations and supporting
recommended disclosures and will continue to mature its
levelof reporting inaccordance with the requirements.
In 2022 we undertook a comprehensive TCFD assessment which included a detailed analysis of
identified transition risks to assess their potential financial impacts. In addition, detailed physical risk
modelling was performed at a regional level to determine potential financial impacts. This assessment
provided the direction required for the next few years and actions for 2023 have been based on this.
The Group has set ambitious climate reduction targets to achieve net zero carbon homes in use for
2030 and net zero carbon in our operations by 2040. These are supported by near-term science-
based targets for carbon emissions reductions validated by the Science Based Targets initiative (‘SBTi’).
We have developed a high-level Transition Plan which is shown on pages 36 to 39 and performance
against key metrics is shown on page 68. We are in the process of establishing long-term net zero
carbon targets in accordance with the Science Based Targets initiative Net-Zero Carbon Standard,
which requires most sectors to significantly reduce absolute carbon emissions by around 90%
(depending on sector) by 2050 at the latest, with the remainder being offset or neutralised through a
suitable mechanism. To achieve this significant but necessary level of carbon reduction, system-level
change across sectors is required, with key enablers, such as decarbonisation of the grid, and highly
collaborative relationships with supply chains in place.
1. Governance
Climate change is considered a principal risk for the Group and as such, it is
governed and managed in line with the Group’s risk management framework.
See page 69 for further detail.
The Board has overall responsibility for the management of risks and
opportunities arising from climate change, and on an annual basis undertakes
a Group-wide review which includes consideration of climate risk. In particular,
the Board has taken an active role in understanding the impacts of future
legislation with a focus this year on implementation of the Part L 2021
regulations, and the forthcoming Future Homes Standard.
The Sustainability Committee supports the Board’s climate responsibility, and
oversees the Group’s climate change strategy, to ensure climate issues are
being effectively considered, and that the business remains on track to meet
its science-based reduction commitments. Progress updates are provided
regularly to the Board. During 2023, the Sustainability Committee focused
onbusiness readiness planning for the Future Homes Standard and received
updates from the FHS Implementation Steering Group and ensured that
operational carbon reduction initiatives remained on track to deliver its net
zero and science-based target carbon emissions reductioncommitments.
The Group Sustainability Director and Group Strategy and Regulatory
Director are responsible for updating the climate risks within the Group risk
register and consult with key Group functions to ensure comprehensive
coverage of potential impacts and mitigation plans. The findings are taken
tothe Sustainability Committee and communicated to relevant internal
working groups for action.
When considering our land investment opportunities, the Managing Directors
of each operating business are responsible for ensuring all environmental
surveys including flood risk assessments are undertaken prior to acquisition,
with final approval going to the Land Committee which oversees
allacquisitions.
Additional processes were implemented in 2023 where all planning
applications are reviewed by the Group Planning department prior to
submission which provides additional assurance; all developments are
required to produce an ‘Energy Transition Plan’ to ensure consideration of
siteneeds, appropriate energy solutions and customer requirements as new
energy standards come into force, and an internal annual climate risk heath
check has been put in place.

Persimmon Plc Annual Report 202360
2. Strategy
Our strategy sets out our pathway to net zero carbon for our homes in use by 2030, and for operations to be net zero carbon, including our manufacturing
facilities, by 2040. In supporting delivery of these targets, we have established near-term science-based carbon emissions reduction targets of 46% for our
Scope 1 and 2 absolute emissions and a target of 22% reduction per m
2
completed floor area for Scope 3 emissions by 2030, which have been approved by
the Science Based Targets initiative (‘SBTi’). These targets are an ambitious step forwards in our approach to climate action and have been calculated to ensure
that we play our part in limiting global warming to 1.5°C above pre-industrial levels.
We have defined four strategic focus areas to achieve our ambitions:
Create low
carbonhomes
• Reduce energy demand:
design homes to be more
energy efficient.
• Understand performance
and customer experience:
gather real-life in-use data
from our low carbon
hometrials.
• Innovation: continue to
instigate technology trials
tobe at the forefront of
innovation, build strategic
relationships with supply
chain and continue to
investin our off-site
manufacturing facilities.
• We are currently
implementing Part L of the
Buildings Regulations 2021
and readiness plans are in
place for the forthcoming
Future Homes Standard.
Deliver low carbon
siteoperations
• Reduce our use of diesel
across our sites through,
forexample, driver training
or use of low carbon fuels.
• Trial new technologies
suchas electric and hybrid
plant when available
andappropriate.
• Set standards and
benchmarks for energy
reduction and management
on site.
Reduce embodied
carbon
• Assess embodied carbon
toidentify high impact
materials and services.
• Evaluate the benefits from
our vertical supply chain
and maximise opportunities
through design.
• Supply chain: communicate
our strategy to our suppliers,
and work with our supply
chain to reduce embodied
carbon in materials.
Ensure climate
changeresilience
• Climate risk management:
scenario plan our strategic
land holdings, and any
major business change for
climate resilience and
mitigation.
• Design: design in climate
risk measures to mitigate
risks, such as window
sizing, orientations and
modern methods of
construction.
• Nature-based solutions:
utilise blue and green
infrastructure to mitigate
against extreme weather
events such as flooding
anddroughts.
Climate scenario analysis
We have identified high-level climate change-related risks and opportunities
over the short, medium and long-term that are considered to have a potentially
material financial impact on the Group strategy and business model.
In accordance with best practice and TCFD recommendations, contrasting
science-based scenarios have been developed to enable consideration of the
Group’s exposure to both physical and transition risks. These scenarios have
been considered over three different time horizons:
• short-term (to 2025); medium-term (2030); and long-term (2040+).
These timescales have been chosen as the most relevant to the business,
reflecting major future legislative change expected in 2025/6 with the
introduction of the Future Homes Standard, and aligning with the Group’s
netzero carbon and science-based targets commitments.
Net zero carbon world 1.5°C
Assumes climate policies and controls are introduced early
andbecome more stringent over a relatively short timeframe
(2030). High transition risk in the short-term, and very
aggressive mitigation measures, but as a result physical
risksare less severe compared to the 2°C scenario.
Paris consistent scenario ~2°C
Relatively high transition risk in the short-term, associated with
aggressive mitigation actions to reduce emissions. As a result,
physical risks are less severe compared to the 4°C scenario.
Hot house world ~4°C
Low transition risk in the short and long-term as the world fails
to transition to a low carbon economy. Consequently, physical
risks become increasingly frequent and severe in the long-term,
resulting in serious impact on the global economy, the
environment and human wellbeing.
Climate scenario analysis outputs
From the scenario analysis which has been undertaken, the residual risks for
the business are considered to be low to very low for both transition and
physical risk. This is based on current activities and control measures which
are in place. The tables on pages 61 to 65 provide a high-level summary of
the types of risks, their potential impact, the time horizons which have been
considered and the Group’s response.
TCFD continued

Persimmon Plc Annual Report 2023 61
Financial statementsGovernance Other informationStrategic report
3. Transition risk analysis
The transition risks are anticipated to occur in a relatively short timeframe compared to physical risks, and this is already being seen with increasing legislation on energy efficiency in homes coming into force, with changes to Part L of the
Building Regulations and the Future Homes Standard, for example. This will drive changes in technology, customer expectations and the Group is already evaluating alternatives, trialling innovative technologies and engaging with suppliers.
Summary description of transition risks
Potential
impact
ranking
Timeframe
of impact
Business
readiness
Policy and legal drivers
Pricing of GHG emissions
Carbon pricing could manifest as a range of environmental, planning or sector-wide taxes. Under the 1.5°C scenario, pricing of GHG emissions could be $155–$454
pertonne by 2030, and $54–$97 per tonne under the 2°C. Carbon pricing could be felt through the supply chain and material costs.
High Short Evaluated as part of
2022 in-depth risk
analysis
Increasing national regulation
relating to more stringent
environmental standards
Increasing stringency of building and planning regulations and design requirements to enable the UK Government to meet its 2050 net zero carbon target, including PartL
of the Building Regulations, Future Homes Standard, National Policy Planning Framework, and National Model Design Code. Many local authorities have declared their
own climate emergencies, and the planning system will be a key vehicle for delivery. This could impact our development and growth plans and increase build costs.
High Short In plan. Further
informed by 2022
in-depth climate risk
analysis
Climate change litigation
Climate-related litigation claims may be bought by investors, insurers, shareholders and public interest organisations. Reasons could include failure to adapt to climate
change causing harm or greenwashing.
Low Medium Include in futureplan
Enhanced reporting obligations
Additional emissions-related reporting requirements likely in the UK by 2030. This could include needing a materials passport in order to increase the circularity of building
supply chains, and updates to the Streamlined Energy and Carbon Reporting (‘SECR’) regulations. Scope 3 emissions reporting could also become mandatory.
Low Short
– Medium
Include in futureplan
Technology shifts
EV use
To achieve the UK Government’s net zero carbon commitment by 2050, there will be an increasing number of electric vehicles. Sufficient charging points and grid capacity
will be required, which will have an impact on build costs.
High Short In plan
Substitution of technology
Risk of installing technologies at the beginning of a planning process that then become obsolete or outdated. Could affect customer satisfaction and sales.
Thisisespeciallyrelevant at the point of the implementation of the Future Homes Standard.
Medium Short Under evaluation
Market
Change in customer demands
There is a risk that if energy prices increase, property buyers will want lower carbon homes, and expect greater energy operational efficiency. Inefficient properties
couldalso fall in value, which could impact the market.
High Short Further informed by
2022 in-depth
climate risk analysis
Supply chain resilience and
increasing cost of raw materials
Sourcing and availability of materials could be impacted by both transition and physical risks. There is a risk of increasing development costs, due to supply anddemand,
and likely carbon pricing on key materials such as glass, cement and insulation.
High Short
– Medium
Evaluated as part of
2022 in-depth
climate risk analysis
Cost of capital
As credit ratings begin to incorporate climate change considerations, there is a risk of downgrading and the cost of capital increasing. Low Medium In plan
Low carbon technology availability
Rapid uptake of low carbon technologies such as air source heat pumps could cause market shortages and delay delivery of homes. High Short Under evaluation
Skill shortage impacting ability to
install low carbon technology
In order to reduce emissions to comply with planning requirements, access to different skills such as renewable specialists and heat pump installers will be required.
Ashortage could lead to delayed delivery and an increase in build costs.
High Short Under evaluation
Reputation
Investment risk
Risk to revenue and investment streams as clients and investors increasingly expect high levels of sustainability performance. Medium Medium In plan
Stakeholder risk
Over the next decade social pressure regarding sustainability and increased public awareness could create a reputational risk if there is failure to reduce both operational
and embodied carbon. The impact of this could be seen through delays in the planning process as local authorities enact their own climate action requirements.
Medium
– High
Short
– Medium
In plan
Employee risk
As employees are becoming increasingly concerned with climate change issues, negative publicity around failure to deliver targets could make it difficult to attract and
retain talent.
Low
– Medium
Short
– Medium
Included in
employeesurvey

Persimmon Plc Annual Report 202362
3. Transition risk analysis continued
Quantification of transition risk
The transition risks and opportunities with the most likely material impacts
were selected for detailed climate risk analysis over short (2025) and medium
(2030) time horizons. The assessment focused on a Low Carbon World
(1.5°C) scenario, associated with the most significant level of transition risk.
The financial impact quantification relied on assumptions sourced from
climate scenarios published by sources including IEA and NGFS, as well
aspublic domain research.
It also built in assumptions agreed with a selection of the Group’s internal
subject matter experts for aspects such as expected volume delivery and
theGroup’s ‘uplift costs’ to meet regulatory requirements. The table below
summarises the scope of the four transition risks/opportunities impact
assumptions, the Group’s key mitigations and the residual risk exposure.
Risk was evaluated in terms of gross risk score (i.e. likelihood multiplied by
impact). A score is attributed to inherent risk (i.e. without considering
Persimmon’s risk mitigations) and to residual risk (i.e. after factoring in
mitigations). In other words, residual risk takes into account the risk
mitigation/adaptation strategies and controls that Persimmon has in place
tominimise the impact of the climate risk.
Transition risks are well understood by the business, and plans are already
inplace to mitigate the risks, and levels of potential residual risk are very low.
This is based on the most up-to-date data and assumptions available.
TheGroup will continue to track and monitor transition risks.
Gross risk score (Impact x likelihood) Residual risk/opp
S – Short-term (2025)
M – Medium-term
(2030)
L – Long-term (2040)
Risk 1 2 3 4 5
Opp 1 2 3 4 5
Lower Higher Not
assessed
Low Carbon World scenario
Transition risk
Risk name
S M L
1 Increasing cost of raw materials
Description:
There is a risk of increasing cost of raw
materials used in construction driven by the
transition to a low carbon economy.
Persimmon’s suppliers could pass on the
impact of carbon pricing for high carbon
building materials such as steel and cement
onto Persimmon, consequently impacting
on development costs.
Impact assumptions:
Carbon prices based on IEA and NGFS forecasts; volume of homes and build type based on
internal Persimmon projections; embodied carbon estimated based on current levels; and
assumptions on future carbon intensity of input materials.
2 2
Controls/mitigation:
Costs ultimately recovered through land valuation; risk internally monitored by the Group’s
Procurement department; Scope 3/embodied carbon reduction targets; supplier initiatives;
and increasing timber frame construction offers opportunity to reduce embodied carbon.
Max financial impact:
<£2m
(Very low impact)
2 Pricing of greenhouse gas emissions
Description:
Under a Low Carbon World scenario,
pricing of GHG emissions in the UK is
expected to increase. This could impact
Persimmon’s operating costs. Uncertainty
around UK pricing and regulations
(e.g.cap and trade schemes) could
makeplanning of future Persimmon
operations difficult.
Impact assumptions:
Carbon prices based on IEA and NGFS forecasts; and emissions based on current Scope 1
and 2 (location based), factoring in the achievement of emission reduction target of 46.2%
by2030.
1 2
Controls/mitigation:
Persimmon’s sustainability strategy which includes a core focus on climate action and
resilience; on-site energy efficiency initiatives to reduce emissions from construction;
moreefficient build methods and staff education around energy use.
Max financial impact:
<£2m
(Very low impact)
3 Climate-related regulations impacting products and services
Description:
The UK may need to increase the stringency
of building regulatory requirements as part
of its efforts to meet its net zero 2050
target. This could affect Persimmon’s
developments in the form of increasing
development costs to ensure all new
buildings are zero carbon ready by 2030.
Impact assumptions:
Volume of homes and build type based on internal Persimmon projections; uplift costs to meet
Future Homes Standard based on internal Persimmon calculations; and assumptions on cost
ofair source heat pumps are linked to the UK’s Low Carbon Heat Scheme.
2 2
Controls/mitigation:
Costs ultimately recovered through land valuation; Persimmon’s sustainability strategy includes
the strategic focus area of ‘Create Low Carbon Homes’; innovation e.g. technology trials,
investment in manufacturing facilities and building strategic relationships; and an active role
taken by the Board in managing regulatory risk.
Max financial impact:
<£2m
(Very low impact)
4 Changing consumer preferences
Description:
There is a risk that by 2030 property
buyers will want lower carbon homes as
they try to harness the opportunity of green
mortgages and greater operational energy
efficiency. If Persimmon is able to deliver
low carbon homes by 2030, this could
create opportunity for increased revenue
by taking advantage of ‘green premiums’
on new build properties.
Impact assumptions:
Consumer research is indicating a premium for more energy-efficient homes, and a willingness to
pay more for cost effective energy efficient homes. Green mortgages also have an opportunity
to support the transition to sustainable homes. However, the market is still evolving and financial
valuation for green products is maturing.
1 2
Controls/mitigation:
Persimmon has clear plans in place to deliver low carbon homes, ensuring they are affordable
and cost effective to run for customers. Monitoring of consumer trends will continue to ensure
opportunities are maximised.
Max financial impact:
Ongoing
TCFD continued

Persimmon Plc Annual Report 2023 63
Financial statementsGovernance Other informationStrategic report
Physical risk analysis
Whilst physical risks under the scenario modelling manifest over a longer time period, there is already an increasing occurrence being observed of more extreme weather events that are attributed to current climate change.
Thesearetypicallyobserved as more excessive snow falls, rainfall, unusually high temperatures and unseasonal weather patterns.
The table below ranks the potential impacts, timescale and readiness based on those that will manifest more significantly in the future.
Summary description of physical risks
Potential
impact
ranking
Timeframe
of impact
Business
readiness
Heat stress
Hot summers are expected to become more common with more extreme temperatures. Under the Hot House scenario, heatwaves could last 20 days. This will affect comfort
for customers and therefore design criteria will need to be applied to avoid overheating. Construction site conditions and working practices will need to ensure worker
health, safety and wellbeing. Heat island effects will also become more prevalent in urban and built up areas.
High Medium
– Long
Included in detailed
2022 climate risk
analysis
Drought stress
Summers will become drier, with the south of the UK predicted to experience 2.5–3.5 months of drought under the Hot House scenario. Locally this will impact water
suppliers, and will become part of planning considerations.
High Medium
– Long
Included in detailed
2022 climate risk
analysis
Precipitation
Greater chance of more rainfall in the winter and less in the summer. Seasonal and regional differences. Impact on site construction activities, customer gardens
andsupplychain.
High Medium
– Long
Included in detailed
2022 climate risk
analysis
Flood
High underlying flood risk in the present day. Under the Hot House scenario there is a 21%–56% increase in river peak flow rates, and the probability of flooding in
ayearcould increase 3 to 10 times. Already a key requirement in the planning process. Increased number of flood plains in the future may impact build costs and/or
landavailability.
High Medium In plan, and further
informed by detailed
2022 climate risk
analysis
Windstorms
Classed as medium to high risk in all scenarios, but with greater severity under the Hot House scenario. Predicted to decrease in the south but increase in the Midlands,
North, Wales and Scotland.
Medium Medium In plan, and further
informed by detailed
2022 climate risk
analysis
Sea level rise
Expected between 0.2m–0.6m under the net zero scenario and up to 1.1m in the Hot House scenario. This will have an impact on coastal locations. Low Long Include in future plan
Subsidence
Medium level risk of possible ground instability and building foundation issues. Regions around London most exposed. In the Hot House scenario there is a higher risk
andgreater area of impact in the south of England.
Medium Long Include in future plan
Infrastructure
The stress on water and energy utilities together with road transportation will increase. In the Hot House scenario there is the expectation of disruptions to critical services.
This could impact supply chains, and result in production down times.
Medium Long Include in future plan

Persimmon Plc Annual Report 202364
3. Transition risk analysis continued
Quantification of physical risk
For physical risk, the risk to the Group’s portfolio of owned assets was explored in relation to eight physical
climateperils: chronic heat stress, chronic drought stress, sea level rise, extratropical cyclone, fire weather,
riverflood,precipitation/flash floods and subsidence.
The exposure to these climate perils (hazard exposure) was modelled by taking the regional view of the UK,
weightedby the average volume delivery where Persimmon has operated over the past four years. The models assess
the climate hazards under a range of GHG emission trajectories (1.5°C–2°C, and 4°C global warming) and the 2030
and 2040+ time horizons. This information was then used to assess the potential consequences to the Group’s business
and explore with the Group’s internal subject matter experts what controls and strategies exist in place to address the
possible consequences and how those will flow through the value chain.
By 2030 assuming 1.5°C–2°C global warming By 2050 assuming 4°C global warming
Hazard
exposure
Residual
risk Chronic risks
Hazard
exposure
Residual
risk Chronic risks
Heat stress
Very low Very low
Currently the UK is exposed to very low heat stress, meaning on average there
are less than five heatwave days in a year. Changes in regulations and design
with regards to overheating and energy efficiency are likely for the short-term
(2025-2030), but the additional costs to the business to implement them would
not be significant, as those could be factored into the land valuation process.
Noother impacts or vulnerabilities are foreseen and therefore Persimmon’s
residual risk is very low.
Moderate Very low
Under this scenario, some regions of the UK, mainly London and the South, will be
exposed to a higher heat stress, seeing an average of 5-20 heatwave days in a
year. Those conditions could be relevant to ~40% of the average homes built by
Persimmon, primarily in the south east of England. However Persimmon currently
factors in conservative temperature and heat stress forecasts in its design to
address overheating. Heat minimising solutions could be factored into building
design and planning. Future regulation could require further adaption/design
measures that are typically considered in any land valuation exercise. More
frequent interruptions to construction operations and supply chain are likely
inthesummer periods.
Drought
Low Very low
Around 50% of the volume delivery in the regions where Persimmon operates have
some level of drought stress potential, meaning on average ranging from less than
a month to over two months of drought duration per year, in particular the
Midlands and the south of the UK, whilst the remaining 50% have a lower drought
stress potential. Persimmon takes measures for its current homes with regards to
keeping water usage lower than average. Any additional development costs are
typically recovered through land valuation. There has been no significant financial
impact to the business so far, and the residual risk is therefore considered very low.
Moderate Low
The risk increases. A third of Persimmon’s typical operating regions/homes could
face three to four months of drought duration per year, in particular in the south
ofthe UK. There could be further regulations with regards to water (re)usage that
could put additional costs on developments in the South East. Persimmon would
consider this issue on a site-by-site basis and currently undertakes water usage
calculations for its developments. Any additional costs would be considered in
theland valuation process. Operationally, water scarcity could cause delays in
construction or supply and cost issues for water-based construction materials.
Sea level rise
Very low Very low
Some regions of the UK where Persimmon operates are exposed to coastal flooding
and storm surges. Typically only a small fraction of plots and volumes could be
exposed; however, the robust land investment appraisal process today considers
such localised high risk areas, and minimises the possible business impacts.
Very low Very low
Although the sea level is projected to rise and increase the frequency and severity
of storm surges to those coastal regions already exposed, the fraction of land and
possible future developments in the regions Persimmon operates in is likely not to
increase significantly. The risk is minimised through the Group’s robust land
investment valuation process.
Subsidence
Low Very low
No significant changes in subsidence conditions today and in the short-term.
Typically Persimmon operates outside London where higher concentration of
susceptible clay soils is found. Current design regulations mitigate the risk.
Moderate Very low
Possible increased risk for future development and some exposure in the South
East. More conservative regulations could be introduced for foundation design
and ground works. Any additional costs would typically be mitigated via
landprocurement.
Risk scale
Very high High Moderate Low Very low
TCFD continued

Persimmon Plc Annual Report 2023 65
Financial statementsGovernance Other informationStrategic report
By 2030 assuming 1.5°C – 2°C global warming By 2050 assuming 4°C global warming
Hazard
exposure
Residual
risk Chronic risks
Hazard
exposure
Residual
risk Chronic risks
Windstorm
Moderate Low
All of the UK is in stormy regions, with 1% annual chance of having severe wind
gusts of over 121km/h, and approximately half of the typical regions and homes
Persimmon delivers could see higher wind gusts of 161–200km/h. Persimmon
currently complies with all up-to-date regulations with regards to wind design for
its developments which mitigates the risk.
Operational disruptions in construction, supply chain and utilities are, however,
possible. Direct and indirect physical damage from extreme storms could create
financial impacts and delays to construction programmes.
Moderate Low
There is no scientific evidence that extratropical cyclone intensities and
frequencies will increase significantly; therefore, the risk profile could be broadly
similar to current conditions. Although the risk is not changing significantly and
adaptation is likely not required, we will consider a strict level of wind protection
in design and risk management for operations on site.
Fire
Very low Very low
Currently 25% of the typical volumes and regions are exposed to low fire weather
stress, with 5–20 days of fire weather conditions per year. Other regions have a
very low exposure to fire weather conditions, equal to less than five days
annually. As a consequence fire weather is not considered a material risk. There is
potential for indirect risks with regards to supply chain and sourcing of timber
material from overseas. No financial impacts have been reported at present.
Low Very low
Under the high emissions scenario by 2050, the fire weather conditions increase
for some regions Persimmon operates in, but are still considered relatively low
andas a consequence fire weather is not considered a direct material risk to
thebusiness.
There is a potential that timber raw materials could be disrupted due to wildfires
elsewhere; however, that risk is not projected to increase for key regions like
Scandinavia that Persimmon relies on.
Flooding
Very low Very low
Some regions of the UK where Persimmon operates are exposed to river flooding.
However this is a very localised risk. Typically only a small fraction (~5%) of plots
are in zones with 1% probability of significant flooding in a year. The robust land
selection process in place today, together with extra flood design considerations
and loading factors for future changes minimise key impacts to current and
futurehomes.
Very low Very low
Although the percentage of plots in flood zones does not increase significantly,
projected changes indicate that the frequency of flood events could increase in
the UK. Persimmon could be impacted by additional flood regulations and higher
adaption/mitigation costs for developments, as well as potentially more frequent
interruptions to operations. Restrictions on land supply are also possible.
Persimmon carries out due diligence prior to land investment, and factors in
increased river flows in flood design and planning, minimising impacts. Any
additional costs are normally considered in the land investment appraisal process.
Precipitation
Very low Very low
A small proportion of regions (3%) is exposed to moderate or higher risk of
precipitation, meaning two to seven days with more than 30mm of rainfall. Persimmon
considers rainfall parameters in drainage design which minimises this risk.
Very low Very low
There is a small projected increase in heavy rainfall compared to the present day.
Current design considerations could be sufficient for future changes but additional
regulation could emerge, creating additional costs.
Please note in last year’s table incorrect colour coding and rating was applied to several of the hazard exposure and residual risk columns. In all cases this overstated the level of exposure or risk.
Risk scale
Very high High Moderate Low Very low

Persimmon Plc Annual Report 202366
3. Transition risk analysis continued
Quantification of physical risk continued
The Group benefits from having a wide range of developments across all
regions of the UK, which mitigates the range and variety of physical risks that
it is exposed to. This also informs where risk may become more predominant,
and avoidance and mitigation strategies can be put in place. The Group has
a robust land investment appraisal and planning process where all potential
sites are evaluated for climate risk, thereby mitigating potential business impacts.
Resilience of the Group’s business strategy and businessmodel
The Group has in place a number of climate change mitigation strategies and
identified opportunities as part of its business model. These have been further
informed by the detailed climate risk analysis which has considered the
potential risks and opportunities at a more granular level and assessed
potential financial implications.
The Group, as is standard in the industry, reflects development costs when
performing land valuations and potential climate risks are considered in the
same manner. Land values will be reflective of potential mitigation costs;
however, there may be challenges in the future where land in certain locations
is in scarce supply, or where land values are regionally low and will not
support potential additional reductions from climate mitigation costs.
An internal annual climate risk health check was performed in 2023 to ensure
the controls and mitigation measures identified as part of the climate risk
assessment remain in place and are effective, and to identify whether anything
had changed within the business to present a new risk or opportunity. The
review was structured against the identified transition and physical risk and
took the form of a questionnaire and interviews with subject matter experts in
Group Planning, Group Technical and Group Procurement. The approach
was supported by Group Internal Control.
Transition risk mitigations and opportunities
• The Group has core house types used across its national network of development
sites which help ensure that any new regulatory requirements can be effectively
and consistently applied across the Group.
• The Group delivers more energy-efficient homes than the second hand property
market with homes that are increasingly energy efficient, thereby attracting a
strong customer base.
• The Group has developed its strategy for delivering to the new Part L of the
Building Regulations requiring new build homes to produce c.30% less carbon
emissions compared to current standards. Homes have improved insulation,
improved ventilation, more efficient boilers and many have solar panels to
achieve this improved efficiency. The Future Homes Standard (‘FHS’), expected in
2025/6, will require homes to produce 75%–80% less carbon emissions and will
remove gas-fired systems. This will require a switch to alternative heating systems
such as air source heat pumps, higher levels of insulation and air tightness, and
additional energy recovery or generation technologies. The Group is already well
placed to deliver this.
• All development sites have an Energy Transition Plan in place which identifies the
site build maturity and regulatory transition periods and identifies appropriate
energy heating solutions. The next few years will see a combination of heating
solutions as, in some cases, existing planning permissions will be for gas systems.
• The Group has a number of pilot projects to assess the most effective method of
achieving the Future Homes Standard. The pilot projects are being used to: trial
new technologies such as infra-red heating; assess the most effective build
methods of achieving the improved efficiency required using a ‘fabric first’
approach; and gain feedback from customers on the ‘liveability’ of the homes.
• The improved efficiency of new homes is also a significant opportunity for the
Group as we develop homes which will have a lower impact on the environment,
are currently cheaper to run and provide a competitive advantage to the
second-hand housing market.
• In designing our developments particular attention is paid to all issues that
surround the policy transition necessary to achieve new, more stringent climate
and environmental policy requirements. In order to deal proactively with local
andsite-specific interpretation/application the Group has developed design
andaccess statement templates aligned with the National Model Design Code.
• The Group’s business model includes vertical integration; the Group owns its own
timber frame, wall panel and roof cassette manufacturing facilities. These modern
methods of construction will assist in building low carbon homes, with a reduced
build time.
• The Group has gained a more detailed understanding of the embodied carbon
risk of its house types, and the detailed climate risk analysis performed this year,
and has highlighted the potential carbon pricing and subsequent raw material
cost increase risks. The Group Procurement team is increasing supply chain
engagement on high carbon materials.
• The Group’s UK-wide and diverse high quality land holdings support its strong
network of outlets and ensure the business is well positioned to invest in land at the
right time in the cycle. The strong gross margins embedded in the Group’s existing
landholdings help to absorb potential volatility caused by increasing
buildingcosts.
• The Group’s significant ongoing investment in training ensures that it maintains an
appropriate skill base to manage changes to operations and processes required
by climate change mitigation requirements.
Physical risk mitigations and opportunities
The Group already manages a number of potential physical risks, such as flooding,
as part of its planning activities. These have been further informed by the detailed
climate risk analysis which considered the potential risks and opportunities at a
more granular level and identified potential financialimplications.
• The Group undertakes comprehensive environmental and flood risk assessment for
each potential land acquisition that it makes, and for strategic land considerations.
• Planning requirements principally influence the requirements for any flood
mitigation, and drainage requirements, and there is increasing consideration
for use of blue and green infrastructure. The forthcoming new mandatory
sustainable urban drainage (‘SUD’) regulations are being assessed with the
opportunity to support biodiversity net gain requirements.
• The detailed climate risk analysis undertaken in 2022 has further informed
potential physical climate risks, and the impact they could have on the business
over the medium to long-term horizons. This information has informed the
Group Land and Planning team when considering future site locations and
landviability costs.
• The Group has a UK-wide network of sites and therefore has significantly
reduced exposure to potential regional climatic risks, and is able to
strategically consider potential development locations.
TCFD continued

Persimmon Plc Annual Report 2023 67
Financial statementsGovernance Other informationStrategic report
Risk management
As a principal risk for the Group, climate risk is governed and managed in line
with the Group’s risk management framework; see page 69. The framework
requires identification of the risk, evaluation of the potential impact, the
consequences, allocation of the risk owner, probability assessment, description
of controls and controls owner, and finally an evaluation of any residual risks.
The Group’s identification and assessment of risks is managed by the Audit
and Risk Committee, with the Board taking ultimate responsibility for risk management.
The climate risks, their potential consequences and their current impact on the
Group’s business model are identified and reviewed by the Group’s Executive
team, senior members of the Group Finance team, the Group Sustainability
Director and Group Director of Internal Audit. A wide range of insights and
resources are used to ensure climate-related impacts are effectively tracked
and considered to include: climate insights and trends, emerging legislation
and Government policies, consultations, local authorities positions and
industry body resources.
The climate risk register is reviewed and updated, as required, on at least an
annual basis. It is arranged into transitional risks and physical risks. As risks
are identified, the Group considers whether the business’s strategy and
business model already manage/mitigate the relevant risk.
If any gaps are identified, then in accordance with the risk framework,
theGroup establishes the appropriate response.
The climate scenario analysis and detailed climate risk analysis and modelling
has provided detailed assessment of transition and physical risks against three
time horizons. This has provided greater depth of understanding, and enabled
prioritisation of climate-related risks, and the Group will continue to embed
the findings into its climate risk and opportunities management.
4. Metrics
The Group monitors emissions from its own operations, which have been
measured in accordance with the GHG Protocol Corporate Accounting and
Reporting Standard (Revised Edition). Detailed GHG emissions information is
located on page 44 in accordance with the requirements of the Streamlined
Energy and Carbon Reporting requirements, and disclosures are for Scope 1,
2 and an emerging level of information for Scope 3 (supply chain products
and services, and homes in use).
The Group is committed to playing its part in the international effort to reduce
greenhouse gas emissions by reducing its own emissions across the business’s
operations, and also the supply chain and from the homes we sell.
As such, the Group has set an ambitious target to be:
• net zero carbon in our homes in use by 2030; and
• net zero carbon in our own operations by 2040.
This commitment is supported by interim science-based carbon reduction
targets to reduce our operational emissions (Scope 1 and 2) by an absolute of
46.2% (vs 2019 baseline) and our indirect emissions (Scope 3) from our supply
chain and homes in use by 22% per m
2
completed floor area by 2030. These
reductions will be achieved through wider supply chain engagement, product
innovation and changes to current operational processes.
In 2022, an environmental target was set making up 5% of the Executive
annual bonus, and focused on steps to support achievement of our Scope 1
and 2 science-based targets (see page 121). The Board believes in the
importance of ESG and the Remuneration Committee implemented an
environmental 2023 PSP Environmental target linked to Scope 1 and 2
carbon intensity.

Persimmon Plc Annual Report 202368
4. Metrics continued
Time
period Target Metrics
Climate risk/
opportunity 2023 status
Short-term
(2022–2025)
Continue to embed climate
risk and opportunity analysis
into the business strategy
andoperations
Qualitative Data visibility – Group Executive,
Regional Chairs receive business-
wide bi-monthly diesel use figures
Driving change – Establishment
ofFuture Homes Implementation
Group
Scope 1 and 2 – Reduce
ouroperationalfootprint
Absolute carbon
reduction
(market-based)
Carbon
pricing
12% reduction (v 2022)
Maintain 100% carbon
neutral electricity purchased
– green/REGO backed
100% REGO backed
electricity
Carbon
pricing
100% achieved
Undertake embodied
carbonassessments,
setreduction targets
Tonne CO
2
/m
2
completed
floor area
Increasing
costof raw
materials
Embodied carbon study undertaken
Targets under development
Supply chain engagement
onembodiedcarbon
Action plans in place to
reduce carbon content of
top CO
2
contributors
Increasing
costof raw
materials
Trial at our Brickworks factory
toreplace cement with GGBS
which will give a c.30%
carbonreduction
Medium-term
(2030)
Homes to be net zero
carbonin use by2030
% homes receiving
completed per year with
an EPC A or B rating
Changing
consumer
preferences
99.8% achieved
Reduce absolute Scope 1 and
2 GHG emissions by 46% by
2030 (2019 baseline)
Transition pathway –
tonnes/CO
2
against a
2019 baseline
Carbon
pricing
Achieved against Science Based
target commitment
Reduce Scope 3 carbon
emissions (purchased goods
and services, and use of sold
products) by 22% per m
2
completed floor area
Tonnes/CO
2
/m
2
completed floor area
against a 2019 baseline
Climate-
related
regulations
impacting
products
and services
Begin implementation of Part L
Building Regulations 2021
Embodied carbon study
undertaken to assess most
significant materials
Participate in FHH working group
Longer-term
(2040+)
Net zero carbon emissions
inour own operations
(Scope1 and 2) by 2040
% carbon offsets
purchased by 2040
Business
resilience
Not required
Progress in 2023 and 2024 priorities
The detailed climate risk analysis undertaken last year has provided the Group with detailed understanding of potential
climate-related risks and financial implications.
Progress against the actions identified for 2023 is shown below:
2024 priority 2023 progress
Climate risk health check: whilst the level of risk is overall
quantified as very low to low, this is based on mitigation
measures remaining in place, and the Group will ensure
there is no loss of focus and rigour in its approach. An
annual ‘climate risk health check’ will be undertaken as
part of the Group’s risk management strategy.
Annual climate risk health check undertaken and
confirmed no material changes to current controls and
measures, and the potential risks remain the same.
Water efficiency and scarcity: the climate analysis has
highlighted the risk of drought stress occurring in the
southern areas of the UK. It is likely that planning
requirements will increasingly consider water efficiency
and scarcity in identified drought stress areas. The Group
will evaluate water efficiency and integration of blue and
green infrastructure into developments.
Ongoing.
Our current specification for water efficient appliances
inthe home is for 99 litres per person per day.
The Group has evaluated the draft regulatory
requirements for sustainable urban drainage systems.
New energy efficiency opportunities: the Group
undertook detailed customer research in 2022 on energy
efficiency and low carbon energy transition. This research
will be further considered and support maximising the
transition opportunity.
The Group Sales Director sits on the FHH Valuations
Working Group which is working with mortgage lenders
and valuers to ensure energy-efficient homes with lower
operating costs can be recognised and rewarded through
the mortgage process.
Priorities for 2024
• The Group will publish a long-term net zero Transition Plan in the 2024 Annual Report
• The Group will conduct an annual climate risk health check to ensure controls remain in place and are effective
TCFD continued

Persimmon Plc Annual Report 2023 69
Financial statementsGovernance Other informationStrategic report
Principal risks and material issues
Mitigating risk
Principal and emerging risks overview
The Group defines its principal risks in line with the UK Corporate
Governance Code 2018, as those risks which it has considered could have a
potentially material impact on its strategy and business model, including its
future performance, solvency, liquidity and reputation. Emerging risks are
defined as those which are evolving in ways that are not yet clear, and where
the full impact and potential timing of risk realisation remain uncertain.
Overall assessment
In line with the requirements of the UK Corporate Governance Code 2018,
the Board has completed its assessment of the Group’s principal and
emerging risks. This has included an assessment of each risk and the
movement in both likelihood and potential impact against the prior year
assessment. The results of the assessment are set out below. The overall
assessment, along with a range of sensitivity analyses against various risk
scenarios materialising together, and the likely responses of the Board, have
informed the broader assessment of the resilience of the Group’s business
model, as detailed within the Viability Statement (see pages 76 to 78).
Material issues and key priorities
The Board continues to recognise the value of stakeholder engagement in
ensuring the Group’s ability to create and protect value over the long-term.
Amateriality assessment has previously been performed to identify the most
important issues for our stakeholders. The results of this assessment are closely
linked to the Group’s principal risks, as detailed within the principal risks heat
map and tables on pages 71 to 75. The principal risks also align closely with
the Group’s key priorities:
1. Build quality and safety
2. Reinforce trust: customers at the heart of our business
3. Disciplined growth: high quality land investment
4. Industry-leading financial performance
5. Supporting sustainable communities
Read more on pages 20 and 21
Risk management framework
Risk management framework
The Board determines the Group’s overall strategy and has responsibility for the identification and management of risks that could
disrupt the delivery of the strategy, including threats to the Group’s five key priorities. To do so, the Board:
• conducts reviews of principal and emerging risks;
• monitors a range of indicators of risk performance in order
to inform strategic decision making;
• periodically reviews the Group’s risk registers in their entirety;
• ensures an effective system of internal controls is in place
tomanage risks to acceptable levels; and
• obtains assurance on the performance of internal controls
and risk management processes.
Risk identification, mitigation and monitoring
Audit & Risk
Committee
Group functions
Group Internal
Audit department
Third line of defence
Operational
management
First line of defence Second line of defence
Management oversight
• Provide ownership of
individual operational
level risk registers for
each function, with
regular updates to
ensure accurate capture
and assessment of
functional risks.
• Contribute to the
formulation of Group
policies, procedures and
control mechanisms
designed to mitigate risks.
• Conduct routine
monitoring and
assurance on the
implementation
ofcontrols at
operationallevel.
• Support steering groups
on key risk areas
including the Group’s
Security Council and
General Data Protection
Regulation (GDPR)
Steering Group.
• Monitors the integrity of
the Group’s corporate
reporting processes.
• Approves the Director
ofInternal Audit’s
risk-based annual
auditplan and monitors
the effectiveness of
internal audit.
• Monitors the external
audit and reviews its
effectiveness.
• Receives reporting
frommanagement
andexternal providers
ofassurance on the
effectiveness of risk
management and
internal control.
• Responsible for
managing the
day-to-day operational
performance of the
business, including
identification of any
changes in key risks
affecting operations.
• Ensure the effective
implementation of
internal controls set by
the Board and Group
functions within the
business.
• Routinely interact with
management at regional
and Group levels and
the Board.
• Delivers a risk-based
annual internal audit
plan to provide
assurance on key areas
of risk and compliance.
• Administratively
maintains the Group’s
risk registers and
oversees the annual
review process with risk
owners and relevant
subject matter experts.
• Facilitates the annual
principal and emerging
risk survey of the Board
and senior management.
• Produces lead indicator
reporting on the Group’s
principal risks for
theBoard.
• Provides an annual
summary report on the
effectiveness of risk
management and
internal control.

Persimmon Plc Annual Report 202370
1
Market competition
Risk
The Group’s 2023 assessment of emerging risks identified that the
evolution of market conditions, including higher mortgage rates
andongoing economic uncertainty, may drive changes in competitor
strategies and actions that could pose a threat to the Group’s overall
strategy and business model. Examples of such changes and market
disruption could include increased consolidation within the sector
orheightened use of modular construction.
Impact
Market disruption and changes to competitor strategies could
resultin reduced competitive advantage, with potential for
increasedcompetition for skilled staff, key materials and
investmentopportunities.
Our actions
• Regular review of our strategy to ensure ongoing appropriateness.
• Disciplined approach to investment decisions, both in land
andother potential strategic opportunities.
• TopHat investment and existing Space4 production to support
future volume growth and build efficiencies relative to peers.
2
Planning uncertainty
Risk
Continued uncertainty in planning regimes, and other aspects of
Government policy and regulation toward the housebuilding sector
could, over time, materially impact upon the Group’s overall strategy
and business model.
Impact
Heightened planning uncertainty may result in increased costs and
timeframes in bringing sites through to construction. This in turn may
affect the Group’s ability to deliver increased volumes and could
have a negative impact on margins.
Our actions
• The Group maintains strong land holdings throughout the cycle.
• Experienced management teams conduct robust viability
assessments of all potential land investments.
• Land Committee process to review and approve investment
decisions to ensure alignment with the Group’s required returns
and strategy.
• Ongoing stakeholder engagement processes to identify and
address potential concerns at an early stage and drive improved
planning outcomes.
Emerging risks
Emerging risks
The emerging risks facing the Group are identified through a detailed survey
of the Board and senior management, the results of which are presented for
review and challenge through the Audit & Risk Committee. The Group’s 2023
assessment has identified ‘market competition’ as an emerging risk which
could evolve over time to meet the criteria of a principal risk. The Group also
continues to assess ‘planning uncertainty’ as an emerging risk area, distinct
from the principal risks around land and Government policy. This reflects
continued uncertainty in planning regimes and the potential impact this could
have over time on the Group’s overall strategy and business model.
Principal risks and material issues continued

Principal risks – heat map
Persimmon Plc Annual Report 2023 71
Financial statementsGovernance Other informationStrategic report
Principal risk
1
UK economic conditions
2
Government policy and
political risk
3
Health, safety and
environment
4
Skilled workforce, retention
and succession
5
Supply chain
6
Land
7
Climate change
8
Reputation
9
Regulatory compliance
10
Cyber and data risk
11
Mortgage availability
12
Legacy buildings
Low Medium High
Residual (mitigated) risk impact
Residual (mitigated) risk likelihood
Low Medium High
1
2
4
5
6
10
9
8
7
3
12
11
Current year
Movement from year prior
Principal risks
Following the Group’s comprehensive appraisal of its principal risks, it has
been determined that 12 risk areas meet its criteria for consideration as
principal risks. These risks are detailed further on pages 72 to 75. The
principal risks faced by the Group remain largely consistent with prior years,
reflecting the Group’s continued sensitivity to external risks such as economic
conditions, mortgage availability and Government policy and political risk.
The key change from the Group’s 2023 assessment has been to separate the
previously reported ‘materials and land’ principal risk into discrete ‘land’ and
‘supply chain’ risks, rated as high and medium respectively. This better reflects
the different nature of each risk, including the controls deployed to mitigate
them. The 2023 assessment has also noted movements in the likelihood and
impact of legacy buildings, skilled workforce and cyber and data risks.
Principal risk movements 2022-2023
• The heat map (right) illustrates movements from the 2022 assessment of the
Group’s principal risks through to 2023.
• The most pronounced movements include an increase in Government
policy and political risk, reflecting policy uncertainty and the point of the
electoral cycle.
• Regulatory compliance risk has also increased, reflecting the continued
expansion of regulatory considerations, including those specific to
oursector.

Persimmon Plc Annual Report 202372
Risk description
The housebuilding industry is inherently cyclical in nature and particularly
sensitive to changes in the economic environment. Changes in factors such
asunemployment levels, interest rates and overall consumer confidence can
adversely affect demand and pricing for new homes. This could in turn impact
upon our revenues, margins, profits and cash flows and potential impairment
ofasset values.
Approach to risk mitigation
In order to minimise risk and maintain financial flexibility, the Group pursues
ahighly disciplined approach to investments in land and work in progress,
ensuring these are appropriate and reflective of current and anticipated levels
ofdemand.
Pricing structures are regularly reviewed to reflect local market conditions.
TheGroup benefits from a UK-wide network (with no significant presence in
London), mitigating the effects of regional economic fluctuations.
How we monitor the risk
• The Board closely monitors sales activity and UK economic trends.
• The Principal Risk Lead Indicator reports issued to each meeting of the Board
includes analysis of economic indicators, using both internal and
externalsources.
Risk description
Changes to Government policy can have a material impact on the delivery of our
strategy and affect our operational performance. This can include amendments in
areas such as planning regulations, support schemes or the imposition of specific
industry taxation. Such changes have the potential to adversely affect revenues,
margins, tax charges and asset values, and potentially impact on the viability of
land investments.
Approach to risk mitigation
Our mission and our five key priorities (see pages 20 and 21) are aligned with
thestated ambition of the Government and main political parties to increase
housing stock.
Investment decisions in land and work in progress are tightly controlled in order
tomitigate exposure to external influences, including potential changes in
Government policy.
The Group has expertise in managing and responding to relevant areas subject
toGovernment involvement at both local and national level, including through
ourGroup Planning, Technical and External Affairs departments.
How we monitor the risk
• Likely evolutions in Government policy in relation to the housing market are
monitored closely by our External Affairs, Technical and Land and Planning
departments, with regular feedback to the Executive Committee and Board.
• We routinely engage with industry bodies to review the impact of any
anticipated legislative or regulatory changes.
• We proactively engage with local authorities to anticipate any potential
concerns over development and ensure our approach is aligned with
localpriorities.
Risk description
The health, safety and wellbeing of our workforce, visitors and customers is of paramount
importance. Any failure to adhere to the Group’s robust framework of Health, Safety and
Environment (HS&E) procedures could result in serious injury or loss of life. In addition
to the human impacts of any health, safety or environmental breach or incident, there
is the potential for reputational damage, construction delays and financial penalties.
Approach to risk mitigation
The Board retains a very strong commitment to health and safety and managing
the risks in this area effectively. Operationally, this commitment isimplemented by
a range of measures, including:
• comprehensive policies and procedures to manage construction activities safely;
• training programmes to embed the Group’s policies effectively;
• inspection regime led by our Group Health, Safety and Environment
department, with additional assurance from specialist resource within
ourGroup Internal Audit department; and
• engagement with industry forums and best practice groups.
How we monitor the risk
• Data from inspections by the Group Health, Safety and Environment
department feed into management reports at all levels of the Group.
• The Principal Risk Lead Indicator reports issued to each meeting of the Board
include analysis of inspection metrics provided by the Group Health, Safety
and Environment department.
• The Group Health, Safety and Environment Director is a member of the Group
Executive Committee, and provides additional periodic reports and updates
toboth the Board and the Audit & Risk Committee.
• The results of routine HS&E assurance engagements conducted by the Group
Internal Audit department are reported to both executive management and the
Audit & Risk Committee.
1
UK economic conditions
Residual risk
rating
Risk trend
assessment Link to key priorities
Very High Overall
1 5
Impact
Risk owners and accountability
Likelihood Group Director of Strategic
Partnerships and ExternalAffairs
Group Planning Director
Regional Chairs
Residual risk
rating
Risk trend
assessment Link to key priorities
High Overall
1
Impact
Risk owners and accountability
Likelihood Group HS&E Committee
Group HS&E Director
Group Construction Director
Group Special Projects Director
Residual risk
rating
Risk trend
assessment Link to key priorities
Very High Overall
3 4
Impact
Risk owners and accountability
Likelihood Regional Chairs
2
Government policy and political risk
3
Health, safety and environment
Links to key priorities
1
Build quality and safety
4
Industry-leading financial performance
2
Reinforce trust: customers at the heart of our business
5
Supporting sustainable communities
3
Disciplined growth: high-quality land investment
Read more on pages 20 and 21
Principal risks
Principal risks and material issues continued

Persimmon Plc Annual Report 2023 73
Financial statementsGovernance Other informationStrategic report
Risk description
The Group’s ability to deliver its strategic objectives relies upon being able to
recruit and retain both a highly skilled workforce and supporting management
teams. Heightened competition for skilled labour, and the ageing construction
workforce in the UK create risks of increased costs, operational disruption and
potential delays to build programmes.
Approach to risk mitigation
The Group has deployed a range of measures to attract and maintain an
appropriately skilled workforce, including:
• a comprehensive range of training programmes managed by the Group
Training department, including apprenticeships, graduate scheme and the
Persimmon Pathways in core disciplines;
• talent management and succession planning programmes;
• remuneration benchmarking to ensure reward is appropriate to attract and
retain talent at all levels;
• utilisation of our Space4 products, which improve build efficiency and reduced
labour requirements than in traditional construction;
• increased focus on employee engagement measures; and
• deployment of hybrid working practices, where appropriate.
How we monitor the risk
• The Group HR department provides reporting, including metrics such as
training hours, to management at all levels of the Group.
• The Chief HR Officer is a member of the Group Executive Committee, and provides
additional periodic reports and updates to the Board on employment trends.
• Feedback from the Employee Engagement Panel is reviewed by the Board.
• The Principal Risk Lead Indicator reports issued to each meeting of the Board
include staff turnover data and commentary from the Group HR department.
Risk description
The Group’s continued ability to secure an appropriate supply of land is crucial
tothe delivery of our strategy. Failure to maintain an adequate supply of land,
orto secure land of the requisite quality, could adversely affect future sales,
margins and return on capital employed.
Approach to risk mitigation
The Group maintains strong land holdings. All land purchase decisions are made
following comprehensive viability assessments to ensure specific levels of
projected returns and alignment with the Group’s overall strategy, taking into
account anticipated market conditions and sales rates.
How we monitor the risk
The Group’s Land Committee meets regularly to review the Group’s current land
holdings and future needs, and to assess potential land transactions.
Risk description
This has been recognised as a standalone principal risk for 2023, having
previously been merged with the Group’s land risk. The delivery of high quality
homes requires consistent access to materials of the requisite quantity and
specifications. Increases in demand for materials, or other supply chain
disruptions, could cause availability constraints and increase cost pressures.
Buildquality may be compromised if unsuitable materials are procured leading
todamage to the Group’s reputation and overall customer experience.
Approach to risk mitigation
The Group has established a range of measures to ensure consistency in material
supply and ongoing cost efficiency:
• vertical integration through the Brickworks, Tileworks and Space4 facilities;
• strategic approach to procurement, led by our Group Procurement team;
• supply chain engagement, including robust processes for appointing suppliers
and reviewing their performance thereafter; and
• detailed forecasting and planning of material requirements to inform
suppliernegotiations.
How we monitor the risk
• The Group Procurement department provides routine monitoring of trends
andsupplier performance.
• Site budgets and performance, including availability and pricing of materials,
are assessed through the bi-monthly valuation process.
• The Principal Risk Lead Indicator reports issued to each meeting of the Board
include commentary from the Group Commercial Director on material
purchasing trends and issues.
Residual risk
rating
Risk trend
assessment Link to key priorities
High Overall
3
Impact
Risk owners and accountability
Likelihood Group Planning Director
Group Director of Land Operations
Group Director of Transformation
andLand Strategy
Regional Chairs
Residual risk
rating
Risk trend
assessment Link to key priorities
Medium Overall NEW
1 4
Impact NEW
Risk owners and accountability
Likelihood NEW UK MD
Group Commercial Director
Group Procurement Director
4
Skilled workforce, retention
andsuccession
6
Land
5
Supply chain
Residual risk
rating
Risk trend
assessment Link to key priorities
Medium Overall
1
Impact
Risk owners and accountability
Likelihood Chief HR Officer
Director of Talent & Diversity

Persimmon Plc Annual Report 202374
Risk description
The UK’s continued transition to a lower carbon economy could lead to increasing
levels of complex regulation and legislation, as seen with the Future Homes
Standard. These may in turn result in planning delays, increased costs and
competition for some materials and skills.
Changes in weather patterns and the frequency of extreme weather events caused
by climate change, particularly storms and flooding, may increase the likelihood
of disruption to the construction process. The availability of mortgages and
property insurance may also be affected as financial institutions consider their
responses to the impacts of climate change.
Approach to risk mitigation
The potential impacts of climate change are considered systematically in key
business decisions, from land acquisition through to planning and build processes.
These considerations have informed the Group’s ambitious carbon reduction
targets, which have been fully accredited by the Science Based Targets initiative.
The Group has the target to deliver ‘net zero’ homes in use to our customers by
2030 and become ‘net zero’ in our operations by 2040.
For more detail please see pages 40 to 42
How we monitor the risk
• The Sustainability Committee meets regularly to review progress on the Group’s
climate-related initiatives.
• Key indicators including CO
2
emissions and waste generation are monitored
and reported on.
See TCFD report page 59
• Our Scope 1, Scope 2, Scope 3 Category 1 (Purchased goods and services)
and Scope 3 Category 11 (Use of sold products) emissions are subject to
external review.
For more details please see pages 59–68
Risk description
The Group aims to maintain a reputation for high standards of business conduct
inall aspects of its operations. Failure to live up to our expected high standards in
areas such as governance, build quality (including remediation of legacy issues),
customer experiences, health and safety, or in dealing with local planning
concerns could damage stakeholder relationships and have a detrimental impact
on financial performance.
Approach to risk mitigation
The Group is committed to ensuring an appropriate culture and maintaining high
quality in all aspects of its operations. This commitment is subject to oversight from
the Board.
To support our commitments to quality, we have continued to make significant
investments in build quality, through The Persimmon Way, our commitment to the
objectives underpinning the New Homes Quality Code (‘NHQC’), and in
addressing legacy issues.
The Group also works to build positive relationships with all of our stakeholders,
including local authorities and the communities in which we build, through
addressing housing need, supporting local employment and making valuable
contributions to local infrastructure and community causes.
How we monitor the risk
• Operational performance, including build quality and customer experience,
are subject to routine management oversight, with reporting to the Executive
Committee and Board.
• The Board also oversees stakeholder engagement, including monitoring
feedback from shareholders, and the results of our employee engagement
surveys and the Employee Engagement Panel.
• The Principal Risk Lead Indicator report issued to each meeting of the Board
include analysis of media coverage and trends that could be indicative of the
Group’s overall reputation.
Risk description
The regulatory landscape for the housebuilding industry has become increasingly
complex, particularly in land acquisition, planning, Building Regulations and the
environmental impact. Further regulatory evolutions through the NHQC, for
example, will affect many of our processes. Failure to comply with regulations in
any of these areas could result in imposition of financial penalties and potential
damage to the Group’s reputation.
Approach to risk mitigation
The Group maintains comprehensive management systems to ensure regulatory
and legal compliance, including policies and procedures for key areas of
regulation. Additional oversight is in place through the Group functions and
cross-functional steering groups for key areas, such as GDPR compliance.
In respect of land and planning, experienced management teams are in place
atGroup and local levels. These enable effective engagement with planning
authorities and other stakeholders to reduce the likelihood and impact of any
delays or disruption.
How we monitor the risk
The Board and Audit & Risk Committee are provided with regular updates on core
areas of regulatory compliance and preparation for upcoming regulatory change.
Residual risk
rating
Risk trend
assessment Link to key priorities
Medium Overall
2 5
Impact
Risk owners and accountability
Likelihood Group Strategy & Regulatory Director
Group Sustainability Director
Residual risk
rating
Risk trend
assessment Link to key priorities
Medium Overall
1 2 4 5
Impact
Risk owners and accountability
Likelihood Group Director of Strategic
Partnerships and External Affairs
Group Investor Relations Director
Chief Customer Experience Officer
Residual risk
rating
Risk trend
assessment Link to key priorities
Medium Overall
1 2
Impact
Risk owners and accountability
Likelihood Chief Customer Experience Officer
Group Construction Director
Group Director of Legal Services
Company Secretary
Group Strategy & Regulatory Director
7
Climate change
8
Reputation
9
Regulatory compliance
Links to key priorities
1
Build quality and safety
4
Industry-leading financial performance
2
Reinforce trust: customers at the heart of our business
5
Supporting sustainable communities
3
Disciplined growth: high quality land investment
Read more on pages 20 and 21
Principal risks and material issues continued
Principal risks continued

Persimmon Plc Annual Report 2023 75
Financial statementsGovernance Other informationStrategic report
Risk description
In common with most modern businesses, the Group is reliant on the consistent
availability and security of its IT systems. Failure or significant disruption to the
Group’s core IT systems, particularly those in relation to customer information and
customer service, could result in significant financial costs, reputational damage
and business disruption.
Approach to risk mitigation
The Group has a dedicated Security Council, chaired by the Chief Information
Security Officer and attended by senior leaders within the business, which
oversees the Group’s cyber security arrangements.
Dedicated resource is in place to manage and oversee security controls. This
includes use of third-party expertise to ensure implementation of good practice
controls, both through cyber security assessments and periodic penetration testing.
Training and regular communications are delivered to all users to increase
awareness of cyber risks, and good preventative practices to reduce the Group’s
exposure to attack.
How we monitor the risk
• The Board receives reports from the Group’s Chief Information Officer (‘CIO’)
at each of its meetings. The CIO also serves as a member of the Group
Executive Committee, ensuring IT and cyber risks are actively considered in all
key business decision making.
• Routine reporting on cyber security and IT developments is presented to the
Audit & Risk Committee.
• The Principal Risk Lead Indicator reports issued to each meeting of the Board
include a section on IT developments.
• The Group has an internal GDPR Steering Group to monitor all processes,
risksand controls associated with personal data.
Risk description
Higher interest rates or tightening of bank risk appetites and lending criteria could
reduce both the affordability and availability of mortgages for our customers.
Thiscould reduce demand for new homes and affect sales prices, revenues,
profits, cash flows and asset values.
Approach to risk mitigation
The Group closely monitors the economic outlook for the UK, including indicators
on mortgage availability and affordability. Investments in land and work in
progress are moderated to align with our level of sales and expectations of the
current market conditions. Sales prices and incentive schemes to support sales are
kept under constant review by management, and can be flexed according to
underlying market conditions.
How we monitor the risk
• The Board closely monitors sales activity and UK economic trends, including
Bank of England commentary on credit conditions, lenders’ announcements
and reports from UK Finance.
• The Principal Risk Lead Indicator report issued to each meeting of the Board
include analysis of lending trends and mortgage approval rates.
Risk description
In line with our commitments under the Developer Pledge, the Group has identified
a number of legacy buildings it had constructed, which require cladding or
life-critical fire safety remediation works in order to ensure resident safety.
Financial provisions have been made for the anticipated costs of this work, but
given the complexity of the projects to do so and the potential for legislation or
regulation in this area to evolve, further properties could be identified, or costs
could prove to be greater than anticipated.
Approach to risk mitigation
The Group has a dedicated Special Projects team, responsible for the
identification of affected buildings, assessment of any remediation required,
andensuring that the work is completed as quickly as practicable.
Detailed investigations are undertaken on all identified buildings and independent
fire risk assessments completed. Specialist contractors are appointed to carry out
the necessary works, with regular monitoring and routine review from the Special
Projects team.
The Group’s assumptions on the estimated financial costs associated with the
remediation works have been subject to comprehensive challenge and are
regularly reassessed.
How we monitor the risk
• The Board receives routine reporting on the progress of the works on
legacybuildings.
• All identified buildings are assessed and, where necessary, interim measures
carried out to ensure resident safety until remedial works are carried out.
• The Finance team monitors costs incurred and provides assurance on the
utilisation and ongoing appropriateness of the Group’s provision.
Residual risk
rating
Risk trend
assessment Link to key priorities
High Overall
2 5
Impact
Risk owners and accountability
Likelihood Chief Information Officer
Chief Information Security Officer
Residual risk
rating
Risk trend
assessment Link to key priorities
Very High Overall
2 4
Impact
Risk owners and accountability
Likelihood Regional Chairs
Chief Customer Experience Officer
Group Sales Director
Group Marketing Director
Residual risk
rating
Risk trend
assessment Link to key priorities
High Overall
1 2
Impact
Risk owners and accountability
Likelihood Group Construction Director
Group Special Projects Director
10
Cyber and data risk
11
Mortgage availability
12
Legacy buildings

Persimmon Plc Annual Report 202376
Viability statement
Persimmon’s prospects and viability
Persimmon’s prospects and viability
The long-term prospects and viability of the business are a consistent focus
ofthe Board when determining and monitoring the Group’s strategy.
Theidentification and mitigation of the principal risks facing the business,
which have been updated to reflect current UK economic conditions and
uncertainties, also form part of the Board’s assessment of long-term prospects
and viability*.
* The Directors have assessed the longer-term prospects of the Group in accordance with
provision 31 of the UK Corporate Governance Code 2018.
Assessing Persimmon’s long-term prospects
Persimmon has built a strong position in the UK’s housebuilding market over
many years, recognising the potential for long-term growth across regional
housing markets. The Board recognises that the long-term demographic
fundamentals of continued positive population growth and new household
formation, together with the requirement to replace and improve the quality
ofthe country’s housing stock, provide a long-term supportive backdrop for
the industry. However, the Board and the Group’s strategy recognises the
inherently cyclical nature of the UK housing market. The Group has therefore
been able to maintain a position of strength with good liquidity, high quality
land holdings and a strong balance sheet throughout the disruption caused
bythe cost of living crisis and ongoing geopolitical uncertainty. The future
impacts of these disruptions in creating uncertainty within the UK economy
and subsequent effect on the Group’s sales and construction programmes
remain uncertain. The Board has considered these potential impacts in depth
when assessing the long-term prospects of the Group.
Whilst this uncertainty remains, Persimmon possesses the sound
fundamentalsrequired to realise the Group’s purpose and ambitions
anddeliver sustainablesuccess:
• talented teams focused on consistently delivering good quality homes
forour customers;
• high quality land holdings that allow us to create attractive places in areas
where people wish to live and work;
• strong customer and local community relationships;
• continued investment in the training and development of our teams;
• market knowledge, expertise and industry know-how;
• long-term healthy supplier engagement; and
• vertical integration ensuring internalised supply of key materials.
By continuing to build on these solid foundations through, for example,
ThePersimmon Way and our ongoing investments in the customer experience,
its land, development sites and in its supply chain, the Group aims to create
enduring value for the communities we serve and our wider stakeholders.
Thisis reflected within the Group’s materiality assessment, which ensures a
thorough review of stakeholder interests is incorporated within the assessment
of the Group’s long-term prospects.
The Group adopts a disciplined annual business planning regime, which is
consistently applied and involves the management teams of the Group’s
housebuilding businesses and senior management, with input and oversight
by the Board. The Group combines detailed five-year business plans
generated by each housebuilding business from the ‘bottom up’, with ten-year
projections constructed from the ‘top down’ to properly inform the Group’s
business planning over these longer-term horizons. Zero-based 12-month
budgets are established for each business annually.
This planning process provides a valuable platform, which facilitates the
Board’s assessment of the Group’s short and long-term prospects.
Consideration of the Group’s purpose, current market position, its five key
priorities and overall business model, and the risks that may challenge them
are all included in the Board’s assessment of the prospects of the Group.
Key factors in assessing the long-term prospects of
theGroup:
1. The Group’s current market positioning
• Sales network of active developments across the UK providing geographic
diversification of revenue generation.
• Three distinct brands providing diversified products and pricing deliver
further diversification of sales.
• Imaginative and comprehensive master planning of development schemes
with high amenity value to support sustainable, inclusive neighbourhoods
which generate long-term value to the community.
• Disciplined land replacement reflecting the extent and location of housing
needs across the UK provides a high quality land bank in the most
sustainable locations supporting future operations.
• Long-term supplier and subcontractor relationships providing healthy
andsustainable supply chains.
• Sustained investment to support higher levels of construction quality
andcustomer service through the implementation of initiatives such as
ThePersimmon Way.
• Strong financial position with considerable cash reserves and with a new
£700m working capital credit facility maturing July 2028 with the
possibility to extend for a further two years to 2030. We do not intend to
rely on the facility at this time but have assumed we will exercise this
extension.
2. Strategy and business model
• Strategy focuses on the risks associated with the housing cycle and on
minimising financial risk and maintaining financial flexibility.
• Focusing on constructing new homes for our customers to the high quality
standards that they expect and helping to create attractive
neighbourhoods.
• Strategy recognises the Group’s ability to generate surplus capital beyond
the reinvestment needs of the business.
• Substantial investment in staff engagement, training and support to sustain
operations over the long-term.
• Approach to land investment and development activity provides the
opportunity to successfully deliver much needed new housing supply and
create value over the long-term.
• Differentiation through vertical integration, achieving security of supply of
key materials and complementary modern methods of construction to
support sustainable growth.
• Simple capital structure maintained with no structural gearing.
3. Principal risks associated with the Group’s strategy and
business modelinclude
• Disruption to the UK economy adversely affecting demand for and pricing
of new homes, or contributing to inflationary pressures.
• Changes in Government policy affecting the housebuilding sector, such as
those relating to taxation, planning conditions or market support.

Persimmon Plc Annual Report 2023 77
Financial statementsGovernance Other informationStrategic report
Key factors in assessing the long-term prospects of
theGroup continued:
3. Principal risks associated with the Group’s strategy and
business modelinclude continued
• Changes in market conditions affecting the availability and pricing of land.
• Disruption to supply chains, affecting the availability of key
constructionmaterials.
• Reduction in mortgage availability and/or affordability arising from, for
example, reduced risk appetite of lenders or significant regulatory change.
• Climate change risk, comprising both transition (legal and regulatory
changes affecting the housebuilding sector) and physical (operational
disruption through more frequent and prolonged adverse weather)elements.
• Adverse market competition and construction workforce trends, resulting in
an inability to attract and retain high quality workers and an appropriately
experienced management team.
• Cyber and data risk, including potential for significant or prolonged
operational disruption arising from cyber-attack or failure of critical ITsystems.
See pages 72 to 75 for the full list of principal risks together with
detaileddescriptions.
Disciplined strategic planning process
The prospects for the Group are principally assessed through the annual
strategic planning review process conducted towards the end of each year.
The management team from each of the Group’s housebuilding businesses
produce a five-year business plan with specific objectives and actions in line
with the Group’s strategy and business model. These detailed plans reflect
thedevelopment skill base of the local teams, the region’s housing market,
strategic and on-market land holdings and investments required to support
their objectives. Special attention is paid to construction programmes and
capital management through the period to ensure the appropriate level of
investment is made at the appropriate time to support delivery of the plan.
Emerging risks and opportunities in their markets are also assessed at this
local level.
Senior Group management review these plans and balance the competing
requirements of each of the Group’s businesses, allocating capital with the
aim of achieving the long-term objectives of the Group including our five key
priorities (see pages 20 and 21). The five-year plans provide the context for
setting the annual budgets for each business for the start of the new financial
year in January, which are consolidated to provide the Group’s detailed budgets.
The Board reviews and agrees both the long-term plans and the shorter-term
budgets for the Group.
The outputs from the business planning process are used to support
development construction planning, impairment reviews, funding projections,
reviews of the Group’s liquidity and capital structure, and for the identification
of surplus capital available for return to shareholders via the Group’s Capital
Allocation Policy.
Assessing Persimmon’s viability
The Directors have assessed the viability of the Group over a five-year
period, taking into account the Group’s current position and the potential
impact of the principal risks facing the Group.
The use of a five-year period for the purpose of assessing the viability of
theGroup is considered the most appropriate time horizon, as it reflects the
business model of the Group, with new land investments generally taking at
least five years to build and sell through, and for the development
infrastructure to be adopted by local authorities.
A key feature of the Group’s strategy, as documented in the Strategic Report,
is the Group’s commitment to maintain capital discipline over the long-term
through the housing cycle. This commitment is reinforced by the introduction
inNovember 2022 of the Group’s Capital Allocation Policy (‘CAP’).
The key principles of the CAP are:
• invest in the long-term performance of Persimmon by ensuring the business
retains sufficient capital to continue our disciplined and appropriately
timed approach to land acquisition;
• operate prudently, with low balance sheet risk, and a continued focus
onachieving a superior return on capital;
• ordinary dividends will be set at a level that is well covered by post-tax
profits, thereby balancing capital retained for investment in the business
with those dividends; and
• any excess capital will be distributed to shareholders from time to time,
through a share buyback or special dividend.
On 1 March 2023, the Directors announced the scheduled CAP payment,
inrespect of the financial year ended 31 December 2022, of 60p per share
which was paid on 5 May 2023.
On 10 August 2023, the Directors announced their intention to pay 20p
pershare as an interim cash dividend in respect of the financial year to
31December 2023. This interim dividend was paid to shareholders on 3
November 2023.
On 12 March 2024, the Directors announced the scheduled CAP payment
of40p per share as a final dividend in respect of the financial year
31December 2023.
Further details on these CAP payments can be found in the Financial review
on page 28.
On an annual basis, the Directors review financial forecasts used for this
Viability Statement as explained in the disciplined strategic planning
processes outlined earlier. These forecasts incorporate assumptions on issues
such as the timing of legal completions of new homes sold, average selling
prices achieved, profitability, working capital requirements and cash flows.
They also include assumptions on the CAP.
The Directors have also carried out a robust assessment of the principal and
emerging risks facing the Group (as set out on pages 69 to 75), and how
theGroup manages those risks, including those risks that would threaten its
strategy, business model, future operational and financial performance,
solvency and liquidity. This risk assessment was also informed by the
performance of the Group’s materiality assessment, incorporating views from
the Group’s key stakeholders (see further details on pages 55 to 57), and
through acomprehensive survey to incorporate input from the Board and
senior management from across the Group. The Directors have considered the
impact of these risks on the viability of the business by performing a range
ofsensitivity analyses when compared to base position being the actual
performance for full year 2022, including severe but plausible scenarios
materialising together with the likely effectiveness of mitigating actions that
would be executed by the Directors.

Persimmon Plc Annual Report 202378
Assessing Persimmon’s viability continued
The scenarios emphasise the potential impact of severe market disruption
including, for example, the effect of economic disruption from a cost of living crisis
or a war on the short to medium-term demand for new homes. The scenarios’
emphasis on the impact on the cash inflows of the Group through reduced new
home sales is designed to allow the examination of the extreme cash flow
consequences of such circumstances occurring. The Group’s cash flows are less
sensitive to supply side disruption given the Group’s sustainable business model,
flexible operations, agile management team and off-site manufacturing facilities.
The first scenario modelled is a severe but plausible downside scenario that
models a fall in housing revenue, when compared to full year 2023, of c.53%
for full year 2024 followed by a gradual recovery. The housing revenue
modelled factors in changes in both volumes and average selling prices.
Theassumption used in this scenario reflects the experience management
gained during the Global Financial Crisis from 2007 to 2010, it being the
worstrecession seen in the housing market since World War Two. A second,
even more extreme, scenario assumes the same significant downturn in 2024
followed by a period of enduring depression of the UK economy and housing
market during 2025, assuming that delayed volumes and revenue recovery
occur through to 2028.
In each of these scenarios, cash flows were assumed to be managed
consistently, ensuring all relevant land, work in progress and operational
investments were made in the business at the appropriate time to deliver the
projected new home legal completions. Each scenario fully reflects the current
estimate of cash outflows, value and timing, associated with the legacy
buildings provision. In each of these scenarios, the Group is able to operate
within its facilities.
Based on this assessment, the Directors confirm that they have reasonable
expectation that the Group will be able to continue in operation and meet its
liabilities as they fall due over the period to the end of 31 December 2028.
This Strategic Report has been approved by the Board:
Tracy Davison
Company Secretary
11 March 2024
Viability statement continued

Persimmon Plc Annual Report 2023 79
Financial statementsGovernance Other informationStrategic report
Governance at a glance
Pages
1. Board leadership and Company purpose
A Board of Directors 82-83
B Purpose, values, strategy and culture 3-78, 87
C Resource and control framework 22-24, 69-75, 113
D Stakeholder engagement 55 - 57, 8 9
E Workforce policies and practices 90, 113, 139-144
2. Division of responsibilities
F Role of the Chairman 91, 96
G Division of responsibilities 91
H Role of the Non-Executive Directors 91-92
I Board policies, processes, information, time and resources 91-92
3. Composition, succession and evaluation
J Appointments to the Board 97-106
K Board skills, experience and knowledge 82-83
L Board evaluation 93-96
4. Audit, risk and internal control
M Independence and effectiveness of internal and external auditors 107-113
N Fair, balanced and understandable assessment 107-113, 116 , 14 5
O Risk and internal control 69-75, 107-113
5. Remuneration
P Alignment to purpose, values and long-term success 118-144
Q Remuneration policy 139-144
R Independent judgement and discretion 118 -13 8
White 7
Arabic 1
Board ethnic
diversity at
31 December
2023
Male 50
Female 50
Board gender
diversity at
31 December
2023
%
0–3 years 50
3–6 years 37.5
6–9 years 12.5
Board tenure at
31 December
2023
%
Executive Directors 14
Independent Non-Executive
Directors 86
Board
independence
(excluding
Chairman) at
31 December
2023
%

Persimmon Plc Annual Report 202380
Chairman’s introduction to governance
Leading Persimmon towards success
We are delighted to welcome Andrew to the Group. Andrew’s extensive
experience will be an invaluable asset as we continue to provide good quality
homes for families across the UK and position the business for future growth.
We look forward to Andrew joining the Group in spring 2024.
During the year we also welcomed Alexandra Depledge and Colette O’Shea
to the Board as Independent Non-Executive Directors. Alex and Colette both
bring highly valuable and complementary relevant industry experience to the
Board. Alex is a serial technology entrepreneur and currently Chief Executive
Officer of Resi.co.uk, the UK’s largest residential architectural practice and a
leading property technology business. Colette is the former Chief Operating
Officer of Land Securities Group PLC, one of the UK’s leading real estate
companies. We consider that Alex’s experience in property-related
technology and innovation, and Colette’s experience in town planning,
property investment and development, are excellent additions to the
Board’sskillset.
Board refreshment is, of course, a feature of all effective boards and at the
conclusion of the Company’s AGM on 26 April 2023 both Simon Litherland
and Joanna Place left the Board. On behalf of the Board, I thank Simon and
Joanna for their most valuable contributions, their wise counsel and support;
we wish them every future success.
Sustainability
Sustainability is integral to how the Group operates and the Board has continued
to exercise oversight of the Group’s sustainability activities, receiving regular
updates within Board reports, and six-monthly presentations from the Group
Sustainability Director. During the year the Group focused on continuing to
develop low carbon transition plans to ensure Future Homes Standard
readiness, developing carbon reduction glidepaths for Scope 1 and 2
emissions aligned to the Group’s Science Based targets, and putting in place
an environmental metric for the2023 PSP award. Climate risk and resilience
remain a priority and theGroup reported in line with the TCFD requirements,
undertaking detailedclimate scenario analysis and assessment of potential
financial risk. The Board has also been updated on the biodiversity net gain
regulations coming into force in February 2024 and the comprehensive plans
the Group has in place.
The Group performed well during 2023, successfully navigating challenging
market conditions to deliver the sale of 9,922 new homes, ahead of
expectations, and with a particularly strong delivery in the fourth quarter of
the year. The Group’s performance successfully balanced our need to control
costs, whilst investing in the business to position it for sustainable growth when
conditions improve.
Customers remain at the heart of our business; we continued to provide exceptional
service to our customers and we are proud to have maintained our 5-star HBF
rating. Quality is also a key focus for the Group and during the year we
further improved our quality metrics to what we believe are our best ever.
Good corporate governance underpins the long-term success of the Group
and the generation of sustainable value for all of our stakeholders. Guided by
our Mission, Vision and Values, the Board continues to provide effective
leadership, setting the strategic direction and standards of the Group and
exercising diligent oversight of the Group’s activities.
Board changes
During the year the Group announced that Jason Windsor, Chief Financial
Officer (CFO), had informed the Board of his intention to leave the Group
tobecome CFO of abrdn plc. Jason left the Group on 1 September 2023
andI reiterate the Board’s thanks to Jason for his contribution.
Agreeing that it was important for Jason’s successor to have relevant industry
experience, the Nomination Committee led the process to identify a new
CFO. After a thorough and rigorous selection process, on 8 November 2023
the Board was pleased to announce that Andrew Duxbury would be
appointed as the Group’s new CFO.
Andrew is currently the Group Finance Director of Galliford Try, one of the
UK’s leading stock exchange listed construction groups. Andrew has significant
experience as a finance director in the construction and housebuilding industries,
having held a variety of finance roles at Galliford Try for over 10 years,
including roles within Galliford Try’s former housebuilding operations,
LindenHomes. Prior to Galliford Try, Andrew spent 16 years at PwC,
leadinga portfolio of significant clients across a range of sectors including
construction and housebuilding.
Cost of living challenges remained
during the year and the Group has
continued to support its workforce
during this period.
Roger Devlin
Chairman

Persimmon Plc Annual Report 2023 81
Financial statementsGovernance Other informationStrategic report
Executive remuneration
We remain committed to a responsible approach to executive pay, as I hope
the Directors’ Remuneration Report demonstrates.
At the 2023 AGM shareholders were asked to vote on the Group’s proposed
Remuneration Policy. The proposed Policy was aligned to best practice and
the Group’s strategy, and it was pleasing that over 98% of votes received
were in favour. The Remuneration Committee believes that the shareholder-approved
Policy operated as intended during 2023 and considers that the remuneration
received by the Executive Directors during the year is appropriate, taking into
account the Group’s performance, personal performance, and the experience
of shareholders, employees, and ourcustomers.
Particular areas of focus for the Remuneration Committee during the year
included the Group’s support of our workforce through a period of continuing
high inflation, agreeing Andrew Duxbury’s remuneration, agreeing a robust
and measurable environmental target for PSP awards based on our Science
Based Targets for Scope 1 and Scope 2 emissions reduction, and agreeing
very stretching targets for the annual bonus and PSP awards whilst being
mindful of the high degree of market uncertainty and the risk of windfall gains.
Wider workforce remuneration is an important consideration for the
Remuneration Committee. Cost of living challenges remained during the year
and the Group has continued to support its workforce during this period, for
example by implementing Real Living Wage increases in February 2024 in
advance of the required May 2024 timeline, as part of our accreditation as a
Living Wage employer; and by agreeing a pay review for the wider workforce
of 5%, which was implemented on a phased basis (3% effective July 2023
plus an additional 2% effective January 2024).
As explained in the Directors’ Remuneration Report, Jason Windsor received
his salary and contractual benefits up to and including his leave date. Jason
will receive no bonus for 2023 and all unvested incentive plan awards lapsed
on his leaving the Group. The remuneration of Jason’s successor, Andrew
Duxbury, will include buy-out awards for remuneration which will be forfeited
when Andrew leaves Galliford Try. The buy-out awards will be made on the
basis that any compensation due should not result in an outcome where the
individual receives more than would have been due had they remained in post.
Diversity & Inclusion
Diversity & Inclusion (D&I) has been an important area of focus during the
year, with the Nomination Committee considering the FTSE Women Leaders
Review, the Parker Review, the Group’s performance against its own internal
gender diversity targets and the Group’s wider D&I activities.
As at 31 December 2023 the Board was 50% female and the Board included
one Director from a minority ethnic group. We acknowledge that no senior
Board positions* were held by females during the year. We reiterate that it
isour firm intent that a woman be appointed as the Group’s next Senior
Independent Director; we anticipate this will be Annemarie Durbin.
As explained in the Nomination Committee Report, the Group considers that
improved employee ethnicity data is required before a target can be set in
accordance with the Parker Review for the ethnic diversity of our senior
management team. Data collection efforts will be intensified and it is the
Nomination Committee’s intention that a senior management ethnic diversity
target will be set in 2024.
Engaging with stakeholders
Effective stakeholder engagement is essential to the Group’s long-term
success, and maintaining good relationships with stakeholders is important
tothe Board.
Engagement between the Board and the Group’s employees continued
during the year; Board members attended the Employee Engagement Panel’s
quarterly meetings and the Board hosted an informal dinner for Panel members
in advance of the 2023 AGM. Such engagement provides theopportunity for
constructive feedback to the Board and provides valuable insights to aid
Board decision making. Our Section 172 Statement on pages 55 to 57 sets
out how the Board and the Group maintained its programme of engagement
with customers, employees, communities, suppliers, shareholders, employees,
government, regulators and industry bodies during the year.
Assurance
During the year the Audit & Risk Committee maintained its focus on the integrity
and quality of financial reporting, ensuring an effective external audit,
reviewing the effectiveness and independence of the Group Internal Audit
department, and ensuring the adequacy of the Group’s risk management and
internal controls. In the context of political and economic uncertainty during
the year, particular focus areas for the Committee included the Group’s
estimates and areas of accounting judgement, the adequacy of the legacy
buildings provision and asset carrying values. During the year the Committee
also exercised oversight of the Group’s risk management and internal control
improvement plan, which was established to deliver improvements and to
enhance the overall maturity of the Group’s system of internal controls.
The UK Corporate Governance Code 2018 (“the Code”) was applicable
tothe financial year ending 31 December 2023. As explained on page 84,
during 2023 the Company complied with the Code, except for one week of
non-compliance resulting from the timings of changes to the composition of
the Board’s Committees. During this brief period of non-compliance the
Boardand its Committees continued to act in accordance with the spirit of
theCode’s Principles.
Roger Devlin
Chairman
11 March 2024
* Chair, Senior Independent Director, CEO and CFO.
Good corporate governance underpins
thelong-term success of the Group and the
generation of sustainable value for all of
ourstakeholders.

Persimmon Plc Annual Report 202382
Board leadership
Board of Directors
Roger Devlin
Chairman
Date of appointment: 1 June 2018
Committee membership:
N
CF
Age: 66
Experience and external appointments:
Rogerwas independent on appointment and has
extensive business, leadership and governance
experience, having held executive and non-executive
roles in a variety of sectors such as corporate
finance, gaming, leisure, pubs and brewing,
sportand transport.
Roger is a highly experienced Board Director,
having previously served as Chairman of William
Hill PLC, Chairman of Marston’s PLC and as Senior
Independent Director at the Football Association.
In May 2022 Roger was appointed to the Board of
The Sutton Trust, a charity designed to improve social
mobility and address educational disadvantage.
Skills and contribution: Roger’s wealth of
experience gives him a strong understanding of
corporate governance, shareholder and stakeholder
views, banking and finance, customer propositions
and leadership.
Roger’s expertise and personal qualities enable him
to effectively lead the Board and drive change within
the business. Roger makes a valuable contribution
towards the development and execution of the Group’s
strategy and ensures that the Board functions
effectively by facilitating open and productive
debate, providing constructive challenge and by
demonstrating objective judgement.
Dean Finch
Group Chief Executive
Date of appointment: 28 September 2020
Committee membership:
S
CF
Age: 57
Experience and external appointments:
Deanis a widely experienced senior executive with
a strong commercial, financial and operational
track record spanning a 30 year career in Europe
and North America. Dean is also a qualified
chartered accountant.
Dean was the Chief Executive Officer of National
Express Group plc from 2010 to 2020, and during
his tenure built the business into Britain’s leading
transport group. Prior to that Dean was Group
Chief Executive of Tube Lines and Group Finance
Director and Group Chief Operating Officer at
FirstGroup plc, where he also held a number of
other senior roles.
In May 2021 Dean was appointed as a
Non-Executive Director of Diploma Plc.
Skills and contribution: Dean is a seasoned,
well-respected and proven Chief Executive with
anexceptional record. Since his appointment,
Dean has gained extensive housebuilding experience.
He has led the Group’s programme of transformative
change in its drive to become Britain’s leading
homebuilder, delivering substantial strategic and
operational improvements, while driving the
development of the Group’s culture, with a focus
on build quality, customer care, stakeholder value
and strong financial returns for investors.
Nigel Mills
Senior Independent Director
Date of appointment: 4 April 2016
Committee membership:
N R
Age: 68
Experience and external appointments:
Nigelis the Senior Independent Director at both
John Wood Group Plc and Greggs plc. Nigel is
also a Director of The Queen’s Club.
Nigel has extensive experience in advising some
of the UK’s largest companies, having held a
variety of executive positions in the banking sector
including Senior Advisor at Citigroup Global
Markets, Chairman of Corporate Broking at Citi
and Chief Executive of Hoare Govett.
Skills and contribution: Nigel has strong
commercial judgement, drawing on a 30-year
executive career advising quoted companies.
Nigel has broad experience of financial markets,
strategy, risk, shareholder attitudes and corporate
governance, which enable him to provide sound
advice to the Board.
Annemarie Durbin
Independent Non-Executive Director
Date of appointment: 1 July 2020
Committee membership:
R N
Age: 60
Experience and external appointments:
Annemarie has 30 years’ broad-based retail,
commercial, corporate and institutional banking
experience across Asia, Africa and the Middle
East and is an experienced executive coach and
mentor. Annemarie is currently Chair Designate
ofYorkshire Building Society and Remuneration
Committee Chair of Petershill Partners plc.
Annemarie spent the bulk of her executive career
at Standard Chartered, a FTSE 100 international
bank, where she held a variety of global business
and functional roles including being CEO of a
FTSE 250 equivalent listed company in Thailand,
culminating in membership of the Group
ExecutiveCommittee.
Annemarie has previously held a variety of
non-executive positions including Senior Ringfence
Director and Remuneration Committee Chair of
Santander UK plc, Chair of Cater Allen Limited,
Remuneration Committee Chair of WH Smith PLC,
and Chair of Merryck & Co. Ltd.
Skills and contribution: Annemarie is a highly
experienced international business executive,
witha strong background in banking, diversity &
inclusion, transformation, corporate governance
and human resources. Annemarie is a qualified
lawyer, coach and conflict mediator. Annemarie’s
experience and knowledge are valuable additions
to the Board as the Group continues to implement
its programme of business improvement.
Date of appointment: 4 January 2021
Committee membership:
AR
N
Age: 61
Experience and external appointments:
Andrew is an experienced construction sector
executive and was Chief Executive of Costain
Group PLC for 14 years, until his retirement in
2019. Previously, Andrew was Managing Director
of Taylor Woodrow Construction and a member
ofthe Group Executive Committee at Taylor
Woodrow Plc. During his career, Andrew has
worked on a variety of major contracts and
projects in Saudi Arabia, Ghana, the Falklands,
Malaysia and the UK.
Andrew currently serves as the Senior Independent
Director of Yorkshire Water and as Remuneration
Committee Chair of the Institution of Civil
Engineers. He was previously a Non-Executive
Director of BMT Group Ltd and Scottish Water,
and President of the Institution of CivilEngineers.
Andrew has an MBA from London Business School
and is a Fellow of the Royal Academy of Engineering.
For his services to engineering and construction,
Andrew was awarded a CBE.
Skills and contribution: Andrew has a long
andsuccessful track record within the construction
industry and brings highly relevant sector experience
to the Board. Andrew’s industry knowledge,
expertise and perspective are valuable to the
Board as the Group continues to build a
sustainable business.
Andrew Wyllie CBE
Independent Non-Executive Director
The Board consists of our Chairman; ordinarily, two Executive Directors (Andrew Duxbury has been appointed as Chief Financial Officer
and will join the Board in spring 2024); and six Independent Non-Executive Directors, including a Senior Independent Director.

Persimmon Plc Annual Report 2023 83
Financial statementsGovernance Other informationStrategic report
Anticipated start date: spring 2024
Committee membership: N/A
Age: 49
Experience and external appointments:
Andrew will bring significant and relevant industry
experience to the Board, having served as Group
Finance Director at Galliford Try, one of the UK’s
leading stock exchange listed companies since
March 2019. During his career at Galliford Try,
Andrew has held various finance roles for over
tenyears, including roles in Galliford Try’s former
housebuilding operations, Linden Homes. Prior to
that, Andrew spent 16 years at PwC, leading a
portfolio of significant clients across a range of
sectors including construction and housebuilding.
Andrew is also a Fellow of the Institute of
Chartered Accountants.
Skills and contribution: Andrew brings an
extensive financial background, with a wealth
ofexperience operating in the construction and
housebuilding industries. Andrew will be a
valuable asset to the Group as we continue to
provide good quality homes for families across the
UK and position the business for future growth. We
look forward to welcoming Andrew.
Andrew Duxbury
Chief Financial Officer
Date of appointment: 1 July 2021
Committee membership:
AR
N
Age: 52
Experience and external appointments:
Shirine is the Chief Executive Officer of The
Co-operative Group, having been appointed in
August 2022. Prior to this, Shirine was the Chief
Financial Officer of The Co-operative Group,
where she was responsible for finance, technology,
transformation and corporate development, and
also served as the Chief Executive Officer of The
Co-operative Group’s Life Services sector, which
included the insurance, legal services and
funeralbusinesses.
Before joining The Co-operative Group, Shirine
was Chief Operating Officer of Lloyd’s of London
and had previously held senior positions at Catlin,
IBM and McDonald’s.
Shirine is a qualified accountant and holds an
MBA from Ohio State University.
Skills and contribution: Shirine has a wealth of
experience in finance, technology and real estate
in businesses operating across a range of sectors.
Shirine’s appointment adds to the balance of
skillsand expertise on the Board, which is ofgreat
benefit as the Group continues to build
asustainable business in every sense.
Shirine Khoury-Haq
Independent Non-Executive Director
Date of appointment: 1 May 2023
Committee membership:
N R
Age: 43
Experience and external appointments:
Alexisa technology entrepreneur and the
co-founder and CEO of Resi.co.uk, the UK’s
largest residential architectural practice and a
leading property technology business. Prior to
establishing Resi.co.uk, Alex co-founded Hassle.
com, Europe’s largest domestic cleaning
onlinemarketplace.
In recognition of Alex’s achievements and
entrepreneurial success, she has won various
awards and was made an MBE for her services
tothe Sharing Economy.
Alex previously sat on the board of the London
Economic Action Partnership, the local enterprise
partnership chaired by the Mayor of London,
which is responsible for over £100m of investment
into London’s culture and communities.
Skills and contribution: Alex’s appointment
addshighly relevant skills to the Board, with her
valuable property-related technology and
innovation experience. Alex’s impressive
entrepreneurial track record of building and
scaling consumer-facing technology businesses
adds further depth to the Board’s capabilities.
Alexandra Depledge MBE
Independent Non-Executive Director
Date of appointment: 1 May 2023
Committee membership:
AR
N W
Age: 55
Experience and external appointments:
Colette has a wealth of property market investment
and development expertise gained in her 20-year
career with one of the UK’s leading real estate
businesses, Land Securities Group PLC (‘LandSec’).
Colette spent the majority of her executive career
with LandSec, having held the position of Chief
Operating Officer between 2020 and 31 March
2023. Prior to this, Colette held a number of senior
executive positions at LandSec, including Managing
Director, London & Retail; and Head of Development.
Colette has also previously served as a Non-Executive
Director ofaleading housing association.
Skills and contribution: With extensive industry
experience, and a particular expertise in planning,
Colette’s contribution to theBoard is valued. As
well as a respected leader, Colette brings a wealth
of development and investment knowledge, which
assists the Group with the sector-related challenges
that itfaces at present and in the longer-term.
Colette O’Shea
Independent Non-Executive Director
Committee key
N
Nomination Committee
S
Sustainability Committee
AR
Audit & Risk Committee
R
Remuneration Committee
W
Workforce Non-Executive Director
CF
Trustee of the Persimmon Charitable
Foundation
Committee Chair
Boardmeetingattendance 2023
Scheduled
meetings
attended
Percentage
of meetings
attended
Roger Devlin 7/7 100%
Dean Finch 7/7 100%
Nigel Mills 7/7 100%
Annemarie Durbin 7/7 100%
Andrew Wyllie 7/7 100%
Shirine Khoury-Haq 7/7 100%
Alexandra Depledge
1
4/4 100%
Colette O’Shea
1
4/4 100%
Jason Windsor
2
5/5 100%
Simon Litherland
3
3/3 100%
Joanna Place
3
3/3 100%
1. Appointed on 1 May 2023
2. Left on 1 September 2023
3. Left on 26 April 2023

Persimmon Plc Annual Report 202384
Increasing
the depth of our Board
with two new Non-
Executive Director
appointments –
Welcoming Directors
with highly relevant
experience and
complementary skills.
Strengthening
our Finance function
viathe appointment of
aCFO who willjoin the
Group during 2024 –
Significant financial
experience within
theconstruction and
housebuildingsectors.
Updating
the Remuneration Policy
to align to best practice
and support the five key
priorities of the Group
–Liaising with our
shareholders to ensure
that their views were
taken into account.
UK Corporate Governance Code 2018
During the year, the Board has fully complied with the UK Corporate
Governance Code 2018 other than provisions 24 and 32. For one week,
between 26 April 2023, when Simon Litherland and Jo Place left the Board,
and 1 May 2023, when Alex Depledge and Colette O’Shea were appointed
to the Board, both the Audit & Risk and Remuneration Committees consisted
of two directors. This was below the minimum membership of three directors
as set out in the UK Corporate Governance Code 2018. The departure
from the UK Corporate Governance Code 2018 had no impact on the
decisions made by either committee. During the year the Board and its
committees have acted in accordance with the spirit of the UK Corporate
Governance Code 2018’s Principles. The Board continues to review its
governance procedures to maintain propercontrol and accountability.
TheUK Corporate Governance Code 2018 is available from the Financial
Reporting Council, at www.frc.org.uk.
Corporate governance statement

Persimmon Plc Annual Report 2023 85
Financial statementsGovernance Other informationStrategic report
Board activities
Board meetings and activities are planned in
advance to ensure that matters receive appropriate
time and consideration. However, not all matters can
be planned and therefore the Directors act flexibly
toattend meetings and calls as and when necessary.
During the year, the Board held seven scheduled
meetings. Additional Board meetings and calls were
held for a number of topics, for example the appointment
of Andrew Duxbury, the Group’s new CFO.
Regular Board dinners take place, which allow the
Directors to engage and build on their relationships.
Attendees ranged from solely Non-Executive Directors,
to the Board as awhole, Regional Chairs and the
Employee Engagement Panel. Additional attendees
may also receive invitations to some meetings.
ARegional Chair also attends part of each Board
meeting to provide business updates on their region.
Boardmeetings generally include thefollowing:
• CEO Report and Business Update discussing the key matters which are affecting and/or could
affect the Group.
• Reports from Regional Chairs explaining the progress of their region. This gives them an
opportunity to receive input from the Board on the Group’s expectations and provides the Board
with an update on performance and issues at a regional level.
• CFO’s Report. This generally includes updates in relation to the accounts, investor relations, cash
forecasts, IT and the Capital Allocation Policy.
• Updates from the Board Committee Chairs.
• Updates in relation to areas which are of strategic importance. This could include matters such
ashealth, safety and environment, customer care, and sustainability.
• The Board receive bi-annual detailed sustainability reports from the Group Sustainability Director.
Board activities timeline
January 2023
• Company Secretary and
Chairman worked on
action points following
results of Internal Board
Evaluation (read more
onpages 93 to 96).
February 2023
• Board and Committee meetings.
• Reviewed effectiveness of internal controls (read more on
pages 108 and 113).
• Draft 2022 Final Results approved.
• Draft 2022 Annual Report and 2023 AGM documents approved.
• Final dividend recommended (read more on pages 28, 58, 79,
114 and 165).
• Board evaluation results reviewed (read more on pages
93to 96).
• Approval of updated Committee Terms of Reference.
• Shareholder engagement regarding proposed changes to
Remuneration Policy (read more on pages 125).
March 2023
• Signing the English and Welsh self
remediation contracts (read more on
pages 14 and 58).
• Employee Engagement Panel meeting
attended by Jo Place.
April 2023
• Board and Committee meetings.
• Trading Update approved.
• AGM – Attended by Board, all resolutions
passed with a high percentage of votes in
favour (read more on page 90).
• Announced investment in industry-leading
modular house builder TopHat (read more
on page 58).
May 2023
• Appointment of two new
Non-Executive Directors
(readmore on pages 86 and
100).
• Inductions for new
Non-Executive Directors.
June 2023
• Board and Committee meetings.
• Approval of new £700m Revolving Credit Facility
(readmore on pages 28 and 58).
• In depth Legacy Building Fire Safety Update.
• Whistleblowing procedures approved (read more
onpage 90 and 113).
• SAYE invitation reviewed and approved (read more on
pages 123 and 130).
• Site visits to Canonbury Rise and Blackbridge Farm.
August 2023
• Board and Committee meetings.
• Approval of Half Year Results (read more on page 109).
• Interim dividend approved (read more onpages 28
and58).
September 2023
• Employee Engagement Panel
meetingattended by Roger Devlin
andColette O’Shea.
October 2023
• Board meeting.
• Board Strategy Day.
November 2023
• Announced appointment of incoming CFO
(read more on pages 58, 86 and 99).
• 2023 Board Evaluation completed by
Board. Results reviewed by Company
Secretary and Chairman (read more on
pages 93 to 96).
• Employee Engagement Panel meeting
attended by Annemarie Durbin.
December 2023
• Board and Committee meetings.
• Board Evaluation results (read more on
pages 93 to 96.
• Approval of Matters Reserved for the Board
(read more on page 92).
• Approval of proposed Forward Agenda.

Persimmon Plc Annual Report 202386
Alex Depledge & Colette O’Shea
When: May and June 2023
How: Introductory Sessions
On 1 May 2023 Alex Depledge and Colette O’Shea
joined the Board as Independent Non-Executive
Directors. The comprehensive and formal inductions
enabled both Alex and Colette to meet a number of
senior executives from across the business. Learning
about the various aspects of the business, these also
allowed the Directors to gain insight of the business
as a whole. Topics covered included health, safety &
environment, Group strategy and corporate governance.
To enable the best use of time, both virtual and
face-to-face meetings took place over a number of
days which spanned a two-month duration. Additional
materials were made available to the Directors to
assist with their knowledge and understanding.
Our induction sessions are tailored to each Director
who joins the Board, focusing on their specific roles
and on which committees they will sit. The Directors
are made aware of the Group’s culture and are
encouraged to promote this. All of our Independent
Non-Executive Directors make themselves available
to enable further training to take place should this be
required. Supported by the Company Secretary,
these sessions allow collaborative engagement.
Feedback on the effectiveness of the sessions is
actively encouraged to improve these going forward.
Andrew Duxbury
When: July–November 2023
Following the resignation of our former Chief
Financial Officer, Jason Windsor, in July 2023,
theBoard agreed that it was important his successor
to have housebuilding experience and, to support
the Nomination Committee’s work to identify a
successor, an executive search firm was asked to
provide a list of suitable candidates.
A long list of candidates was considered, and a
short list of candidates was interviewed by the
Chairman and Group Chief Executive, supported by
the Group HR Director.
Short-listed candidates also undertook externally-
facilitated assessments, including an interview with a
Principal Psychologist.
The final two candidates, one of whom was female,
were interviewed by the Group Chief Executive and
all members of the Nomination Committee.
Following this thorough and rigorous selection
process, the Board was pleased to announce
Andrew Duxbury’s appointment as CFO on
8November 2023.
Board inductions Board appointment
Corporate governance statement continued

Persimmon Plc Annual Report 2023 87
Financial statementsGovernance Other informationStrategic report
Culture
The Board regularly discusses
theGroup’s culture and monitors
key metrics to ensure alignment
with our values. Our Mission,
Vision and Values are defined
further in our Strategic Report,
seepage 3.
Further details on the culture of the Group are on pages
29 to 33.
Our equality, diversity and inclusion activities throughout
the year have been extensive and supported by the
Director of Talent & Diversity, see pages 104 to 105. As
a Group, we have continued in our commitment to health
and safety, with the number of work-related incidents
remaining as a KPI and having reduced during the year.
Our Key Priorities, which include build quality and
safety, remain our focus and are supported by our
sustainability pillars, including safe and inclusive.
Our values
Customer focused
Value driven
Team work
Social impact
Excellence always
Employees
34.5%
female employees in our senior
management team.
Mental health focus raising
awareness throughout our workforce.
81%
Overall employee engagement for 2023
YourSay employee engagementsurvey.
Established a Persimmon Pride
network for LGBTQ+ colleagues.
90%
of employees are committed to Persimmon
and what we are trying toachieve.
Employee Engagement Panel
meetings including representatives of
salaried and weekly paid employees.
Over 200
senior leaders received training in
equality, diversity and inclusion.
Women’s Network created and held
seven sessions covering topics
including menopause and making a
positive impact.
Customers and Quality
92.9%
HBF eight-week survey – percentage of
customers who would recommend
Persimmon to a friend.
43%
improvement in NHBC Reportable Items
during the year.
c.720
apprentices and trainees within the
business.
14,600
training days delivered.
382
training interventions at excellence level*.
89.6%
NHBC customer build quality satisfaction
score.
* The training interventions at excellence level have been
externally verified to a limited level of assurance by Ernst
&Young LLP: www.persimmonhomes.com/corporate/
sustainability
Health, Safety and
Environment
Persimmon Excellence Awards and
Health, Safety and Environment
Excellence Awards continued with
winners being announced to the business.
98%
operational waste recycled.
Reduction of RIDDOR events
reportedper 1,000workers inour
housebuildingoperations.
Community
c.£734,000
Donated to 384 charities, sports clubs and
localcommunity groups across the UK.
£2.3bn
Investment in local communities over the
last 5 years.
c.76,000
Jobs supported across the wider supply
chain community.

Persimmon Plc Annual Report 202388
UK Managing Director and Regional Chairs Leaders of Group Functions
PURPOSE/MISSION
VALUES
CULTURE
Nomination
Committee
Remuneration
Committee
Board of Directors
Audit & Risk
Committee
Executive Committee
Operating Businesses
Governance structure
The primary role of the Board
is to promote the long-term
sustainable success of the
Company, generating value for
shareholders and contributing
to wider society, including
ourwider shareholders.
In addition to the governance functions stated on
the chart opposite, the Group has a number of
other committees and steering groups which play
an important role in our governance structure.
These include the Disclosure Committee, Land
Committee, the Health, Safety & Environment
Committee and the Sustainability Committee. Further
information on the Sustainability Committee can be
found on page 89.
Corporate governance statement continued

Persimmon Plc Annual Report 2023 89
Financial statementsGovernance Other informationStrategic report
Stakeholder engagement
Implementing our five key priorities means engaging with our stakeholders to
strengthen our existing business relationships and to nurture new ones where
possible. As a Group, we regularly engage with our stakeholders to promote
transparency and ensure business sustainability. Thisengagement plays a role
in the Board’s decision making, which feeds down to management decisions.
The Board receives regular updates on stakeholder engagement including
from the Investor Relations Director, the Chief Customer Experience Officer
and the Group Health, Safety & Environment Director. Our engagement with
stakeholders, including how we measure the effectiveness of our engagement,
and the outcomes and effects on Board decisions, is described in detail in the
Section 172 Statement on pages 55 to57.
O
U
R
S
T
A
K
E
H
O
L
D
E
R
S
1
Customers
2
Employees
3
Communities
4
Suppliers and
subcontractors
5
Shareholders
6
Government,
regulators and
industry bodies
Workforce engagement
We have at least four Employee Engagement Panel meetings each year, withvarious members of the Board attending and reporting back to the Board. To
encourage further engagement, during the year members of the Employee Engagement Panel attended an informal dinner with the Board. Examples of matters
raised by the Panel during the year included:
IT Weekend Support
Matter Members of the Employee Engagement Panel suggested better IT support out of hours andonweekends would be beneficial.
Initial Actions Our IT Improvement Plan addressed this issue, providing increased support to colleagues.
Update During the year IT support became available 24/7. Thishas been well received amongst our colleagues, particularly our Sales teams
who work at weekends.
Menopause Support
Matter Members of the Employee Engagement Panel suggested we could improve our menopause support within the Group.
Initial Actions The Group HR Director looked into how support could be improved and how the business as a whole could be made aware of how, and
when, menopause affects women.
Update We issued a Menopause Policy to the business. Individuals affected were encouraged to seeksupport from their line managers, the
Group HR department and colleagues, as appropriate, and they were reminded of the support offered via the Employee Assistance
Programme. The Women’s Network hosted aspecific session on the issue.
The Sustainability Committee
The Sustainability Committee is responsible for developing and overseeing the sustainability strategy, policies and objectives. Reporting directly to the Board,
the Sustainability Committee is chaired by the Group Chief Executive, Dean Finch, and members include the Group Strategy and Regulatory Director, the
Company Secretary, the Group Sustainability Director, and the Chief Customer Experience Officer. In 2024 the Group Construction Director and the Regional
Chair (South West Division) will join the Committee. The Board receives bi-monthly updates on sustainability issues and performance via the Group Chief
Executive’s report, and a detailed bi-annual update provided by the Group Sustainability Director. A detailed sustainability review including performance
update, biodiversity net gain requirements and business readiness, FHS scenario planning, and competitor analysis was also provided to the Board at the
Strategy Day.
The Sustainability Committee formally met on three occasions during the year, and covered topics including business readiness planning for the Future Homes
Standard; operational carbon reduction initiatives and tracking against targets; climate risk and TCFD reporting; long-term net zero carbon transition
requirements; environmental metric for PSP award development; modern slavery review and statement approval; and policy reviews and updates.
The Sustainability Committee supports the Board’s climate responsibility, and oversees the Group’s climate change strategy, to ensure climate issues are being
effectively considered and managed, and reports its findings and recommendations to the Board. Further information can be found in the Climate-Related
Financial Disclosures (‘TCFD’) report on pages 59 to 68.

Persimmon Plc Annual Report 202390
2024 Annual General Meeting
Annual general meetings are opportunities for the Board to engage with
shareholders to discuss issues relevant to the business. All Board members
attended the AGM and all resolutions passed with at least 96% ofthe votes
infavour.
The 2024 Annual General Meeting will be held at 11.00 am on 25 April
2024, at York Racecourse, Knavesmire Road, York YO23 1EX. Shareholders
are encouraged to attend. Voting will be on a poll whereby every member
shall have one vote for every ordinary share held. The 2024 Notice of Meeting
and AGM circular, which includes an explanation of the ordinary and special
business, have been sent to shareholders and are available on the Company’s
website at www.persimmonhomes.com/corporate/investors/shareholder-
centre/annual-general-meetings/.
Workforce policies and practices
Whistleblowing Policy
The Board is responsible for ensuring that an effective Whistleblowing Policy
is in place and that any concerns can be confidentially raised by individuals
both inside and outside of the Group. The whistleblowing provision, which
encompasses the Whistleblowing Policy and associated processes, makes
assurances to those reporting wrongdoing, that reporting a genuinely held
concern will not lead to individuals suffering any form of detriment. It is in
place to encourage and reassure individuals that it is safe and acceptable to
speak up, and to enable them to raise any concern that they may have at an
early stage and in the right way; promoting a culture of openness and trust.
The Whistleblowing Policy is reviewed by the Board at least annually. The
operations ofthe whistleblowing process are administered by the Group
Internal Audit department, who investigate reports. The Group Internal Audit
department works with the Chief HR Officer and other teams as appropriate
to ensure that investigations are rigorous and reach a considered conclusion
based on the evidence available, with additional measures put in place
should these be deemed necessary.
Details of all whistleblowing reports are reviewed by the Audit &
RiskCommittee. The Chair of theAudit & Risk Committee is the Group’s
Whistleblowing Champion, acting as an independent sponsor for the
whistleblowing provision. As a Board member, the Whistleblowing Champion
is able to report any concerns directly to the Board. The continued partnership
with Protect, thewhistleblowing charity, has provided access to
benchmarking and goodpractice guidelines.
The Board remains satisfied that the Whistleblowing Policy and the supporting
processes and arrangements of the whistleblowing provision remain
appropriate and effective. Further information on the whistleblowing provision
can be found on pages 53 and 113.
Remuneration Policy
The Remuneration Policy is voted on by shareholders at least triennially,
beinglast approved on 26 April 2023 and effective from that date.
Whensetting the Remuneration Policy, the Remuneration Committee aims
toalign the interests of the Executive Directors, senior management
andemployees with those of shareholders and wider stakeholders, and to
ensure appropriate alignment with values and key priorities; to ensure that
remuneration and incentives adhere to the principles of good corporate
governance, support good risk management practice and promote long-term
sustainable Company performance; and to have a competitive mix of fixed
remuneration and short-term and long-term incentives, with stretching targets
linked to the Company’s financial and non-financial performance.
Prior to the latest shareholder vote the Chair of the Remuneration Committee,
Annemarie Durbin, wrote to shareholders representing 51.7% of the share
capital to discuss the proposed changes to the Remuneration Policy, which
included information on the proposed environmental metric for 2023 PSP
share awards. Shareholder responses were relatively benign and generally
positive. Feedback from shareholders was discussed at the February 2023
meeting of the Remuneration Committee and at the meeting of the Board which
took place on the same date. Further information on the Remuneration Policy
can be found in the Remuneration Report on pages 139 to 144.
Anti-Bribery and Corruption Policy
The Group has a well-established Anti-Bribery and Corruption Policy,
whichforms an extension to our Code of Ethics, setting out our zero-tolerance
approach to all forms of bribery and corruption. Through this Policy, the
Board aims to establish a culture where bribery and corruption are never seen
as acceptable behaviours. This applies to all Group employees, businesses
and operations, and extends to our relationships with all of our suppliers,
sub-contractors and intermediaries, supporting our reputation for reliability
and ethical conduct, and the fostering of long-term, mutually beneficial
relationships with our supply chain.
In line with the Business Principles issued by Transparency International,
theGroup maintains a comprehensive suite of anti-bribery and corruption
controls and oversight arrangements. These include robust and transparent
tendering processes to ensure appropriate decision making when appointing
new suppliers and sub-contractors. Our Policy is made available to all
stakeholders via our corporate website, with monitoring processes also in
place to promote awareness of bribery and corruption issues, including
training and awareness programmes which are regularly reviewed and
updated by the Group Head of Training. The Group’s independent whistleblowing
provision supports the Policy to enable prevention, detection and reporting of
bribery and corruption. The Group Internal Audit department, which reports
to the Board via the Audit & Risk Committee, provides independent assurance
on the effective operation of these controls and activities.
Equality, Diversity and Inclusion Policy
A description of the Group’s Equality, Diversity and Inclusion Policy, its
objectives, implementation and results achieved during the year can be
foundon page 100.
Corporate governance statement continued

Persimmon Plc Annual Report 2023 91
Financial statementsGovernance Other informationStrategic report
Director duties and division of responsibilities
There is a clear, written division of responsibilities between the Chairman and the Group
Chief Executive, which is approved by the Board. The responsibilities of the Senior
Independent Director are set out in a letter of appointment.
Terms of reference for the Board Committees are reviewed annually. They are available on the Company’s website
www.persimmonhomes.com/corporate/investors/corporate-governance/board-committees/ orfromthe Company
Secretary at the Company’s registered office.
More than half of Board members (excluding the Chairman) are Independent Non-Executive Directors and no one
individual or group of individuals has the ability to dominate the Board’s decision making.
Role Responsibilities
Chairman
Roger Devlin
• Leading the Board and responsible for its overall effectiveness in directing theCompany.
• Upholding high standards of integrity and probity and supporting the Directors in instilling
theappropriate culture, values and behaviours in the boardroom and throughout the Group.
• Setting the agenda for Board meetings and setting the style and tone of all discussions to
promote effective decision-making, constructive debate and participation by all Directors.
• Promoting an effective Board and having a prime role, with the Nomination Committee,
insuccession planning.
• Promoting effective relationships and open communication, both inside and outside
theboardroom between Non-Executive Directors and the Executiveteam.
• Promoting high standards of corporate governance.
• Constructively challenging the Executive Directors and helping to develop proposals
onstrategy.
• Scrutinising the performance of management in meeting agreed goals and objectives
andmonitoring the reporting of performance.
• Satisfying himself with the integrity of financial information and that financial controls
andsystems of risk management are robust anddefensible.
• Devoting time to developing and refreshing knowledge and skills.
• Ensuring that all Directors receive high-quality information sufficiently in advance of
Boardmeetings.
• Leading the annual evaluation of the Board.
See the Chairman’s Statement on pages 6 to 7 and the Chairman’s Introduction to Corporate
Governance on pages 80 to 81.
Group Chief
Executive
Dean Finch
• Leading the Executive team in running the Group’s business.
• Leading the development of the Group’s strategy and implementing the strategy as agreed
bythe Board.
• Working closely with the Chairman to support the effectiveness of theBoard.
• Leading by example, ensuring effective communication of the agreed strategy and culture
tothe Group’s management and workforce.
• Supporting the Chairman to ensure that appropriate standards of governance permeate
throughout the Group.
• Communicating the views of senior management to the Board so as to aid effective decision making.
• Ensuring that the Board receives accurate high-quality information from management in a
timely manner.
• Listening to the constructive challenge of the Non-Executive Directors, and encouraging
Non-Executive Directors to test proposals in light of their external experience and knowledge.
The Group Chief Executive’s statement can be located on pages 13 to 19.
Role Responsibilities
Chief Financial
Officer
Andrew Duxbury
Expected to join in
spring2024.
• Supporting the Group Chief Executive in developing and implementing strategy and alignment
to financial objectives.
• Leading the Group’s relationship with the auditor, banks andshareholders.
• Stewardship of the Group’s financial resources and risk management.
• Ensuring that financial information and financial controls and systems of risk management are
robust and defensible, and reporting this to the Board.
The Financial Review can be located on pages 26 to 28.
Senior Independent
Director
Nigel Mills
• In addition to his role as a Non-Executive Director, acting as a sounding board for the
Chairman and an intermediary for otherDirectors.
• Leading the annual performance appraisal of the Chairman.
• Being available to shareholders for them to raise any concerns they may have outside of the
usual channels of communication.
• Being available to play a key role in resolving issues which may arise during periods of Board
or Company stress.
Non-Executive
Directors
Annemarie Durbin
Andrew Wyllie
Shirine Khoury-Haq
Alex Depledge
• Supporting and constructively challenging the Executive Directors in determining and
implementing strategy.
• Bringing independent judgement and scrutiny to decisions recommended by the Executive
Directors and monitoring the reporting of performance.
• Contributing a broad range of views, skills and experience. Devoting time to developing and
refreshing knowledge and skills.
• Monitoring delivery of agreed strategy within the risk and control framework set by the Board.
• Reviewing the integrity of financial information and that risk management systems are robust
anddefensible.
Designated
Workforce NED
Colette O’Shea
• In addition to her role as a Non-Executive Director, attending meetings of the Employee
Engagement Panel and facilitating effective two-way communication, meaningful dialogue
and engagement between the Board and the Group’s workforce.
• Acting as a direct link between the Employee Engagement Panel and the Board.
Company Secretary
Tracy Davison
• Advising the Board and supporting the Chairman on corporate governance matters.
• Ensuring a good flow of information to the Board, its Committees and senior management.
• Promoting compliance with statutory and regulatory requirements and Board procedures,
andensuring that regular updates are provided to the Board when necessary.
• With the assistance of the Chairman, organising the Board’s annualEvaluation.
• Providing guidance and support to Directors, individually and collectively.
• Ensuring that all new Directors receive thorough inductions that are adapted to meet their
needs and requirements.

Persimmon Plc Annual Report 202392
Matters Reserved for the Board
The Board has a formal schedule of matters reserved for its consideration
anddecision, which is reviewed annually, having last been reviewed in
December 2023. During the last review the Board agreed that the schedule
remained fit to ensure that the Board is able to agree and meet the Group’s
strategic framework. The schedule includes the approval of the Group’s
strategy; structure and capital; financial reporting and controls, which
includes annual and half-year results, trading updates and the dividend and
Capital Allocation Policy; internal controls, which includes monitoring the
Group’s principal risks and material issues; major capital projects; resolutions
and corresponding documentation to shareholders at general meetings;
Board membership; remuneration of the Board; delegation of authority;
corporate governance matters and policies.
Board external appointments
The Group has a Conflicts of Interest Policy to govern the process of
identifying, recording and managing any potential conflicts of interest of
Board members, the Group’s senior management teams and wider workforce.
To support the aims of the Conflicts of Interest Policy, the Group Internal Audit
department oversees a process of obtaining annual declarations from senior
staff through letters of representation, with detailed reporting on potential
conflicts of interest, and mitigation actions and controls, provided to the Audit
& Risk Committee on an annual basis. Furthermore, declarations of interest
are reported on at every Board and committee meeting.
The Directors recognised that external appointments can broaden an
individual’s skills and experience. If an Executive Director wishes to take up
an external appointment, they must first seek approval from the Chairman.
Board composition
Chairman
On appointment, Roger Devlin, Chairman, satisfied the
criteria for independence specified in the UK Corporate
Governance Code 2018. The Chairman, supported
bythe Company Secretary, sets the agenda for Board
meetings and ensures that Board members are provided
with accurate, timely and clear information. The Chairman
ensures that Board meetings are a forum for open and
constructive debate and that the views of all Directors
arevalued and considered.
Senior Independent Director
Nigel Mills, the Company’s Senior Independent Director
was a Senior Advisor at Citigroup Global Markets until
April 2020. Although Citigroup was one of Persimmon’s
two brokers until March 2020, they were not a financial
advisor to the Company. Citigroup have received no
remuneration from the Company for more than fifteen
years, having only received share dealing commission in
the two years prior to that. Whilst employed by Citigroup
Nigel had not worked on the Company’s business over
the three years prior to his appointment to the Board in
2016, this itself being preceded by Citigroup’s decision
to put in place strict procedures to further ensure Nigel’s
independence. Accordingly, the Board reiterates its
belief in Nigel’s independence, which has been clearly
demonstrated in debate in both Board and Committee
meetings since his appointment.
Non-Executive Directors
The Non-Executive Directors have expertise which
complements that of the Executive Directors. Between
them, the Non-Executive Directors have experience in
fields such as construction and engineering, marketing,
various consumer facing industries, HR, executive
leadership coaching, banking and finance. The collective
experience of the Non-Executive Directors allows them to
make valuable contributions to Board discussions,
providing insight, strategic guidance, a diversity of views
and constructive challenge to the Executive Directors. For
further information on the skills and contribution of each
Director see pages 82 to 83.
Only Non-Executive Directors are members of the
Board’s Audit & Risk, Remuneration and Nomination
Committees. The Chairman regularly holds meetings
withthe Non-Executive Directors without the Executive
Directors being present.
All Directors are required to allocate sufficient time to the
Group to discharge their duties. Prior to the appointment
process the Nomination Committee considers the other
demands on a Director’s time and provides the Director
with an assessment of the time commitment required
oftheir role on the Company’s Board.
The Board considers all the Non-Executive Directors
tobe independent.
Company Secretary
The Board is supported by the Company Secretary to
ensure the necessary policies, processes, information
and resources are in place in order that the Board can
function effectively and efficiently. All Directors have
access to the advice of the Company Secretary and may
seek external professional advice at the expense of the
Company in regard to their role with the Group.
Corporate governance statement continued

Persimmon Plc Annual Report 2023 93
Financial statementsGovernance Other informationStrategic report
Annual evaluation
The Board’s policy is to undertake an annual
evaluation of its performance and that of its
Committees and Directors, with an externally
facilitated evaluation at least triennially.
During the year the Board undertook a formal, rigorous internally facilitated
evaluation led by the Chairman and supported by the Company Secretary.
The evaluation utilised BoardClic, adigital board evaluation platform, and
comprised completion of a questionnaire by all Board and Committee
members. The questions were based on the UK Corporate Governance Code
2018, for corporate governance best practice. In 2024, there will be an
externally facilitated evaluation.
Board evaluation cycleEvaluation of the Board and Committees
October
2023
Company Secretary reviewed the Board evaluation
process undertaken in 2022 to ensure that this remained
effective and would be fit for purpose for 2023. Updates
made to the process and questionnaire to ensure that it
reflected relevant recommendations and targets.
November
2023
Questionnaires circulated to Board for review and
completion.
Completion deadline achieved.
Company Secretary collated and reviewed anonymised
responses. Responses shared with the Chairman and
Chairs of each Board committee.
December
2023
Results of Board evaluation shared with Board and each
Board committee. Discussions on the results.
Evaluation of the Chairman
January
2024
Senior Independent Director held private discussions with
each of the Non-Executive Directors, to consider the
Chairman’s performance.
February
2024
Senior Independent Director held a meeting with the
Non-Executive Directors as a group, without the Chairman
present, to discuss the Chairman’s performance based on
the comments received during the private discussions.
March
2024
Senior Independent Director met with the Chairman to
discuss the feedback that he had received from the Board.
Year 1
External
Year 2
Internal
Year 3
Internal

Persimmon Plc Annual Report 202394
What the Board does well
The Chairman and Group Chief Executive enjoy
an open, trust-based relationship.
The Board is confident in the Group Chief
Executive’s ability to deliver the
Group’sstrategy.
The Board provides effective leadership by
role-modelling the Group’s values and culture.
The Chairman promotes open discussion that
leverages the Board’s collective knowledge
andexperience.
The Board has ensured that the Group has
established ethical guidelines, purpose
andvalues.
Year 2
Internal
Corporate governance statement continued
Annual evaluation continued
What the Board could do better Action Steps taken during the year (2023)
Additional time to understand
the needs of the Group’s
customers would be beneficial.
The Board will invite the Chief Customer Experience Officer
and the Group Sales Director to present at a 2023 Board
meeting on how the Group is better understanding its
customers’ needs. This presentation would be in addition to
the Customer Experience presentation that is delivered at the
Board’s annual Strategy Day.
The Chief Customer Experience Officer attended the August and December 2023
Board meetings. This increased the Board’s awareness of steps taken to improve the
customer experience, including training to improve the Group’s marketing capabilities,
search engine optimisation and reducing timescales for customer complaints.
The Board could benefit from
increased industry experience.
This has been an area of focus for the Nomination
Committee during 2022, which agreed during the year that
it would be beneficial to appoint an Independent Non-
Executive Director with relevant industry experience. The
outcome of the process will be announced in due course.
During April 2023 Alex Depledge and Colette O’Shea were appointed as Non-
Executive Directors of the Board. Alex’s experience in property-related technology
and Colette’s experience in town planning, property investment and development
make them excellent additions to the Board’s skillset.
Succession planning for
Executives and key roles in the
management team.
Succession planning for the Group Chief Executive and
Chief Financial Officer will be an area of increased focus for
the Nomination Committee during 2023.
During the Nomination Committee’s December 2023 meeting updated Executive
Director succession plans were reviewed. Suggested actions included scenario
planning and impact mapping.
Internal Financial Controls The Audit & Risk Committee’s 2022 annual formal
assessment of the Group’s internal controls concluded that
controls generally operated effectively. We have increased
resource to review the Group’s preparedness for the
changes resulting from anticipated legal and regulatory
reforms (sometimes referred to as ‘UK SOX’) and this will be
an area of focus for the Audit & Risk Committee during 2023.
The Group established a risk management and internal control improvement plan. This
was developed to address recommendations following an externally led review of the
Group’s risk management processes and to enhance the overall maturity of the system
of internal controls.
Culture To build upon the Group’s significant changes and
improvements in recent years, the Board will continue to
lead improvements in the Group’s culture.
The Board received a presentation from the Chief HR Officer in which future HR priorities
for the Group were highlighted as Executive Committee leadership, culture, equality,
inclusion and diversity.
Persimmon’s ability to attract
and retain talent at all levels.
This has been an area of increased focus for the Nomination
Committee in the last two years. Improvements have been
made, such as the MD Leadership Development Programme
and the Future Leaders Programme. Further actions will be
taken forward in 2023, including the establishment of a
Women’s Network. The Nomination Committee and Board
will continue their focus on, and oversight of, these matters.
The Women’s Network was launched during 2023. Seven meetings were held during
the year, focusing on matters including menopause, which was hosted alongside the
launch of the Group’s Menopause Policy. With attendees joining from a range of
departments in the Group, the sessions included an update from a Non-Executive
Director to discuss life coaching and work life balance, and a session with a principal
psychologist to discuss personal brand, as well as resilience. Other sessions focused on
specific regions within the Group, including how colleagues progressed to their
respective roles.
Board Evaluation key findings and actions taken
2022 Board Evaluation

Persimmon Plc Annual Report 2023 95
Financial statementsGovernance Other informationStrategic report
Year 3
Internal
What the Board does well
We always explore all Board members’
opinions prior to decision-making.
The Board’s decisions are always based on
facts and relevant data.
All Board members actively contribute to
fostering a climate of inclusive discussion.
Our committee structure improves the efficiency
of the Board’s work.
The Board has the knowledge and experience
required to support the delivery of the strategy.
What the Board could do better Action
Instructions and procedures
for monitoring business risks.
Deliver an initial phase of control enhancements in preparation for Governance Code changes. Routine reporting has been improved, with an
update from the Group Internal Control Manager provided regularly to the Audit & Risk Committee. This will continue to be an area of regular
engagement for the Committee into 2024.
Strategy The Board will consider an element of the Board’s strategy at each of its meetings, in addition to holding an annual Strategy Day.
Succession planning for key
roles in the management team.
The Nomination Committee will continue to focus on succession during 2024 to ensure that more robust plans are in place.
Internal Financial Controls The appointment of Andrew Duxbury as the new Chief Financial Officer will assist with the improvement to the Group’s internal controls due to his
knowledge and previous experience in this area.
Attracting and retaining talent
at all levels.
Future priorities are Executive Committee leadership, continuing cultural change and a focus on equality, diversity and inclusion.
2023 Board Evaluation

Persimmon Plc Annual Report 202396
Evaluations of Board Committees
The Chairman discussed the findings of each Committee evaluation with
theChair of the relevant committee and the results were presented to each
committee for noting. The outcomes were compared to the benchmark which
was created by BoardClic, with the results also showing how the scores had
changed from those of the previous year. Due to changes made to the Committees
during the year, a number of results of the evaluations had altered from those
of the previous year, demonstrating the impact that the new ideas and
perspectives had on the Committees.
Evaluations of individual Directors
Following individual performance evaluations, it is considered that the
Chairman and Non-Executive Directors have individually performed well in
their duties and have shown a high level of independence and commitment
totheir roles. Their collective experience allows them to make valuable
contributions to Board discussions, providing insight, strategic guidance,
adiversity of views and constructive challenge to the Executive team.
The Board also considers that the Group Chief Executive has performed
wellin his role during the year. Dean Finch continues to demonstrate strong
leadership of the business with his focus on build quality, customer care,
stakeholder value, sustainability and strong long term returns to the business.
Evaluation of the Chairman
The Chairman’s performance has been formally evaluated by the Non-Executive
Directors, led by Nigel Mills, the Company’s Senior Independent Director.
Private discussions were held between the Senior Independent Director and
each of the Non-Executive Directors. The Non-Executive Directors then met
without the Chairman to discuss his performance. The evaluation concluded
that the Chairman is well-qualified to lead the Board. He promotes open
discussion that leverages the Board’s collective knowledge and experience.
The results of the evaluation were subsequently discussed with the Chairman.
Following the evaluation, it is considered that the Chairman continues to
perform well in his role and has the support of the Board.
Corporate governance statement continued
Annual evaluation continued

Persimmon Plc Annual Report 2023 97
Financial statementsGovernance Other informationStrategic report
Nomination Committee report
Committee Chair’s statement
During the year the Committee was also pleased to recommend the
appointment of Alexandra Depledge and Colette O’Shea to the Board as
Independent Non-Executive Directors; both assumed their roles on 1 May
2023. Alex and Colette both bring highly valuable and complementary
relevant industry experience to the Board. Alex is a serial technology
entrepreneur and currently Chief Executive Officer of Resi.co.uk, the UK’s
largest residential architectural practice and a leading property technology
business. Colette is the former Chief Operating Officer of Land Securities
Group PLC, one of the UK’s leading real estate companies. Alex’s experience
in property-related technology and innovation, and Colette’s experience in
town planning, property investment and development, are excellent additions
to the Board’s skillset.
Board refreshment is, of course, a feature of all effective boards and, during
the year Simon Litherland and Joanna Place indicated that they would not
seek re-election as Independent Non-Executive Directors at the Company’s
2023 AGM. Accordingly, Simon and Joanna left the Board at the conclusion
of the AGM on 26 April 2023. The Board reiterates its thanks to Simon and Jo
for their most valuable contributions, their wise counsel and support; the
Board wishes them every future success.
Equality, Diversity & Inclusion
Equality, Diversity & Inclusion (ED&I) has been an important area of focus for
the Committee during the year, with consideration being given to the FTSE
Women Leaders Review, the Parker Review, performance against the Group’s
own internal gender diversity targets and the Group’s wider ED&I activities.
Gender diversity – FTSE Women Leaders Review
As at 31 December 2023 the Board was 50% female, no senior Board
positions* were held by females and the Group’s Executive Committee &
Direct Reports was 34.5% female. Given the tenure of the Group Chief
Executive, and the recent announcement regarding the appointment of
Andrew Duxbury as CFO, the Committee has previously agreed, and
reiterates, its firm intent that a woman be appointed as the Group’s next
Senior Independent Director, and anticipates this will be Annemarie Durbin.
As set out in the Committee’s report, efforts to increase the gender diversity of
the Group’s senior management team and wider workforce have continued,
as has the Committee’s oversight. Whilst some progress has been made
during the year, challenges remain and we acknowledge that more progress
is required.
* Chair, Senior Independent Director, CEO and CFO.
On behalf of the Board, I am pleased to present
the Nomination Committee’s report for the year
ended 31 December 2023.
Appointments
One of the Committee’s key duties is to make recommendations regarding
Board appointments and, during the year, the Committee discharged this
important responsibility by leading the process to select the Group’s new
Chief Financial Officer (CFO) and by recommending the appointment of
twonew Independent Non-Executive Directors.
On 27 July 2023 the Company announced that Jason Windsor, CFO,
hadinformed the Board of his intention to leave the Group to become CFO
ofabrdn plc. Jason left the Group on 1 September 2023 and the Board
reiterates its thanks to Jason for his contribution to the business.
Agreeing that it was important for the CFO to have relevant industry
experience, the Committee led the process to identify Jason’s successor. After
a thorough and rigorous selection process, the Committee was pleased to
recommend to the Board that Andrew Duxbury be appointed as the Group’s
new CFO. This recommendation was accepted, and Andrew’s appointment
was announced by the Board on 8 November 2023.
Andrew is currently the Group Finance Director of Galliford Try, one of the
UK’s leading stock exchange listed construction groups; a role which Andrew
has held since March 2019. Andrew has significant experience as a finance
director in the construction and housebuilding industries, having held various
finance roles at Galliford Try for over ten years, including roles in Galliford
Try’s former housebuilding operations, Linden Homes. Prior to Galliford Try,
Andrew spent 16 years at PwC, leading a portfolio of significant clients
across a range of sectors including construction and housebuilding.
We are delighted to welcome Andrew to the Group as our new CFO.
Andrew’s extensive experience will be an invaluable asset to the Group
aswecontinue to provide good quality homes for families across the UK and
position the business for future growth. We look forward to Andrew joining
the Group in spring 2024.
Nomination Committee members andmeetingattendance 2023
Scheduled
meetings attended
Percentage of
meetings attended
Roger Devlin (Chair) 3/3 100%
Nigel Mills 3/3 100%
Simon Litherland
1
1/1 100%
Joanna Place
1
1/1 100%
Annemarie Durbin 3/3 100%
Andrew Wyllie 3/3 100%
Shirine Khoury-Haq 2/3 67%
3
Alexandra Depledge
2
2/2 100%
Colette O’Shea
2
2/2 100%
1. Left on 26 April 2023
2. Appointed 1 May 2023
3. Shirine Khoury-Haq was unable to attend one scheduled Committee meeting.
Shirineattended all other scheduled Board and Committee meetings during 2023.
We are delighted to welcome Andrew
Duxbury to the Group as our new CFO.
Andrew’s extensive experience will be
aninvaluable asset to the Group.
Roger Devlin
Chair of the Nomination Committee

Persimmon Plc Annual Report 202398
Key duties of the Nomination Committee
The key duties of the Nomination Committee are to:
• lead the process for appointments to the Board;
• ensure that plans are in place for orderly succession to both the Board
andsenior management; and
• oversee the development of a diverse pipeline for succession.
Equality, Diversity & Inclusion continued
Ethnic diversity – the Parker Review
As at 31 December 2023 the Board included one Director from a minority
ethnic group. In light of the increased ambition of the Parker Review, during
the year careful consideration was given to setting an ethnicity target for the
Group’s senior management team, to be achieved by December 2027.
As at 31 December 2023 the Group held ethnicity data for 43% of its
employees and, whilst this has improved over recent years from17%, the
Group considers that, at present, the Group does not hold sufficient employee
data to enable the setting of an appropriate target for theethnic diversity of
the Group’s senior management team. Data collection efforts will be intensified
during 2024, with progress monitored by the Committee. It is the Committee’s
intention that a senior management ethnic diversity target will be set in 2024.
Succession planning
Succession planning for Board, Executive and senior management positions,
and the development of a diverse pipeline of talent for succession, is an
important part of the Committee’s responsibilities.
During the year the succession plans for the CEO, CFO and the Group’s most
senior Executives were reviewed by the Committee, with potential successors
across short, medium and long-term time horizons noted, along with actions
to strengthen the succession plans. It was also agreed that, in addition to a
comprehensive induction, Andrew Duxbury, the Group’s incoming CFO,
willbe supported via a detailed Onboarding Plan, which will be continuously
reviewed and monitored by the Committee.
Reports were also received from the Group’s Director of Talent and Diversity
regarding the Group’s significant succession planning and talent development
activities. These activities include management development programmes for
employees at different career stages as well as targeted support, such as
mentoring, for selected Executives and senior managers.
The Group’s efforts to build and maintain a diverse and robust pipeline of
talent for succession to senior management and executive positions will
continue, as will the Committee’s oversight of these important activities.
Roger Devlin
Chair of the Nomination Committee
11 March 2024
Summary of the Committee’s work during theyear
During the year the Committee held three scheduled meetings. Additional meetings were held as required, for example to recommend the appointment of
Andrew Duxbury as the Group’s new CFO.
Matters considered Outcome
Appointment of a new Chief FinancialOfficer
Following a thorough search process, the Committee recommended to the
Board that Andrew Duxbury be appointed asthe Group’s new Chief
FinancialOfficer.
Following the Board’s acceptance of the recommendation, Andrew’s
appointment was announced on 8 November 2023. Andrew’s start date
with the Group will be announced in duecourse.
Appointment of Independent Non-Executive Directors
Following a thorough search process for candidates with relevant industry
experience, the Committee recommended to the Board that Alex Depledge
and Colette O’Shea be appointed as Independent Non-Executive Directors.
Following the Board’s acceptance of the recommendation, Alex and Colette
were appointed to the Board on 1May2023.
Succession planning and talentmanagement
Review of succession plans for the Board and senior management.
Oversight of the Group’s talent management activities.
Succession plans for the CEO, CFO and the Group’s most senior Executives
have been strengthened. In addition to his induction, the Group’s incoming
CFO will be supported via an Onboarding Plan which will be continuously
reviewed andmonitored.
Equality, Diversity and inclusion
Consideration and oversight of Board and senior management diversity,
and diversity throughout the organisation.
Consideration of the expanded requirements of the ParkerReview.
Oversight of the Group’s Equality, Diversity & Inclusion activities and
performance against targets.
The Committee has maintained its firm intent to appoint a woman as the
Group’s next Senior Independent Director and anticipates this will be
Annemarie Durbin.
The Group currently holds insufficient employee data to set an appropriate
target for senior management ethnic diversity. Data collection efforts will be
intensified in 2024, with progress monitored by the Committee. It is the
Committee’s intention that a senior management ethnic diversity target will
be set in 2024.
Equality, Diversity & Inclusion activities were reviewed, as was the Group’s
progress against gender diversity targets.
Nomination Committee report continued

Persimmon Plc Annual Report 2023 99
Financial statementsGovernance Other informationStrategic report
Appointments
Chief Financial Officer – Andrew Duxbury
On 27 July 2023 the Company announced that Jason Windsor, Chief
Financial Officer (CFO), had informed the Board of his intention to leave the
Group to become CFO of abrdn plc. Jason left the Group on 1 September
2023 and the Board reiterates its thanks to Jason for his contribution.
Following this, the Committee immediately initiated the process to identify
Jason’s successor. Agreeing that it was important for the CFO to have
housebuilding industry experience, the Committee reviewed and updated the
CFO candidate specification to reflect the skills, experience and qualities
required to undertake the role. The Committee’s work was supported bythe
Group HR Director and the Director of Talent & Diversity. Additionally, Independent
Search, an executive search firm, was asked to provide a list of suitable
candidates. Independent Search are a signatory to the Enhanced Voluntary
Code of Conduct for Executive Search Firms, which aims to promote board
gender diversity. Independent Search has no other connection to the Company
or its Directors, other than the provision of recruitment services.
Andrew Duxbury
• Extensive financial and investor relationsexperience.
• Proven experience in the housebuilding sector.
• Proven leadership skills and the ability to drive change.
• A track record of delivering business improvements
and value for all stakeholders.
The Board is delighted to welcome Andrew as the Group’s new CFO. Andrew
has significant experience as a finance director in the construction and
housebuilding industries, which will be an invaluable asset to the Group as we
continue to provide good quality homes for families across the UK and
position the business for futuregrowth.
Andrew joins the Group from Galliford Try, one of the UK’s leading stock
exchange listed construction groups, where he has worked in various finance
roles for over ten years, latterly as Group Finance Director sinceMarch 2019.
Andrew has proven housebuilding industry experience, having held key
finance roles in Galliford Try’s former housebuilding operations, Linden
Homes. Prior to Galliford Try, Andrew spent 16years at PwC, leading a
portfolio of significant clients across a range of sectors including
constructionand housebuilding.
Process
1. Candidate specification reviewed and refreshed
Particular attributes required of candidates included:
• extensive financial and investor relations experience;
• proven experience in the housebuilding sector;
• proven leadership skills and the ability to drive change through people;
and
• a track record of delivering business improvements and value for
allstakeholders.
2. Internal candidates considered
Very capable internal candidates were considered by the Committee.
Theseindividuals will continue to be developed and remain a key part of the
Group’s succession arrangements.
3. External search
Identification of best-in-class candidates, focusing on the housebuilding
sector. Diversity was an important consideration during the search.
4. Long list and short list
A long list of candidates was identified. Candidates were assessed for
knowledge, capability, leadership and delivery. A short list of candidates was
interviewed by the Chairman and Group Chief Executive, supported by the
Group HR Director. Shortlisted candidates undertook externally-facilitated
assessments and an interview with a principal psychologist.
5. Final interviews
The final two candidates were interviewed by the Group Chief Executive and
all members of the Nomination Committee. One of the candidates was male
and one was female.
6. Committee recommendation and Board appointment
Following a comprehensive search process, the Committee recommended that
Andrew Duxbury be appointed as the Group’s new CFO. This recommendation
was accepted by the Board and the appointment was announced on 8
November 2023. Andrew’s start date with the Group will be announced in
due course.
Induction
Andrew will receive a thorough induction upon joining the Group, covering
the Group’s strategy, operations, external environment and stakeholders.
Theinduction will include meetings with the Chairman and Chief Executive,
Chair of the Audit & Risk Committee, the Company’s Auditor (Ernst & Young
LLP) andsome of the Group’s key stakeholders, including major shareholders.
A comprehensive programme of meetings will also be held with members
ofthe Group Executive Committee and senior managers, covering areas
including the Group’s housebuilding operations (construction, land & planning,
technical, commercial and customer experience), off-site manufacturing,
finance, tax, internal audit, IT, FibreNest, strategy & regulation, sustainability,
health & safety, legal, HR and external affairs. Visits to a number of the
Group’s operating businesses, construction sites and factories will also
beundertaken.
Independent Non-Executive Directors
During the year and Alex Depledge and Colette O’Shea were appointed to the
Board as Independent Non-Executive Directors; both joined the Board on 1
May 2023. Additionally, Simon Litherland and Joanna Place left the Board at
the conclusion of the Company’s Annual General Meeting on 26 April 2023.
Board changes – Simon Litherland and Joanna Place
As part of the Committee’s succession planning activities, during the year
consideration was given to the length of service of Board members and the
need for regular Board refreshment. Simon Litherland and Joanna Place were
appointed to the Board as Independent Non-Executive Directors in April 2017
and April 2020, respectively. During their respective six and three year tenures,
both Simon and Joanna brought valuable experience and perspectives to the
Board; Simon being the serving Chief Executive of Britvic plc and Joanna
being the former Chief Operating Officer of the Bank ofEngland.
During the year Simon and Joanna indicated that they would not seek
re-election at the Company’s 2023 AGM. Accordingly, both Simon and
Joanna left the Board at the conclusion of the AGM on 26 April 2023.
TheBoard reiterates its thanks Simon and Joanna for their most valuable
contributions, their wise counsel and support; the Board wishes them every
future success.

Persimmon Plc Annual Report 2023100
Independent Non-Executive Directors continued
Appointments – Alexandra Depledge and Colette O’Shea
As previously reported, during 2022 the Committee agreed that it would be
beneficial to appoint to the Board at least one Independent Non-Executive
Director with relevant industry experience and/or experience of technology
and innovative building techniques. The process to identify suitable candidates
was initiated in 2022 and continued during 2023. Following a thorough search
process, on 13 March 2023 the Company announced that Alex Depledge and
Colette O’Shea would be appointed to the Board as Independent Non-
Executive Directors and both assumed their roles on 1May 2023.
Process
The Committee considered the balance of skills and experience of Board
members as well as the qualities, knowledge and experience required to
ensure the Board continued to remain effective. In this context, the diversity
ofthe Board was also considered. Having reviewed these matters, the
Committee agreed that it would be beneficial to appoint to the Board at least
one Independent Non-Executive Director with relevant industry experience
and/or experience of technology and innovative building techniques.
The Committee agreed to appoint an executive search firm, Egon Zehnder,
toassist in the search for a suitable candidate. Egon Zehnder was selected for
the assignment due to the firm’s expertise and its status as a signatory to the
Enhanced Voluntary Code of Conduct for Executive Search Firms, which aims
to promote board gender diversity. Egon Zehnder has no other connection to
the Company or its Directors, other than the provision of recruitment services.
Candidates were selected to form a long list, which was considered by the
Committee. Shortlisted candidates were interviewed by the Chairman and
leading candidates held meetings with all Committee members.
During the selection process two outstanding candidates emerged, being
Alex Depledge and Colette O’Shea. The Committee agreed that both
candidates offered highly valuable and complementary relevant industry
experience, whilst Alex also offered valuable property-related technology
and innovation experience. Due to the strength, skills and experience of both
candidates, the Committee recommended to the Board that both Alex and
Colette be appointed as Independent Non-Executive Directors. The Board
accepted the Committee’s recommendation and on 13 March 2023 the
Company announced that Alex and Colettewould join the Board, effective 1
May 2023. As at the same date both Alex and Colette joined the Nomination
Committee; Alex also joined the Remuneration Committee, while Colette also
joined the Audit& Risk Committee.
Following their appointments, Alex and Colette received thorough inductions,
covering the Group’s strategy, operations and corporate governance. The
inductions included a training session with the Group’s corporate solicitors, as
well as meetings with Board Directors, Executive Committee members and
other senior managers, covering major Group functions and house building
disciplines. Visits to the Group’s construction sites were also undertaken.
Equality, Diversity and Inclusion
Equality, Diversity and Inclusion is a key area of focus for the Board, the
Committee and the Group’s Executive team. The Board supports Equality,
Diversity and Inclusion for the Board itself, at senior management level and
throughout the Group’s workforce. The Board believes that diverse teams with
a range of experience, age, ethnic background, skills, knowledge and
characteristics combine to contribute towards an effective Board and a high
performing management team and workforce.
Linkage to strategy
A key part of the Group’s strategy is building an inclusive culture where
everyone feels a sense of belonging and is given a fair and equal chance to
fulfil their potential. Increased diversity throughout the Group will have a
tangible and positive impact on our business, our employees, our customers
and wider stakeholders. It will increase our creativity and innovation, enable
us to better reflect and respond to our customers and will improve employee
engagement, productivity andretention.
The Group recognises the importance that shareholders, customers, employees
and other stakeholders place on Equality, Diversity and Inclusion. To attract
and retain the best talent the Group continues to invest in its workforce, its HR
and training and development capabilities. The Board leads and oversees the
Group’s commitment to embedding and improving diversity and inclusion
throughout the organisation; a commitment that has been demonstrated by
actions taken during the year (see pages 104 and 105 for further information).
Policy
The Group has an Equality, Diversity and Inclusion Policy, which applies to the
Group’s employees and the Board. The Group’s objective is to be an Employer
of Choice and for our workforce to be truly representative of all sections of
society and our customers, and for each employee to feel respected and able
to give their best. The purpose of the policy is to provide equality, fairness and
respect for all in our employment, whether temporary, part-time or full-time;
to not unlawfully discriminate because of a protected characteristic (race,
religion or belief, disability, sex, gender reassignment, age, sexual orientation,
pregnancy and maternity, marital or civil partnership status) and to oppose
and avoid all forms of unlawful discrimination. The policy covers areas
including recruitment and selection, training and promotion, and disabilities.
The policy is available on the Group’s corporate website:
www.persimmonhomes.com/corporate/sustainability/policies-and-statements.
The Group’s performance against its internal diversity targets is set out in the
table on page 101.
Alexandra Depledge
Independent Non-Executive Director
• Relevant industry experience.
• Expertise in technology and innovative
buildingtechniques.
Alex is a serial technology entrepreneur and currently
ChiefExecutive Officer of Resi.co.uk, the UK’s largest residential
architectural practice and a leading property technology business.
Prior to establishing Resi, Alex co-founded Hassle.com, Europe’s
largest domestic cleaning online marketplace. Alex’s full biography
can be found on page 83.
Colette O’Shea
Independent Non-Executive Director
• Relevant industry experience.
• Expertise in town planning, property
investmentand development.
Colette had a 20-year career at Land Securities Group PLC
(‘Landsec’), one of the UK’s leading real estate companies. Colette
held a number of senior executive positions at Landsec, culminating
in her appointment as Chief Operating Officer, a role which she held
between December 2020 and March 2023. Colette has also
previously served as a Non-Executive Director of a leading housing
association. Colette’s full biography can be found on page 83.
Nomination Committee report continued

Persimmon Plc Annual Report 2023 101
Financial statementsGovernance Other informationStrategic report
Females
As at
31 December
2023
As at
31 December
2022
As at
31 December
2 0 21
As at
31 December
2020
Employees 28.5% 27% 27% 28%
Senior management
team* 34.5% 34% 28% 26%
Employees in
management roles 31% 32% c.31%
Not
previously
reported
Employees in
salariedroles 40%
Not
previously
reported
Not
previously
reported
Not
previously
reported
The continued upward trends are encouraging, especially in relation to the
proportion of females in the senior management team. However, in common
with the wider sector, challenges remain, especially in attracting females into
site-based construction roles such as labourers, groundworkers, bricklayers
and joiners. To attract more diverse candidates to all available career
opportunities, the Group has developed various initiatives, led by a Diversity
and Inclusion Working Group:
• Industry partnerships: The Group has partnered with Women into
Construction, an organisation which seeks to increase the number of
women entering the construction and housebuilding industries;
• Targeted recruitment: The Group is targeting its apprentice recruitment at
students currently at college, which generally results in a higher number of
female candidates, and in our graduate recruitment, we actively seek
applications from all under-represented groups (pertaining to gender,
ethnicity and social mobility);
• Training: The Group has introduced a Housebuilding Basics training
programme that aims to promote career opportunities in construction-
related disciplines to the Group’s non-construction employees, such as
Sales Advisors, who are predominantly female. The Group also
encourages employees to move from one discipline to another as part of
their career development;
* Executive Committee and Direct Reports.
Group’s internal diversity
targets and progress
To improve the diversity of the Group’s workforce and
management teams the Board announced the following
gender diversity targets in March 2021:
By the end of 2025 we aim for
femalesto compose:
40%
of our
employees
35%
of our senior
management
team*
45%
of
employeesin
management
roles
These are stretching targets, achievement of which is
influenced by various factors, including the level of
recruitment, which in 2023 was reduced. However, due to
the concerted efforts of the Group, progress has been made
and the upward trend in females in the workforce and the
senior management team has continued. Our succession
plans also show a healthy talent pipeline which will help
deliver an improved gender balance.
During 2023 the Group also set an additional gender
diversity target, which is:
By the end of 2025 we aim for females
to compose:
45%
of our employees in salaried roles
This additional target has been set to differentiate weekly
and monthly paid roles so that the Group can better
understand its progress and target its action plans
accordingly. The salaried workforce, which at 31 December
2023 comprised 69.4% of the Group’s employees, includes
office-based disciplines such as planning, as well as
site-based disciplines such as site management. As at 31
December 2023, 40% of the Group’s salaried employees
were female. In contrast, the Group’s weekly paid workforce,
which predominantly comprises site-based construction roles
such as groundworkers and bricklayers, is 97% male and 3%
female.
Targets
By the end of 2025, FTSE 350
companies should achieve the
followingtargets:
• women should comprise at least 40%
of boards and leadership teams; and
• at least one senior board position
(Chair, Senior Independent Director,
CEO or CFO) should be held by
awoman.
See p102
Targets
By the end of 2025 we aim for females
tocompose:
• 40% of our employees;
• 35% of our senior managementteam*;
• 45% of employees in management
roles; and
• 45% of our employees in salaried
roles.
See p101
FCA Listing Rule 9.8.6 requires the Group
to report against certain gender and
ethnicity targets, and to provide
corresponding data.
See p103
Targets
FTSE 350 companies should:
• Have at least one board director from
a minority ethnic group; and
• Set a target, to be achieved by 31
December 2027, for the percentage
of their senior management team*
who self-identify as being in an
ethnicminority.
See p102
DIVERSITY
Gender & ethnicity
The Group’s
internal diversity
targets
FTSE Women
Leader’s Review
Reporting: FCA
Listing Rule 9.8.6
Parker
Review

Persimmon Plc Annual Report 2023102
Group’s internal diversity
targets and progress continued
• Recruitment practices: In 2024 the Group will roll out Professional and
Inclusive Recruitment training for hiring managers, to ensure the entire
candidate experience is inclusive and designed to attract a wide range of
talent. It is anticipated this will result inmore diverse candidates applying
for, and succeeding in obtaining, roles within the Group; and
• Ambassador programme: The Group will expand its ambassador
programme to showcase the diversity of its employees and career
opportunities, leading to increased engagement with schools and colleges,
and raised awareness among early-career candidates of the Group’s
employer brand.
• Celebrating diversity: Our internal communications celebrate and
provide education in areas of diversity such as gender, LGBTQ+ and
disability through events and learning activities around, for example,
International Women’s Day and Pride.
The Group will continue to work towards achieving its internal diversity targets
and further details of the significant diversity & inclusion activities undertaken
by the Group during the year can be found on pages 104 and 105.
Gender diversity – FTSE Women
LeadersReview
The need for, and benefits of, diversity are at the forefront of the minds of
Committee members. The Committee has previously noted and considered
thetargets set by the FTSE Women Leaders Review and the reporting
requirements of the FCA Listing Rules.
FTSE Women Leaders Review
By the end of 2025, FTSE 350 companies should achieve the
followingtargets:
• women should comprise at least 40% of boards and leadership
teams*; and
• at least one senior board position (Chair, Senior Independent
Director, CEO or CFO) should be held by a woman.
* Executive Committee and Direct Reports.
The Group Chief Executive was appointed in September 2020 and the
appointment of Andrew Duxbury as Chief Financial Officer (CFO) was
announced in November 2023. Given the dates of both appointments, andin
light of the FTSE Women Leaders Review targets, the Committee has
previously agreed, and reiterates, its firm intent that a woman be appointed
as the Group’s next Senior Independent Director and anticipates this will be
Annemarie Durbin.
As at 31 December 2023 the Board comprised four males (50%) and four
females (50%). It is anticipated that, following Andrew Duxbury’s
commencement with the Group as CFO in spring 2024, the Board will
comprise five males (56%) and four females (44%).
As at 31 December 2023 the Group’s Executive Committee and Direct Reports
comprised 36 males (65.5%) and 19 females (34.5%) (2022: 35 males (66%)
and 18 females (34%)). The Committee will continue to exercise oversight and
scrutiny of the Group’s equality, diversity & inclusion activities as the Group
works towards becoming a more diverse organisation.
During 2023 the Group participated in the FTSE Women Leaders
ReviewSurvey.
Ethnic diversity – Parker Review
The Committee continues to be mindful of the Parker Review, and its target that
each FTSE 350 board should have at least one director from a minority ethnic
group. The Board achieved this target in July 2021 with the appointment of
Shirine Khoury-Haq as an Independent Non-Executive Director, whose
ethnicity is Arabic.
Parker Review
In summary, all FTSE 350 companies should:
• have at least one board director from a minority ethnic group;
and
• set a target, to be achieved by 31 December 2027, for the
percentage of their senior management team* who self-identify
as being in an ethnic minority.
* Executive Committee and Direct Reports.
During the year the Committee also noted and considered the Parker Review’s
increased ambition and the extension of the Parker Review’s targets to include
senior management teams. The Parker Review now requests that FTSE350
companies set their own target for the percentage of their senior management
team who self-identify as being in an ethnic minority. The Parker Review has
requested that such targets be set by 31 December 2023 and achieved by
31December 2027.
The extended requirements of the Parker Review were carefully considered by
the Committee, and a report from the Group’s Director of Talent & Diversity
was received on this matter during the year.
To aid the assessment of the Group’s ethnic diversity, the Group has made
efforts in recent years to capture ethnicity data for more of the Group’s
employees. As at 31 December 2023 the Group held ethnicity data for 43%
of employees, this having increased from 17% in 2021. Despite this progress,
the Group considers that at present, the Group does not hold sufficient
ethnicity data about its employees to enable the setting of an appropriate
target for the ethnic diversity of the Group’s senior management team. The
Group is therefore intensifying its efforts to encourage employees to
voluntarily provide their ethnicity data via the Group’s HR Information System.
During 2024 the Committee will receive progress reports regarding the
intensified data collection exercise. It is the Committee’s intention that a senior
management ethnic diversity target will be set in 2024. Consideration will
also be given to potentially setting other targets reflective of the communities
where the Group’s operations are based.
The Committee will continue to have regard to the Parker Review, and the
benefits that diversity can bring to Board decision making and performance,
when considering succession planning and when undertaking future
candidate searches. During 2023 the Group participated in the Parker
Review Survey.
Nomination Committee report continued

Persimmon Plc Annual Report 2023 103
Financial statementsGovernance Other informationStrategic report
FCA Listing Rule 9.8.6 –
diversityreporting
In compliance with FCA Listing Rule 9.8.6 the Company reports the
following diversity information as at 31 December 2023:
FCA Listing Rule target Outcome
Group’s position at
3Dec2023
At least 40% of
Board Directors
are women
Target achieved 50% of Board Directors
were women.
At least one
senior Board
position* held
by a woman
Target not achieved No senior Board
positions were held by
women.
It is the Committee’s firm
intent that a woman be
appointed as the
Group’s next Senior
Independent Director
and anticipates this will
be Annemarie Durbin.
At least one
Board Director
from a minority
ethnic
background
Target achieved One Board Director was
from a minority ethnic
background.
* Chair, Chief Executive, Senior Independent Director or Chief Financial Officer.
Supporting explanation
The Board, and the entire Group, is on a journey to increase its
diversity. Whilst progress has been made in this regard over recent
years, there is more to do. The Committee keeps the composition of
the Board, its diversity, and the diversity of the Group, under
closereview. As at 31 December 2023, no senior Board positions
were held by women, however the Chair of both the Remuneration
and Audit & Risk Committees was held by a woman. Given the
relatively recent appointment of the Group Chief Executive, who was
appointed in September 2020, and the recent appointment of the
Chief Financial Officer, which was announced in November 2023,
the Committee has agreed its firm intent that a woman be appointed as
the Group’s next Senior Independent Director and anticipates this will
be Annemarie Durbin.
No changes have occurred to the composition of the Board between 31 December 2023 and the date this document was approved (11March 2024).
Gender diversity data
Number of Board members Percentage of the Board
Number of senior positions
on the Board (CEO, CFO,
SID and Chair)
Number in
executive management **
Percentage of
executive management **
Men 4 50% 4 5 55.6%
Women 4 50% 0 4 44.4%
Not specified/prefer not to say 0 0% 0 0 0%
** Executive Committee only.
Ethnic diversity data
Number of Board members Percentage of the Board
Number of senior positions
on the Board (CEO, CFO,
SID and Chair)
Number in
executive management **
Percentage of
executive management **
White British or other White
(including minority-white
groups) 7 87.5% 4 8 88.9%
Mixed/Multiple Ethnic Groups 0 0% 0 1 11.1%
Asian/Asian British 0 0% 0 0 0%
Black/African/Caribbean/
BlackBritish 0 0% 0 0 0%
Other ethnic group,
includingArab 1 12.5% 0 0 0%
Not specified/prefer not to say 0 0% 0 0 0%
** Executive Committee only.
Approach to data collection
The Company has used a consistent approach in collecting the gender and ethnicity data displayed in the tables above, the source of which is the Group’s
HR Information System.
All employees, and Board Directors, are asked to provide the Group with information regarding their gender and ethnicity when they join the Group.
Regarding gender, employees are able to self-identify as either male, female or ‘other’. Employees are able to state that they live in a gender different to
their gender assigned at birth. For ethnicity, employees are asked to self-identify based on the Office for National Statistics ethnicity categories. If provided,
the gender and ethnicity information is recorded in the Group’s HR Information System. Employees can update this information at any time during their
employment and are asked quarterly to provide their gender and ethnicity information, if they have not done so already.

Persimmon Plc Annual Report 2023104
Gender Pay Gap
The Group’s Gender Pay Gap Reports are available on our corporate website
at www.persimmonhomes.com/corporate. The 2023 Report will be published
in March 2024, with the 2022 report having been published in March 2023.
The median Gender Pay Gap for the Group was 9.9% in 2023 (2022:
13.5%), compared to the Office for National Statistics figure for 2023 of
14.3% (2022: 14.9%). As at 31 December 2023, the gender balance of the
Group was 29% female and 71% male.
The Group’s Gender Pay Gap is driven by the shape of our workforce with a
high proportion of men in skilled construction roles, such as site management,
where the market is competitive and currently has limited female participation.
However, the Group has stretching targets to increase the proportion of
women in senior and management positions and, as the Group progresses
towards achieving these targets, it is anticipated that our Gender Pay Gap
will reduce.
The Group remains committed to ensuring that all employees have the
opportunities to reach their full earning potential and during the year the
Group continued to take action in relation to equality, diversity & inclusion,
and talent development, details of which are set out on pages 32, 104 and
105.
Equality, Diversity & Inclusion (ED&I) activities during the year
The Board has set the strategic direction of the Group to increase its diversity and the Committee receives and considers updates from both the Group HR
Director and/or the Group’s Director of Talent and Diversity at each of its meetings. The Committee is pleased to report that during the year the Group continued
to take a number of significant actions that were designed to improve diversity and inclusion within the Group. These important actions also add to the Group’s
drive to develop and maintain a diverse pipeline of talent for succession to senior management and executive positions.
ED&I Activity Detail
Board diversity
The Nomination Committee has maintained its firm intent to appoint a woman as the Company’s next Senior
IndependentDirector and anticipates this will be Annemarie Durbin.
The Group’s internal
diversity targets
During the year the Group continued to work towards its stretching internal diversity targets and added a new target to focus
on the percentage of females in salaried roles. The Committee received progress reports from the Director of Talent &
Diversity, highlighting the success in increasing the proportion of women in senior management, and actions being taken to
overcome the challenge of recruiting women into non-salaried, site-based construction roles, such as the Group’s
partnership with Women into Construction and targeted recruitment of apprentices.
Diversity & Inclusion
Council
The Diversity & Inclusion Council continued its work during the year, overseeing the implementation of the Group’s ED&I
Strategy, driving accountability and monitoringprogress.
To reflect the strategic importance of the Council and its activities, the Council is chaired by the Director of Talent & Diversity
and its membership includes a range of senior leaders including Executive Committee members.
Diversity & Inclusion
Working Group
The Diversity & Inclusion Working Group, consisting of a diverse cross-section of employees, continued its work during
2023, feeding directly into the work of the D&I Council. Work streams to support the Group’s ED&I strategy were updated
and assigned to Working Group members covering communications, recruitment, training, disability, data, culture,
customers, and future talent.
ED&I training
To spearhead the Group’s ED&I Strategy, mandatory ‘Inclusive Leadership’ training was delivered to over 200 of the
Group’s leaders and senior managers during the year. ‘Positive Workplace’ training was also provided to 450 site-based
employees, focusing on banter, bullying, harassment, inclusion and mental health awareness. Additional training sessions
will be delivered in 2024.
A new ED&I Foundations e-learning course was developed during the year and will form part of mandatory induction
training for new employees. The course will explain why ED&I is important to the Group and will help the Group to develop
a more inclusive culture.
The Group’s Learning Management System was updated during the year to include a ED&I Essentials resource, enabling
employees and line managers to easily access all ED&I training materials. Training recently added to this resource includes
topics such as neurodiversity and menopause awareness.
Nomination Committee report continued

Persimmon Plc Annual Report 2023 105
Financial statementsGovernance Other informationStrategic report
ED&I Activity Detail
Inclusive Recruitment
HR and training team colleagues received training from an external specialist in Inclusive Recruitment during the year and a
new course for hiring managers will be rolled out across the Group in 2024, covering the entire candidate experience, from
vacancy advertisements to offers of employment. It is anticipated this will result in more diverse candidates applying for, and
succeeding in obtaining, roles within the Group.
Communication and
awareness
To raise awareness and to promote an inclusive culture, the Group marked important events in the diversity calendar during
the year including World Autism Week, Mental Health Awareness Week, International Women’s Day, Pride, World
Menopause Day and International Day of Persons with Disabilities.
Employee Network
Groups
During the year the Group launched the Persimmon Women’s Network to foster a network of female employees who can
benefit from peer contacts, learn from others in a safe and supportive environment and discuss relevant topics, such as
career progression, building influence and managing work-life pressures. The network is sponsored by a member of the
Executive Committee and, since its launch, has held six webinars covering topics including influencing & resilience,
theMenopause, the achievements of the Group’s female employees and a Q&A session with a Board Director. The webinars
are well supported by employees, both male and female.
Persimmon Pride, an LGBTQ+ network, was also formed during the year and conducted preparatory work ahead of its
Group-wide launch which is planned for 2024.
Inclusion Review –
Progress Audit
The Group commissioned its first Inclusion Review in 2021, a comprehensive audit undertaken by an external ED&I
specialist. During 2023 it was agreed that the external ED&I specialist will conduct a follow-up progress audit in 2024. This
progress audit will help the Group to identify where advances have been made, will highlight areas for improvement and
will provide valuable benchmarkedfeedback.
Succession planning
The Group understands the importance of succession planning in achieving the
Group’s strategy and in developing a diverse pipeline of talent. Succession
planning for the Board and senior management is reviewed by the Committee,
with regular succession and talent updates being delivered by the Group HR
Director and/or Director of Talent and Diversity. As set out in our Equality,
Diversity and Inclusion Policy, the Group’s succession plans are based on merit
and objective criteria, and within this context promote all aspects of diversity,
with a particular focus on gender, social mobility and ethnicity.
Board composition
The Board currently includes six Independent Non-Executive Directors, who
together bring a balance of skills, experience and perspectives to the Board,
and a diversity of views. The broad spectrum of experience and expertise of
the Non-Executive Directors includes:
• banking and finance;
• leadership, including
CEOexperience;
• strategy development
andexecution;
• corporate governance;
• Human Resources;
• Executive remuneration;
• technology and innovation;
• entrepreneurship; and
• relevant sector and industry
experience gained in
engineering & construction, town
planning, property investment
&development, and various
consumer facing businesses.
The full biographies of the Non-Executive Directors can be found on pages
82 and 83.

Persimmon Plc Annual Report 2023106
Succession planning continued
Board succession
The Committee considers the balance of skills and experience of Board
members, as well as the qualities, knowledge and experience required to
ensure the Board continues to remain effective. In this context, the diversity
ofthe Board is also considered. The additions of Alex Depledge and Colette
O’Shea to the Board during the year brings further relevant industry
experience, and technology & innovation experience, to the Board’s
extensive skillset. The Committee is therefore satisfied that the combination
ofskills, experience and knowledge on the Board and its Committees is
appropriate, being broad, deep and relevant to the Group, its strategy,
operations, marketplace and external environment.
Succession planning for the Executive Directors has been, and will continue
tobe, an area of enhanced focus for the Committee. Succession plans for the
CEO and CFO were reviewed during the year, with a report being received
from the Group’s Director of Talent & Diversity setting out the Group’s pipeline
of potential successors across short, medium and long-term time horizons,
plus actions to strengthen the pipeline. It has been agreed that, in addition to
a comprehensive induction, Andrew Duxbury, the Group’s incoming CFO, will
be supported via a detailed Onboarding Plan, which will be continuously
reviewed and monitored by the Committee.
Senior management succession
Talent management is an important area of focus for the Group and, during
the year the Committee reviewed the succession plans for the Group’s most
senior executive positions, with careful consideration being given to the
Group’s pipeline of potential successors. Actions to strengthen the pipeline
were also noted, including the implementation of individual development
plans and external benchmarking for selected senior executives.
During the year the Committee also received reports on, and had oversight of,
the Group’s wider talent and succession planning activities, details of which
are set out in the table.
Talent and succession
planning activity Detail
Future
Leadership
Programme
Launched in 2022, this programme is designed to develop high-performing functional directors who have the potential to be promoted further. To date,
two cohorts have successfully completed the programme, which equips participants with the leadership skills and business knowledge required to
become a Managing Director of one of the Group’s housebuilding businesses, or a director of a centralised Group function. A number of programme
participants have subsequently been promoted.
MD Essentials
The MD Essentials is an innovative new development tool available to the Group’s current (and aspiring) Managing Directors who run the Group’s
housebuilding operating businesses. MD Essentials is an online repository of detailed information which includes guidance and information designed to
provide functional directors and both new and current MDs with the broader knowledge they need to take on the significant management responsibilities
of the MD role.
Advanced
Management
Programme
By conducting a comprehensive Talent Review, the Group has identified over 90 consistently high performing individuals in junior or middle management
roles who have the potential to move into more senior roles. This 6-month programme, which was launched during the year, will aim to broaden
participants’ outlook and experience, enabling them to achieve promotion, develop their careersfurther and become Persimmon Ambassadors.
Development
support for
senior
executives &
managers
Further support, such as coaching and mentoring, is being provided to selected senior executives and managers to better equip them with the skills and
experience they need to succeed in their roles.
Graduate
Management
Training
Programme
This programme, which was established in 2021, recruited its third cohort during the year with the objective of securing a broad talent base from which
we anticipate that members of our senior management teams of the future will be selected. Working with an experienced recruitment partner, we ensure
that the programme actively encourages applications from underrepresented groups and provides a structured development pathway.
It is anticipated that the Group’s talent and succession planning activities, combined with its significant focus on equality, diversity and inclusion, will lead to the
development and maintenance of a diverse pipeline of talent for succession to senior management and executive positions.
Roger Devlin
Chair of the Nomination Committee
11 March 2024
Nomination Committee report continued

Persimmon Plc Annual Report 2023 107
Financial statementsGovernance Other informationStrategic report
Audit & Risk Committee
Committee Chair’s statement
The composition of the Committee has been subject to change within the year.
Simon Litherland and Joanna Place both stepped down from the Board and
their roles as members of the Committee on 26 April 2023; I would like to
thank Simon and Joanna for the valuable contribution they made during their
time with Persimmon. I would also like to welcome Colette O’Shea, who has
brought extensive operational and industry experience to the Committee since
her appointment on 1 May 2023. Lastly, Jason Windsor stood down from his
role as CFO on 1 September 2023. While not a member of the Committee,
Iwould like to extend my thanks to Jason for his work in support of the
Committee during his tenure.
Areas of focus 2023
Political and economic uncertainty
A range of external factors, such as domestic and international political
uncertainty, continued inflationary pressures and mortgage affordability
issues, have combined to provide a challenging business environment for the
Group. This has been reflected in the reduced number of homes completed in
the year and subsequent impact on Group profit. In this context, the Committee
has continued to place particular focus on estimates and areas of accounting
judgement, such as the Group’s overall liquidity, the adequacy of the legacy
buildings provision, asset carrying values, our viability statement and going
concern assessments. In each case, these considerations have been subject to
extensive management modelling and review, with further scrutiny through the
work of the external auditor. To ensure their appropriateness, the Committee
has worked to continually challenge these assessments and the underlying
assumptions on which they are based.
I am pleased to present the Group’s Audit & Risk Committee Report for the
year ended 31 December 2023. This report sets out how the Committee has
discharged its responsibilities as outlined within its terms of reference over
thecourse of the year, with particular focus on financial and non-financial
reporting, audit, risk and internal control. In performing these duties, the
Committee has complied with the requirements of the UK Corporate
Governance Code and has been guided by relevant best practice as
published by the FRC.
The priorities and duties of the Committee have remained largely unchanged
within the year, with a continued focus on the integrity and quality of financial
reporting, ensuring an effective external audit, and reviewing the effectiveness
and independence of the Group Internal Audit department. In addition,
following the 2022 decision to incorporate the business of the former Risk
Committee, the Committee has retained its enhanced focus on ensuring the
adequacy of the Group’s risk management and internal controls.
In fulfilling its duties, the Committee has worked particularly closely with the
Group Finance and Group Internal Audit departments, senior management
teams, and Ernst & Young LLP (‘EY’) as the Group’s external auditor. The close
working relationship with each of these stakeholders has enabled the
Committee to ensure the Group has provided clear and accurate corporate
reporting, with appropriate challenge of accounting judgement and estimates,
while operating with effective and appropriate risk management, internal
control and internal audit regimes.
Key duties of the Audit & Risk Committee
The main role of the Audit & Risk Committee is to support the Board
infulfilling its corporate governance responsibilities. In particular,
and as outlined within its terms of reference, the Committee provides
oversight of the following:
• Processes for financial reporting (including key accounting judgements
andestimates) and non-financial reporting
• External audit
• Risk management framework
• System of internal controls
• Group Internal Audit processes
The Audit & Risk Committee has continued
toensure the accuracy of financial reporting,
the adequacy of internal controls and the
appropriate management of risk, which
hasbeen of particular importance in yet
another year of domestic and
internationaluncertainty.
Shirine Khoury-Haq
Chair of the Audit & Risk Committee
Audit & Risk Committee members andmeetingattendance 2023
Scheduled
meetings
attended
Percentage of
meetings
attended
Shirine Khoury-Haq (Committee Chair) 4/4 100%
Andrew Wyllie 4/4 100%
Colette O’Shea
1
2/2 100%
Simon Litherland
2
2/2 100%
Joanna Place
2
2/2 100%
1. Appointed 1 May 2024.
2. Left on 26 April 2024.

Persimmon Plc Annual Report 2023108
Areas of focus 2023 continued
Corporate reporting
The Committee has monitored and reviewed the Group’s financial and
non-financial reporting throughout the year. This has included both the
HalfYear Report and the 2023 Annual Report, along with all associated
regulatory disclosures such as those describing its management of climate
change risk in line with the recommendations of the Task Force on Climate-
related Financial Disclosures (‘TCFD’). The Committee, at the request of the
Board, has considered the 2023 Annual Report and is satisfied that taken as
a whole it is fair, balanced and understandable, and provides the necessary
information for stakeholders to assess the Group’s overall position,
performance, business model and strategy.
External audit oversight, quality, independence
andobjectivity
The Committee recognises the value of high-quality external audit and fosters
a culture where audit challenge is actively welcomed. Throughout the year,
the Committee has engaged proactively with EY, maintaining a continuous
focus on the quality, independence and objectivity of our external audit
provision. The Group’s 2023 audit has been enhanced through a detailed
planning process, building on the experience of prior year audits. The process
was also informed by both the results of our annual assessment of auditor
performance from internal stakeholders and actions agreed with EY following
an FRC-led Audit Quality Review (‘AQR’) on the Group’s 2021 audit. The
independence and objectivity of EY has been maintained through a range of
Anticipated areas of focus for 2024
It is anticipated that 2024 will be another year of political and economic
uncertainty, and that business conditions will remain challenging as a result.
In particular, uncertainties around planning are likely to cause continued
disruption. In this context, the Committee expects to review and challenge
theGroup’s risk appetites and their alignment with business decision-making
processes. The emphasis on accuracy and reliability of financial and
non-financial reporting, supported by high quality assurance provision in
both external and internal audit, shall be retained. The Committee will also
oversee preparations for changes in the UK Corporate Governance Code
and broader corporate governance environment, ensuring the Group takes
appropriate steps to ensure compliance and to align with good practices as
these develop. This will include monitoring the delivery of the Group’s plans
toenhance risk management and internal control capabilities, particularly
inrespect of key processes such as those supporting valuations and work in
progress, and the corporate risk culture required to sustain improvements.
Further detailed information on the work of the Committee during the year
inthese areas is set out below.
Shirine Khoury-Haq
Chair of the Audit & Risk Committee
11 March 2024
The Group has established a risk
management and internal control
improvement plan, developed to
address recommendations following
an externally led review of the
Group’s risk management processes
and to enhance the overall maturity
ofthe system of internal controls.
measures, including regular private meetings between EY and the Committee,
the Group’s policy limiting the provision of non-audit services, review of
EY’sindependence declarations and periodic rotation of the audit partner.
The Committee is satisfied that EY continue to be independent and objective
and that the audit is effective.
Internal audit
The effectiveness and ongoing independence of the Group Internal Audit
department has been confirmed by the Committee. The department’s periodic
External Quality Assessment (‘EQA’) was conducted by the Chartered Institute
of Internal Auditors (‘IIA’) in July 2023, and confirmed a high degree of
conformance to the professional standards. The Committee has also had
regular meetings with the Director of Internal Audit without executive
management present, including one formal session annually. In addition to
thereview of routine reporting on internal audit findings, follow-up actions
and departmental performance, the Committee has reviewed and approved
both the annual internal audit plan and departmental development plan as
proposed Director of Internal Audit. The Group Internal Audit department’s
resourcing for 2024 has also been assessed by the Committee and confirmed
as appropriate to fulfil its duties.
Risk management and internal control
On behalf of the Board, and in line with the requirements of the UK Corporate
Governance Code, the Committee has assessed the principal and emerging
risks facing the Group. This included a review of the results of a comprehensive
exercise to gather feedback from the Board and senior management,
withparticular focus on risk movements and the effectiveness of the
mitigatingcontrols.
The Group has established a risk management and internal control
improvement plan, developed to address recommendations following an
externally led review of the Group’s risk management processes and to
enhance the overall maturity of the system of internal controls. The Committee
has received updates from the Group Internal Control Manager on both the
status of actions that continue to be completed as part of the plan and the
anticipated evolutions in the legal and regulatory requirements for internal
control. Further reporting has been provided on control improvements from
across the business, most notably in respect of the strengthening of our IT
andcyber security arrangements.
Audit & Risk Committee continued
Committee Chair’s statement continued

Persimmon Plc Annual Report 2023 109
Financial statementsGovernance Other informationStrategic report
Purpose and governance of the Audit & RiskCommittee
The main role of the Audit & Risk Committee, as outlined within its terms of reference, is to support the Board in fulfilling
its corporate governance responsibilities. In particular, the Committee provides oversight of the Group’s financial and
non-financial reporting processes (including key accounting judgements and estimates), ensures an appropriate and
high-quality provision of assurance from both external and internal audit, and monitors the Group’s systems of risk
management and internal control.
The Committee performs an annual review of its terms of reference. Within 2023, the terms of reference were subject
tominor updates to ensure an adequate reflection of the merging of the business of the Committee with that of the Risk
Committee in 2022, and to maintain alignment with good practices from the Chartered Governance Institute. As noted
in the governance report on page 96, an internal evaluation of the Committee was also performed within the year.
Theresults of this evaluation were generally positive, including an assessment against a benchmark group of companies.
However, in the spirit of continuous improvement, the Committee has recognised a need to increase its emphasis on the
Group’s plans to enhance risk management and internal control capabilities, and will deliver on this through 2024.
Audit & Risk Committee composition andattendance
The Committee is comprised exclusively of Non-Executive Directors, in line with the provisions of the UK Corporate
Governance Code. The composition of the Committee has been subject to change within the year, with both Simon
Litherland and Joanna Place both having stepped down from the Board and their roles as members of the Committee
on 26 April 2023. The Committee continues to be chaired by Shirine Khoury-Haq, who has been a member of the
Committee since her appointment to the Board in July 2021. The Board remains satisfied that Shirine Khoury-Haq
hasrecent and relevant financial experience appropriate to Chair the Committee, through her role as Group Chief
Executive Officer for The Co-operative Group, where she previously held the role of Group CFO. The other Committee
members are Andrew Wyllie (appointed in January 2021) and Colette O’Shea (appointed in May 2023). Both Andrew
and Colette provide a wealth of operational knowledge and industry experience, as outlined in more detail in their
biographies on pages 82 to 83. Collectively, the Committee maintains a broad and varied skillset which enables it to
deliver a high quality of work on behalf of our shareholders and broader stakeholders.
In addition to the Committee members, the meetings of the Committee are attended by the Company Secretary,
GroupCFO, Group Financial Controller and Director of Internal Audit, as well as representatives from the external
auditor. Within the year, and at the invitation of the Chair of the Committee, the Group CEO, other members of the
Board, various senior managers and external speakers have also attended meetings, either in full or in part.
The Committee holds four scheduled meetings per year, with all members in attendance for each of these meetings
within 2023. In addition to the normal schedule of meetings, there were four further calls held by the Committee in
order to review additional works on accounting controls performed by the Group Internal Audit department and the
external auditor around the half-year. The Committee also held discussions separately and privately with the external
auditor, the senior management team and the Director of Internal Audit.
Activities of the Committee in 2023
The activities of the Committee follow a well-established annual cycle, aligned with the Group’s financial reporting
calendar, ensuring appropriate and timely oversight for audit planning and the other key actions of the Committee.
Theannual cycle is finalised in the Committee’s March meeting, with the review of all year end reporting matters,
including the assessment of areas of significant financial judgements, review of viability and going concern disclosures
the assessment of the draft Annual Report and Accounts to ensure it is fair, balanced and understandable.
Theme Activity Feb 23 Apr 23 Aug 23 Dec 23 Mar 24
Corporate
reporting
Review of Annual Report as fair, balanced and understandable
Review of draft full year results, including viability and
goingconcern
Review draft TCFD reporting for the Annual Report
Half-year statement review
External audit
Review of external audit report on full-year audit
Private meeting with the Committee members
Review of external audit report on half-year audit
Review of external auditor performance
Fee structure review and approval
Review of the non-audit services policy
Audit plan finalised and agreed
Independence review
Internal audit
Review of the report of Group Internal Audit
Review and approval of Group Internal Audit Charter
Review of External Quality Assessment from the Chartered IIA
Private meeting with the Director of Internal Audit
Review of Group Internal Audit independence
andeffectiveness
Approval of the 2024 annual internal audit plan
Audit & Risk Committee report

Persimmon Plc Annual Report 2023110
Theme Activity Feb 23 Apr 23 Aug 23 Dec 23 Mar 24
Risk
management
and internal
control
Review of the statement of effectiveness of internal controls
Controls update from Group Internal Control Manager
Tax status report
Review of performance of the shared equity loan portfolio
Feedback from external review of risk management processes
Legacy buildings progress report
Reports on cyber security improvement plans
CMA market study update
Reports on FibreNest improvement plans
Review of principal and emerging risks, including Board survey
Committee
governance
Review of Committee terms of reference
Review of internal Committee evaluation
Update on FRC Minimum Standard for Audit Committees
Priorities and main activities during the year
1. Corporate Reporting
The Committee has maintained a strong focus on ensuring the integrity and reliability of both financial and non-financial
reporting, including its the review of the Group’s Annual Report, the Half Year Report and the associated regulatory
announcements. With political and economic uncertainties continuing to adversely impact the business environment,
the Committee has placed additional emphasis on accounting policies governing estimates and areas of judgement,
providing robust challenge to management and obtaining assurance through the work of both external and internal audit.
Within 2023, this has included particular focus on the Group’s legacy buildings, with a primary emphasis on resident
safety. The Committee also focused on the legacy buildings provision, ensuring appropriate reporting on the progress
of remediation works, cost projections and provision utilisation, whilst ensuring that resident safety remains at the
forefront of both Board and management considerations.
In response to a controls failure identified through the routine work of the Group Internal Audit department, the
Committee has also overseen additional testing on manual accounting entries and journals, obtaining appropriate
assurance on the adequacy of supporting processes and records through the year, as well as working with
management to ensure there has been subsequent training and communication across the organisation.
Audit & Risk Committee continued
Audit & Risk Committee report continued
Activities of the Committee in 2023 continued
At the request of the Board, the Committee has considered whether the 2023 Annual Report taken as a whole is fair,
balanced and understandable, and whether it provides the necessary information to enable shareholders to assess the
Group’s position, performance, business model and strategy. The Committee’s review of the 2023 Annual Report has
considered a broad range of information, including the routine reporting it receives from Finance, senior management,
the external auditor and the Group Internal Audit department. It has also assessed the underlying accounting policies
and processes governing financial reporting, and the feedback and assurances from both operational teams and
external advisors concerning quality of information and adherence to requirements under the Companies Act, the UK
Corporate Governance Code, Listing Rules and other relevant reporting regulations. Following this review, the Committee
has concluded that the 2023 Annual Report can be considered to be fair, balanced and understandable, and that it
meets the required expectations of shareholders.
Assessment of significant financial judgements
The Committee has performed its assessment of the areas of significant financial judgements facing the Group, and the
associated identification of risks of potential misstatement within the Group’s financial statements. The material financial
issues facing the Group in 2023 have been assessed as follows:
Area of judgement Risk factors
Procedures performed
by the external auditor Committee assessment
Revenue
recognition
The Group’s
revenue for 2023
was £2,773m.
The analysis of
total Group
revenues is
detailed further
within note 5 to
the financial
statements.
Misstatement in revenue
recognition could arise
through cut off errors or
potential management
bias, thereby adversely
affecting the income
statement.
The accuracy of revenue
and cut off controls is
assessed using data
analytics tools and
detailed transactional
testing, in order to trace
recorded sales through
to cash receipts and
legal completion
statements. Revenue
from Housing
Association sales is also
assessed based on the
terms of the relevant
contracts.
Based on its review of the
management controls in operation
and the assurance provided by the
external auditor, the Committee is
satisfied that the Group’s processes
and controls over revenue
recognition are operating
effectively, and that revenues
arereported accurately.

Persimmon Plc Annual Report 2023 111
Financial statementsGovernance Other informationStrategic report
Area of judgement Risk factors
Procedures performed
by the external auditor Committee assessment
Inventory
valuation and
profit
recognition
The carrying
value of the
Group’s land at
31 December
2023 was
£2,104m, the
carrying value of
work in progress
on-site was
£1,431m and the
cost of sales was
£2,253m.
The carrying value
ofland and work in
progress could be
subject to impairment in
the event that underlying
estimates, such as those
on market conditions
and anticipated selling
prices, prove to be
inaccurate, or if market
conditions were to
deteriorate significantly.
Challenge is provided
through a range of
procedures as set out
inthe Independent
Auditor’s Report on
page 146. These
include:
• walkthrough tests on
sampled transactions
to trace to source
records and ensure
accurate allocation;
• comparisons of
estimated and actual
margins to assess
forecasting accuracy;
• assessing the
appropriateness and
traceability of cost
and selling price
assumptions; and
• attendance at a
sample of valuation
meetings, and review
of the accuracy and
completeness of
valuation materials.
The Committee has placed particular
emphasis on understanding the
operation of management’s
processes for monitoring land and
work in progress valuations and
profit recognition. This has included
seeking additional assurance on
these processes through the work of
the Group Internal Audit department.
The reduced external audit materiality
has also resulted in an increased
depth of testing, which has provided
further assurance. Having reviewed
the Group’s inventory valuation and
profit recognition controls, and the
various sources of assurance on their
effective operation, the Committee
has concluded that management’s
assessment of the net realisable
value of the Group’s land and work
in progress as held at 31December
2023 was appropriate.
Area of judgement Risk factors
Procedures performed
by the external auditor Committee assessment
Legacy
buildings
provision
The Group has
aprovision for
remediation
works on legacy
buildings of
£283m.
The value of this
provision could prove to
be inaccurate if further
legacy issues were
identified or brought
within the scope of
remediation. The
provision also relies on
cost forecasts, which
could prove inaccurate
as the remediation
worksare contracted
and delivered.
The external auditor has
assessed the Group’s
key processes and
controls in relation to
legacy buildings.
Following this
assessment, they have
challenged the basis for
the scope of buildings
covered by the provision,
the estimated costs for
remediation, and
assumptions relating to
cost inflation, estimated
timing of spend and
discount factors applied.
Further detail is provided
in the Independent
Auditor’s Report on
page 146.
The Committee has taken time to
review and challenge management’s
assessment and supporting evidence
of the scope and anticipated cost of
this obligation, including the basis
onwhich the provision has been
utilised, treated and disclosed within
the financial statements. This has
included proactively engaging
withsenior management to ensure
the provision of routine and
comprehensive reporting on the
status of the legacy buildings
programme. From the results of this
review, and its assessment of the
external audit procedures, the
Committee is satisfied that the
carrying value of the provision
isappropriate.
Management
override of
controls
The Group’s
financial
statements
include a range
of judgemental
accruals,
provisions and
manual journals.
Accounting estimates
relying on judgements
could be manipulated
inorder to impact the
financial statements.
Testing was performed
on manual journals
posted to significant risk
areas to confirm the
appropriate accounting
treatment. The year on
year movements in
judgemental accruals
was also assessed to
identify accounting
impact.
The Committee has assessed both
the Group’s existing control
environment and management’s
plans to improve controls further,
including enhanced automation to
reduce the frequency of manual
accounting entries. The Committee
has also taken further assurance
from the additional testing performed
in this area in 2023, through both
the Group Internal Audit department
(and external co-source specialists)
and as a result of lower audit
materiality bringing a greater range
of balances into scope for the
external audit.

Persimmon Plc Annual Report 2023112
1. Corporate Reporting continued
Viability Statement
The Committee has reviewed the Group’s Viability Statement on pages
76to78. The Group’s approach to assessing viability utilises a range of
comprehensive stress testing scenarios. These focus on the potential impact of
severe disruption in the market for new homes over the short to medium-term.
The basis of these scenarios, which assume substantial reductions in sales
over a relatively short period, compounded by reduced average selling
prices and impairments of asset values, have been reviewed and challenged
by the Committee. Following these detailed assessments, the Committee is of
the view that the Group will be able to meet its liabilities as they fall due and
continue in operation over the five-year period to 31 December 2028.
2. External audit oversight
The oversight of the provision of external audit is a one of the Committee’s key
duties. The Committee has performed this duty with reference to the Audit
Committees and the External Audit: Minimum Standard, published by the FRC
in May 2023. Further detail on these activities is outlined below.
External audit areas of focus and challenge
Reports from EY were provided ahead of each meeting, including a final report
and presentation of the 2023 audit results for the Committee’s meeting in
March 2024. The Committee has reviewed these reports and provided
constructive challenge through the year, with particular focus on works related
to significant financial judgements, such as revenue recognition, the carrying
value of the Group’s inventories in respect of land and work in progress, and
the legacy buildings provision. The external audit has also focused on financial
statement risk areas such as management override of controls, impairment
ofgoodwill and intangible assets, share-based payments, the closed sites
provision and valuation of the Group’s defined benefit pension scheme
obligations. The Committee has also reviewed EY’s assessments of the Group
as a going concern, their evaluation of the Viability Statement and their
requirements as auditor to address the Board’s application of the UK
Corporate Governance Code (see Independent Auditor’s Report on page
146).
Performance and effectiveness
Ensuring the quality and effectiveness of external audit processes continues to
be a key priority of the Committee, assessed with reference to a range of
sources. In the meetings of the Committee, performance is assessed through
review of the delivery of the agreed audit plan, the quality of audit reporting,
demonstration of appropriate auditor scepticism and challenge on key areas,
and from feedback obtained in the private meetings with the audit partner.
In addition, well-established processes are in place to provide the Committee
with feedback from internal stakeholders on auditor performance. These
include a comprehensive internal survey which gathers input on several
measures in line with FRC guidance, such as the mindset, culture, skills and
knowledge of the external auditor team. The Committee has engaged with EY
to address improvement opportunities identified from this survey, to ensure
efficiency of approach for future audit work. The Committee has also worked
with EY to address matters highlighted by the FRC’s Audit Quality Review
(AQR) of the Group’s 2021 audit. The Committee has satisfied itself that EY’s
resulting action plan, particularly in respect of increased rigour around the
valuation process, will further strengthen the external audit process.
Having completed its review of the feedback from each of these areas in
detail, the Committee has concluded that EY’s performance and effectiveness
in 2023, and the overall quality of the audit, was of a good standard.
Auditor independence and fees
The Committee monitors the independence and objectivity of the external
auditor and lead partner on an ongoing basis, with a formal review annually.
This is a crucial area of the Committee’s work, as it serves to ensure an
appropriate professional scepticism in the work of the external auditor.
Auditor independence and objectivity are assessed through the
followingmeasures.
Audit partner rotation: The policy of the Group requires rotation of the
audit partner at least every five years. The lead audit partner is Victoria
Venning, who has held the role since April 2021.
Non-audit services: The Group has a defined policy on provision of non-audit
services by the external auditor, based around the FRC’s Revised Ethical
Standard of 2019, which was reviewed and updated within the year. This policy
restricts some of the works which are permitted and limits the aggregate amount
of fees payable to the auditor for non-audit services to a maximum of 70% of
the average of audit fees in the prior three years. In applying such restrictions,
the policy serves to safeguard, both in fact and appearance, the independence
and objectivity of the auditor. Within 2023, the non-audit services provided
by EY included audit-related fees of £75,000 for their work on their review of
the Group’s 2023 Half Year Report. EY also received payments of £72,500
and £5,000 for assurance work on carbon emission reporting and for the
audit of the 2022 annual report of the Persimmon Charitable Foundation
respectively. Thefee paid to EY for their audit work for the 2023 financial
year was £817,000, resulting in ratio of audit fees to non-audit fees for the
year of 3.6:1.
Independence declarations: The external auditor provides a detailed
independence confirmation, prepared in line with the provisions of the FRC
Ethical Standard and ISA (UK) 260 (Communication of audit matters with
those charged with governance). This confirmation is formally reported to,
and subject to the review and approval of the Committee.
Private meetings with external audit: Prior to the commencement of each
Committee meeting, the audit partner and Director of Internal Audit are given
access to the Committee without management present, in order to discuss any
challenges to their independence or scope of works. In addition, there are
separate private meetings of the Committee and EY team, in which the
Committee seeks confirmation that there has been no restriction in scope or
other hindrance placed upon them.
The Committee remains satisfied that these measures have operated
effectively in the year, and that the non-audit services provided were not
sufficiently material to affect independence. As such, the Committee continues
to consider that EY, and Victoria Venning as lead audit partner, remain both
independent and objective.
Overall assessment of the external auditor
Through the measures outlined above, the Committee has continuously
challenged and assessed the performance, effectiveness, independence and
objectivity of the external auditor. The Committee’s formal review of the 2023
external audit has concluded that EY remain independent and objective, have
performed only proportionate and permissible non-audit services, and
continue to deliver a reliable and good quality audit.
External audit tender and reappointment
Given the Committee’s assessment as to the continuing effectiveness and
independence of EY, the Committee considers it to be in the best interests of
all stakeholders for EY to continue as the Group’s external auditor. As such,
the Committee has proposed that a Board resolution will be put forward at
this year’s AGM to reappoint EY for a further year. The decision to appoint EY
as the Group’s auditor was first made in April 2016, following a competitive
tender exercise involving three leading audit firms. Since the appointment of
EY, the Company has complied with the provisions of The Statutory Audit
Services for Large Companies Market Investigation (Mandatory Use of
Competitive Processes and Audit Committee Responsibilities) Order 2014.
Inline with the provisions of this Order, the Group will not be required to
re-tender the external auditor provision until the full-year audit for 2026.
Notwithstanding this requirement, the Committee will continue monitor the
performance of EY, and make recommendations on future tendering plans on
an annual basis, and in line with statutory requirements. The Committee
considers this approach to tendering to be appropriate based on its
assessment of EY’s performance as outlined above, and their detailed
understanding and experience of the Group’s operations and systems.
Audit & Risk Committee continued
Audit & Risk Committee report continued

Persimmon Plc Annual Report 2023 113
Financial statementsGovernance Other informationStrategic report
3. Monitoring the Group Internal Audit department
Persimmon has a well-established Group Internal Audit department, which
operates as an independent provider of assurance to the Board. The department’s
resourcing and mandate are approved annually by the Committee; within 2023
the Committee has overseen an expansion of the resources available to the Group
Internal Audit department, through the provision of specialists in both construction
and health and safety, and additional expertise through a co-source arrangement
with an external provider.
The Director of Internal Audit attends all meetings of the Committee in full,
presenting a comprehensive report including the results of all completed
internal audits, the follow-up status of agreed actions, audit performance
indicators and the status of the department development plan. The Group
Internal Audit department satisfactorily delivered on its agreed audit plan
for2023, which was flexed to include additional requests from the Board
atvarious points through the year.
In line with its terms of reference and the requirements of the UK Corporate
Governance Code, the Committee has reviewed and satisfied itself of the
continued effectiveness and independence of the Group Internal Audit
department. The 2023 review process was informed by a range of factors,
chief among which was the department’s External Quality Assessment (‘EQA’),
commissioned through the Chartered Institute of Internal Auditors (‘IIA’).
TheCommittee was pleased to note the positive results of the EQA, which
concluded that of the 63 relevant fundamental principles, the department
conformed fully to 60 and partially to 3, with no areas of non-conformance.
Inline with the requirements of the IIA’s Internal Audit Code of Practice, as the
Director of Internal Audit has been in post for seven years, the Committee has
also formally assessed and confirmed the continued independence of thisrole.
Whistleblowing
The Group has a defined whistleblowing policy and procedure, which is
communicated to the workforce through posters and is available online.
Thewhistleblowing provision enables any member of the workforce to raise
concerns, anonymously if necessary, through a range of media. The Chair of
the Audit & Risk Committee is the Group’s Whistleblowing Champion, acting
as an independent sponsor of the Group’s overall whistleblowing provision.
Operationally, the Group Internal Audit department manages the
whistleblowing process. This includes the review and triage of all incoming
whistleblowing reports, conducting investigations where necessary, and
provision of detailed reporting to the Committee on all reports received,
including any underlying themes or trends to the reports. The Group has
continued to benefit from its partnership with Protect, the whistleblowing
charity, which has provided access to benchmarking and good practice
guidance. The Committee remains satisfied that the Group’s approach to
whistleblowing is appropriate, and that investigations have been conducted
swiftly and with the necessary competence and sensitivity. In the small number
of cases where whistleblowing investigations have identified issues or control
weaknesses, the Committee has been apprised of these and the resulting
recommendations and management action plans.
4. Risk Management and Internal Control
The Committee recognises the importance of effective systems of risk management
and internal control in ensuring the resilience of the Group’s operations are
reliability of its corporate reporting. The key aspects of these systems, and the
Committee’s role in monitoring them within the year, were asfollows:
Assessment of principal and emerging risks
The Committee supports the Board in fulfilling its duties under the UK
Corporate Governance Code by assessing the principal and emerging risks
facing the Group. This assessment is based on the review of a formal exercise
to obtain input from the Board and senior management, facilitated annually
by the Group Internal Audit department, and detailed further on pages 69 to
75. The external audit team also provide their views based on their
experience in the industry and across other sectors. The conclusions of this
assessment, including the identification of new risk areas and movements in
assessment of risk impacts and probabilities, were reported to the Board
through the Committee in its December meeting.
Risk management
The Group has a well-established suite of risk registers, detailing assessments
of risk and management controls for both operational activities and
Group-level functions. The risk registers in their entirety are updated on an
annual basis, with individual updates made continuously in response to the
work of the Group Internal Audit department. On a periodic basis, the full
suite of risk registers including details of material changes in content, are
presented to the Committee.
Within 2023, through the Group Internal Audit department’s annual plan, the
Committee commissioned an externally facilitated maturity assessment of the
Group’s risk management framework. This exercise was concluded with a
report to the Committee in April and a further discussion both in Committee
and at the main Board. The findings have contributed to an action plan to
drive further improvements in the Group’s approach to risk management.
Following this review, enhanced Committee reporting on risk is under
development and will be deployed within 2024. This will include greater
emphasis on the challenge of the Group’s risk appetites, including processes
to ensure business decisions are made in alignment with them, as well as the
internal control workplan.
Monitoring the legal and regulatory landscape
Throughout the year, the Committee has monitored the evolutions in the legal
and regulatory landscape for internal control disclosures. While the scope
and extent of these changes remain subject to a degree of uncertainty,
following the Government’s withdrawal of certain aspects of the planned
legislation, it is anticipated that revisions to the UK Corporate Governance
Code will impose greater reporting requirements on the status of internal
control arrangements. The Committee has reviewed a risk management and
internal control improvement plan which will deliver an initial phase of control
enhancements in preparation for these requirements. Routine reporting has also
been established, with an update from the Group Internal Control Manager
provided to each meeting of the Committee. This will continue to be an area
ofregular engagement from the Committee into 2024.
Reviewing the effectiveness of risk management and
internal control
The Committee has processes in place to review the Group’s internal control
and risk management systems on a continuous basis. The Group Internal
Control Manager provides routine updates on the progress of the Group’s
riskmanagement and internal control improvement plans, with further reports
provided by senior management and external partners, in addition to
assurance work delivered through both the external auditor and the Group
Internal Audit department. Within 2023, in addition to its routine business,
theCommittee has received reporting from management on the controls over
legacy building remediation works, the FibreNest business and the Group’s
tax arrangements. The Committee also continues to support the Board’s strong
commitment to mitigating cyber and data risk, which is recognised as a
principal risk for the Group. As such, it has obtained detailed updates on the
status of improvement plans from both the Chief Information Officer (‘CIO’)
and Chief Information Security Officer (‘CISO’).
In addition to these routine reviews of risk management and internal control,
and in line with the provisions of the UK Corporate Governance Code, a
formal annual assessment is performed by the Committee on behalf of the
Board. This assessment draws on an independent summary produced by the
Director of Internal Audit, utilising the Guidance on Risk Management
Reporting, Internal Control and Related Financial and Business Reporting
issued by the FRC in September 2014, an analysis of audit findings through
the year, and feedback obtained from formal representations made by senior
management and Finance teams. The 2023 assessment concluded that
controls were generally operating effectively, despite internal audit findings
identifying a continued dependence on manual controls in some core
processes, and reliance on the detective controls delivered through the
valuation process. These improvement areas are recognised by the Board,
with various workstreams and improved automation planned to address them
over the medium-term. Following its processes of continuous review and
consideration of the annual summary report, the Committee has concluded
that the Group’s systems of risk management and internal control continue
tobe broadly effective and appropriate.

Persimmon Plc Annual Report 2023114
Other disclosures
Persimmon Plc (the ‘Company’) is the holding
company of the Persimmon Group of companies
(the ‘Group’) and is a public company listed in
the UK and traded on the London Stock Exchange.
The Group’s main trading companies are Persimmon Homes Limited and
Charles Church Developments Limited. The Group trades under the brand
names of Persimmon Homes, Charles Church, Westbury Partnerships, Space4
and FibreNest.
The subsidiary undertakings which principally affect the profits and assets
ofthe Group are listed in note 33 to the financial statements. A complete list of
the Company’s subsidiaries and residents’ management companies under its
control is contained on pages 182 to 195.
Strategic Report
The management report for the purposes of the Disclosure Guidance and
Transparency Rule 4.1.8.R is included in the Strategic Report on pages 2
to78 and in the Directors’ Report on pages 79 to 117. A description of the
Group’s future prospects, research and development, the principal risks and
uncertainties facing the business and important events affecting the Group
since 31 December 2023 are contained within the Strategic Report. Details
ofthe financial risk management objectives and policies of the Group and
associated risk exposure are given in note 23 to the financial statements.
The Board has taken advantage of s.414C(11) of the Companies Act 2006
toinclude disclosures in the Strategic Report including: the principal risks and
uncertainties, future development, performance and position of the Group;
the financial position of the Group, greenhouse gas emissions, R&D activities,
and engagement with employees, customers, suppliers and other stakeholders.
Results and return of cash
The Group’s revenue for 2023 was £2,773.2m and its consolidated profit
before taxation was £351.8m.
The Company may by ordinary resolution declare dividends not exceeding
the amount recommended by Directors subject to statute. The Directors may
pay interim dividends and any fixed rate dividend whenever the financial
position of the Company, in the opinion of the Directors, justifies its payment.
All dividends and interest shall be paid (subject to any lien of the Company)
tothose members whose names are on the register of members on the record
date, notwithstanding any subsequent transfer or transmission of shares.
The Board has recommended the payment of a final dividend of 40p per
ordinary share for the year ended 31 December 2023. The Board proposes a
final dividend of 40p per share to be paid on 12 July 2024 to shareholders
on the register on 21 June 2024, following shareholder approval at the AGM.
This is in addition to the interim dividend of 20p per share, paid on 3
November 2023, to give a total dividend per share of 60p in respect of the
2023 financial year.
Going concern
After completing a full review, the Directors have satisfied themselves that
thegoing concern basis for the preparation of the accounts continues to be
appropriate and there are no material uncertainties to the Group’s and
Company’s ability to do so for the period up to 30 June 2025.
Further details are provided in note 2 to the Financial Statements
Directors and Directors’ interests
The current Directors of the Company and their biographical details are
shown on pages 82 and 83. Information on the Executive Directors’ service
contracts and the Non-Executive Directors’ letters of appointment are given
inthe Remuneration Report on page 131. All of the Directors served for the
whole of the year, with the exception of Simon Litherland and Joanna Place,
who both left from the Board on 26 April 2023; and Jason Windsor who was
the Chief Financial Officer until he left the Board on 1 September 2023. In
addition, on 1 May 2023 Alexandra Depledge and Colette O’Shea were
appointed to the Board. The beneficial and non-beneficial interests of the
Directors and their connected persons in the shares of the Company at
31December 2023 and as at the date of this report are disclosed in the
Remuneration Report on page 133. Details of the interests of the Executive
Directors in share options and awards of shares can be found on page 132
within the same report.
Appointment and replacement of Directors
The Directors shall be no less than two and no more than fifteen in number.
Directors may be appointed by the Company by ordinary resolution or by
theBoard of Directors. A Director appointed by the Board of Directors holds
office until the next following AGM and is then eligible for election by the
shareholders. The Company may by special resolution remove any Director
before the expiration of their term of office.
In accordance with the UK Corporate Governance Code 2018 the Board
hasdetermined that all Directors will be subject to annual re-election by
shareholders. The Company’s Articles of Association (‘the Articles’) provide
that at each AGM at least one third of the Directors shall retire from office and
shall be eligible for reappointment and therefore each Director shall retire
from office and shall be eligible for reappointment at the AGM held in the
third year following their last reappointment.

Persimmon Plc Annual Report 2023 115
Financial statementsGovernance Other informationStrategic report
Powers of the Directors
The business of the Company shall be managed by the Directors who may
exercise all powers of the Company, subject to the Articles, the Companies
Act 2006 and any directions given in general meetings. In particular, the
Directors may exercise all the powers of the Company to borrow money, issue
and buy back shares with the authority of shareholders, appoint and remove
Directors and recommend and declare dividends.
Capital structure
The following description summarises certain provisions of the Articles and the
Companies Act 2006. This is only a summary and the relevant provisions of
the Companies Act 2006 and the Articles should be consulted if further
information is required. A copy of the Articles may be obtained by writing to
the Company Secretary at the registered office.
Amendments to the Articles of the Company may be made by way of special
resolution in accordance with the provisions of the Companies Act 2006.
Share capital
The Company has one class of share in issue, being ordinary shares with a
nominal value of 10p each, which carry no right to fixed income. During 2023,
97,984 ordinary shares were issued with a nominal value of £9,798 to
employees exercising share options. The Company received consideration of
£6,340 for options exercised under the Group’s savings-related share option
scheme. At31 December 2023 the issued share capital of the Company was
319,421,416 ordinary shares with a nominal value of £31,942,142. At 11
March 2024 the issued share capital of the Company was 319,424,158
ordinary shares with a nominal value of £31,942,416. Further details are
provided in note 25 to the financial statements.
Shares may be issued with such preferred, deferred or other rights or
restrictions, whether in regard to dividend, return of capital, or voting or
otherwise, as the Company may from time to time by ordinary resolution
determine (or failing such determination as the Directors may decide), subject
to the provisions of the Companies Act 2006 and other shareholders’ rights.
There are no securities carrying special rights with regard to control of
theCompany.
The Directors may allot, grant options over, or otherwise dispose of shares in
the Company to such persons (including the Directors themselves) at such
times and on such terms as the Directors may think proper, subject to the
Articles, the Companies Act 2006 and shareholders’ rights. At the AGM held
on 26 April 2023 shareholders gave Directors authority to allot ordinary
shares up to a maximum nominal amount of £10,646,159, representing
approximately one third of the Company’s issued share capital as at 10
March 2023. Shareholders also gave Directors authority to disapply
pre-emption rights on the issue of shares up to 5% of the issued share capital,
being an aggregate nominal amount of £1,596,923. Shareholders also gave
Directors authority to disapply pre-emption rights on the issue of shares up to
further 5% of the issued share capital, being an aggregate nominal amount of
£1,596,923. These authorities will expire at the conclusion of the AGM on 26
April 2024. Resolutions to renew these authorities will be put to shareholders
at the forthcoming AGM.
Votes of members
All issued shares in the Company are fully paid and there are no restrictions
on voting rights. Votes may be exercised in person, by proxy, or in relation to
corporate members by a corporate representative. The deadline for delivering
either written or electronic proxy forms is not less than 48 hours before the
time for holding the meeting.
To attend and vote at a meeting a shareholder must be entered on the register
of members at a time that is not more than 48 hours before the time of the
meeting, calculated using business days only.
On a vote on a poll, each member present in person or by proxy or by duly
authorised representative has one vote for each share held by the member.
On a vote on a show of hands, each member being an individual present in
person or a duly authorised representative of a corporation has one vote.
Each proxy present in person who has been appointed by one member entitled
to vote on a resolution has one vote. If a proxy has been appointed by more
than one member and has been given the same voting instructions by those
members, the proxy has one vote.
If the proxy has been appointed by more than one member and has been
given conflicting instructions, or instructions to vote for or against by one
member and discretion by another, the proxy has one vote for and one vote
against a resolution.
Details of employee share schemes are set out in note 30 of the financial
statements. The Trustee of the Persimmon Employee Benefit Trust may vote or
abstain on shareholder resolutions as it sees fit.
Transfer of shares
There are no restrictions on the transfer of securities in the Company. Any
member may transfer their shares in writing in any usual or common form or in
any other form acceptable to the Directors and permitted by the Companies
Act 2006 and the UK Listing Authority. The Company is not aware of any
agreements between shareholders that may result in restrictions on the
transfer of shares or that may result in restrictions on voting rights.
Qualifying third party indemnity provisions
and qualifying pension scheme
indemnityprovisions
The Company has granted an indemnity in favour of its Directors and former
Directors, against liability that they may incur in the course of performing their
duties as Directors of the Company. The indemnity has been put in place in
accordance with section 234 of the Companies Act 2006 and remained in
force on the date of approval of this report. Prior to granting the indemnity
appropriate legal advice was sought by the Company.
The Company has not issued any qualifying pension scheme
indemnityprovision.

Persimmon Plc Annual Report 2023116
Change of control provisions
One significant agreement contains provisions entitling counterparties to
exercise termination or other rights in the event of a change of control of the
Company. Under the £700m Revolving Credit Facility for Persimmon Plc
dated 6 July 2023 as disclosed in note 23 of the financial statements, all
amounts become due and payable under the terms of the facility if any person
or group of persons acting in concert gains control of the Company.
Emissions
The Group’s greenhouse gas emissions are set out in the Strategic Report on
page 44.
Employee involvement
The Group places considerable value on the involvement of its employees and
has continued to keep them informed on matters affecting them as employees
and on various financial and economic factors affecting the performance of
the Group. The Group has introduced regular on-line communications to
employees to keep them updated, with a wide range of content including
updates on the Group’s operations and financial performance,
announcements about new initiatives and introductions to key colleagues;
which is supplemented by a news app that is accessible to all colleagues. In
addition, the Group has introduced divisional communications, supporting the
Regional Chairs to speak to their teams via quarterly updates. This has been
rolled out in two divisions and the rest will follow in 2024. These together with
a number of functional webinars, for example, a quarterly site managers’
webinar, means that we are connecting senior leaders directly with
employees and giving them the opportunity to ask questions and receive
real-time responses.
As mentioned on pages 55 and 89 of this report, the Group has an Employee
Engagement Panel, which is attended by our designated Workforce Director.
This allows employees to receive information on Board activities and to ask
questions. The designated Workforce Director gives update on the Employee
Engagement Panel to the Board.
There is also a Diversity & Inclusion Council and a Diversity and Inclusion
Working Group, which are part of the Group’s commitment to employee
engagement, diversity and corporate governance best practice. The
Company regularly updates its employment policies and staff handbooks, to
which all employees have on-line access through the HR Information System,
to keep them up-to-date with information relating to their employment. Details
of how we engage with our employees are set out on page 55.
The Company makes various benefit schemes available to employees,
including a savings-related share option scheme which encourages the
awareness and involvement of employees in the Group’s performance.
Allemployees are encouraged to participate.
In addition, information concerning the financial performance of the Group
iscommunicated to employees.
Equal opportunities
Persimmon is an equal opportunities employer. We are committed to equality,
diversity and inclusion among our workforce and eliminating unlawful
discrimination. Our aim is for our workforce to be truly representative of all
sections of society and our customers, and for each employee to feel
respected and able to give their best.
Persimmon is committed to being inclusive for individuals with disabilities,
andwill support candidates and employees with adjustments to support them
to perform at their best and fulfil their potential.
The Group policy is to have equal opportunities for training, career
development and promotion for all employees without discrimination and to
apply fair and equitable policies which seek to promote entry into and
progression within the Group. Appointments are determined solely by
application of job criteria, personal ability and competency regardless of
race, colour, nationality, ethnic origin, religion or belief, gender, sexual
orientation, political beliefs, marital or civil partnership status, age,
pregnancy or maternity, or disability. Applications for employment by
disabled persons are always fully considered, with appropriate regard to the
aptitude and abilities of the person concerned. In the event of any employee
becoming disabled, every effort is made to ensure that their employment with
the Group continues, that appropriate training is arranged and any
reasonable adjustments are made to their working environment. It is the
Group’s policy that the training, career development and promotion of
disabled persons should, as far as possible, be identical to that of other
employees.
Financial instruments
Details of the Group’s financial instruments are set out in note 23 to the
financial statements.
Acquisition of own shares
At the AGM held on 26 April 2023 shareholders granted the Company
authority to purchase up to an aggregate of 31,938,478 of its own shares.
No shares have been purchased to date under this authority and therefore
at31 December 2023 the authority remained outstanding. This authority
expires on 25 April 2024 and a resolution to renew the authority will be
putto shareholders at the forthcoming AGM.
At 31 December 2023 the Company held no shares in treasury.
Annual General Meeting
The AGM will commence at 11.00 am on 25 April 2024 at York Racecourse,
Knavesmire Road, York, YO23 1EX. The Notice of Meeting and an explanation
of the ordinary and special business are given in the AGM circular, which is
available on the Company’s website and which will be sent to shareholders in
March 2024.
Disclosure of information to auditors
The Directors who held office at the date of approval of this report confirm
that, so far as they are each aware, there is no relevant audit information of
which the Company’s auditor is unaware and that each Director has taken all
steps he ought to have taken as a Director in order to make himself aware of
any relevant audit information and to establish that the Company’s auditor is
aware of that information. This confirmation is given and should be interpreted
in accordance with the provisions of section 418 of the Companies Act 2006.
Listing Rule Disclosures
The disclosures required under Listing Rule 9.8 can be found in the table
opposite. As at 31 December 2023 and as at 11 March 2024, the Company
had been notified under the Financial Conduct Authority’s Disclosure
Guidance and Transparency Rule 5 of the following interests in the voting
rights of the Company:
Directors’ responsibility
The Directors are responsible for preparing the Annual Report and financial
statements in accordance with applicable law and regulations. The Directors
consider that the Annual Report and Accounts taken as a whole is fair,
balanced and understandable and provides the information necessary for
shareholders to assess the Company’s position and performance, business
model and strategy. The Board reached this conclusion after receiving advice
from the Audit& RiskCommittee.
Further details are provided on p145
Other disclosures continued

Persimmon Plc Annual Report 2023 117
Financial statementsGovernance Other informationStrategic report
As at 31 December 2023 As at 11 March 2024
Name
Number of
voting rights
1
% of total
voting rights
Number of
voting rights
1
% of total
voting rights
Nature of
holding
Black Rock Inc 31,789,814 9.93 31,789,814 9.93 Indirect
Canada Pension Plan Investment Board 9,432,927 2.95 9,432,927 2.95 Direct
1. Represents the number of voting rights last notified to the Company by the shareholder in accordance with D.T.R.5.1.
Item Further information
Statement of Directors’ share interests
Read more on p133
Details of the authority for the Company to purchase its own shares
Read more on p116
Details of any arrangements under which a Director of the Company has waived or agreed to waive any emoluments
from the Company
Read more on p136
By order of the Board
Tracy Davison
Company Secretary
11 March 2024
Persimmon Plc
Company registration number: 1818486

Persimmon Plc Annual Report 2023118
Remuneration
Committee Chair’s statement
• We introduced an environmental target for the 2023 PSP awards based on
our Science Based Targets for Scope 1 and Scope 2 emissions reduction,
and will continue to apply a robust and measurable environmental target
for our 2024 PSP awards. Further details can be found on pages 131 and
138. This supports the achievement of our long-term sustainability target
and reflects the importance of sustainability to Persimmon.
• Over the last year the Persimmon Charitable Foundation as a whole has
donated over £733,000, and the Persimmon Community Champions
scheme has donated over £627,00 to more than 260 local charities, sports
clubs and community groups.
Given the cost of living challenges which have continued in 2023, we have
been focused on ensuring that our approach to remuneration for all
employees is aligned to our strategy to build homes with quality our customers
can rely upon at a price they can afford. This compelling purpose aligned to
our remuneration approach supports the delivery of long-term sustainable
performance, to benefit all stakeholders.
The Committee has been very mindful of the impact of continuing high
inflation on our workforce and our communities. In this context we were
pleased to see a number of enhancements being implemented for the broader
workforce. These included:
• implementing the Real Living Wage increases in February 2024 ahead of
the required May 2024 timeline, as part of our accreditation as a Living
Wage employer;
• a pay review for the wider workforce of 5%. This has been implemented on
a phased basis with 3% effective from 1 July 2023 andanadditional 2%
with effect from 1 January 2024; and
• continuing progress towards harmonising remuneration and benefit
practices for our weekly paid workforce to align more closely with our
monthly paid colleagues.
We believe that our approach to remuneration
for the senior leaders and the broader workforce
is aligned to our strategy to build homes with
quality our customers can rely on ata price they
can afford, and I’m pleased that over 98% of
shareholders supported our Remuneration
Policy at the last AGM.
Our focus and approach in 2023
The Group successfully navigated the challenging market conditions in 2023.
We have successfully balanced our need to control costs and protect our cash
position, whilst investing in the business to position it for sustainable growth
when conditions improve.
The Board was satisfied with the financial performance in the period. This was
achieved while providing exceptional service to our customers and we are
proud to have maintained our 5-star HBF rating. We have further improved
our quality metrics in the year to what we believe are our best ever. Our profit
and cash generation and returns to shareholders are described in the Group
Chief Executive’s Statement on pages 13 to 19.
The CEO, the management team and, indeed, all of our colleagues,
haveworked exceptionally hard to deliver these results in a very
challengingenvironment.
It is particularly pleasing that the Group’s robust performance has been
delivered whilst remaining focused on building quality homes, customer care
and maintaining high standards of health, safety and wellbeing for our
customers, our workforce and the communities in which we operate.
In particular:
• Our focus on the quality of our homes and our customer care has continued
and we’re delighted that our 8-week score under the HBF ‘Recommend a
Friend’ survey has further improved to 92.9%. We have also delivered
significant improvement in our quality scores. Given our strategic focus
onquality and customer care, we continue to use these as performance
measures for the annual bonus and PSP. Details of the outturn for 2023
areset out on pages 129 and 130.
Remuneration Committee members andmeetingattendance 2023
Scheduled
meetings
attended
Percentage of
meetings
attended
Annemarie Durbin (Chair) 4/4 100%
Nigel Mills 4/4 100%
Alex Depledge
1
2/2 100%
Joanna Place
2
2/2 100%
1. Appointed on 1 May 2023.
2. Left on 26 April 2023.
In a year with challenging market conditions,
Ibelieve that the 2023 remuneration
outcomes represent a fair and reasonable
balance of the interests of all stakeholders
and are aligned with long-term value
creation for Persimmon.
Annemarie Durbin
Chair of the Remuneration Committee

Persimmon Plc Annual Report 2023
119
Financial statementsGovernance Other informationStrategic report
2023 Remuneration outcomes
When considering the outturns, the Committee has taken a holistic view
including the employee and wider stakeholder experience, in addition to
assessing performance relative to the targets and objectives set for both short
and longer-term remuneration. The Committee is focused on setting
appropriately stretching targets for the annual bonus and the PSP across a
range of key metrics which support the delivery of our five key priorities. The
targets were set reflecting a difficult macro-economic backdrop resulting in
new home completions and profit delivery which was significantly down on
the prior year.
At the time that targets for the annual bonus were set early in 2023 there was
a high degree of volatility and uncertainty, making target-setting more
difficult. It was recognised by the Committee (and management) that the
outturn against the targets set would need to be considered following the end
of the year to determine whether any adjustment to the formulaic outturns was
warranted taking into account the assumptions made when setting the targets,
the performance delivered in a challenging market and the wider
stakeholderexperience.
As regards alignment with the overall performance of the business, the
Committee recognised the outturns reflect that, over the course of the year,
disciplined cost control has been a core focus, prioritising margin protection
and cash generation, whilst still investing in work in progress and the land
bank in a disciplined and value adding way. This responsible delivery by
management in 2023 is reflected in our very strong net margin performance
and the overall experience of shareholders, for whom the dividend for 2023
has been maintained, with no year on year fall in the share price.
The annual bonus opportunity for the Group Chief Executive was based on a
mix of financial metrics (60%) and ESG/cultural metrics (40%). Reflecting the
performance which has been delivered in an extremely challenging year, as
set out on page 128 the annual bonus outcome for the Group Chief Executive
was 85.16% of maximum (170.3% of salary). Half of the bonus earned by the
Group Chief Executive is paid in cash with half deferred into shares for three
years. In addition, the Group Chief Executive has made a commitment to
acquire £100,000 of Persimmon shares post the announcement of the 2023
results. Details of the outturns relative to the measures set are set out on pages
128 and 129 and further context is set out below, including the upwards
adjustments we applied to the cash targets relative to those originally set.
When setting the targets for the PBT measure (30% of the overall bonus),
weadopted an asymmetric approach relative to budget. A significantly
higher out-performance of the challenging budget number was required for
maximum performance than the level below budget at which the threshold
PBT performance target was set. With this and overall performance in mind,
the Committee was satisfied that the outturn against the PBT targets set (at
21.34% of maximum) was appropriate.
For the pre-land cash generation measure (30% of the overall bonus), the
threshold level of pay-out was set at 10% of maximum (below the 20% of
maximum under the remuneration Policy). The outturnagainst the targets
originally set would have resulted in the maximum performance level being
significantly exceeded. The Committee reviewed the assumptions on which
those cash targets were originally set having regard to developments in the
year, including the impact of the increased volumes and infrastructure spend
during the year. Having regard to the actual volumes delivered, the targets for
the cash measure were recalculated, resulting in more stretching targets
applying. The revised targets are set out on page 129. The Committee was
satisfied that the outturn against the revised targets wasappropriate.
252 employees (including the Group Chief Executive) hold PSP awards which
were granted in 2021 and which vest by reference to performance over the
three years ended 31 December 2023. Reflecting performance over that
three-year period, the awards will vest at 14.3% of the maximum. For the
Group Chief Executive and senior management the vested shares will be
subject to a two year holding period before they are released to the
participants. Further details are provided on page 130.
Overall, the Committee believes that the total variable pay outcomes
(including bonus and PSP) are an appropriate reflection of wider
performance. As part of its consideration of the Group Chief Executive’s
bonus outturn the Committee also had regard to the deferral of his salary
increase from July 2023 to January 2024 (resulting in his bonus being
calculated by reference to a lower base salary) and to his increased
responsibility as a result of covering the role of the CFO for part of the year.
Accordingly, other than as regards the revisions to the cash targets described
above, the Committee has not exercised any other discretion in relation to
remuneration outcomes for the Group Chief Executive. Full details of the
targets and performance achieved can be found on pages 128 to 130.
The Committee is satisfied that no windfall gains occurred in respect of the
2021 PSP awards as the share price at grant was broadly in line with the
price the previous year, and higher than the current share price, so no
adjustments have been made.
When the 2023 PSP awards were made the Committee carefully considered
the quantum of the grants, having regard to share price performance and
market conditions at that time, and determined that awards would be reduced
by10%.

Persimmon Plc Annual Report 2023120
New Chief Financial Officer Remuneration
We are delighted that Andrew Duxbury will be joining the business in 2024. Details of his remuneration on joining Persimmon are shown in the following table.
Ongoing remuneration from date of joining Persimmon
Element Quantum
Salary
£530,000 (next salary review date 1 July 2025).
Pension
9% (in line with the monthly workforce).
Annual Bonus
Andrew is eligible for consideration for a bonus for the year 2024.
The maximum bonus for 2024 will be calculated by reference to 100% of salary (based on his salary at his previous employer) for the
period prior to Andrew joining Persimmon (to reflect the bonus opportunity forfeited at his previous employer). For the period after
Andrew joins Persimmon his maximum bonus will be 150% of salary.
Half of any bonus earned will be deferred for 3 years in shares.
Performance
Share Plan
(‘PSP’)
200% of salary.
Our PSP has a 3-year performance period, plus a 2-year holding period. For the 2024 grant, the performance period will run from
1January 2024 to 31 December 2026, and the two year holding period will end in 2029 (two years after the award vests following
the announcement of Persimmon’s 2026 results).
Benefits
In line with the the CEO’s benefits this includes life assurance, private health cover, income protection and a car/car allowance.
Buy-out
Awards
He will also receive buy-out awards for remuneration which will be forfeited when he leaves his previous role. This may include
annual bonus, deferred share awards and long term incentive plan awards. The buy-out awards will be made on the basis that any
compensation due should not result in an outcome where the individual received more than would have been due had they remained
in post. Where the forfeited remuneration was a share award, the replacement award will be an award over Persimmon shares; the
replacement awards should vest at the same time as the forfeited award would have; and where the vesting of the forfeited award
was subject to the satisfaction of performance conditions, appropriate performance conditions will be applied to the replacement
award. Details of the buy-out awards will be fully disclosed in the 2024 remuneration report.
Shareholding
Guidelines
400% of salary.
A holding of at least 200% of salary will be expected to be achieved within 5 years of appointment, with a timescale to achieve
400% to be agreed with the Chairman. The post-employment shareholding requirement is 2 years.
Departing Chief Financial Officer
Remuneration
Jason Windsor left on 1 September 2023 and received his salary and
contractual benefits up to and including this date. His bonus opportunity for
2023 lapsed, and all unvested Performance Share Plan and Deferred Bonus
Plan Awards lapsed on his leaving the Group.
All unvested share awards relating to the buy-out of Aviva remuneration
alsolapsed.
Further details can be found on page 132.
In line with our shareholding guidelines Jason has to retain any shares he has
received as a result of his Aviva buy-out awards for two years following the
end of his employment with Persimmon.
Remuneration Policy
I’m pleased that our Remuneration Policy was approved at the 2023 AGM
with over 98% votes in favour. At the 2021, 2022 and 2023 AGMs, our
Directors’ Remuneration Report also received votes in favour of over 90%.
Remuneration continued
Committee Chair’s statement continued

Persimmon Plc Annual Report 2023
121
Financial statementsGovernance Other informationStrategic report
2024 Implementation
Salary
The normal effective date for salary increases for Executive Directors is
1July,in line with other employees.
In July 2023 the CEO was awarded a salary increase in line with the
workforce – i.e. 3% in July 2023 plus 2% in January 2024. However given
the difficult trading conditions implementation of the 3% increase was
deferred until January 2024. This means that the CEO’s salary remained
unchanged at £746,750 for 2023 (and his 2023 annual bonus was based
onthis salary), and increased by 5% in January 2024 to £784,088.
Any salary increases for the CEO for 2024 will be made in the context of the
increase given to the wider workforce. The first review of the new CFO’s
salary will be in July 2025. When finalising our approach, we will have
regard to all of the circumstances, including the impact of any Executive
Director salary increases on their total remuneration opportunities. We will
confirm any changes to the Executive Directors’ salaries in the 2024 Directors’
Remuneration Report.
Annual bonus
The maximum bonus quantum for Dean Finch will remain at 200%. For the
Chief Financial Officer this will be 150% of salary (less than the Policy
maximum of 175%).
The performance metrics applying to both Executive Directors for 2024 are
subject to minor changes from 2023. 60% of the bonus remains subject to
financial performance with a change to the weighting for 2024 (profit before
tax will be 40% and cash generation 20%). The cultural metrics are customer
care (20%), build quality (15%) and a new metric based on health and safety
(5%). This new metric has been added to support our strategic aim to move
from compliance to excellence in HS&E. Further details are set out on page
137.
The financial targets are commercially sensitive and therefore will be
disclosed in the 2024 Remuneration Report. Delivery of a stretching
targetlevel of performance will result in the Executive Director receiving
50%of the maximum award. Vesting is at 20% of the maximum for
thresholdperformance.
PSP
The maximum PSP award for each Executive Director will remain at 200% of
salary. The metrics for PSP awards granted in 2024 are the same as those
used in 2023; namely:
Metric Weighting (%)
Relative TSR 35
Cash generation 35
Environmental 10
Cultural metric 20
The peer group for the 2024 award is companies comprising the FTSE
51-100 (excluding financial services), plus any of the major housebuilders
who do not fall into this group. This is a change to prior years when the peer
group comprised just the major housebuilders, see page 138 for further
details.
The cultural metric will be the HBF customer ‘recommend a friend’ score
based on the 9-month HBF survey. Further details of the metrics can be found
on page 138.
The Board believes in the importance of ESG and cultural metrics and this is
reflected in our use of customer care and quality in the annual bonus and PSP,
and the incorporation of a clear and measurable environmental target in
thePSP.
The Committee continues to be mindful of the risk of ‘windfall gains’. For
awards made in 2024 and following consideration of the issues, the
Committee determined that no adjustment should be made. The Committee
retains the discretion to adjust awards at the time of vesting if it considers that
windfall gains have been made.
The Committee considers that the overall executive remuneration approach
isfair, balanced and reasonable taking into account the interests of
allstakeholders.
Non-Executive Directors
Information in relation to the approach to Non-Executive Director fees is set
out on page 128. The Committee determines the Chairman’s fee and the
Board determines the Non-Executive Directors’ fees.
Chair and Non-Executive Director fees are reviewed annually in July. Whilst
we considered a fee increase in July 2023, given the challenging trading
conditions this was deferred until 1 January 2024 to align with the Group
Chief Executive. The Chair fee was increased by 5% with effect from 1
January 2024 and by 3% for other Non-Executive Directors. In 2024, in line
with the wider workforce, fees for Non-Executive Directors will be reviewed
with an effective date for any increases of 1 July.
Looking ahead – key focus areas for the
Committee for 2024
We believe that the Directors’ Remuneration Policy is fully aligned to our five
strategic priorities and reflects best practice, and this is supported by the
positive shareholder vote at the AGM in 2023.
Market conditions are expected to remain muted throughout 2024, with
interest rates expected to remain at current levels and a general election on
the horizon. We will continue to monitor the operation of the Policy to ensure
that targets remain relevant and stretching and that it provides an appropriate
level of reward to attract and retain high calibre individuals in a very
competitive market. We will continue to consider the experiences of the wider
workforce, our shareholders and other stakeholders and to remunerate
Executives fairly and responsibly.
We remain committed to a responsible approach to executive pay, as I hope
this Directors’ Remuneration Report demonstrates. We believe the Policy
operated as intended and consider that the remuneration the Executive
Directors received in 2023 is appropriate, taking into account Group
performance, personal performance, and the experience of shareholders,
employees, and our customers.
As always, I am happy to meet or speak with shareholders if there are any
questions or feedback on our approach to Executive remuneration, and I
hope that we will earn your support at the forthcoming AGM.
Annemarie Durbin
Chair of the Remuneration Committee
11 March 2024

Persimmon Plc Annual Report 2023122
At a glance
2023 actual remuneration
CEO
Dean Finch
Salary £746,750
Pension/salary supplement 9% of salary in line
with wider workforce
Annual Bonus maximum opportunity 200% of salary
PSP Maximum opportunity 200% of salary
(reduced to 180% of
salary, as explained in
the Chair’s statement)
Single Figure Total for2023 £2,252,464
Implementation in 2024
CEO
Dean Finch
CFO**
Andrew Duxbury
Salary £784,088 * £530,000
Pension/salary
supplement
9% of salary in line
with wider workforce
9% of salary in line
with wider workforce
Annual Bonus maximum
opportunity
200% of salary 150% of salary
PSP Maximum
opportunity
200% of salary 200% of salary
* No increase was given on 1 July 2023, this was deferred until 1 January 2024 and is in
line with the increase to the wider workforce of 5%. Going forward base salaries will be
reviewed on 1 July as normal.
** This is the agreed remuneration to apply from the date of joining Persimmon.
2023 variable pay outturns
Annual bonus earned for 2023
Reflecting successful navigation of the challenging market conditions the annual bonus outcome for the Chief Executive was 85.16% of maximum (170.3% of salary).
50% of the bonus earned will be deferred into shares for three years.
Outturn (% of maximum)
Weighting (% of maximum)
30%
21.34%
21.17%
12.66%
30%
30%
25%
15%
Pre-land cash generation
Profit before tax
Customer care
Build quality
0% 5% 10% 15% 20% 25% 30%
Performance Share Plan
Dean Finch received a PSP award in 2021. Based on performance over 2021-2023 the award has vested at 14.3%. A further two-year holding period will
apply to the vested shares.
Remuneration continued

Persimmon Plc Annual Report 2023
123
Financial statementsGovernance Other informationStrategic report
Alignment to key priorities
Build quality & safety
• Customer care and quality metrics are included as performance
conditions for incentives.
• A specific health and safety metric will be included in the 2024
annual bonus.
• Failure of acceptable health and safety standards is explicitly
included in recovery provisions for annual and long-term incentives.
Reinforcing trust: customers at the heart of
ourbusiness
• Customer care metrics are included in both our annual and
long-term incentives.
Disciplined growth: high quality investment
• Financial metrics included as performance conditions for incentives:
• profit before tax;
• pre-land cash; and
• total shareholder return.
Industry-leading financial performance
• Financial metrics included as performance conditions for incentives:
• profit before tax;
• pre-land cash; and
• total shareholder return.
Supporting sustainable communities
• Environmental metrics are included in our incentives.
Progress toward holding requirement
Dean Finch has committed to acquire £100,000
Persimmon shares post the announcement of the 2023
annual results. His estimated shareholding as at 31 March
2024 is anticipated to be circa. 175% of his base salary.
Balance of 200% holding requirement expected
tobe achieved within five years of appointment.
Profit before tax 40
Pre-land cash generation 20
Customer care 20
Build quality 15
Health and safety 5
Relative TSR 35
Pre-land cash generation 35
Customer care 20
Environmental 10
Annual bonus
performance
measures 2024
%
Performance
share plan
performance
measures 2024
%
Discover more at www.persimmonhomes.com/corporate
Our wider workforce and communities
All permanent salaried employees are eligible toparticipatein a bonus or commission scheme.
A total base pay increase of 5% was implemented for the wider workforce with 3% effective in July 2023 and 2% in January 2024.
Persimmon is a Living Wage Foundation accredited employer.
Ensuring shareholder alignment
50% of any bonus earned by executive directors is
deferred into shares forthree years
Subject to performance targets being met, all PSP shares vest after
three years and vested shares are then subject to a further two-year
holding period.
Shareholding requirement guidelines are set at 400% of salary for
the Executive Directors, with 200% of salary expected to be
achieved within five years of appointment.
No. of employees participating
inSAYE
2,091
During the year Persimmon
Community Champions donated over
£627,000
to over 260 local groups
No. of employees granted PSP Awards
in 2023
270
87%
Dean Finch CEO
113%

Persimmon Plc Annual Report 2023124
Annual report on Remuneration
Role of the Remuneration Committee
The role of the Committee is set out in its terms of reference, which are reviewed annually and were last reviewed
inDecember 2023. These can be found on our website at www.persimmonhomes.com/corporate. The Committee
meets on at least four occasions ayearand otherwise as required. In 2023 the Committee had four scheduled
meetings. Additional meetings were held as necessary, for example to agree the remuneration of the new Chief
Financial Officer. Theattendance at meetings can be located on page 83.
The Committee determines the remuneration policy for the Group’s Chairman, Executive Directors, and the Senior
Executive Group, which for 2023 consisted of the UK MD, Chief Commercial Officer, Regional Chairman, the Group
Transformation and Land Strategy Director, Chief Customer Experience Officer, Group Strategy and Regulatory
Director and the Company Secretary. Membership of this Group is kept under review to ensure it aligns to the
organisational structure and comprises the senior management roles. This is a responsibility which has been delegated
from the Board. The policies and practices are designed to support strategy and promote the long-term sustainable
success of the Group. When setting and implementing the Policy for Executive Directors, the Committee has reviewed
and taken into account workforce related policies and the alignment of incentives and rewards with culture. The
Committee carefully considered the Group’s strategy to increase customer focus and improve build quality and has
aligned the variable remuneration metrics to meet this.
Further information regarding the members of the Committee, including their biographies, can be located on pages 82
and 83.
Internal attendees to Committee meetings consisted of the Group Chief Executive, Chief Human Resource Officer and
the Group Head of Reward. These attendees provided important information to the Committee and were not involved
in any decisions relating to their own remuneration.
Alignment of the Policy with UK Corporate Governance Code 2018
(the ‘Code’)
In determining the Policy, the Committee took into account the principles of clarity, simplicity, risk, predictability,
proportionality and alignment to culture as set out in the Code. The annual bonus and PSP performance metrics are
aligned with the Group’s purpose and strategy to build high quality homes for our customers at a price they can afford,
and deliver industry leading financial performance, therefore providing sustainable value for all stakeholders through
the housing cycle. Directors are not involved in the setting of their own remuneration, and are recused from
anyconversations on their own pay. If Directors offer or volunteer to take reductions, this is something that is then
considered and decided upon by the Committee.
Remuneration continued

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125
Financial statementsGovernance Other informationStrategic report
Principle Alignment to the Code
Clarity
Remuneration arrangements should be
transparent and promote effective engagement
with shareholders and the workforce.
We have taken a fully transparent approach to our Remuneration Policy and arrangements. A summary of our Remuneration Policy can be found on pages 122 and 123 of this Annual
Report. This was supported by shareholders with a vote in excess of 98% in favour at the 2023 AGM. We continue to engage with shareholders as appropriate and listen to any feedback
received. We liaise with workforce representatives via the Employee Engagement Panel and the Committee Chair attends meetings as appropriate. We track and discuss a number of
workforce related statistics via the workforce remuneration dashboard that is presented at each Committee meeting. The Annual Report is available to all employees, which has details of
Directors’remuneration.
Simplicity
Remuneration structures should avoid complexity
and their rationale and operation should be easy
to understand.
We consider that our remuneration structures are clear and easily understandable. We welcome feedback and listen to stakeholder comments regarding the Policy and its implementation.
In determining the incoming Chief Financial Officer’s remuneration, the Committee applied the principle that the overall remuneration package should be competitive but not excessive and
that any compensation due should not result in an outcome where the individual received more than would have been due had they remained in post. Details of his remuneration can be
found on page 120.
Risk
Remuneration arrangements should ensure
reputational and other risks from excessive
rewards, and behavioural risks that can arise
from target-based incentive plans, are identified
and mitigated.
There are malus and clawback provisions included in the Policy to reflect best practice and to override formulaic outcomes, where appropriate. These provisions are capable of
application ina range of circumstances including corporate failure, serious reputational damage and material failure of risk management. Appropriate discretion can be applied to all
incentive outcomes. In the case of the annual bonus this applies for three years from the date on which the amount of the bonus is determined. For PSP awards discretion extends until the
fifth anniversary of the grant date. Asdisclosed in the Committee Chair’s statement on page 119, during 2023 we considered the risk of windfall gains arising in relation to PSP awards
and took appropriate action to mitigate this risk, as further described in that statement.
Predictability
The range of possible values of rewards to
individual Directors and any other limits or
discretions should be identified and explained
atthe time of approving the policy.
For the Group Chief Executive, annual bonus and PSP awards are 200% of base salary. For the Chief Financial Officer, the annual bonus maximum award quantum is up to 150%
(whichis less than the approved Policy maximum of 175%), and the PSP award quantum is 200% of base salary. Maximum bonus is only payable if stretching targets are met and
excellent Group performance is achieved. Half of the annual bonus and the whole of the PSP vesting is in shares. The Executive Directors have shareholding requirements, which include
atwo-year post-cessation shareholding requirement. The value of any share award is less predictable than cash due to potential fluctuations in the share price. However, it means that
Directors’ remuneration is better aligned to the shareholder experience.
Proportionality
The link between individual awards, the delivery
of strategy and the long-term performance of the
Company should be clear. Outcomes should not
reward poor performance.
Both the annual bonus and PSP include financial and cultural metrics which are key to our strategy and future success. From 2023 there has been an environmental metric in the PSP.
Subject to the Committee’s discretion to override formulaic outturns, annual bonus awards will result in payment at threshold performance of up to 20% of the maximum. Up to 50% of the
maximum will be payable for on-target performance and all of the bonus will be payable for maximum performance. Half of annual bonus that vests will be paid in cash, with the remaining
50% deferred into shares for a period of three years. The PSP award granted in 2023 was based on performance measures over a three-year period, and a further two-year holding
period before the shares can be released. In relation to shareholding requirements whilst in employment, the Group Chief Executive and Chief Financial Officer have a requirement of
fourtimes salary. The Executive Directors are expected to build up their shareholding over a period of time. The Committee has discretion to override formulaic outcomes. Directors’
pension contributions/salary supplement are in aggregate, up to 9% of base salary, in line with the Group’s salaried employees (who make up the majority of Groupemployees).
Alignment to culture
Incentive schemes should drive behaviours
consistent with Company purpose, values
andstrategy.
Our annual bonus and PSP schemes each contain non-financial cultural metrics to measure improvements in customer care and build quality. The aim is to focus upon improving customer
experience, customer satisfaction, and build quality. Ultimately, the strategy is to create and protect superior and sustainable levels of value for the benefit of our customers, workforce,
suppliers and shareholders through the housing cycle. Further information on our culture can be located on page 87. Further information on the non-financial metrics can be located on
pages 128 to 130 and 137 to 138.

Persimmon Plc Annual Report 2023126
What the Committee has focused upon during the year
Key areas of focus Remuneration Committee activities in 2023
New Chief Financial Officer
remuneration
• Approved the remuneration package and buy-out awards to
compensate Andrew Duxbury for the remuneration forfeited on
leaving his previous employer.
Governance and engagement
• Remuneration Committee Chair attended a meeting of the Employee
Engagement Panel to discuss executive remuneration andalignment
with broader workforce reward.
• Reviewed the Committee’s terms of reference and agreed minor
changes for approval by the Board.
• Confirmed the continuing independence and effectiveness of the
remuneration consultants.
• Considered and approved the Annual Report on Remuneration.
Annual bonus and PSP awards
• Agreed the structure and performance conditions for the 2023
annual bonus and 2023 PSP awards made to Executive Directors
and senior management.
• Agreed the level of awards made to the Executive Directors, the
Senior Executive Group and to other senior managers in the Group.
• Agreed the approach to the 2023 PSP grant having regard to the
risk of windfall gains.
• Discussed and agreed the environmental metric that would be used
for the 2023 PSP awards, in particular focusing on the robustness of
the data, measurement and assurance available to set and assess
performance against such targets.
Workforce Remuneration
• Noted salary increases and pay practices for employees during the year
to ensure that what we do at senior level is aligned appropriately with the
experience of the broader workforce in terms of pay andbenefits.
• Reviewed the HR dashboard which sets out key workforce data at
each meeting and considered the impact on decisions relating to
Executive Directors and the Senior Executive Group.
• Considered the gender pay gap and equal pay in relation to the
wider workforce.
What the Committee is focusing on for 2024
Key areas of focus Remuneration Committee activities in 2024
Executive Directors and Senior
Management Remuneration
• Agree the remuneration framework for the Executive Directors and
Senior Executive Group.
• Take note of reward decisions for the wider workforce and consider
any impact on and alignment of executive pay.
Annual Bonus
• Agree performance conditions for 2024 awards.
PSP Awards
• Agree performance conditions for 2024 PSP awards.
• Agree the level of awards made to the Executive Directors, the
Senior Executive Group and to other senior managers in the Group,
including consideration of potential windfall gains.
Advisors
The Committee sought advice during the year on remuneration matters in relation to the review of the remuneration
policy; remuneration for the incoming Chief Financial Officer; 2023 PSP awards and in particular in relation to the
grant price used. The advice was sought from Deloitte LLP, who are the Group’s independent remuneration consultants.
Deloitte were appointed by the Remuneration Committee in 2016 and were selected due to their expertise in executive
remuneration. During the year Deloitte LLP also provided advice on remuneration disclosure and share plan matters to
the Group, and provided support and advice to the Group in relation to other tax services. Deloitte LLP are not
connected to any Group company or individual Directors.
The Committee considers that the advice provided by Deloitte as professional remuneration consultants was
appropriate, objective and independent. The advice provided by Deloitte did not affect the judgements made by the
Committee, which remained independent at all times. Deloitte is a founding member of the Remuneration Consultants
Group and adheres to its Code of Conduct in relation to executive remuneration consulting in the UK.
The amount of fees the Group paid to Deloitte for the services they provided to the Remuneration Committee in 2023
was £65,400, charged on a time spentbasis.
Remuneration continued
Annual report on Remuneration continued

Persimmon Plc Annual Report 2023
127
Financial statementsGovernance Other informationStrategic report
2023 Directors’ Remuneration Report – audited
The auditor is required to report on the following information up to and including the Statement of Directors’ shareholding requirements and share interests.
Single total figure of remuneration for the year ended 31 December 2023 (Audited)
The figures set out in the tables below are the actual amounts of salary or fees earned in the year to 31 December 2023.
Executive remuneration (Fixed)
Fixed remuneration
Salary Benefits Salary supplement in lieu of pension Total fixed remuneration
Executive
2023
£
2022
£
2023
£
2022
£
2023
£
2022
£
2023
£
2022
£
D Finch 746,750 746,750 45,603 47, 187 67,208 67,208 859,561 861,145
J Windsor
1
452,596 320,186 23,631 16,466 40,734 28,817 516,961 365,469
Total 1,199,346 1,066,936 69,234 63,653 107,941 96,025 1,376,522 1,226,614
Executive remuneration (Variable)
Variable remuneration
Annual bonus Value of long-term Awards Vesting Value of SAYE options vesting Value of buy-out award Total variable remuneration
Executive
2023
£
2022
£
2023
£
2022
£
2023
£
2022
£
2023
£
2022
£
2023
£
2022
£
D Finch 1,271,887 1,087,021 121,016
4
195,397
2
— — — — 1,392,903 1,282,418
J Windsor
1
0 204,928
3
0 — — — — 2,447,521
5
0 2,652,449
Total 1,271,887 1,291,949 121, 016 195,397 — — — 2,447,521 1,392,903 3,934,867
Total
Executive
2023
£
2022
£
D Finch 2,252,464 2,143,563
J Windsor
1
516,961 3,017,918
Total 2,769,425 5,160,984
1. 2023 figures are to 1 September, the date Jason Windsor left Persimmon.
2. In the 2022 annual report the Value of long-term Awards Vesting for Dean Finch was
calculated by reference to the average share price over the final quarter of 2022
(£12.73). In this report, and in line with the reporting regulations, that value has been
re-calculated by reference to the share price on the date of vesting of 1 March 2023
(£12.78).
3. In the 2022 annual report the value reported for Jason Windsor’s annual bonus included
cash and deferred shares no longer subject to performance conditions. The deferred
shares lapsed upon termination of employment and so the figures have been adjusted
toreflect this. The reduction is £204,928.
4. Dean Finch was granted a PSP award in 2021 which vested by reference to performance
over the three years ending 31 December 2023. Further details in relation to the award,
including the basis on which the value in the table above is calculated, are set out on
pages 129 and 130.
5. The buy-out award for Jason Windsor in 2022 reflected the value of certain awards
granted to him in respect of remuneration forfeited when he left his previous employer.
Those parts of the buy-out which were awarded in deferred shares lapsed when
JasonWindsor left Persimmon and so the 2022 figure has been adjusted to reflect this.
Thereduction is £568,079. In addition, certain elements of the buy-out award were not
included in the 2022 annual report as the values were not yet known. This was disclosed
inthe 2022 annual report, and as stated, these additional values have been included in
the adjusted 2022 figure. This additional value is £1,054,573. The overall adjustment to
the buy-out to the figure reported in 2022 is an increase of £486,494. Taking into account
the lapse of the deferred shares referred to in note 3 above, the change in the total
remuneration value for Jason Windsor for 2022 is an increase of £281,566.

Persimmon Plc Annual Report 2023128
Non-Executive remuneration
As Non-Executive Directors only receive fees only this element is shown in the table below.
Fixed remuneration
Salaries and fees Total
Chairman
2023
£
2022
4
£
2023
£
2022
£
R Devlin 330,000 330,000 330,000 330,000
Non-Executive
N Mills 82,000 82,000 82,000 82,000
S Litherland
1
20,880 65,000 20,880 65,000
J Place
1
24,092 75,000 24,092 75,000
A Durbin 82,000 82,000 82,000 82,000
A Wyllie 65,000 65,000 65,000 65,000
S Khoury-Haq 82,000 82,000 82,000 82,000
A Depledge
2
43,333 — 43,333 —
C O’Shea
3
43,333 — 43,333 —
Total 772,638 781,000 772,638 781,000
1. Simon Litherland and Joanna Place resigned from the Board on 26 April and 2023 fees are shown to this date.
2. 2023 figures are from 1 May, the date Alex Depledge was appointed to the Board.
3. 2023 figures are from 1 May, the date Colette O’Shea was appointed to the Board.
4. Non-Executive Director fees can vary based on whether additional duties are required e.g. to chair a committee or perform the senior
independent role. A more detailed explanation of this can be found on page 128.
Additional information for single total figure remuneration table
Benefits
Benefits include car or car allowance, private medical scheme membership, life assurance benefits, income protection
scheme membership, professional subscriptions and phone costs. This is in line with other senior employees across
theGroup.
Directors’ pension entitlements
Dean Finch received a salary supplement in lieu of pension, equal to 9% of his base salary. Jason Windsor (up to his
date of retirement from the Board) received a salary supplement in lieu of pension, equal to 9% of his base salary.
Annual Bonus 2023
Dean Finch was eligible to earn a bonus of in respect of 2023. The maximum bonus was up to 200% of salary.
JasonWindsor’s entitlement to a bonus respect of 2023 lapsed when he gave notice of termination of employment.
We have set out below details of the performance measures and targets and the extent to which they were satisfied.
Our financial KPIs (accounting for 60% of the total) reflect the strong underlying financial health of the Group.
Non-financial KPIs (accounting for 40% of the bonus opportunity in total) are important to help the Group to assess our
activities in achieving our five key priorities. The non-financial KPIs help drive long-term shareholder value and reflect
our values of being customer focused, value driven and delivering excellence. For the customer service and quality
scores it is important to note that the customer and quality score start from zero each year meaning that the level of
attainment required is a challenging target to meet.
Measure Weighting
Threshold
(20% achievement
for PBT and 10%
achievement for
pre-land cash)
Target
(50%
achievement)
Maximum
(100%
achievement) Outturn
Extent bonus
measure met
(% of maximum
bonus)
PBT
1
30% £314.8m £331.3m £397.6m £359.3m 21.34
Pre-land cash
generation
2,3
30% £132.2m £180.9m £247.2m £257.7m 30
Customer care 25% See below
4
Met in part 21 . 17
Build quality 15 % See below
5
Met in part 12.66
1. Profit before tax (before exceptional items and goodwill impairment).
2. The Pre-land cash generation targets are the uplifted targets following their recalculation as described in the Committee Chair’s statement on
page 119.
Remuneration continued
Annual report on Remuneration continued

Persimmon Plc Annual Report 2023
129
Financial statementsGovernance Other informationStrategic report
Additional information for single total figure remuneration table continued
Annual Bonus 2023 continued
3. Pre-land cash generation (being net cash inflow before Capital Return Programme, legacy building provision spend and net land payments)
with the outturn calculated as:
Cash at 31 December 2022: £861.6m
Cash at 31 December 2023: £420.1m
Decrease in cash: £(441.5)m
Add: Dividends paid: £255.4m
Net land spend: £397.8m
Fire safety spend: £46.0m
Total £257.7m
4. 15% of the customer measure was achieved by reference to the fraction of those operating businesses in the Group rated as 90% and above
as measured by the results of the HBF 8 week Customer Satisfaction Survey Question “would you recommend Persimmon to a friend?”. The
outturn shows that 27 of the 30 operating businesses achieved a score of 90% or above. 5% of the customer measure was achieved by
reference to the Group overall operating at the level required to attain classification as a five-star builder by the HBF, the Group score is
92.9% so this target is achieved in full. 5% of the customer measure was achieved by reference to the fraction of those operating businesses
in the Group rated as 75% or above as measured by the results of the HBF 9 month Customer Satisfaction Survey Question “would you
recommend Persimmon to a friend?”. The outturn shows that 16 of the 30 operating businesses achieved a score of 75% or above. These
scores start from zero each year meaning that the level of attainment required is a challenging target to meet.
5. The quality score is based on the results of independent assessments carried out on Persimmon sites by the Group’s warranty providers
from1/1/23 to 31/12/23. Targets were set for each warranty provider and the scores weighted based on the proportion of inspections
completed by each provider. The targets were set such that an improvement on prior year was required for target performance, with the level
of improvement required based on the warranty provider’s scoring system. These scores start from zero each year meaning that the level of
attainment required is a challenging target to meet.
A summary of outturns is shown in the table below:
Provider % Weighting
% of operating companies
achieving threshold but
below target
% of operating companies
achieving target or above
Outturn (% of maximum
opportunity available)
NHBC 70.37 4 25 63.33
LABC 1.96 0 6 1.96
Premier 27.67 4 18 19.08
Half of the bonus earned by the Group Chief Executive is paid in cash with half deferred into shares for three years. The
amount deferred into shares is not subject to any further performance condition. The deferred share award will
ordinarily be subject to continued employment.
Performance share plan awards vesting in respect of performance
in2023 (Audited)
PSP awards were granted on 22 March 2021 to Dean Finch and Mike Killoran These awards were based on
performance over the three-year period which ended on 31 December 2023.
As disclosed in the 2021 Directors’ Remuneration Report, having regard to Mike Killoran’s long service and retirement,
he was granted ‘Good Leaver’ status for the purpose of his outstanding PSP awards. His 2021 PSP was pro-rated to
reflect the proportion of the performance period which had elapsed at his leaving date. The award remains subject
tothe rules of the PSP and the applicable performance conditions.
The awards vested at 14.3%, and further information is set out below. The awards remain subject to a further holding
period before they will be released.

Persimmon Plc Annual Report 2023130
Performance share plan awards vesting in respect of performance
in2023 continued
The targets and performance against these targets are as follows:
Performance measure Weighting
Threshold
(25% vesting)
Target
(50%
vesting)
Maximum
(100% vesting) Outturn
Extent PSP
measure met
(% of maximum)
Relative TSR
1
40% Median — Upper quartile
orabove
Below median 0
Average pre land
cash generation over
the three year
performance period
2
40% £833m £1,111m £1,389m £808.0m 0
Underpin applying
to the pre land cash
measure – An
average ROCE
3
of20% over the
three-year
performance period
25.6%
Customer Care
4
20% Group Customer
Care Score is at
75% and Group is
a four-star
builderover the
performance period
— Group Customer
Care Score is at
80% and Group is
a four-star
builderover the
performance period
78.1 14.3%
1. Compared to a peer Group of the UK’s largest listed house builders: Barratt Developments Plc; Bellway p.l.c.; Countryside Properties PLC
(included to the date of the de-listing); Crest Nicholson Holdings plc; Redrow plc; Taylor Wimpey plc; The Berkeley Group Holdings plc;
Vistry Group PLC.
2. Net cash inflow before capital return and net land payments.
3. ROCE = annual underlying profit from operations/average capital.
Annual Underlying Profit from Operations = 12 month consolidated Group profit before tax, interest, goodwill impairment and exceptional
items; Average Capital Employed = average of Capital Employed during the relevant calendar year; and Capital Employed = Consolidated
Shareholders Funds, plus consolidated borrowings, less consolidated cash holdings.
4. The Customer Care measure is based on the Group score as measured by the results of the HBF 9 month Customer Satisfaction Survey
Question “would you recommend Persimmon to a friend?” as measured on 19 February 2024.The customer care metric is subject to
anunderpin that the Group is a four-star builder in each of the three years of the performance period. This underpin has been met.
In the single total figure of remuneration table, the value of these awards is calculated as set out below. As the share
price average for the final quarter was below the grant share price no value is attributable to share price growth.
Number of
shares subject
to award
Vesting
outturn
Vested
shares
Value of
shares
1
Dividend
equivalent
2
Total for single
total figure of
remuneration
Dean Finch 49,103 14.3 7,021 82,411 38,605 121, 016
1. In accordance with the relevant regulations, the value for the purposes of the single total figure of remuneration table is calculated by
reference to the average share price over the final quarter of 2023 (£11.738).
2. In accordance with the rules of the PSP, each Executive Director is entitled to a further benefit by reference to dividends on their vested
shares. These will be calculated over the period ending at the end of the holding period and delivered in shares. The value in respect of
dividend equivalents over the period ended 31 December 2023 is included in the table above.
Savings-Related Share Option Scheme (‘SAYE’) (Audited)
The SAYE Scheme is an HMRC approved all employee savings related share option scheme. Invitations are issued
annually to all employees to apply for the grant of an option under the SAYE. There are no performance conditions
attached to options granted under the SAYE. No options were exercised in 2023.
Performance share plan awards made during the year (Audited)
PSP awards were granted on 2 May 2023 to Dean Finch and Jason Windsor. Jason Windsor’s awards lapsed on
cessation of employment with Persimmon.
Type
of award
Basis
of award
Threshold
level of vesting
Face value
of award
£000
Performance
period
2
Shares subject
to option
Dean Finch Nil-cost
option
Percentage of
salary – 200%
1
25% 1,344,151 1/1/23
– 31/12/2025
105,341
1. Awards were calculated based on the percentage of salary and the average of the closing share prices on each of the five dealing days
before thegrant of the award (£12.76). The number of shares awarded was then reduced by 10% by take account of the risk of windfall
gains, asexplained on page 119.
2. The awards will vest in 2026 based on the achievement of the performance conditions but are then subject to a further two-year holding
period before the shares can be released.
Remuneration continued
Annual report on Remuneration continued

Persimmon Plc Annual Report 2023
131
Financial statementsGovernance Other informationStrategic report
The award is subject to the performance conditions set out below.
Performance measure Weighting
Threshold
(25% vesting)
Target
(50% vesting)
Maximum
(100% vesting)
Relative TSR
1
35% Median — Upper quartile
orabove
Average pre land cash generation over the three
year performance period
2,3
35% £428m £503m £579m
Customer Care
4
20% Group HBF
Score is 75%
— Group HBF
Score is80% or
above
Carbon Reduction
5
10% 1.69 tonnes
CO
2
e per home
completed
1.68 tonnes
CO
2
e per home
completed
1.67 tonnes
CO
2
e per home
completed
1. Compared to a peer Group of the UK’s largest listed house builders: Barratt Developments Plc; Bellway p.l.c.; Crest Nicholson Holdingsplc;
Redrow plc; Taylor Wimpey plc; The Berkeley Group Holdings plc; Vistry Group PLC.
2. Net cash inflow before capital return and net land payments.
3. A ROCE underpin has been maintained for the pre-land cash metric. This will be assessed by the Remuneration Committee at the time of
vesting based on average ROCE over the performance period. ROCE = annual underlying profit from operations/average capital. Annual
Underlying Profit from Operations = 12 month consolidated Group profit before tax, interest, goodwill impairment and exceptional items;
Average Capital Employed = average of Capital Employed during the relevant calendar year; and Capital Employed = Consolidated
Shareholders Funds, plus consolidated borrowings, less consolidated cash holdings.
4. The Customer Care measure is based on the HBF 9 month ‘Recommend a Friend’ question. Awards vest on a straight line basis for a score
between 75% and 80%. The customer care metric is subject to an underpin that the Group is a four-star builder in each of the three years of
the performance period.
5 Based on Scope 1 and 2 carbon emissions per home completed for the year ending 31 December 2025. The Committee agreed an intensity
target given the anticipated reduction in volume from 2022. As part of the assessment at the end of the performance period it was agreed
that the reduction in carbon over the period would be considered in the round including looking at our absolute carbon reduction and
progression towards our Science Based Targets, in addition to the reduction in intensity. The Committee will exercise it’s discretion to ensure
that vesting reflects the overall reduction in carbon and progress made over the period.
Payments for loss of office (Audited)
There were no payments for loss of office made in the year.
Payments to past Directors (Audited)
There were no payments to past Directors for the year ended 31 December 2023 where the total payment to the former
Director exceeded the threshold set by the Group of £20,000.
Service contracts (Audited)
The Company’s policy is for service contracts with Executive Directors to have no more than a 12-month notice period.
The Chairman and the Non-Executive Directors are not employees. They have letters of appointment which set out their
duties and responsibilities. They do not have service contracts.
The Chairman’s and the Non-Executive Directors’ letters of appointment are effective from their date of appointment.
Their appointment is initially for a three-year term but is subject to re-election at each AGM and their appointment may
be terminated on three months’ notice for the Chairman and one month’s notice for the Non-Executive Directors.
Name Commencement date Unexpired term remaining as at 31 December 2023
D Finch 28 September 2020 Terminable on 12 months’ notice.
R Devlin 1 June 2018 Terminable on three months’ notice and subject to reappointment at the AGM each year.
N Mills 4 April 2016 Terminable on one month’s notice and subject to reappointment at the AGM each year.
A Durbin 1 July 2020 Terminable on one month’s notice and subject to reappointment at the AGM each year.
A Wyllie 4 January 2021 Terminable on one month’s notice and subject to reappointment at the AGM each year.
S Khoury-Haq 1 July 2021 Terminable on one month’s notice and subject to reappointment at the AGM each year.
A Depledge 1 May 2023 Terminable on one month’s notice and subject to reappointment at the AGM each year.
C O’Shea 1 May 2023 Terminable on one month’s notice and subject to reappointment at the AGM each year.

Persimmon Plc Annual Report 2023132
Directors’ share option scheme interests (Audited)
Scheme
Total interests
outstanding at
31 December 2022
Granted
in year
Acquired
in year
Lapsed
in year
Exercise price/
market price at
date of award
Interests without
performance
conditions
Interests with
performance
conditions
Total interests
outstanding at
31 December
2023
Options vested
but unexercised
Latest
vesting
date
D Finch
PSP 2020 17,917 — 10,520
1
7, 397 2 4 11 p 10,520
1
— 10,520¹ 10,520
1
—
PSP 2021 49,103 — — — 2953p — 49,103 49,103 — Spring 2024
PSP 2022 64,653 — — — 2 310 p — 64,653 64,653 — Spring 2025
PSP 2023 — 105,341 — — 1276 p — 105,341 105,341 — Spring 2026
2021 Deferred Bonus 30,583 — — — 2192 p 30,583 — 30,583 — Spring 2025
2022 Deferred Bonus — 42,796 — — 1270 p 42,796 — 42,796 — Spring 2026
J Windsor
2
Buy-Out Award:
Annual Bonus 2021 23,900 — — 23,900 1776.5p — — — — —
Buy-Out Award:
Deferred Bonus 2020 9,284 — 9,284 — 2207.17p — — — — —
Buy-Out Award:
Deferred Bonus 2021 15,886 — 7,943 7,943 2207.17p — — — — —
Buy-Out Award:
LTIP 2020 96,449 — 67,707
1
28,742 2207.17p 67,707
1
— 67,707¹ 67,707
1
—
Buy-Out Award:
LTIP 2021 26,808 — — 26,808 2207.17p — — — — —
PSP 2022 75,672 — — 75,672 1784 p — — — — —
PSP 2023 — 95,219 — 95,219 1276 p — — — — —
2022 Deferred Bonus — 34,159 — 34,159 1270 p — — — — —
1. Shares vested during the year and entered a two-year holding period. The shares will be released to the Executive Director at the end of the
holding period.
2. Jason Windsor left the Group on 1 September 2023.
All of the above represent share options and were granted for no financial consideration.
Remuneration continued
Annual report on Remuneration continued

Persimmon Plc Annual Report 2023
133
Financial statementsGovernance Other informationStrategic report
Statement of Directors’ shareholding requirements and share interests
(Audited)
The share ownership requirements for the Executive Directors serving during the year and the share interests of
theDirectors and of their connected persons in the ordinary share capital of the Group are as shown below.
Theshareholding requirements set out below. To further align his interests with those of shareholders and in order to
increase the extent to which he meets the shareholding requirement, Dean Finch has committed to purchase £100,000
of shares following the announcement of the 2023 results.
Beneficial holdings (including interests
of the Director’s connected persons)
Director
Shareholding
requirement
No. of shares
and share awards that
count towards
shareholding
requirement at
31December 2023
Percentage
of base salary
held at 31 December
2023 (including
shares held by
connected persons
and shares net of
assumed tax for share
awards which are no
longer subject to
performance
conditions) ¹
31 December 2023
(or if earlier, date of
leaving the Board)
31 December 2022
(or if later, date of
joining the Board)
D Finch 4 times salary
2
60,922 113.32% 16,457 16,457
J Windsor
3
4 times salary
2
70,309 110.31% 34,425 25,309
Chairman
R Devlin N/A N/A N/A 32,575 32,575
Non-Executives
N Mills N/A N/A N/A 716 716
A Durbin N/A N/A N/A 0 0
A Wyllie N/A N/A N/A 1, 012 1, 012
J Place N/A N/A N/A 11,360 11,360
S Litherland N/A N/A N/A 0 0
S Khoury-Haq N/A N/A N/A 355 355
A Depledge N/A N/A N/A 0 N/A
C O’Shea N/A N/A N/A 0 N/A
Total 85,540 76,424
1. Calculated based on the closing price of £13.89 at 31 December 2023 and on base salary at 31 December 2023 (or if earlier date of
leaving the Board).
2. The Committee expects that a holding with a value equal to 2x salary will be achieved within five years of appointment, with the balance
ofthe requirement acquired within a period agreed with the Chairman.
3. Jason Windsor resigned from the Board on 1 September 2023.
The beneficial holdings at 31 December 2023 of the Directors in office at that point were 51,115 shares, representing
0.02% of the Group’s issued share capital as at that date. There have been no changes in these interests between
31December 2023 and 11 March 2024.
The Committee has an agreed Post-Employment Shareholding requirement, details of which are included in the
Directors’ Remuneration Policy on page 142. There are no share ownership requirements for the Chairman and
Non-Executive Directors.
Total Shareholder Return
We have chosen to compare the Group’s total shareholder return performance with that of the FTSE 350, being a
broad index of the UK’s largest companies and with the largest UK listed house builders, being the Group’s peer group.
The graph shows a hypothetical £100 holding in the Group’s shares over ten years, relative to the FTSE 350.
Persimmon Peer set FTSE 350
+129.5%
+129.8%
+66.6%
470
370
270
170
70
Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 Jan-21 Jan-22 Jan-23

Persimmon Plc Annual Report 2023134
Group Chief Executive remuneration 2014 to 2023
Year Chief Executive
Single total figure
of remuneration
£
Annual bonus paid
against maximum
opportunity
PSP/LTIP awards
vesting against
maximum opportunity
2023 D Finch 2,252,464 85.16% 14.3%
2022 D Finch 2,143,066 72.78% 58.72%
2021* D Finch 2,578,902 92% n/a
2020 D Finch/D Jenkinson** 658,212 n/a n/a
2019 D Jenkinson 672,998 n/a n/a
2018 J Fairburn 38,967,197 n/a 100%
2017 J Fairburn 45,739,514 95.7% 100%
2016 J Fairburn 2,123,692 97.3% n/a
2015 J Fairburn 1,995,213 97.3% n/a
2014 J Fairburn 1,890,918 91.6% n/a
* The increase in the CEO single total figure of remuneration between 2020 and 2021 reflects: (1) that Executive Directors’ bonuses for 2020
were forgone; and (2) the inclusion in the 2021 single total figure of remuneration of a buy-out award granted to Dean Finch.
** This is the total remuneration for Dave Jenkinson, who was Group Chief Executive until 20 September 2020, and remuneration for Dean
Finch from 28 September 2020, the date he became Group Chief Executive.
The Wider Workforce
When making decisions about reward for the Executive Directors and Senior Executive Group the Remuneration
Committee takes account of the reward principles which apply across the Group. Fundamental to this are our beliefs
that all employees should be treated fairly, as evidenced by our status as an accredited Living Wage Employer, and
that all employees should have the opportunity to share in the success of the business as shown through extensive
participation in bonus, commission and share plans.
The Board is mindful of the impact inflation has continued to have on our employee population and in 2023 a base pay
increase of 5% was agreed. In view of the challenging trading conditions this was implemented on a phased basis with
3% effective from 1 July 2023 and 2% effective from 1 January 2024. There were also a significant number of internal
promotions which resulted in pay increases, demonstrating the opportunities for career development and progression
with the Group.
We also continue to invest in our wider employee population through training and development opportunities and
through the work being carried out by our D&I Council and Working Group. We also continue to focus on supporting
our employees’ wellbeing through our Employee Assistance Programme, our mental health counsellors and other
initiatives. All of this together is aimed at improving the overall experience of being a Persimmon employee. Further
information on this can be found on page 29.
An overview of our reward policy for salaried employees and how this cascades down the business is shown below.
Executive
Directors
Senior Executive
Group
Senior
management Management
Salaried
employees
Competitive base salary ✓ ✓ ✓ ✓ ✓
Annual bonus ✓ ✓ ✓ ✓ ✓
PSP ✓ ✓ ✓ ✓ ✓ ✓✓*
All employee share plan ✓ ✓ ✓ ✓ ✓
Pension ✓ ✓ ✓ ✓ ✓
Car/car allowance ✓ ✓ ✓ ✓ ✓✓*
Private health cover ✓ ✓ ✓ ✓ ✓✓*
* Dependent on role and/or job grade.
Employee Engagement
The Committee Chair met with the Engagement Panel during 2023 to explain how executive remuneration aligns with
wider Group pay policy. The Employee Engagement Panel outcomes are reported to the Board and meetings are
attended by the Non-Executive who has responsibility for workforce engagement. The members of the Employee
Engagement Panel cascade messages more broadly to the workforce ensuring two-way engagement. The Committee
tracks and discusses a number of workforce related statistics via an HR dashboard of Group wide workforce statistics
and trends. The Committee and Board are informed of the outcomes of Employee Engagement Surveys which are
undertaken annually. Further information on our interaction with the workforce can be located on page 55.
The remuneration policy for the workforce is given due consideration when determining the remuneration of the
Executive Directors.
Remuneration continued
Annual report on Remuneration continued

Persimmon Plc Annual Report 2023
135
Financial statementsGovernance Other informationStrategic report
Pay ratios
The table below compares the single total figure of remuneration for the Group Chief Executive with that of employees
who are paid at the 25th percentile, 50th percentile and 75th percentile of the Group’s employee population and also
shows the total pay and benefits at quartile points.
Year Method
25th percentile
pay ratio
Median
pay ratio
75th percentile
pay ratio
2023 Option B 82:1 52:1 32:1
2022 Option B 75:1 57:1 37:1
2 0 21 Option B 99:1 60:1 45:1
2020
1
Option B 28:1 17: 1 14:1
2019 Option B 23:1 20:1 15:1
1. The pay ratio for 2020 is based on the aggregate of the remuneration earned by Dave Jenkinson and Dean Finch for the period each was
CEO during 2020.
The median ratio for 2023 is 52. The Company considers that the median pay ratio for 2023 is consistent with the pay,
reward and progression policies for the Company’s UK employees taken as a whole (albeit that the total remuneration
pay ratio may increase going forward due to the grant of bonus and PSP awards to Executive Directors). The reduction
in the median pay ratio between 2022 and 2023 reflects a lower percentage increase in total remuneration for the
CEO compared with the percentage increase for the employee at the 50th percentile.
The Company adopted ‘Option B’ from The Companies (Miscellaneous Reporting) Regulations 2018. The latest
available gender pay gap data (i.e. from April 2023) was used to identify the best equivalents in respect of each year
for three Group employees whose hourly rates of pay were at the 25th, 50th and 75th percentiles of all Group
employees. The Company adopted Option B because it was the most practical approach to total calculation of these
ratios taking into account the availability of data, and because it means that the data used to calculate the Company’s
gender pay gap and CEO ratios is applied on a consistent basis. The full time equivalent total pay and benefits figures
for the three employees at each percentile were determined with reference to the relevant year ended 31 December.
No adjustments were made, other than approximate pro-rating to achieve full-time equivalent, or leaver data where
relevant, and no components of pay have been omitted. The Committee understands that the three employees
represent the relevant percentiles, and each was remunerated in line with the Group remuneration policies.
A small number of employees at either side of the quartile points identified from the gender pay gap data were also
considered, together with their corresponding full time equivalent total pay and benefits figures to ensure that the
employees identified at each of the three percentile points are reasonably representative of each quartile.
The CEO pay is the single total figure of remuneration for the relevant year, as stated in the Group Chief Executive
remuneration 2014 to 2023 table on page 29.
The total salary, and pay and benefits of employees who are paid at the 25th percentile, 50th percentile and 75th
percentile is shown below:
Year CEO
25th percentile
pay ratio
Median
pay ratio
75th percentile
pay ratio
2023 total pay and benefits £2,252,464 £27,326 £43,373 £69,381
2023 salary £746,750 £25,183 £40,173 £48,000
2022 total pay and benefits £2,143,066 £28,644 £37,314 £58,147
2022 salary £746,750 £25,779 £33,120 £44,075
2021 total pay and benefits £2,578,902 £26,005 £43,306 £57,485
2021 salary £725,000 £21,178 £33,551 £46,000
2020 total pay and benefits £658,212 £23,748 £39,645 £47,828
2020 salary £561,842 £21,608 £36,297 £38,300
2019 total pay and benefits £672,998 £29,500 £33,409 £44,728
2019 salary £511,625 £26,667 £19,425 £27,726
Gender Pay Gap
At the measurement date of April 2023 the median Gender Pay Gap for the Group was 9.9%% (2022: 13.5%). This
reduction is partly due to the pay increase given to our lower paid workers, together with changes in the composition
ofour workforce and new roles brought into the Group. Our median gender pay gap is driven by the composition of
our workforce with a higher proportion of men in skilled construction roles (such as bricklaying and site management)
the market for which is competitive. Further information on gender pay gap reporting can be located in the Nomination
Committee Report on page 104. Whilst there is a higher proportion of men working in the Group, we are focusing on
attracting a more diverse workforce, especially women, who are under-represented in the industry as a whole. The
Group has set gender diversity targets, details of which can be found on page 101.
In April 2022 we started delivery against a new diversity and inclusion strategy. A key workstrand within this is data
improvement, for both existing and new employees. We have continued to make advances in capturing employee
D&Idata, and now have this for c.45% of employees, from a low starting point of 17% in 2021. Once our data is
sufficiently robust to allow meaningful analysis we will publish ethnicity pay ratios in the future. We are introducing a
quarterly D&I data dashboard from April 2024 to help track progress and identify areas for improvement and focus.
Further information on our D&I strategy can be found on page 100.

Persimmon Plc Annual Report 2023136
Directors’ change in remuneration
Set out below is a comparison of the change in remuneration of each of the Company’s Directors from 2019 to 2023, with the change in remuneration of Persimmon Plc’s employees. Jason Windsor was appointed to the Board in 2022 and
resigned in 2023, accordingly, he has been excluded from the table below. Alex Depledge and Colette O’Shea were appointed to the Board on 1 May 2023 and have also been excluded from the table. Jo Place is also excluded from the
table as she resigned from the Board in April 2023 and she chose to waive her fee in all years apart from 2022. As Persimmon Plc has a relatively small number of employees, we have also chosen to compare the change in remuneration with
the Group’s salaried employees (the same comparator group as we have used in previous years).
Salary/fees Bonus Benefits
2022/23 2021/22 2020/21 2019/20 2022/23 2021/22 2020/21 2019/20 2022/23 2021/22 2020/21 2019/20
Average of PersimmonPlc’s employees 3.7% 31.4% 5% 5% -10.7% 96.3% 21 % -19% 10.1% -8.2% 2% -18%
Average of Groupsalaried employees 6.1% 7.3% 5% 2% 4.9% 18.7% 21 % -19% 6.1% 1.9% 2% 0%
R Devlin 0% 10% 5% — N/A N/A N/A N/A N/A — — —
D Finch
1
0% 3% 0% N/A 17% -19% N/A
3
N/A -3% 8% -7% N/A
N Mills 0% 9% 5% — N/A N/A N/A N/A N/A — — —
S Litherland 0% 8% 5% — N/A N/A N/A N/A N/A — — —
A Durbin 0% 9% 5% N/A N/A N/A N/A N/A N/A — — N/A
A Wyllie
2
0% 8% — — N/A N/A N/A — N/A — — —
S Khoury-Haq
2
0% 17% — — N/A N/A N/A — N/A — — —
1. The 2020 remuneration for Dean Finch has been ‘annualised’ for the purposes of the above table to enable a valid comparison.
2. The 2021 remuneration for A Wyllie and S Khoury-Haq has been ‘annualised’ for the purposes of the above table to enable a validcomparison.
3. Executive Directors’ bonuses for 2020 were forgone such that the percentage change between 2020 and 2021 is not considered a meaningful comparison. No bonuses were payable in 2019.
As noted above a 5% salary increase was agreed for the wider workforce in July 2023, with 3% taking effect from 1July and 2% deferred until 1 January 2024. There were also a number of promotional increases during the year. Dueto timing
issues the bonus comparison for employees is based on the actual amount paid in 2023 versus the actual amount paid in the 2022 financial year.
Relative importance of spend on pay
Set out below is the amount spent on remuneration for all employees of the Group (including for Executive Directors) and the total amounts paid in distributions to shareholders over the year.
2023
£m
2022
£m
Difference
in spend
£m
Difference
as a percentage
Remuneration for all employees
1
272.3 255.1 17.2 6.7
Total Capital Return Programme payments made 255.4 750.1 (494.7) (66.0)
1. Figures are taken from note 8 of the accounts relating to staff and employee costs except that employer social security costs and IFRS 2 Share-based payment charges have been removed.
Remuneration continued
Annual report on Remuneration continued

Persimmon Plc Annual Report 2023
137
Financial statementsGovernance Other informationStrategic report
Statement of voting at general meeting
The Directors’ Remuneration Policy, effective from 26 April 2023 was put to shareholders for approval at the 2023
AGM. The 2022 Annual Report on Remuneration was put to shareholders for approval at the 2022 AGM. The voting
at each AGM was conducted on a poll. The table below summarises the result of the poll vote on the 2023 Directors’
Remuneration Policy and the 2022 Annual Report on Remuneration.
Votes for % for Votes against % against Total votes cast Votes withheld
Approval of the Directors’
Remuneration Policy –
26 April 2023
202,837,628 98.7 2,691,456 1.3 205,529,084 3,199,709
(representing
1.00% of the
issued share
capital)
Approval of the Annual
Report on Remuneration
– 26 April 2023
204,049,778 98.1 3,883,947 1.9 207,933,725 795,068
(representing
0.25% of the
issued share
capital)
Statement of Remuneration Policy implementation 2024
A summary of the 2024 remuneration for each Executive Director is set out below:
Group Chief Executive pay Chief Financial Officer pay
1
• base salary of £784,088 (review date 1 July);
• pension salary supplement of 9% (in line with the
pension of salaried employees);
• benefits including life assurance, car allowance
andphone costs;
• maximum annual bonus opportunity of 200% of base
salary; and
• maximum PSP award of 200% of base salary.
• base salary £530,000 (review date 1 July 2025);
• pension salary supplement of 9% (in line with the
pension of the salaried employees);
• benefits including life assurance, car allowance
andphone costs;
• maximum annual bonus opportunity of up to 150%
ofbase salary; and
• maximum PSP award of 200% of base salary.
1. This is the agreed remuneration to apply from date of joining Persimmon.
Annual bonus
Each Executive Director will be eligible for consideration of a bonus in respect of 2024, with maximum opportunities
asreferred to above. The majority of the bonus will continue to be based on financial metrics with a change in
weighting, being profit before tax (40%) and cash generation (20%). As these financial targets are commercially
sensitive they will be disclosed in next year’s Remuneration Report. As we continue to take action to improve our build
quality and customer care, we have applied an appropriate level of non-financial cultural and ESG metrics which are
key to our future success. Delivery of a stretching target level of performance will result in the Executive Director
receiving 50% of the maximum award. 50% of any bonus earned will be deferred into shares for three years.
In 2024 there will be three non-financial metrics; 20% of bonus will be based on customer care measures, 15% will be
based on quality and 5% will be based on health and safety. The customer care metric will be based on the strategy to
score 90% or above in the HBF 8 week customer satisfaction survey which is the equivalent of a five star rating, and to
score 75% or above in the HBF 9-month customer satisfaction survey. The quality measure will be based on the results
of independent warranty provider inspections to drive continued improvement in build quality. These scores reset to
zero at the start of each year meaning that attainment of the targets remains stretching.
Health and safety will be based on performance assessed against a weighted health and safety index and will support
our strategic aim to move from compliance to excellence.
Performance Share Plan awards
A PSP award will be made in March to the Group Chief Executive of 200% of base salary, with vesting subject to the
performance conditions set out below. Following his appointment, an award will be made to the new Chief Financial
Officer of 200% of base salary, with vesting subject to the same performance conditions
The three-year performance period will run from 1 January 2024 to 31 December 2026. Awards will vest in 2027
subject to meeting the performance conditions, with a further two-year holding period before the shares can be
released to the Executive Director.
PSP performance metrics are aligned with the Company’s strategy to balance capital retained for investment in the
business with returns to shareholders, and with relative TSR performance to link Executive Directors’ reward to
outperformance against the FTSE 51-100 (excluding financial services) together with the major housebuilders if they do
not fall within this group. Previous awards have compared Persimmon’s TSR to a group of sector peers but a reduction in
the number of suitable sector comparators mean that the Committee consider that this is no longer appropriate. The
FTSE 51-100 has been selected as a broader group against which Persimmon competes, in addition to the sector
comparators. As we continue to drive cultural change in the business, we have retained a measure based on the HBF
customer care survey linked to the Company’s purpose to build high quality homes for our customers, and an
environmental metric linked to reducing our carbon emissions. Collectively, these are important factors in ensuring
overall business performance, sustainability and reputation.

Persimmon Plc Annual Report 2023138
PSP performance metrics and targets – financial measures
Financial metrics are based on relative TSR (35% of the overall award) and cash generation subject to a ROCE
underpin (35% of the overall award). As noted above a change is proposed to the relative TSR measure, where
performance will be assessed against a comparator group consisting of the FTSE 51-100 (excluding financial services)
together with the major housebuilders if they do not fall within this group.
We will continue to use a pre-land measure for cash generation. This is directly linked to strategy, encourages
optimisation of sales volumes and prices of homes and encourages good cost control. It is also a measure which is
easily understood by our management teams and therefore has a strong line of sight for them as participants in the PSP.
Details of the targets are shown below:
Performance measure Weighting
Threshold
(25% vesting)
Target
(50% vesting)
Maximum
(100% vesting)
TSR Ranking
1
35% Median —
Upper quartile
or above
Average pre-land cash generation
2, 3
over the three year
performance period 35% £519m £610.6m £702.2m
1. Compared to a peer group comprising those companies in the FTSE 51-100 (excluding financial services) together with the major
housebuilders that do not fall within this group at the date of grant. The housebuilders are Barratt Developments, Taylor Wimpey, Vistry
Group, Bellway, The Berkeley Group and Crest Nicholson Holdings.
2. Net cash inflow before capital return, legacy building provision spend and net land payments.
3. A ROCE underpin has been maintained for the pre-land cash metric. This will be assessed by the Remuneration Committee at the time of
vesting based on average ROCE over the performance period. ROCE = annual underlying profit from operations/average capital, where:
• Annual Underlying Profit from Operations = 12 month consolidated Group profit before tax, interest, goodwill impairment and
exceptionalitems;
• Average Capital Employed = average of Capital Employed during the relevant calendar year; and
• Capital Employed = Consolidated Shareholders Funds, plus consolidated borrowings, less consolidated cash holdings.
PSP performance metrics and targets – cultural and
environmentalmeasures
As with the 2023 PSP awards, the metric we use to measure customer care will continue to be based on the HBF 9
month customer care Survey. These scores reset to zero at the start of each year meaning that attainment of the targets
remains stretching.
For the 2024 awards, we will assess the customer care measure by reference to the overall Group scores because this
aligns all participants with an improvement in Group performance.
Vesting will be determined by reference to the Group HBF 9 month score for the period 1 January to 31 December
2026. As an underpin we will continue to require that the Group scores at least 80% in the 8 week score in each of the
three years of the performance period.
The Group 9 month survey score targets for the 2024 awards represent an increase on targets set for prior years and
requires an improvement on the current score for all performance levels.
The carbon reduction targets align with our Scope 1 and 2 absolute carbon reduction commitments and are based on
the trajectory required to meet our 2030 commitment. Details are provided below:
Performance measure Weighting
Threshold
(25% vesting)
Maximum
100% vesting)
Customer care
Underpin: Group scores at least 80% in the
8 week score in each of the three years
20% Group HBF 9 month score
for the 12 months January
to December 2026
is77.5%
Group HBF 9 month score
for the 12 months January
to December 2026 is
82.5% or above
Environmental – Scope 1 and 2 carbon reduction 10% 23,682 tonnes CO
2
e from
operations
21,314 tonnes CO
2
e or
below from operations
Discretion
The Remuneration Committee has discretion to override formulaic outcomes in relation to annual bonus awards and
PSP awards. In line with market practice this includes the ability to adjust for exceptional or unforeseen items in order
that performance is assessed on a fair and consistent basis. Any such exercise of discretion would be disclosed in the
subsequent Directors’ Remuneration Report.
Chairman and NED fees
The Board as a whole determines the fees of the Non-Executive Directors, with the Non-Executive Directors being recused
from that discussion and decision. The Remuneration Committee determines the Chair’s fees. In line with Executive Directors
and the wider workforce the Non-Executive Director and Chairman fees will typically be reviewed with an effective increase
date of 1 July. In recognition of the challenging trading environment the effective date for the increases agreed in July 2023
were deferred until 1 January 2024 when the Chair fee was increased by 5% and by 3% for other Non-Executive Directors.
Any increases to fees agreed in July 2024 are anticipated to be in line with or below those given to the wider workforce.
The current fees as at 1 January 2024 are set out below, together with a comparison to 2023.
Performance measure Fees for 2024 Fees for 2023
Chairman £346,500 £330,000
Non-Executive Director £66,950 £65,000
Senior Independent Director £17,000 £17,000
Audit & Risk Committee Chair £17,000 £17,000
Nomination Committee Chair £17,000 £17,000
Remuneration Committee Chair £17,000 £17,000
Workforce Engagement NED fee £10,000 £10,000
Annemarie Durbin
Chair of the Remuneration Committee
11 March 2024
Remuneration continued
Annual report on Remuneration continued

Persimmon Plc Annual Report 2023
139
Financial statementsGovernance Other informationStrategic report
Summary of Directors’ Remuneration Policy
The Group’s Remuneration Policy for Executive Directors and Non-Executive Directors was approved by shareholders at the AGM on 26 April 2023, and took effect from that date for a period of three years. The Policy
received 98.7% votes in favour. A summary of the Policy for the Executive Directors, Chairman and Non-Executive Directors is set out below.
The entire Policy, as approved by shareholders, may be found on the Group’s website at www.persimmonhomes.com/corporate/investors/results-reports-and-presentations, in the 2022 Annual Report on pages 132 to 139. The Policy is
forward-looking and intended to last for three years from its approval by shareholders, with a new policy intended to be submitted to shareholders at the 2026 AGM.
During the year there were no deviations from the Policy.
Remuneration policy for Executive Directors
Purpose How it operates Maximum payable Performance framework
Base salary
Core element of fixed
remuneration reflecting
individual’s role and experience.
Usually reviewed annually with any increases normally taking
effect from 1 July.
When reviewing salaries, consideration is given to any increases
awarded to the Group’s salaried employees, business and
market conditions, and any change in a Director’s role
andexperience.
Where an Executive Director is to be promoted or where their
role is to be expanded or changed, the Committee will review
the salary payable and decide whether an adjustment
isappropriate.
The Committee does not consider it appropriate to set maximum
salary levels. Any increases will generally be in line with or
below increases applied to the Group’s salaried employees
(inpercentage terms).
Increases may be made above that level in appropriate
circumstances, which may include but are not limited to,
promotions, where the Committee has purposefully set a lower
starting salary for a newly appointed Director, or if a Director’s
salary is no longer market competitive or to reflect development
and performance in role or a change in the size or complexity
ofthe role.
Although performance conditions do not apply, the individual’s
performance is taken into account in determining the level of any
salary increase.
Pension/Salary
supplement
Provide a competitive means of
saving to deliver appropriate
income in retirement.
Base salary is the only component of remuneration which is
pensionable. The Company operates a defined contribution
(DC)scheme.
A Director may receive a salary supplement in lieu of some
orallof the pension benefits available under the schemes.
The maximum DC pension contribution or salary supplement
(orcombination of those two elements) is 9% of base salary,
subject to any increase to take account of changes to the
pension/salary supplement provided to the Group’s
salariedemployees.
None.
Benefits
Provided on a market
competitive basis.
The benefits include: a fully financed car or cash car allowance,
group medical scheme membership, life assurance, provision
ofa mobile phone (or reimbursement of mobile phone costs),
and income protection scheme membership.
The Committee does not currently expect to change the range
ofbenefits offered to Executive Directors but retains the
discretion to add to the benefits available in appropriate
circumstances, which may include providing relocation
allowances whereappropriate.
The Committee has not set a maximum value of benefits for
Executive Directors, but the value will be set at a level which
theCommittee considers to be appropriately positioned,
takinginto account the nature and location of the role and
individual circumstances.
None.

Persimmon Plc Annual Report 2023140
Remuneration policy for Executive Directors continued
Purpose How it operates Maximum payable Performance framework
HMRC qualifying
all-employee scheme
HMRC qualifying all-employee
share schemes are to encourage
employees to take a stake in the
business, which aligns their
interest with that of shareholders.
Executive Directors are eligible to participate in all-employee
schemes on the same basis as other qualifying employees.
Maximum is subject to limits in the applicable tax legislation. None, in line with usual practice.
Annual bonus
The annual bonus rewards
Executive Directors for
performance in the relevant year
against targets and objectives
linked to the delivery of the
Company’s strategy.
50% of any annual bonus earned is paid in cash.
To further link the Executive Directors’ pay to the interests of
shareholders, 50% of any bonus earned (subject to a de minimis
limit of £5,000) is deferred into shares for three years.
The Committee has the discretion to override the formulaic
outturn of the bonus, including where it believes the outcome
isnot reflective of underlying performance or is not appropriate
in the context of circumstances that were unexpected or
unforeseen at the start of the bonus year.
Vesting of deferred bonus awards is not subject to further
performance conditions.
Deferred bonus awards may incorporate the right to receive
additional shares calculated by reference to the value of
dividends which would have been paid on the shares up to the
time of vesting.
Recovery provisions apply, as referred to below.
The maximum annual bonus potential is 200% of base salary
forthe Group Chief Executive and 175% of base salary for other
Executive Directors. Maximum bonus is only payable if stretching
targets are met.
Annual bonus performance conditions are set annually by
theCommittee to ensure that they take into consideration the
Company’s strategy and the outlook for the Company over
themedium-term and are appropriate from a risk perspective.
Financial metrics such as profit, and cash generation will have
the majority weighting. Non-financial metrics such as customer
care and quality, where applied, will have a minority weighting.
Financial metrics:
Subject to the Committee’s discretion to override formulaic
outturns, payment at threshold performance is up to 20% of
themaximum, up to 50% of the maximum will be payable for
on-target performance and all of the bonus will be payable
formaximum performance.
Non-financial strategic or individual metrics:
Subject to the Committee’s discretion to override formulaic
outturns, payment of the non-financial strategic or individual
metrics will apply on a scale between 0% and 100% of that
element based on the Committee’s assessment of the extent to
which a non-financial performance metric has been met.
Remuneration continued
Annual report on Remuneration continued

Persimmon Plc Annual Report 2023
141
Financial statementsGovernance Other informationStrategic report
Purpose How it operates Maximum payable Performance framework
The PSP
To provide a link between the
remuneration of Executive
Directors and the creation of
shareholder value by rewarding
Executive Directors for the
achievement of longer term
objectives aligned to
shareholder interests.
Under the PSP, the Committee may grant awards as conditional
shares, nil-cost options or in such other form as the Committee
determines has a substantially similar economic effect.
Awards vest subject to the satisfaction of performance conditions
assessed over a period of not less than three years.
The Committee has the discretion to reduce the formulaic vesting
outturn applying to any PSP award, including where it believes
the outcome is not reflective of underlying performance or is not
appropriate in the context of circumstances that were unexpected
or unforeseen at the date of grant. The Committee also has the
discretion to adjust awards due to windfall gains if it believes this
to be appropriate.
Awards are granted subject to a holding period of two years
following the end of the performance period, with the awards
usually only released to the Executive Director (so that the
Executive Director can acquire the shares subject to the award)
following the end of the holding period.
PSP awards may incorporate the right to receive additional
shares calculated by reference to the value of dividends which
would have been paid on the shares up to the time of release.
Recovery provisions apply, as referred to below.
The usual maximum award level in respect of any financial year
of the Company is 200% of base salary. However, in exceptional
circumstances (such as on recruitment of an Executive Director),
awards may be granted in respect of any financial year of the
Company at the level of up to 300% of base salary.
Performance conditions applying to awards under the PSP will
be based on financial and/or strategic measures aligned to the
Company’s long-term strategy, which may include, but are not
limited to, cash generation, relative TSR, cultural and
environmental metrics.
Awards will vest as to 25% for threshold performance,
increasingto 100% for maximum performance.
Remuneration policy for Executive Directors continued

Persimmon Plc Annual Report 2023142
Share ownership guidelines
In-service requirement
During employment, Executive Directors are required to acquire and retain shares with a value equal to 400% of base
salary. The Committee expects that a holding with a value equal to 200% of salary will be achieved within five years of
appointment, with the balance of the guideline acquired within a period agreed with the Chairman. Progress towards
the guideline will be reviewed regularly. Executive Directors will be required to retain all shares acquired under the
PSPand deferred bonus awards, on a net of tax basis, until the shareholding guideline is met, unless in exceptional
circumstances the Committee exercises discretion to vary this requirement.
Post-employment requirement
Following employment, Executive Directors are required to retain for a period of two years such number of shares as
they were required to acquire and retain during employment (or, if fewer, the number of shares they held at the date of
cessation of employment). Shares which the Executive Director purchases or acquires pursuant to the Company’s SAYE
scheme will not be subject to any post-employment holding requirement. The Committee retains discretion to vary this
requirement in exceptional circumstances.
Recovery Provisions (malus and clawback)
Recovery provisions may be applied in the event of the following:
• a material misstatement of any Group member’s financial results;
• gross misconduct on the part of the participant which affects substantially the financial performance or reputation
ofa Group member;
• an error in assessing a performance condition;
• a material failure of risk management;
• serious reputational damage to any Group member;
• serious misconduct or material error on the part of the participant;
• a material corporate failure;
• a failure of acceptable health and safety standards, which may include a fatality; or
• any other circumstances considered to be similar in their nature or effect to those set out above.
The recovery provisions may be applied in the case of the annual bonus for three years from the date on which the
amount of the bonus is determined and, in the case of PSP awards, until the fifth anniversary of the grant date.
Operation of share plans
The Committee may amend the terms of awards and options under its share plans in accordance with the plan rules
inthe event of a variation of the Company’s share capital or a demerger, special dividend or other similar event or
otherwise in accordance with the terms of the plans. The Committee will operate any such plan in accordance with its
rules. Share awards granted under any such plan may be settled (in whole or in part) in cash, although the Committee
would only do so where the particular circumstances made it appropriate to do so – for example, where there is a
regulatory restriction on the delivery of shares.
Remuneration continued
Annual report on Remuneration continued

Persimmon Plc Annual Report 2023
143
Financial statementsGovernance Other informationStrategic report
Choice of performance conditions
Annual bonus conditions
Rationale for selection and how performance targets are set
Profit before tax and
cashgeneration
Customer satisfaction, quality,
and/or other non-financial,
strategic, orpersonal measure
Aligned with the Company’s strategy to deliver high quality growth and return
cash to shareholders. These are important factors in ensuring overall business
performance, sustainability andreputation.
Annual bonus performance measures and targets are reviewed annually by the
Committee to ensure that they take into consideration the Company’s strategy
andthe outlook for the Company over the medium-term and are appropriate
froma risk perspective.
PSP
Rationale for selection and how performance targets are set
Cash generation
(subject to Return on Capital
Employed underpin)
Relative TSR
A cultural metric and/or
environmental metrics
Performance conditions for the PSP will be determined by the Committee and
aligned with the Company’s strategy. The rationale for the proposed performance
conditions is as follows.
Cash generation: Ensures generation of cash to fund returns to shareholders is
theresult of long-term sustainable financial performance which is a core element
of the strategy. Return on Capital Employed underpin ensures that returns to
shareholders are the result of long-term sustainable financialperformance.
Relative TSR: Provides a means of comparing the Company’s performance with
that of peers. Aligns the rewards received by Executives with the returns received
by shareholders. Ensures rewards are linked to outperformance of sector peers.
Aligned with market practice in wider FTSE 100 and sectorpeers.
Cultural and environmental metrics support our future success and reflect the
importance to the Group of environmental considerations.
The Committee retains the right to adjust or set different performance measures if events occur (such as, but not limited
to, a change in strategy, a material acquisition and/or a divestment of a Group business or a change in prevailing
market conditions), which cause the Committee to determine that the measures are no longer appropriate and that
amendment is required so that they achieve their original purpose.
Differences between the Executive Directors’ and general employees’
remuneration policy
Performance related pay makes up a significantly higher proportion of remuneration for the Executive Directors and
senior employees than for employees generally, reflecting the role of these individuals in managing the business to
achieve the Company’s strategic objectives. The Committee considers that the emphasis on performance related pay
for Executive Directors and senior employees closely aligns the Directors’ interests with those of shareholders and helps
to deliver excellent long-term Company performance. All employees are able to participate in share ownership either
through the PSP or the SAYE which is operated on an annual basis. Over 200 employees received a PSP award in2023.
Non-Executive Directors
Purpose How it operates Maximum payable Performance framework
Fees
Fees are the principal
element of Non-
Executive Directors’
remuneration and set
at a level appropriate
to attract Non-Executive
Directors with a
broad range of skills
and experience to
complement the Board.
Non-Executive
Directors with diverse
skills and experience
will assist the Board
when setting the
Company’s strategy
and overseeing its
successful
implementation.
Benefits relevant to
the role may also be
provided.
Fees for the Chairman are
determined bythe Committee
andfees for other Non-Executive
Directors are determined by the
Board as a whole. They are set at
levels, commensurate with the
individual’s duties and responsibilities
for a company of our size and
complexity.
Fees are reviewed annually with any
increases normally taking effect from
1July.
When reviewing fees consideration
isgiven to market conditions, the size
of the business and any increases
awarded to the Group’s salaried
employees.
Non-Executive Directors do not
receive bonus, pension or salary
supplement payments or share
scheme awards. Benefits may be
provided in connection with the
undertaking by a Non-Executive
Director of their duties.
Reimbursed expenses may include
a gross-up to reflect any tax or
social security due in respect of
thereimbursement.
Increases to Non-Executive
Directors’ fees will be determined
having regard to increases
applied to the Group’s salaried
employees (in percentage
terms), although fee increases
may be awarded above this
level in appropriate
circumstances including (but not
limited to): where there has been
a change in market practice;
where there has been a change
in the size or complexity of the
business; where there has been
an increase in the time
commitment required for therole.
Additional fees are payable to
Non-Executive Directors for
extra responsibilities, such as
chairing a Board committee,
holding the office of Senior
Independent Director, or the
office of Workforce Engagement
Non-Executive Director, or any
other additional responsibilities.
N/A

Persimmon Plc Annual Report 2023144
Recruitment and promotion policy
Ongoing remuneration
The Committee’s approach to recruitment remuneration is to pay no more than is necessary to attract candidates with
the appropriate skills for the housebuilding industry. The Committee retains discretion to include other elements of
remuneration which are not included in the provisions of the 2023 Policy set out above should business needs require.
However, this discretion is subject to the following principles and limitations, and the commercial rationale for taking
such action will be disclosed in the following Annual Report on Remuneration.
• In general our policy is to set salaries based on the market rate. In certain circumstances the salary for a new
Executive Director may be set below the normal market rate, with increases over such period as the Committee
determines as the Director gains experience in their new role.
• Pension/salary supplement benefits will be provided in line with the provisions of the 2023 Policy set out above.
• The variable remuneration that may be awarded will be subject to the applicable limit set out below.
• Without prejudice to the ability to offer additional cash and/or share-based elements to take account of
remuneration relinquished when leaving the former employer as discussed below, the discretion will not be used
tomake non-performance related incentive payments.
Examples of the circumstances in which these other elements may be provided include:
• an interim appointment being made to fill an Executive Director role on a short-term basis;
• if exceptional circumstances require that the Chairman or a Non-Executive Director takes on an executive function
on a short-term basis; and
• if an Executive Director is recruited at a time in the year when it would be inappropriate to provide a bonus or a
PSPaward for that year as there would not be sufficient time to assess performance, subject to the applicable limit
onvariable remuneration set out below, the quantum in respect of the months employed during the year may be
transferred to the subsequent year so that reward is provided on a fair and appropriate basis.
The Committee may alter the performance measures and vesting/deferral/holding period of annual bonus and
PSPawards to take account of the circumstances of the recruitment.
The maximum level of variable remuneration which may be granted to a new Executive Director on appointment
(excluding any award to take account of remuneration relinquished when leaving the former employer) will be 475%
ofsalary and, for a new Chief Executive, 500% of salary.
As described in the policy tables above, it may also be necessary to offer relocation benefits for external and internal appointments.
‘Buy-out’ awards
The Committee may offer additional cash and/or share-based elements at recruitment when it considers these to be
inthe best interests of the Company (and therefore shareholders) to take account of remuneration relinquished when
leaving the former employer and would take account of the nature, time horizons and performance requirements
attaching to that remuneration. These awards will ordinarily be granted on the basis that they are subject to forfeiture
or‘clawback’ in the event of departure within 12 months of joining the Company, although the Committee will retain
discretion to not apply forfeiture or clawback in appropriate circumstances.
Internal appointments
For an internal Executive Director appointment, any variable pay element awarded in respect of the prior role will
beallowed to pay out according to its terms.
Non-Executive Director appointments
The remuneration package for a newly appointed Non-Executive Director would be in line with the structure set out
inthe policy table for Non-Executive Directors.
Remuneration continued
Annual report on Remuneration continued

Persimmon Plc Annual Report 2023
145
Financial statementsGovernance Other informationStrategic report
Statement of Directors’ Responsibilities
In respect of the Annual Report and the
financial statements
The current Directors are listed on pages 82 and 83 and are responsible for
preparing the Annual Report and the Group and Parent Company financial
statements in accordance with applicable law and regulations. Such law
requires the preparation of the Group financial statements in accordance
withUK adopted International Accounting Standards and the preparation
ofthe Parent Company financial statements in accordance with UK-adopted
International Accounting Standards in conformity with the requirements of
theCompanies Act 2006 as applied in accordance with section 408 of the
Companies Act 2006.
Company law requires that Directors prepare Group and Parent Company
financial statements for each financial year. However, the Directors must not
approve the financial statements unless they are satisfied that they give a true
and fair view of the state of affairs of the Group and Parent Company and of
their profit or loss for that period. In preparing each of the Group and Parent
Company financial statements, the Directors are required to:
• select suitable accounting policies and then apply them consistently;
• make judgements and estimates that are reasonable and prudent;
• state whether for the Group financial statements they have been prepared
in accordance with UK adopted International Accounting Standards, and
for the Parent Company financial statements that they have been prepared
in accordance with UK-adopted International Accounting Standards in
conformity with the requirements of the Companies Act 2006 as applied
inaccordance with section 408 of the Companies Act 2006; and
• prepare the financial statements on the going concern basis unless it is
inappropriate to presume that the Group and the Parent Company will
continue in business.
The Directors are responsible for keeping adequate accounting records that
are sufficient to show and explain the Parent Company’s transactions and
disclose with reasonable accuracy at any time the financial position of the
Parent Company and enable them to ensure that its financial statements
comply with the Companies Act 2006. They have general responsibility
fortaking such steps as are reasonably open to them to safeguard the assets
of the Group and to prevent and detect fraud and other irregularities.
Under applicable law and regulations, the Directors are also responsible
forpreparing a Strategic Report, Directors’ Report, Directors’ Remuneration
Report and Corporate Governance Statement that complies with that law
andthose regulations.
The Directors are responsible for the maintenance and integrity of the
corporate and financial information included on the Company’s website.
Legislation in the UK governing the preparation and dissemination of
financialstatements may differ from legislation in other jurisdictions.
Responsibility statement of the Directors
inrespect of the annual financial report
We confirm that to the best of our knowledge:
• the financial statements, prepared in accordance with the applicable set
ofaccounting standards, give a true and fair view of the assets, liabilities,
financial position and profit or loss of the issuer and the undertakings
included in the consolidation taken as a whole; and
• the Strategic Report includes a fair review of the development and
performance of the business and the position of the issuer and the
undertakings included in the consolidation taken as a whole, together
witha description of the principal risks and uncertainties that they face.
We consider the Annual Report and Accounts, taken as a whole, is fair,
balanced and understandable and provides the information necessary
forshareholders to assess the Group’s position and performance, business
model and strategy.
On behalf of the Board,
Dean Finch
Group Chief Executive
11 March 2024

Persimmon Plc Annual Report 2023146
Opinion
In our opinion:
• Persimmon plc’s group financial statements and parent company financial statements (the “financial statements”)
give a true and fair view of the state of the group’s and of the parent company’s affairs as at 31 December 2023 and
of the group’s profit for the year then ended;
• the group financial statements have been properly prepared in accordance with UK adopted international
accounting standards;
• the parent company financial statements have been properly prepared in accordance with UK adopted
international accounting standards as applied in accordance with section 408 of the Companies Act 2006; and
• the financial statements have been prepared in accordance with the requirements of the Companies Act 2006.
We have audited the financial statements of Persimmon plc (the ‘parent company’) and its subsidiaries (the ‘group’) for the
year ended 31 December 2023 which comprise:
Group Parent company
• Group balance sheet as at 31 December 2023
• Consolidated statement of comprehensive income for
the year then ended
• Group statement of changes in shareholders’ equity for
the year then ended
• Group cash flow statements for the year then ended
Related notes 1 to 33 to the financial statements,
including material accounting policy information
• Company Balance sheet as at 31 December 2023
• Statement of changes in shareholders’ equity for the
year then ended
• Company cash flow statement for the year then ended
• Related notes 1 to 33 to the financial statements,
including material accounting policy information
The financial reporting framework that has been applied in their preparation is applicable law and UK adopted
international accounting standards and as regards the parent company financial statements, as applied in accordance
with section 408 of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law.
Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the
financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
Independence
We are independent of the group and parent in accordance with the ethical requirements that are relevant to our audit
of the financial statements in the UK, including the FRC’s Ethical Standard as applied to listed public interest entities,
and we have fulfilled our other ethical responsibilities in accordance with these requirements.
The non-audit services prohibited by the FRC’s Ethical Standard were not provided to the group or the parent company
and we remain independent of the group and the parent company in conducting the audit.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting
in the preparation of the financial statements is appropriate. Our evaluation of the directors’ assessment of the group
and parent company’s ability to continue to adopt the going concern basis of accounting included:
• In conjunction with our walkthrough of the Group’s financial close process, we confirmed our understanding of
management’s going concern assessment process;
• Obtaining management’s going concern assessment, including the cash forecasts and covenant calculations for the
going concern period which covers the period to 30 June 2025 and testing them for arithmetic accuracy.
Management has prepared a base case scenario that assumes a decline in volumes and selling price from those
achieved in 2023 and a critical but plausible downside scenario which, reflects the initial impact of the prior global
financial crisis for 2024 with recovery in line with market expectations during the first half of 2025. Additionally,
management has prepared an extreme scenario reflecting the impact of the global financial crisis for 2024 but with
no recovery, and a reverse stress test;
• Challenging the appropriateness of the key assumptions in management’s base case forecast and comparing them
to the Group’s historic performance and industry predictions;
• Challenging management’s consideration of a reasonable worst-case scenario (the critical but plausible downside),
evaluating whether the impact of a prolonged downturn in trading had been appropriately included and whether
climate risk may materially impact the going concern assessment;
• Considering management’s reverse stress test in order to identify and understand what factors and how severe a
downside scenario would have to be to result in the Group utilising all liquidity or breaching a financial covenant
during the going concern period;
• Assessing the plausibility of management’s downside scenarios, including the reverse stress test, by comparing to
third-party data, including industry predictions, for indicators of contradictory evidence;
• Considering the amount and timing of mitigating factors under the Group’s control that could preserve cash if
required; and
• Reviewing the Group’s going concern disclosures included in the annual report in order to assess whether they were
appropriate and in conformity with the reporting standards.
Independent auditor’s report
To the members of Persimmon Plc

Persimmon Plc Annual Report 2023 147
Financial statementsGovernance Other informationStrategic report
In all of the scenarios modelled, the Group maintains headroom throughout the Going Concern period to 30 June
2025 through use of cash at bank and the £700m Revolving Credit Facility (Expiring June 2028). Based on the work
we have performed, we have not identified any material uncertainties relating to events or conditions that, individually
or collectively, may cast significant doubt on the group and parent company’s ability to continue as a going concern for
the period 30 June 2025.
In relation to the group and parent company’s reporting on how they have applied the UK Corporate Governance
Code, we have nothing material to add or draw attention to in relation to the directors’ statement in the financial
statements about whether the directors considered it appropriate to adopt the going concern basis of accounting.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant
sections of this report. However, because not all future events or conditions can be predicted, this statement is not a
guarantee as to the group’s ability to continue as a going concern.
Overview of our audit approach
Audit scope We performed an audit of the complete financial information of one component and audit
procedures on specific balances for a further three components.
The components where we performed full or specific audit procedures accounted for 100%
of Profit before tax, 100% of Revenue and 100% of Total assets.
Key audit matters 1. Revenue recognition
2. Inventory valuation and profit recognition
3. Legacy Buildings Provision
Materiality Overall group materiality of £17.8 million which represents 5% of profit before tax.
An overview of the scope of the parent company and group audits
Tailoring the scope
Our assessment of audit risk, our evaluation of materiality and our allocation of performance materiality determine our
audit scope for each company within the Group. Taken together, this enables us to form an opinion on the consolidated
financial statements. We take into account size, risk profile, the organisation of the group and effectiveness of
group-wide controls, changes in the business environment, the potential impact of climate change and other factors
such as recent Internal audit results when assessing the level of work to be performed at each company.
We performed an audit of the complete financial information of one component (“full scope component”) which were
selected based on their size or risk characteristics. For the remaining three components (“specific scope components”),
we performed audit procedures on specific accounts within that component that we considered had the potential for
the greatest impact on the significant accounts in the financial statements either because of the size of these accounts or
their risk profile.
The reporting components where we performed audit procedures accounted for 100% (2022: 100%) of the Group’s
Profit before tax, (or in the case of 2022, the Group’s Adjusted Profit before tax measure used to calculate materiality),
100% (2022: 100%) of the Group’s Revenue and 100% (2022: 100%) of the Group’s Total assets.
Scoping Changes from the prior year
For the 2023 audit, we performed specific audit procedures on three components, Fibrenest Limited, Persimmon
Brickworks Limited and Space 4 Limited (2022; two – Fibrenest Limited and Persimmon Brickworks Limited). This
change was to gain additional coverage over the Property, Plant and Equipment balances. There were no other
changes to the audit scoping since the prior year.
Involvement with component teams
All audit work performed for the purposes of the audit was undertaken by the Group audit team.
Climate change
Stakeholders are increasingly interested in how climate change will impact companies. The Group has determined that
the most significant future impacts from climate change on its operations will be from the various factors explained on
pages 59 to 68 in the required Task Force On Climate Related Financial Disclosures and on pages 72 to 75 in the
principal risks and uncertainties. They have also explained their climate commitments on pages 36 to 39. All of these
disclosures form part of the “Other information,” rather than the audited financial statements. Our procedures on these
unaudited disclosures therefore consisted solely of considering whether they are materially inconsistent with the
financial statements or our knowledge obtained in the course of the audit or otherwise appear to be materially
misstated, in line with our responsibilities on “Other information”.
In planning and performing our audit we assessed the potential impacts of climate change on the Group’s business and
any consequential material impact on its financial statements.
The group has explained in its basis of preparation accounting policy note (Note 2), an articulation of how climate
change has been reflected in the financial statements. The impact of climate change has been considered in its
assessment of the inventories and goodwill and intangible assets and how these balances may be impacted by
measures taken to address global warming. There are no significant judgements or estimates relating to climate change
in the notes to the financial statements. The Group has concluded that the environmental impact on the Group’s
operations is relatively low, no issues were identified that would impact the carrying values of such assets or have any
other impact on the financial statements.
Our audit effort in considering the impact of climate change on the financial statements was focused on evaluating
whether management’s assessment of the impact of the physical climate risk of flooding has been appropriately
reflected in the projected financial information used for the assessment of the Group’s viability and impairment. Details
of our procedures and the resultant conclusions on inventory are included in our key audit matters below.
We also challenged the Directors’ considerations of climate change risks in their assessment of going concern, viability
assessment and associated disclosures.
Based on our work, whilst we have not identified the impact of climate change on the financial statements to be a
standalone key audit matter, we have considered the impact on inventory valuation. Details of our procedures and
findings are included in our explanation of key audit matter below.

Persimmon Plc Annual Report 2023148
Independent auditor’s report continued
To the members of Persimmon Plc
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements of the current period and include the most significant assessed risks of material misstatement (whether or
not due to fraud) that we identified. These matters included those which had the greatest effect on: the overall audit strategy, the allocation of resources in the audit; and directing the efforts of the engagement team. These matters were
addressed in the context of our audit of the financial statements as a whole, and in our opinion thereon, and we do not provide a separate opinion on these matters.
Risk Our response to the risk Key observations communicated to the Audit Committee
Inventory valuation and profit recognition
Refer to the Audit Committee Report (page 111); Accounting policies (page
161); and Note 18 of the Consolidated Financial Statements (page 169)
As at 31 December 2023 the inventory balance includes WIP of
£1,431.3million (2022 – £1, 263.9 million) and Land of
£2,103.5million(2022 £2,091.7 million).
As at 31 December 2023, the Cost of sales amount, before exceptionals,
was£2,253.1 million (2022 – £2,673.3 million)
There is a risk that the margin used to recognise profit on each development is
incorrect and that the carrying amount of WIP and Land could be subject to
impairment and write downs.
The carrying value of Inventory is determined by reference to a number of
assumptions inherent in the site forecasts, such as costs to complete and
expected selling price, that are used to calculate the expected margin on
each development and the cost of sale therefore recorded when a plot is sold.
There is a risk that cost of sales and margin may be misstated if these
development margins are incorrectly determined either as a result of
management bias or error.
We performed the following procedures over this risk area:
1. We performed walkthroughs to understand the key processes and identify key controls;
2. We performed testing on the Group’s controls over the WIP and profit recognition process and
purchases. We considered management’s bi-monthly valuation process to be the key control. We
attended a sample of regional valuation meetings virtually to observe the level of management
challenge of the assumptions within the site valuations. For a sample of meetings for a sample of
months, we inspected valuation meeting packs to ensure that the appropriate individuals were in
attendance at the meeting, that all sites were considered and that aggregate site variances in excess of
£2,400 had been appropriately explained. We also inspected action logs for a sample of meetings to
ensure that open matters were followed up and updated in the forecasts timely;
3. We performed a substantive analytical review for the total cost of sales balance based on an overall
group margin expectation;
4. For all sites completed in the year, we have analysed the margins throughout the site’s life so as to
evidence management’s historic forecasting accuracy;
5. For a sample of active sites at year end we have tested a sample of costs to come and expected selling
prices to supporting evidence;
6. For a sample of entries to cost of sales in the year, we have checked that the margin recorded ties to the
latest projected margin;
7. We performed sensitivity analysis on low margin sites held in WIP at year end; and
8. For a sample of land assets, we considered their location within the UK and assessed whether there
was any impairment risk due to potential flooding.
Based on our audit procedures we have concluded
that the inventory balance and profit recognised in
the year are not materially misstated.
Revenue recognition
Refer to Accounting policies (page 159); and Note 5 of the Consolidated
Financial Statements (page 163)
The Group has reported revenues for the year of £2,773.2 million (2022
– £3,815.8 million).
There is a potential for material misstatement within revenue, particularly in
relation to revenue being recorded in the wrong period, due to cut off errors
or management bias.
We performed the following procedures over this risk area:
1. We performed walkthroughs to understand the key processes and identify key controls;
2. We tested whether revenue was recorded in the correct period by selecting a sample from the housing
sales recorded within two weeks either side of the year end and testing that the sales selected had
legally completed and settled in cash in the period in which they were accounted for;
3. We performed procedures using EY bespoke data analytics tools to test the appropriateness of journal
entries recorded in the general ledger by correlating sales postings with cash receipts throughout the
year;
4. We tested all material manual journals posted to revenue to assess for any evidence of management
override by checking to supporting documentation; and
5. We considered any material bulk sale arrangements for compliance with IFRS 15.
Based on our audit procedures we have concluded
that revenue is appropriately recognised, and that
there was no evidence of management override.

Persimmon Plc Annual Report 2023 149
Financial statementsGovernance Other informationStrategic report
Risk Our response to the risk Key observations communicated to the Audit Committee
Legacy Buildings Provision
Refer to Accounting policies (page 159); and Note 22 of the Consolidated
Financial Statements (page 171).
At 31 December 2023, the Group holds a legacy building provision of
£283.2 million (2022 – £333.3 million).
There is estimation uncertainty and subjectivity in determining the most likely
costs which will be required to remediate affected properties based on the
current government guidance. There is, therefore, a risk that the legacy
building provision is misstated either through management bias or error.
We performed the following procedures over this risk area:
1. We performed a walkthrough to understand the key processes and identify key controls. We read and
understood the relevant laws and regulations including any recently published government guidance
and the signed contract with Department for Levelling Up, Housing and Communities;
2. We performed a comparison of the estimated costs versus the actual costs incurred to determine if the
methodology applied by management is accurate;
3. We obtained management’s provision schedule, which showed the brought forward provision and the
current year increases relating to new sites identified and the various categories of additional costs
identified as a result of updated tenders or additional scope requirements or contract variations and
understood the basis for significant movements;
4. For a sample of spend in the year we agreed costs to third party support (e.g. supplier invoices);
5. On a sample basis, we tested the movements in individual development provisions. For those tendered,
we agreed the expected cost to supporting third party documentation (i.e. subcontractor tenders). For
those untendered, we assessed management’s estimate by reference to the cost per square metre of
those already tendered;
6. We performed sensitivity analysis on the provision in order to establish whether these could give rise to
material variances;
7. In order to assess completeness we performed reverse media search of buildings scope of the Building
Safety regulation linked to Persimmon building work. We also searched the Department for Levelling
Up, Housing and Communities (DLUHC)’s reports sent via email to the client and reports on their
website for detail of any claims or notifications received by them relating to Persimmon or their
subsidiaries; and
8. We assessed the appropriateness of the disclosures included within the Financial Statements in relation
to provisions, including the disclosure of the assumptions and associated sensitivities in relation to the
key sources of estimation uncertainty.
Based on our audit procedures we have concluded
that Legacy Buildings Provision is appropriately
recognised.
Key audit matters continued

Persimmon Plc Annual Report 2023150
Independent auditor’s report continued
To the members of Persimmon Plc
Our application of materiality
We apply the concept of materiality in planning and performing the audit, in evaluating the effect of identified
misstatements on the audit and in forming our audit opinion.
Materiality
The magnitude of an omission or misstatement that, individually or in the aggregate, could reasonably be expected to
influence the economic decisions of the users of the financial statements. Materiality provides a basis for determining
the nature and extent of our audit procedures.
We determined materiality for the Group to be £17.6 million (2022: £50.3 million), which is 5% (2022: 5%) of
ProfitBefore Tax. The 2022 Profit Before Tax amount was adjusted for the exceptional legacy building provision of
£275.0million. We believe that Profit Before Tax provides us with an appropriate basis for materiality and is the most
relevant for stakeholders, as it is a focus of both management and investors.
We determined materiality for the Parent Company to be £18.4 million (2022: £22.3 million), which is 1% (2022: 1%)
of equity, however, we have capped the materiality for our audit testing to the materiality of the Group.
Performance materiality
The application of materiality at the individual account or balance level. It is set at an amount to reduce to an
appropriately low level the probability that the aggregate of uncorrected and undetected misstatements exceeds
materiality.
On the basis of our risk assessments, together with our assessment of the Group’s overall control environment, our
judgement was that performance materiality was 75% (2022: 75%) of our planning materiality, namely £13.2 million
(2022: £37.7 million). We have set performance materiality at this percentage based on our assessment of the control
environment of the Group and expectation of errors.
Reporting threshold
An amount below which identified misstatements are considered as being clearly trivial.
We agreed with the Audit Committee that we would report to them all uncorrected audit differences in excess of
£0.9million (2022: £2.4 million), which is set at 5% of planning materiality, as well as differences below that
thresholdthat, in our view, warranted reporting on qualitative grounds.
We evaluate any uncorrected misstatements against both the quantitative measures of materiality discussed above and
in light of other relevant qualitative considerations in forming our opinion.
Other information
The other information comprises the information included in the annual report set out on pages 1 to 156, other than the
financial statements and our auditor’s report thereon. The directors are responsible for the other information contained
within the annual report.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise
explicitly stated in this report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially
inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to
be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are
required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based
on the work we have performed, we conclude that there is a material misstatement of the other information, we are
required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, the part of the directors’ remuneration report to be audited has been properly prepared in accordance
with the Companies Act 2006.
In our opinion, based on the work undertaken in the course of the audit:
• the information given in the strategic report and the directors’ report for the financial year for which the financial
statements are prepared is consistent with the financial statements; and
• the strategic report and the directors’ report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in
the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us
to report to you if, in our opinion:
• adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not
been received from branches not visited by us; or
• the parent company financial statements and the part of the Directors’ Remuneration Report to be audited are not in
agreement with the accounting records and returns; or
• certain disclosures of directors’ remuneration specified by law are not made; or
• we have not received all the information and explanations we require for our audit.

Persimmon Plc Annual Report 2023 151
Financial statementsGovernance Other informationStrategic report
Corporate Governance Statement
We have reviewed the directors’ statement in relation to going concern, longer-term viability and that part of the
Corporate Governance Statement relating to the group and company’s compliance with the provisions of the UK
Corporate Governance Code specified for our review by the Listing Rules.
Based on the work undertaken as part of our audit, we have concluded that each of the following elements of the
Corporate Governance Statement is materially consistent with the financial statements or our knowledge obtained
during the audit:
• Directors’ statement with regards to the appropriateness of adopting the going concern basis of accounting and any
material uncertainties identified set out on page 125;
• Directors’ explanation as to its assessment of the company’s prospects, the period this assessment covers and why
the period is appropriate set out on page 73;
• Director’s statement on whether it has a reasonable expectation that the group will be able to continue in operation
and meets its liabilities set out on page 73;
• Directors’ statement on fair, balanced and understandable set out on page 121;
• Board’s confirmation that it has carried out a robust assessment of the emerging and principal risks set out on page
55 to 61;
• The section of the annual report that describes the review of effectiveness of risk management and internal control
systems set out on page 124; and;
• The section describing the work of the audit committee set out on page 118 to 121.
Responsibilities of directors
As explained more fully in the directors’ responsibilities statement set out on page 156, the directors are responsible for
the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such
internal control as the directors determine is necessary to enable the preparation of financial statements that are free
from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the group and parent company’s
ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going
concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease
operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with
ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of these financial statements.
Explanation as to what extent the audit was considered capable of detecting irregularities,
including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in
line with our responsibilities, outlined above, to detect irregularities, including fraud. The risk of not detecting a material
misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve
deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. The extent to
which our procedures are capable of detecting irregularities, including fraud is detailed below.
However, the primary responsibility for the prevention and detection of fraud rests with both those charged with
governance of the company and management.
• We obtained an understanding of the legal and regulatory frameworks that are applicable to the group and
determined that the most significant frameworks which are directly relevant to specific assertions in the financial
statements are those that relate to the reporting framework (UK adopted international accounting standards, the
Companies Act 2006 and the UK Corporate Governance Code) tax compliance legislation, employment law and
building safety legislation.
• We understood how Persimmon plc is complying with those frameworks by making enquiries of management,
Internal Audit, those responsible for legal and compliance procedures and the Company Secretary. We
corroborated our enquiries through our review of board minutes and papers provided to the Audit Committee.
• We assessed the susceptibility of the group’s financial statements to material misstatement, including how fraud
might occur through internal team conversations and inquiry of management and those charged with governance to
understand where it considered there was a susceptibility for fraud. We corroborated our enquiries through other
work performed and made inquiries of management to identify if there are matters where there is a risk of breach of
such frameworks that could have a material adverse impact on the company, as well as consideration of the results
of our audit procedures across the company. We considered the programmes and controls that the company has
established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior
management monitors those programmes and controls. We also considered performance targets and their
propensity to influence efforts made by management to manage earnings. Where the risk was considered to be
higher, we performed audit procedures to address each identified fraud risk. These procedures included testing
manual journals and were designed to provide reasonable assurance that the financial statements were free from
fraud and error. We also utilised our analytics tools and paid particular attention to manual journals in order to
address the risk of management override. Where necessary we involved forensic specialists to support the audit
team in evaluating and concluding on our testing performed in relation to management override.

Persimmon Plc Annual Report 2023152
Independent auditor’s report continued
To the members of Persimmon Plc
Auditor’s responsibilities for the audit of the financial statements
continued
Explanation as to what extent the audit was considered capable of detecting irregularities,
including fraud continued
• Based on this understanding we designed our audit procedures to identify non-compliance with such laws and
regulations. Our procedures involved enquiries about any instances of non-compliance with the Group management
and Internal Audit and understanding of the impact of any such non-compliance upon our audit. We engaged
internal specialists as required when designing and executing audit procedures. We also performed journal entry
testing, with a focus on manual consolidation journals, and journals indicating large or unusual transactions based
on our understanding of the business; and focused testing, as referred to in the key audit matters section above. In
addition, we completed procedures to conclude on the compliance of the disclosures in the Annual Report and
Accounts with the requirements of the relevant accounting standards, UK legislation and the UK Corporate
Governance Code.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting
Council’s website at https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Other matters we are required to address
• Following the recommendation from the audit committee, we were appointed by the company on 14 April 2016 to
audit the financial statements for the year ending 31 December 2016 and subsequent financial periods.
• The period of total uninterrupted engagement including previous renewals and reappointments is 8 years, covering
the years ending 31 December 2016 to 31 December 2023.
• The audit opinion is consistent with the additional report to the audit committee.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the
Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those
matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted
by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a
body, for our audit work, for this report, or for the opinions we have formed.
Victoria Venning
(Senior statutory auditor)
for and on behalf of Ernst & Young LLP, Statutory Auditor
Leeds
11 March 2024

Consolidated statement of comprehensive income
For the year ended 31 December 2023
Persimmon Plc Annual Report 2023 153
Financial statementsGovernance Other informationStrategic report
Revenue
5
2,77 3.2
3,8 1 5.8
Cost of sales
(2,253.1)
(2,9 48.3)
Gross profit
520.1
867 .5
Underlying gross profit
520.1
1 ,1 4 2.5
Legacy buildings provision
6
—
(2 7 5.0)
Other operating income
8.6
1 0.3
Operating expenses
(1 8 1 .8)
(1 5 2.9)
Operating profit
10
346.9
724 . 9
Underlying operating profit
35 4.5
1 ,006.5
Legacy buildings provision
—
(2 7 5.0)
Impairment of intangible assets
14
(7 .6)
(6.6)
Finance income
9
1 9.7
9.9
Finance costs
9
(1 4.8)
(4.1)
Profit before tax
35 1 .8
7 30.7
Underlying profit before tax
35 9.4
1 ,0 1 2.3
Legacy buildings provision
—
(2 7 5.0)
Impairment of intangible assets
14
(7 .6)
(6.6)
Tax
11 . 1
(96.4)
(1 69.7)
Profit after tax (all attributable to equity holders of the Parent)
13
255.4
56 1 .0
Remeasurement (loss)/gain on defined benefit pension schemes
28
(35.1)
5.2
Tax
11 . 2
9.8
(7 .6)
Other comprehensive expense for the year,
net of tax
(25.3)
(2.4)
Total recognised income for the year
230.1
558.6
Basic
13
80.0p
1 7 5.8p
Diluted
13
79.5p
1 7 4.3p
The Company is taking advantage of the exemption in section 408 of the Companies Act 2006 not to present its
individual statement of comprehensive income.

Persimmon Plc Annual Report 2023154
Intangible assets
14
1 65.4
1 7 3.0
—
0.3
Property, plant and equipment
15
1 40.5
1 1 8.6
8.3
4.3
Investments accounted for using the
equity method
16.1
1. 0
0.3
—
—
Investments in subsidiaries
16.2
—
—
3,205.7
3,205.7
Shared equity loan receivables
17
2 7. 2
2 9.1
—
—
Trade and other receivables
19
6.9
0.3
2,040.4
2,015.4
Deferred tax assets
24
11 . 5
1 0.5
4.3
3.8
Retirement benefit assets
28
12 7. 1
1 55.9
127. 1
155.9
47 9.6
48 7 .7
5,385.8
5,385.4
Inventories
18
3,70 1 .2
3,462.9
—
—
Shared equity loan receivables
17
4.9
6.9
—
—
Trade and other receivables
1 82.0
1 93.2
17. 3
13.3
Cash and cash equivalents
26
420.1
86 1 .6
241.0
603.3
Current tax assets
—
21 . 8
—
—
4,308.2
4,546.4
258.3
616.6
Total assets
4,7 87 .8
5,03 4.1
5,644.1
6,002.0
Trade and other payables
21
(1 78.7)
(2 1 4.8)
(1.3)
(2.0)
Deferred tax liabilities
24
(64.9)
(72.1)
(37.1)
(45.2)
Partnership liability
29
(1 5.1)
(1 9.6)
—
—
Legacy buildings provision
22
(1 6 1 .7)
(1 96.8)
—
—
(420.4)
(503.3)
(38.4)
(47.2)
Trade and other payables
21
(82 1 .7)
(94 9.4)
(3,655.1)
(3,883.0)
Partnership liability
29
(5.6)
(5.6)
—
—
Current tax liabilities
(0.1)
—
—
—
Legacy buildings provision
22
(1 2 1 .5)
(1 36.5)
—
—
(948.9)
(1 ,09 1 .5)
(3,655.1)
(3,883.0)
Total liabilities
(1 ,369.3)
(1 ,59 4.8)
(3,693.5)
(3,930.2)
Net assets
3,4 1 8.5
3,439.3
1,950.6
2,071.8
Ordinary share capital issued
25
31 . 9
31 . 9
31.9
31. 9
Share premium
25.6
25.6
25.6
25.6
Capital redemption reserve
236.5
2 36.5
236.5
236.5
Other non-distributable reserve
2 7 6.8
2 7 6.8
—
—
Retained earnings
2,847 .7
2,868.5
1,656.6
1,777.8
Total equity
3,4 1 8.5
3,439.3
1,950.6
2,071.8
The profit for the year dealt with in the accounts of the Company is £156.0m (2022: £604.2m).
The financial statements of Persimmon Plc (company number: 1818486) on pages 154 to 200 were approved by the
Board of Directors on 11 March 2024 and were signed on its behalf by:
Dean Finch
Group Chief Executive
Balance sheets
As at 31 December 2023

Persimmon Plc Annual Report 2023 155
Financial statementsGovernance Other informationStrategic report
Balance at 1 January 2022
31 . 9
2 4.9
236.5
2 7 6.8
3,055.1
3,6 25.2
Profit for the year
—
—
—
—
56 1.0
56 1 .0
Other comprehensive expense
—
—
—
—
(2.4)
(2.4)
Dividends on equity shares
—
—
—
—
(7 50.1)
(7 50.1)
Issue of new shares
—
0.7
—
—
—
0.7
Own shares purchased
—
—
—
—
(0.7)
(0.7)
Exercise of share options/share awards
—
—
—
—
(1.0)
(1.0)
Share-based payments
—
—
—
—
5.6
5.6
Satisfaction of share options from own shares held
—
—
—
—
1.0
1. 0
Balance at 31 December 2022
31 . 9
25.6
2 36.5
2 7 6.8
2,868.5
3,439.3
Profit for the year
—
—
—
—
2 55.4
2 55.4
Other comprehensive expense
—
—
—
—
(25.3)
(25.3)
Dividends on equity shares
—
—
—
—
(2 55.4)
(2 55.4)
Own shares purchased
—
—
—
—
(1.2)
(1.2)
Share-based payments
—
—
—
—
5.7
5.7
Balance at 31 December 2023
31 . 9
25.6
236.5
27 6.8
2,847 .7
3,4 1 8.5
The other non-distributable reserve arose prior to transition to IFRSs and relates to the issue of ordinary shares to acquire the shares of Beazer Group Plc in 2001.
The Board has decided to net settle the withholding tax obligations associated with the exercise of the Persimmon Plc 2012 Long Term Incentive Plan option. There are currently no plans to extend this decision to other share options.
The other non-distributable reserve arose prior to transition to IFRSs.
Statement of changes in shareholders’ equity
For the year ended 31 December 2023

Persimmon Plc Annual Report 2023156
Share capital
£m
Share premium
£m
Capital
redemption
reserve
£m
Retained
earnings
£m
Total
£m
Company
Balance at 1 January 2022 31. 9 24.9 236.5 1,920.8 2,214.1
Profit for the year — — — 604.2 604.2
Other comprehensive expense — — — (2.4) (2.4)
Transactions with owners:
Dividends on equity shares — — — (750.1) (750.1)
Issue of new shares — 0.7 — — 0.7
Own shares purchased — — — (0.7) (0.7)
Exercise of share options/share awards — — — (1.0) (1.0)
Share-based payments — — — 6.0 6.0
Satisfaction of share options from own shares held — — — 1.0 1.0
Balance at 31 December 2022 31. 9 25.6 236.5 1,777.8 2,071.8
Profit for the year — — — 156.0 156.0
Other comprehensive expense — — — (25.3) (25.3)
Transactions with owners:
Dividends on equity shares — — — (255.4) (255.4)
Own shares purchased — — — (1.2) (1.2)
Share-based payments — — — 4.7 4.7
Balance at 31 December 2023 31.9 25.6 236.5 1,656.6 1,950.6
During the year the Company received dividends from wholly owned subsidiary undertakings of £155.0m (2022: £600.0m).
Retained earnings include £0.7m of non-distributable items (2022: £0.7m).
Statement of changes in shareholders’ equity
For the year ended 31 December 2023

Persimmon Plc Annual Report 2023 157
Financial statementsGovernance Other informationStrategic report
Profit for the year
255.4
56 1 .0
156.0
604.2
Tax charge
11 . 1
96.4
1 69.7
0.7
0.2
Finance income
9
(1 9.7)
(9.9)
(15.5)
(4.2)
Finance costs
9
1 4.8
4.1
3.8
0.5
Depreciation charge
15
1 8.7
1 5.8
1.2
1.0
Amortisation of intangible assets
14
—
—
0.3
0.2
Impairment of intangible assets
14
7. 6
6.6
—
—
Legacy buildings provision
22
—
2 7 5.0
—
—
Share-based payment charge
4.5
9.0
4.5
9.0
Net imputed interest (expense)/income
(8.7)
2.1
—
—
subsidiaries
—
—
(155.0)
(600.0)
Other non-cash items
(8.9)
(7 .9)
1.3
2.2
Cash (outflow)/ inflow from
operating activities
360.1
1 ,02 5.5
(2.7)
13.1
Increase in inventories
(235.3)
(53 2.5)
—
—
andotherreceivables
37. 5
(8 1 .1)
(26.6)
(60.3)
andotherpayables
(233.6)
14 1 . 1
(227.4)
(250.4)
Decrease in shared equity loan receivables
5.7
1 3.3
—
—
Cash (absorbed)/generated from
operations
(65.6)
566.3
(101.7)
302.4
Interest paid
(4.3)
(3.3)
(1.6)
(1.0)
Interest received
11 . 7
3.5
6.9
1.0
subsidiaries
—
—
155.0
600.0
Tax (paid)/received
(7 1 .6)
(1 64.2)
0.6
(2.1)
Net cash (outflows)/inflow from
operating activities
(1 29.8)
402.3
(95.8)
300.3
Investment in an associate
(0.7)
—
—
—
Acquisition of loan notes
(6.8)
—
—
—
Acquisition of subsidiary
—
(0.2)
—
—
andequipment
15
(36.4)
(30.5)
(4.6)
(1.5)
Proceeds from sale of property,
plantand equipment
1. 0
0.9
—
—
Net cash outflow from
investingactivities
(42.9)
(2 9.8)
(4.6)
(1.5)
Lease capital payments
(3.0)
(3.3)
(0.4)
(0.3)
Payment of partnership liability
(4.3)
(4.1)
—
—
Bank fees paid
(4.9)
—
(4.9)
—
Own shares purchased
(1 .2)
(0.7)
(1.2)
(0.7)
Share options consideration
—
0.7
—
0.7
Dividends paid
12
(255.4)
(7 50.1)
(255.4)
(750.1)
Net cash outflow from
financingactivities
(268.8)
(7 5 7 .5)
(261.9)
(750.4)
equivalents
26
(44 1 .5)
(385.0)
(362.3)
(451.6)
Cash and cash equivalents at the
beginning of the year
86 1 .6
1 ,2 46.6
603.3
1,054.9
Cash and cash equivalents at the
end of the year
26
420.1
86 1.6
241.0
603.3
*See note 2 for details on the restatement.
Cash flow statements
For the year ended 31 December 2023

Persimmon Plc Annual Report 2023158
Notes to the financial statements
For the year ended 31 December 2023
1 Adoption of new and revised International Financial Reporting
Standards (IFRSs) and Interpretations (IFRICs)
The following relevant UK endorsed new amendments to standards are mandatory for the first time for the financial
year beginning 1 January 2023:
• Amendments to IAS 12 Deferred Tax related to Assets and Liabilities arising from a Single Transaction
• Amendments to IAS 8 Definition of Accounting Estimates
• Amendments to IAS 1 and IFRS Practice Statement 2 Disclosure of Accounting Policies
• Amendments to IFRS 7 Insurance Contracts
The effects of the implementation of these amendments have been limited to disclosure amendments where applicable.
The Group has not applied the following new amendments to standards which are endorsed but not yet effective:
• Amendments to IAS 1 Presentation of Financial Statements
• Amendments to IAS 7 and IFRS 7 Supplier Finance Arrangements
• Amendments to IAS 12 International Tax Reform – Pillar Two Model Rules
• Amendments to IFRS 16 Lease Liability in a Sale and Leaseback
The Group is currently considering the implication of these amendments with the expected impact upon the Group
being limited to disclosures if applicable.
2 Accounting policies
Statement of compliance
The consolidated Group financial statements are prepared in accordance with UK adopted International Accounting
Standards (‘IAS’). Parent Company financial statements are prepared in accordance with UK adopted IAS in
conformity with the requirements of the Companies Act 2006.
Basis of preparation
The financial statements have been prepared on the historical cost basis except for the revaluation of certain financial
instruments. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
In preparing the Group financial statements management has considered the impact of climate change, taking into
account the relevant disclosures in the Strategic Report, including those made in accordance with the recommendations
of the Task Force on Climate Related Disclosures. This included an assessment of inventories and goodwill and
intangible assets and how they could be impacted by measures taken to address global warming.
Recognising that the environmental impact on the Group’s operations is relatively low, no issues were identified that
would impact the carrying values of such assets or have any other impact on the financial statements.
Going concern
The Group’s performance in the 12 months ended 31 December 2023 has been resilient in the face of a number of
challenges and periods of uncertainty. Persimmon’s long-term strategy, which recognises the risks associated with the
housing cycle by maintaining operational flexibility, investing in high quality land, minimising financial risk and deploying
capital at the right time in the cycle, has equipped the business with strong liquidity and a robust balance sheet.
The Group completed the sale of 9,922 new homes (2022: 14,868), generating a pre-exceptional profit before tax of
£351.8m (2022: £1,005.7m). At 31 December 2023, the Group’s strong financial position included £420.1m of cash
(2022: £861.6m), high quality land holdings, and land creditors of £372.0m (2022: £472.8m). In addition, on 5 July
the Group renewed its Revolving Credit Facility increasing it from £300m to £700m, with a five-year term to 5 July
2028 and the possibility to extend for a further two years. The facility is undrawn at the year end.
The Group’s forward order book at 1 January 2024 includes nearly 1,900 new homes sold forward into the private
owner occupier market (1 January 2023: 1,696 new homes forward sold) with an average selling price of over
£266,000. In addition, the cumulative average private sales reservation rate for the first 10 weeks of 2024 is c.9%
stronger than for the same period last year.
The Directors have carried out a robust assessment of the principal risks facing the Group, as described on page 72
of this report. The Group has considered the impact of these risks on the going concern of the business by performing
a range of sensitivity analyses to the latest base case forecast, covering the period to 30 June 2025, including severe
but plausible scenarios materialising together with the likely effectiveness of mitigating actions that would be executed
by the Directors. For further detail regarding the approach and process the Directors follow in assessing the long-term
viability of the business, please see the Viability Statement on page 76.
The scenarios emphasise the potential impact of severe market disruption, including, for example, the effect of
economic disruption from a cost-of-living crisis or a war, on short to medium-term demand for new homes. The
scenarios’ emphasis on the impact on the cash inflows of the Group through reduced new home sales is designed to
allow the examination of the extreme cash flow consequences of such circumstances occurring. The Group’s cash
flows are less sensitive to supply side disruption given the Group’s sustainable business model, flexible operations,
agile management team and off-site manufacturing facilities.
The first scenario modelled is a severe but plausible downside scenario that models a fall in housing revenue, when
compared to full year 2023, of c.53% for full year 2024 followed by a gradual recovery. The housing revenue
modelled factors in changes in both volumes and average selling prices. The assumption used in this scenario reflects
the experience management gained during the Global Financial Crisis from 2007 to 2010, it being the worst recession
seen in the housing market since World War Two.
A second, even more extreme, scenario assumes the same significant downturn in 2024 followed by a period of
enduring depression of the UK economy and housing market during 2025, assuming that neither volumes nor revenue
recover.
In each of these scenarios, cash flows were assumed to be managed consistently, ensuring all relevant land, work in
progress and operational investments were made in the business at the appropriate time to deliver the projected new
home legal completions. Each scenario fully reflects the current estimate of cash outflows, value and timing, associated
with the legacy buildings provision. In each of these scenarios, the Group is able to operate within its facilities.
The Directors have also considered a ‘Reverse Stress Test’ to demonstrate the point at which the Group runs out of
liquid funds or breaches covenants but note the likelihood of this is less than remote.

Persimmon Plc Annual Report 2023 159
Financial statementsGovernance Other informationStrategic report
2 Accounting policies continued
Going concern continued
In addition, the Group has been increasingly assessing climate related risks and opportunities that may present to the
Group. During the period assessed for going concern no significant risk has been identified that would materially
impact the Group’s ability to generate sufficient cash and continue as a going concern.
Having considered the inherent strength of the UK housing market, the resilience of the Group’s average selling prices
and the Group’s scenario analysis as detailed above, the Directors have a reasonable expectation that the Group has
adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt
the going concern basis in preparing these financial statements .
Basis of consolidation
The consolidated financial statements include the financial statements of the Company and its subsidiaries up to
31 December each year. Subsidiaries are entities controlled by the Group. The Group controls an entity when it is
exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect the returns
through its power over the entity. The acquisition date is the date on which control is transferred to the acquirer. The
financial statements of subsidiaries are included in the consolidated financial statements from the date that control
commences until the date that control ceases. Where necessary, adjustments are made to the financial statements of
subsidiaries to bring the accounting policies used into line with those used by the Group. All intra-Group transactions,
balances, income and expenses are eliminated on consolidation.
Business combinations
The acquisition of subsidiaries is accounted for using the acquisition method. The subsidiary’s identifiable assets,
liabilities and contingent liabilities are recognised at their fair value at the acquisition date.
Goodwill
Goodwill arising on consolidation represents the excess of the cost of acquisition over the Group’s interest in the fair
value of the identifiable assets, liabilities and contingent liabilities of the acquired entity at the date of the acquisition.
Goodwill arising on acquisition of subsidiaries and businesses is capitalised as an asset. Goodwill is subsequently
measured at cost less any accumulated impairment losses.
Brand intangibles
Internally generated brands are not held on the balance sheet. The Group carries assets on the balance sheet only for
brands that have been acquired. Acquired brand values are calculated based on discounted cash flows. No
amortisation is charged on brand intangibles as the Group believes that the value of the brands is maintained
indefinitely. The factors that result in the durability of the brands capitalised are that there are no material legal,
regulatory, contractual, competitive, economic or other factors that limit the useful life of these intangibles. The
acquired brands are tested annually for impairment by performing a value in use calculation, using a discount factor
based on the Group’s pre-tax weighted average cost of capital, on the branded income stream.
Where a brand’s life is not deemed to be indefinite it is written off over its expected useful life on a straight line basis.
Revenue recognition
Revenue on private new housing is recognised as the consideration received on legal completion of new built private
residential property sale.
Revenue on housing sold to housing associations is recognised either on the consideration received on legal
completion of a newly built residential property or amounts contractually due under development agreement.
The Group recognises revenue in the income statement over time for contracts where the control of land is irrevocably
transferred to the customer before or during construction. Revenue is recognised from the point that control is
irrevocably transferred to the customer. Where revenue is recognised over time and the outcome of the contract can be
estimated reliably, it is recognised based on the stage of completion of the agreement as verified by surveys performed
by the relevant customer. Revenue also includes the fair value of the consideration received or receivable on the sale of
part exchange properties. Revenue relating to the provision of internet services is recognised as the service is provided.
Revenue also includes the fair value of the consideration received or receivable on the sale of part exchange properties.
Revenue relating to the provision of internet services is recognised as the service is provided.
Government grants
Grants are included within work in progress in the balance sheet and are credited to the statement of comprehensive
income over the life of the developments to which they relate. Grants related to income are deducted from the related
expense in the statement of comprehensive income. For the year ended 31 December 2023, no material government
grants were received.
Other operating income
Other operating income comprises profits from the sale of land holdings, freehold reversions, rent receivable and other
incidental sundry income.
Operating expenses
Operating expenses represent the administration costs of the business, which are written off to the statement of
comprehensive income as incurred.
Borrowing costs
Interest bearing bank loans and partnership liabilities are initially measured at fair value (being proceeds received, net
of direct issue costs) and are subsequently measured at amortised cost, using the effective interest rate method. Finance
charges, including direct issue costs, are accounted for and taken to the statement of comprehensive income using the
effective interest rate method.
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets
that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of
those assets, until such time as the assets are substantially ready for their intended use or sale.
Where bank agreements include a legal right of offset for in hand and overdraft balances, and the Group intends to
settle the net outstanding position, the offset arrangements are applied to record the net position in the balance sheet.
Exceptional items
Exceptional items are items of income and expenditure that, in the judgement of management, should be disclosed
separately on the basis that they are material, either by their nature or their size, to an understanding of the financial
performance and significantly distort the comparability of financial performance between accounting periods. Items of
income or expense that are considered by management for designation as exceptional include such items as major
restructuring and significant impairment of assets.
During 2022 the charge of £275.0m relating to the increase of the Group’s legacy buildings provision was disclosed
as an exceptional item due to the non-recurring nature and scale of the charge. Further details on this provision are
found in notes 3 and 22.

Persimmon Plc Annual Report 2023160
Notes to the financial statements continued
For the year ended 31 December 2023
2 Accounting policies continued
Share-based payments
Charges for employee services received in exchange for share-based payment have been made for all options/
awards in accordance with IFRS 2 Share-based Payment, to spread the fair value of the grant over the anticipated
vesting period.
The fair value of such options has been calculated using generally accepted option pricing models, based upon
publicly available market data at the point of grant. Share options include both market and non-market conditions.
Market conditions are considered in the establishment of the initial valuation of the options. In the event of failure to
meet market conditions share-based payment charges are not reversed. In the event of failure to meet non-market
conditions share-based payment charges are reversed.
Where options are net settled in respect of withholding tax obligations, these are accounted for as equity settled
transactions. Payments to HMRC are accounted for as a deduction from equity for the shares withheld, except to the
extent (if any) that the payment exceeds the fair value of shares withheld, in which case the excess will be charged to
the statement of comprehensive income.
Share-based payments are charged wholly in the ultimate Parent Company.
Retirement benefit costs
The Group operates two defined benefit pension schemes. It also operates two defined contribution schemes for
employees who are not members of a defined benefit scheme. The asset/liability in respect of the defined benefit
schemes is the present value of the defined benefit obligation at the balance sheet date, less the fair value of the
schemes’ assets, together with adjustments for remeasurement gains and losses. Where a net asset results it is limited
to the present value of economic benefits available in the form of future refunds from the scheme or reductions in future
contributions, subject to any minimum funding requirements. Further details of the schemes and the valuation methods
applied may be found in note 28.
Interest cost on the scheme liabilities and finance returns on scheme assets are recognised at the applicable discount
rate as net finance income/costs in the statement of comprehensive income and remeasurement gains and losses via
the statement of other comprehensive income.
Subsidiary entities bear a charge for current employees based upon their current pensionable salaries. Differences
between this charge and the current service cost are borne by the Company as the legal sponsor, as are all experience
gains and losses. There is no contractual arrangement or stated policy for recharging the other Group entities involved
in the schemes.
Payments to the defined contribution schemes are accounted for on an accruals basis. Once the payments have been
made, the Group has no further payment obligations.
Taxation
Income tax on the profit for the year comprises current and deferred tax. Income tax is recognised in the statement of
comprehensive income except to the extent that it relates to items recognised directly in equity, in which case it is
recognised in equity.
Current tax is the expected tax payable on the taxable income for the year, using enacted or substantially enacted tax
rates, and adjusted for any tax payable in respect of previous years. The Group assesses its exposure to Pillar Two
income taxes based on the most recent information available from tax filings and financial statements, and takes into
account known changes in the Group and its operations.
Deferred tax is provided using the balance sheet liability method, providing for temporary differences between the
carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes.
The following temporary differences are not provided for: goodwill, the initial recognition of assets or liabilities that
affect neither accounting or taxable profit, and differences relating to investment in subsidiaries to the extent that they
will probably not reverse in the foreseeable future.
The amount of deferred tax provided is based on the carrying amount of assets and liabilities, using the tax rates
applicable, or expected to be applicable at the date of settlement, based on enacted rates at the balance sheet date.
Where the deferred tax asset recognised in respect of share-based payments would give rise to a credit in excess of
the related accounting charge at the prevailing tax rate the excess is recognised directly in equity. A deferred tax asset
is recognised only to the extent that it is probable that future taxable profits will be available against which the asset
can be utilised. Deferred tax assets are reviewed at each balance sheet date. Deferred tax assets and liabilities are
offset when there is a legally enforceable right to set off current tax assets against current tax liabilities when the Group
intends to settle its current tax assets and liabilities on a net basis. In July 2023, the UK Endorsement Board adopted
‘International Tax Reform—Pillar Two Model Rules (Amendments to IAS 12) as issued by the IASB. The Amendments
introduce a temporary mandatory exception from accounting for deferred taxes arising from the Pillar Two model rules,
effective immediately and retrospectively, and the Group has applied this exception.
Leases
The Group recognises right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is
available for use).
Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for
any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised
and any initial direct costs incurred.
Right of use assets are depreciated on a straight line basis over the shorter of the lease term and the estimated useful
lives of the assets (2-30 years).
The Group applies the short-term lease exemption and the low value asset recognition exemption to leases that have a
lease term of 12 months or less from commencement date or are considered to be low value. Lease payments on
short-term leases or leases of low value assets are charged to work in progress or operating expenses on a straight line
basis over the lease term .
Property, plant and equipment
It is the Group’s policy to hold property, plant and equipment at cost less accumulated depreciation, subject to the
requirement to test assets for impairment.

Persimmon Plc Annual Report 2023 161
Financial statementsGovernance Other informationStrategic report
2 Accounting policies continued
Property, plant and equipment continued
Depreciation on property, plant and equipment is provided using the straight line method to write off the cost less any
estimated residual value, over the estimated useful lives on the following bases:
Plant and equipment – 3 to 5 years.
Fixtures and fittings – 3 to 5 years.
Owned utility infrastructure – 15 to 40 years.
Freehold buildings – 50 years.
No depreciation is provided on freehold land.
The assets’ useful economic lives and residual values are reviewed and adjusted, if appropriate, at each financial year end.
An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount.
Investments
Interests in subsidiary undertakings are valued at cost less impairment. Other investments are stated at fair value.
Joint ventures and associates
A joint venture is an entity in which the Group holds an interest with one or more other parties where a contractual
arrangement has established joint control over the entity, and where the arrangements entitle the Group to a share
of the net assets of the entity.
An associate is an entity in which the Group holds an interest with one or more other parties where it exerts significant
influence, but not overall control, over the entity.
Investments in joint ventures and associates are accounted for under the equity method of accounting.
Joint operations
A joint operation is an arrangement or entity in which the Group holds an interest with one or more other parties where
a contractual arrangement has established joint control over the operation and where the arrangements entitle the
Group to rights over specific assets or obligations of the operation. The Group recognises its share of revenue, costs,
assets and liabilities for its joint operations.
Shared equity loan receivables
Receivables on extended terms granted as part of a sales transaction are secured by way of a second legal charge
on the respective property. The loans are classified as financial assets held at fair value through profit or loss and are
carried in the balance sheet at fair value with net changes in fair value recognised in the statement of comprehensive
income as described in note 17.
Inventories
Inventories are stated at the lower of cost and net realisable value. Land with planning includes undeveloped land and
land under development and is initially recorded at discounted cost. Where, through deferred purchase credit terms,
the carrying value differs from the amount that will ultimately be paid in settling the liability, this difference is charged
as a finance cost in the statement of comprehensive income over the period of settlement. Work in progress comprises
direct materials, labour costs, site overheads, associated professional charges and other attributable overheads.
Net realisable value represents the estimated selling prices less all estimated costs of completion and overheads.
Investments in land without the benefit of a planning consent are initially included at cost. Regular reviews are carried
out to identify any impairment in the value of the land considering the existing use value of the land and the likelihood
of achieving a planning consent and the value thereof. Provision is made to reflect any irrecoverable amounts.
Expenditure relating to forward land, including options and fees, is held at cost. If the option expires or the Directors
no longer consider it likely that the option will be exercised prior to the securing of planning permission, the amount is
written off on that date.
Impairment of financial assets
The Group recognises an allowance for expected credit losses for all debt instruments not held at fair value through
profit and loss. Expected credit losses are based on the difference between the contracted cash flows due in
accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation
of the original effective interest rate.
For trade receivables and, in the Parent Company, intercompany receivables, the Group applies a simplified approach
in calculating expected credit losses. The Group does not track changes in credit risk, but instead recognises a loss
allowance based on lifetime expected credit losses at each balance sheet date.
Inter-Group guarantees
The Company enters into financial guarantee contracts to guarantee the indebtedness of other companies within the
Group. These have been of insignificant value in the year .
Trade and other payables
Trade payables on normal terms are not interest bearing and are stated at amortised cost. Trade payables on extended
terms, particularly in respect of land purchases, are initially recorded at their fair value and subsequently measured at
amortised cost using the effective interest method.
Provisions
Provisions are recognised when the Group has a present commitment as a result of a past event and it is probable that
an outflow of resources embodying economic benefits will be required to settle that commitment. Provisions are
measured at the Directors’ best estimate of the expenditure required to settle the commitment at the balance sheet date
and are discounted to present value where the effect is material.
Deposits
New property deposits and on account contract receipts are held within current trade and other payables until the
legal completion of the related property or cancellation of the sale.
Cash and cash equivalents
Cash and cash equivalents include cash and balances in the bank accounts with no notice or less than three months’
notice from inception, and are subject to insignificant risk of changes in value.
Interest bearing borrowings
Interest bearing borrowings and partnership liabilities are carried at amortised cost.

Persimmon Plc Annual Report 2023162
Notes to the financial statements continued
For the year ended 31 December 2023
2 Accounting policies continued
Dividends
Dividends receivable by the Parent Company from subsidiaries are accounted for on a cash basis, or once formally
approved by the shareholders of the subsidiary companies. These cash flows are treated as operating cash flows on
the basis that the Parent Company’s underlying activities includes receiving dividends from its subsidiaries.
Dividends payable are recorded in the period in which they are approved or paid, whichever is earliest.
Own shares held
The Group may acquire holdings in its own shares either directly or via employee benefit trusts. The acquisition cost of
such shares (including associated purchase costs) is treated as a deduction from retained earnings. Such shares may
be used in satisfaction of employee options or rights, in which case the cost of such shares is reversed from the retained
earnings on a ‘first in first out’ basis.
Transactions of the Company sponsored EBT are treated as being those of the Company and are therefore reflected in
the Company financial statements. In particular, the trust’s purchases and sales of shares in the Company are debited
and credited directly to equity.
Prior year restatement
The Parent Company prior year cash flow has been restated to correct the presentation of dividends received. The
dividends received from wholly owned subsidiaries (£600m) is now included separately as an adjustment in the
reconciliation of profit before tax to the cash inflow from operating activities, and then reflected as a separate line item
within operating cash flows in line with IAS 7.31. This resulted in cash inflows from operating activities (subtotal)
decreasing from £613.1m to £13.1m, but no changes to net cash (outflow)/inflow from operating activities (subtotal),
which remains at £300.3m. This restatement has no impact on the net assets or profit for the year for the Parent Company.
3 Critical accounting judgements and key sources of
estimation uncertainty
In applying the Group’s accounting policies which are described in note 2, the Directors have made no individual
judgements that have a significant impact upon the financial statements, excepting those involving estimation which
are dealt with below. The key sources of estimation uncertainty at the balance sheet date are:
Pensions
The Directors have employed the services of a qualified, independent actuary in assessing pension assets/liabilities.
However, they recognise that final liabilities and asset returns may differ from actuarial estimates and therefore the
ultimate pension asset/liability may differ from that included in the financial statements. For further information on the
estimates used, please refer to note 28.
Land and work in progress
Given the high quality of the Group’s inventory asset base, the sensitivity of the assumptions used in assessing the
net realisable value (‘NRV’) of the Group’s inventories is relatively low. As such no reasonably possible change in
assumptions is likely to result in a material impact to the carrying value of the Group’s land and work in progress
balance within the next 12 months. The disclosure below provides additional insight into the carrying value of the
Group’s land and work in progress.
Valuations of the Group’s developments, which include an estimation of costs to complete and anticipated revenues,
are carried out at regular intervals throughout the year. The valuations allocate total expected site development costs
between units built in the current year and those to be built in future years. These valuations therefore include a degree
of uncertainty when estimating the profitability of a site and in assessing any impairment provision which may be required.
During the year ended 31 December 2023, the Group conducted reviews of the NRV of its development land and
work in progress carrying values. The reviews were conducted on a site by site basis, using assumptions surrounding
anticipated selling prices and the level of future development costs, based on local management and the Board’s
assessment of market conditions existing at the balance sheet date.
As noted above, the sensitivity of these assumptions to inventory carrying value is relatively low. However, the most
sensitive assumption relates to the consideration of the Group’s average selling price prognosis – for example, the
Directors have modelled a scenario involving an immediate and enduring reduction in Group average selling price of
20% across each plot in the Group’s land holdings (it is important to note that the enduring nature of this assumption
would present unusually unique circumstances when considered in the context of the UK housing market). Such a
scenario would not result in a material adjustment to the carrying value of the Group’s inventory. Given these factors,
the Board does not believe that a reasonably possible change in the assumptions could result in a material impairment
of land and work in progress carrying values in the next 12 months. Cost of materials and labour have been included in
the assessment of sensitivity and are considered to be immaterial in the valuation of the Group’s inventory.
If there are significant movements in UK house prices or development costs, beyond management’s reasonably
possible expectations, then further impairments of land and work in progress may be necessary.
Provisions
The Group holds a provision of £283.2m (2022: £333.3m) based on management’s best estimates of the costs of
completing works to ensure fire safety on affected buildings under direct ownership, and to work with and support
owners and other relevant stakeholders on buildings it has developed. The prior year provision represented
management’s best estimate of the liability based on the information available at that point. During 2022 we signed the
Building Safety Pledge (England) and worked constructively with the Government to agree the ‘Long–Form Contract’
that turned the pledge into a legal agreement. The Self Remediation Contract was signed on 13 March 2023. As we
have worked through this process we have identified further eligible multi-storey developments requiring remediation
for which we will be liable, and developed a more detailed understanding of remediation costs.
The number of developments we are responsible for has increased and now stands at 82 (2022: 73) (of which 39 have
now either secured EWS1 certificates or concluded any necessary works).
These estimates may change over time as further information is assessed, remedial works progress, the interpretation
of fire safety regulations further evolves and further developments requiring remediation works are potentially identified.
The assessment of the provision remains a highly complex area with judgements and estimates in respect of the costs
of remedial works to be incurred. In addition we have also assumed that VAT is not recoverable based on current
guidance from HMRC. Whilst we have exercised our best judgement in these matters, there remains the potential for
variations to this estimate from multiple factors such as material, energy and labour cost inflation, limited qualified
contractor availability and abnormal works identified on intrusive surveys. Should a 20% variation in the costs of
untendered projects occur then the overall provision would vary by +/- £21.4m.
The following two areas of estimation uncertainty are not presented to comply with the requirements of paragraph 125
of IAS 1, Presentation of Financial Statements as it is not expected there is a significant risk of a material adjustment to
the carrying amount of assets within the next financial year. They are presented as an additional disclosure of estimate
used in these accounts.

Persimmon Plc Annual Report 2023 163
Financial statementsGovernance Other informationStrategic report
3 Critical accounting judgements and key sources of
estimationuncertainty continued
Shared equity loan receivables
Shared equity loan receivables comprise loans granted as part of sales transactions that are secured by way of a
second legal charge on the respective property. The fair value of these receivables is determined by taking into account
factors such as the length of time that the loan has been outstanding, market conditions, including those in respect of
house price inflation, forced sale discount and probability of borrower default. The variables used are kept under
regular review to ensure that as far as possible they reflect current economic circumstances; however, changes in house
prices, redemption dates, interest rates, unemployment levels and bankruptcy trends in the UK could result in actual
returns differing from reported valuations. At 31 December 2023 the loan recognised on the balance sheet was
£32.1m (2022: £36.0m).
4 Principal activities
The Group has only one reportable operating segment, being housebuilding within the UK, under the control of the
Executive Board. The Executive Board has been identified as the Chief Operating Decision Maker as defined under
IFRS 8 Operating Segments.
5 Revenue
An analysis of the Group’s revenue is as follows:
Revenue from the sale of new housing - private
2,195.1
3,313.8
Revenue from the sale of new housing - housing association
342.5
382.6
Revenue from the sale of new housing - total
2,537.6
3,696.4
Revenue from the sale of part exchange properties
223.7
110.6
Revenue from the provision of internet services
11 . 9
8.8
Revenue from the sale of goods and services as reported in the statement of
comprehensive income
2,773.2
3,815.8
Other operating income
8.6
10.3
Finance income
19.7
9.9
2,801.5
3,836.0
Revenue from the sale of new housing includes £282.5m (2022: £142.2m) in respect of the value of properties accepted
in part exchange by the Group. Of this £114.6m (2022: £61.0m) is reported within inventories at 31 December
6 Exceptional items
During 2022 the Group recognised an exceptional charge of £275.0m in relation to the increase in the anticipated
costs of the Group’s commitments to support leaseholders in buildings we had developed with the costs of removal
of combustible cladding and other fire related remediation works. This reflected the extended commitment of the
Government Long-Form Contract, the identification of further developments for which we are now responsible, and
a greater understanding of remediation costs. Further detail on this matter is provided in notes 3 and 22.
This was disclosed as an exceptional item due to the non-recurring nature and scale of the charge, in order to aid
understanding of the financial performance of the Group and to assist in the comparability of financial performance
between accounting periods.
7 Key management remuneration
Key management personnel, as disclosed under IAS 24 Related Party Disclosures, have been identified as the Board of
Directors. Detailed disclosures of individual remuneration, pension entitlements and share options, for those Directors
who served during the year, are given in the Annual Report on Remuneration on pages 124 to 143. A summary of key
management remuneration is as follows:
Short-term benefits
2.8
3.2
Termination benefits
—
—
Share-based payments
0.8
4.2
3.6
7. 4
Total gains on exercise of options by key management in the year amount to £0.2m (2022: £1.0m).
8 Employees
Group
The average monthly number of persons (including Executive Directors) employed by the Group during the year was
5,186 (2022: 5,862).
Wages and salaries
265.5
249.7
Social security costs
29.1
29.2
Pensions charge
6.8
5.4
Share-based payments
1.2
7.5
302.6
291. 8
The Group also uses the services of a substantial number of self-employed labour-only site operatives.

Persimmon Plc Annual Report 2023164
Notes to the financial statements continued
For the year ended 31 December 2023
8 Employees continued
Company
The average monthly number of persons (including Executive Directors) employed by the Company during the year was
545 (2022: 497).
Wages and salaries
47.5
41.1
Social security costs
5.9
5.5
Pensions charge
1.4
0.4
Share-based payments
0.5
7.5
55.3
54.5
9 Net finance income
Interest receivable on bank deposits
9.1
2.3
Gains on shared equity loan receivables
1.6
3.9
Net interest on pension asset
7.4
2.8
Other interest receivable
1.6
0.9
Finance income
19.7
9.9
Interest expense on bank overdrafts and loans
2.5
0.5
Imputed interest on deferred land payables
6.0
1.8
Imputed interest on legacy building provision
4.3
—
Interest on partnership liability
1.1
1.3
Other interest payable
0.9
0.5
Finance costs
14.8
4.1
Net finance income
4.9
5.8
10 Profit from operations
Staff costs (note 8)
302.6
291. 8
Profit on sale of land holdings
(4.2)
(5.3)
Government grants
(0.6)
(0.5)
Rent receivable
(3.4)
(3.4)
Profit on sale of property, plant and equipment
(0.9)
(0.8)
Depreciation of owned assets
18.7
15.8
Impairment of intangible assets
7.6
6.6
The Group did not receive any new Government grants in either year; however, the Group’s customers have benefited
from the availability of finance through the Government’s ‘Help to Buy’ scheme which has provided indirect assistance
to the Group.
Amounts payable to the auditor, Ernst & Young LLP, and their associates in respect of:
Audit of the Parent Company and consolidated financial statements
787
506
Audit of the Company’s subsidiaries pursuant to legislation
30
25
Total fees for the audit of the Company and its subsidiaries
817
5 31
Audit related assurance services
75
70
Non-audit related fees
77
57
Total non-audit fees
152
127
969
658
The extent of non-audit fees and non-audit related service fees payable to Ernst & Young LLP and its affiliated entities
is reviewed by the Audit & Risk Committee in the context of fees paid by the Group to its other advisors during the year.
The Committee also reviews the nature and extent of non-audit services to ensure that independence is maintained.
Fees to major firms of accountants other than Ernst & Young LLP and its affiliated entities for non-audit services
amounted to £1,063,154 (2022: £656,285).

Persimmon Plc Annual Report 2023 16 5
Financial statementsGovernance Other informationStrategic report
11 Ta x
11.1 Analysis of tax charge for the year
UK corporation tax in respect of the current year
81.2
138.8
Residential Property Developer Tax (‘RPDT’) in respect of the current year
13.0
28.7
Adjustments in respect of prior years
(0.2)
(2.8)
94.0
164.7
Deferred tax relating to origination and reversal of temporary differences
2.8
—
Impact of introduction of RPDT on deferred tax
—
3.9
Adjustments recognised in the current year in respect of prior year’s deferred tax
(0.4)
1.1
2.4
5.0
Tax charge for the year recognised in statement of comprehensive income
96.4
169.7
The tax charge for the year can be reconciled to the accounting profit as follows:
Profit from continuing operations
351.8
730.7
Tax calculated at UK corporation tax rate of 27.5% (inclusive of RPDT) (2022: 22%)
96.7
160.8
Goodwill impairment losses that are not deductible
1.8
1.2
Expenditure not allowable for tax purposes
0.9
0.8
Impact of RPDT on deferred tax introduction
—
3.9
Items not deductible for RPDT
(0.6)
6.8
Enhanced tax reliefs
(1.8)
(2.1)
Adjustments in respect of prior years
(0.6)
(1.7)
Tax charge for the year recognised in statement of comprehensive income
96.4
169.7
The rate of tax for the year ended 31 December 2023, was 27.4% (2022: 23.2%), which was marginally below the
standard rate of corporation tax in the UK of 27.5% (including RPDT) (2022: 22%). The Group’s tax charge and effective
rate of tax is expected to increase from 2024 to reflect the standard rate of taxes applying from 2024 of 29%, being the
corporation tax rate applicable for the full year of 25% and RPDT of 4%. The Group has assessed the impact of Pillar Two
legislation and does not expect a potential Pillar Two top-up tax exposure.
11.2 Deferred tax recognised in other comprehensive income (note 24)
Recognised on remeasurement (loss)/gain on pension schemes
(9.8)
7.6
11.3 Tax recognised directly in equity
Current tax related to equity settled transactions
(0.6)
(0.8)
Deferred tax related to equity settled transactions (note 24)
(0.7)
4.2
(1.3)
3.4
12 Dividends/return of capital
2021 dividend to all shareholders of 1 25p per share paid 2022
—
399.0
2021 dividend to all shareholders of 1 10p per share paid 2022
—
351. 1
2022 dividend to all shareholders of 60p per share paid 2023
191.5
—
2023 dividend to all shareholders of 20p per share paid 2023
63.9
—
Total capital return
255.4
750.1
The Directors propose to return 40p of surplus capital to shareholders for each ordinary share held on the register
on 21 June 2024 with payment made on 12 July 2024 as a final dividend in respect of the financial year ended
31 December 2023. The Directors do not intend to return any further surplus capital in respect of the financial year
31 December 2023. The total anticipated distributions to shareholders is 60p per share (2022: 60p per share) in
respect of the financial year ended 31 December 2023.
The Parent Company received £155.0m dividends from wholly owned subsidiary undertakings during 2023
(2022: £600.0m).

Persimmon Plc Annual Report 2023166
Notes to the financial statements continued
For the year ended 31 December 2023
13 Earnings per share
Basic earnings per share is calculated by dividing the profit for the year attributable to ordinary shareholders by the
weighted average number of ordinary shares in issue during the year, excluding those held in the employee benefit
trusts (see note 25) and any treasury shares, all of which are treated as cancelled, which were 319.2m (2022: 319.2m).
Diluted earnings per share is calculated by dividing the profit for the year attributable to ordinary shareholders by the
weighted average number of ordinary shares in issue adjusted to assume conversion of all potentially dilutive ordinary
shares from the start of the year, giving a figure of 321.0m (2022: 321.8m).
Underlying earnings per share excludes the legacy buildings provision charge and goodwill impairment. The earnings
per share from continuing operations were as follows:
2023
2022
Basic earnings per share
80.0p
175.8p
Underlying basic earnings per share
82.4p
247.3p
Diluted earnings per share
79.5p
174.3p
Underlying diluted earnings per share
81.9p
245.3p
The calculation of the basic and diluted earnings per share is based upon the following data:
Underlying earnings attributable to shareholders
263.0
789.5
Legacy buildings provision (net of tax)
—
(221.9)
Goodwill impairment
(7.6)
(6.6)
Earnings attributable to shareholders
255.4
561.0
14 Intangible assets
At 1 January 2022 and 1 January 2023
412.8
60.0
1.9
474.7
At 31 December 2023
412.8
60.0
1.9
474.7
At 1 January 2022
293.2
—
1.9
295.1
Impairment losses for the year – utilisation of
strategic land holdings
6.6
—
—
6.6
At 1 January 2023
299.8
—
1.9
301.7
acquisition
4.0
—
—
4.0
Impairment losses for the year – utilisation of
strategic land holdings
3.6
—
—
3.6
At 31 December 2023
307.4
—
1.9
309.3
At 31 December 2023
105.4
60.0
—
165.4
At 31 December 2022
113.0
60.0
—
173.0
Goodwill brought forward at the start of the year of £113.0m includes £90.2m (2022: £95.6m) which arose on
acquisitions before the date of transition to IFRSs and is retained at the previous UK GAAP amounts, subject to being
tested for impairment. £37.0m (2022: £37.0m) of this amount represented the brand value of Charles Church, acquired
with Beazer Group Plc in 2001.
On 6 May 2022 the Group acquired the entire share capital of Horsebridge Network Systems Limited for a
consideration of £1. The fair value of the balance sheet on date of acquisition was a £4.0m net liability. As a result
£4.0m of goodwill arose on acquisition and was recognised in the Group’s balance sheet at 31 December 2022.
During 2023 Horsebridge Network Systems Limited ceased trading. The £4.0m goodwill arising on acquisition and
held on the balance sheet at 31 December 2022 has been fully written off in the current year.
Acquired brand values, including the brand value of Charles Church which is classified as goodwill as this was acquired
before the date of transition to IFRSs, are calculated based on discounted cash flows and are tested annually for
impairment. The remainder of goodwill is allocated to acquired strategic land holdings and is tested annually for impairment.

Persimmon Plc Annual Report 2023 16 7
Financial statementsGovernance Other informationStrategic report
14 Intangible assets continued
The recoverable amounts of the intangibles are determined from value in use calculations. Goodwill is allocated for
impairment testing purposes down to a lower level than the Group’s single operating segment, being to Charles Church
and to the portfolios of strategic land holdings throughout the UK acquired with Beazer and Westbury. The key
assumptions for value in use calculations are those regarding discount and growth rates. Growth rates incorporate
volume, selling price and direct cost changes.
The Group prepares cash flow forecasts derived from the most recent financial forecasts approved by management
to form the basis of the Group’s five-year business plan.
When performing the impairment review of the brands, the relevant retraction/growth rates included therein vary
between 5% and 9% (2022: 0% and 17%), reflecting the economic uncertainties associated with the ongoing war
in Ukraine and the cost of living crisis which is affecting the UK economy and the UK housing industry.
The retraction/growth rates in relation to the impairment review of goodwill allocated to strategic land holdings vary
between -5% and 2% (2022: 0% and 3%).
After this period the growth rates applied to calculate the cash flow forecasts vary between 1% and 2% (2022: 1% and
2%) reflecting management’s estimate of the forecast recovery in the UK housing market, which do not exceed the
long-term average growth rates for the industry.
Management used pre-tax discount factors between 6% and 10% (2022: 5% and 9%) over the forecast periods.
The goodwill allocated to acquired strategic land holdings is further tested by reference to the proportion of legally
completed plots in the period compared to the total plots which are expected to receive satisfactory planning permission
in the remaining strategic land holdings, taking account of historical experience and market conditions. This review
resulted in an underlying impairment of £3.6m (2022: £6.6m). This charge reflects ongoing consumption of the
acquired strategic land holdings. The effect of testing goodwill for impairment in the manner set out is that the goodwill
will be completely impaired once the final plot for which management expects to receive a satisfactory planning
permission is sold. The timescale for full impairment to occur is difficult to calculate; however, based on current
estimates, it is believed this will take over 20 years.
On concluding the annual impairment testing, there remains £50.0m (2022: £53.2m) and £18.5m (2022: £18.9m)
of Beazer and Westbury goodwill allocated to strategic land holdings and £37.0m (2022: £37.0m) allocated to the
Charles Church brand. In addition, there is £60.0m (2022: £60.0m) of carrying value in relation to the Westbury brand.
No reasonable possible change in any of the assumptions noted above would lead to an impairment charge being
required. However, in the event of deterioration in the UK housing market conditions, operating margins reducing,
or appropriate discount rates increasing, the possibility of impairment losses in the future remains .
At 1 January 2022, 1 January 2023 and 31 December 2023
5.0
At 1 January 2022
4.5
Charge for the year
0.2
At 1 January 2023
4.7
Charge for the year
0.3
At 31 December 2023
5.0
At 31 December 2023
—
At 31 December 2022
0.3

Persimmon Plc Annual Report 2023168
Notes to the financial statements continued
For the year ended 31 December 2023
15 Property, plant and equipment
At 1 January 2022
50.1
126.0
29.6
205.7
Additions
5.1
27.1
3.3
35.5
Disposals
(0.6)
(4.5)
(1.0)
(6.1)
At 1 January 2023
54.6
148.6
31. 9
235.1
Additions
5.6
17. 5
17.6
40.7
Disposals
—
(9.3)
(1.8)
(11.1)
At 31 December 2023
60.2
156.8
47.7
264.7
At 1 January 2022
9.5
78.7
18.5
106.7
Charge for the year
1.7
12.0
2.1
15.8
Disposals
(0.4)
(4.6)
(1.0)
(6.0)
At 1 January 2023
10.8
86.1
19.6
116.5
Charge for the year
2.4
11 . 6
4.7
18.7
Disposals
—
(9.2)
(1.8)
(11.0)
At 31 December 2023
13.2
88.5
22.5
124.2
At 31 December 2023
47.0
68.3
25.2
140.5
At 31 December 2022
43.8
62.5
12.3
118.6
At 31 December 2023, the Group had £13.9m contractual commitments for the acquisition of property, plant and
equipment (2022: £20.1m).
Within additions for the year are £4.5m of right of use assets (2022: £5.4m). At 31 December 2023 a right of use asset
of £12.3m is reported within property, plant and equipment (2022: £10.7m).
At 1 January 2022
2.1
1.1
5.7
8.9
Additions
0.7
0.4
1.4
2.5
At 1 January 2023
2.8
1.5
7.1
11 . 4
Additions
—
0.6
4.6
5.2
Disposals
—
(0.1)
(0.8)
(0.9)
At 31 December 2023
2.8
2.0
10.9
15.7
At 1 January 2022
0.7
0.7
4.7
6.1
Charge for the year
0.1
0.3
0.6
1.0
At 1 January 2023
0.8
1.0
5.3
7.1
Charge for the year
0.1
0.4
0.7
1.2
Disposals
—
(0.1)
(0.8)
(0.9)
At 31 December 2023
0.9
1.3
5.2
7.4
At 31 December 2023
1.9
0.7
5.7
8.3
At 31 December 2022
2.0
0.5
1.8
4.3

Persimmon Plc Annual Report 2023 16 9
Financial statementsGovernance Other informationStrategic report
16 Investments
16.1 Investments accounted for using the equity method
At 1 January 2022 and 1 January 2023
—
0.3
New investments in the year
0.7
—
Distributions
—
—
At 31 December 2023
0.7
0.3
Investments in associates and joint ventures are accounted for under the equity method of accounting. All principal joint
ventures have a single external partner holding a 50% interest giving an equal interest in the trade and net assets of the
joint ventures. There are no significant restrictions on these entities.
During the year the Group has invested £0.7m in the equity of a new associate, TopHat Enterprises Limited (‘TopHat’).
In addition to this equity investment the Group has acquired £6.8m of interest bearing long-term loan notes issued by
TopHat. These are reported within non-current trade and other receivables at 31 December 2023. The Group has also
committed to acquire a further £17.5m of interest bearing long-term loan notes from TopHat in January 2024.
The Group’s share of assets and liabilities of joint ventures is shown below:
Non-current assets
0.8
0.1
Current assets
0.2
0.2
Current liabilities
—
—
Net assets of joint ventures
1.0
0.3
16.2 Investments in subsidiaries
At 1 January 2022, 31 December 2022 and 31 December 2023
3,540.7
3,540.7
At 1 January 2022, 31 December 2022 and 31 December 2023
335.0
335.0
At 1 January 2022, 31 December 2022 and 31 December 2023
3,205.7
3,205.7
The annual review of the carrying value of the investment in subsidiaries saw the group undertake an impairment review
to ensure the carrying value of the investment was supportable. This resulted in £nil impairment issues (2022: £nil
impairment). Details of Group undertakings are set out in notes 32 and 33.
17 Shared equity loan receivables
At 1 January
36.0
45.6
Settlements
(5.7)
(13.3)
Gains
1.8
3.7
At 31 December
32.1
36.0
All gains/losses have been recognised in the consolidated statement of comprehensive income. Of the gains
recognised in finance income for the period £0.2m (2022: £0.3m) was unrealised.
Shared equity loan receivables comprise loans, largely with a ten-year term and variable repayment amounts,
provided as part of sales transactions that are secured by way of a second legal charge on the related property.
Loans are repayable at the borrower’s option, on sale or transfer of the related property or other redemption of the
first legal charge or at the end of the fixed term. The loans are recorded at fair value, being the estimated future amount
receivable by the Group, discounted to present day values.
The fair value of future anticipated cash receipts takes into account the Directors’ view of future house price movements,
the expected timing of receipts and the likelihood that a purchaser defaults on a repayment.
The Directors revisit the future anticipated cash receipts from the loans at the end of each financial reporting period.
The difference between the anticipated future receipt and the initial fair value is credited over the estimated deferred
term to finance income, with the loan increasing to its full expected cash settlement value on the anticipated receipt
date. Credit risk, which the Directors currently consider to be largely mitigated through holding a second legal charge
over the assets, is accounted for in determining fair values and appropriate discount factors are applied. The Directors
expect an average maturity profile of between five and ten years from the balance sheet date.
Further disclosures relating to loans are set out in note 23.
18 Inventories
Land
2,103.5
2,091.7
Work in progress
1,431.3
1,263.9
Part exchange properties
114.6
61. 0
Showhouses
51.8
46.3
3,701.2
3,462.9

Persimmon Plc Annual Report 2023170
Notes to the financial statements continued
For the year ended 31 December 2023
18 Inventories continued
The Directors consider all inventories to be essentially current in nature although the Group’s operational cycle is such
that a proportion of inventories will not be realised within 12 months. It is not possible to determine with accuracy when
specific inventory will be realised as this is subject to a number of issues, including consumer demand and planning
permission delays.
The Group conducted a further review of the net realisable value of its land and work in progress portfolio at
31 December 2023. Our approach to this review has been consistent with that conducted at 31 December 2022.
This review gave rise to a reversal of £nil (2022: £nil) of provision on inventories that were written down in a previous
accounting period and an impairment of land and work in progress of £13.7m (2022: £nil). Net realisable provisions
held against inventories at 31 December 2023 were £18.9m (2022: £5.5m).
The key judgements in estimating the future net realisable value of a site were the estimation of likely sales prices, house
types and costs to complete the developments. Sales prices and costs to complete were estimated on a site by site basis
based upon existing market conditions. If the UK housing market were to improve or deteriorate in the future then
further adjustments to the carrying value of land and work in progress may be required. Following the 2023 review,
£27.4m (2022: £2.9m) of inventories are valued at net realisable value rather than at historical cost. No reasonable
change in assumptions would lead to further impairment at the balance sheet date.
Land with a carrying value of £796.4m (2022: £860.8m) was used as security for land payables (note 21).
The value of inventories expensed in 2023 and included in cost of sales was £1,845.8m (2022: £2,556.7m).
19 Trade and other receivables
Other receivables
6.9
0.3
—
—
Amounts owed by Group undertakings
—
—
2,040.4
2,015.4
6.9
0.3
2,040.4
2,015.4
Trade receivables
143.2
153.7
0.5
1.3
Other receivables
10.9
17. 9
10.0
8.2
Prepayments and accrued income
27.9
21. 6
6.8
3.8
182.0
193.2
17.3
13.3
Trade and other receivables are non-interest bearing, and the Group applies a simplified approach in calculating
expected credit losses. The Group does not track changes in credit risk, but instead recognises a loss allowance based
on lifetime expected credit losses at each reporting date. The Directors consider that the carrying value of trade
receivables approximates to their fair value.
No allowance for expected credit losses is deemed necessary in respect of amounts owed by Group undertakings.
Less than 3 months
16.9
29.8
Over 3 months
7.5
7.4
24.4
37.2
The carrying value of trade and other receivables is stated after the following allowance for expected credit losses:
At 1 January
2.0
2.0
Allowance for expected credit losses charged
0.4
0.2
Amounts written off during the year as uncollectable
(0.2)
(0.2)
Allowance for expected credit losses reversed
—
—
At 31 December
2.2
2.0
20 Borrowings
Detailed disclosure of the Group’s usage of financial instruments is included in note 23. There are £nil borrowings at
31 December 2023 (2022: £nil).
The contractual repayment terms of facilities are as noted below:
Revolving Credit Facility
GBP
2028
700.0
300.0
Available facilities
731.0
326.0
The interest rate applicable to the syndicated loan may increase dependent upon the Group’s gearing level.
The discount rate applies to current and forecast gearing levels.

Persimmon Plc Annual Report 2023 171
Financial statementsGovernance Other informationStrategic report
21 Trade and other payables
Land payables
167.7
202.8
—
—
Other payables
11 . 0
12.0
1.3
2.0
178.7
214.8
1.3
2.0
Trade payables
312.8
368.6
5.6
3.3
Land payables
204.3
270.0
—
—
Other payables
66.5
54.8
17.6
16.1
Accrued expenses
238.1
256.0
8.8
6.2
Amounts owed to Group undertakings
—
—
3,623.1
3,857.4
821.7
949.4
3,655.1
3,883.0
Trade payables subject to payment terms were 35 days (2022: 35 days), based on the ratio of year end trade
payables (excluding retentions and unagreed claims) to amounts invoiced during the year by trade creditors. The
Group has financial risk management policies in place to ensure that all payables are paid within the pre-agreed
terms. The Directors consider that the carrying amount of trade payables approximates to their fair value.
Land payables are reduced for imputed interest, which is charged to the statement of comprehensive income over the
credit period of the purchase contract.
22 Legacy buildings provision
At 1 January
333.3
72.7
Additions to provision in the year
—
275.0
Imputed interest on provision in the year
4.3
—
Provision released in the year
(6.6)
—
Provision utilised in the year
(47.8)
(14.4)
At 31 December
283.2
333.3
In 2020 the Group made an initial commitment that no leaseholder living in a building we had developed should have
to cover the cost of removal of combustible cladding. During 2022 we signed the Building Safety Pledge (England)
and worked constructively with the Government to agree the ‘Long-Form Contract’ that turned the pledge into a legal
agreement. The Self Remediation Contract was signed on 13 March 2023.
In the year we have been informed by a number of management companies of potential liability for fire remediation
costs, and we have added 9 developments to the total number of developments. The number of developments we are
now responsible for stands at 82, of which 39 have now either secured EWS1 certificates or concluded any necessary
works. It is assumed the majority of the work will be completed over the next two years and the amount provided for
has been discounted accordingly.
During the year £47.8m of the provision has been utilised for works undertaken whilst £4.3m of imputed interest has
been charged to the statement of comprehensive income through finance costs. Due to the increase in gilt and interest
rates during the year, the discount rate used to estimate the future value of the provision at the period end date has
been increased. The change in discount rate has resulted in a reduction in the fair value of the provision. This has
resulted in a £6.6m release to the statement of comprehensive income through cost of sales.
The assessment of the provision remains a highly complex area with judgements and estimates in respect of the cost
of the remedial works, with investigative surveys ongoing to determine the full extent of those required works. Where
remediation works have not yet been fully tendered we have estimated the likely scope and costs of such works based
on experience of other similar sites. Whilst we have exercised our best judgement of these matters, there remains the
potential for variations to this estimate from multiple factors such as material, energy and labour cost inflation, limited
qualified contractor availability and abnormal works identified on intrusive surveys. Should a 20% variation in the costs
of untendered projects occur then the overall provision would vary by +/- £21.4m.
The financial statements have been prepared on the latest available information; however, there remains the possibility
that, despite management’s endeavours to identify all such properties, including those constructed by acquired entities
well before acquisition, further developments requiring remediation may emerge.
The Company has no provisions.
23 Financial risk management
The Group has exposure to the following risks from its use of financial instruments:
• market risk;
• liquidity risk;
• capital risk; and
• credit risk.
This note presents basic information regarding the Group’s exposure to these risks and the Group’s objectives, strategy
and processes for measuring and managing exposure to them. Unless otherwise stated references to the Group should
be considered to apply to the Company as well.

Persimmon Plc Annual Report 2023172
Notes to the financial statements continued
For the year ended 31 December 2023
23 Financial risk management continued
The Board has overall responsibility for the assessment and effective management of the Group’s risks. Comprehensive
processes are in place to identify, monitor, mitigate and control risks, through the work of the Audit & Risk Committee,
Group Internal Audit department and operational management teams. This includes a wide-ranging annual survey of
the Board and senior management in order to assess key risk issues and emerging risks. Collectively, these processes
provide the Board with visibility of the Group’s full risk landscape, while remaining focused on the most significant
threats and trends, and allow for the effective deployment of supporting controls.
Market risk
Market risk represents the potential for changes in foreign exchange prices and interest rates to affect the Group’s profit
and the value of its financial instruments. It also incorporates the effect of the overall UK housing market on the Group.
The Group’s objective in market risk management is to minimise its exposures to fluctuations within such variables whilst
optimising returns.
The Group has no significant direct currency exposures.
Interest rate risk
The Group currently holds no fixed interest borrowings. This reflects the low borrowing requirements of the Group.
The Group has no formal target for a ratio of fixed to floating funding. The responsibility for setting the level of fixed
rate debt lies with the Board and is regularly reviewed in light of economic data provided by a variety of sources.
Sensitivity analysis
If in the year ended 31 December 2023 UK interest rates had been 1.0% higher/lower than the Group’s pre-tax profit
would have increased/decreased by £2.8m (2022: increased/decreased by £5.1m). The Group’s post-tax profit
would have increased/decreased by £2.0m (2022: increased/decreased by £4.0m).
These sensitivities have been prepared in respect of the direct impact of such an interest rate change on the net
financing expense of financial instruments only, and do not attempt to estimate the indirect effect such a change may
have on the wider economic environment such as house pricing, mortgage availability and exchange rates.
Housing market risk
The Group is fundamentally affected by the level of UK house prices. These in turn are affected by factors such as
credit availability, employment levels, interest rates, consumer confidence and supply of land with planning. The UK’s
withdrawal from the EU may have a significant impact on these factors.
Whilst it is not possible for the Group to fully mitigate such risks on a national macroeconomic basis the Group does
continually monitor its geographical spread within the UK, seeking to balance its investment in areas offering the best
immediate returns with a long-term spread of its operations throughout the UK to minimise the risk of local
microeconomic fluctuations. The Group has taken steps to control its speculative build and land acquisition activities
and work in progress levels so as to manage the exposure of the Group to any further market disruption.
Sensitivity analysis
At 31 December 2023, if UK house prices had been 10% higher/lower, and all other variables were held constant,
the Group’s house price linked financial instruments, which are solely shared equity loan receivables, would increase/
decrease in value, excluding any effects of current or deferred tax, by £3.2m (2022: £3.6m).
Liquidity risk
Liquidity risk reflects the risk that the Group will have insufficient resources to meet its financial obligations as they fall
due. The Group’s strategy in relation to managing liquidity risk is to ensure that the Group has sufficient liquid funds to
meet all its potential liabilities as they fall due.
This is true not only of normal market conditions but also of negative projections against expected outcomes, so as to
avoid any risk of incurring contractual penalties or damaging the Group’s reputation, which would in turn reduce the
Group’s ability to borrow at optimal rates. Therefore the Group remains confident of its continued compliance with
financial covenants under the Revolving Credit Facility even in the event of deterioration in market conditions. Further
information on the Group’s liquidity forecast process is included in the Viability Statement on pages 76 to 78.
The Group has entered into a number of deferred payment guarantees and performance bonds in the normal course
of operations. The liabilities to which these guarantees relate are recognised and accounted for in accordance with
our standard accounting policies.
Liquidity forecasts are produced on (i) a daily basis to ensure that utilisation of current facilities is optimised; (ii) a
monthly basis to ensure that covenant compliance targets and medium-term liquidity are maintained; and (iii) a
long-term projection basis for the purpose of identifying long-term strategic funding requirements.
The Directors also continually assess the balance of capital and debt funding of the Group. They consider the security
of capital funding against the potentially higher rates of return offered by debt financing in order to set an efficient but
stable balance appropriate to the size of the Group.
The Group operates short-term uncommitted overdraft facilities to meet day-to-day liquidity requirements. These
facilities are cancellable on request from the bank; however, the Group generally maintains low levels of borrowing on
these in favour of secured facilities. These overdraft facilities are provided by five leading clearing banks to minimise
exposure to any one lender.
On 5 July 2023 the Group signed a new undrawn Revolving Credit Facility (‘RCF’) of £700m which has a five-year
term to 5 July 2028. This facility replaced the Group’s existing £300m Revolving Credit Facility which was due to
expire on 31 March 2026. We had good support from banking partners, with a consortium of five participating banks.
The RCF is a ‘Sustainability Linked’ facility within the banks’ finance frameworks, with ESG targets covering the facility’s
term. The targets are consistent with the Group’s science-based operational carbon reduction targets, our commitment
to deliver net zero homes in use by 2030 and our long-standing ambition to deliver excellent development opportunities
for our colleagues. This committed facility is sufficient to meet projected liquidity requirements for the duration of the
facility. Undrawn committed facilities at the reporting date amount to £700m (2022: £300m).
Cash deposits
The Group has a policy of ensuring cash deposits are made with the primary objective of security of principal.
Accordingly deposits are made only with approved, respected, high credit rating financial institutions. Deposits are
spread across such institutions to minimise exposure to any single entity and are made on a short-term basis only to
preserve liquidity .

Persimmon Plc Annual Report 2023 173
Financial statementsGovernance Other informationStrategic report
23 Financial risk management continued
Capital risk
The capital structure of the Group consists of net cash/debt (borrowings as detailed in note 20 offset by cash and
bank balances) and equity of the Group (comprising issued capital, reserves and retained earnings as detailed in the
Statement of Changes in Shareholders’ Equity). The Group’s objective in managing capital is primarily to ensure the
continued ability of the Group to meet its liabilities as they fall due whilst also maintaining an appropriate balance of
equity and borrowings and minimising costs of capital. Close control of deployment of capital is maintained by detailed
management review procedures for authorisation of significant capital commitments, such as land acquisition, capital
targets for local management and a system of internal interest recharges, ensuring capital cost impact is understood
and considered by all management tiers.
Decisions regarding the balance of equity and borrowings, dividend policy and all major borrowing facilities are
reserved for the Board. The Group is currently pursuing a strategy of capital return to shareholders, whilst at the same
time building a stronger, larger business. Full details are available in the Strategic Report on pages 2 to 78.
The following are the contractual maturities of financial liabilities, including interest payments (not discounted):
Trade and other payables
685.1
611 . 8
597.4
4.4
5.4
4.6
Land payables
372.0
377.0
206.5
98.7
57.6
14.2
Partnership liability
20.6
22.6
5.6
5.6
11 . 4
—
Financial liabilities
1,077.7
1,011.4
809.5
108.7
74.4
18.8
Trade and other payables
691.2
694.4
683.8
2.7
2.8
5.1
Land payables
477.3
481.7
269.2
142.3
62.2
8.0
Partnership liability
25.1
28.2
5.6
5.6
17.0
—
Financial liabilities
1,193.6
1,204.3
958.6
150.6
82.0
13.1
balances)
3,659.0
3,659.0
3,658.1
0.4
0.5
—
Financial liabilities
3,659.0
3,659.0
3,658.1
0.4
0.5
—
It is noted that £3,643.0m (2022: £3,857.1m) of other payables refer to amounts owed to subsidiary undertakings.
Whilst generally repayable upon demand, in practice it is unlikely there will be any required repayment in the
short-term.
balances)
3,885.1
3,885.1
3,884.3
0.3
0.5
—
Financial liabilities
3,885.1
3,885.1
3,884.3
0.3
0.5
—
Credit risk
The nature of the UK housing industry and the legal framework surrounding it results in the Group having a low
exposure to credit risk.
In all but a minority of cases the full cash receipt for each sale occurs on legal completion, which is also the point of
revenue recognition under the Group’s accounting policies.
In certain specific circumstances the Group has entered into shared equity arrangements (not applicable to the
Company). The pressures of market conditions during recessionary periods necessitated an increase in this form of
sales structure from 2008. In such cases the long-term debt is secured upon the property concerned. The Group does
not recognise collateral rights as a separate asset, nor does it have rights to trade such collateral. Reductions in
property values leads to an increase in the credit risk of the Group in respect of such sales. There was a £nil
requirement for a charge in relation to credit impairment in the year (2022: £0.3m).
The maximum total credit risk is as follows:
Trade and other receivables
161.0
164.9
Shared equity loan receivables
32.1
36.1
Cash and cash equivalents
420.1
861.6
613.2
1,062.6
Loans and receivables (including intercompany balances)
2,050.9
2,024.9
Cash and cash equivalents
241.0
603.3
2,291.9
2,628.2

Persimmon Plc Annual Report 2023174
Notes to the financial statements continued
For the year ended 31 December 2023
23 Financial risk management continued
The maximum credit exposure of the Group to overseas parties is £nil (2022: £nil) (Company: £nil (2022: £nil)).
The Group’s credit risk is widely distributed. The maximum credit risk should any single party (excepting financial
institutions) fail to perform is £39.5m (2022: £56.6m) and is not yet due (Company: £1,439.5m (2022: £1,414.5m)
being a subsidiary debtor). The Directors consider these financial assets to be of high quality and the credit risk is
assessed as low. The maximum credit risk associated with a financial institution in respect of short-term cash deposits
is £128.5m (2022: £188.7m).
Fair value
The fair value of financial assets and liabilities is as follows:
2023
2022
Trade and other receivables
161. 0
161.0
164.9
164.9
Shared equity loan receivables
32.1
32.1
36.1
36.1
Cash and cash equivalents
420.1
420.1
861.6
861.6
Trade and other payables
(620.9)
(620.9)
(691.7)
(691.7)
Land payables
(372.0)
(372.0)
(472.8)
(472.8)
Partnership liability
(22.6)
(20.7)
(24.1)
(25.2)
(402.3)
(400.4)
(126.0)
(127.1)
In aggregate, the fair value of financial assets and liabilities are not materially different from their carrying value.
2023
2022
(includingintercompany balances)
2,050.9
2,050.9
2,024.9
2,024.9
Cash and cash equivalents
241.0
241.0
603.3
603.3
(includingintercompany balances)
(3,655.1)
(3,655.1)
(3,885.1)
(3,885.1)
(1,363.2)
(1,363.2)
(1,256.9)
(1,256.9)
Income and expense in relation to financial instruments are disclosed in note 9.
Financial assets and liabilities by category:
Group
Company
Financial assets designated fair value
through statement of comprehensive income
32.1
36.1
—
—
Trade and other receivables
161.0
164.9
2,050.9
2,024.9
Cash and cash equivalents
420.1
861.6
241.0
603.3
Financial liabilities at amortised cost
(1,013.6)
(1,189.7)
(3,655.1)
(3,883.0)
(400.4)
(127.1)
(1,363.2)
(1,254.8)
Financial assets and liabilities carried at fair value are categorised within the hierarchical classification of IFRS 13
Revised (as defined within the standard) as follows:
Shared equity loan receivables
32.1
36.0
Shared equity loan receivables
Shared equity loan receivables represent loans advanced to customers and secured by way of a second charge on
their new home. They are carried at fair value. The fair value is determined by reference to the rates at which they could
be exchanged by knowledgeable and willing parties. Fair value is determined by discounting forecast cash flows for
the residual period of the contract by a risk adjusted rate.
There exists an element of uncertainty over the precise final valuation and timing of cash flows arising from these loans.
As a result the Group has applied inputs based on current market conditions and the Group’s historical experience of
actual cash flows resulting from such arrangements. These inputs are by nature estimates and as such the fair value has
been classified as level 3 under the fair value hierarchy laid out in IFRS 13 Fair Value Measurement.
Significant unobservable inputs into the fair value measurement calculation include regional house price movements
based on the Group’s actual experience of regional house pricing and management forecasts of future movements,
weighted average duration of the loans from inception to settlement of ten years (2022: ten years) and discount rate
8.8% (2022: 7%) based on current observed market interest rates offered to private individuals on secured second loans.
The discounted forecast cash flow calculation is dependent upon the estimated future value of the properties on which
the shared equity loans are secured. Adjustments to this input, which might result from a change in the wider property
market, would have a proportional impact upon the fair value of the loan. Furthermore, whilst not easily assessable in
advance, the resulting change in security value may affect the credit risk associated with the counterparty, influencing
fair value further.
Detail of the movements in shared equity loan receivables in the period are disclosed in note 17 .

Persimmon Plc Annual Report 2023 175
Financial statementsGovernance Other informationStrategic report
24 Deferred tax
The following are the deferred tax assets and liabilities recognised by the Group and the movements thereon during the
current and prior year:
At 1 January 2022
0.3
(37.2)
7.6
(15.0)
(0.6)
(44.9)
statement
11 . 1
(7.2)
(0.4)
1.5
(2.4)
3.7
(4.8)
Charge to other
comprehensive income
11 . 2
—
(7.7)
—
—
—
(7.7)
Amounts taken directly to equity
11 . 3
—
—
(4.2)
—
—
(4.2)
At 1 January 2023
(6.9)
(45.3)
4.9
(17.4)
3.1
(61.6)
(Charge)/credit to
income statement
11 . 1
(1.3)
(1.4)
0.8
—
(0.4)
(2.3)
Credit to other comprehensive
income
11 . 2
—
9.8
—
—
—
9.8
Amounts taken directly to equity
11 . 3
—
—
0.7
—
—
0.7
At 31 December 2023
(8.2)
(36.9)
6.4
(17.4)
2.7
(53.4)
As permitted by IAS 12 Income Taxes, certain deferred tax assets and liabilities have been offset. The following is an
analysis of the deferred tax balances (after offset) for financial reporting purposes:
Share-based payments
6.4
4.9
Other items, including accelerated capital allowances
5.1
5.6
Deferred tax assets
11. 5
10.5
Brands
(17.4)
(17.4)
Other items, including accelerated capital allowances
(47.5)
(54.7)
Deferred tax liabilities
(64.9)
(72.1)
Net deferred tax liability
(53.4)
(61.6)
The Group has recognised deferred tax liabilities of £36.9m (2022: liabilities of £45.3m) on retirement benefit assets
of £127.1m (2022: assets of £155.9m).
The following are the deferred tax assets and liabilities recognised by the Company and the movements thereon during
the current and prior year:
At 1 January 2022
(0.2)
(37.2)
3.8
0.9
(32.7)
statement
0.2
(0.4)
2.3
0.3
2.4
Charge to other
comprehensive income
—
(7.7)
—
—
(7.7)
Amounts taken directly to equity
—
—
(3.4)
—
(3.4)
At 1 January 2023
—
(45.3)
2.7
1.2
(41.4)
(Charge)/credit to
income statement
(0.2)
(1.4)
0.8
(0.6)
(1.4)
Credit to other comprehensive
income
—
9.8
—
—
9.8
Amounts taken directly to equity
—
—
0.2
—
0.2
At 31 December 2023
(0.2)
(36.9)
3.7
0.6
(32.8)
No deferred tax assets and liabilities have been offset (2022: £nil).
25 Share capital
319,421,416
(2022: 319,323,432) ordinary shares of 10p each
31.9
31 . 9
The Company has one class of ordinary shares which carry no right to fixed income. All issued shares are fully paid.
During the year 97,984 ordinary shares (2022: 116,958) were issued in satisfaction of share option exercises.
The Company has established an Employee Benefit Trust to hold shares for participants of the Company’s various share
schemes. The Trustee is Persimmon (Share Scheme Trustees) Limited, a subsidiary company. During 2023, the Trustee
transferred 17,227 shares (2022: 53,988) to employees. At 31 December 2023 the trust held 180,984 shares (2022:
88,635) on which dividends have been waived. The market value of these shares at 31 December 2023 was
£2,513,868 (2022: £1,078,688).

Persimmon Plc Annual Report 2023176
Notes to the financial statements continued
For the year ended 31 December 2023
25 Share capital continued
Own shares
Own shares held at cost are reconciled as follows:
Balance at 31 December 2022
0.1
Own shares purchased
1.4
Disposed of on exercise/vesting to employees
(0.2)
Balance at 31 December 2023
1.3
26 Reconciliation of net cash flow to net cash and analysis of net cash
Cash and cash equivalents at 1 January
861.6
1,246.6
Decrease in net cash and cash equivalents in cash flow
(441.5)
(385.0)
Cash and cash equivalents at 31 December
420.1
861.6
IFRS 16 lease liability
(12.9)
(10.9)
Net cash at 31 December
407.2
850.7
Net cash is defined as cash and cash equivalents, finance lease obligations and interest bearing borrowings.
27 Contingent liabilities
As disclosed in note 22 the Group has undertaken a review of all of its legacy buildings that used cladding on their façades.
The financial statements have been prepared on the latest available information; however, there remains the possibility
that, despite management’s, endeavours to identify all such properties, including those constructed by acquired entities
well before acquisition, further developments requiring remediation may emerge. There is also the possibility that
estimates based on preliminary assessments regarding the scale of remediation works relating to buildings yet to be
fully surveyed may prove incorrect. The cost of remedial works will remain under review and be updated as works progress.
In the normal course of business the Group has given counter indemnities in respect of performance bonds and
financial guarantees. Management estimates that the bonds and guarantees amount to £453.8m (2022: £386.0m),
and confirms that the possibility of cash outflow is considered minimal and no provision is required.
Provision is made for the Directors’ best estimate of all known legal claims and all legal actions in progress. The Group
takes legal advice as to the likelihood of success of claims and actions and no provision is made where the Directors
consider, based on that advice, that the action is unlikely to succeed, or a sufficiently reliable estimate of the potential
obligation cannot be made. At the balance sheet date, there are no significant legal claims or actions that would lead
to the recognition of a contingent liability.
The Company has entered into guarantees of certain financial liabilities of related undertakings as detailed in note 32.
28 Retirement benefit assets
As at 31 December 2023 the Group operated five employee pension schemes, being three Group personal pension
schemes and two defined benefit pension schemes. Remeasurement gains and losses in the defined benefit schemes
are recognised in full as other comprehensive income within the consolidated statement of comprehensive income.
All other pension scheme costs are reported in profit or loss.
Group personal pension schemes
The Group makes contributions to the Group personal pension schemes which are open to employees who are not
members of the defined benefit schemes. Dependent upon an employee’s role and length of service the Group may
make contributions to the schemes of up to a maximum of 9% of basic salary. The Group has no liability beyond these
contributions. Group contributions to these schemes of £5.5m (2022: £5.7m) are expensed through the statement of
comprehensive income as incurred.
Persimmon Plc Pension & Life Assurance Scheme
The Persimmon Plc Pension & Life Assurance Scheme (the ‘Persimmon Scheme’) is a defined benefit scheme which
was closed to new members in 2001. Active members of the Persimmon Scheme accrue benefits on a career average
revalued earnings basis. The assets of the Persimmon Scheme are held separately from those of the Group.
On 12 December 2012 Persimmon Plc made a one-off cash contribution of £57.8m to the Persimmon Scheme.
The Persimmon Scheme used these funds to invest in Persimmon Scottish Limited Partnership, which has undertaken
to provide fixed cash payments to the Persimmon Scheme to meet its liabilities over a 15-year period. See note 29
for further details.
Prowting Pension Scheme
The Group also operates the Prowting Pension Scheme (the ‘Prowting Scheme’), a defined benefit scheme. Benefits
accrue on a career average revalued earnings basis. The assets of the Prowting Scheme are held separately from those
of the Group.
Role of Trustees
Both the Persimmon Scheme and the Prowting Scheme (jointly ‘the Pension Schemes’) are managed by Trustees who
are legally separate from the Company. The Trustees are composed of representatives appointed by both the employer
and employees. The Trustees are required by law to act in the interest of all relevant beneficiaries and are responsible
in particular for the asset investment policy plus the day-to-day administration of the benefits. They are also responsible
for jointly agreeing with the employer the level of contributions due to the Pension Schemes (see below).
Funding requirements
UK legislation requires that pension schemes are funded prudently, i.e. to a level in excess of the current expected cost
of providing benefits. The last funding valuation of the Persimmon Scheme was carried out by a qualified actuary as at
1 January 2020 and as at 31 March 2021 for the Prowting Scheme. The next funding valuation will be as at 1 January
2023 for the Persimmon Scheme (which is in progress) and as at 31 March 2024 for the Prowting Scheme. Subsequent
valuations will be at intervals of no more than three years thereafter.
Following each valuation, the Trustees and the Company must agree the contributions required (if any) to ensure the
Pension Schemes are fully funded over time on a suitable prudent measure. Contributions agreed in this manner
constitute a minimum funding requirement.

Persimmon Plc Annual Report 2023 177
Financial statementsGovernance Other informationStrategic report
28 Retirement benefit assets continued
Funding requirements continued
Given the current strength of the Persimmon and Prowting Scheme’s funding no deficit contributions are required for
either scheme. Salary related contributions for active members are payable for the Persimmon Scheme.
Under the governing documentation of the Pension Schemes, any future surplus in either scheme would be returnable to
the Group by refund, assuming gradual settlement of the liabilities over the lifetime of the Pension Schemes. As a result
the Group does not consider there to be an asset ceiling in respect of the Pension Schemes.
Both Pension Schemes are in a strong funding position. The Group remains committed to the continuity of this position
and will review future contribution levels in the event of any significant deficit arising.
The Pension Schemes’ investment strategy is to maintain a portfolio of suitable assets of appropriate liquidity which will
generate investment returns to meet, together with future contributions, the benefits of the members as they fall due.*
The Pension Schemes do not invest directly in complex financial instruments, though there may be limited indirect
investment through investment funds.
* Given the current financial strength of the Pension Schemes’ net asset position a low risk investment strategy is applied.
Regulation
The UK pensions market is regulated by The Pensions Regulator, whose key statutory objectives in relation to UK
defined benefit plans are:
• to protect the benefits of members;
• to promote, and to improve understanding of good administration; and
• to reduce the risk of situations arising which may lead to compensation being payable from the Pension Protection
Fund (‘PPF’).
The Pensions Regulator has sweeping powers including the powers:
• to wind up a scheme where winding up is necessary to protect members’ interests;
• to appoint or remove a trustee;
• to impose a schedule of company contributions or the calculation of the technical provisions where a trustee and
company fail to agree on appropriate contributions; and
• to impose a contribution where there has been a detrimental action against a scheme.
Risks associated with the Pension Schemes
The Pension Schemes expose the Group to a number of risks, the most significant of which are:
Risk
Description
Volatile asset returns
The defined benefit obligation (‘DBO’) is calculated using a discount rate set with reference
Inflation risk
A significant proportion of the DBO is indexed in line with price inflation and higher inflation
Life expectancy
The majority of the Pension Schemes’ obligations are to provide benefits for the life of the
There are a number of other risks of running the Pension Schemes including operational risks (such as paying out the
wrong benefits), legislative risks (such as the Government increasing the burden on pension through new legislation)
and other demographic risks, such as a higher proportion of members having a dependant eligible to receive a
survivor’s pension.
Net pension asset
The amounts included in the balance sheet arising from the Group’s obligations in respect of the Pension Schemes are
as follows:
Fair value of Pension Scheme assets
552.7
555.6
Present value of funded obligations
(425.6)
(399.7)
Net pension asset
127.1
155.9
A deferred tax liability totalling £36.9m (2022: £45.2m) has been recognised on the balance sheet in relation to the
net pension asset.

Persimmon Plc Annual Report 2023178
Notes to the financial statements continued
For the year ended 31 December 2023
28 Retirement benefit assets continued
Net pension asset continued
Movements in the net pension asset on the balance sheet were as follows:
As at 1 January
155.9
148.8
Total (loss)/gain recognised in the period
(29.2)
5.5
Company contributions paid in the period
0.4
1.6
As at 31 December
127.1
155.9
The Group has recognised a net pension asset on the basis that under the rules of the schemes any future surplus would
be returnable to the Group by refund, assuming gradual settlement over the lifetime of the schemes.
The Company does not present valuations of its own separate assets and liabilities under the Pension Schemes as the
entire net assets of the Pension Schemes are included in the Company balance sheet, as ultimate scheme sponsor.
The amounts recognised in the consolidated statement of comprehensive income are as follows:
Current service cost
0.9
1.9
Administrative expense
0.6
0.6
Pension cost recognised as operating expense
1.5
2.5
Interest cost
18.8
11 . 3
Return on assets recorded as interest
(26.2)
(14.1)
Pension cost recognised as net finance credit
(7.4)
(2.8)
Total defined benefit pension credit recognised in profit or loss
(5.9)
(0.3)
Remeasurement loss/(gain) recognised in other comprehensive income
35.1
(5.2)
Total defined benefit scheme loss/(gain) recognised
29.2
(5.5)
The net remeasurement loss in the year of £35.1m (2022: gain of £5.2m) reflects the net effect of a loss in asset values
of £10.1m, and an increase in liability obligations of £25.0m, largely arising from a decrease in discount rates.
Assets
The assets of the Pension Schemes have been calculated at fair value and are invested in the following asset classes:
– UK
2.4
4.5
– US
10.8
26.5
– Eurozone
8.7
19.3
– Other
Bonds
4.9
14.1
– Government
321.2
397.4
– Sub-investment grade
115.5
4.9
Asset backed funding
20.0
24.1
Diversified growth fund
50.4
49.0
Cash
18.8
15.8
Total
552.7
555.6
All assets have a quoted market value in an active market, with the exception of asset backed funding of £20.0m
(2022: £24.1m), which related to secured cash flows.
The Persimmon Scheme holds 94% (2022: 94%) of the gross assets of the Pension Schemes and 94% (2022: 94%) of
the gross liabilities. The remainder relates to the Prowting Scheme. The Pension Schemes do not engage in investments
in complex financial assets such as insurance contracts or longevity derivatives.
Changes in the fair value of scheme assets were as follows:
As at 1 January
555.6
751. 9
Return on assets recorded as interest
26.2
14.1
Remeasurement losses on assets
(10.1)
(189.5)
Contributions
0.4
1.6
Benefits and expenses paid
(19.4)
(22.5)
As at 31 December
552.7
555.6

Persimmon Plc Annual Report 2023 179
Financial statementsGovernance Other informationStrategic report
28 Retirement benefit assets continued
Defined benefit obligation
The liabilities of the Pension Schemes, at each balance sheet date, have been calculated on the following
financial assumptions:
Discount rate
4.5
4.8
General pay increases
3.0
3.0
RPI inflation assumption
3.0
3.0
CPI inflation assumption
2.6
2.5
Post-retirement life expectancy for retirement aged members is as follows:
Male current pensioner
22.1
22.6
Male future pensioner
22.9
23.3
The defined benefit obligation includes benefits for current employees, former employees and current pensioners.
The following table provides an analysis of the defined benefit obligation by membership category:
Total value of current employees’ benefits
23.2
21. 5
Deferred members’ benefits
161.3
139.6
Pensioner members’ benefits
241.1
238.6
Total defined benefit obligation
425.6
399.7
The Pension Schemes’ duration is an indicator of the weighted average time until benefit payments are made. For the
Pension Schemes as a whole, the duration is around 12 years.
Changes in the defined benefit obligation were as follows:
As at 1 January
(399.7)
(603.1)
Current service cost
(0.9)
(1.9)
Interest cost
(18.8)
(11.3)
Remeasurement (losses)/gain on liabilities
(25.0)
194.7
Benefits paid
18.8
21. 9
As at 31 December
(425.6)
(399.7)
Sensitivities
The key assumptions used for IAS 19 are: discount rate, inflation and mortality. If different assumptions were used, this
could have a material effect on the results disclosed. The sensitivity of the results to these assumptions is as follows:
Present value of defined benefit obligation (‘DBO’)
425.6
399.7
– DBO following a 0.25% decrease in the discount rate
438.5
413.0
– DBO following a 0.25% increase in the discount rate
413.2
387.0
– DBO following a 0.25% decrease in the inflation assumption
418.6
392.9
– DBO following a 0.25% increase in the inflation assumption
4 31.7
406.4
– DBO following a 1 year decrease to life expectancy
409.1
386.5
– DBO following a 1 year increase to life expectancy
441.9
413.0
The sensitivity information shown above has been prepared using the same methodology as the calculation for the
current DBO.

Persimmon Plc Annual Report 2023180
Notes to the financial statements continued
For the year ended 31 December 2023
29 Partnership liability to the Persimmon Plc Pension & Life
Assurance Scheme
Persimmon Scottish Pension Trustees Limited, a wholly owned Group subsidiary, is general partner in Persimmon
Scottish Limited Partnership (the ‘Partnership’). Persimmon Pension Trustees Limited, the Trustee of the Persimmon Plc
Pension & Life Assurance Scheme (the ‘Persimmon Scheme’) is a limited partner. The Partnership is included in the
consolidated results of the Group. The Partnership has taken advantage of the exemptions in the Partnerships
(Accounts) Regulations 2008 not to file separate accounts on this basis.
The terms of the Persimmon Scheme’s interest in the Partnership give the pension scheme obligatory rights to cash
returns but insignificant operational control over the Partnership. The interest has been classified as a financial liability
and is accounted for on an amortised cost basis. During the year the Group has made payments in relation to the
Partnership liability (including interest) totalling £5.6m (2022: £5.6m).
Under IAS 19 the Partnership interest of the Persimmon Scheme is included within the UK pension scheme assets.
For further details see note 28.
The Partnership is the beneficial owner of a bond secured on a proportion of the Group’s shared equity loan receivables
and guaranteed by Persimmon Plc, which will support the Partnership investment return to the Persimmon Scheme.
30 Share-based payments
The Group operates a number of share option schemes, the details of which are provided below. All schemes were
equity settled.
The Savings-Related Share Option Scheme is an HMRC approved scheme open to all permanent employees.
Options can normally be exercised three years after the date of grant.
Options have been issued to senior management (including the Executive Directors) under the Group’s various executive
share option schemes, which include awards under the Group’s Long Term Incentive Plans. Future vesting of options is
dependent upon customer care, cash generation and TSR performance for options granted between 2019 and 2022
under the Persimmon Plc 2017 Performance Share Plan and on customer care, cash generation, TSR performance and
carbon reduction for options granted in 2023 under the Persimmon Plc 2017 Performance Share Plan.
Reconciliations of share options outstanding during each period, under each type of share scheme, are as follows:
Outstanding at the beginning of the year
1,714,778
1,290.4
935,105
1,908.5
Granted during the year
1,620,573
818.4
1,266,190
1,080.0
Forfeited during the year
(1,100,963)
1,276.4
(448,958)
1,935.4
Exercised during the year
(587)
1,080.0
(37,559)
1,877.4
Outstanding at the end of the year
2,233,801
954.9
1,714,778
1,290.4
Exercisable at the end of the year
94,041
1,854.0
181,484
1,692.1
Outstanding at the beginning of the year
68,383
13,694
Granted during the year
109,937
69,798
Forfeited during the year
(36,915)
—
Exercised during the year
—
(15,109)
Outstanding at the end of the year
141,405
68,383
Exercisable at the end of the year
—
—
Outstanding at the beginning of the year
172,327
—
Granted during the year
10,385
209,381
Forfeited during the year
(87,393)
—
Exercised during the year
(17,227)
(37,054)
Outstanding at the end of the year
78,092
172,327
Exercisable at the end of the year
—
—
Outstanding at the beginning of the year
—
12,000
Forfeited/waived during the year
—
(8,491)
Exercised during the year
—
(3,509)
Outstanding at the end of the year
—
—
Exercisable at the end of the year
—
—
* Under 2012 LTIP grants the option exercise price is variable dependent on share price at the date of award and the performance condition,
being return of cash to shareholders post-grant date.

Persimmon Plc Annual Report 2023 181
Financial statementsGovernance Other informationStrategic report
30 Share-based payments continued
2017
Performance
2017
Performance
Outstanding at the beginning of the year
2,481,222
1,770,343
Granted during the year
1,932,295
1,113,250
Forfeited during the year
(630,667)
(316,758)
Exercised during the year
(103,546)
(85,613)
Outstanding at the end of the year
3,679,304
2,481,222
Exercisable at the end of the year
1,127,391
386,479
The weighted average share price at the date of exercise for share options exercised during the period was 1,252.9p
(2022: 2,344.9p). The options outstanding at 31 December 2023 had a range of exercise prices from nil to 1,080.0p
and a weighted average remaining contractual life of 1.7 years (2022: 1.6 years).
The inputs into the Black Scholes option pricing model for options that were granted in the year were as follows:
Grant date
2 May 2023
18 September 2023
5 October 2023
Risk free interest rate
3.66%
4.65%
4.43%
Exercise price
—
—
£8.18
Share price at date of grant
£13.87
£10.30
£10.27
Expected dividend yield*
0%
0%
6%
Expected life
2.9 years
2.5 years
3.16 years
Holding period
Nil**
Nil**
n/a
Date of vesting
10 March 2026
10 March 2026
1 December 2026
Expected volatility
32.4%
27.8%
27.8%
Fair value of option
£12.48
£9.45
£0.93
* At the discretion of the Remuneration Committee a cash bonus may be paid to holders of 2021 PSP grants equivalent to the value of any
dividend which might have been paid on the shares held under option had those instead been issued. For purposes of valuation it has been
assessed that such a payout will be made and the forgone dividend yield assumption set to nil.
** A subset of PSP 2023 granted to Senior Management, including the Executive Board Directors, were restricted by an additional 2 year
holding period, with a reduced fair value resulting.
The expected life used in the model has been adjusted, based on best estimates, to reflect exercise restrictions and
behavioural considerations.
In 2023, the Group recognised total expenses before tax of £4.5m (2022: £9.0m) in relation to equity settled
share-based payment transactions in the consolidated statement of comprehensive income. These option charges have
been credited against the retained earnings reserve. As at 31 December 2023 the total credit recognised in relation to
equity settled share-based payments was £26.3m (2022: £23.4m) of which £9.4m (2022: £6.4m) related to options
currently vested awaiting exercise. All share-based payments are expensed by the Company.
31 Post balance sheet event
On 26 February 2024, the Competition and Markets Authority (‘CMA’) published its report on the Market Study into
the housebuilding market which concluded that the complex and unpredictable planning system was “a key driver of
the under-delivery of new housing”.
The CMA also announced that it has opened an investigation into eight housebuilders under the Competition Act 1998
regarding the sharing of information. We will co-operate with the CMA on this investigation which is in its early stages
at the date of this report and any potential impact is as yet unknown.
32 Related party transactions
The Board and certain members of senior management are related parties within the definition of IAS 24 Related Party
Disclosures. Summary information of the transactions with key management personnel is provided in note 7. Detailed
disclosure of the individual remuneration of Board members is included in the Remuneration Report on pages 124 to
143. There is no difference between transactions with key management personnel of the Company and the Group.
The Company has entered into transactions with its subsidiary undertakings in respect of the following: internal funding
loans and provision of Group services (including senior management, IT, accounting, marketing, purchasing, legal and
conveyancing services). Recharges are made to subsidiary undertakings for Group loans, based on funding provided,
at an interest rate linked to average Group borrowing costs. No recharges are made in respect of balances due to or
from otherwise dormant subsidiaries. Recharges are made for Group services based on utilisation of those services.
During the year these recharges amounted to:
Interest charges on intra-Group funding
(96.3)
(47.2)
Group services recharges
167.4
113.1
71.1
65.9
In addition to these services the Company acts as a buying agent for certain Group purchases, such as insurance.
These are recharged at cost based on utilisation by the subsidiary undertaking.
The amount outstanding from subsidiary undertakings to the Company at 31 December 2023 totalled £2,040.4m
(2022: £2,015.4m). Amounts owed to subsidiary undertakings by the Company at 31 December 2023 totalled
£3,623.1m (2022: £3,857.4m).

Persimmon Plc Annual Report 2023182
Notes to the financial statements continued
For the year ended 31 December 2023
32 Related party transactions continued
The Company provides the Group’s defined benefit pension schemes. Current employer contributions are charged to
the operating businesses at cost. There is no contractual arrangement or stated policy relating to the net defined benefit
cost. Experience and remeasurement gains and losses are recognised in the Company.
The Company guarantees a bond issued from Persimmon Shared Equity Limited to Persimmon Scottish Limited
Partnership (both subsidiary undertakings). The fair value of the bond at 31 December 2023 is £20.0m (2022:
£24.1m).
Certain subsidiary undertakings have entered into guarantees of external bank loans and overdrafts of the Company.
The total value of such borrowings at 31 December 2023 was £nil (2022: £nil). The Company has entered into
guarantees over bank loans and borrowings of the subsidiary undertakings. The total value of such borrowings at
31 December 2023 was £nil (2022: £nil). The value of these guarantees in the year is assessed as insignificant.
The Company has suffered a £nil expense in respect of bad or doubtful debts of subsidiary undertakings in the
year (2022: £nil).
33 Details of major Group undertakings
The Directors set out below information relating to the major subsidiary undertakings (those that principally affect the
profits and assets of the Group) of Persimmon Plc at 31 December 2023. All of these companies are registered in
England. All voting rights are held by companies within the Group. A full list of subsidiary undertakings and jointly
controlled entities can be found in note 34.
Persimmon Homes Limited°
Charles Church Developments Limited
Persimmon Holdings Limited*
Persimmon Shared Equity Limited**
∆
° The shares of this company are held by Persimmon Holdings Limited and Persimmon Plc.
∆ The shares of this company are held by Persimmon Holdings Limited.
* The shares of this company are held by Persimmon Finance Limited and Persimmon Plc.
** The shares of this company are held by Persimmon Plc.
*** This entity is controlled by Persimmon Scottish Pension Trustees Limited (see note 28).
34 Details of all subsidiary undertakings
Persimmon Group subsidiary companies
The following companies, included in these consolidated accounts, are wholly owned by the Persimmon Group and are
incorporated in the UK unless otherwise stated. Persimmon Plc or its subsidiary companies also hold all of the voting
rights unless otherwise stated. The Registered Office for each company is Persimmon House, Fulford, York, YO19 4FE
unless otherwise stated.
Name of undertaking
Description of shares held
@Home Limited
Ordinary* and 3.5% Preference*
A.E.A Prowting Limited
Ordinary*
A Monk & Company Developments (S.W.) Limited
Ordinary* and Deferred*
Name of undertaking
Description of shares held
Alford Brothers Limited
Ordinary*
Anjok 157 Limited
Ordinary*
Anjok 172 Limited
Ordinary*
Anjok 173 Limited
Ordinary*
Anjok 28 Limited
Ordinary* and 8% Preference*
Anjok 31 Limited
Ordinary*
Anjok Five (1996) Limited
Ordinary*
Anjok Holdings Limited
Ordinary* and Deferred*
Anjok Investments Limited
Ordinary*
Anjok Two Limited
Ordinary*
Aria Homes Limited
A Ordinary* and B Ordinary*
Arthur S Nixon and Company
1% Non-Cumulative Preference* and Ordinary*
Aspect Homes Limited
Ordinary*
Atlantis One Limited
Ordinary* and Preference*
Beazer Group Limited
Ordinary*
Beazer Homes (Anglia) Limited
Deferred* and A Ordinary*
Beazer Homes (Barry) Limited
Ordinary*
Beazer Homes (FLE) Limited
A Ordinary* and B Ordinary*
Beazer Homes (FNLHS) Limited
Ordinary*
Beazer Homes (South Wales) Limited
Ordinary*
Beazer Homes (Wessex) Limited
Ordinary*
Beazer Homes and Property Limited
Ordinary*
Beazer Homes Bedford Limited
Deferred* and A Ordinary*
Beazer Homes Birmingham Central Limited
Deferred* and A Ordinary*
Beazer Homes Bridgwater Limited
Deferred* and A Ordinary*
Beazer Homes Bristol Limited
Deferred* and A Ordinary*
Beazer Homes Cardiff Limited
Deferred* and A Ordinary*
Beazer Homes Doncaster Limited
Deferred* and A Ordinary*
1
1
1
1
1

Persimmon Plc Annual Report 2023 183
Financial statementsGovernance Other informationStrategic report
Name of undertaking
Description of shares held
Beazer Homes Limited
Ordinary*, Deferred* and A Ordinary*
Beazer Homes Nottingham Limited
Ordinary*
Beazer Homes Reigate Limited
Ordinary*
Beazer Homes Stockport Limited
Deferred* and A Ordinary*
Beazer Homes Yateley Limited
Deferred* and A Ordinary*
Beazer London Limited
Ordinary*
Beazer Partnership Homes Midlands Limited
Ordinary*
Beazer Swaffham Limited
Ordinary*
Beazer Urban Developments (Anglia) Limited
Deferred* and A Ordinary*
Beazer Urban Developments (Bedford) Limited
Ordinary*
Beazer Urban Developments (East Midlands) Limited
Ordinary*
Beazer Urban Developments (South West) Limited
Ordinary*
Beazer Western Engineering Services Limited
Ordinary*
Breakblock Limited
Ordinary*
Broomco (3385) Limited
Ordinary*
Bruce Fletcher (Leicester) Limited
Ordinary*
Charles Church Civil Engineering Limited
Ordinary*
Charles Church Developments Limited
Ordinary*
Charles Church Essex Limited
Ordinary*
Charles Church Estates Limited
Ordinary*
Charles Church Holdings plc
A Convertible Ordinary*, B Ordinary*, B Redeemable
Charles Church Housing Limited
Ordinary*
Charles Church Investment Properties Limited
Ordinary*
Charles Church Kent Limited
Ordinary*
Charles Church Limited
Ordinary*
Charles Church London Limited
Ordinary*
Charles Church Management Limited
Ordinary*
Charles Church Partnership Homes Limited
Ordinary*
Charles Church Residential Developments Limited
Ordinary*
1
1
Name of undertaking
Description of shares held
Charles Church South East Limited
Ordinary*
Charles Church Southern Limited
Ordinary*
Charles Church Thames Valley Limited
Ordinary*
Charles Church Trading Limited
Ordinary*
Charles Church Village Heritage plc
Ordinary*
Coatglade Limited
Ordinary*
Comben Group Limited
A Deferred Ordinary, B Deferred Ordinary and Ordinary
Cresswellshawe Properties Limited
Ordinary* and 3.5% Preference*
Crowther Homes (Darlington) Limited
Ordinary*
Crowther Homes (Midland) Limited
Ordinary*
Crowther Homes (Nat W) Limited
Ordinary*
Crowther Homes (Yarm) Limited
Ordinary*
Crowther Homes Limited
Ordinary*
D Dunk (Builders) Limited
Ordinary*
D R Dunthorn & Son Limited
Deferred*, Deferred* and Ordinary*
Datblygwyr Dorothea Limited (94% of nominal value owned)
Ordinary*
Delany Brothers (Housebuilders) Limited
Ordinary* and Preference*
Domus Group Limited
Deferred*, Deferred* and A Ordinary*
E.E. Reed & Co. (Builders) Limited
Ordinary*
E F G H Limited
Ordinary*
E F G H Nominees Limited
Ordinary*
Emerson Park Limited
Ordinary*
F C Spear Limited
Ordinary*
Ferry Quay Developments Limited
A Ordinary*, B Ordinary* and C Ordinary*
Flex Fibre Limited
Ordinary*
FibreNest Limited
Ordinary*
FibreScale Limited
Ordinary*
Frays Property Management (No.1) Limited
Ordinary*
Frays Property Management (No.2) Limited
Ordinary*
Frays Property Management (No.6) Limited
Ordinary*
Friary Homes Limited
Ordinary*
Galliford Developments Limited
Ordinary*
34 Details of all subsidiary undertakings continued
Persimmon Group subsidiary companies continued

Persimmon Plc Annual Report 2023184
Notes to the financial statements continued
For the year ended 31 December 2023
Name of undertaking
Description of shares held
Galliford Homes (London) Limited
A Ordinary* and B Ordinary*
Galliford Homes Holdings Limited
A Ordinary*, B Ordinary* and Preference*
Galliford Homes Limited
Ordinary*
Galliford Properties Southern Limited
Ordinary*
Galliford Southern Limited
Ordinary*
Geo. Wright & Co. (Contractors Wolverhampton) Limited
Deferred*, A Deferred* and A Ordinary*
Glamford Building Company Limited
Ordinary*
Gomersal Mills Limited
Deferred* and Ordinary*
Gosforth Business Park Management Company (No.2) Limited
Ordinary*
Haven Retirement Homes Limited
Ordinary*
Hazels Development Company Limited
A Ordinary* and B Ordinary*
Hillreed Developments Limited
Ordinary*
Hillreed Holdings Limited
Ordinary*, Management Shares* and Cumulative Preference*
Hillreed Homes Limited
Ordinary*
Hillreed Properties Limited
Ordinary*
Horsebridge Network Systems Limited
A Ordinary*
Ideal Developments Limited
Ordinary*
Ideal Homes (UK) Limited
Ordinary*
Ideal Homes Anglia Limited
Ordinary*
Ideal Homes Central Limited
A Non-Voting Ordinary* and B Ordinary*
Ideal Homes Holdings Limited
Deferred and Ordinary
Ideal Homes Limited
Ordinary*
Ideal Homes Midlands Limited
Ordinary*
Ideal Homes North West Limited
Ordinary*
Ideal Homes Northern Limited
Ordinary*
Ideal Homes Scotland Limited
Ordinary*
Ideal Homes Services Limited
Ordinary*
Ideal Homes Southern Limited
Ordinary*
J.W. Liptrot & Company Limited
Ordinary*
Jaboulet Limited
Ordinary*
John Maunders Group Limited
Ordinary*
Kenton Contracting (Yorkshire) Limited
Ordinary*
Name of undertaking
Description of shares held
Kenton Contractors (Yorkshire) Limited
Ordinary*
Kenton Homes (Builders) Limited
Ordinary*
Kenton Homes (Developments) Limited
Ordinary*
Kenton Homes (Estates) Limited
Ordinary*
Knightsmoor Homes Limited
Ordinary*
Lady’s Lane Property Co. Limited
Ordinary*
Lansdown Homes Limited
Ordinary*
Lazy Acre Investments Limited
Ordinary*
Leech Homes (Showhouses) Limited
Ordinary*, 0.1% Non-Cumulative Preference A* and 1%
Leech Homes (Wales) Limited
Ordinary*
Leech Homes (Yorkshire) Limited
Ordinary*
Leech Homes Limited
Deferred* and A Ordinary*
Leech Northumbria Limited
Ordinary*
Leech Partnership Homes Limited
Ordinary*
Leisurama Homes Limited
Ordinary*
Linkway Properties Limited
Ordinary*
Locking Castle Limited
A Ordinary*, B Ordinary* and C Ordinary*
Magnus Design Build Limited
Ordinary*
Magnus Holdings Limited
A Ordinary*, B Ordinary*, C Ordinary*, Enduring
Mapleleigh Limited
Ordinary*
Marriott Homes Limited
Ordinary*
Maunders Homes (East Anglia) Limited
Ordinary*
Maunders Homes (Midlands) Limited
Ordinary*
Maunders Homes (North West) Limited
Ordinary*
Maunders Homes (South) Limited
Ordinary*
Maunders Inner City Limited
Ordinary*
Maunders Urban Renewal Limited
Ordinary*
Mayclose Research Limited
Ordinary*
Melville Homes Limited
A Ordinary*, B Ordinary*, C Ordinary*, Deferred*
34 Details of all subsidiary undertakings continued
Persimmon Group subsidiary companies continued

Persimmon Plc Annual Report 2023 185
Financial statementsGovernance Other informationStrategic report
Name of undertaking
Description of shares held
Merewood (Kendal) Limited
Ordinary*
Merewood Group Limited
Ordinary*
Merewood Homes Limited
Ordinary*
Merewood Investments Limited
Ordinary*
Mightover Limited
Ordinary
Milton Keynes Housing Group Limited
Ordinary*
Mitrebuild Limited
Ordinary* and Deferred Ordinary*
Monk Homes Limited
Ordinary*
Monsell Youell Construction Limited
Ordinary*
Monsell Youell Limited
Deferred* and A Ordinary*
Montague Developments Limited
Ordinary*
Mount Row Finance Limited
Ordinary*
Mount Row Securities Limited
Ordinary*
NGP Management Company Residential (Cell C) Limited
2
Pacemaker Developments Limited
Ordinary*
Park House Developments (Petersfield) Limited
Ordinary*
Partnership Homes Limited
Ordinary*
Pennant Developments Limited
Ordinary* and 5% Non-Cumulative Preference*
Pentra Limited
Ordinary*
Perlease Limited
Ordinary*
Persimmon (City Developments) Limited
Ordinary*
Persimmon (Eccleshall) Limited
Ordinary*
Persimmon (Share Scheme Trustees) Limited
Ordinary
Persimmon (SHL) Limited
Ordinary*
Persimmon (Strensall) Limited
Ordinary*
Persimmon Brickworks Limited
Ordinary*
Persimmon Developments (No 1) Limited
Ordinary*
Persimmon Developments (No 2) Limited
Ordinary*
Persimmon Developments (Didcot) Limited
Ordinary*
Persimmon Developments (No 5) Limited
Ordinary*
Persimmon Developments (No 6) Limited
Ordinary*
Persimmon Developments (No 7) Limited
Ordinary*
Name of undertaking
Description of shares held
Persimmon Finance (No 2) Limited
Ordinary
Persimmon Finance Limited
Ordinary
Persimmon Harts Limited
Ordinary
Persimmon GR (No 4) Limited
Ordinary*
Persimmon GR (No 11) Limited
Ordinary*
Persimmon GR (No 12) Limited
Ordinary*
Persimmon GR (No 13) Limited
Ordinary*
Persimmon GR (No 14) Limited
Ordinary*
Persimmon GR (No 15) Limited
Ordinary*
Persimmon GR (No 16) Limited
Ordinary*
Persimmon GR (No 17) Limited
Ordinary*
Persimmon Holdings Limited
Ordinary and A Ordinary*
Persimmon Homes (Anglia) Limited
Ordinary*
Persimmon Homes (Doncaster) Limited
Ordinary*
Persimmon Homes (East Midlands) Limited
Ordinary*
Persimmon Homes (East Scotland) Limited
Ordinary*
Persimmon Homes (East Yorkshire) Limited
Ordinary*
Persimmon Homes (Edmonstone) Limited
Ordinary
Persimmon Homes (Essex) Limited
Deferred* and A Ordinary*
Persimmon Homes (Lancashire) Limited
Ordinary*
Persimmon Homes (Mercia) Limited
Ordinary*
Persimmon Homes (Midlands) Limited
Ordinary*
Persimmon Homes (North East) Limited
Ordinary*
Persimmon Homes (North Midlands) Limited
Ordinary*
Persimmon Homes (North West) Limited
Ordinary*
Persimmon Homes (Partnerships) Limited
Ordinary
Persimmon Homes (South Coast) Limited
Ordinary*
Persimmon Homes (South East) Limited
Ordinary*
Persimmon Homes (South Midlands) Limited
Deferred* and A Ordinary*
Persimmon Homes (South West) Limited
Ordinary*
3
4
34 Details of all subsidiary undertakings continued
Persimmon Group subsidiary companies continued

Persimmon Plc Annual Report 2023186
Notes to the financial statements continued
For the year ended 31 December 2023
Name of undertaking
Description of shares held
Persimmon Homes (South Yorkshire) Limited
Ordinary*
Persimmon Homes (Teesside) Limited
Ordinary*
Persimmon Homes (Thames Valley) Limited
Ordinary*
Persimmon Homes (Wales) Limited
Ordinary*
Persimmon Homes (Wessex) Limited
Ordinary*
Persimmon Homes (West Midlands) Limited
Deferred* and A Ordinary*
Persimmon Homes (West Scotland) Limited
Ordinary*
Persimmon Homes (West Yorkshire) Limited
Ordinary*
Persimmon Homes (Woodley) Limited
Ordinary
Persimmon Homes (York) Limited
Ordinary
Persimmon Homes (Yorkshire) Limited
Deferred* and Ordinary*
Persimmon Homes Developments Limited
Ordinary
Persimmon Homes Limited
Ordinary*
Persimmon Partnerships (Scotland) Limited
Ordinary*
Persimmon Pension Trustees Limited
Ordinary
Persimmon Residential Limited
Ordinary*
Persimmon SC (No 1) Limited
Ordinary*
Persimmon SC (No 2) Limited
Ordinary*
Persimmon SC (No 3) Limited
Ordinary*
Persimmon SC (No 4) Limited
Ordinary*
Persimmon SC (No 5) Limited
Ordinary*
Persimmon SC (No 6) Limited
Ordinary*
Persimmon Shared Equity Limited
Ordinary
Persimmon Tileworks Limited
Ordinary*
Persimmon Trustees Limited
Ordinary
Practical Finance Co. Limited
Ordinary*
Prowting Homes Anglia Limited
B Ordinary*, C Ordinary* and D Ordinary*
Prowting Homes Central Limited
Ordinary*
1
1
1
Name of undertaking
Description of shares held
Prowting Homes Chatsworth Limited
Ordinary*
Prowting Homes Limited
Ordinary*
Prowting Homes Ludlow Limited
Ordinary*
Prowting Homes Midlands Limited
Ordinary*
Prowting Homes South East Limited
Ordinary*
Prowting Homes South West Limited
Ordinary*
Prowting Homes West Limited
Ordinary*
Prowting Homes Wolds Limited
Ordinary*
Prowting Limited
Ordinary*
Prowting Projects Limited
Ordinary*
Prowting Properties Limited
Ordinary*
Repac Homes Limited
Ordinary*
SLB Construction Management Limited
Ordinary*
Second City Homes Limited
Deferred* and A Ordinary*
Senator Homes Limited
Ordinary*
Sequoia Developments Limited
Ordinary*
Severnbrook Homes Limited
Ordinary*
Sherbourne Properties (Warwick) Limited
Ordinary*
Space4 Limited
Ordinary*
Springfir Estates Limited
Ordinary*
Springfir Holdings Limited
Ordinary*
Steelhaven (7) Limited
Ordinary* and 1% Non-Cumulative Redeemable
Tamborough Developments Limited
Ordinary*
Tela Properties Limited
Ordinary*
The Charles Church Group Limited
A Ordinary*
The Charles Church Group Share Trustees Limited
Ordinary*
Townedge (Holdings) Limited
Ordinary*
Townedge Estates Limited
Ordinary*
Trent Park Regeneration Limited
A Ordinary* and B Ordinary*
Tryall Developments Limited
Ordinary*
34 Details of all subsidiary undertakings continued
Persimmon Group subsidiary companies continued

Persimmon Plc Annual Report 2023 187
Financial statementsGovernance Other informationStrategic report
Name of undertaking
Description of shares held
Tudor Jenkins & Company Limited
Ordinary*
Wenshaw Limited
Ordinary*
Wescott Holdings Limited
Ordinary*
Wescott Homes Limited
Ordinary*
Wescott Land Limited
Ordinary*
Westbury Direct Limited
Ordinary*
Westbury Homes (Holdings) Limited
Irredeemable Preference*, Ordinary*, Deferred*
Westbury Homes (Midlands) Limited
Ordinary*
Westbury Homes (Oval) Limited
Ordinary*
Westbury Homes (Severnside) Limited
Ordinary*
Westbury Homes (Somerset) Limited
Ordinary*
Westbury Homes (South West) Limited
Ordinary*
Westbury Homes (Stadium) Limited
Ordinary*
Westbury Homes (Venymore) Limited
A Ordinary* and B Ordinary*
Westbury Homes (Wales) Limited
Ordinary*
Westbury Homes (West Midlands) Limited
Ordinary*
Westbury Homes Limited
Ordinary*
Westbury Housing Investments Limited
Ordinary*
Westbury Limited
Ordinary
William Leech Builders (North West) Limited
Ordinary*
William Leech Limited
Ordinary* and 6.5% Cumulative Preference*
1
5
Joint arrangements
Beechpath Limited
Ordinary
50%
50%
Bentwaters Housing Limited
Ordinary
50%
50%
Bentwaters Nominees Limited
Ordinary
50%
50%
WD
50%
25%
6
34 Details of all subsidiary undertakings continued
Persimmon Group subsidiary companies continued
Cramlington Developments Limited
A Ordinary
100%
50%
Ordinary
50%
50%
Gosforth Business Park Management Company Limited
A Ordinary
100%
33.3%
Ordinary
20.5%
20.5%
Leebell Developments Limited
A Ordinary
100%
50%
A Ordinary
100%
50%
North Haven Developments (Sunderland) Limited
B Ordinary
100%
50%
Ordinary
15 %
15 %
Oxfordshire Land Limited
Ordinary
33.3%
33.3%
C Ordinary
100%
25%
Ordinary
28.5%
28.5%
Ordinary
50%
50%
Trafalgar Metropolitan Homes Limited
A Ordinary
100%
50%
Ordinary
50%
50%
Wick 3 Nominees Limited
B Ordinary
100%
33.3%
7
8
2
8
9
10
11
12
The Group also has an investment in TopHat Enterprises Limited.
* Share class held by another Group company, but ultimately held by Persimmon Plc.
** A Scottish Limited Partnership.
1. 180 Findochty Street, Garthamlock, Glasgow, G33 5EP
2. 3rd Floor Citygate, St. James’ Boulevard, Newcastle upon Tyne, Tyne & Wear, NE1 4JE
3. 10 Earlsfort Terrace, Dublin 2, D02 T380, Ireland
4. 44 Esplanade, St Helier, JE4 9WG, Jersey
5. 3 Bell Lane, Gibraltar
6. The Office, 12 Westfield Close, Gravesend, Kent, DA12 5EH
7. 6 Europa Court, Sheffield Business Park, Sheffield, S9 1XE
8. 6 Drakes Meadow, Penny Lane, Swindon, Wiltshire, SN3 3LL
9. 250 Aztec West, Almondsbury, Bristol, BS32 4TR
10. 137 Scalby Road, Scarborough, North Yorkshire, YO12 6TB
11. Av. Duque de Loulé 47-2, 1050-086, Lisbon, Portugal
12. Gate House, Turnpike Road, High Wycombe, Buckinghamshire, HP12 3NR

Persimmon Plc Annual Report 2023188
Notes to the financial statements continued
For the year ended 31 December 2023
34 Details of all subsidiary undertakings
continued
Resident Management Companies
The companies listed below are Resident Management Companies (‘RMCs’)
currently controlled by the Group. Control is exercised by the Group’s power
to appoint Directors and the Group’s voting rights in these companies. All
RMCs are companies limited by guarantee without share capital (unless
otherwise stated) and incorporated in the UK.
The capital, reserves and profit or loss for the year have not been stated for
these RMCs as beneficial interest in any assets or liabilities of these
companies is held by the residents. These companies have not been included
in the consolidated accounts, are temporary members of the Group and will
be handed over to residents in due course.
The Registered Office of each RMC is Persimmon House, Fulford, York,
YO19 4FE (unless otherwise stated).
Company name
Abbey Green (Amesbury) Management Company Limited
Abbeyvale Taunton Management Company Limited
1
Abbot Walk (Chatteris) Residents Management Company Limited
Ackton Pastures (Castleford) Management Company Limited
Agusta Park Flats Yeovil Management Company Limited
Agusta Park Yeovil Management Company Limited
Amberwood (Carlisle) Management Company Limited
Amblehurst Green (Billingshurst) Management Company Limited
2
Arisdale (Phase 2) Residents Management Company Limited
Arnold Way (Grove) Management Company Limited
Arnold Way No. 2 (Grove) Management Company Limited
Arnold Way No. 3 (Grove) Management Company Limited
Ashworth Place (Phase 2) Management Limited
Augusta Park (Dinnington) Management Company Limited
Avalon (Mansfield) Management Company Limited
3
Aveley Village (Thurrock) Management Company Limited
Avon Fields (Durrington) Management Company Limited
Awel Afan (Port Talbot) Management Company Limited
Awel Y Mynydd (Pembrey) Management Company Ltd
Aykley Woods (Durham) Management Company Limited
Aylesham Village Phase 1B (Aylesham) Residents Management Company Limited
Aylesham Village Phase 2 (Aylesham) Residents Management Co Ltd
Aylesham Village Phase 2B And 2C (Aylesham) Residents Management
Company Limited
Backbridge (Malmesbury) Management Company Limited
Badbury Park (Swindon) Management Company Limited
Badbury Park (Swindon) No 2 Management Company Limited
Badbury Park (Swindon) No 3 Management Company Limited
Bannerbrook Management Company Limited
4
Bannerbrook Park Phase II (Coventry) Management Company Limited
Barber Court (Birmingham) Management Company Limited
Barrington Park Management Company Limited
5
Barry Waterfront Residents Management Company Limited
6
Beauchamp Grange (Caister) Residents Management Company Limited
Beckets Grove Management Company Limited
Beckets Grove Phase 2 (Wymondham) Residents Management Company Limited
Beckford Road (Alderton) Management Company Limited
Bedale Meadows Management Company Limited
7
Bell Lane (Little Chalfont) Management Company Limited
Bells Hill Management Company Limited
8
Birchwood Manor (Wardley) Residents Management Company Limited
Bishops Green (Coundon) Management Company Limited
Bishops Mead (Lydney) Management Company Limited
Bishops Meade (Downton) Management Company Limited
Bluebell Meadow (Bradwell) Management Company Limited
Bluebell Wood (Willenhall) Management Company Limited
9
Bootham Crescent (York) Residents Management Company Limited
Boulton Moor (Derby) Properties Limited
Boyton Place (Haverhill) Residents Management Company Limited
Brackenleigh (Carlisle) Management Company Limited
Bradley Barton View Management Company Limited
Bramble Rise (Hetton) Management Company Limited
Bramblewood (Old Basing) Residents Management Company Limited
6
Branshaw Park (Keighley) Management Company Ltd
Bridgefield (Ashford) Management Company Limited
Bridgefield Nine Management Company Limited
Brindle Park (Bamber Bridge) Management Company Limited
8
Broadway (Rainham) Residents Management Company Limited
Brockeridge Road (Twyning) Resident Management Company Limited
1
Brookfield (Golborne) Management Company Limited
5
Broomhill View (Togston) Residents Management Company Limited
Buckton Place (Leiston) Residents Management Company Limited
Bugbrooke Road (Kislingbury) Management Company Limited
11
Burfield Valley Estate Management Limited
12
Buttercup Leys (Boulton Moor) Residential Management Company Limited
Buzzard Meadows (Leighton Buzzard) Residents Management Company Limited
13
Calder Grange (Dewsbury) Management Company Limited
Canalside (Burton Upon Trent) Residential Management Company Limited
Canonbury Rise (Berkeley) Management Company Limited
Carleton Meadows Management Company Limited
Carn Y Cefn RMC Ltd
14
Carpenters Field (Denmead) Management Company Limited

Persimmon Plc Annual Report 2023 189
Financial statementsGovernance Other informationStrategic report
Notes to the financial statements continued
For the year ended 31 December 2023
34 Details of all subsidiary undertakings
continued
Resident Management Companies continued
Company name continued
Castellum Grange (Colchester) Residents Management Company Limited
Castle Hill (Cottingham) Management Company Limited
Castle Park (West Durrington) Management Company Limited
Castle View (Netherton) Management Company Limited
Castlemead (953) Trowbridge Management Company Limited
Castlemead (Persimmon 950) Town Trowbridge Limited
Castlemead (Persimmon 964) Town Trowbridge Limited
Castleton Court (Haverfordwest) Management Company Limited
Cathedral Court (Salisbury) Management Company Limited
Cathedral Gate (Salisbury) No.2 Management Company Limited
6
Cathedral View (Durham) Management Company Limited
Cayton Meadows (Scarborough) Management Company Limited
Century Rise (Emersons Green) Management Company Limited
Chancery Park (Exning) Residents Management Company Limited
Charlton Place (Keynsham) Management Company Limited
Chaucers Meadow (North Petherton) Management Company Limited
Chilmark Glade Management Company Limited
Chorley G 1 Management Company Limited
8
Church Lane (Deal) Residents Management Company Limited
Clarence Place (Bracknell) Residents Management Company Limited
Cloatley Cresent Management Company Limited
Clock Tower (Wolverhampton) Management Company Limited
8
Clos Ty Gwyn (Hendy) Management Company Limited
Clover Chase (Lingwood) Residents Management Company Limited
Coastal Dunes (Lytham St Annes) Management Company Limited
Coatham Vale and Berrymead Gardens Residents Management Company Limited
7
Coed Darcy (Llandarcy) Management Company Limited
College Park (Thurston) Residents Management Company Limited
Colliers Walk (Nottingham) Management Company Limited
8
Colonial Wharf (Chatham) Residents Management Company Limited
Coopers Grange (Bishops Stortford) Resident Management Company Ltd
8
Copperfield Place (Chelmsford) Residents Management Company Limited
Copperfield Truro Management Company Limited
Coquet Grange (Amble) Management Company Limited
Corelli Sherborne Management Company Limited
Cote Farm (Thackley) Management Company Limited
Coton Park (Rugby) Management Company Limited
Cotswold Vale (Long Marston) Management Company Limited
1
Coverdale Paignton Management Company Limited
1
Crofton Walk (Fair Oak) Management Company Limited
Cromwell Gardens (Huntingdon) Residents Management Company Limited
Cromwell Place (Little Dunmow) Residents Management Company Limited
Crosland Road (Lindley) Management Limited
15
Cross Quays (Westwood) Management Company Limited
Cross Quays Phase 2 (Thanet) Residents Management Company Limited
Cumnor Hill Management Company Limited
Cwrt Y Llwyfen (Johnstown) Management Company Limited
Cygnet Grange (Swanmore) Residents Management Company Limited
Daisy Hill (Morley) Management Company Limited
Daisy’s View (Burbage) Management Company Limited
Dan Y Bryn Management Company Limited
Dartford Bow Arrow (Management Company) Limited
16
De Vere Grove (Colchester) Residents Management Company Limited
Deerwood Park (Colne) Management Company Limited
Dol Yr Ysgol (Bridgend) Management Company Limited
Douglas Gardens (Hesketh) Management Company Ltd
8
Downs View (Swanley) Residents Management Company Limited
Dukes Meadow (Tangmere) Management Company Limited
D’urton Heights (Preston) Management Company Limited
Earlesmead (Framingham Earl) Residents Management Company Limited
East Benton Rise (Benton) Management Company Limited
Eclipse House (Andover) Management Company Limited
Edinburgh Park (Liverpool) Management Company Limited
8
Eldon Whins (Middridge) Management Company Limited
7
Elkas Rise (Ilkeston) Management Company Limited
Ellesmere Park (The Oaks) Management Company Limited
5
Ellis Mews (Micheldever) Management Company Limited
12
Elm Farm (Wymondham) Residents Management Company Limited
Elm Rise (Birtley) Residents Management Company Limited
Emily Fields (Swansea) Management Company Limited
Eton Place (Bracknell) Management Company Limited
Eve Parc (Falmouth) Management Company Limited
Fair Mile Rise (Blandford St Mary) Management Company Limited
Fairfax Mews Crediton Management Company Limited
1
Fairmoor (Morpeth) Management Company Limited
Fairways (Retford) Management Company Limited
Fallow (Benton) Residents Management Company Limited
Farley Fields South Petherton Management Company Limited
1
Fatherford View (Okehampton) Management Company Limited
Festival Park (Easton) Residents Management Company Limited
Fiddington Fields (Tewkesbury) Management Company Limited
Field Place (Faversham) Management Company Limited
16
Fishpool Hill Bristol Management Company Limited
Fleckney Road Management Company Limited

Persimmon Plc Annual Report 2023190
Notes to the financial statements continued
For the year ended 31 December 2023
34 Details of all subsidiary undertakings
continued
Resident Management Companies continued
Company name continued
Flint Grange (Clacton) Residents Management Company Limited
Foley Gardens (Newent) Residential Management Company Limited
1
Folly Grove (Hockley) Residents Management Company Limited
Forest View (Calverton) Management Company Limited
Forge Wood (Crawley) Management Company Limited
17
Foundry Meadows (Bexhill) Residents Management Company Limited
Foxes Chase (Anlaby) Residents Management Company Limited
Foxfields (Stoke-On-Trent) Management Company Limited
6
Foxley Park (Dereham) Residents Management Company Limited
Garden Valley (Aylesham) Residents Management Company Limited
12
Garendon Park Residents Management Company Ltd
George Ward Gardens (Melksham) Management Company Limited
Germany Beck (Fulford) Management Company Limited
Gilden Park (Old Harlow) Resident Management Company Limited
8
Gipping Mill (Great Blakenham) Residents Management Company Limited
Glan Yr Afon (Swansea) Management Company Limited
Golwg Y Glyn (Fforest) Management Company Limited
6
Golwg Y Mynydd (Mountain Ash) RMC Ltd
14
Gotherington Grange Resident Management Company Limited
Grange Paddocks (Stanway) Residents Management Company Limited
Grangewood Park (Burnham On Crouch) Residents Management Company Limited
Grays Court (Orpington) Residents Management Company Limited
12
Great Western Park (Didcot) No 1 Management Company Limited
Great Western Park (Didcot) No 2 Management Company Limited
Great Western Park (Didcot) No 3 Management Company Limited
Great Woodcote Park Exeter Management Company Limited
Greenacres (Easington) Management Company Limited
Greenfields (Narberth) Management Company Limited
Greetwell Fields (Lincoln) Residents Management Company Limited
Griffin Wharf (Ipswich) Residents Management Company Limited
Grove Street (Raunds) Residents Management Company Limited
Hailes Wood (Elsenham) Residents Management Company Limited
Hamilton Gate (Frinton) Residents Management Company Limited
Hampton Gardens Phase 3 (Peterborough) Residents Management Company Ltd
Hampton Park (Littlehampton) Residents Management Company Limited
Hansons Reach (Stewartby) Residents Management Company Limited
Hanwell Chase (Banbury) Residents Management Company Limited
Harbourside View (Portchester) Management Company Limited
Harbury Lane (Warwick) Management Company Limited
Hardings Wood (Kidsgrove) Residents Management Company Limited
5
Harebell Meadows And Hartburn Grange Residents Management Company Limited
5
Harford Mews Ivybridge Management Company Limited
1
Harlands Park (Uckfield) Residents Management Company Limited
Harlow Fields (Mackworth) Residential Management Company Limited
Harlow Hill Grange (Harrogate) Management Company Limited
Harpur Hill (Buxton) Residents Management Company Limited
5
Harrow View West (Harrow) Residents Management Company Limited
Hartley Grange (Whittlesey) Residents Management Company Limited
Hartnells Farm Management Company Limited
Hastings Place (Bentley) Management Company Limited
Hatchwood Mill (Winnersh) Management Company Limited
Hatfield Lane Armthorpe Management Company Limited
7
Hathern Road (Shepshed) Management Company Limited
1
Hauxley Grange (Amble) Residents Management Company Limited
Hawthorn Chase (Aston Clinton) Residents Management Company Limited
Hawthorne Farm (Clitheroe) Management Company Limited
5
Haywards Gardens (Kegworth) Man Co. Limited
18
Haywood Heights (Writhlington) Management Company Limited
Hazelmere (Flockton) Management Company Limited
Heathfield Gardens (Phase 7) Management Company Limited
Heathpark Wood (Windlesham) Management Company Limited
Hellingly 415 Residents Management Company Limited
Hellingly 416 Management Company Limited
Hellingly 418 Management Company Limited
Hepburn Chase Management Company Limited
1
Heritage Gate (Llantwit Major) Residents Management Company Limited
Heritage Green (Newbottle) Management Company Limited
19
Heritage Park (Shinfield) Residents Management Company Limited
Heritage Park (Sutton Courtenay) Residents Management Company Limited
Herne Vale Ilminster Management Company Limited
Herons Park (Angmering) Management Co Ltd
Herrington Grange (Philadelphia) Management Company Limited
Hethersett Residents Management Company Limited
8
Heugh Hall (Coxhoe) Residents Management Company Limited
Higham Lane Management Company Limited
Highfield Farm (West Melton) Residents Management Company Limited
Highland Park Estate Management Company Limited*
20
Hill Barton Vale Exeter Management Company Limited
Hill Barton Vale Flats Exeter Management Company Limited
Hillfield Meadows (Sunderland) Management Company Limited
Hillies View (Wombwell) Management Company Limited
Holdingham Grange (Sleaford) Residents Management Company Limited
Holly Fields (Birmingham) Management Company Limited
Homington Avenue (Swindon) Local Centre Management Company Limited

Persimmon Plc Annual Report 2023 191
Financial statementsGovernance Other informationStrategic report
34 Details of all subsidiary undertakings
continued
Resident Management Companies continued
Company name continued
Honours Meadow (Rendlesham) Residents Management Company Limited
Horsbere Mews (Longford) Management Company Limited
21
Horseshoe Meadows (Westbury) Management Company Limited
HRC (Ware) Residents Management Company Limited
Hunters Edge (Eaglescliffe) Residents Management Company Limited
Hurdle Court (Andover) Management Company Limited
Hydro (St Neots) Number One Management Company Limited
Ingleby (Barwick) Management Company Limited
Iwade Meadows (Iwade) Management Company Limited
Iwade Meadows (Yalding Apartments Plots 74-79) Management Company Limited
Jasmine Gardens Management Company Limited
Jubilee Gardens (Warminster) Management Company Ltd
Jubilee Rise (Shepshed) Management Company Limited
Kenilworth Gate Management Company Limited
Kennedy Place (Ulverston) Management Company Limited
Kings Grove Cranbrook Management Company Limited
Kingsbridge Court (Gorseinon) Management Company Limited
Kingsbury Gardens (St Albans) Residents Management Company Limited
Kingsbury Meadows (Wakefield) Management Company Limited
Kingsmead (Gloucester) Management Company Limited
Knights Court (Old Sarum) Management Company Limited
Knightswood Place (Rainham) Residents Management Company Limited
Ladgate Woods (Middlesbrough) Management Company Limited
Lakedale Whiteley Meadows (North Whiteley) Management Company Limited
Lakeside Edge (Peterborough) Residents Management Company Limited
Lambourn Meadow (Thatcham) Management Company Limited
22
Laneside (Morley) Residents Management Company Limited
Larkbear Management Company Limited
6
Lauder Mews Crediton Management Company Limited
Launds Field (Galgate) Management Company Limited
Laureate Heights Sidmouth Management Company Limited
Lavender Fields (South Wootton) Residents Management Company Ltd
Lime Tree Court Derby Management Company Limited
Limes Place (Upper Harbledown) Residents Management Company Limited
Lindale Park (Alverthorpe) Management Company Limited
Lindley Moor Meadows (Huddersfield) Management Company Limited
Lingfield Meadows (Houghton) Management Company Limited
Llanilid Management Company Limited
Llanilltern Apartments RMC Ltd
14
Llanilltern Village RMC Ltd
14
Llys Ystrad (Bridgend) Management Company Limited
23
Lodmoor Sands (Weymouth) Management Company Limited
6
Longbridge Place (Longbridge) Management Company Limited
Longleaze Management Company Limited
Low Moor Meadows (Morley) Management Company Limited
Low Street (Sherburn In Elmet) Management Company Limited
19
Lowen Bre Truro Management Company Limited
Lucknam Crescent (Swindon) Management Company Limited
Lythalls Lane (Coventry) Management Company Limited
21
Maes Dyfed Management Company Limited
Maes Y Parc (Cross Hands) Management Company Limited
Maes Y Rhos (Ystradgynlais) Management Company Limited
Maiden Vale (Ryhope) Management Company Limited
Malvern Rise (Malvern) Management Company Limited
Malvern Vale (Malvern) Management Company Limited
21
Manor Farm (Doncaster) Management Company Limited
Manor Farm (Micklefield) Management Company Limited
Manor Gardens (Selsey) Management Company Limited
Manor Park Sprowston Residents Management Company Limited
8
Manor Place (Maidenhead) Residents Management Company Limited
Manor Vale Residents Management Company Limited
11
Maple (129) Limited
22
Maple Oak (Alton) Management Company Limited
6
Mariners Walk (Swansea) Apartment Management Company Limited*
Mariners Walk (Swansea) Management Company Limited*
Marshfoot Lane (Hailsham) Residents Management Company Limited
Martello Park (Pembroke) Management Company Limited
Martineau Gardens Harborne Management Company Limited
9
Mascalls Grange (Paddock Wood) Residents Management Company Limited
Meadow View (Oundle) Management Company Limited
Meadow View (Redditch) Resident Management Company Limited
21
Meon Way Gardens Management Company Limited
21
Merchants Walk Cullompton No 2 Management Company Limited
Mercians Place Management Company Limited
21
Meridian Place (Hertford) Residents Management Company Ltd
Merlins Lane (Scarrowscant) Management Company Limited
Mersey View (Bromborough Pool) Management Company Limited
24
Mill Gardens (Cullompton) Management Company Limited
Mill Valley (Pevensey) Residents Management Company Limited
Mill View (Willingdon) Management Company Limited
Millbeck Grange (Bowburn) Management Company Limited
Millennium Farm (New Waltham) Management Company Limited
Monkswood (Sacriston) Management Company Limited
Montague Park Residents Management Company Limited
25

Persimmon Plc Annual Report 2023192
Notes to the financial statements continued
For the year ended 31 December 2023
34 Details of all subsidiary undertakings
continued
Resident Management Companies continued
Company name continued
Montfort Place (Odiham) Management Company Limited
8
Moorfield (Easington) Management Company Limited
Moorfield Park Management Company Limited
8
Moorlands Walk (Sherburn) Management Company Limited
Mulberry Grange (Castleford) Management Company Limited
Mulberry Grove (St Fagans Cardiff) Management Company Limited
Nelson’s Park (North Walsham) Residents Management Company Limited
NGP Management Company (Cell E) Limited*
10
NGP Management Company (Cell F) Limited*
10
NGP Management Company (Commercial) Limited*
10
NGP Management Company (Town Centre) Limited*
10
NGP Management Company Residential (Cell G) Limited*
10
Oak Heights (Northiam) Residents Management Company Limited
12
Oak Tree Gardens (Audley) Management Company Limited
15
Oakcroft Chase (Stubbington) Management Company Limited
Oakhurst Village (Shirley) Management Company Limited
Oakland Gardens (Wilthorpe) Management Company Limited
Oakwood Meadows (Colchester) Residents Management Company Limited
Oakwood Meadows Phase 4 (Stanway) Residents Management Company Limited
Oakwood Park (Wymondham) Residents Management Company Limited
Oakwood View (Brackla) Management Company Limited
Oakwood View (Weston-Super-Mare) Management Company Limited
Oast Court Farm Management Company Limited
26
Old Road (Churwell) Management Company Limited
Open Space Management Limited
15
Orchard Croft (Diss) Residents Management Company Limited
Orchard Grove (Coxheath) Residents Management Company Ltd
Orchard Manor (Cheddington) Residents Management Company Limited
Orchard Meadows (Iwade) Residents Management Company Limited
Orchard Mews Pershore Management Company Limited
21
Otterham Park (Rainham) Residents Management Company Limited
Oxley Springs (Milton Keynes) Management Company Limited
Oxley Springs 8B (Milton Keynes) Management Company Limited
Paddocks 21 (Andover) Management Company Limited
Palmerston Heights Plymouth Management Company Limited
Paragon Park (Coventry) Management Company Limited
Parc Brynderi (Llanelli) Management Company Limited
Parc Yr Onnen (The Limes) Management Company Limited
Park Farm (South East) Management Company Limited
27
Parklands (Hessle) Residents Management Company Limited
Parklands (Maidstone) Management Company Limited
27
Parrett Gardens (Langport) Management Company Limited
Pavilion Gardens (Monkton Heathfield) Management Company Limited
Pedlars Meadow (Swaffham) Residents Management Company Limited
Pembridge Court (Clehonger) Residents Management Company Limited
21
Penny Pot Lane (Harrogate) Management Company Limited
7
Perry Park View (Perry Barr) Management Company Limited
21
Persimmon Gardens (Hindley) Management Company Limited
5
Persimmon Gardens (Martham) Residents Management Company Limited
Persimmon Grange Framlingham Residents Management Company Limited
Persimmon Homes The Oaks (Selly Oak) Management Company Limited
21
Phoenix Park (Dunstable) Residents Management Company Limited
Phoenix Wharf (West Bromwich) Management Company Limited
21
Picket 20 Management Company Limited
Picket Twenty Two (Andover) Management Company Limited
Porth Y Dyffryn (Merthyr Tydfil) Residents Management Company Limited
Portland Park (Ashington) Management Company Limited
Pottery Gardens (Cheadle) Residents Management Company Limited
5
Priory Meadows (Bodmin) Management Company Limited
Quantock View Management Company Limited
Quinta Mews Management Company Limited
28
Rackheath Residents Management Company Limited
Radstone Road (Brackley) Management Company Limited
Rainton Gardens (Chilton Moor) Management Company Limited
Rainton Meadows (Chilton Moor) Management Company Limited
19
Ramsdell (Ashford Hill) Management Company Limited
Rectory Lane (Standish) Management Company Limited
Redhayes Management Company Limited
29
Redland Grange (Cottenham) Residents Management Company Limited
Regent Park (Calne) Management Company Limited
Regents Place (Chellaston) Management Company Limited
21
Repton Park 18 (Ashford) Residents Management Company Limited
Repton Park 19-23 (Ashford) Residents Management Company Limited
Repton Park 8 & 10 (Ashford) Residents Management Company Ltd
Rivendell (Gedling) Management Company Limited
Riverbourne Fields Management Company Limited
Rose Manor (Hadleigh) Residents Management Company Limited
Roseberry Park (Pelton) Management Company Limited
Salterns (Terrington) Residents Management Company Limited
Saltram Meadow Plymouth Management Company Limited
Samford Gardens (Capel St Mary) Residents Management Company Limited
Sandfield Walk (Nottingham) Management Company Limited
Sandgate Drive (Kippax) Management Company Limited
Sandpipers (Minster) Residents Management Company Limited

Persimmon Plc Annual Report 2023 193
Financial statementsGovernance Other informationStrategic report
34 Details of all subsidiary undertakings
continued
Resident Management Companies continued
Company name continued
Saxon Fields (Bridgwater) Management Company Limited
Saxon Grange (Shaftesbury) Management Company Limited
Saxon Grove (Purton) Management Company Limited
Saxon Meadow (Sutton On Trent) Residents Management Company Limited
Saxons Chase (Headcorn) Residents Management Company Limited
Scarlett Mews (Tiptree) Residents Management Company Limited
Scholar’s Green (Northampton) Residents Management Company Limited
11
Seaside Lane (Easington) Management Company Limited
Seaton Vale (Ashington) Residents Management Company Limited
Sharpes Meadow (Heybridge) Residents Management Company Limited
Sherborne Fields (Basingstoke) Management Limited
Sherborne Fields Apartments Ph6 (Basingstoke) Management Company Limited
Shilton Place (Coventry) Management Company Ltd
30
Shirewood (Beighton Road) Management Company Limited
Silver Hill (Preston) Management Company Limited
Silverwood (Garforth) Management Company Limited
Solway View (Workington) Management Company Limited
Sonnet Park (Stratford) Management Company Limited
1
Sovereign Quarter (Gillingham) Management Company Limited
Speckled Wood (Carlisle) Management Company Limited
Spring Meadows (Darwen) Management Company Limited
8
St Andrews (Uxbridge) Management Company Limited
21
St Andrews Park (Phase 3C Uxbridge) Management Company Limited
31
St Andrews Park (Vine Lane 1A) Management Company Limited
21
St Andrews Park (Vine Lane 2A) Management Company Limited
21
St Andrews Park 2B/3A (Churchill Road, Uxbridge) Management Company Limited
21
St Andrews Park 3B (Uxbridge) Management Company Limited
21
St Andrews Ridge (Swindon) Management Company Limited
St Dunstans Place (Burbage) Management Company Limited
St Edeyrns Apartments (Cardiff) RMC Limited
St Edeyrns Village (Cardiff) Residents Management Company Limited
St Edmunds (Frome) Management Company Limited
St George (Lancaster) Management Company Limited
St Georges Keep Management Company Limited
St James Park (Bramley) Residents Management Company Limited
St Johns (Lichfield) Management Company Limited
St Michaels Place (Colchester) Residents Management Company Limited
St Michaels Way (South Ryhope) Residents Management Company Limited
St Peters Place (Salisbury) Management Company Limited
Stanbridge Meadows (Petersfield) Management Company Limited
Stanford Meadows (Stanford-Le-Hope) Residents Management Company Limited
Stanton Chase (Swindon) Management Company Limited
Staynor Hall 4 (Selby) Residents Management Company Limited
Staynor Hall K (Selby) Management Company Limited
Stephenson Park (Wallsend) Residents Management Company Limited
Stortford Fields (Bishops Stortford) (Persimmon) Resident Management
Company Limited
Strawberry Fields Penryn Management Company Limited
Stream View Management Limited
28
Swan Park (Dawlish) Management Company Limited
Sycamore Gardens (Oakdale) RMC Ltd
14
Sycamore Rise (Thame) Residents Management Company Limited
Tanners Meadow (Strood Green) Management Company Ltd
2
Tarraby View (Carlisle) Management Company Limited
Teasdale Place (Carlisle) Management Company Limited
The Acorns (Shirley) Management Company Limited
21
The Alders (Gilwern) Residents Management Company Limited
The Blossoms (Blackburn) Management Company Limited
8
The Boulevards (East Tilbury) Residents Management Company Limited
The Boulevards (Newport) Residents Management Company Limited
The Bridge (Dartford) 29 And 31A Residents Management Company Limited
The Bridles (Ffos Las) Management Company Limited
14
The Carriages (Burscough) Management Company Limited
The Cottons (Holmes Chapel) Management Company Limited
The Croft (Burgess Hill) Residents Management Company Limited
The Edge (Hempstead) Management Limited
The Fell (Lyde Green) Management Company Limited
6
The Gateway (Colchester) Residents Management Company Limited
The Goldings Newquay Management Company Limited
The Grange (Chalfont St Peter) Management Company Ltd
The Grange (Chepstow) Limited
The Grange (Wellesbourne) Management Company Limited
21
The Hamptons (Newcastle) Resident Management Company Limited
5
The Haven (Swansea) Management Company Limited
The Hawthorns (Market Harborough) Management Company Limited
The Heath (Sandbach) Management Company Ltd
8
The Hedgerows (Alsager) Management Company Ltd
5
The Heights (Newark) Residents Management Company Limited
The Lancasters (Cambridge) Residents Management Company Limited
The Landings (Waddington) Residents Management Company Limited
The Links (Machynys East) Management Company Limited
6
The Maples (Cressing) Residents Management Company Limited
The Maples (NGP) Management Company Limited
The Maples (Weston) Residents Management Company Limited

Persimmon Plc Annual Report 2023194
Notes to the financial statements continued
For the year ended 31 December 2023
34 Details of all subsidiary undertakings
continued
Resident Management Companies continued
Company name continued
The Middles (Stanley) Management Company Limited
The Mile (Pocklington) Management Company Limited
The Nightingales (Helpston) Residents Management Company Limited
32
The Oaklands (NGP) Residents Management Company Limited
The Orchard (Fenstanton) Residents Management Company Limited
33
The Paddocks (Aintree) Management Company Limited
5
The Paddocks (Farcet) Residents Management Company Limited
The Paddocks (Highworth) Management Company Limited
5
The Pastures (Lowton) Management Company Limited
5
The Pinnacles Management Company (Thamesmead) Limited
The Poppies (Harleston) Management Company Limited
The Poppies Management Company Limited
The Priory (Llandough) Residents Management Company Limited
34
The Reeds Lower Halstow Management Ltd
28
The Rosary (Emersons Green) Management Company Limited
The Rydons Exeter Number Two Management Company Limited
The Sands (Durham) Management Company Limited
The Shires (Oswaldtwistle) Management Company Ltd
8
The View (Redditch) Management Company Limited
21
The Village, Aveley Phase II Residents Management Company Limited
The Weald (Easingwold) Management Company Limited
The Wickets (Penenden Heath) Residents Management Company Limited
The Willows (Downham Market) Residents Management Company Limited
The Willows Earlestown (Newton Le Willows) Management Company Limited
24
The Windmills (Kirton) Residents Management Company Limited
Thornley Woods (Gateshead) Management Company Limited
Tilbury Fields (Oxford) Management Company Limited
8
Tir Y Bont (Bridgend) Management Company Limited
Towcester Grange (Towcester) Residents Management Company Limited
18
Trelawny Place (Felixstowe) Residents Management Company Limited
Trevelyan Grange (Morpeth) Residents Management Company Limited
Trevethan Meadows Liskeard Management Company Limited
Trinity Pastures (Calvert Lane Hull) Residents Management Company Limited
Tundra Point (Emersons Green) Management Company Limited
Valley Heights (Frome) Management Company Limited
1
Village Mews (Southowram) Management Company Limited
Walmsley Park (Leigh) Management Company Ltd
5
Watercress Way Management Company Limited
28
Waterfield Place (Market Harborough) Residential Management Company Limited
Waters Edge (Buckshaw) Management Company Limited
24
Waterside At The Bridge Management Company Limited
Watling Place (Newington) Residents Management Company Ltd
Weavers Meadow Estates Management Company Limited
Weavers Meadow Phase 2 (Hadleigh) Residents Management Company Limited
Weavers Place (Skelmanthorpe) Management Company Limited
Weavers View (Pleasley Hill) Residents Management Company Limited
Weavers Wharf Apartments (Coventry) Management Company Limited
Wellington Gate (Grove) Management Company Limited
Wellington Gate (Maresfield) Management Company Limited
Wellswood Park (Reading) Residents Management Company Limited
Wentworth Green Management Company Limited
Westhaven Apartments (Barry) Residents Management Company Limited
Westhoughton (Lee Hall) Residents Management Company Limited
5
Weston Park Limited
Westvale Park (Horley) Management Company Limited
2
Westwood Park (Churwell) Management Company Limited
White Rose Park (Norwich) Residents Management Company Ltd
Whiteford Mews Management Company Limited
Whitewood Park (Bristol) Management Company Limited
Whittington Walk (Worcester) Management Company Limited
21
Whitworth Dale Management Company Limited
Willow Court (Abergavenny) RMC Limited
Willow Park (Aylsham) Management Company Limited
Windmill View (Stanground) Residents Management Company Limited
Windrush Place Witney Management Company Limited
Wombwell (Barnsley) Management Company Limited
Woodhorn Meadows (Ashington) Residents Management Company Limited
Woodland Gardens (Pyle) Management Company Limited
Woodland Rise (Great Cornard) Residents Management Company Limited
Worcester Gate (Worcester) Management Company Limited
21
Wykham Park (Banbury) Management Company Ltd
5
Yew Tree Farm (Droitwich) Management Company Limited
21
Yew Tree Gardens (Tuffley) Management Company Limited

Persimmon Plc Annual Report 2023 195
Financial statementsGovernance Other informationStrategic report
34 Details of all subsidiary undertakings
continued
Resident Management Companies continued
Company name continued
1. Queensway House, 11 Queensway, New Milton, BH25 5NR
2. Homer House, 8 Homer Road, Solihull, B91 3QQ
3. Fountain House, Southwell Road West, Mansfield, NG18 4LE
4. Persimmon House, Birmingham Road, Studley, B80 7BG
5. Unit 7 Portal Business Park, Eaton Lane, Tarporley, CW6 9DL
6. Fisher House, 84 Fisherton Street, Salisbury, SP2 7QY
7. Cheviot House, Beaminster Way East, Newcastle Upon Tyne, NE3 2ER
8. RMG House, Essex Road, Hoddesdon, EN11 0DR
9. 11 Little Park Farm Road, Fareham, PO15 5SN
10. 3rd Floor City Gate, St. James’ Boulevard, Newcastle Upon Tyne, Tyne and Wear, NE1 4JE
11. Unit A5 Optimum Business Park, Optimum Road, Swadlincote, DE11 0WT
12. 94 Park Lane, Croydon, CR0 1JB
13. Persimmon Homes, 3 Waterside Way, Northampton, NN4 7XD
14. 46 Whitchurch Road, Cardiff, CF14 3LX
15. North Point, Stafford Drive, Battlefield Enterprise Park, Shrewsbury, SY1 3BF
16. Burlington House, Botleigh Grange Business Park, Hedge End, Southampton, SO30 2AF
17. Unit 8, The Forum Minerva Business Park, Peterborough, PE2 6FT
18. 2 Hills Road, Cambridge, CB2 1JP
19. 4335 Park Approach, Thorpe Park, Leeds, LS15 8GB
20. Suite 7 Aspect House, Pattenden Lane, Marden, TN12 9QJ
21. 11 Queensway House, Queensway, New Milton, BH25 5NR
22. 250 Aztec West, Almondsbury, Bristol, BS32 4TR
23. Vantage Point, 23 Mark Road, Hemel Hempstead, HP2 7DN
24. Gateway House, 10 Coopers Way, Southend-On-Sea, SS2 5TE
25. 20 King Street, London, EC2V 8EG
26. Acorn Estate Management, 9 St Marks Road, Bromley, BR2 9HG
27. Foundation House, Coach & Horses Passage, Tunbridge Wells, TN2 5NP
28. Scholars House, 60 College Road, Maidstone, ME15 6SJ
29. Woodwater House, Pynes Hill, Exeter, EX2 5WR
30. 1st Floor Lancaster House, 67 Newhall Street, Birmingham, B3 1NQ
31. 72 Victoria Road, Ruislip, HA4 0AH
32. Unit 9, Astra Centre, Edinburgh Way, Harlow, CM20 2BN
33. 17 Apple Tree Close, Fenstanton, Huntingdon, PE28 9FJ
34. Avon House, Stanwell Road, Penarth, Wales, CF64 2EZ
* Private limited company .

Persimmon Plc Annual Report 2023196
Shareholder information
Band analysis as at 31 December 2023
Size of shareholding
Number of
shareholders
%
of shareholders
Number of
shares
%
of shares
1–5,000 6,417 87.27 3,892,867 1.60
5,001–50,000 549 7.47 9,306,758 4.11
50,001–250,000 217 2.95 24,815,059 10.89
250,001–999,999,999 170 2.31 281,406,732 83.40
Total 7,353 100.00 319,421,416 100.00
Share price – year ended 31 December 2023
Price at 31 December 2023 1389p
Lowest closing price for year 960.4p
Highest closing price for year 1531p
The above share prices are the closing share prices as derived from the London Stock Exchange Daily Official List.
Financial calendar 2024
Ex-dividend date of 40p final dividend 20 June 2024
Record date of 40p final dividend 21 June 2024
Annual General Meeting 25 April 2024
Trading update 25 April 2024
Payment of final dividend of 40p 12 July 2024
Announcement of half year results 8 August 2024
Trading Update 6 November 2024
Five-year record
2023 2022 2 0 21 2020 2019
Unit sales 9,922 14,868 14,551 13,575 15,855
Housing revenue £2,537.6m £3,696.4m £3,449.7m £3,129.5m £3,420.1m
Average selling price £255,752 £248,616 £237,078 £230,534 £215,709
Profit from operations £354.5m £1,006.5m £966.7m £862.8m £1,036.7m
Profit before tax £359.4m £1,012.3m £973.0m £863.1m £1,048.1m
Basic earnings per share 82.4p 247.3p 248.7p 220.7p 269.1p
Diluted earnings per share 81.9p 245.3p 247.6p 219.9p 268.6p
Cash return/dividend per share 80.0p 235.0p 235.0p 110.0p 235.0p
Net assets per share 1,070.2p 1,077.0p 1,135.7p 1,102.7p 1,021.7p
Total shareholders’ equity £3,418.5m £3,439.3m £3,625.2m £3,518.4m £3,258.3m
Return on capital employed 10.5% 30.4% 35.8% 29.4% 37.0%
All figures stated before exceptional items, goodwill amortisation/impairment, legacy buildings provision and includes
land creditors where applicable.
Other information

Persimmon Plc Annual Report 2023
197
Directors
Roger Devlin
Chairman
Dean Finch
Group Chief Executive
Nigel Mills
Senior Independent Director
Annemarie Durbin
Non-Executive Director
Andrew Wyllie CBE
Non-Executive Director
Shirine Khoury-Haq
Non-Executive Director
Alexandra Depledge MBE
Non-Executive Director
Colette O’Shea
Non-Executive Director
Andrew Duxbury*
Chief Financial Officer
*to be appointed in spring 2024
Life President
Duncan Davidson founded Persimmon in 1972. The Company floated on the
London Stock Exchange in 1985 and became the first pure housebuilder to
enter the FTSE 100 in December 2005. Mr Davidson retired as Chairman in
April 2006 and assumed the role of Life President.
Company information
Company Secretary
Tracy Davison
Registered office
Persimmon House
Fulford, York YO19 4FE
Telephone: (01904) 642199
Company number
1818486
Incorporated in England
Auditor
Ernst & Young LLP
Bankers
The Royal Bank of Scotland plc
Lloyds Banking Group plc
Barclays Bank PLC
HSBC plc
Handlesbanken plc
Santander BANCO S.A.
Investec Bank Plc
Financial PR Consultants
Teneo
The Carter Building 11 Pilgrim Street
London EC4V 6RN
Telephone 020 7353 4200
Email: persimmon@teneo.com
Registrars
Computershare Investor Services PLC
The Pavilions
Bridgwater Road
Bristol BS99 6ZZ
Telephone 0370 7030178
www.investorcentre.co.uk
Persimmon Plc’s commitment to environmental issues is reflected in this Annual Report, which
has been printed on Amadeus Silk. This product is made of FSC
®
-certified and other controlled
material. This document was printed by L&S using its environmental print technology, which
minimises the impact of printing on the environment. Vegetable-based inks have been used and
99% of dry waste is diverted from landfill. The printer is a CarbonNeutral
®
company. Both the
printer and the paper mill are registered to ISO 14001.

Persimmon House
Fulford
York YO19 4FE
Telephone: (01904) 642199