Annual Report and Accounts 2025

Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernance

Strategic Report

Inside this report

Strategic Report

1 Business summary

3 What makes us different

9 Sustainable growth plan

12 Chair’s Statement

14 Marketplace

20 Business model

22 Key performance indicators

26 Chief Executive’s Statement

29 Strategic priorities

40 Building sustainably

41 Charitable giving

42 Our people

47 Non-financial and sustainability

information statement

48 Section 172 Statement

51 Stakeholder engagement

59 Chief Financial Officer’s Review

66 Risk management

74 Sustainability-related risks and opportunities

83 Viability Statement

Governance

86 Board of Directors and Company Secretary

89 Executive Committee

90 Corporate Governance Report

101 Nomination and Governance Committee Report

111 Audit and Risk Committee Report

122 Safety, Health and Environment Committee Report

124 Remuneration Report

149 Other statutory disclosures

151 Statement of Directors’ responsibilities

Financial Statements

153 Independent Auditor’s Report

162 Consolidated Income Statement and Statement

of Comprehensive Income

163 Statement of Changes in Shareholders’

Equity – Group

164 Statement of Changes in Shareholders’

Equity – Company

165 Balance Sheets

166 Cash Flow Statements

168 Notes to the Financial Statements

226 Definitions of alternative

performance measures (APMs) and

reconciliation to IFRS (unaudited)

231 Aggregated comparative information (unaudited)

232 Five-year record (unaudited)

234 GHG emissions restatements

237 Glossary

239 Integrated reporting approach

240 Group advisers and Company information

Alternative performance measures

In addition to the Group using a variety of statutory performance

measures it also measures performance using alternative

performance measures (APMs). Definitions of the APMs and

reconciliations to the equivalent statutory measures are detailed

on pages 226 to 230. The definition of net cash is included in

note 18 to the Financial Statements.

How to use this report

Discover online

Front cover: Barratt Homes at Pinewood Park, David Wilson Homes in Ersham Park and Redrow’s Woodford Garden Village.

View more online

Read more on page 40

Nature Places People

1Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernance

Strategic Report

Business summary continued

A strong foundation

The combination of Barratt, David Wilson and Redrow has strengthened our position as the UK’s

leading national sustainable housebuilder for build quality and customer service.

Awards and recognition in 2025

Our housebuilding brands

Our enabling brands

5 Star customer

satisfaction

Climate – A

Water – B

Forests – B

115 NHBC Pride in the Job

awards, more than any

other housebuilder for

21 consecutive years

115

Completions by brand

Barratt Homes 48%

David Wilson 31%

Redrow 21%

Completions by customer type

Traditional private 63%

Part exchange 11%

PRS & Multi-Unit sales 8%

Affordable 18%

Completions by region

Scotland

1,544

2024: 1,613

16,565 16,565

Central

3,411

2024: 2,652

West

2,036

2024: 1,588

London and Southern

3,383

2024: 2,416

East

3,415

2024: 2,962

Northern

2,776

2024: 2,773

Gold Award

achieved for the 11th

consecutive year

Supplier

engagement

leader in Climate

2 Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernance

Strategic Report

What makes us different

Uniquely positioned

for sustainable growth

Our purpose is to make sustainable living a reality and build strong communities. We consider this to be vital for the

country’s future to address the ongoing under-supply of new housing. We are well positioned to grow responsibly to

deliver strong, long-standing and environmentally friendly communities across Great Britain.

Sustainable growth towards 22,000 total home completions in the medium term

What makes us different

Customer focus

Our achievements in service and

build quality are unparalleled,

providing an experience and product

that put the customer first.

Three leading brands

Through our brands we can cater

to a wider range of customers,

access larger developments, and

reduce time on site to complete

developments more efficiently.

Financial strength

Our size and robust balance sheet

give us the capability to invest in

growth whilst continuing to deliver

shareholder returns.

Diverse land channels

We have cultivated multiple,

innovative land channels, unlocking

new development opportunities on

greenfield and brownfield land in

communities that need them.

Partner of choice

Strong communities require strong

relationships. Our close ties with

partners across the value chain

ensure delivery for all stakeholders.

Read more on page 4 Read more on page 5 Read more on page 6 Read more on page 7 Read more on page 8

Read more on pages 9 to 11

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Customer

focus

Our unwavering commitment to our customers

underpins our reputation and is why independent

benchmarks continue to recognise our quality,

service and customer satisfaction.

HBF 5 Star rating

5 Star

For 16 consecutive years over

90% of our customers have

said they’d recommend us to

family and friends in the HBF’s

customer satisfaction survey,

an unparalleled achievement

in the industry.

NHBC Pride in the Job

115

Our site managers have won

more NHBC Pride in the Job

awards than any other

housebuilder – the 21st

consecutive year they have

achieved this feat.

Lifestyle range

Our lifestyle range is a selection of three-

bedroom Redrow house types which provide

increased bedroom space and adaptability.

Based on house types from the main Heritage

collection, these homes have three bedrooms

on the footprint of four-bedroom homes,

each with an en suite.

These homes are hugely popular with

downsizers seeking greater space to enjoy

within their home whilst providing space for

What makes us different continued

Image: Katrina and Tony in their new home in Woodford Garden Village.

family and friends to stay. Downsizers Katrina

and Tony, who moved into a lifestyle home at

our Woodford Garden Village development

said: “We saw the houses and we fell in love

with them…When we’ve got family round

there’s plenty of space.”

To hear more from our customers visit:

Barratt Redrow: Customer stories

4 Barratt Redrow plc Annual Report and Accounts 2025

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Our three differentiated brands

Careful deployment of our brands allows us to reach more potential customers across a wide selection of house types.

First-time buyers and young families

Barratt Homes provides homes at excellent value that

maximise space, ideal for those entering the housing market

for the first-time and young families.

Mover-uppers and growing families

David Wilson Homes, with its larger properties and

high-quality fixtures and fittings, is well suited to those

looking to make their next move up the housing ladder,

or those with growing families.

Premium purchasers and downsizers

Redrow offers a premium product with distinctive arts and

crafts architecture and a wide range of choices and optional

extras. It has great appeal to those looking for an executive

home, or those downsizing.

5,037

total home completions

8,008

total home completions

Image: Barratt Homes at Rogerson Gardens in Preston. Image: David Wilson Homes at Rose Place in Shrewsbury.

Image: Redrow homes at Allerton Gardens in Liverpool.

1 Completions in the period since acquisition at 21 August.

3,520

total home completions¹

£1.8bn

revenue

£2.3bn

revenue

£1.5bn

revenue

The benefits of multi-branding

For more information on the benefits

of multi-branding visit: Barratt Redrow:

The benefits of multiple brands

What makes us different continued

Access to a wider

customer base

Having more differentiated brands and a

wider product range on our sites attracts

a larger audience of potential homebuyers

to our developments.

Viability of larger

sites unlocked

The ability to accelerate both the build and

sales processes increases the viability of

larger sites by compensating for the increased

upfront investment required.

Time on site

greatly reduced

Our experience shows that building multiple

brands simultaneously quickens the sell

through of homes, greatly reducing the

overall time and associated overheads

needed on the site, benefiting both capital

and operating efficiency.

Improved ROCE

The combination of improved capital and

operational efficiency improves ROCE and

accelerates cash generation.

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Partner

of choice

Our strong relationships throughout the value chain give us

insight, flexibility and resilience, supporting our long-term growth.

The West London Partnership

The West London Partnership is Transport for

London’s largest partnership to date through its

property arm Places for London. Through it we

plan to deliver over 4,000 homes over the next

decade. The Bollo Lane development is the first

project to be announced by the partnership.

Benefits for Barratt Redrow

Transport for London is one of the capital’s

largest landowners. The partnership gives us

access to underutilised land, such as the Bollo

Lane development, and the opportunity to work

with a partner who also places high importance

on sustainability.

Benefits for our customers

Bollo Lane will deliver c. 50% affordable housing

as well as two on-site gardens and highly

efficient buildings will generate lower energy

bills for residents. The wider community will

benefit from the creation of a new public square

and community garden on land that was

previously inaccessible to the public.

RSPB

Barratt has been engaged in partnership with

the RSPB since 2014. The advice and expertise

provided by the RSPB ensure that developments

incorporate as many biodiverse features as

possible, and it will be supporting us in the

development of new Species Enhancement

Plans from summer 2025.

Benefits for Barratt Redrow

By partnering with the RSPB we can gain expert

knowledge, helping us to progress our on-site

biodiversity targets and providing innovation

opportunities for both parties.

Benefits for our customers

The advice gained through our collaboration

helps to produce better developments for both

wildlife and people. Together, we also provide

customers with tips, advice and expert guides

to help them create gardens that they and local

wildlife can enjoy.

MADE Partnership

The MADE Partnership is a joint venture

between Barratt Redrow, Homes England

and Lloyds Banking Group. MADE is a uniquely

positioned master developer and aims to

create the best new places and towns where

people will aspire to live. This means

thoughtful placemaking and plenty of public

and green spaces, alongside community

infrastructure. It will use its distinct offer,

expertise and funding to enable new towns

and support local authorities with large-scale

development of thousands of homes

over the coming decades.

Each partner brings its own skills and

expertise. Barratt Redrow brings experience

and capabilities in land assembly, placemaking

To watch our partner of

choice film visit: Barratt

Redrow: Partner of Choice

75%

of consumers feel it is important to consider

nature access when purchasing a home

Source: Independent research commissioned by Barratt Redrow and

conducted by Savanta, February 2025, with 2,348 in-market consumers.

What makes us different continued

and project development; Lloyds Banking

Group has a long-standing and comprehensive

commitment to help deliver the country’s

housing need both as a provider of capital

and an investor in the private rental sector;

and Homes England has the ability to

harness Government agencies to help align

interests, unlock potential obstacles and

drive development.

The partnership won “Deal of the Year

(up to £200m)” at the 2025 RESI Awards,

with the judges commenting that: “This

unique collaboration combines expertise in

housebuilding, financing and Government

policy to unlock and accelerate complex

residential projects, potentially revolutionising

master development.”

Image: A CGI representation of one of our first confirmed sites via the

MADE Partnership, Godley Green in Greater Manchester.

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Diverse land channels

Our multiple land acquisition channels allow us to select the best opportunities in the market.

Current land bank

Our target land bank length is 3.5 years on a

trailing basis, with a further 1 year of controlled

land. Our current land bank size, totalling

108,655 plots at 29 June 2025, is sufficient to

support growth to 22,000 total home

completions in the medium term. As such, we

can maintain our disciplined approach to

selective land buying in the open market, whilst

utilising our additional land channels, to unlock

and acquire high-quality sites that will

complement our existing land bank over the

coming years.

Strategic land

We have, over many years, developed a

substantial strategic land bank which stands

at 145,043 potential plots. We are optimistic

about the Government’s proposed planning

reforms which would give us a significantly

enhanced opportunity to bring forward strategic

sites into the planning system.

Image: Clockmakers site in Whitchurch, purchased by David Wilson

using Gladman expertise.

Gladman

Gladman is the country’s largest land

promotion business, with a controlled

portfolio of 113,940 potential plots. Gladman

operates at arm’s length from the Barratt

Redrow homebuilding operations and provides

sites with planning permission to both Barratt

Redrow and the wider housebuilding industry.

In FY25 Gladman sold 3,755 plots on behalf of

its landowner partners, of which 268 were

secured by Barratt Redrow, following a

competitive tender. As a result of the

Government’s planning reforms, Gladman has

increased the number of promotional sites

being submitted into the planning system, in

order to deliver a growing portfolio of current

land plots for sale. Gladman is able to offer

their expertise to assist Barratt Redrow to

identify freehold strategic land for purchase.

What makes us different continued

Land bank plots at 29 June 2025

Owned and controlled land bank plots

108,655

Strategic land bank plots

145,043

Image: An open sales centre on strategically sourced land in Glenvale Park, Northampton.

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Financial

strength

Our financial strength allows us to invest

in growth and deliver strong returns to

shareholders through every stage of the cycle.

Capital allocation priorities

We have three main capital allocation

priorities: maintaining a strong balance

sheet; investing to both improve and grow

our business; and delivering attractive

shareholder returns.

A strong balance sheet gives us the

foundation to invest, grow and generate

attractive returns. Our aim is to hold net

average cash throughout the year, make

use of land creditors and be mindful of other

medium-term financial commitments.

Investing to improve and grow our business

includes our ongoing commitment to maintain

our land bank at a level to support our goal

to deliver 22,000 total home completions in

the medium term, as well as other initiatives

centred on improving security of supply and

innovation for our business over the long term.

Medium-term financial priorities

Our strong balance sheet gives us the foundation to invest, grow and generate attractive returns

through the following medium-term financial priorities:

Synergy delivery

The acquisition of Redrow has

provided the opportunity for

cost and revenue synergies. In

FY25, our cost synergies target

was increased from £90m to

£100m, with £20m of cost

synergies delivered in FY25

profits with a further benefit

of c. £45m expected in FY26.

Revenue synergies reflect the

creation of 45 incremental

sales outlets through FY28,

of which 5 have already

achieved planning consent

at the year end, accelerating

sales, unlocking margin

improvement and improving

our land bank efficiency and

asset turn.

Sustainable growth

Our 32 homebuilding divisions

have the capacity and

capabilities to deliver 22,000

total home completions in

the medium term.

Driving volume recovery will

improve fixed cost efficiency,

supporting improvement in

profitability and cash

generation, thereby

enhancing our financial

strength. Our commitment to

industry leadership in both

build quality and customer

service will remain steadfast.

Margin improvement

Our gross margin has been

affected in recent years

by the sharp increase

in build costs, lower home

completion volumes and

increased sales incentives.

However, disciplined land

buying, stable build costs,

accelerating home

completion volumes and

synergy delivery will help

us to improve our gross

margin to 20% or more in

the medium term.

What makes us different continued

Image: David Thomas speaking at a Company event.

Finally, our commitment to delivering

attractive shareholder returns remains

unchanged. We are continually reviewing

the most appropriate way to do this and

consulting our shareholders in the process.

In February 2025 we announced that, from

FY26, we will commence a share buyback

programme under which the intention is to

buyback at least £100m annually in addition

to a revised annual dividend based on

adjusted earnings, before adjustments to

present acquired Redrow assets and

liabilities at their fair value, at 2.0 times

dividend cover. Of the share buyback

programme, a £50m first tranche was

executed in the second half of FY25.

Ongoing share buyback

programme of at least

£100m

per annum

Read more about shareholder returns on page 145

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Sustainable growth plan

Growth is important to us but maintaining our

high quality and customer service standards

is key. Volume growth will come from organic

growth through the opening of multi-branded

sites to leverage our three differentiated brands.

We will utilise our high-quality land bank to

deliver c. 500 outlets in the medium term.

Redrow integration

The integration of Redrow into the business is progressing well.

We have completed our office network rationalisation, with six

divisional offices now closed and three are in the process of

closing, with our 32 remaining divisions capable of delivering

22,000 homes per annum. A collective consultation process was

completed across head office functions in summer 2025.

The process of aligning IT systems has also begun. The initial

pilot completed in July 2025 and the programme to align

remaining divisions is expected to complete by the end of FY26.

The 45 identified revenue synergy sales outlets are also progressing

well, with planning submitted on 16 incremental outlets at the year

end. These developments were originally intended to be single or

dual-branded sales outlets but, following the acquisition, will now

be dual or triple branded, adding the Redrow brand onto Barratt

Homes and David Wilson Homes sites, and vice versa.

Cost synergies achieved in the financial year to 29 June 2025

were £20m, ahead of the £10m forecast at the time of completing

the transaction. Confirmed cost synergies at the year end stood

at £69m, comfortably on track to meet our £100m target.

Medium-term growth plan

Our medium-term goal is to deliver 22,000 total home completions

a year. To do this, we plan to increase our outlets from 407 in FY25

to between 475 and 525 in the medium term. The 45 revenue

synergy sales outlets will help us to achieve our targets.

We are not anticipating any material improvement in market

conditions, and we are assuming our sales rate stays largely

unchanged on that reported in FY25. The planning reforms

announced by Government should allow new land opportunities

to flow through the system more predictably, with fewer

unnecessary delays and greater visibility once the reforms

scheduled for enactment in autumn 2025 come into force.

We are extremely proud of our service and quality credentials,

and it is imperative to us that these are maintained as we grow

our business (see page 2).

We’re confident in our ability to deliver our medium-term growth

targets and the level of annual growth this requires. We have the

divisional infrastructure in place and, based on the planning

reforms progressing through Parliament, are confident in our

ability to deliver our medium-term growth targets.

Margin enhancement

We are committed to growing our volumes, whilst continuing

to improve our gross margin over the medium term.

Our gross margin has been markedly impacted in recent years

by build cost inflation of around 35% since 2020, volume decline

reflecting the changed affordability backdrop, and the increased

use of sales incentives to help support our volumes. Our current

embedded land bank gross margin stands at 19.2%. As we work

through the land bank and replace plots developed with more

recently purchased land, as well as accelerating volume growth

and unlocking synergies, we expect to see gross margin rise to

over 20% in the medium term.

Our current land acquisition hurdle rate is 23% gross margin and

once cost synergies have been unlocked, particularly those in

relation to procurement, with a direct impact on our build costs,

this hurdle rate will increase to 24%. This will ensure we capture,

and then continue to benefit from, the synergies delivered by

the acquisition.

We also hold a significant strategic land bank which we will

increasingly draw upon as the planning system improves and as

we increase our home completion volumes. When we agree an

option contract on a strategic land development, a discount to

market value is typically agreed with the landowner. This discount

to market value creates a reduced land bank plot cost, which

enhances the gross margin on outlets sourced in this way.

Pre-synergy sales outlets

Incremental sales outlets through revenue synergies

Sales outlet evolution FY26-FY29

FY26 FY28

FY27

FY29

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Sustainable growth plan continued

Lead the industry in sustainability

Our sustainability framework (page 40) ensures that

sustainability remains a key part of our growth plan. Through it

we generate long-term sustainable benefits for the business and

wider society.

We are responding to the UK’s housing shortage, developing

high-quality and sustainable homes and communities that

deliver a better quality of life. Over 99% of our homes are A or B

rated for energy efficiency meaning running costs are more

affordable, and we deliver high-quality landscaping and natural

spaces within our developments.

This helps support our position as a partner of choice (see page

6) and supports our reputation, trust and engagement with

communities, landowners and planning teams.

We integrate climate resilience and energy efficiency into our

homes, reducing carbon emissions and safeguarding against

future risks. Innovation helps us future proof our homes against

a changing climate, keeping us ahead of regulatory changes and

customer expectations and opening up growth opportunities.

We have a track record of delivering cost reductions on site by

driving down operational waste. We reduced construction waste

per 100m

of housebuild equivalent area by 44.7% from FY20 to

FY24, and will apply the learnings from this to reduce waste across

the newly combined group as our output grows.

We are committed to sharing innovation and research outcomes,

data and best practice. Our concept homes, most recently, Zed

House and Energy House 2.0, have created a blueprint for the

sector on how to build the zero carbon, energy and water

efficient homes that the country needs. It is crucial that we take

our suppliers along with us: we have been awarded leadership

status in the CDP Climate Supplier Engagement assessment

for building capabilities with our supply chain partners.

As we work towards meeting critical net zero targets, it is vital

that we do this is in a fair and transparent way. We are working

with our partners to ensure workers in our supply chain are

treated fairly (find out more on page 46) and we are providing

relevant training and career pathways both within and into our

business (see page 43).

Free energy homes

We have teamed up with British Gas to

deliver homes with free energy on our David

Wilson Homes Pastures Place development

in Lincolnshire.

The trial will see ten homeowners pay no energy bills on their

homes for two years in return for sharing data on the use of

their home and its eco-technology. The data from the trial

homes will be analysed by the partners, as well as scientists

at the University of Salford, which is renowned for its expertise

in researching low carbon homes.

We will also be able to share the data with leading surveyors

and mortgage lenders to help them understand the impact on

valuation and the link to green mortgages that better reflect

the higher disposable income that homeowners might have

from living in a more energy-efficient home.

The homes’ eco technology is provided by Hive - the UK’s

largest eco-tech brand. Hive’s Intelligent Energy Management

uses software to control smart devices that are connected to

the grid. This will optimise customers’ air source heat pumps,

maximum-fit solar panels and batteries, smart sensors and

lights. It can help to ensure more of a home’s energy needs are

met from the energy generated from a home or help to use

more energy when the grid is quieter and can deliver greener

and cheaper energy.

If the trial is successful, it could mark the start of a wider

roll-out at a time when energy bills are on average higher than

they have historically been.

If a home generates more electricity than a consumer uses,

they can, after the two-year trial, sell the extra energy through

the Smart Export Guarantee (SEG). Customers will continue to

see low bills, with those generating more electricity than they

use, achieving zero bills or earning money.

Image: David Wilson Homes Pastures Place development in Lincolnshire.

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Sustainable growth plan continued

Our path to net zero

The creation of Barratt Redrow brings together two industry

leaders with long-established track records and a shared

commitment to decarbonisation.

Both Barratt Developments and Redrow had science-based net zero targets validated in

2024. Now that the businesses have integrated, these individual targets are no longer

relevant, but provide a strong foundation.

We are in the process of developing a new target to achieve net zero for the combined business.

Realising this ambition requires a robust and actionable strategy that spans our operations and

value chain. However, progress is also dependent on external enablers such as regulatory clarity,

a net zero-ready workforce, resilient supply chains and technological innovation.

Progress since FY21 How we will decarbonise our value chain

Homes in use Direct operations Supply chain

We have undertaken a detailed assessment of our total value chain footprint, gaining an understanding of which elements contribute most

over time. The principal decarbonisation levers that we consider having the most material impact on our transition to achieve net zero across

our operations and value chain are:

Supply chain, raw

materials and

site preparation

Direct operations Homes in use

Reducing emissions

from groundworks

Reducing embodied carbon

in building materials

Increased timber frame

and offsite construction

Site hybrid generators

Efficient show home and plot heating

Reducing emissions from premises

and facilities

Migration of our fleet

to electric (cars and vans)

Government and regulation

– Future Homes Standard

building techniques

Zero carbon homes

(regulated energy) from 2030

Decarbonised site machinery

Eliminating or replacing

diesel on site

Early site grid connections

2021

2025

Read more about our transition plan on our website

95%

of electricity on

REGO-backed

renewable taris

in FY25

39%

of site diesel

substituted with

HVO in FY25

88%

of car fleet is EV or

plug-in hybrid as at

29 June

10%

of homes with air

source heat pumps

in FY25

98%

of telehandlers have

the most efficient

engines available as

at 29 June

31%

of homes completed

using modern methods

of construction in FY25

51%

reduction in scope 1

and 2 emissions

since 2021

Zero carbon homes in use from 2030,

subject to Future Homes Standard

implementation and grid decarbonisation

Our first year with a combined baseline

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Chair’s Statement

Establishing the foundations for growth

consumer confidence and home buying demand have remained

subdued, hampering the industry’s ability to increase volumes.

In addition, there are increasing regulatory and procedural

burdens that too often cause delays and increase costs.

Nonetheless, we will continue to do what we can to work with

the Government to improve conditions for homebuyers and

home builders so that we can build the homes the country

needs and drive increased economic growth.

Our performance

Despite being a year of much change, combined with a continued

challenging market backdrop, we have once again produced a

solid financial performance and our teams have ensured that we

continue to lead the industry on build quality, customer service

and sustainability, as demonstrated by accreditation from our

customers and independent third parties.

Over the past 12 months:

• We were awarded the Home Builders Federation (HBF) 5-star

status for the 16th year in a row, the only national housebuilder

to have achieved this record;

• Our site managers secured 115 NHBC Pride in the Job

awards, again more than any other housebuilder, for a

record 21st year; and

• We retained our position as the only UK housebuilder on

the CDP Climate Change A List for Leadership.

The operational side of our business continues to deliver

industry-leading performance reflecting management’s focus on

getting things right for our customers, partners, employees and

stakeholders. This is not restricted to current customers but

also governs our approach to legacy issues, where our Building

Safety Unit is dedicated to identifying safety-related remediation

that is needed at historic developments and then designing and

delivering solutions for residents and leaseholders. While it will

take some time to complete our work in this area, at Barratt

Redrow doing the right thing is non-negotiable and we remain

committed to our building safety obligations.

Redrow integration

Combining two large businesses is not without its challenges,

but colleagues across Barratt Redrow have engaged positively in

the process, resulting in significant progress on the integration

of Redrow and in unlocking the synergies we had identified

To position the business for further profitable growth, we had to

make some difficult decisions around our divisional structure.

As planned when the deal was announced, six divisional offices

have been closed and three are in the process of closing and

our Group support functions are now being combined. I would like

to thank all our colleagues for their continued professionalism

through this period and for their continued support over the

coming 12-18 months.

As well as divisional office closures and restructuring of our

Group support functions, procurement savings and de-duplication

of overheads have also contributed to confirmed cost synergies

of £69m at the end of the financial year, well on the way to our

ultimate cost synergies target which we increased from £90m

to at least £100m at the time of our half-year results.

Good progress is also being made on revenue synergies, with

16 planning applications submitted in respect of the 45 identified

incremental sales outlets and five approvals received as at the

29 June 2025.

Positioned for growth

The combination of our financial strength, land portfolio and

brand offering differentiates Barratt Redrow and puts us in a

strong position to deliver future growth. We held net cash of

£772.6m at our financial year end, we secure attractive land

opportunities through our market leading position across

diversified land channels, and we build and sell our homes

through three high-quality, differentiated brands covering the

majority of the market. This sits alongside our newly formed

divisional network. Collectively this places Barratt Redrow in a

very strong position to grow towards our medium-term target

of 22,000 total home completions a year.

Introduction

This year has been an important and exciting one in our history.

In August 2024 we acquired Redrow plc and received CMA

clearance in October 2024, allowing us to begin the integration

process. For colleagues across both businesses this brought

opportunities and some understandable uncertainty as we have

worked to combine the two businesses. I have been impressed by

the adaptability and resilience shown by our people in navigating

the changes to the business created by the combination, whilst

ensuring that we continue to deliver the quality and service our

customers expect, alongside driving a solid financial performance.

At our capital markets event in February, we brought together

Barratt Redrow’s management team, sell-side analysts and other

key stakeholders to set out what differentiates us from our

competitors, our key strengths as a combined business and our

ambitions for the medium term.

In FY25 we also saw a new Government elected with a specific

focus on driving economic growth through reform of the

planning system and tackling the UK’s housing crisis. Whilst

the Government’s supply-side policy changes have been broadly

positive, they will take time to make a practical difference.

The overall business environment has not seen the stability or

support needed to underpin investment and growth, and

12 Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernance

Strategic Report

Chair’s Statement continued

UK Competition and Markets Authority

(CMA) investigation

In July 2025 we announced that we, along with six other UK

housebuilders, have offered voluntary commitments to the

CMA as part of its ongoing investigation into the housebuilding

sector, with a view to resolving the investigation expeditiously.

The offer of voluntary commitments does not constitute an

admission of any wrongdoing by us and nothing in the

commitments may be construed as implying that we agree with

any concerns expressed by the CMA during its investigation.

The proposed commitments include the seven housebuilders

making a collective payment of £100m to the Government to be

disbursed to the affordable homes programmes in England,

Scotland, Wales and Northern Ireland. Our share of the payment

(which is for both Barratt and Redrow businesses combined as

Barratt Redrow plc) is expected to be £29m.

We welcomed the CMA’s consultation on the voluntary commitments,

which concluded at the end of July 2025, and will continue to

work constructively with the CMA throughout the process.

Shareholder returns

The Board declared an interim dividend for FY25 of 5.5 pence per

share (FY24: interim dividend of 4.4 pence per share) and is pleased

to recommend a final FY25 dividend of 12.1 pence per share

(FY24: final dividend of 11.8 pence per share) in line with our dividend

policy of 1.75 times adjusted earnings per share. Subject to

shareholder approval, the final dividend will be paid on 14 November

2025 to shareholders on the register at the close of business on

10 October 2025. The total proposed dividend for FY25, including the

interim dividend, is 17.6 pence per share (FY24: 16.2 pence per share).

The Board regularly reviews its approach to capital allocation.

As such, in February we announced a change to our shareholder

returns policy, introducing a share buyback programme with the

intention of buying back at least £100m of shares annually from

FY26. As part of that programme, an initial £50m tranche was

executed in the second half of FY25. In addition, our dividend

policy will move from 1.75 times to 2.0 times adjusted earnings per

share dividend cover (calculated before purchase price allocation

accounting charges). The Board believes this capital allocation

policy will deliver an attractive dividend and allow the Group

to balance investment in sustaining and growing the Group

with enhancing future shareholder returns through a

predictable but also scalable buyback programme,

dependent on market conditions and opportunities.

The Board believes that the combined dividend and share buyback

commitment represents the right balance of shareholder returns.

Sustainability

We remain the UK’s leading national sustainable homebuilder,

and we are committed to finding new and innovative ways to

improve our developments for nature, communities and our

customers. Both the legacy Barratt and Redrow businesses have

a strong track record of delivering sustainability initiatives and,

separately, each had committed to the Science Based Targets

initiative approved targets to achieve net zero. We are working

on a revised combined transition plan to ensure that we continue

to lead the industry on the journey to net zero.

Board changes

Over the year, we have announced several changes to the

composition of the Board and our committees.

We welcomed Nicky Dulieu and Geeta Nanda to the Barratt

Redrow Board in October 2024 as Non-Executive Directors,

having previously been on the Board of Redrow plc.

In March 2025, we announced that after 47 years of dedicated

service, our Chief Operating Officer and Deputy Group Chief

Executive Steven Boyes would step down from the Board on

6 September 2025. Steven has made a huge contribution to the

business throughout his tenure, is highly respected within the

business and across the industry and everyone at Barratt

Redrow wishes Steven a long and happy retirement.

After a successful career with Redrow, Matthew Pratt stepped

down as Redrow Chief Executive and as a Director of Barratt

Redrow with effect from the close of business on 30 June 2025,

we wish him well for the future.

With effect from 1 August 2025, we refreshed the composition

of the SHE Committee with Nigel Webb taking over from Chris

Weston as its Chair and elevated the Sustainability Committee

to a Board Committee, appointing Geeta Nanda as its Chair.

After nine years’ service, Jock Lennox will be stepping down from

the Board on 5 November 2025. Jock has been instrumental in

reshaping our approach to risk management, internal controls

and assurance, and in steering the Audit and Risk Committee and

as Senior Independent Director (SID), the Board through many

strategic decisions, most recently the acquisition of Redrow plc.

Jasi Halai will take over from Jock as Chair of the Audit and Risk

Committee and Nicky Dulieu will become our SID.

Looking ahead

As we move into FY26, affordability, uncertainty in the

macroeconomic environment and weak consumer confidence

remain challenges. While we have seen some welcome reductions

in mortgage rates over the course of the year, the cost of living

remains high and affordability remains a key constraint, particularly

for first-time buyers. We continue to invest in self-help measures,

such as our part-exchange offer and incentives for key workers, to

support customers seeking to buy our homes.

We welcomed the Government’s Spending Review announcement of

a 10-year £39bn new Affordable Homes Programme. This provides a

significant step-up in funding and a long-term commitment to the

affordable housing sector, which should support improving demand

from affordable housing providers for the affordable homes we build

throughout the country. However, to drive rapid and sustained

private development growth across the housebuilding industry,

Government should consider demand-side support for first-time

buyers, a feature of the housing market for many decades.

Looking to the future, the absence of first-time buyer support

risks the acceleration of ever-increasing inter-generational and

social inequality, where parental savings and financial support

will increasingly dictate the ability of so many to access the

stability and security of home ownership.

On the supply-side, the Government’s welcome reforms of the

planning system will take time to feed through into practical

improvements on the ground. In the meantime, it is vital that

Government remains committed to tackling our housing crisis,

supporting the industry to build the homes the country needs

and focused on creating an environment which encourages the

sustained investment in the land, people and materials to do so.

FY25 marked the start of a new chapter in our long history.

As Barratt Redrow we are well positioned and ready to focus on

what we can control and capitalise on improving market conditions.

Our three complementary brands cover a large proportion of the

market and will enable us to drive the delivery of increased volumes.

The talent in our Company is second to none and I look forward to

meeting even more of our colleagues this coming year.

Finally, the Board and I would like to take this opportunity to thank

all our colleagues, subcontractors and supply chain partners for

their ongoing support and partnership.

Caroline Silver

Chair

16 September 2025

13Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernance

Strategic Report

Marketplace

Market backdrop

The underlying need for new housing

remains strong, but affordability

and consumer confidence remain a

challenge. Macroeconomic uncertainty

and volatility continue to concern

potential customers, particularly with

reference to affordability and mortgage

rates. The changes the Government

is making to the planning system are

welcome and needed, but the positive

effects of the reforms are taking time

to work through the system.

Nonetheless, the underlying demand and need for homes,

combined with the positive changes to the planning system

that we expect to see come through from FY26, provide a strong

platform on which we can grow.

Demand significantly outstrips supply

Landscape

The Organisation for Economic Co-operation and Development

(OECD) found that England had a lower number of dwellings per

thousand inhabitants than the average of both EU and OECD

countries

. The Home Builders Federation (HBF) branded England

the “most difficult place of all developed nations worldwide to

find a new home”

In 2023, Centre for Cities estimated that England needs 442,000

new homes a year for 25 years to catch up with the average

European country

– far more than the 198,600 net new build

additions in the year to 31 March 2024.

Furthermore, the English Housing Survey found in 2023 that 15%

of households live in homes that do not meet the Decent Homes

Standard, reflecting the age of much of England’s housing stock.

Households are also motivated to buy, due to the dramatic

increases in average monthly rents seen since mid-2021. According

to the Office for National Statistics, average UK monthly private

rents in the 12 months to June 2025 were £1,344 - an increase of

29.7% since June 2021

. Meanwhile, Rightmove reported in

September 2025 that the average first-time buyer pays £1,064 per

month on a five-year fixed rate 85% loan-to-value mortgage over

25 years

Our response

We are acutely aware of the shortage of homes currently

affecting the UK, and we are targeting increased growth in the

medium term to 22,000 total home completions per year.

We have the right divisional infrastructure to meet our medium-

term target and, thanks to our investment in areas such as timber

frame production facilities, partnerships throughout our supply

chain and a diversified land pipeline, have the means necessary

to deliver further growth when the opportunity arises, whilst

retaining our reputation for quality and customer service.

Read more about our sustainable growth plan on page 9 to 11

Image: Frenchay Park and Frenchay Gardens, a recently completed Redrow development in Bristol.

14 Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernance

Strategic Report

Image: Grange View, Barratt Homes in Hugglescote.

Marketplace continued

Need for homes across all tenures

Landscape

As of 31 March 2024, there were 1.3m households on local

authority housing waiting lists in England

. This is the highest level

since 2014

. In Scotland, 4% of all households were on a housing

waiting list in 2023

. Data for housing waiting lists in Wales is not

published by the Government, but BBC investigations estimated

139,000 people were on the waiting list as of October 2023; this

equates to 1 in every 22 people in Wales

Local authority and Registered Provider housing stock has

dropped by over 550,000 homes between 1981 and 2023

. In that

same time period, the population has increased by almost 11m

The shortage means that councils are having to house people in

private accommodation. In England this cost at least £1.7bn in

2022–2023 as the number of people living in these arrangements

rose to its highest level since records began

Registered Providers have faced funding difficulties in recent

years, limiting their ability to buy additional properties, including

Section 106 affordable homes. In March 2025 a £2bn injection for

social and affordable housing was announced, with a longer-term

plan expected to be announced later this year.

The number of private renters has increased dramatically since

the turn of the millennium. In 2000 there were 2.1m privately

rented dwellings which compares with 4.9m in 2023

. In March

2025, Zoopla reported that for each rental property, there are

12 interested renters

. While this is considerably better than the

levels seen over the prior couple of years, it is still double the

level seen before the pandemic

It is clear that homes are needed across all tenures involving

investment in affordable homes, the private rental sector and

traditional homebuilding for private purchase.

Our response

We build homes across all tenures. The majority of our homes are

sold to private owners, but we also build affordable homes for

Registered Providers and sell to the private rental sector (PRS).

In FY25, 74% of our home completions were private completions

(excluding JVs), 18% were affordable homes delivered to housing

associations, 5% were rental units delivered to private rental

sector (PRS) providers and 3% were other multi-unit sales.

Through our acquisition of Redrow, our three differentiated

brands cover c. 80% of the market.

These factors, along with our nationwide coverage, mean that

we are building homes suitable for a larger proportion of the

population than any other homebuilder.

Government targeting increased delivery

Landscape

The Labour Government has been very vocal about the housing

crisis the UK faces and has a well-publicised target to build 1.5m

new homes over this parliament. The Government’s desire and

commitment to increasing housing delivery are positive and

welcome for the industry.

As part of the revised National Planning Policy Framework (NPPF)

the Labour Government introduced the concept of “grey belt”

land. This is land that sits within the green belt but has previously

been developed or does not strongly support the purposes of

green belt land. This relaxation of planning on a proportion of

green belt land could release significant opportunities to build

much needed new homes.

It is likely that any grey belt land released will have a significant

affordable housing requirement. The reduced potential revenue

from the land would feed through to the land price, meaning it

should still be an attractive proposition for developers.

Our response

Our medium-term aim is to increase our home completions

to increase our total home completions to 22,000 per year.

This is an ambitious target in current market condition, so the

Government’s focus on increasing housebuilding is welcomed.

However, as a business, we can only build homes as quickly as we

can sell. Because of this, we have taken proactive measures to

increase our sales and build rates, such as increasing incentives,

offering a range of buying schemes to potential customers,

acquiring the Redrow brand to broaden our customer base and

increasing multi-unit sales.

Read more about our different brands on page 5

15Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernance

Strategic Report

Planning reform set to unlock growth

Landscape

Since its election, the Labour Government has been proactive in

seeking reform to the English planning system. Within weeks of

the Labour Government taking office in July 2024, a consultation

was launched on changes to national planning policy and the

government also wrote to the Leaders and Chief Executives

of local authorities being clear on the upcoming reforms which

included mandatory housing targets, the introduction of a

new standard method to calculate them

, reforms to the way

green belt policy is operated, plus the introduction of “grey

belt” development.

Housing targets for local authorities will be more robust through

the introduction of a new standard method to calculate minimum

annual local housing need. This approach sets a baseline need to

deliver a 0.8% increase in existing housing stock – which is then

multiplied based on the five-year average median workplace-

based affordability ratio of the local area. For each 1% the ratio is

above 5, the housing stock baseline will be increased by 0.95%.

If the ratio is 5 or below, no adjustment is applied.

As seen in the adjacent table, the vast majority of local

authorities have affordability ratios greater than 5, meaning most

will be required to deliver local plans allocating land to provide an

annual housing supply significantly in excess of 0.8% of existing

housing stock, totalling up to 370,000 new homes every year.

Whilst the changes in planning policy are expected to ultimately

deliver a clear uplift in planning consents, to support

housebuilding recovery, there remains reluctance at many local

authorities to engage with these policy changes ahead of the

legislation coming into effect. As a result, planning consents fell

to 221,919 in the year to 30 June 2025, some 33.9% below the

mid-2021 peak and some 5.8% below the planning consents

granted in the year to 30 June 2024, as can be seen in the chart.

The introduction of the NPPF in March 2012 created a sustained

and material improvement in planning consents some 15 months

thereafter. If the timeframe taken to crystallise policy change into

planning consents across England follows a similar pattern in

2025, a sustained recovery in planning consents should begin

during calendar year 2026.

Marketplace continued

England – net new build home additions (RHS)

Savills UK Greenfield Development Land Price Index (LHS)

England – planning consents (‘000s) - revised series (RHS)

English planning consents and net new build home additions and Savills UK Greenfield Development Land Price Index

110

100

360

300

240

180

120

Savills UK Greenfield Development Land Price Index

(100 = 2007 peak)

England moving annual planning consents and

net new build home additions (‘000s)

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

193.1

200.3

157.6

124.2

117.7

128.2

118.5

130.3

155.1

163.9

183.6

195.4

214.4

219.1

191.8

211.7

212.4

198.6

Our response

The Government’s planning reforms provide a unique opportunity for us by facilitating strategic land to be brought forward and

submitted for planning permission. As of 29 June 2025, Barratt Redrow has 79 planning applications submitted for consideration and

Gladman has 41 – significantly higher than our normal operating levels. Our strategic land portfolio is substantial, and the positive

planning reforms provide us with the opportunity to bring this land forward, aiding our growth ambitions.

The number of local authority districts in England and Wales and the five-year average ratio of median house price to median gross

annual workplace-based earnings (2020-2024)

The five-year average median house price to median gross annual workplace earnings ratio

Up to 5.0x

5.0x to

<6.0x

6.0x to

<7.0x

7.0x to

<8.0x

8.0x to

<9.0x

From 9.0x

and above

Number of local authority districts 19 32 45 34 29 158

Proportion of local authority districts 6% 10% 14% 11% 9% 50%

Cumulative local authority districts 19 51 96 130 159 317

16 Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernance

Strategic Report

Affordability remains a key constraint

Landscape

While interest rates have trended down recently, affordability

remains materially above the 2010–2020 average, as shown by

the Halifax affordability index.

HBF reports that first-time buyers’ average price to income ratio

in England is ten times, with mortgage payments accounting for

67% of their net salary in 2024, up from 47% in 2004 and 2014

Research from UK Finance also shows the discrepancy between

first-time buyers who are given family financial support in raising

a deposit and those who are not. It found that in 2024, across the

UK, unassisted buyers were over two years older, with higher

household incomes, but with almost half the deposit compared

with their family assisted counterparts

Unassisted buyers had an average household income of

£65,351

. With the average household income in the UK standing

at £68,866

, it is clear to see why many first-time buyers are

struggling to save a deposit without family assistance.

Currently, there is no demand-side support from the Government

for homebuyers. This marks the only period for more than 50 years

that there has been no financial support for homebuyers.

Amongst the negativity, however, mortgage availability remains

positive. Competition amongst mortgage lenders has produced

more competitive mortgage rates as well as increased mortgage

lender innovation. This, combined with expectations that the

Bank of England will continue its gradual reduction in the base

rate, provides a level of stability and anticipated improvement

which is supporting both homebuyer and industry confidence.

Our response

In response to the ongoing affordability difficulties faced by

our customers, our sales incentives have remained a key

support to many of our customers. Our financial incentives

which, depending on development location, house type and

customer, can equate to 5% of the purchase price can be used

as part of the deposit calculation, helping our customers who

are unable to raise a sufficient deposit, and helping other

customers secure more favourable mortgage interest rates

through lower-loan-to value ratios.

Customers’ situations are all unique, which is why we offer a large

range of buying schemes and a broad house type range. These

suit a wide variety of customers, helping them to purchase their

new home.

Marketplace continued

Future Homes Standard (FHS)

Landscape

In May 2025 the Government confirmed that both the Standard

Assessment Procedure (SAP 10.3) and the Home Energy Model

will be used to calculate compliance with the FHS as part of a

phased transition for new build homes.

This dual-methodology approach provides a transitional period

where both systems will be valid for assessing the energy

performance of new homes. No additional details have been

provided on what the transition timeline between the two

methodologies will look like.

Our response

We strive to stay ahead of regulations and ensure we are

prepared for a seamless transition to the FHS once in place.

As well as our research and innovation activities, Redrow has

already moved to adopt air source heat pump installation in

many of its homes, a key change which will be required as part

of the Future Homes Standard.

17Barratt Redrow plc Annual Report and Accounts 2025

Halifax affordability index

Average affordability index (Q1 1985–Q2 2025)

1986 Q2, 32,0%

1990 Q2, 56.4%

2007 Q3, 46.4%

2009 Q1, 30.3%

2013 Q2, 27.4%

2020 Q2, 27.7%

2023 Q4, 42.9%

2024 Q4, 39.1%

2025 Q2, 38.1%

33.25%

1996 Q3, 21.7%

Halifax affordability index

60.0%

50.0%

40.0%

30.0%

20.0%

1985 Q1

1987 Q1

1989 Q1

1991 Q1

1993 Q1

1995 Q1

1997 Q1

1999 Q1

2001 Q1

2003 Q1

2005 Q1

2007 Q1

2009 Q1

2011 Q1

2013 Q1

2015 Q1

2017 Q1

2019 Q1

2021 Q1

2023 Q1

2025 Q1

Mortgage costs as a

proportion of earnings

Financial StatementsGovernance

Strategic Report

Marketplace continued

Materials and labour

Landscape

Recent financial years have seen marked inflation in build costs

which have directly impacted profit margins. In FY25, build cost

inflation reduced sharply and was broadly flat across the year.

We are forecasting limited build cost inflation in FY26 of between

1% and 2%.

In relation to our materials requirements, the second half of FY25

was dominated by concerns around tariffs and trade wars on

globally traded goods and materials. This, however, has a limited

impact on our build activities with c. 70% of our materials sourced

directly from UK operations, using UK-based materials, with a

further c. 20% of UK manufactured materials containing

components from outside the UK and the remaining c. 10%

involving goods imported from Europe and Asia.

Based on government data the building materials costs of

building a new home increased only marginally in FY25, following

a similar trend to FY24, as can be seen in the chart.

However, labour costs across the industry continued to increase

in FY25 as can be seen in the chart on page 19 and included

changes in both employers’ National Insurance contributions and

statutory minimum wages from April 2025.

Our response

Our build cost inflation over the next two to three years will

benefit through synergies from the acquisition of Redrow.

We are working hard to secure procurement savings which will

mitigate our exposure to building materials inflation across the

rest of the industry.

Our current estimate of cumulative savings from procurement

synergies is £34m. Reflecting the timing impact between the

point when material pricing terms are agreed, when materials

are supplied and fitted, and then when these costs are later

recognised through the profit and loss account on home

completions, we continue to expect to crystallise these

savings over the period through to October 2027.

Read more about synergies on page 35

Additionally, we are taking measures to help protect our

operations from the long-term challenges of an ageing

construction workforce and limited labour availability given the

backdrop of expanding future need through both our outreach

and promotion of careers in the industry, as well as our adoption

of modern methods of construction.

Our investment in timber frame production facilities allows us to

significantly reduce our reliance on brick and block laying labour

and our exposure to labour cost increases in this area.

We are also trialling a new alternative exterior finish replacing

the traditional brick façade at one of our North Midlands sites.

This new technology gives the appearance of a traditional brick

façade, a design feature often desired by planners and customers

alike, but consists of a composite material, manufactured off

site which can be rapidly fitted on site delivering an attractive

exterior finish with significantly reduced labour costs. Looking

to the future we recognise the need to identify and adopt new

technologies which can deliver productivity gains and ensure we

have the resources and capacity to build the homes the country

needs and which the Government is committed to delivering.

Image: Barratt Homes staff on site at Rogerson Gardens in Preston.

0.4%(0.0%) (0.0%)

4.5%

19.6%

8.9%

Building materials index for housing (data up to January 2025 with ONS publication suspended

through to 17 September 2025)¹

140.0

130.0

120.0

110.0

100.0

90.0

80.0

70.0

60.0

50.0

30.0%

25.0%

20.0%

15.0%

10.0%

5.0%

0.0%

(5.0%)

FY20 FY21 FY22 FY23 FY24 FY25E

100.0

104.5

125.0

136.1 136.1

136.6

Annual change in New Housing Construction Material Price Index (RHS)

New Housing Construction Material Price Index (LHS)

1 Data release has been suspended from February 2025, as a result the FY25E index value reflects the average from July 2024 to January 2025.

18 Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernance

Strategic Report

Marketplace continued

Materials and labour continued

Our response continued

Sources and references:

1 Figure HM1.1.1. webfs.oecd.org/Els-com/Affordable_Housing_

Database/HM1-1-Housing-stock-and-construction.pdf.

2 www.hbf.co.uk/documents/12890/International_Audit_Digital_v1.pdf.

3 www.centreforcities.org/wp-content/uploads/2023/02/The-

housebuilding-crisis-February-2023.pdf.

4 www.gov.uk/government/statistics/chapters-for-english-housing-

survey-2023-to-2024-headline-findings-on-housing-quality-and-

energy-efficiency/introduction-and-key-findings#key-findings.

5 www.ons.gov.uk/economy/inflationandpriceindices/bulletins/

privaterentandhousepricesuk/july2025.

6 www.rightmove.co.uk/news/articles/property-news/current-

uk-mortgage-rates/#:~:text=Average%20monthly%20

mortgage%20repayments%20by,if%20repaying%20over%20

25%20years.&text=*First%2Dtime%20buyer%20homes%20

includes,market%20(houses%20and%20flats).

7 www.gov.uk/government/statistics/social-housing-lettings-in-

england-april-2023-to-march-2024/social-housing-lettings-in-

england-tenants-april-2023-to-march-2024.

8 www.gov.scot/publications/households-in-scotland-by-housing-

tenure-scottish-household-survey-2023/pages/households-on-

social-housing-waiting-lists/.

9 research.senedd.wales/research-articles/lists-within-lists-how-can-

people-access-social-housing-in-wales/.

10 www.gov.uk/government/statistical-data-sets/live-tables-on-

dwelling-stock-including-vacants Table 115 and Table 116.

11 www.ons.gov.uk/peoplepopulationandcommunity/

populationandmigration/populationestimates/timeseries/enpop/pop.

12 www.local.gov.uk/about/news/ps174-billion-spent-supporting-

104000-households-temporary-accommodation.

13 www.gov.uk/government/statistical-data-sets/live-tables-on-

dwelling-stock-including-vacants Table 104.

14 Source: Zoopla UK Rental Market Report March 2025.

15 www.gov.uk/government/publications/letter-from-the-deputy-prime-

minister-to-local-authorities-playing-your-part-in-building-the-

homes-we-need.

16 www.gov.uk/guidance/housing-and-economic-development-needs-

assessments.

17 www.hbf.co.uk/research-insight/broken-ladder-2/.

18 www.ukfinance.org.uk/news-and-insight/press-release/uk-finance-

data-shows-how-family-support-shapes-homeownership.

19 www.ons.gov.uk/peoplepopulationandcommunity/

personalandhouseholdfinances/incomeandwealth/datasets/

householddisposableincomeandinequality Table 13.

140.0

130.0

120.0

110.0

100.0

90.0

80.0

70.0

60.0

50.0

10.0%

9.0%

8.0%

7.0%

6.0%

5.0%

4.0%

3.0%

2.0%

1.0%

0.0%

FY20 FY21 FY22 FY23 FY24 FY25E

3.2%

5.7%

5.0%

3.7%

6.1%

0.2%

Annual change in weekly construction index earnings (%) (RHS)

Construction average earnings index (FY20 = 100) (LHS)

100.0

103.2

109.1

114.6

118.8

126.1

Labour costs

Redrow homes at Alconbury Weald in Cambridgeshire

19Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernance

Strategic Report

Business model

Unlocking value

Our resources What we do

People

We recruit, train and retain a skilled and

committed workforce.

See pages 42 to 46

We also encourage a supportive culture

in which our people can thrive and promote

our collective values.

See page 95 to 97

Expertise

The acquisition of Redrow has brought

together two organisations with over

50 and 65 years’ pedigree respectively in

providing homes across Great Britain.

Brands

Now supplemented by Redrow, our portfolio

of complementary brands means we have a

home to provide the perfect setting for all

stages of life.

Offering multi-brand developments, we can

accelerate delivery of high-quality homes.

See page 5

Stakeholder relationships

You can only build strong communities if

you engage everyone with an interest in

those communities.

We foster lasting relationships with our

stakeholders so that we are able to develop

the homes our customers want and the

country needs.

See pages 51 to 58

Land and planning

We operate a short owned land bank,

minimising the amount of capital locked in

advance of land development.

This is complemented by investment in

strategic land and promotion agreements

to enhance margin.

Operational scale

The acquisition of Redrow has consolidated

the strength of the two businesses.

Our financial stability and national

presence create opportunities in our

operations and relationships.

See pages 59 to 65

Finance and

capital allocation

Balanced land strategy,

blending shorter-term plots

with longer-term strategic

land. Our financial strength

allows us to respond

flexibly to market changes,

respond to investment

opportunities and support

our growth ambitions.

Land acquisition

and planning

Diverse land channels and

industry-leading credentials

create unique land

opportunities. We plan

sites that serve the needs

of a wide range of

customers and other

community stakeholders.

Design and

house development

Designs informed by insight.

By using buyer data to tailor

layouts, embed sustainability

features and integrate smart

technology, we provide

homes that customers want

that can be delivered

through efficient builds.

See pages 29 to 39

Link to strategic priorities

3 3 4 1 2 4

20 Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernance

Strategic Report

Business model continued

The outcome for stakeholdersWhat we do continued

Customers

For 16 consecutive years over 90% of our

customers have said they’d recommend us

to family and friends in the HBF’s customer

satisfaction survey, an unparalleled

achievement in the industry.

HBF 5 Star customer service for

16 consecutive years

We build high-quality homes that optimise

internal space, deliver excellent energy

and water efficiency and, as a result, unlock

lower lifetime costs for our customers.

99% of homes built to EPC A and B

standard in FY25

Shareholders

Our strong underlying financial

performance will be supported by the

synergy savings from the combination

of Barratt and Redrow.

£488.3m adjusted profit before tax

for FY25

We continue to deliver capital returns, with

dividends totalling £1.3bn paid since 2021,

and a new programme of share buybacks

returning £50m in 2025.

£1.5bn returns to shareholders in past

five years, including dividends and

share buybacks

Employees and suppliers

Through both direct employment and the

supply chain we support, we generate

quality employment across Great Britain.

67,850 direct, indirect and induced

employment through the Group, its

subcontractors and suppliers

We are also investing in the future of

construction by providing development

opportunities across multiple pathways.

465 participants in graduate,

apprenticeship and trainee programmes

in FY25

Wider society

Housebuilding is key to the UK Government’s

plans to generate growth in the UK and the

provision of new homes is vital to tackling the

country’s housing shortage. By utilising the

unique opportunities that arise from our land

channels, financial strength and stakeholder

relationships, we are able to ensure the

provision of new homes in locations where

they are needed and kickstart growth.

16,565 home completions in FY25

(including 2,898 affordable)

£5.1bn gross value added to the

UK economy in FY25

Construction

and operations

Building smarter whilst

maintaining quality. We’re

investing in modern

methods of construction,

including timber frame and

pre-fabricated components,

to increase productivity,

shorten build times and

mitigate labour and

environmental challenges.

Sales and customer

engagement

Our industry-leading

customer service throughout

the sales process creates a

great customer experience.

Our differentiated brands

provide wide customer

choice and increase the sell

through of sites.

Post-completion

and customer

lifetime value

Long-term customer

satisfaction. Energy-efficient

homes reduce long-term

costs, a key differentiator

in a value conscious market.

Our build quality ensures

that customers enjoy their

new homes long after the

site is completed.

Link to strategic priorities

2 14 2 1 4

21Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernance

Strategic Report

Key performance indicators

Non-financial

Measuring our progress

Unless otherwise specified, all performance indicators incorporate Redrow from 22 August 2024 onwards.

Target

HBF 5 Star customer satisfaction.

Status

Achieved

Definition

A 5 star rating is awarded if 90% or more of

homebuyers say they would recommend us to

family and friends in the HBF Homebuilder Survey.

Why it’s a KPI

Delivering a best-in-class customer offering is a

strategic priority and fundamental to our business.

HBF Homebuilder Survey is an industry recognised

independently measured indicator of our customer

service and build quality.

Key metric for assessing performance for Executive

Directors’ remuneration.

Link to strategic priorities

Target

Grow average active sales outlets to between

475 and 525 in the medium term.

Status

On track

Definition

The average number of sites with at least one plot

available for sale during the period, including JVs.

Why it’s a KPI

Growing the number of active sales outlets,

including through the deployment of multi-branded

developments, increases the range of homes we

can offer to customers and trade through sites

more quickly to reduce cost.

This metric has been added as a KPI this year

because it is key to our synergy delivery.

Link to strategic priorities

Target

Following the Redrow acquisition, we are developing

a revised net zero target for the combined business

(see page 11).

Status

N/A

Definition

Tonnes of greenhouse gas emissions associated

with our scope 1 and market based scope 2

emissions, which includes energy and fuel use on

our sites, in our offices and in our company vehicles.

Why it’s a KPI

Monitors the environmental impact of our business

activities and our exposure to climate-related

transition risk.

Scope 1 and 2 carbon emissions intensity is a key

metric for assessing performance for Executive

Directors’ remuneration.

Link to strategic priorities

Target

Reduce construction waste intensity (tonnes per

100m

of housebuild equivalent build area) to 4.54

by 2025.

Status

Achieved

Definition

Tonnes of waste generated from above ground

construction for every 100m

of housebuild

equivalent build area.

Why it’s a KPI

Monitors the efficiency of operations and the use

of materials in the construction process.

Key metric for assessing performance for

Executive Directors’ remuneration.

Link to strategic priorities

HBF 5 Star customer satisfaction

Barratt David Wilson

5 Star

Redrow

5 Star

346

25,749

3.83

5 Star

367

35,678

4.34

5 Star

332

35,179 4.83

5 Star

343

45,603 6.29

5 Star 405

22,257

4.50

2024 2024 2024 20242023 2023 2023 2023

2022 2022 2022 20222021 2021 2021 2021

2025 2025 2025 2025

Average active sales outlets

405

Scope 1 and 2 carbon emissions (tCO

22,257

Waste intensity (tonnes per 100m

)

4.50

Link to strategic priorities

Delivering a best-in-class

customer offering

Driving operational efficiency

through differentiated

brands

Using capital effectively

to drive growth

Leading the industry

in sustainability

1 In accordance with our restatement policy, and consistent with SECR, GHG Protocol and SBTi guidance, we have restated previously reported GHG emissions

to reflect material changes in our organisational boundary and methodology. Please see pages 234 to 236 for more details.

22 Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernance

Strategic Report

Non-financial continued

Target

Over 94% SHE audit compliance.

Status

Achieved

Definition

The percentage of internal inspections which are compliant with

Barratt David Wilson and Redrow SHE guidelines, as applicable.

Why it’s a KPI

Demonstrates compliance with safety standards on our sites.

Lead indicator highlighting areas of SHE focus.

Key metric for assessing performance for Executive

Directors’ remuneration.

Link to strategic priorities

Target

Exceed 75

percentile score in the engagement survey.

Status

Below target

Definition

The percentage level of satisfaction of our people measured

using the last independently conducted survey before the

reporting date.

Why it’s a KPI

Monitors employee engagement and satisfaction, whilst also

providing a forum for view sharing, to ensure we retain and invest

in the best people and focus on their development and success.

Link to strategic priorities

Target

Growth to 22,000 in the medium term.

Status

On track

Definition

Legally completed homes during the year including the

homes legally completed within the JV’s in which the Group

has an interest.

Why it’s a KPI

Reflects activity and growth.

Monitors business capacity.

Link to strategic priorities

74.9%

14,004

97%

84.4%

17,206

96%

79.4%

17,908

17,243

97%

N/A

97%

74.9%

16,565

97%

2024 2024 20242023 2023 2023

2022 2022 20222021 2021 2021

2025 2025 2025

SHE audit compliance

97%

Employee engagement

74.9%

Total home completions

16,565

Key performance indicators continued

Financial

2 SHE audit compliance includes Redrow sites from 1 April 2025. From 22nd August 2024 to

31 March 2025 Redrow sites were assessed under the legacy Redrow SHE inspection region,

with an audit compliance score of 92%. See our ESG basis of reporting for more detail at

www.barrattredrow.co.uk/sustainability/esg-data-and-performance

Link to strategic priorities

Delivering a best-in-class

customer offering

Driving operational efficiency

through differentiated

brands

Using capital effectively

to drive growth

Leading the industry

in sustainability

23Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernance

Strategic Report

Key performance indicators continued

Financial continued

Target

Achieve minimum 23% gross margin, rising to 24% after synergies

are realised.

Status

Below target

Definition

Gross profit divided by total revenue, expressed as a percentage.

Why it’s a KPI

Key internal metric for assessing site profitability.

Enables consistent comparison of land acquisitions.

Link to strategic priorities

Target

Informed by consensus at the start of the financial year.

Status

Achieved

Definition

Profit before tax including the applicable share of profits from JVs

and associates.

Why it’s a KPI

Shows the profitability of the Group relative to

market expectations.

Key metric for assessing performance for Executive

Directors’ remuneration.

Link to strategic priorities

Adjusted gross margin (Gross margin)

15.7% (14.1%)

Adjusted profit before tax (£m) (Profit before tax (£m))

488.3 (273.7)

23.2%

919.7

24.8% 1,054.8

21.2%

884.3

16.5%

385.0

15.7%

488.3

21.0%

812.2

17.1%

642.3

18.3%

705.1

12.2%

170.5

14.1%

273.7

2024 20242023 2023

2022 2022

2021 2021

2025 2025

Target

Minimum 25%.

Status

Below target

Definition

Earnings before amortisation, interest, tax, operating

charges relating to the defined benefit pension scheme

and operating adjusting items for the year, divided by average

net assets adjusted for goodwill and intangibles, tax, net

cash, derivative financial instruments and provisions in relation

to legacy properties.

Why it’s a KPI

Ensures efficient and effective use of capital.

Key metric for assessing performance for Executive

Directors’ remuneration.

Link to strategic priorities

9.5%

22.2%

30.0%

27.8%

9.0%

20242023

20222021

2025

Return on capital employed

9.0%

Link to strategic priorities

Delivering a best-in-class

customer offering

Driving operational efficiency

through differentiated

brands

Using capital effectively

to drive growth

Leading the industry

in sustainability

24 Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernance

Strategic Report

Key performance indicators continued

Financial continued

73.5

83.0

67.3

28.3

25.5

64.9

50.6

53.2

11.8

13.6

20242023

2022

2021

2025

Target

Year-end net cash.

Status

Achieved

Definition

Cash and cash equivalents, bank overdrafts, interest-bearing

borrowings and prepaid fees.

Why it’s a KPI

Monitors business liquidity, resilience to risk and ability to

take advantage of opportunities, including investments and

land acquisition.

Allows for distributions to shareholders.

Link to strategic priorities

Target

To grow total shareholder return against FTSE companies

(those within 50 above and 50 below the Company in the index)

and the Housebuilding sector.

Status

Below target

Definition

Measure of the performance of the Group’s share price over

a period of three financial years. It combines share price

appreciation and dividends paid to show the total return to

the shareholders expressed as a percentage.

Why it’s a KPI

Shows the appreciation and income a shareholder receives from

holding each share.

Key metric for assessing performance for Executive

Directors’ remuneration.

Link to strategic priorities

Target

Informed by consensus at the start of the financial year.

Status

Achieved

Definition

Profit for the year attributable to ordinary shareholders divided

by the weighted average number of ordinary shares in issue

during the year, excluding those held by the EBT on which no

dividend is paid.

Why it’s a KPI

Shows profit attributable to each share.

Key metric for assessing performance for Executive

Directors’ remuneration.

Link to strategic priorities

868.5

(20.9%)

1,069.4

10.6%

1,138.6

(4.9%)

1,317.4

59.8%

772.6

11.9%

2024

2023

2022

2021

2025

Net cash (£m)

772.6

Total shareholder return

11.9%

Adjusted basic EPS (p) (Basic EPS (p))

25.5 (13.6)

Link to strategic priorities

Delivering a best-in-class

customer offering

Driving operational efficiency

through differentiated

brands

Using capital effectively

to drive growth

Leading the industry

in sustainability

25Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernance

Strategic Report

Chief Executive’s Statement

Delivering the homes the country needs

Introduction

We delivered a solid financial performance in FY25, whilst making

good progress against our strategic priorities. Despite continued

challenges around mortgage affordability and cost of living

pressures, reduced volatility in mortgage rates, a broadening

range of mortgage products available, easing inflation trends and

a more balanced economic backdrop supported demand in FY25,

as reflected in our solid reservation rates.

The Redrow acquisition, completed in August 2024, was a

transformative milestone - bringing a complementary premium

brand, high-quality land assets and significant opportunities

to unlock both cost and revenue synergies. The acquisition

strengthens our market position and underpins our confidence

in delivering our medium-term target of 22,000 total home

completions per year. Together, we are uniquely placed to drive

growth, enhance shareholder value and continue to deliver the

homes the UK needs. I would like to thank our teams throughout

the business and our wider supply chain partners for their

continued professionalism and dedication as we capture the

exciting opportunities ahead for Barratt Redrow.

Performance summary

In FY25 we delivered total home completions of 16,565 (FY24:

14,004

; 17,972

) including completions from Redrow since the

acquisition in August 2024. Whilst this was slightly lower than

the guided volume range, we delivered adjusted profit before

tax and before the impact of Redrow acquisition fair value

adjustments, slightly ahead of expectations at £591.6m

(FY24: £385.0m

; £585.7m

). Our reported profit after tax was

£186.4m (FY24: £114.1m

; £249.5m

We continue to maintain a strong balance sheet with year-end

net cash of £772.6m (FY24: £868.5m

; £1,164.5m

) after the

payment of dividends, the share buyback and legacy property-

related spend.

ROCE reduced to 9.0% (FY24: 9.5%

) reflecting the increase

in capital employed through the Redrow acquisition, as well as

the negative impact of acquisition fair value adjustments on

reported profitability.

For more information on our financial performance and on the

additional accounting impacts of the Redrow acquisition,

please refer to the Chief Financial Officer’s Statement.

Acquisition of Redrow

In August 2024 we completed our acquisition of Redrow plc,

creating a business which can deliver 22,000 homes per annum

through three high quality brands at a range of price points. We

are delighted to have added Redrow’s talented teams to our own

employee base. By using the Redrow brand to complement our

two existing homebuilding brands - Barratt Homes, including

Barratt London, and David Wilson Homes - we plan to grow the

business over the medium-term by initially creating incremental

sales outlets from our combined land bank at acquisition, and

leveraging our market-leading brands and resulting development

scale and capabilities, to secure a wider portfolio of attractive

land opportunities using our leading position across all land

sourcing channels. The ethos of Redrow is closely aligned to

Barratt and David Wilson with a focus on delivering high-quality

homes and excellent customer service, underpinned by creating

sustainable communities where people aspire to live.

Redrow integration

In line with our plans, six divisional offices have been closed and

three are in the process of closing, with operational leadership

aligned from 1 July 2025. During FY26, Barratt Redrow will operate

from 32 housebuilding divisions across the country with the

capacity to deliver 22,000 homes per annum in the medium-term.

The integration and synergy activities across our head office

functions have also progressed well during the year. The

restructuring of head office teams is well-advanced and is

expected to complete in Q1 FY26. We are also making good

progress in rationalising head office overhead costs. The

transition of the Redrow business onto Barratt systems began in

April 2025 and will be completed during FY26. Finally, our

procurement programme continued to gain momentum through

FY25 as we moved to both harmonise buying terms and ensure

the purchasing scale of Barratt Redrow is optimised, unlocking

the targeted synergies.

As a result of this hard work, we had confirmed c. £69m of cost

synergies at the year end and we are well on the way to achieving

an upgraded cost synergy target of at least £100m. Cost

synergies of £20m were crystallised within FY25 performance,

ahead of our October 2024 target of c. £10m. We now anticipate

around £45m of incremental cost synergies will be crystallised

in FY26. Total Redrow-related reorganisation and restructuring

costs are expected to be £90m to £95m with £56.8m incurred

as an adjusting item in FY25 and the balance of c. £33m to £38m

anticipated in FY26.

With respect to revenue synergies, we submitted 16 planning

applications for incremental sales outlets from the combined

Barratt Redrow land bank, and we were pleased to have already

secured planning approval on 5 of these in FY25. Since the year

end a further 9 planning applications have been submitted and

4 additional planning approvals secured. With progress to date,

we remain confident in delivering 45 incremental sales outlet

openings by the end of FY28.

26 Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernance

Strategic Report

Chief Executive’s Statement continued

Strong fundamentals for growth

At our capital markets event in February 2025, we outlined why

we believe the UK housing market has strong fundamentals for

growth, and why we are the best-positioned national

homebuilder to capitalise on this opportunity.

Following the acquisition of Redrow, and the strong progress we

have made on integration, we have a clear strategy to leverage

our position as an exceptional UK homebuilder to deliver growth

and maximise shareholder returns. With our unrivalled record on

quality, service and sustainability, in addition to our robust

financial position and long-standing partnerships, we are

well-placed to significantly increase volumes, with a clear target

to deliver around 22,000 homes per year in the medium-term.

We are confident that the strength of our three leading and

differentiated brands, our nationwide footprint, our strong land

pipeline and our deep operational experience and expertise,

place us in a very strong position to deliver against this ambition.

During the year, we have also taken further strategic actions to

underpin our ability to deliver this volume growth, including:

• expanding our timber frame production capacity, which

typically reduces build time by seven to eight weeks whilst

reducing local site labour dependency;

• continuing to innovate and test new products to increase

efficiency and provide resilience in the build process, such

as the Mauer façade system; and

• right sizing our divisional office network, ensuring we have

the right teams in the right geographic locations to meet

our ambitions.

We welcomed the proposed planning reforms introduced by the

new Government in the autumn of 2024. However, these reforms

are not yet fully enacted and therefore their impact on improving

planning outcomes in our divisional businesses has been slower

than we anticipated. We remain confident in our ability to grow

our sales outlet numbers to between 475 and 525 in the medium-

term, which will allow us to deliver our medium-term volume

guidance of 22,000 home completions per year.

Strategic priorities

As we enter this new era as Barratt Redrow, we have clear

strategic priorities to deliver our goals for the business in the

short, medium and long-term. These are summarised below:

Delivering a best-in-class customer offering:

• deliver excellent customer service at all stages in the home

buying process, from contact through our website to after-

care support when our customers have moved into their new home;

• provide a broad and customer-led choice of homes by way of

brand, geographic location, style and layout design and price

points; and,

• maintain the best build quality in the industry.

Driving operational efficiency through differentiated brands:

• increase the number of sales outlets we operate from and the

efficiency with which we develop our land pipeline;

• deliver the cost synergies from the Redrow acquisition and

further efficiencies through centralisation of our support

functions; and,

• evolve the standardisation of our house types to improve

both our build efficiency and the adoption and use of modern

methods of construction.

Using capital effectively to drive growth:

• create new opportunities for growth through disciplined land

acquisition and the development of alternative land channels;

• invest in our operations to support our sustainable growth

over the medium to long-term, most notably in timber frame

manufacturing; and,

• return capital to shareholders which is surplus to the Group’s

requirements, through an ongoing dividend based on 2.0 times

dividend cover and a share buyback programme of at least

£100m annually.

Leading the industry in sustainability:

• create the sustainable homes and developments that our

customers and communities demand and deserve;

• ensure we remain the partner of choice for stakeholders

seeking to deliver a path to sustainable growth; and,

• deliver a net zero transition plan for Barratt Redrow, following

the Redrow acquisition, which recognises both the challenges

and opportunities ahead.

Charitable giving and the Barratt Redrow Foundation

Core to our purpose is building strong communities, a key part of

that is supporting existing communities, local charities and good

causes and providing the opportunities for our employees to

volunteer and raise money for causes close to their hearts.

The Barratt Foundation was launched in 2021 and on 1 July 2025

became the Barratt Redrow Foundation, expanding its charitable

programmes to include our Redrow colleagues and communities.

We now look forward to expanding the positive impact we can have

on charities and good causes as an enlarged Group, with greater

employee involvement and the opportunities for additional fundraising,

volunteering and support for communities across the country.

In FY25 we donated £6.7m (FY24: £6.4m

) through the Barratt

Foundation and employee fundraising across the enlarged Group.

Responsible development

Keeping people safe

Our first priority is to keep our employees, our subcontractors

and our customers safe. During FY25, our injury incidence rate,

across Barratt Redrow’s combined operations, decreased to 272

(FY24: 302

) per 100,000 workers whilst we maintained our SHE

audit compliance at 97% (FY24: 97%

We remain focused on improving our site-based processes and

procedures, challenging unsafe behaviours and building on our

health and safety performance through on-site induction training

and safety awareness for all personnel, while also developing our

site managers’ vigilance to health and safety risks on site.

Building safety

Our approach to assessing and rectifying historical building

safety issues has been consistent. We take our responsibilities

seriously and are working as fast as we can to assess relevant

buildings, where necessary design appropriate remediation

strategies and work with all relevant stakeholders – including

residents, building owners, principal accountable persons, local

authorities and the Building Safety Regulator – to expedite that

remediation as efficiently as possible.

Through our dedicated Building Safety Unit, we ensure

remediation has the appropriate focus within our business

and our use of high-quality fire engineers and peer reviews

of proposed solutions, as well as the diligence of our site

teams, means that we have a high degree of visibility around

remediation progress and expected costs.

During FY25 additional legacy property related costs were

recognised. These costs related to:

• the fair value of Redrow’s building safety provision, which was

recognised at £184.3m at the date of acquisition and was

included in the Group’s interim results to 29 December 2024;

27Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernance

Strategic Report

Responsible development continued

Building safety continued

• charges relating to legacy property provisions, including

revaluations, which totalled £106.2m and which, after recoveries

from third parties of £15.8m and associated legal costs of

£2.2m, resulted in an adjusted item charge of £92.6m; and

• new issues identified in the Redrow portfolio post-acquisition with

respect to reinforced concrete frame design and construction

and, after investigation, testing and quantification in the second

half of FY25, a revision to the Redrow opening balance sheet fair

value of £131.8m, recognised through an additional reinforced

concrete frame provision of £105.2m and an adjustment to

inventories of £26.6m.

We also continue, where possible, to actively seek to recover costs

from third parties in respect of issues around fire safety and

reinforced concrete frames. In May 2025, the Group won a landmark

Supreme Court case which clarified the responsibility of companies

in the supply chain for remediating defects in developments they

were involved in. This ruling made it clear that all parts of the

industry need to take responsibility and that developers shouldn’t

be penalised for proactively taking action to support leaseholders

and residents in advance of litigation. In the judgement, the

Supreme Court noted that we had been “pro-active in

investigating, identifying and remedying building safety defects”.

To read more about the judgement, please follow this link:

supremecourt.uk/cases/uksc-2023-0110

Current trading and future outlook

While we delivered a solid trading performance during FY25,

private homebuyer confidence remains fragile given the

continuing affordability challenges they face, particularly around

deposit requirements, and general concerns on employment,

future taxation policy and mortgage rates, which remain elevated

when compared to recent years, notwithstanding increased

mortgage market competition and mortgage availability.

We remain encouraged by the Government’s focus on housebuilding

and its reforms to the planning system which, in time, should

have a significant positive effect. However, to see housebuilding

volumes accelerate and reach the numbers needed to tackle our

housing crisis, Government needs to also address demand-side

constraints on homebuyers, both institutional and private, which

will ultimately drive housebuilding activity. In the meantime, it is

vital that Government policy, in particular around taxation and

regulation, is focused on creating a positive and stable

environment for business and investment.

As planning policy reforms are implemented at a local, practical

level, we are in a uniquely strong position to take advantage of

any improvements in the economic environment and accelerate

volume delivery through our three leading brands, and we remain

confident in our medium-term ambition to deliver 22,000

high-quality homes a year.

We entered FY26 with a solid forward sales position and at

24 August 2025 we are 45% forward sold with respect to private

wholly owned home completions for FY26 (25 August 2024 for

FY25: 42%

, 45%

), with 48% of the private order book exchanged

(25 August 2024: 52%

,50%

Our overall net private reservation rate through to 24 August 2025

has slightly reduced to 0.55 (FY24: 0.58

, 0.56

) due to the lack of

reservations into the private rental sector and other multi-unit

sales (FY25: 0.03

R&A

). Since the start of FY26 however, our current

year reservation rate, excluding PRS and other multi-unit sales,

has remained resilient at 0.55, 3.8% ahead of the comparable

period last year.

Chief Executive’s Statement continued

The composition of our forward sales on 24 August 2025 and the order book movement since 29 June 2025 are included in

the following tables, along with the aggregated performance of Barratt and Redrow in the comparable period in 2024:

24 August 2025 25 August 2024 Variance %

£m Homes £m Homes £m Homes

Private 2,139.1 5,403 2,109.1 5,476 1.4% (1.3%)

Affordable 806.7 4,398 759.8 4,523 6.2% (2.8%)

Wholly owned 2,945.8 9,801 2,868.9 9,999 2.7% (2.0%)

JV 195.1 549 151.1 399 29.1% 37.6%

Total 3,140.9 10,350 3,020.0 10,398 4.0% (0.5%)

Current year Prior year

Variance %

Private Total

29 June 2025 / 30 June 2024 4,781 9,835 4,505 9,426 6.1% 4.3%

Reservations 1,716 1,750 1,903 2,074 (9.8%) (15.6%)

Completions (1,094) (1,235) (932) (1,102) 17.4% 12.1%

24 August 2025 / 25 August 2024 5,403 10,350 5,476 10,398 (1.3%) (0.5%)

Based on the trading year to date, with broadly stable sales rate

and average sales outlets, along with private rental sector

reservations expected over the year ahead, we continue to

anticipate total home completions, including JVs, will be in a

range of 17,200 to 17,800 in FY26, including c. 600 completions

from our JVs, whilst ensuring we maintain our industry-leading

standards of build quality and customer service. This also

assumes a normal autumn selling season, which is our current

expectation, however the extended period through to the

Budget, now scheduled for 26 November 2025, and related

uncertainties around general taxation and that applicable to

housing, has introduced additional risk. We also currently

estimate that between 40% and 45% of our completions will be

delivered in the first half of FY26.

We are executing the integration of Redrow at pace, we have a

strong balance sheet and a solid forward sales position, and we

believe we are well positioned as we move forward in FY26.

David Thomas

Chief Executive

16 September 2025

Notes:

R. Reported denotes a Barratt Developments PLC Group (Barratt Group) reported metric based on the

standalone performance of the Barratt Group in the comparable reporting period.

A. Aggregated denotes an aggregated metric based on the reported performance of the Barratt Group in

the comparable reporting period 1 July 2023 to 30 June 2024 and includes the performance of the

legacy Redrow plc Group (Redrow Group) from 24 August 2023 to 30 June 2024, to provide

comparability on operational and financial performance.

Redrow Group data is based on Redrow plc’s standalone accounting policies and therefore excludes any

impact of policy alignments made since the acquisition. Aggregated adjusted measures are also prepared

and presented on the same basis.

The aggregated value comparatives have not been audited or reviewed by Barratt Redrow plc’s auditor.

28 Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernance

Strategic Report

Strategic priorities

Our strategy for growth

Our strategic priorities

Delivering a

best-in-class

customer

offering

Offering incomparable choice,

customer service and quality.

See more about our strategy on pages 32 and 33

Driving

operational

efficiency

through

differentiated

brands

Driving both revenue and

profitability by maximising

efficiency to push both our

revenue and profitability,

further capitalising on efficient

allocation of capital.

See more about our strategy on pages 34 and 35

Using capital

effectively to

drive growth

Disciplined allocation of our

capital allows us to invest in

the business and the right land

opportunities, ensuring future

growth and robustness, while

returning excess capital to

our shareholders.

See more about our strategy on pages 36 and 37

Leading the

industry in

sustainability

Our growth plans are

underpinned by long-term

leadership in sustainability.

See more about our strategy on pages 38 and 39

1 2 3 4

29Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernance

Strategic Report

Strategic priorities continued

Delivering a best-in-class customer offering

Offering incomparable choice, customer service and quality.

Driving operational efficiency through differentiated brands

Driving both revenue and profitability by maximising efficiency, further capitalising on disciplined

allocation of capital.

How we do it:

• Ensure quality and customer service remain

the priority across the Group.

• Listen to customer feedback, working hard

to ensure we maintain 5 Star service across

all our divisional offices.

• Offer mortgage qualification and

access assistance.

• Wide range of customer assistance

programmes.

• Offering three brands to our customers, with

homes ranging from one to five bedrooms

and with differentiated architectural styles,

fixtures and fittings to suit a spectrum of

budgets and tastes.

• Aim to get build quality right first time,

ensuring our customers enjoy their new

homes from the first time they step over

the threshold.

Progress:

• Barratt David Wilson and Redrow maintained

our 5 Star HBF customer satisfaction status

with the latest rolling annual recommend

score of 96.0% for Barratt David Wilson and

95.7% for Redrow, the highest score for UK

national housebuilders.

• In total, our customers used 13 different

assistance programmes in the year to help

them buy one of our homes, including part

exchange, a key worker deposit contribution

scheme and deposit unlock.

• We acquired Redrow, providing our customers

with additional house type choices and

Redrow’s outstanding customer service.

• We also maintained our industry leadership

position among the major UK housebuilders,

registering the lowest NHBC Reportable

Items per inspection of the new build

properties for defects, at 0.12¹ through FY25

(FY24: 0.13).

How we do it:

• Capitalise on our brand portfolio through

efficient use of multi-branding sites, driving

asset turn and opening 45 incremental

outlets on our existing land bank at

acquisition.

• Build efficiency and resilience through use of

standard product and MMC in Barratt Homes

and David Wilson Homes product.

• Refinement of house types across the

three brands.

• Continue to align build and sales rates to

optimise work in progress.

• Deliver the cost synergies from the Redrow

acquisition.

• Centralisation of appropriate functions to

reduce administrative costs.

Progress:

• We have submitted 16 planning

applications so far out of the 45 sales

outlets planned to deliver sales synergies

through multi-branded sites.

• Five of the above revenue synergy outlet

applications have received planning consent.

• 31% of completed homes in the year

used MMC.

• Target cost synergies were increased in

the year from £90m to £100m, with £20m

crystallised in FY25.

• Both our divisional Payment and HR teams

were centralised in the year.

Key performance indicators: Key performance indicators:

5 Star

HBF customer

satisfaction

16,565

Total completions

405

Average active sales

outlets

1 Barratt David Wilson only.

405

Average active

sales outlets

16,565

Total home

completions

£488.3m/

£273.7m

Adjusted profit before

tax/profit before tax

15.7%/

14.1%

Adjusted gross

margin/gross margin

25.5/13.6

Adjusted basic EPS/

basic EPS

9.0%

Return on capital

employed

Strategic priorities

30 Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernance

Strategic Report

Strategic priorities continued

Using capital effectively to drive growth

Disciplined allocation of our capital allows us to invest in the business and the right land opportunities,

ensuring future growth and robustness, while returning excess capital to our shareholders.

Leading the industry in sustainability

Our growth plans are underpinned by long-term leadership in sustainability.

How we do it:

• Purchase quality land, making use of the land

channels available to us (such as the MADE

Partnership, promotional land via Gladman

and our substantial strategic land bank)

to bring through high-quality land, utilising

land creditors where appropriate.

• Identify areas in which the business would

benefit from additional investment, such as

our timber frame factories.

• Control growth at 5–10% per annum to

ensure quality and customer service are

not compromised.

• Return capital to shareholders through the

appropriate distribution method.

Progress:

• We invested £862.5m in land in the year,

ensuring our growth ambitions are able

to be realised in the medium term.

• Land creditors have increased to 16% of

our land bank (FY24: 15%).

• Our first two sites via the MADE Partnership

have been confirmed – Godley Green in

Greater Manchester and Handforth Garden

Village in Cheshire.

• In addition to the new timber frame factory

opened in FY24, in FY25 we invested £24m

in our Selkirk factory – doubling its capacity

to 5,000 units.

• We repurchased £50m of shares through a

share buyback in the second half of FY25 and

have committed to £100m annual buybacks

in the forthcoming financial years.

How we do it:

• Stay ahead of our customers’ needs by

understanding and implementing what

sustainable homes mean to them.

• Drive innovation through supply chain

partnerships and long-term commitments.

• Cultivate relationships with leading

organisations including NGOs, landowners,

financial institutions and lenders to share

expertise and collaborate.

• Provide leadership and expertise for the

sector and leverage our relationship with

Government and industry bodies to enable

a UK policy environment that supports

sustainable growth.

• Develop a robust pathway to net zero that

supports our growth plans and climate

resilience.

• Continually look for ways to ensure that our

workforce is diverse and inclusive and reflects

the communities in which we operate.

Progress:

• We engaged with over 5,000 of our

customers and in-market consumers on

sustainability topics to understand their

needs and ensure their voice is embedded

in our business plan.

• We were integral to the Future Homes Hub

Transition Plan – a shared pathway and

framework to align around and to work

together on overcoming barriers to

decarbonisation in new homes.

• We continued to improve embodied carbon

emissions data accuracy through supplier

engagement and the adoption of a quantity-

based calculation methodology (see page 82).

• We installed 4,273 nature interventions on

our developments including bat boxes, swift

nesting bricks and hedgehog highways.

• Our mean gender pay gap reduced to 7.8%

and is significantly lower than the average

for UK businesses (see page 45).

Key performance indicators: Key performance indicators:

£772.6m

Net cash/debt

11.9%

Total shareholder

return

405

Average active

sales outlets

22,257

Scope 1 and 2 carbon

emissions¹

1 In accordance with our

restatement policy, and

consistent with SECR, GHG

Protocol and SBTi guidance,

we have restated previously

reported GHG emissions to

reflect material changes in our

organisational boundary and

methodology. Please see pages

234 to 236 for more details.

4.50

Waste intensity

(tonnes per 100m²

HBE)

97%

SHE audit

compliance

2 SHE audit compliance includes

Redrow sites from 1 April 2025.

From 22nd August 2024 to

31 March 2025 Redrow sites

were assessed under the legacy

Redrow SHE inspection region,

with an audit compliance score

of 92%. See our ESG basis of

reporting for more detail at

www.barrattredrow.co.uk/

sustainability/esg-data-and-

performance

74.9%

Employee

engagement score

Strategic priorities continued

31Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernance

Strategic Report

Strategic priorities continued

Delivering a best-in-class customer offering

Two of our values are “we do it for our customers”

and “we do it right”. This underpins the way

we operate and the decisions we make. When

buying a Barratt, David Wilson or Redrow

home, customers put their trust and faith in

our unrivalled track record of delivering quality

homes with the service to match. Maintaining

this record is the right thing to do. That is why

we made it our first strategic priority.

To ensure we stay up to date with customers’ wants and needs,

we have an established customer insight programme. Over the

past three years, the programme has generated 34,200

interactions, involving over 2,800 of our own customers and

31,400 of those in the market to buy a new home. Using a mix of

quantitative and qualitative research, this programme helps us

understand customer needs and preferences, particularly in

relation to the price, quality and overall offer of our homes,

services and brands.

It supports business decisions, and its objectives include

delivering high-quality data to promote a clear understanding

of customer needs, ensuring the customer voice is embedded

and recognised in every part of our business.

Customer choice

All our customers have their own unique situations,

requirements, tastes and budgets. That is why we aim to give

our customers choices wherever possible.

This choice starts right at the beginning of the home buying

process. With our three, differentiated brands, our customers

are given an unparalleled range of house types to choose from.

In general, we see first-time buyers and young families opting

for Barratt Homes, mover-uppers and growing families choosing

David Wilson Homes, and downsizers and premium purchasers

selecting Redrow.

In addition to its standard house types, Redrow also offers a

“Lifestyle” range. This range sees three-bed homes built on

the footprint of four-bed homes. Each bedroom has its own

en suite, and the added bedroom space is particularly popular

with downsizers.

Once a home has been picked, customers have the choice of our

buying schemes. From part exchange, to the Own New Rate

Reducer, to schemes for key workers and armed forces

personnel, we have a scheme to suit every buyer and help them

make their purchase.

Once a customer has reserved their home, next comes the

exciting part – personalising their space. Customers have the

choice to upgrade a wide variety of fixtures and fittings including

flooring, kitchens and wardrobes, depending on build stage.

Build performance and quality

In common with our commitments around customer service, our

build quality has an unrivalled track record. At the 2024 NHBC

awards, 111 of our site managers won Pride in the Job awards, 29

went on to win “Seals of Excellence” and, of those 29, three were

regional winners. To win a Pride in the Job award is a great

achievement and we are very proud of all our site managers.

In 2025, for a record 21 consecutive years, our site managers

have won more NHBC Pride in the Job awards than any other

homebuilder, with 115 awards.

The NHBC also monitors Reportable Items (RIs). RIs are any

defects found during any inspection. For a sixth consecutive

year Barratt legacy operations registered the lowest RIs at 0.12

(FY24: 0.13) per NHBC inspection. Over the same period Redrow

operations registered RIs of 0.23 per inspection, a considerable

improvement on the previous FY24 performance at 0.29.

We don’t just build to regulations, we are constantly looking at

the overall quality of our developments and ways to enhance the

environment where we develop. Since completing the acquisition

of Redrow, we have begun refreshing our placemaking vision.

We intend to lead the industry, drawing on and expanding on

the existing placemaking frameworks “Great Places” and the

“Redrow 8”. It will be customer centred and focused on

integrating the business’ three brands seamlessly with a view to

optimising sales, as well as providing confidence to stakeholders

that we will deliver high-quality new homes and ever more

sustainable communities.

1 2 3 4

An Oxfordshire couple who purchased their first home at Barratt Homes’ Brookside Meadows development. Barratt Homes, Pride in the Job winner at Findrassie, North Scotland.

32 Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernance

Strategic Report

Upsizing with David Wilson Homes

Emily and Joseph, a Children’s Speech and Language

Therapist and Electrician respectively, have upsized to

a new four-bedroom home at David Wilson’s Bluebell

Meadows development in Derbyshire, with their young

daughter, Elsie, and their Wire Fox Terrier, Daisy.

The family used the Own New - Rate Reducer scheme to help

purchase the new home, which works by using incentive

budgets which housebuilders offer to customers to reduce

their monthly mortgage payments over a fixed term.

Emily commented: “The whole buying experience with David

Wilson Homes was very positive! Moving in was smooth and the

site team have been very friendly, helpful and approachable.”

Stacey, Sales Director at David Wilson Homes Sheffield, said:

“We’re delighted to welcome Emily, Joseph, Elsie and Daisy to

our growing development at Bluebell Meadows. It fills us with

immense pride to see the community that is forming here.

“It’s great to hear that the Own New - Rate Reducer scheme

helped the family to make the move, and we’re thrilled they

had a great moving experience!”

Strategic priorities continued

Customer service

Our customer service record is unrivalled. For 16 consecutive

years our customers, through the HBF’s Customer Satisfaction

Survey, have awarded us a 5 Star rating for customer satisfaction.

No other homebuilder comes close to this record. Being a 5 Star

builder means that over 90% of our customers would recommend

us to a friend. Our latest rating is 96%.

The customer journey starts long before we hand over the keys.

The process of buying a home is often deemed a stressful one,

so we do what we can to make it easier and gather feedback

from customers to improve the experience.

For example, we are continuously using customer feedback

to improve our sales centres, our house type portfolio and our

incentives and buying schemes.

1 2 3 4

Barratt Homes staff at Rogerson Gardens, Preston.

Delivering a best-in-class customer offering continued

Emily and Joseph settling into their new home.

33Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernance

Strategic Report

Driving operational efficiency through differentiated brands

Our operating margin and return on capital

employed, amongst other metrics, have

been impacted in recent years due to

declining volumes, the increased use of sales

incentives and significant inflation in building

material costs.

As we grow our volumes, we’re committed to

establishing new and improved ways of running

the business more efficiently.

Strategic priorities continued

Multi-branding

Since the acquisition of David Wilson Homes in 2007, Barratt

Homes and David Wilson Homes have successfully delivered

hundreds of dual-branded developments. With the addition of

the Redrow brand we can continue to enhance this strategy.

Multi-branding developments can significantly reduce the time

on a development as Build and Sales teams work on different

areas of the development in parallel. This enhances asset turn

and improves return on capital employed.

Our competitive position with respect to larger land development

opportunities is also enhanced. As Barratt Redrow we can draw

together the optimisation of our three brands and skills from

across the enlarged Group. This also allows us to compete for

larger land opportunities where competition is often more limited

and where competitive bidders are frequently operating as joint

ventures or reliant on introducing other homebuilders to such

developments. Competing bidders for these larger developments

frequently face front-end risks around securing a trusted,

adequately funded and reliable partner in the bidding process,

as well as subsequent risks around the mix of homes and pace

of development and home sales each partner is seeking to

generate, which can create development conflict and unforeseen

competitive pressures.

Our experience of dual branding sites also helped us to identify

the opportunities to replot a significant number of Barratt and

Redrow developments and create additional sales outlets.

The process of amending planning permissions for these 45

additional sales outlets (defined as “revenue synergy sales

outlets”) is well underway, with 16 applications submitted.

In H2 FY27 we expect to see the first completions from these

incremental sales outlets.

Visit here for more information on the benefits of multi-branding,

vimeo.com/barrattredrowplc/multibranding

1 2 3 4

Image: Barratt West Midlands and BDW Mercia are constructing a dual-branded

development at the Pearls in Stourport-on-Severn.

Cost synergies

As well as revenue synergies, the acquisition will also deliver

£100m of cost synergies, £10m more than originally expected.

These synergies come from procurement-related savings,

right-sizing the divisional office structure and the consolidation

of central and support functions. Cost synergies of £20m were

delivered in FY25, around double the figure previously forecast,

and we anticipate further cost synergies of around £45m will be

unlocked in FY26.

When we announced the deal in February 2024, we indicated that

nine divisional offices would be closed following the completion

of the acquisition. CMA clearance was granted in October 2024,

and at the end of the financial year, six divisional offices have been

closed and three are in the process of closing. We have also

announced further consultations on head office functions to

ensure roles are not being duplicated as the businesses integrate.

The Board rationalisation is now complete, and much of the other

PLC and third-party cost savings have now also been realised.

Other efficiency savings

Outside of the acquisition we have continued to analyse

our business processes and look for efficiency and

productivity savings.

In FY25 we centralised our HR function, creating a shared

service centre. We also centralised our divisional payment teams

into a single shared service centre to help us achieve greater

consistency, control and efficiency in our payment procedures.

34 Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernance

Strategic Report

Strategic priorities continued

1 2 3 4

Driving operational efficiency through differentiated brands continued

Divisional structure

Optimisation of the divisional office structure, reducing the

number of divisions from 41 to 32.

Support functions

Consolidation of central and support functions, including Board,

senior management, compliance and other third-party costs.

Procurement

Harmonisation of purchasing terms and additional rebates

related to volume for the enlarged business, focused primarily

on direct materials purchases.

£34m

£25m

£4m

Progress on cost synergies

£0m

£20m

£40m

£60m

£80m

£100m

Synergies target Synergies confirmed

at 29 June 2025

Profit impact in FY25

£30m

£21m

£4m

£36m

£23m

£12m

Synergies explained

Revenue synergies

Incremental sales through the introduction of additional sales

outlets to create multi-branded sites, and cost savings from

reducing the time-based costs associated with each

development. Through more rapid development we can

accelerate the recovery of our land investment, improving

cash generation and return on capital employed.

Cost synergies

Integrating the Barratt David Wilson and Redrow housebuilding

operations results in cost reductions in three main areas:

Revenue synergy sales outlets

Additional sales outlets planned to be opened on developments

which were in the Barratt Redrow land portfolio at acquisition

and through which revenue synergies will be achieved.

Synergies target

The annual reduction in pre-tax costs targeted to be achieved

by actions to unlock synergies, assuming no change in the

underlying business capacity.

Synergies confirmed

The annualised reduction in pre-tax costs that would be

achieved if the synergies implemented as at the date of reporting

had been in effect for a full year, including all completions in the

year benefiting from procurement synergies.

Revenue sale synergy

outlets planned

Planning applications

submitted by 29 June

Planning consents received

by 29 June

35Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernance

Strategic Report

Using capital effectively to drive growth

We are committed to maintaining a strong

balance sheet. As such, we are diligent and

careful with the way in which we allocate

our capital.

Our priority is to identify and purchase the right land to replace the

land we are developing. This is then augmented by acquiring land

for expansion and to support our growth ambitions.

Next, we consider other areas within the business where

investment, either organically or through acquisition, can

deliver improvement in the Group’s long-term performance.

This may be to enhance our product offer, to unlock productivity

improvements or to address supply chain weaknesses, as well

as meeting innovation and regulatory challenges, or changing

market dynamics.

Finally, capital which, after careful Board consideration, is not

required can be returned to our shareholders. We continually

assess market conditions to ensure capital is returned in the

most appropriate way – which is why in February we announced

a change to our shareholder returns policy.

Strategic priorities continued

Land

Sourcing the right land, in the right locations, at the right price is

crucial for our business. That is why, over time, we have

developed multiple land channels.

Planning and ownership or control status

29 June

2025

30 June

2024

Plots with detailed planning consent 59,645 40,030

Plots with outline planning consent 24,072 15,239

Plots with resolution to grant and other 3,994 2,363

Owned and unconditional land bank

(plots) 87,711 57,632

Conditionally contracted land bank (plots) 12,293 8,607

Total owned and controlled land

bank (plots) 100,004 66,239

Number of years’ supply 6.2 4.9

JVs owned and controlled land bank (plots) 8,651 4,631

Strategic land bank (acres) 22,258 16,865

Strategic land bank (plots) 145,043 106,516

Promotional land bank (plots) 113,940 105,359

Land bank carrying value (£m) 5,104.9 3,233.6

First, our divisional Land teams are experts in identifying, bidding

on and progressing immediate land opportunities, in their local

area, which will deliver the right product for the local customer base.

Second, divisions are also able to add to, and draw from, our

extensive strategic land bank. We approved 12,972 plots across

42 planned future sites to add to our strategic land portfolio

during the year (FY24: 4,477

plots and 30

sites). We also

converted 5,860 strategic land plots (FY24: 3,723

plots and

3,851

plots) into our owned and controlled current land bank

during FY25.

Third, through Gladman, the country’s largest land promoter,

which operates at arm’s length as a standalone business within

Barratt Redrow, we have a presence in the promotional land sector.

Gladman’s current portfolio consists of 113,940 promotional land plots

(30 June 2024: 105,359 plots). During FY25, Gladman secured 10,837

plots (FY24: 9,239 plots) through new promotional agreements with

land owners and, following a number of successful planning

applications, achieved planning consents on 4,524 plots (FY24: 2,804

plots) and generated revenue of £38.6m (FY24: £13.1m) and an

operating profit, before amortisation of intangible assets, of £8.5m

(FY24: £0.2m). The Government’s continued planning policy reforms

will, we believe, be of significant benefit to Gladman over the coming

years as there remains a general supply-demand imbalance for new

housing across the country and housing numbers need to be met.

Finally, and most recently, we have formed the MADE Partnership

alongside Homes England and Lloyds Banking Group. We are

pleased to be working in joint venture with these two organisations

and have already secured two large sites since the formation of the

Partnership in September 2024 – the 2,000-home Godley Green

Garden Village in Greater Manchester and the 1,500-home Handforth

Garden Village in Cheshire. Barratt Redrow will build on a portion of

the site, while providing other homebuilders with the opportunity

to also build on already serviced land. The MADE Partnership’s land

holdings are held in joint venture and are therefore not included in

our consolidated land bank details tabled earlier.

The significant increase in our land bank during FY25 reflected

the acquisition of Redrow which saw 26,149 plots added to our

owned land bank at the date of acquisition.

Throughout FY25 we also approved 22,530 plots across 108 sites

(FY24: 12,439

plots across 58

sites) for future purchase and we

invested £862.5m (FY24: £674.3m

) in land acquisitions and the

settlement of land creditors.

At 29 June 2025 the estimated average selling price of plots in

our owned land bank was £366,000 (30 June 2024: 328,000

)

and the estimated gross margin in our land bank, based on

the current estimated average sales prices and build costs at

29 June 2025 was 19.2% (30 June 2024: 18.6%).

1 2 3 4

36 Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernance

Strategic Report

Strategic priorities continued

Land continued

We continue to target a regionally balanced land bank portfolio

in the medium term with 3.5 years of owned land and a further

1.0 year of controlled land. As at 29 June 2025 our land bank

comprised 5.4 years of owned land (30 June 2024: 4.3

years

and 4.7

years) and 0.8 years of controlled land (30 June 2024:

0.6

years and 0.6

years).

Our land bank is also commercially strong with respect to its

planning status with 68.0% of our owned and unconditional

land bank plots at 29 June 2025 having detailed planning

consent (30 June 2024: 69.5%

and 70.8%

During FY25, recognising the fundamental resource constraints

on local authorities and the delay between the announcement

and implementation of Government planning policy reforms,

we secured planning consents on 14,551 plots across 78

developments (FY24: 9,026

and plots across 54

developments).

As well as progressing planning applications at a local level,

we received nine decisions via planning appeal, with six allowed

and three dismissed. Of the three dismissed, we are actively

submitting a revised planning application on two, addressing

the reasons for dismissal, which we expect to be successful.

Whilst Government planning policy is clear, we still experience

many local authorities delaying or refusing planning applications

due to local electorate pressures. As a result, we may continue

to incur significant time delays, scheduling disruption and

additional legal costs to deliver a successful planning decision

on appeal. We welcome plans to introduce a National Scheme

of Delegation which will see schemes where the principle of

development has already been established which should

increase the certainty of planning decisions and minimise

avoidable appeals.

To enhance our capital efficiency, we plan to increase the

proportionate use of land creditors on new land purchases,

where this meets the requirements and economic circumstances

of land vendors. This will facilitate the replacement and medium

to longer-term growth of our land bank, while aligning capital

outflows more closely with the development programmes

planned for the land acquired.

Investment opportunities

To ensure we maintain and build our competitive advantage

and lead the industry, we are continually looking at areas that

will benefit from incremental investment either in land supply,

such as the MADE Partnership JV, in additional supply chain

integration, as exemplified by our initial acquisition and

subsequent expansion in timber frame manufacturing, or

through more investment to secure access to innovative and

emerging building products.

Following the acquisition of Oregon Timber Frame in June 2019,

the decision was made to build a second production facility in

Derby, built by Wilson Bowden Developments, which completed

in FY24. In FY25 a further £24m has been invested in further

expanding the capability and capacity of the original Selkirk

production facility and we anticipate our timber frame capacity

will grow to more than 9,000 homes over the coming three years.

While the cost of building a timber frame home can currently

marginally exceed that of a traditional brick and block constructed

home, depending on geographic location and local labour costs,

the reduced build time combined with increased reliability of

supply and the reduced embodied carbon make increasing our

timber frame home production an attractive proposition.

Additionally, using timber frame alleviates a level of future risk

around on-site labour availability and cost. Vertically integrating

and expanding this part of our supply chain will continue to

provide benefits for Barratt Redrow in the years to come.

We are committed to leading the industry through access to land,

our build processes and the adoption of MMC and ensuring we

have access to and understanding of the latest innovations

available to the homebuilding industry.

Shareholder returns

In February 2025 we announced a rebalancing of our shareholder

returns policy. In FY24 and FY25 we had a dividend cover policy

based on 1.75 times adjusted earnings before PPA charges

associated with the Redrow acquisition. From FY26 this cover will

move to 2.0 times adjusted earnings before PPA charges, along

with a commitment to a share buyback of at least £100m annually.

We believe this will provide the best value to shareholders, while

maintaining our disciplined approach to capital allocation.

Notwithstanding these changes, effective from FY26, we decided

to accelerate the buyback programme into the second half of

FY25. Between February and the end of June we bought back

11.3m shares at a cost of £50m.

1 2 3 4

Notes:

R. Reported and denotes a Barratt Developments PLC Group (Barratt Group) reported metric based

on the standalone performance of the Barratt Group in the comparable reporting period.

A. Aggregated and denotes an aggregated metric based on the reported performance of the Barratt

Group in the comparable reporting period 1 July 2023 to 30 June 2024 and includes the performance

of the legacy Redrow plc Group (Redrow Group) from 21 August 2023 to 30 June 2024, to provide

comparability on operational and financial performance.

Using capital effectively to drive growth continued

37Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernance

Strategic Report

Leading the industry in sustainability

Strategic priorities continued

As the leading national sustainable housebuilder, we design and build homes and communities that

are resilient to climate change and are low carbon both in construction and in use. We were the first

national housebuilder to set science-based carbon emissions targets and we are proud to lead

the industry in this regard. Our strong reputation in the sector is highlighted by our award-winning

developments, national and local socio-economic contributions, collaboration with our supply

chain and across the industry, research and innovation and our investment in skills.

For more information on our sustainability targets and our performance against our framework under each pillar, visit: www.barrattredrow.co.uk/sustainability/

building-sustainably

We know that our customers want places that offer sustainable

living, are attractive and well designed, benefit their health and

wellbeing and have a strong sense of community with excellent

local links.

The timing of the combined Group and the new Government’s

priorities for planning and placemaking have provided us with

an excellent opportunity to develop a new industry-leading

placemaking vision. This will address the requirements of key

policy documents and emerging guidance, while drawing and

expanding on the existing placemaking frameworks of both

Barratt and Redrow.

The new placemaking vision will be customer centred and focused

on integrating the business’ three brands seamlessly with a view to

optimising sales, as well as providing confidence to stakeholders

that we will deliver high-quality new communities.

We are committed to embedding accessible, inclusive and

imaginative opportunities for play in every new community

we create. In partnership with our charity partner Whizz Kidz, we

have now launched our Inclusive Play Manual, providing guidance

on delivering accessible and inclusive play environments.

We continue to promote the benefits of green mortgages,

recognising the running cost advantages of new build homes.

We work with lenders and government both directly and via the

Future Homes Hub to align priorities and promote enhancements

to new build lending criteria, processes and products.

Waste reduction and resource efficiency remain priorities within

the Group, alongside carbon reduction across homes, operations

and the supply chain (see page 11 for our net zero transition

plan). We focus on innovation, collaboration and high-quality

design, supported by better data and reporting.

We are replacing diesel with hydrotreated vegetable oil on sites,

have trialled a hydrogen telehandler, and are exploring electric

plant. To improve our operational water consumption data,

SMART meters are now mandatory for all new site compounds.

We have a track record of delivering cost reductions on site by

1 2 3 4

Redrow homes at Allerton Gardens in Liverpool.

1 Barratt David Wilson only.

2 Whole Life Carbon Assessment of Homes (2022) published by the Advanced Industrialised Methods for the Construction of Homes.

driving down operational waste. We reduced construction waste

per 100m

of housebuild equivalent area by 44.7%

from FY20 to

FY24, and we will apply the learnings from this to continue to

reduce waste across the newly combined Group.

Biodiversity net gain was delivered across all regions ahead of 2024

legislation, with planning permissions in FY25 expected to achieve

an 18% net gain for area habitats, 42% for hedgerow habitats and

23% for river habitats. Across the Group, 4,273 nature interventions

such as bat boxes and nesting bricks have been installed (see

page 6 for more information on our RSPB partnership).

To meet the growing demand for housing in the UK, we adopt

MMC to accelerate build times, reduce waste and carbon

emissions, and address shortages in both materials and skilled

labour. From January 2025, timber frame construction became

the standard approach across all Barratt house types, enhancing

efficiency while delivering average life cycle embodied carbon

savings of 5 tonnes per home.

Going forward MMC will be used

on select Redrow sites where appropriate.

We also play a leading role in the Future Homes Hub, working with

Government, housebuilders, supply chain and financial partners

to meet climate and environmental challenges for new homes.

Nature

Places

Tabley Park in Knutsford.

38 Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernance

Strategic Report

Strategic priorities continued

Image: Stanneylands, David Wilson Homes in Wilmslow.

Benchmarks and awards

We continue to demonstrate excellent performance in external benchmarks. We maintained our position as the only UK housebuilder

on the CDP Climate Change A List for Leadership, one of fewer than 500 companies worldwide, and we were listed in the second

edition of the TIME “World’s Most Sustainable Companies” Special Report – the only housebuilder to be named.

Climate – A

Water – B

Forests – B

Supplier

engagement

leader in

Climate

We believe that everyone has the right to be respected and

treated fairly at work. We do the right thing, nurturing diverse

talent and prioritising the health and safety and wellbeing of

our people and partners.

Our graduate and trade apprenticeships have seen an increase

in female and ethnic minority background representation across

the year, and we launched our first female-focused cohorts for

Bricklaying and Carpentry Level 2 apprenticeships. We offer

several training and support programmes including our Catalyst

and Spotlight courses, both of which are aimed at minority

groups within the business – women and ethnic minorities

respectively. See pages 42 to 46 for more detail on how we

support our employees.

We began our human rights supply chain risk assessment and

improved monitoring and reporting of labour exploitation on our

sites. See page 46 for further detail on how we are progressing

our approach to human rights risk assessment and management

and see www.barrattredrow.co.uk/sustainability/people/

human-rights for our modern slavery statement.

1 2 3 4

Our Redrow graduates taking part in a community project in Flintshire.

Leading the industry in sustainability continued

We are one of only

two UK housebuilders

to participate in the

UN Global Compact

Gold Award

achieved for the

11th consecutive

year

Recognised

as the most

transparent

housebuilder

for the fifth

time

People

39Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernance

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Our Building

Sustainably

Framework

Our Building Sustainably Framework is our

response to rapidly changing political and

environmental events which continue to shape

how we think about sustainability. It brings

together our sustainability ambitions, targets,

activities and metrics to ensure that important

issues and solutions are deeply rooted in every

business decision and day-to-day actions we take.

You can find out more here: www.barrattredrow.co.uk/

sustainability/building-sustainably

Regular monitoring of targets enables us to continually identify

and re-prioritise areas for improvement and our carbon and

waste targets are embedded in executive remuneration and

bonuses. Work is underway across the combined Group to

develop a harmonised strategy that reflects the strengths and

opportunities across our combined businesses.

The Board oversees the Group’s sustainability strategy, delivery

approach and related risks, with the Chief Executive holding

accountability for the strategy. The Board delegates day-to-day

delivery of our framework to the Sustainability Committee, which

is supported by operational cross-business working groups

– see sustainability risks and opportunities on pages 74 to 82

for further detail.

Building sustainably

Building

Sustainably

People

We believe everyone has

the right to be respected and

treated fairly at work. We do

the right thing, nurturing

diverse talent and prioritising

the health and safety

and wellbeing of our people

and partners.

Places

We design and build

great places that

promote sustainable,

healthy and happy living

for our customers.

Nature

We preserve and enhance

the natural world by using

resources responsibly,

building resilient, low-

carbon homes and creating

places where people and

nature can thrive.

Nature Places People

Alignment with the UN Sustainable Development Goals

40 Barratt Redrow plc Annual Report and Accounts 2025

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Charitable giving

Charitable giving and the Barratt Redrow Foundation

In July 2025 the Barratt Foundation

became the Barratt Redrow Foundation.

The Foundation is funded by a £4m

annual donation from the Company, to

fulfil its purpose to help communities

across the UK to thrive, focusing on

children, young people, and those most

disadvantaged. We are excited to roll out

the benefits of initiatives such as our

community fund and matched funding

to our Redrow colleagues to increase

the impact the Foundation has across

the communities in which we operate.

Encouraging employee participation

Over this coming year, the Foundation will undertake a variety

of activities to inspire further engagement including hosting

divisional roadshows and meeting with colleagues across

the business. This year, three main charity events brought

colleagues together to raise money for national charities, or

to give back to local communities.

Over 170 colleagues, including our Group CEO and CFO, took

part in “The Great Tommy Sleep Out”, braving the elements and

sleeping outdoors to raise awareness and funds for homeless

veterans. Over £176,000 was raised for the Royal British Legion

Industries, a charity we are proud to have supported for

many years.

In early April, nearly 300 colleagues travelled to either London or

Leeds for our “Games for Good” – a day of physical and mental

challenges in support of one of the Foundation’s national charity

partners, Street League. Colleagues raised £43,000, which was

matched by the Group. Street League provides young people

with qualifications and employability skills, essential for

succeeding in the world of work. Additionally, following a pilot

partnership with Street League, we are pleased to have

committed to donating £750,000 over the next three years to

the charity. The same is also true for another of the Foundation’s

national partners, OnSide, which empowers young people to lead

positive, fulfilling lives.

Across the spring, our graduate cohort organised our second

nationwide litter-pick campaign in partnership with CleanupUK.

Over 30 litter-picks took place across our divisions with over

390 colleagues taking part.

Tackling Homelessness Fund

This year, the Foundation has launched a targeted grants

programme to support charities tackling homelessness. The

funding will be focused on charities that support young people

and prioritise prevention of homelessness. £1m will be donated

over the next three years, starting with grants to seven carefully

selected charities across the UK: 16–25 Independent People,

New Horizon Youth Centre, The Running Charity, The Rock Trust,

EveryYouth, St Basils and Llamau. The charities operate in

different regions across the UK, ensuring communities in the

divisions we operate are benefiting from the funding.

Focused funding

The Foundation refined its approach to grant-making during the

year to focus on multi-year commitments with six charities that

align with our vision. Each charity will receive £50,000 per year for

three years. All grants will be unrestricted, meaning the charities

can use the funding where it is needed most. The charities we

are supporting are: National Numeracy, For Baby’s Sake Trust,

Digital Poverty Alliance, Become, The Girls’ Network and Warm

Welcome Spaces. Each charity has a unique focus, but all share a

commitment to supporting young people and disadvantaged

communities, aligning with the Foundation’s mission.

£6.7m

donated to charitable causes through the

Foundation and employee fundraising

Over 500

charities supported by the Foundation

£0.4m

raised by employees for charities and

good causes

£0.7m

matched funding provided by

the Foundation

1,836

volunteer days used by our employees

For more information see barrattredrowfoundation.org.uk

Image: The East Midlands David Wilson Homes team before taking part in The Great Tommy Sleep Out.

41Barratt Redrow plc Annual Report and Accounts 2025

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Our people

Supporting our people

As we integrate Redrow into the business

it is more important than ever that our

colleagues feel supported. We also

continually look for ways to ensure that

our workforce is diverse and inclusive

and reflects the communities in which

we operate.

Engaging with our employees

To ensure we collect timely feedback from our employees, we

maintained six-monthly pulse engagement surveys during the year.

Our April 2025 survey, the first which measured responses from the

enlarged Group, showed an overall engagement score of 74.9%.

The result is lower than previous years, mainly due to the

uncertainty and additional workload as a result of the integration.

We believe in transparency around engagement and share the

results of the survey with our people. Line managers meet with

their individual teams to discuss team results and agree actions

that can be taken in response.

One result we are particularly proud of is in response to the

statement “I feel good about the ways we contribute to the

community”, which scored 84%. This reflects our commitment to

supporting both our national charity partners and local charities

and good causes that are important to our colleagues through

our community fund, as well as our encouragement of employees

to use their two annual volunteering days.

Attracting and retaining the best talent

As we gear up for growth both within Barratt Redrow and in the

wider industry, we need to ensure we are attracting and retaining

the right people and skills, as well as finding ways to mitigate

against skills shortages and encourage more young people to

consider a career in construction.

We recognise that we have a responsibility to encourage the

next generation to consider a career in the construction industry,

which is why in 2021, we launched our partnership with the

School Outreach Company. Through this partnership, we engage

with primary schools, secondary schools and colleges to change

the perception of the housebuilding industry and promote the

vast range of opportunities within it. We were thrilled that this

partnership was recognised by the Personnel Today Awards where

it won the “Innovation in Recruitment” award in November 2024.

465

people on degree or

apprenticeship

programmes

Image: Graduate and apprenticeship programmes at Barratt Redrow.

74.9%

engagement score

42 Barratt Redrow plc Annual Report and Accounts 2025

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Our people continued

Our standard subcontractor terms and conditions mandate the

payment of the real Living Wage within our supply chain. Where

we find instances of non-compliance, we require this to be

rectified. For those working in jurisdictions other than the UK,

our expectation, included within our contract requirements, is

that local statutory minimum wage terms are met.

Physical health and mental wellbeing

The physical and mental health of our workforce is of the utmost

importance to us. We have been signatories of the Building

Mental Health Charter since 2022 and a member of the Zero

Suicide Alliance since 2023 and we are active members of the

Home Building Skills Partnership Mental Health Awareness Group.

In FY25 we also launched a new addiction and dependency

support service with Six MHA. Six MHA provides support for any

addiction with colleagues able to access support by phone or

email or through an app. This support will be available to all

colleagues across Barratt Redrow from October 2025.

Our new Employee Assistance Programme (EAP), launched in

2023, gives our workforce access to unlimited counselling

sessions and a range of health and wellbeing support services

including financial and legal support. In FY25, we expanded the

programme further to provide enhanced provisions including 24/7

remote GP access, cancer assist, medical second opinions and

physiotherapy. These services have been available to all

employees across the enlarged Group since 1 July 2025.

Additionally, across Barratt Redrow, we have over 300 Mental

Health First Aiders providing peer-to-peer support throughout the

business. We’ve also partnered with the Lighthouse Construction

Industry Charity to deliver “Make It Visible” site tours, bringing

wellbeing advice and support directly to our site-based teams and

subcontractors. In FY25, 17 sites were visited, engaging more than

Attracting and retaining the best talent

continued

Apprentices and graduates are also a key focus for us each year.

Our graduate scheme has a robust selection process with the

top candidates from thousands of applicants selected. The

scheme provides a pipeline of management potential for both

divisional and Group functions. Meanwhile, our apprentices work

with either our divisional teams or our subcontractors to learn

from experts and ensure our skills pipeline is well maintained.

Development and training are important to us, and are highly

valued by our workforce. We have four degree apprenticeships

delivered in partnership with Sheffield Hallam University,

encompassing Construction, Quantity Surveying, Technical

Design and Real Estate. In total, our apprenticeship and

degree programmes included 465 participants at 29 June 2025

(FY24: 353

), around 6% (FY24: 6%

) of our workforce,

highlighting our commitment to future talent development.

We also run in-house development offerings such as our

Management Development Offer. The programme is designed

to focus on self-awareness and handling difficult situations and

is aimed at newly promoted managers and managers who have

recently joined the business. 952 colleagues have already

passed through the scheme which consists of a mix of virtual

and in-person sessions.

Reflecting the divisional office consolidation as well as our

recruitment freeze throughout FY25, our total employee turnover

increased to 21% for the year to 29 June 2025 (FY24: 13%).

Our target over the medium-term remains at 15%.

Share ownership amongst our employees

In April 2025, we invited all eligible employees to participate in

the 17th grant under the Group’s Sharesave scheme, which

allows eligible employees to contribute a maximum of £500 per

month in one or more Sharesave schemes. As at 29 June 2025,

approximately 47.6% (FY24: 52.1%) of our employees participated

in one or more of the active schemes.

Accredited Living Wage Employer

We are an accredited Living Wage Employer, and we promote

the payment of the real Living Wage within our UK supply chain

through our standard subcontractor terms and conditions.

Image: David Wilson Homes sales adviser at Kings Park, Macclesfield.

Note:

R. Reported and denotes a Barratt Developments PLC Group (Barratt Group) reported metric based on

the standalone performance of the Barratt Group in the comparable reporting period.

400 employees and subcontractors. In the autumn of 2025,

we will deliver our first tour as Barratt Redrow.

We also support our employees through a sector-leading

benefits package, including pension with death in service

benefit, access to discounts on fitness memberships, high

street savings, the ability to purchase additional holiday,

financial education and a suite of family-friendly policies.

The Group believes in inclusivity and diversity in the workplace.

It is committed to giving full, fair and transparent consideration

to applications for employment made by those with disabilities

and ensuring continued employment of those who may become

disabled during their employment. As an organisation the Group

seeks to ensure that training, career development and promotion

is fair in all circumstances.

Diversity and inclusion

We are committed to developing an inclusive environment.

Our diversity and inclusion strategy

Our diversity and inclusion strategy aims to promote equality

of opportunity for employees and applicants alike, and ensures

we have a culture where everyone feels safe to be themselves.

Our strategy focuses on three areas:

Talent

Increasing our representation through the attraction,

recruitment and development of diverse skills and

experience at all levels.

Leadership

Taking accountability for change and creating an inclusive

environment where everyone can thrive.

Attitudes

Supporting our people to understand and value difference,

with respect and kindness.

43Barratt Redrow plc Annual Report and Accounts 2025

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Our people continued

Diversity and inclusion continued

Our diversity and inclusion strategy continued

Each of our regions has a Diversity and Inclusion Committee,

supported by the Group Diversity and Inclusion team. The

Committees meet quarterly and are chaired by one of the

constituent Divisional Managing Directors with each division

sending its own volunteer representative, all of whom have

received training. The representatives act as a voice for the

employees they represent and help deliver our aim of being

an inclusive employer, as well as helping the Group team

identify actions needed at a regional level.

Gender and ethnic diversity

We remain committed to improving our gender and ethnicity

diversity. We ensure we have gender balanced and diverse

recruitment shortlists and provide inclusive hiring training for

all recruiting managers. We ensure we have gender balanced

and diverse recruitment shortlists. We provide inclusive hiring

training for all recruiting managers and only use specified,

preferred recruiters who have committed to providing balanced

and diverse shortlists. Gender is reported on quarterly for each

function and level across the Group.

Catalyst and Spotlight

Our “Catalyst” programme aims to address some of the barriers

faced by women as they progress into senior management and

leadership positions. Our “Spotlight” programme supports

colleagues from ethnic minority backgrounds and provides them

with a network throughout the business, exposure to senior

leaders and valuable learning and insight through expert trainers.

Colleagues can apply for these programmes through a

self-nomination process and both programmes deliver a range

of in-person and virtual events. Alumni from these programmes

have provided overwhelmingly positive feedback. The timing

of the Catalyst programme in FY25 allowed us to welcome

colleagues from across the enlarged Group, and we look forward

to doing the same for our Spotlight programme in FY26.

As at 29 June 2025, women held 23% (FY24: 20%) of senior

manager roles within the Group. The gender diversity statistics

for our employee population are shown on page 45. 9%

(FY24: 8%) of employees and 3% (FY24: 3%) of senior leadership

were from ethnic minority backgrounds. Further information

regarding the diversity (including ethnicity) of our PLC Directors

and Executive Committee members can be found in the

Nomination and Governance Committee Report on page 106.

Image: Shenanigans at an Employee Network Pride event.

Male and female employees

PLC Directors Senior Managers Employees Executive Committee Reports to Executive

Committee

2025 2024

Male 58% 67%

Total 7 6

Female 42% 33%

Total 5 3

2025 2024

Male 77% 80%

Total 326 265

Female 23% 20%

Total 95 67

2025 2024

Male 68% 68%

Total 5,072 4,007

Female 32% 32%

Total 2,423 1,922

2025 2024

Male 56% 50%

Total 5 4

Female 44% 50%

Total 4 4

2025 2024

Male 63% 66%

Total 31 25

Female 37% 34%

Total 18 13

Employee Networks

We are proud of our six Employee Networks which cover:

Gender, Women on site, Ethnicity, Culture and Religion,

Disability, Families (including Carers), and LGBTQ+.

These networks are each sponsored by a member of the

Executive Team and run multiple events across the year

including virtual “tea and chats”, podcasts, face-to-face

sessions and informative articles for our intranet.

Our Gender Equality Network is especially proud to have

been shortlisted for a number of awards in recognition of

its work supporting colleagues experiencing menopause.

44 Barratt Redrow plc Annual Report and Accounts 2025

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Our people continued

Gender and ethnicity pay gap reporting

We are legally required to publish our Gender Pay Gap Report,

and we also choose to publish our Ethnicity Pay Gap Report as

part of our commitment to transparency for employees within

our business, as well as for external stakeholders. We also held

a virtual session, open to all our employees, to explain how pay

gaps are calculated, the reasons behind the movements in the

gaps and what we are doing about them.

As these reports are retrospective, our 2024 reports refer to

Barratt Developments PLC only. Going forward we will be

reporting as Barratt Redrow plc.

Gender pay gap

We saw reductions in the mean pay gap, the median pay gap and

the mean bonus gap and an increase in the median bonus gap.

Lower completions in the year impacted bonuses across the

business. The mean gender bonus gap decreased partly due to

the level of share awards vesting for senior managers compared

to 2023 and a reduced bonus payout in the year for all colleagues.

Conversely, due to the majority of women in the business working

in office-based roles, most of which are enrolled on the core

bonus scheme, compared to around a third of the male

population, the impact of the reduced standard bonus payout

for colleagues had the opposite effect on the median gender

bonus gap, causing it to widen. A higher proportion of women

in these roles also left the business compared to men, again

impacting the median bonus gap.

While our mean gender pay gap is significantly lower than the

average for UK businesses (13.1%

) we remain committed to

ensuring we encourage and recruit a diverse workforce and find

and address any pay disparities.

Ethnicity pay gap

Our 2024 Ethnicity Pay Gap Report shows increases in the mean

pay gap and median bonus gap and decreases in the median pay

gap and mean bonus gap. With our ethnic minority population

making up around 9% of our workforce, even small changes can

have a significant impact on our reporting. The small increase in

the mean pay gap was due to leave (including maternity and sick)

being taken by those from ethnic minority backgrounds who had

a proportionally higher mean hourly rate.

To help address discrepancies we continue to work with hiring

managers to ensure shortlists are diverse and balanced. It is also

important that we lay the ground for a diverse workforce in the

future by developing a diverse talent pipeline now. As such, our

graduate and trade apprenticeships have seen an increase in

female and ethnic minority background representation across

the year and we launched our first female-focused cohorts for

Bricklaying and Carpentry Level 2 apprenticeships. We continue

to run our industry-leading Catalyst and Spotlight programmes

which support females and those from ethnic minority

backgrounds respectively.

To read more about our Gender Pay Gap Report, visit here:

www.barrattredrow.co.uk/~/media/Files/B/Barratt-Developments-V2/

footer-quicklinks/barratt-redrow-gender-and-ethnicity-pay-gap-

report-2024.pdf

1 www.ons.gov.uk/employmentandlabourmarket/peopleinwork/earningsandworkinghours/bulletins/

genderpaygapintheuk/2024.

Image: David Wilson Homes staff on site at Kings Park, Macclesfield.

2 Results from our Gender and Ethnicity Pay Gap Report 2024.

Gender pay gap results

Ethnicity pay gap results

Mean pay gapMean pay gap

Mean bonus gapMean bonus gap

Median pay gapMedian pay gap

Median bonus gapMedian bonus gap

7.8% 7.5%

14.3% 28.8%

6.7% 2.3%

15.1% 29.5%

9.6% 6.6%

22.7% 31.9%

7.4% 3.6%

-7.7% 16.3%

20242024 20232023

45Barratt Redrow plc Annual Report and Accounts 2025

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Strategic Report

Our people continued

Human rights and modern slavery

We are committed to respecting human rights across our

business operations and in our supply chain. Our human rights

framework, including our policy, strategy and workplan, has

been developed in line with the International Bill of Rights,

the UN Guiding Principles on Business, the OECD Due Diligence

Guidance for Responsible Business Conduct and the UK

Modern Slavery Act 2015.

This year we focused on:

• reinforcing the importance of human rights within our business;

• identifying key areas of impact and risk in our material supply

chain and in on-site labour ; and

• strengthening human rights controls within existing processes.

Accountability and responsibilities for delivery of our human

rights strategy are formalised in our governance structure, and

our human rights policy is due to be published externally later

this year. Our Executive sponsored Human Rights Steering

Committee was launched during the year to provide ongoing

oversight of the human rights strategy. During the year we also

launched new online training to address modern slavery. This

training is mandatory for a wide cohort of employees including

the Construction, HR, Commercial and Procurement teams and

all Heads of Functions.

We completed a screening of our material suppliers, prioritising

those identified as being exposed to greater risk of negative

impacts in their supply chains taking into account the type of

industry and sourcing routes.

In relation to our sites, internal cross-functional collaboration

has delivered stronger controls around incident and grievance

reporting, and subcontractor contracting. We commissioned

independent expert reviews of subcontractor employment

arrangements at three of our sites to help us better understand

the impacts and risks associated with on-site labour. We will

extend this to additional sites during FY26.

Anti-bribery

We have a strict Anti-Bribery and Corruption Policy and conduct

our business in a fair, open and transparent manner. All our

employees are required to undertake regular training on our

Anti-Bribery and Corruption Policy, and it is a condition of all our

supplier and subcontractor contracts that they comply with the

Bribery Act and this policy.

Our Anti-Bribery and Corruption Policy can be viewed at:

www.barrattredrow.co.uk/~/media/Files/B/Barratt-

Developments-V2/documents/policies-and-reports/anti-bribery-

and-corruption-policy.pdf.

Image: Graduate and apprenticeship programmes at Barratt Redrow.

46 Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernance

Strategic Report

Non-financial and sustainability information statement

This information is intended to help stakeholders

understand our position on these key

non‑financial matters. We have considered

these non‑financial matters and disclosed in

the relevant sections, when determining what

information should be included in the Annual

Report and Accounts, the information needs

of different stakeholders and their relative

importance as well as the relevant time horizons

in each matter. The following complies with

the non‑financial reporting requirements

contained in Sections 414CA and 414CB of the

Companies Act 2006.

Description of the business model

Our business summary 1

Our business model 20

Non‑financial key performance indicators

relevant to the Company’s business 22

Social matters

Market review 14

Our sustainability focus areas 40

Affordability 17

Employees

Development and training 43

Diversity 44

Wellbeing 43

Gender pay gap 45

Employee engagement 52

Board diversity 106

Human rights

Human rights 46

Third parties 46

Anti-bribery and corruption

Group policy 46

Working with suppliers 56

Environmental matters

Waste 38

Building sustainably 40

Climate‑related financial disclosures 74

Greenhouse gas emissions disclosure 82

Policy, due diligence and outcomes

Risk management 66

Principal risks 68

Long‑term Viability Statement 83

Audit and Risk Committee 111

Non-financial and sustainability

information statement

47Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernance

Strategic Report

Section 172 Statement

Promoting long-term success

through stakeholder engagement

Stakeholder relationships are a key source of value and promote the long‑term

sustainable success of the Company.

Stakeholder engagement plays a key role in the development and

execution of our strategy and is critical to achieving long‑term

sustainable success. We are committed to high standards of

corporate governance and making sure that the principles set out

in Section 172 of the Companies Act 2006 are embedded in our

culture and all that we do as a Company. On the following pages

we set out how we as a Board engage with our stakeholders and

ensure that all stakeholder views, whether positive or negative,

are understood and embedded into our discussions and

decision‑making process.

You can read about how we have paid due regard to the Section 172 principles

on pages 49 and 50

As a Board we review the Company’s key stakeholders on an

annual basis to ensure that they remain appropriate and consider

whether there are other stakeholder groups whose views should

form part of our discussions. To ensure that engagement remains

effective, we also review key metrics and performance indicators

for various engagement activities. During the year, we considered

stakeholder engagement as part of the Board evaluation process

and, whilst satisfied that engagement remains effective for

fostering business relationships, agreed actions to further

enhance direct engagement between Board members and the

Company’s key stakeholder groups.

Most day‑to‑day decisions and stakeholder engagement activities

are carried out by members of our Executive Committee and senior

management team. Our values, as set out on page 1, are closely

aligned to the Section 172 principles and are embedded in our

culture, ensuring that our key stakeholders and the Section 172

principles are considered during the decision‑making process at

all levels of the business.

We appreciate that there may be times when conflicts arise

between different stakeholder groups and that it is not

always possible to provide positive outcomes for all. In such

circumstances, we seek to understand the needs and priorities

of each stakeholder group and make the decision from

the perspective of the long‑term sustainable success of

the business.

Our key stakeholders

Whilst we engage with a wide range of stakeholders in the

day‑to‑day running of our business, our key stakeholders

are those that are significantly affected by our actions

and decisions and those whose actions and decisions

significantly affect our business model and strategy.

With this in mind, our key stakeholders are:

• Our Customers

• Our Employees

• Our Shareholders

• Our local communities

• Our suppliers

• Government, opposition parties and regulators

• Banks

Read more about how we engage with each of these stakeholders on

pages 51 to 58.

Image: Barratt Redrow Town Hall August 2025.

Lauren and Ollie celebrate their engagement in their new home at David Wilson’s Winnycroft

development in Matson.

48 Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernance

Strategic Report

Section 172 Statement continued

Section 172 principles

How we applied the principles in FY25

Output from stakeholder engagement. Decisions that promote

the long‑term success

of the Company and for

the benefit of our members

as a whole.

Our diverse skillset facilitates robust challenge of matters put to the Board.

Proposals with detailed papers setting out key matters

to be considered.

Input from external advisers.

Input Decision-making process Output

Decision making in practice

How we make decisions

The Non‑Executive Directors provide independent oversight to safeguard stakeholder interests.

We consider and debate the various inputs and ensure that proposals align with

the Company’s purpose and strategic objectives and fall within its risk appetite.

The likely consequences

of any decision in the

long term

Relevant disclosures

• Business model: pages 20 and 21

• Trends in our market: pages 14 to 19

• Building sustainable homes for the

future: pages 10 and 11

• Our principal risks and risk

management: pages 66 to 73

• Climate‑related risks and

opportunities: pages 74 to 82

• Viability Statement: pages 83 and 84

The interests of the

Group’s employees

Relevant disclosures

• Investing in our people: pages 42

to 46

• Employee engagement: pages 52

and 53

• Our purpose and values: pages 1

and 95

• Our culture: pages 95 to 97

• Whistleblowing: page 121

The need to foster

the Group’s business

relationships with

suppliers, customers

and others

Relevant disclosures

• Business model: pages 20 and 21

• Stakeholder engagement: pages 51

to 58

• Our values: pages 1 and 95

• Non‑financial and sustainability

information statement: page 47

The impact of the Group’s

operations on the

community and the

environment

Relevant disclosures

• Climate‑related risks and

opportunities: pages 74 to 82

• Our purpose and values: pages 1

and 95

• Stakeholder engagement: pages 51

to 58

• SHE Committee Report: pages 122

and 123

• Building sustainably: page 40

• Charitable giving: page 41

The desirability of

the Group maintaining

a reputation for

high standards of

business conduct

Relevant disclosures

• Our purpose and values: pages 1

and 95

• Culture: pages 95 to 97

• Non‑financial and sustainability

information statement: page 47

• Business model: pages 20 and 21

• Internal controls: page 111

• Human Rights and Modern slavery:

page 46

• Risk management: pages 66 to 73

• SHE Committee Report: pages 122

and 123

• Audit and Risk Committee Report:

pages 111 to 121

The need to act fairly as

between shareholders of

the Company

Relevant disclosures

• Resolutions proposed at the AGM:

pages 149 and 150

• Capital allocation: pages 63 and 64

49Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernance

Strategic Report

Section 172 Statement continued

Decision

making

in practice

Entering into the MADE Partnership.

Significant decisions

The main activities and decisions of the Board during the year

are set out on page 94. Below is an example of a significant

decision taken by the Board during the year, including the key

inputs that informed discussions, stakeholder considerations

and the outcome of that decision.

Decision

On 9 September 2024, the Board agreed to enter into a joint

venture with Homes England and Lloyds Banking Group to

create the MADE Partnership, an entity that will focus on the

master development of large sites, to deliver thousands of

much needed new homes across the country.

Key inputs:

• Detailed Board papers setting out the strategic rationale,

current market conditions and appetite for master

developers, risk analysis and stakeholder considerations.

• Counsel from external advisers on tax and legal matters.

Stakeholder considerations

The Board discussed entering into the joint venture on a

number of occasions prior to giving their approval, with due

regard given to the following stakeholder considerations.

Government, opposition and regulators:

• The Government and opposition’s commitment to ramp up

housing supply and boost economic growth.

• The increasing preference of local planning authorities to

allocate very large sites to meet their housing requirements.

• Homes England’s strategic plan to grow the master

developer sector, and use its land, funding and powers to

deliver ambitious development and regeneration projects.

• The need for ministerial approval to ensure that the deal

protects Homes England’s long‑term interests as a

public body.

Local communities and environment:

• The need for residential‑led developments with a variety

of community facilities and employment uses.

• The preference to develop large brownfield sites, as well

as new garden village style communities, to minimise impact

on existing infrastructure.

• The guiding principles that would govern the way the

Partnership would operate, with focus on affordable

housing, sustainability, quality of design, placemaking,

promoting modern methods of construction, social value,

community engagement and supporting SME housebuilders.

Customers:

• Providing greater customer choice by enabling both

major and SME homebuilders to build the new homes

and communities.

Banks:

• The role of the Lloyds Banking Group as a major investor

in UK housing including traditional loan funding for

housebuilders/developers, its SME residential developer

focused equity investment platform (Housing Growth

Partnership in joint venture with Homes England), its

ambitious in‑house private rental sector business

(Lloyds Living) and its investment in housing via its

position as the largest UK mortgage lender.

Shareholders:

• The need to create value for shareholders.

Outcome

Following its incorporation, MADE Partnership LLP has:

• been selected to support Cheshire East Council to deliver

its vision for the 1,500‑home Handforth Garden Village;

• started work with Tameside MBC to deliver Godley Green

Garden Village, with the potential to bring 2,150 much

needed homes to the area; and

• won Deal of the Year in the 2025 RESI Awards.

Image: Stephen Kinsella, Group Major Projects Director with our Major Projects team,

which manages MADE Partnership LLP.

50 Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernance

Strategic Report

Stakeholder engagement

Link to values

We do it for our customers We do it right We do it together We make it happen

Customers

It is important that we listen to our customers

so that we can meet their needs and deliver

the high standards of quality and service

they expect.

How we engage

Company engagement:

• Review responses to Trustpilot and National New Homes

Customer Satisfaction Surveys.

• Utilise social media to attract customers and drive traffic

to our online resources.

• Conduct focus groups to identify design features and

benefits that customers value.

Board engagement:

• The Board receives annual updates on the customer journey

from the Chief Executive and the Sales and Marketing

Director, covering customer engagement and experience.

• The Board receives updates on customer satisfaction ratings,

resolutions and insights.

• During the year the Board were updated on the new HBF

scoring system, its potential impact on, and the action

required to maintain, the Group’s five‑star status.

How we measure effectiveness

We use our customers’ willingness to engage with us and various

satisfaction scores to measure the effectiveness of our engagement.

5 Star

on the eight‑week HBF

National New Homes

Customer Satisfaction

Survey for the 16th

consecutive year

4.4

Trustpilot score

(FY24: 4.4)

Over

2,800

interactions with

in‑market consumers

Engagement in action

Key themes from customer feedback include affordability, quality,

aesthetics, the need for clear

communication in marketing, and the

importance of nature and biodiversity.

The following case studies show how we shape our business by

responding to feedback from our customers.

What is Parent Power?

With our Parent Power scheme, whatever a prospective

customer’s family or friend contributes, we could match it up to

a maximum of £15,000 off the purchase price of our homes.

Customer insight and product implementation

We are trialling a façade system at our Hollygate Park

development in Cotgrave, as a way of offering a sustainable

alternative to traditional brick.

The brick façade provides sustainability benefits and enables

quicker installation, greater design flexibility, and reduced

structural loads, making it a practical, future‑ready solution to

help address skills shortages in the industry.

A customer focus group held on site strengthened our

understanding of customer views on façades and revealed

that customers were mostly positive about aesthetics and

perceived quality control as the most valued benefit. They

also sought assurance on durability and noted the importance

of clear communication in marketing. This feedback has been

shared with our Sales and Marketing team so that we can

address customer concerns in these areas.

Customer voice at the heart of our new

house type portfolio

An online study involving over 2,000 in‑market consumers

provided clear insight for design preferences for windows, doors,

lintels and brick design. A follow‑up study in late 2024 explored

new designs, floorplans and elevations, with feedback from

over 1,000 consumers incorporated into our design decisions,

ensuring our designs remain relevant and respond to customers’

appetite and needs.

Understanding the “Bank of Family”

Engaging with our customers has helped us better understand

how family members help our customers purchase their first

home. Our findings revealed that most first‑time buyers depend

on family assistance, usually in the form of a gifted deposit.

These insights helped us refine our Parent Power scheme and

ensure communications resonate with both first time‑buyers

and their families.

“ I didn’t even realise it wasn’t real brick. It’s

really innovative and forward thinking.”

Ami-Lara (first-time buyer)

Barratt Homes at Hollygate Green in Cotgrave.

51Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernance

Strategic Report

Stakeholder engagement continued

Link to values

We do it for our customers We do it right We do it together We make it happen

Employees

Colleagues are more productive, committed,

innovative and satisfied in their work when

they feel engaged with the Company’s

purpose, strategy and decisions.

How we engage

Company engagement:

• Our Workforce Forum enables effective

two‑way engagement.

• Our Place intranet, emails, newsletters, webinars and

video messages allow us to cascade information quickly.

• Townhalls enable us to disseminate important information

on a more personal level.

• Pulse surveys help us understand what matters most

to our colleagues.

Board engagement:

• Nicky Dulieu, as the new Designated NED for Workforce

Engagement, will provide updates on workplace matters.

• The Board receives regular updates on:

• health and safety matters; and

• the output from pulse surveys, the people strategy

and diversity and inclusion.

• The Board attends individual and collective site visits.

• Members of the Board mentor high‑potential employees.

How we measure effectiveness

We measure the effectiveness of our engagement by the willingness

of employees to respond to engagement surveys, attend

engagement events and raise issues. Our IIR rate also shows the

effectiveness of our health and safety briefings and procedures.

67%

completion rate for the pulse survey

reports by whistleblowers

272

injury incidence rate per 100,000 persons

c. 2,600

colleagues joined townhall events

Engagement in action

Our pulse surveys offer essential insights into the perspective

of our workforce and allow them to contribute ideas and

suggestions on how we operate. During FY25 we ran two pulse

surveys to assess the level of engagement of our workforce

and the results below reflect both sets of responses.

What our colleagues think we are doing well:

• Linking the work they do to the Company’s objectives.

• Creating a culture where people of diverse backgrounds

can succeed.

• Supporting our people.

• Supporting our local communities.

More than

84%

of our colleagues are proud to work at Barratt Redrow

Areas our colleagues would like us to improve:

• Co‑operation and collaboration between different teams.

• Transparency on the changes made in response to

employee feedback.

• Clarity on career opportunities in the enlarged Group.

Image: Our Network Chairs event in July.

Taking action

To address areas for development identified through the pulse

surveys we produce action plans at each level of the business.

Repeat

We do it right.

Talk

The results of pulse surveys are discussed at each level

of the organisation.

We do it together.

Plan

Action plans are developed at each level of the organisation.

We make it happen.

Act

We act on ideas and try them out, review them and keep

the conversation going.

52 Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernance

Strategic Report

Stakeholder engagement continued

Link to values

We do it for our customers We do it right We do it together We make it happen

West Scotland division

To improve collaboration a team of key stakeholders started to meet

monthly to identify actions for shared goals and deliver agreed initiatives.

The team arranges drop‑in sessions where departmental representatives

explain their key deliverables and how they are reliant on collaboration and

input from other departments.

Key learnings: The importance of maintaining momentum and keeping

meetings interesting and topical.

Measuring impact: Drop in sessions are well attended by employees from

all departments.

Northern region

To encourage line managers to take ownership and accountability the

region has worked with its middle managers to ensure that they understand

the role they play in facilitating collaboration across the region.

Discussions were held on accountability and the power middle managers

have to drive engagement and collaboration. Managers then set actions

for their respective teams.

Key learnings: The importance of clarifying the role of middle managers

in engagement and collaboration.

Measuring impact: Engagement scores across the region have risen,

particularly in the Yorkshire East and Yorkshire West divisions.

Group

At Group level the action plan to improve collaboration included

implementation of a one‑day, face‑to‑face learning and development

session, available to all colleagues, to:

• develop their mindset and skillset for impactful collaboration;

• discover strategies to foster intentional and meaningful collaboration; and

• gain hands‑on experience with tools and techniques for better

cross‑departmental collaboration.

Employees continued

Below are examples of action plans developed at divisional,

regional and Group level to improve co‑operation and

collaboration and reinforce our value “we do it together”.

Workforce Forum

Our Workforce Forum is an important tool for providing insight to what

matters most to our employees. During the year, a key area of interest

was the integration of Redrow and the subsequent restructuring of

our business. Forum members expressed the uncertainty felt by them

and their colleagues and the impact this was having on morale within

the teams. In response, we updated our colleagues on key milestones

during the integration process to alleviate some of that uncertainty

and maintain trust and transparency. Our Pulse Survey scores indicated

that our colleagues appreciated the level of communication around

the integration. Other topics discussed during the year included the

Company’s benefits package where members identified the benefits

that they valued most to help inform which would be harmonised

across the enlarged Group. Executive remuneration was also

considered as part of this discussion. In addition, the Workforce Forum

considered the content and readability of the new Code of Conduct for

the combined Group which is due to be launched later this year.

With the appointment of Nicky Dulieu as the Designated Non‑Executive

Director for Workforce Engagement, we took the opportunity to assess

the Forum’s effectiveness. Consequently, with effect from September

2025, Nicky Dulieu took over as Chair of the Workforce Forum from

David Thomas and Steven Boyes. Nicky has considered the format of

the meetings and is keen to ensure that discussions at the Workforce

Forum meetings remain open, honest and transparent and that

colleagues continue to have the opportunity to provide constructive

feedback on how the Company can further improve and remain a place

where colleagues want to come and work. Feedback will be presented

to management for them to consider what, if any, suggestions can be

implemented or action taken. Nicky will also report to the Board after

each Workforce Forum meeting on the topics discussed, the feedback

received and any proposed response. We are also considering the

composition of the Workforce Forum to ensure that the membership

continues to be a fair and diverse representation of the enlarged Group.

Sally Austin, our Group HR Director will support Nicky at each

of the Workforce Forum meetings, however members will have

the opportunity to discuss issues with Nicky directly in a private

session. This will be held towards the end of each meeting without

management being present. Employees also continue to have access

to the designated confidential email address through which they can

contact Nicky directly at any time on work place related matters.

In FY26, we will look to arrange for Nicky to participate in other

employee engagement events, so that she is able to gain broader

insight into our employees and what matters most to them.

Making positive change through the

Workforce Forum

Following Forum discussions, in FY25 we have launched a

one‑day face‑to‑face learning and development session to help

colleagues navigate the changes being made to the business.

The sessions are open to all colleagues to help them learn how

to approach change and develop a support network to navigate

change successfully.

Designated Non-Executive Director

for Workforce Engagement

Following her appointment in October 2024, Nicky Dulieu

assumed the role of Designated Non‑Executive Director

for Workforce Engagement, succeeding Caroline Silver, to

strengthen and facilitate ongoing communication between

the Board and our employees.

Link to values

Nicky Dulieu, Designated Non‑Executive Director for Workforce Engagement.

53Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernance

Strategic Report

Stakeholder engagement continued

Link to values

We do it for our customers We do it right We do it together We make it happen

Shareholders

and investors

We engage with our shareholders and the

wider market to retain long‑term investment,

attract new investors and respond to

shareholder needs.

How we engage

• Investor roadshows in the UK, Europe and North America.

• Individual investor meetings.

• Responding to individual shareholder queries.

• Visits to our developments and production facilities

for shareholders, potential investors and analysts.

• Shareholder circulars.

Board engagement:

• Monthly updates from the Group Investor

Relations Director.

• Our Chair and Non‑Executive Directors make themselves

available for meetings with shareholders to discuss the

Group’s strategy, performance and ESG matters.

• Our Chair wrote to our top 20 shareholders and invited

them to meet and discuss governance matters and

topics of interest to them. In addition, our Chair of

the Remuneration Committee wrote to the Top 25

shareholders and the proxy voting agencies inviting

them to engage on remuneration matters.

• Our Chief Executive updates shareholders on our annual

performance and current trading at our Annual General

Meeting, where all Board members are also available to

answer questions.

How we measure effectiveness

We measure the effectiveness of our engagement by the %

of our share register that voted at the AGM, the % of our

shareholder base engaged throughout the year and the

volume of investors meetings and individual investors met.

69.97%

of the share register

voted at the 2024 AGM

57.8%

of shareholder base

engaged with Barratt

Redrow in FY25

182

meetings with investors

550

individual investors met

Engagement in action

Shareholder key areas of interest include capital allocation,

brand and product differentiation, the financial impact of issues

relating to legacy properties and the CMA investigation.

The following examples show how we have responded to

shareholder feedback during the year.

Dividend strategy and future capital allocation

The Board sought the views of our principal shareholders of

changes to the dividend policy, share buyback activities and

wider capital allocation.

After careful deliberation of business plans and shareholder

feedback, the Board adjusted the Group’s dividend cover

from 1.75 times to 2 times adjusted earnings from FY26 and

approved a £50m share buyback programme for the second half

of FY25. A further share buyback programme with the intention

of buying back at least £100m of shares per annum was agreed.

An initial tranche of £50m share buyback commenced in July

2025 to be completed no later than the end of December 2025.

Brand and product differentiation

A number of shareholders and analysts have expressed an

interest in the brand differentiation and wider house type

appeal across our three brands.

As a result, visits for shareholders and potential investors

are being arranged where our differentiated brands and their

respective sales centres can be viewed and appraised.

Targeted share dealing programme

Our Registrars highlighted frustrations felt by some retail

shareholders unable to sell their small shareholdings due to

cost prohibitive minimum transaction fees. To address this,

we offered a targeted share dealing programme to 10,000

of our smallest shareholders to provide a convenient and

cost‑efficient sale option.

Investor interactions in FY25

Meetings with investors (top)

Number of investors attending (bottom)

Investor meetings attended

Shareholder base meeting engagement

Board members, Executive Committee

members and Group Investor Relations Director

50.0%

Group Investor Relations Director and/or senior

management team

50.0%

Board members, Executive Committee members

and Group Investor Relations Director

46.8%

Group Investor Relations Director and/or senior

management team

11.0%

Shareholder base not met including passive and

index‑related shareholdings

42.2%

10 4 31 22 32 9 3 23 26 3 12 7

Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun

19 5 90 51 99 13 30 89 72 3 64 15

54 Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernance

Strategic Report

Stakeholder engagement continued

Link to values

We do it for our customers We do it right We do it together We make it happen

Link to values

Communities

and environment

Engagement with local communities is

essential in building trust and fostering

support to secure planning permission.

How we engage

Company engagement:

• Meetings and site‑specific consultations.

• Working closely with local community members including

schools and parish councils.

• Dedicated signage and websites with information and

updates on our sites.

• Charitable giving, volunteering and fundraising.

Board engagement:

• The Chief Executive and the Chief Operating Officer inform

the Board of any local issues that could escalate into

Group‑wide issues.

• The Board receives updates from the Group Construction

and SHE Director, the Sustainability Committee and the

Barratt Foundation.

• The Board receives feedback from charities on the impact

of our support.

How we measure effectiveness

We measure the effectiveness of our engagement by the extent of local

opposition to our developments, the level of planning appeals and the

impact of our donations and volunteering activities on local communities.

14,551

planning consents

secured (plots)

£6.7m

donated to local charities

13,767

hours volunteered

Engagement in action

Local communities are mostly concerned with the affordability of

new homes and the impact of new developments on the local area

including the additional strain on existing infrastructure.

Our Environmental Policy sets out our overarching commitment to

mitigate the adverse impact of our operations on the environment and

the communities in which we operate. We are committed to minimising

noise levels and traffic movements during construction, pollutant

emissions and disturbance to wildlife habitats and local ecosystems.

Our Board reviews and approves our Environmental Policy every year

to ensure it remains appropriate.

Responding to local needs

Our site in Knowsley had previously been earmarked as the

new home for Everton Football Club, so had been subject to

significant political and media attention.

Early engagement was key to building trust and fostering

support from the community to secure planning permission for

807 new homes. Our Barratt David Wilson colleagues worked

closely with local residents, businesses, community groups

and local authorities, to design a development that met their

needs and aspirations.

Community concerns included the impact on local infrastructure,

such as schools and health services. In response, we committed

to contributing £816,769 to increase GP capacity, £4.4m for

secondary school places, and £1.9m for public open space and

tree planting.

This collaborative approach highlighted the importance of

early, inclusive engagement and was well received by Knowsley

Council’s Planning Committee which approved the development.

Reaching broader demographics

Our redevelopment of the former Padgate Campus in Fearnhead,

Warrington, aims to deliver c. 400 low‑carbon homes designed to

the Future Homes Standard, with new public open space, cycle

paths, walkways, and a minimum 10% biodiversity net gain.

To engage the whole community in our development plans, we

took a hybrid approach to the consultation process, enhancing

traditional methods with digital elements to reach as broad an

audience as possible.

The development launched a dedicated website and used targeted

social media adverts to drive traffic to the online resources. To mirror

in‑person events, the team created a virtual exhibition, allowing

people to explore the plans online. This was followed by a webinar

and an online drop‑in session to provide updates on the plans and

answer questions.

This digital approach brought a broader demographic into the

process, and prompted c. 450 suggested improvements, and over

300 enquiries from people interested in buying a new home. This

insight allowed us to revise the plans to resolve concerns and

improve the new development for the local community.

Image: A CGI representation of our Cherryfields development in Knowsley.

55Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernance

Strategic Report

Stakeholder engagement continued

Link to values

We do it for our customers We do it right We do it together We make it happen

Suppliers and

subcontractors

Engaging with our subcontractors and

suppliers helps secure a continued supply of

materials at appropriate prices and develop

shared solutions to industry challenges.

How we engage

Company engagement:

• Annual Supply Chain Conference with key Group suppliers.

• Divisional subcontractor and supplier days.

• Supplier and subcontractor workshops, meetings

and seminars.

• Informal charity events to strengthen relationships.

Board engagement:

• The Chief Operating Officer provides an update on our

supply chain at each Board meeting.

• The Group Procurement Director attends Board meetings

to update on suppliers and supply chain risk.

• The Board reviews and approves the Modern Slavery

Statement, which sets out actions taken to mitigate the

risk of modern slavery in our supply chain.

• Ibstock plc’s CEO and Electrolux’s VP Sustainability

(Europe, APAC & MEA) have attended our Sustainability

Committee to share ideas and innovation to drive

sustainable practices and deliver quality homes.

• The Sustainability Committee oversees the Company’s

sustainability strategy, including the approach to human

rights and modern slavery risk which is extended to our

supply chain.

• The Audit and Risk Committee scrutinises modern slavery

risk and the mitigating actions taken.

How we measure effectiveness

We measure the effectiveness of our engagement by the number

of suppliers and subcontractors willing to engage and work with

us to drive our sustainability agenda and maintain high standards

of safety and build quality.

188

attendees at our

Annual Supply

Chain Conference

150

suppliers with

membership of

the Supply Chain

Sustainability School

Over 45

supplier and

subcontractor

divisional events

Engagement in action

Key themes include timely payments and the Group’s new

payment system, sustainability and carbon reduction strategies,

skills shortages, health and safety and quality expectations.

The following examples show how we have worked with our

subcontractors and suppliers over the year to support

productivity levels and maintain high standards of quality.

Clarifying expectations

Our Kent division hosted a groundworks seminar to support key

information on quality assurance, material management and

ground preparation for quality landscaping.

The seminar enabled clear communication of our expectations,

and the topics covered supported our values by focusing on

areas that matter to our customers, such as garden drainage,

landscaping preparation and developing infrastructure to a

quality standard.

Working together

Our West London division is working in partnership with

O’Halloran & O’Brien Ltd and the London Borough of Merton on an

initiative to train and employ steel fixers on our developments.

The talent pool is selected from the local area and involves two

labour agencies providing suitable candidates who are employed

directly by the subcontractor.

The success of this initiative has led to it being rolled out at other

locations and West London is now exploring similar initiatives

with other trades.

Navigating a new payment system

In April 2025, we moved supplier and subcontractor payment

processing to a shared service centre and introduced new

software to automate key parts of the payment process.

While the implementation presented some initial challenges,

we have been working closely with our supply chain to

ensure any impact from the transition is managed

appropriately. We continue to maintain an open dialogue

with our suppliers as these new processes are embedded.

70%

of invoices paid within 30 days for the period 1 January 2025 to

30 June 2025 (1 January 2024 to 30 June 2024: 68%)

79%

of invoices paid within 30 days for the period 1 July 2024 to

31 December 2024 (1 July 2023 to 31 December 2023: 77%)

“ The relationships across all levels of the

business are quite profound. It’s a people

business and we solve problems together.”

Joe Hudson

CEO, Ibstock

56 Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernance

Strategic Report

Stakeholder engagement continued

Government,

opposition parties

and regulators

It is essential to engage with Government,

opposition parties and regulators, so that we

can work together to build the high‑quality

homes the country needs, overcome

challenges and develop effective policy

and regulation.

How we engage

Company engagement:

• Holding memberships in organisations that facilitate

engagement with political stakeholders.

• Meetings and correspondence with political stakeholders.

• Hosting site visits.

• Participating in policy consultations.

Board engagement:

• Meetings between our Chief Executive, Chair and other

Executive Members with senior politicians.

• Our Chief Executive chairs the Future Homes Hub which

facilitates collaboration between businesses in the new

homes sector and the Government. He is also a member

of the Government’s Net Zero Council that advises the

Government in the development of its net zero strategy.

• The Chief Executive provides updates at each Board meeting

on engagement activities, including the extent that policy

and legislative changes accord with our representations.

Find out more about the Future Homes Hub by visiting its website:

www.futurehomes.org.uk

How we measure effectiveness

The effectiveness of our engagement can be determined by the

interest from key political stakeholders in visiting our sites to learn

more about our business and the opportunities extended to members

of our leadership team to participate in Government initiatives to

address climate change and the housing shortage.

Engagement in action

Supply and planning

The Government has set what we believe to be an ambitious target

to build 1.5m homes and has identified the planning system as the

main blocker to new homes and economic growth. We support

Government action to reform the system, through a revised

National Planning Policy Framework, and other legislative changes.

Building homes, creating jobs and

driving economic growth

In March 2025, Chancellor Rachel Reeves visited our Maes yr

Haf development at Plasdŵr, near Cardiff, to talk about the

importance of new homes, economic growth and skills.

Building 1.5m homes is central to the Government’s economic

plans, with the OBR highlighting the positive impact of planning

reform and new home development on the UK’s future growth.

The visit was an opportunity to highlight the challenges the

industry faces as well as showcasing our commitment to building

high‑quality homes and places, creating good jobs and unlocking

investment in local communities.

Link to values

We do it for our customers We do it right We do it together We make it happen

Energy efficiency and reducing

carbon emissions

Barratt Redrow continues to invest in improving the energy

efficiency of its new homes, and preparing for the Future

Homes Standard. This includes sharing lessons from

industry‑leading research projects, such as the Energy

House 2.0, and engaging Government to ensure a successful

transition to zero carbon homes.

Construction quality

The Board recognises construction quality as a principal risk

and takes appropriate steps to ensure that Barratt Redrow

maintains an unwavering attention to build quality.

For a sixth consecutive year, we were rated industry leader

among the major housebuilders by the NHBC, registering the

lowest Reportable Items per NHBC inspection at 0.12.

We monitor and publicly report on our quality performance,

and our Remuneration Committee uses this information to

feed into appropriate quality‑related metrics for our

Executive Annual Bonus Plan.

Link to values

Chancellor Rachel Reeves, Matthew Pratt and Tim Stone at our Maes yr Haf development.

57Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernance

Strategic Report

Stakeholder engagement continued

Banks

Engaging with our banking partners and

mortgage providers is key to ensuring that we

have sufficient finance and working capital to

support the business and helping mortgage

lenders understand our business to better

support mutual customers.

How we engage

Company engagement:

• The Chief Financial Officer and Group Treasurer regularly

engage with each bank in our RCF and USPP investors,

including calls after each trading update and financial

results announcements, and at least one site visit each year.

• Supported by the Executive Directors, our Head of Mortgage

Lender Relations holds regular meetings with the top ten

mortgage lenders and others.

Board engagement:

• The Chief Financial Officer and the Chief Executive provide

regular updates on engagement activities with RCF banks

and mortgage lenders, and on resulting actions.

How we measure effectiveness

We measure performance by the banks’ willingness to lend to us and

to engage with us and discuss new opportunities to support us and

our customers.

£700m

committed RCF

£200m

fixed rate Sterling

USPP notes

mortgage lenders now

lend more to customers

buying new build homes

or homes with an A or B

energy performance rating

Engagement in action

The following examples show how we work with mortgage

lenders and our banking partners to help them better understand

our business and the new build market.

Working with our partnership banks to help

them understand our business

Supporting net zero commitments

Our lenders’ key areas of interest include sustainability and

how they can support their own zero carbon commitments,

modern methods of construction, our triple‑brand sales

proposition and the impact of planning reforms on

our business.

To promote understanding of our medium‑term strategy

and our triple‑brand offering, representatives from five of

our partnership banks attended our Capital Markets Day

in February 2025 and met with members of the Board.

Our Head of Corporate Sustainability also provided our

lenders with a tailored update on our sustainability initiatives

and we hosted a site visit for lenders to our Oregon factory

in Derby to develop their understanding of modern methods

of construction.

Working with mortgage lenders to support

our customers

Higher lending for customers

Our Head of Mortgage Lender Relations has worked

extensively with the top ten mortgage providers over the last

five years to help them better understand the new build

market and associated risks, resulting in lenders being

willing to lend more for new build homes.

2020

85%

average LTV for new build

house amongst the top ten

mortgage lenders

2025

92%

average LTV for new build

house amongst the top ten

mortgage lenders

Energy-efficient homes

As the leading national sustainable housebuilder, we

continue to work with mortgage lenders to help develop

enhanced mortgage products that recognise the

advantages of new build energy‑efficient homes. We are

liaising with the working group for Zero Bills, which is seeking

to influence lender sentiment regarding new builds

generally, and green mortgages specifically, to provide

lenders the information they need to better understand the

impact of zero bills homes. To support the working group we

have conducted energy house visits for 32 people

representing various lenders, surveyors and brokers.

58 Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernance

Strategic Report

Chief Financial Officer’s Review

Solid financial performance

Introduction

Against a challenging market backdrop, we have delivered a

solid financial performance this year. While Group total home

completions came in slightly below our previous guidance,

primarily due to the impact of fewer international and investor

completions than expected in London, we delivered adjusted

profit before tax slightly ahead of market expectations. This

mainly reflected the better than anticipated delivery of cost

synergies, at £20m, relative to our initial estimate of c. £10m

in October 2024.

We are already seeing tangible benefits from the Redrow

acquisition with good progress on integration activities: our

new divisional management structure is in place, six divisional

offices have been closed and three are in the process of closing

and we are delivering cost synergies ahead of schedule with our

plans for revenue synergies progressing well.

Home reservation activity

Our net private reservation rate per sales outlet per week

increased by 16.4% to 0.64 when compared with the aggregated

performance of 0.55

for Barratt and Redrow in the comparable

period (FY24: 0.58

). This included a contribution of 0.08

(FY24: 0.08

; 0.06

) from reservations into the private

rental sector (‘PRS’) and other multi‑unit sales.

As well as our ongoing strategic partnership with Lloyds Living,

reservation activity was complemented by sales to a growing

portfolio of PRS partners. Overall, we successfully secured

1,693 (FY24: 1,452

) private reservations through PRS‑related

activity and the strength of our relationships with Registered

Providers and other multi‑unit investors, which supported total

private completions in FY25 and our future order book for

completions in FY26 and FY27.

We saw some improvement in mortgage market competition and

availability but underlying private sales activity has remained

relatively flat, driven by the uncertain economic backdrop and

the ongoing affordability challenges faced by homebuyers.

The London housing market has been particularly challenging

with weak demand from both domestic and international

homebuyers. Across the Group, the improved reservation rate

during the first half was broadly maintained through the second

half of the year while pricing and incentive levels across the two

periods remained similar.

Home completions

Total home completions (including JVs) reduced by 7.8%

to 16,565 from 17,972 in FY24 (FY24: 14,004

). While home

completions declined 12.0%

in the first half, the stronger

order book entering the second half and solid reservation rates

meant that second half volume was 4.7%

lower year on year.

As noted above, in Q4 we saw lower than expected completions

at several of our sites in London, primarily driven by international

customers and PRS investors, a large proportion of which are

expected to complete in FY26.

Our strong balance sheet and disciplined approach to capital

allocation allowed us to announce an annual share buyback

programme of at least £100m from FY26, with a £50m tranche

of that programme executed in the second half of FY25.

Results for the 52 weeks to 29 June 2025

To help improve the comparability of the enlarged Group’s

performance since the acquisition of Redrow plc on 21 August 2024,

in this report we have presented, in addition to comparative

numbers as reported for the prior financial year, unaudited

metrics on an aggregated basis, which includes the performance

of the legacy Redrow plc group (the “Redrow Group”) from

24 August 2023 to 30 June 2024, excluding accounting policy

and purchase price allocation adjustments. Purchase price

allocation adjustments relate to the unwind through the income

statement of fair value adjustments made to the balance sheet

of Redrow plc when it was acquired by the Group under IFRS 3

Business Combinations

Year ended 30 June 2024

Metric

52 weeks to

29 June 2025

Aggregated

performance

including

Redrow plc

from

24 August 2023

Reported

performance

(excluding

Redrow plc)

Total home

completions 16,565 17,972 14,004

Revenue (£m) 5,578.3 5,689.9 4,168.2

Adjusted gross

profit (£m) 875.2 973.2 689.0

Reported gross

profit (£m) 784.8 793.7 509.5

Adjusted profit

before tax (£m) 488.3 585.7 385.0

Reported profit

before tax (£m) 273.7 363.2 170.5

59Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernance

Strategic Report

Chief Financial Officer’s Review continued

Income statement

Group revenue was £5,578.3m in FY25 (FY24: £4,168.2m

;

£5,689.9m

), from Group total home completions at 16,565

(FY24: 14,004

; 17,972

The average selling price (ASP) of our wholly owned completions

increased by 6.3%

to £343.8k (FY24: £306.8k

; £323.4k

), with

affordable homes’ ASP increasing to £177.1k (FY24: £165.3k

;

£176.0k

) and accounting for 18.1% (FY24: 20.8%

; 23.8%

) of

wholly owned completions. Our private ASP increased by 3.0%

to £380.6k (FY24: £343.9k

, £369.5k

), largely due to changes

in product and geographic mix.

Adjusted gross profit reduced by 10.1%

to £875.2m

(FY24: £689.0m

; £973.2m

). We experienced a 140 basis point

decline in adjusted gross margin in the period to 29 June 2025,

compared to the FY24 adjusted aggregated performance. This

reflected the impact of home completion volume gearing, with

house prices and build costs broadly stable at a combined Group

level, as well as the purchase price allocation and accounting

policy alignment impacts on Redrow’s adjusted gross profitability.

The purchase price allocation impact in FY25 reduced adjusted

gross profit by £95.1m with a further reduction of an estimated

£25m in relation to the impact of alignment of accounting

policies. These adjustments, along with the operational gearing

impact of lower home completions in the period, resulted in

adjusted gross margin of 15.7% (FY24: 16.5%

; 17.1%

). Adjusted

gross margin before the impact of purchase price allocation

adjustments was 17.4% (FY24: 16.5%

; 17.1%

Incorporating net adjusting item charges in cost of sales of

£90.4m, relating to legacy property costs (FY24: £179.5m

R&A

charge), resulted in reported gross profit of £784.8m and a

reported gross margin of 14.1% (FY24: 12.2%

; 13.9%

Administrative expenses before adjusting items were £379.0m

(FY24: £314.5m

; £396.5m

) and included:

• the consolidation of Redrow’s administrative expenses from

21 August 2024;

• Group‑wide inflationary salary increases at an average

of c. 3%;

• estimated synergies in relation to central and divisional

administrative expenses of £16m; and

• an increase in sundry income to £18.5m, when compared

with £14.8m in FY24

R&A

After deducting administrative expenses before adjusting

items and a net gain of £3.9m on part‑exchange activities

(FY24: £2.1m

R&A

), the Group delivered an adjusted profit from

operations of £500.1m (FY24: £376.6m

; £578.8m

), with an

adjusted operating margin of 9.0% (FY24: 9.0%

; 10.2%

To help the understanding of underlying margin performance

across the year, the following reconciliation is provided detailing

the main components of margin movements in the period:

The Barratt Redrow adjusted operating margin was stable at

9.0% in FY25 (FY24: 9.0%

) with several moving parts:

• Completion volumes: the decline in wholly owned

completions created a 120 bps negative impact.

• Net inflation: modest sales price improvements combined

with broadly flat build cost inflation produced a 110 bps

positive impact.

• Completed developments provision: after reflecting the

increasingly extended time periods being experienced in

relation to the adoption of roads and public space by local

authorities on completed developments, lower year on year

charges in the period created an 80 bps positive margin impact.

• Redrow, mix and other items: Redrow’s standalone

performance, along with changes in sales mix, profitability

on part‑exchange properties and a policy amendment in

relation to land options drove the remaining net 70 bps

positive margin impact.

• Synergies: the estimated crystallisation of cost synergies

of £20m had a 30 bps positive impact.

The adjusted operating margin was also then finally impacted

by IFRS 3 purchase price allocation adjustments which reduced

adjusted operating profit by £95.3m and the Group adjusted

operating margin by a 170 bps.

Adjusted items

Adjusted items recognised within reported operating profit in

FY25 were £214.6m (FY24: £201.9m

; £209.9m

) and consisted of:

• costs incurred in respect of legacy properties of £106.2m

gross and £90.4m after recoveries from third parties

(FY24: £180.0m

R&A

gross; £179.5m

R&A

net) along with associated

legal fees of £2.2m;

• costs in relation to the Redrow acquisition of £36.2m

(FY24: £22.4m

; £30.4m

);

• reorganisation and restructuring costs to unlock cost

synergies of an estimated £56.8m (FY24: £nil

R&A

); and

• CMA voluntary commitments costs of £29.0m (FY24: £nil

R&A

After adjusted items, the reported operating profit was £285.5m

(FY24: £174.7m

; £368.9m

) and the reported operating margin

for the period was 5.1% (FY24: 4.2%

; 6.5%

Net finance charges were £29.0m (FY24: £6.5m

; £8.0m

). This

reflected a reduced benefit from interest received on cash on

deposit, with finance income reducing to £35.6m (FY24: £47.2m

as well as an increase in finance costs to £64.6m (FY24: £53.7m

The step up in finance costs reflected non‑cash interest costs

which included:

• The imputed interest charged with respect to land creditors,

at £17.5m (FY24: £10.7m

) reflected higher average land

creditors during the year; and

• An increased imputed finance charge from unwinding the

discount attached to legacy property provisions of £33.6m

(FY24: £29.5m

), reflecting the increase in legacy property

provisions at the start of the financial year and provisions

acquired through the acquisition of Redrow.

We now anticipate FY26 net finance costs will be around £50m,

comprising c. £5m of net cash finance income and c. £55m of

non‑cash finance charges, reflecting both a further reduction

in cash deposits and the legacy property provision position at

the year‑end.

The Group’s reported share of JV profit was £17.2m

(FY24: £2.3m

R&A

) with no adjusting charges associated with

legacy properties (FY24: £12.6m

R&A

charge); as a result, the

adjusted share of JV profit was £17.2m (FY24: £14.9m

R&A

Adjusted profit before tax was £488.3m (FY24: £385.0m

;

£585.7m

) and, after adjusted items, profit before tax was

£273.7m (FY24: £170.5m

; £363.2m

). Adjusted profit before

tax and the impact of PPA adjustments, totalling £103.3m,

was £591.6m.

The Group recognised £87.3m of total tax charges (FY24: £56.4m

)

at an effective rate of 31.9% (FY24: 33.1%

), with the tax rate

impacted by the absence of tax deductibility with respect to

Redrow transaction costs reported in adjusted items.

60 Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernance

Strategic Report

Chief Financial Officer’s Review continued

Adjusted items continued

The expected tax rate for the Group in FY26 is 29% on adjusted profit

before tax, including Residential Property Developer Tax of 4%.

Adjusted basic earnings per share reduced to 25.5 pence per

share (FY24: 28.3 pence

per share). The step up in adjusted

pre‑tax profitability was offset by the increase in average shares

in issue, following the acquisition of Redrow, and resulted in a

9.9% reduction in adjusted earnings per share.

Adjusted basic earnings per share before the impact of PPA

adjustments was 30.8 pence per share. This measure is also

used in determining our dividend per share for FY25 and based

on dividend cover of 1.75 times, resulted in a full year dividend

of 17.6 pence per share (FY24: 16.2

pence per share).

Basic earnings per share increased by 15.3% to 13.6 pence per

share (FY24: 11.8 pence

per share).

The Group’s ROCE declined to 9.0% (FY24: 9.5%

) due to

operational leverage and the impact of £95.3m of PPA adjustments

which reduced adjusted operating profit. The Group’s ROCE before

the impact of PPA adjustments equated to 10.7%.

Acquisition of Redrow plc

The Group completed the acquisition of Redrow plc on

21 August 2024. The fair value of the consideration paid of

£2,528.9m included a premium of £557.8m to the book value

of the net tangible assets of the Redrow Group at the date of

completion. As required by IFRS 3: ‘Business Combinations’,

the identifiable assets and liabilities of Redrow have been

recognised on the Group Balance Sheet at their fair value at

the acquisition date.

The fair values were provisional as at the half year and have been

revised during the second half as our assessment of building

safety and inventories was completed. The most significant

adjustment to the fair value related to a review of Redrow’s

portfolio of reinforced concrete frame buildings. As a result of

this review and the total revision to legacy property provisions

and inventories fair values of £131.8m on pre‑tax basis and

£93.6m on a post‑tax basis, goodwill has increased to £321.9m.

The excess of the consideration over the net tangible assets

acquired at £557.8m is recorded as goodwill (£321.9m) and

intangible assets (£235.9m).

The final net assets and liabilities recognised as a result of the

acquisition are detailed in note 9. Fair value adjustments to the

Redrow book value of assets and liabilities, after reclassification

of balances to align with their presentation in the Barratt Group

financial statements, are shown in the next table:

Redrow plc –

fair value adjustments

£m

Explanatory

note

Fair value

adjustment

£m

Inventories

– Land options 1(a) 71.3

– Land not in development 1(b) (60.5)

– Land and work in progress

in development 1(c) 120.4

Provisions

Legacy property provisions 2(a) (144.5)

Completed development provisions 2(b) (17.2)

Intangible assets

Brand 3(a) 231.8

Customer order book 3(b) 4.1

Other items including tax liabilities

and other creditors 35.5

Deferred tax on adjustments above 4 (93.7)

Goodwill 5 321.9

Total adjustment to net assets

acquired 4 69.1

Explanatory notes

1. The market value of land options on which planning has progressed; land not in development;

and land and work in progress in development were adjusted to fair value.

(a) In relation to land options held by Redrow, progression on planning resulted in an increase in their

carrying value of £71.3m.

(b) Land not yet under development was adjusted to reflect recent market conditions, resulting in a

reduction in carrying value of £60.5m.

(c ) Land and work in progress in development was valued to reflect its current stage of development.

This resulted in an increase in carrying value of £120.4m.

2. Redrow’s provisions have been adjusted to fair value.

(a) Redrow legacy property provisions were increased. This reflected the requirement under IFRS 3

to bring contingent liabilities onto the balance sheet, as well as the additional provision required

in relation to reinforced concrete frame issues identified in the second half of FY25. After the

impact of discounting there was a net increase in the provision carrying value of £144.5m.

(b) The reappraisal of the Redrow completed development provision resulted in a £17.2m increase in

the provision.

3. In relation to intangible asset recognition.

(a) The fair value of the Redrow brand is £231.8m and based on the assumption that the brand will be

maintained into the future, the brand will not be amortised.

(b) The Redrow order book had a fair value uplift of £4.1m reflecting the embedded margin at the date

of acquisition.

4. All adjustments are anticipated to be subject to the Group’s effective tax rate at 29% and a deferred

tax liability of £93.7m has been recognised in the balance sheet at acquisition and will be released as

these various PPA adjustments impact the income statement over the coming years.

5. The remaining balance of the premium to net asset value of £321.9m was recognised as goodwill.

We expect these fair value adjustments to largely unwind

through the income statement over a period of 24 months from

the balance sheet at acquisition. The reduction in reported profit

before tax was £103.3m in FY25 and the reduction in reported

profit before tax is anticipated will be c. £20m in FY26 with no

further material impacts on profit before tax expected in

subsequent years.

In addition to the fair value adjustments above, the Redrow

results for the period have been consolidated under Barratt

Group accounting policies, in particular the recognition of

development‑wide costs to complete. This increased cost of

sales in FY25 by an estimated £25m when compared to Redrow’s

previous accounting policies.

Building safety

We continue to make progress with the assessment and

remediation of buildings covered under the Building Safety

Self‑Remediation Terms and Contract, to which the Group

became a signatory on 13 March 2023. The Group is now also

responsible for the legacy Redrow portfolio. The fair value of

Redrow’s fire safety provision was recognised at £184.3m at

the date of acquisition and included in the Group’s interim

results to 29 December 2024.

During FY25 additional legacy property related costs were

recognised. These costs related to:

• charges relating to legacy property provisions, including

revaluations, which totalled £106.2m and which, after

recoveries from third parties of £15.8m and associated

legal costs of £2.2m, resulted in an adjusted item charge

of £92.6m; and

• new issues identified post‑acquisition with respect to

reinforced concrete frame design and construction and,

after investigation, testing and quantification in the second

half of FY25, a revision to the Redrow opening balance sheet

fair value of £131.8m.

61Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernance

Strategic Report

Chief Financial Officer’s Review continued

Building safety continued

Remediation cost estimates for the EWS portfolio remained

broadly stable during the period with an increase of £15.8m in

respect of minor cost increases, offset by a small revaluation

of the provision to its present value. However, additional costs

of £93.1m were recognised in the second half in relation to two

specific developments:

• In our Southern region, we identified fire safety‑related issues

at a development involving four buildings which were completed

in 2002. The remediation and associated costs with respect to

these buildings, having reviewed their particular design and

build characteristics, are estimated to be £76.4m.

• Additional costs of £16.7m were recognised relating to

newly identified issues at a large development in London

which was already part of our EWS portfolio and provision.

Of the 278 buildings remaining in our ‘under review’ portfolio, 263

are the responsibility of our dedicated Building Safety Unit, while

the remaining 15 are being remediated through the Government’s

Building Safety Fund (superseded by the Cladding Safety Scheme

(‘CSS’) from 1 September 2025). As well as our “under review”

portfolio of buildings we hold responsibility for a further 464

buildings which are not under active review. This “inactive”

portfolio has been appraised for issues relating to external wall

systems through a number of channels including communications

with building owners, managing agents and principal accountable

persons as well as external inspections, and direct communications

from residents. Based on these measures, we do not believe

buildings in the inactive portfolio to require any remediation other

than that already provided at the balance sheet date.

To help understand the Group’s portfolio in the context of MHCLG

reporting of remediation progress in England, the table below

details movements in our “under review” portfolio across FY25 as

well as a reconciliation to the total buildings where we hold

developer responsibility.

Buildings

11m –18m

Buildings

above 18m

Total

buildings

Portfolio under review at

1 July 2024 116 146 262

Redrow portfolio additions 10 17 27

Additional buildings

identified for review 9 10 19

Buildings remediated or no

remediation required (15) (15) (30)

Portfolio under review at

29 June 2025 120 158 278

Residual portfolio under

review in England only 243

Inactive portfolio in England 464

Completed remediation in

England 128

Total buildings in England

per MHCLG definitions 835

Reinforced concrete frames

Following the Redrow acquisition, notwithstanding the absence of

any issues identified during the acquisition process, we commenced

a full review of Redrow’s portfolio of reinforced concrete frame

buildings, leveraging our experience gained on these issues over

recent years and our commitment to building safety.

These investigations have identified that remediation works may

be required at up to four Redrow developments in London. Based

on our initial estimates, we have revised the fair values of

inventories and legacy property provisions, at the acquisition

date by £131.8m, respectively £26.6m as an adjustment to

inventories and £105.2m as an addition to provisions, which

resulted in a net adjustment to goodwill after tax of £96.3m.

At the year end the portfolio of reinforced concrete frame buildings,

across both Barratt and historical Redrow developments, totalled

165 buildings of which 75 have been identified as not requiring

remediation; 17 have had remediation works completed; 22 are

currently under review; and 51 have had remediation issues

identified and are at various stages in the remediation process.

Given the design specific nature of remediation works with

respect to reinforced concrete frames and our work and reviews

of the design input from specific design engineers, we anticipate

that no further buildings will come into scope looking forward.

Legacy properties – impacts in FY25

During FY25 we spent £100.6m (FY24: £91.5m

) on the

remediation of legacy properties involving both EWS and

reinforced concrete frame buildings remediation works.

At 29 June 2025, provisions relating to building safety were

£886.4m and in relation to reinforced concrete frame buildings

were £187.4m. In total the Group legacy property provision is

£1,073.8m and we expect to incur cash costs of approximately

£250m during FY26.

Whilst charges for legacy property‑related remediation costs

reflect our current best estimates of the extent and future

costs of work required, we may have to update these figures

as assessments and work progress.

Cash flow

Net cash decreased to £772.6m at 29 June 2025 (30 June 2024:

£868.5m

; £1,164.5m

). The main components of the change in

net cash position were:

• a £29.3m net cash inflow from operating activities

(FY24: £96.2m

cash inflow);

• a £195.8m net cash inflow from investing activities

(FY24: inflow of £12.0m

), with Redrow cash balances

at the point of acquisition of £194.3m being the most

notable impact; and

• a £320.8m net cash outflow from financing activities

(FY24: outflow of £308.6m

), principally reflecting dividends

paid of £249.3m (FY24: £270.6m

) and share buyback costs

of £50.3m, including stamp duty charges (FY24: £nil).

The major driver of the decline in net cash inflow from operating

activities to £29.3m in the period was the net cash outflow from

working capital and provisions of £136.8m (FY24: £12.0m outflow)

and net interest and tax payments, which increased to £139.3m

(FY24: £73.7m payments) as a result of the Redrow acquisition.

62 Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernance

Strategic Report

Cash flow continued

The net £136.8m outflow (FY24: £12.0m

outflow) with respect

to working capital and provisions included:

• investment of £265.5m (FY24: £38.0m

) with respect to

inventories which included additional net land investment

of £180.6m and additional part‑exchange property costs

carried of £38.9m;

• an £89.3m increase (FY24: £87.2m

decrease) in payables,

which included land creditor balances increasing by £167.4m

(FY24: £33.9m

reduction) and a decrease in trade and other

payables of £85.0m (FY24: £53.3m

reduction); and

• a £40.5m increase in provisions (FY24: £132.8m

increase)

created in large part by the additional legacy building safety

charges incurred in FY25. During FY25, we spent £100.6m

(FY24: £91.5m

) on the remediation of legacy properties.

Balance sheet

Our balance sheet remains strong despite the scale of the

Redrow acquisition, and the purchase price allocation

adjustments required by IFRS 3, detailed earlier.

The Group’s net assets at 29 June 2025 were £7,873.0m

(30 June 2024: £5,439.1m

; £7,522.1m

) after the payment of

dividends totalling £249.3m (30 June 2024: £270.6m

) and

£50.3m incurred on the share buyback, including stamp duty

charges. Looking at the assets and liabilities which make up

our balance sheet:

• Goodwill increased to £1,174.8m (30 June 2024: £852.9m

R&A

reflecting goodwill of £321.9m recognised on the acquisition

of Redrow.

• Intangible assets, which include brands, customer

contracts and contract relationships, increased to £408.4m

(30 June 2024: £184.5m

R&A

) with the recognition of intangible

assets of £235.9m with respect to the Redrow acquisition

and amortisation charges of £14.5m (FY24: £10.4m

• The total investment in our land bank increased by £1,871.3m

to £5,104.9m (30 June 2024: £3,233.6m

, £4,751.6m

) with the

underlying increase in land investment, excluding the impact

of the Redrow acquisition, equating to £180.6m.

• Construction work in progress was tightly controlled and

increased to £2,979.0m (30 June 2024: £1,829.4m

;

£2,928.4m

) with underlying construction work in progress,

excluding the Redrow acquisition impact, increasing by £32.7m.

• Investment in land promotion activity at Gladman was once again

tightly controlled with a £0.9m increase in promotional agreement

work in progress to £112.4m (30 June 2024: £111.5m

R&A

• Part‑exchange properties and other inventories increased to

£144.3m (30 June 2024: £103.7m

R&A

) reflecting the importance

of part exchange for many of our customers, as well as the

initial introduction of our comprehensive part‑exchange

schemes to Redrow sales outlets. Part‑exchange inventory

was however carefully controlled with 371 of the total

holdings of 549 part‑exchanged homes sold at the year end

(30 June 2024: 309 sold of total holdings of 429 homes

• At 29 June 2025, the Group held net cash balances of £772.6m

(30 June 2024: £868.5m

; £1,164.5m

Looking at the key liabilities on our balance sheet:

• Reflecting the acquisition of Redrow and the reduced level

of building activity across the year, trade and other payables,

excluding land creditors, reduced on a comparable basis to

£1,131.1m (FY24: £754.3m

; £1,289.3m

• With our return to the land market, creating momentum in

active land approvals and increased land purchases, we have

sought to secure land on deferred terms which align our cash

spending commitments with the scheduling of development

and home completions. As a result, our land creditors at

29 June 2025 increased to £809.4m (30 June 2024: £472.8m

;

£633.8m

) and equated to 15.9% (30 June 2024: 14.6%

;

13.3%

) of the owned land bank.

• During FY26, £437.3m of land creditors will fall due for payment

(30 June 2024, during FY25: £307.8m

; £424.8m

). Land

creditors due beyond 28 June 2026 totalled £372.1m at

29 June 2025 (30 June 2024: £165.0m

; £209.0m

due beyond

30 June 2025).

• Provisions increased to £1,371.3m at 29 June 2025

(30 June 2024: £921.2m

; £1,100.2m

) and included £1,073.8m

(30 June 2024: £730.3m

, £903.3m

) of provisions to cover

future costs in connection with building safety and reinforced

concrete frames (see note 13 of the financial statements for

further detail).

Net tangible assets at 29 June 2025 were £6,289.8m and

437 pence per share (30 June 2024: £4,401.7m

; 452 pence

per share

). Land, net of land creditors and work in progress,

totalled £7,274.5m and 505 pence per share at 29 June 2025

(30 June 2024: £4,590.2m

; 471 pence per share

Operating framework, capital allocation and

returns to shareholders

During the year the Board reviewed the Group’s capital allocation

framework considering the Group’s business plan, medium‑term

targets, capital structure and shareholder feedback. It is vital

that our operating framework and capital structure continue to

deliver a stable and solid foundation for the Group, with

shareholders’ funds and land creditors funding the longer‑term

land requirements of our business and term loans and bank debt

funding the shorter‑term requirements for working capital. The

Board also decided to rebalance capital returns between ordinary

dividends and share buybacks.

Following Board approval, the Group announced in February 2025

with the half year results:

• an objective to increase land creditor funding of the

Group’s land investment to between 20% and 25% over

the medium term;

• an annual share buyback programme of at least £100m per

annum from FY26, with an initial buyback of £50m during the

second half of FY25; and

• a refinement to dividend cover, which will move to 2.0 times

cover based on adjusted earnings before purchase price

allocation adjustments in FY26 from 1.75 times cover which

applied previously.

In pursuing this clear framework, we will seek to ensure that

the Group remains in a strong financial position through the

cycle, ready to take both operational and financial decisions

which protect shareholder value as well as allowing us to take

advantage of a market recovery or organic investment

opportunities in the future.

Chief Financial Officer’s Review continued

63Barratt Redrow plc Annual Report and Accounts 2025

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Operating framework, capital allocation and returns to shareholders continued

Our operating framework remains unchanged from that disclosed at our HY25 results, and our performance against targets at 29 June 2025 and the aggregated business at 30 June 2024 are

summarised below.

Operating framework Position at 29 June 2025 At 30 June 2024

Land bank c. 3.5 years owned and

c. 1.0 year controlled

5.4 years owned and 0.8 years controlled 4.7 years owned and 0.6 years controlled

Land creditors Increase usage to 20–25% of the land bank over the

medium term

15.9% 13.3%

Net cash Target average net cash over the financial year FY25: average net cash of £466.8m FY24: average net cash of £732.3m

Year‑end net cash £772.6m £1,164.5m

Total indebtedness Minimal year‑end net indebtedness in the medium term Total net indebtedness of £36.8m Total net surplus of £530.7m

Treasury Appropriate financing facilities £700m Revolving Credit Facility extended to

November 2029 and £200m US Private Placement

Notes maturing August 2027

£700m Revolving Credit Facility extended to

November 2028 and £200m US Private Placement

Notes maturing August 2027

Dividend policy Dividend cover of 2.0x adjusted earnings per share FY25: total ordinary dividend of 17.6 pence per share FY24: total ordinary dividend of 16.2 pence per share**

Note: * Average net cash based on Barratt Developments PLC reported in FY24.

** Dividend reflects the dividend per share declared in respect of each Barratt Developments PLC share.

Chief Financial Officer’s Review continued

Treasury

The Board sets and approves the Treasury Policy and senior

management controls day‑to‑day operations. The Group’s

Treasury Policy seeks to maintain an appropriate capital

structure and provide the right platform for the business

to manage both operating risks and opportunities.

Cash management and relationships with our banking partners

are co‑ordinated centrally by Group Treasury. During the year,

we agreed the final one‑year extension to our £700m Revolving

Credit Facility (RCF) with our lenders, extending its term to

November 2029. Our £200m US Private Placement Notes remain

in place and are repayable in August 2027.

Tax

The Group does not enter into business transactions for the

sole purpose of reducing potential tax liabilities. The Group’s tax

strategy is to only use any available reliefs and exemptions,

which have been set out in current tax legislation, to minimise

the Group’s tax liabilities.

The effective rate of corporation tax, including RPDT, for the

52‑week period ended 29 June 2025 was 31.9% (FY24: 33.1%

)

which, reflecting the impact of the non‑deductible Redrow

transaction expenses, was above the standard effective rate

of tax of 29% (inclusive of RPDT at 4%) (FY24: 29% inclusive

of RPDT at 4%).

Pensions

Defined contribution pension arrangements are in place for all

current employees. Defined contribution scheme charges

for qualifying employees totalled £32.5m (FY24: £21.2m

Pension contributions are based upon a fixed percentage of

each qualifying employee’s pay and once paid, the Group has

no further obligations under these schemes. The Redrow group

of companies also operates the Redrow Staff Pension Scheme

which, in part, comprised a defined benefit pension plan. This

scheme was closed to new entrants from July 2006 and closed

to future accrual from 1 March 2012. The Group made no

contributions to this scheme in FY25 and does not expect to

make contributions in FY26. At 29 June 2025 a scheme surplus

of £4.2m has been recognised in the Group Balance Sheet.

64 Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernance

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Chief Financial Officer’s Review continued

Guidance for FY26

Total home completions c. 17,200–17,800 total home completions including c. 600 JV completions

Affordable mix expected to be c. 20%

Average sales outlet

movement (inc. JVs)

Broadly flat on FY25

Build cost inflation c. 1–2% including estimated procurement‑based cost synergies

PPA impacts on adjusted

profit before tax

c. £20m charge

Adjusted administrative

expenses

c. £400m (including amortisation of intangible assets of c. £10m and estimated incremental cost

synergies of c. £30m)

Synergy savings Incremental c. £45m within adjusted profit before tax (£65m cumulative)

Interest charges c. £50m interest charge for the year (c. £5m cash credit, c. £55m non‑cash charges)

Land approvals Expect to replace plots utilised in the year

Land cash spend c. £0.8bn ‑ £0.9bn

Land creditors 15% ‑ 16%

Building safety spend c. £250m

Year‑end net cash c. £0.4bn ‑ £0.5bn

Taxation Tax rate on adjusted earnings anticipated at 29%, reflecting current corporation tax rate and 4% RPDT

Ordinary dividend cover 2.0x ordinary dividend cover based on adjusted earnings per share before purchase price allocation

(PPA) fair value adjustments

Well positioned for FY26

We have a strong balance sheet, a solid forward sales position,

and we are executing the integration of Redrow at pace, which

stands us in a strong position as we enter FY26.

Homebuyer confidence does remain fragile, reflecting

uncertainties around the wider economy and taxation,

and mortgage rates remain elevated compared to recent

years but there remains a long‑term under‑supply of new

homes and we continue to see solid mortgage market

competition and availability.

Our teams are focused on securing our targeted cost synergies,

progressing incremental sales outlets through planning to

enhance our sales outlet position in FY27 and FY28 and

ensuring we optimise our land buying, as well as our build

and sales programmes, to offer the greatest choices to our

customers whilst driving efficiency in our use of capital and

value for all our stakeholders.

Mike Scott

Chief Financial Officer

16 September 2025

Notes:

R. Reported and denotes a Barratt Developments PLC Group (Barratt Group) reported metric based on

the standalone performance of the Barratt Group in the comparable reporting period.

A. Aggregated and denotes an aggregated metric based on the reported performance of the Barratt

Group in the comparable reporting period 1 July 2023 to 30 June 2024 and includes the performance

of the legacy Redrow plc group (Redrow Group) from 24 August 2023 to 30 June 2024, to provide

comparability on operational and financial performance. Redrow Group data is based on Redrow plc’s

standalone accounting policies and therefore excludes any impact of policy alignments made since

the acquisition. Aggregated adjusted measures are also presented, prepared on the same basis. The

aggregated value comparatives have not been audited or reviewed by Barratt Redrow plc’s auditor.

C. Percentage change identified references the change compared with the aggregated comparator.

65Barratt Redrow plc Annual Report and Accounts 2025

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Our approach to risk management

In pursuing our strategic priorities to create value for stakeholders, we are

exposed to risk in many areas of our business that continually evolve.

Managing our risks responsibly is key to delivering our strategy in a way that

creates value for our customers, shareholders, employees and partners.

Responsibilities within risk management

We mitigate our risks by identifying, mitigating and confirming

through assurance.

Board

• Ensures there is an appropriate culture in place to support

effective and embedded risk management throughout

the Group.

• Reviews, challenges and approves recommendations regarding

risk management presented by the Audit and Risk Committee.

The Board has determined its risk appetites for each of the

principal risks have been defined as:

Averse – accept as minimal risk as possible – limited tolerance

of potential exposure to risk consequence in pursuit of

related benefits.

Cautious – a balanced and informed approach to risk taking –

moderate tolerance of potential exposure to risk consequence

in the pursuit of related benefits.

Opportunistic – a more receptive approach to adaptability – taking

risk for increased benefits/returns or to achieve strategic goals.

Risk management

Risk reporting structure

Board

Audit and Risk Committee

Executive Risk Committee

Functional Regional

Financial

and non‑

financial

reporting

risks

Operational

risks

Compliance

risks

Fraud risks IT risks

Risk management controls are integrated into all levels of our

business and across all operations, including at site, divisional,

regional and Group level. The Board and Executive set a clear tone

at the top regarding the importance of risk management controls

and have set out clear responsibilities as part of our Enterprise

Risk Management policies.

Audit and Risk Committee, on behalf of the Board

• Responsible for ensuring and overseeing that the Executive Risk

Committee has implemented effective risk management

processes and systems.

• Assesses principal and emerging risks and their risk appetite

against the Group’s strategy and the interests of stakeholders,

and gains assurance on their management.

Executive Risk Committee

• Monitors business and operational performance and changes

to key risks.

• Identifies, reviews and monitors emerging risks to assess

potential impact on the Company.

• Implements mitigation strategies to effectively manage key risks

within the Group’s risk appetite.

• Responsible for ensuring that risk management is embedded

within the business and appropriate actions are taken to

manage risk.

Group, regional and divisional management

• Apply specialist knowledge to identify new risks and monitor

changes to existing compliance, operational and strategic risks

at a divisional, regional and functional level.

• Responsible for risk management and control activities within

the relevant divisions, regions or Group disciplines.

66 Barratt Redrow plc Annual Report and Accounts 2025

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Strategic Report

Risk management continued

Emerging risks

Emerging risks are often characterised by a high degree of uncertainty

and unpredictability, making them challenging to identify, assess and

manage. They may not have historical data or precedents to guide us,

and their impacts can be both far‑reaching and complex. Therefore, as

part of our emerging risk and horizon scanning process we identify

risks through a range of methods. Primarily, we conduct internal

reviews of emerging risks through our risk workshops. During FY25,

we also employed the support of third parties to challenge us on

our understanding of the key risks and to provide expert analysis on

areas we may not have considered through our internal processes.

They also support on horizon scanning, enabling us to look ahead.

Our emerging risk reviews are broken down into four discrete areas:

• Strategic;

• Regulatory;

• Technology; and

• Political and economic risks.

During FY25 we have performed significant deep dives in

collaboration with our external partners over UK infrastructure,

specifically water scarcity and global political risks. The Executive

and Board continue to review and access emerging risks on an

ongoing basis as well as formally on a six‑monthly basis.

Principal risks and uncertainties

The risks which the Group faces could have a material adverse

effect on the implementation of the Group’s strategy, business,

financial performance, shareholder value and returns, and

reputation. Changes in the economic or trading environment

can affect the likelihood and potential impact of risks, and may

create new and emerging risks. Our principal risks are based on

a three‑year horizon, which is aligned to our forecast and

business planning.

Throughout FY25 the risk management process has been

integrated across the wider Barratt Redrow Group and an aligned

methodology adopted. As part of the Group’s risk management

framework all regions and key Group functions conducted risk

workshops to review and identify their current risks and any

potential emerging risks. These workshops presented a robust

“bottom‑up” challenge to the risks identified at an Executive level

as part of the Executive Risk Committee.

As well as quantitative measures, we also assess qualitative

impacts such as reputational damage. The Group manages

the impact of reputational damage as a consequence of not

actively managing our key risks; therefore the principal risks

and corresponding mitigation actions are carefully considered

to minimise our risk of reputational damage.

Changes in risk profile

We have seen an increase in both the frequency of geopolitical

uncertainty and the speed that related risks materialise during FY25.

We are aware that despite being a UK business with a high proportion

of suppliers being UK based, we are not immune to the global political

and economic environment and the effects it has on areas such as

the UK market or our supply chain. We have engaged with third‑party

risk experts to support us in considering how we may respond

proportionately to ensure our business is resilient. In addition to

increasing the risk levels we have merged our political risk with our

economic risk due to the direct relationship between these two risks.

We are positive on the outlook for land and planning permissions

due to the positive actions taken by the Government. Although

reforms are in the early stages, we feel the likelihood of the risk

materialising and having a material impact has reduced.

We welcome the Government’s ambitious commitment to build

1.5m homes, which supports our plan to expand our volumes.

We recognise that increased volumes will put pressure on the

labour market, and therefore we have increased the velocity of

the attracting and retaining high‑calibre employees risk so that

we ensure we can meet the demands of a growing market.

We have amended our broader information technology risk to be

more specific to cybersecurity risk and increased the risk levels.

Given the current climate and cyber attacks, this risk is an evolving

risk, and the impacts on data, operations and financial transactions

if there is a breach, and the implications for organisations, are

increasing. Therefore, we recognise this and are committed to

ensuring we keep up to date with mitigating actions. Mitigations

are detailed on page 84.

We have reduced our residual risk rating for high‑rise and complex

structures. As a Group we have enhanced and implement a

number of processes, controls and mitigations to prevent the

risk of current and future builds being subjected to the costs

and remediation works that the housebuilding industry has

faced over high‑rise structures.

Risk and control cycle

Identify risks

Identify key risks

Design controls

Identify mitigating actions such as designing and

implementing effective controls

Clear policies and procedures manual (PPM)

Update policies, procedures and controls regularly

to ensure clarity to all users on expectations

Train

Provide guidance and training to divisions and Group

functions on expectations and requirements

Monitor

Implement second line of defence monitoring controls

to ensure compliance with policies and procedures

Confirm

Confirm that the PPM has been followed and controls

effectively operated

Risk

management

process

67Barratt Redrow plc Annual Report and Accounts 2025

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Risk management continued

Overall assessment

The Board has completed its assessment of the Group’s

principal and emerging risks, including those that could

threaten its business model, future performance, solvency

or liquidity.

The current risk profile is within our tolerance range as the

Group is willing to accept a moderate level of operational risk

to deliver financial returns.

There may be instances where these risks could have

an adverse impact on the Group – either financially or

operationally. To ensure the Group’s business model

remains resilient over the medium and long term, the

Group has modelled these scenarios alongside achievable

mitigating actions. The results are presented in the Viability

Statement on pages 83 and 84.

Principal risks

The Group has identified ten principal risks that it considers

has a potential impact and/or likelihood that could

significantly affect the Group’s achievement of its strategic

priorities and objectives.

Political and economic environment

Land and planning

Government regulation

Construction quality and innovation

High‑rise and complex structures

Supply chain resilience

Safety, health and environment

Attracting and retaining high‑calibre employees

Cybersecurity

Redrow integration

The principal risks are detailed on pages 69 to 73, categorised

by the strategic priorities to which they relate. Risk levels are

presented net of any mitigations that are in place and the risk

appetite defines the level of risk that the Board has

determined as acceptable.

Heat map of principal risks net of mitigations

Velocity based on estimates

and past experience

Impact

>£50m

£25m–

£50m

£10m–

£25m

£5m–

£10m

<£5m

Very unlikely Unlikely Likely

Highly

likely

Very highly

likely

Probability

Rapid

Risk can materialise immediately

or impact felt within 1 month

of occurring.

Moderate

Risk can materialise quickly,

or impact felt between 1 and

12 months of occurring.

Slow

Risk can materialise slowly,

or impact felt after 12 months

of occurring.

Low

Medium High

68 Barratt Redrow plc Annual Report and Accounts 2025

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Principal risks continued

A Political and economic environment

Risk level:

Velocity: Rapid

Risk appetite: Cautious Responsibility:

Executive Committee

Risk description

Significant changes in the UK macroeconomic environment, major

geopolitical events, or unpredictable unforeseen events may lead to

falling demand, tightened mortgage availability, lack of funding for

housing associations, reduced new build demand due to increased

demand in the second hand property market, or reduced purchaser

liquidity, especially in the first‑time buyer market. These events can

cause rapid, severe and prolonged market disruptions beyond normal

cyclical patterns. The resultant decline in affordability for both private

and rental customers could lead to reduced sales volumes, diminished

profitability, and in severe scenarios operational continuity, potentially

compromising the Company’s ability to deliver planned developments

and meet strategic objectives.

Response/mitigation

• Disciplined operating with appropriate capital structure and strong balance sheet.

• Financial stress testing and impact analysis performed by Group finance.

• Continual monitoring of macroeconomy, housing market data and key risk indicators

by the Board and Executive Committee.

• Business continuity and crisis management procedures in place to mitigate impact

of significant one‑off global or local economic and/or political events.

Key risk indicators

Internal: Gross and operating

margins, PBT, ROCE, EPS, TSR,

sales rates per outlet.

External: CPI, mortgage

approvals, mortgage

affordability, new housebuilding

site starts.

B Land and planning

Risk level:

Velocity: Moderate

Risk appetite: Cautious Responsibility:

Land Committee

Risk description

Lack of developable land due to delays in planning approval, failure

of a clear and consistent Government policy or insufficient

consented land and strategic land options at appropriate cost and

quality could affect our ability to grow sales volumes and/or meet

our margin and site ROCE hurdle rates.

Response/mitigation

• Land acquisitions subject to formal appraisal and approval by Land Development Leadership

Group (LDLG).

• Strategic land investments subject to review by Gladman Developments.

• Group/regional/divisional review of owned/committed land vs strategic requirements.

• Six‑monthly review by LDLG of strategic land portfolio.

• Planning Performance Agreements with some select planning authorities.

• Group Land and Planning Director reviews and approves planning appeals.

• Regular meetings with key external stakeholders: Government, regulatory bodies, land agents,

promoters and landowners.

Key risk indicators

Sales compared to detailed

consents, number of active

outlets achievable with

current land bank, planning

applications decided within

budgeted timescales.

Risk level:

High risk

Medium risk

Low risk

Increase for Government regulation:

Increase Decrease No change

Risk management continued

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Principal risks continued

C Government regulation

Risk level:

Velocity: Moderate

Risk appetite: Averse Responsibility:

Executive Committee

Risk description

The housebuilding industry is subject to increasingly complex

legislation and regulations, Government intervention and policy

changes, for example building regulation, legal, NHQC, CMA and

environmental regulation. Deviation from current regulations or

failure to implement the required changes effectively within our

processes could lead to financial penalties, damage to the Group’s

reputation or increased costs due to inefficient processes.

Response/mitigation

• Policies and procedures covering relevant regulation/legislation.

• Compulsory employee compliance training.

• Second line functions responsible for monitoring policies, training and controls.

• Reporting of non‑compliance via whistleblowing hotline and bi‑annual Control

Self‑Assessment.

• Consultation, engagement and membership of relevant industry groups/liaison

with Government agencies.

Key risk indicators

Compliance training

completion level, compliance

with Group policies.

D Construction quality and innovation

Risk level:

Velocity: Moderate

Risk appetite: Cautious Responsibility:

Operations Committee

Risk description

Failure to achieve excellence in housebuilding construction and

product quality, through insufficient quality assurance programmes

or inability to develop, evaluate and implement new and innovative

construction methods or be a market leader with changes in

technology advancement, could increase costs, expose the Group

to future remediation liabilities, and result in poor product quality

and reputational damage.

Response/mitigation

• Continuous review of design and materials, which are evaluated by technical experts

including the NHBC, to ensure compliance with all regulations.

• Monitoring and improving the environmental and sustainability impact of construction

methods and materials.

• Implementation of modern methods of construction by Design and Technical teams.

• Detailed build programmes supported by robust quality assurance.

Key risk indicators

Recommend score, total

home completions, gross

margin, operating margin,

NHBC average RI and BRIs.

Risk level:

High risk

Medium risk

Low risk

Increase for Government regulation:

Increase Decrease No change

Risk management continued

70 Barratt Redrow plc Annual Report and Accounts 2025

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Principal risks continued

E High-rise and complex structures

Risk level:

Velocity: Moderate

Risk appetite: Averse Responsibility:

Operations Committee

Risk description

Failure to build high‑rise and complex structures in line with

building regulations, or remediate existing legacy quality issues

effectively, could result in remediation delays, reputational

damage, increased cash outflows or future remediation liabilities.

Response/mitigation

• Use of qualified engineers through an approved panel including structural engineer peer

review process.

• Third‑party liability insurance.

• Detailed build programmes supported by robust quality assurance and a dedicated

Building Safety Unit (BSU) which conducts remediation work.

• BSU undertakes independent reviews and investigations of legacy buildings.

• Assumptions on the estimated financial costs for remediation have been tested and

challenged robustly.

Key risk indicators

Independent Design Check

(IDC) observations, NHBC

average RI and BRIs.

F Supply chain resilience

Risk level:

Velocity: Rapid

Risk appetite: Cautious Responsibility:

Operations Committee

Risk description

Not adequately responding to shortages or increased costs

of materials and skilled labour, or the failure of a key supplier

in the current economic environment, may lead to increased

costs and delays in construction.

Response/mitigation

• Centralised team procures materials from UK suppliers.

• Multi‑supply (anti‑sole supply policy) for key labour and material supplies.

• Contingency plans for key suppliers against supplier failure.

• Formal tendering policies, procedures and controls.

• New supplier due diligence checks on supplier appropriateness and product quality.

• Build programme and material planning forecasting to ensure availability.

• Supplier performance monitoring by Group Procurement.

Key risk indicators

Supplier audit risk scores,

supplier concentration.

Risk level:

High risk

Medium risk

Low risk

Increase for Government regulation:

Increase Decrease No change

Risk management continued

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Principal risks continued

G Safety, health and environment

Risk level:

Velocity: Rapid

Risk appetite: Averse Responsibility:

Safety, Health and Environment

Operations Committee

Risk description

Health, safety or environmental incidents or compliance breaches

that fail to protect or adversely impact employees, subcontractors,

customers and site visitors, undermining our responsibilities and

objectives to be a safe and responsible business for all of our

stakeholders, all of the time.

Response/mitigation

• Clear roles and responsibilities for SHE.

• SHE management system and SHE policies and procedures.

• Employee and subcontractor relevant and appropriate SHE training.

• Monthly operational Divisional Board reporting on SHE performance.

• Second line team of SHE compliance managers provides support and guidance.

• Board level SHE Committee and SHE Operations Committee review and monitor compliance.

Key risk indicators

Safety, health and environment

(SHE) audit compliance,

reportable injuries and waste

per tonne.

H Attracting and retaining high-calibre employees

Risk level:

Velocity: Moderate

Risk appetite: Opportunistic Responsibility:

Executive Committee

Risk description

Increasing competition for skills may mean we are unable to recruit/

retain the best people. Having sufficient skilled employees is

critical to delivery of the Group’s strategy of volume growth whilst

maintaining excellence in our other strategic priorities.

Response/mitigation

• Remuneration benchmarking against competitors (within and outside the industry).

• Comprehensive recruitment and onboarding processes.

• Apprenticeships, graduate development, training academies and development programmes.

• Group‑wide succession planning and personal development plans for all employees.

• Company values relaunched and embedded.

• Annual employee engagement survey and regular pulse surveys to measure satisfaction.

• Monitoring employee turnover, absence statistics and independent feedback from

exit interviews.

Key risk indicators

Employee engagement score,

retention and attrition

numbers, leavers rate for

those employed <12 months,

demographic and age.

Risk level:

High risk

Medium risk

Low risk

Increase for Government regulation:

Increase Decrease No change

Risk management continued

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Principal risks continued

I Cybersecurity

Risk level:

Velocity: Rapid

Risk appetite: Cautious Responsibility:

Executive Risk Committee

Risk description

A successful cyberattack breaching any of the Group’s key

systems, particularly those for financial and customer information

or surveying and valuation, could restrict operations, cause

financial losses, regulatory fines and reputational damage or

disrupt progress in delivering strategic priorities.

Response/mitigation

• 24x7 Security Operations Centre, tooling and log alerting.

• Regular external review/penetration testing to reduce risk of successful cyberattack,

and internal audits when we require specialists.

• Group‑wide IT security policies.

• Adoption and testing NIST control framework with Board oversight and maturity targets.

• Cybersecurity insurance policy.

• Mandatory IT security training for all employees annually.

Key risk indicators

Phishing click rate, mean time

to resolve, number of incidents,

number of events.

J Redrow integration

Risk level:

Velocity: Moderate

Risk appetite: Cautious Responsibility:

Executive Committee

Risk description

Without careful management, there is a risk that our objectives

to maximise shareholder value by successfully integrating the

two businesses to generate revenue growth opportunities, and

achieve operational and cost synergies, are not achieved.

Response/mitigation

• Identify, monitor and report via Integration Programme Board to Barratt Redrow Executive.

• Internal Integration Management Office (IMO).

• Support from integration partners PwC.

• Formal project management via PMO with go/no‑go decisions.

Key risk indicators

Synergies achieved, timeframes

on progress.

Risk level:

High risk

Medium risk

Low risk

Increase for Government regulation:

Increase Decrease No change

Risk management continued

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Sustainability-related risks and opportunities

Through stakeholder engagement and collaboration, we aim to

mitigate sustainability‑related risks and seize opportunities that

create lasting value for nature, places and people. Our integrated

approach ensures our commitment to sustainability is reflected

throughout our risk management framework, driving long‑term value

and resilience across the organisation. Following the acquisition

of Redrow, this framework has been implemented throughout the

combined business. These disclosures reflect the governance,

management and potential impact of sustainability‑related risks

and opportunities across the new group.

Task Force on Climate-related Financial

Disclosures (TCFD)

In accordance with UK Listing Rule 6.6.6R and the

Climate‑related Financial Disclosure Regulations (CFD) 2022,

this Annual Report and Accounts includes climate‑related

financial disclosures consistent with all eleven TCFD

recommendations and all eight CFD requirements.

Deloitte has provided independent limited assurance in accordance

with the International Standard for Assurance Engagements 3000

(ISAE 3000) and Assurance Engagements on Greenhouse Gas

Statements (ISAE 3410) issued by the International Auditing and

Assurance Standards Board (IAASB) over the TCFD disclosures

on pages 74 to 82 and selected metrics on page 81. This excludes

any references made to TNFD, including the nature‑related risk

assessment section on page 76.

Deloitte’s full unqualified assurance opinion, which includes details

of the selected assured metrics, is available on our website.

Find out more

Read more about our governance on pages 74 and 75

Read more about our strategy on pages 77

Read more about our risk management on pages 76 and 78 to 80

Read more about our metrics and targets on pages 81 and 82

Read more about our transition plan on page 11

www.barrattredrow.co.uk/sustainability

Upcoming reporting frameworks

We recognise the growing importance of global sustainability

reporting frameworks in shaping effective risk management and

disclosure. In FY24, we initiated our alignment with the Taskforce

on Nature‑related Financial Disclosures (TNFD), building on our

established TCFD reporting. We are also preparing for the

adoption of the International Sustainability Standards Board

(ISSB) standards, with work underway to integrate these into our

broader sustainability risk framework. Our goal is to transition

towards a holistic assessment of sustainability‑related risks

across climate, nature and other material themes.

Planning for future resilience

Our sustainability framework is integral to our strategy and embedded across all

operations. We assess issues impacting the sustainability of our business model

and operating environments as part of our risk management process, capturing

them within our principal risks.

Governance

The Board oversees the Group’s sustainability strategy,

delivery, and related risks, with the CEO accountable for

execution. The Board Sustainability Committee, chaired by

the CEO, reviews the strategy and its implementation,

approving plans to mitigate risks and leverage opportunities.

Supporting Committees, including Audit and Risk, SHE, and

Remuneration, embed sustainability into risk management,

operations and colleague incentives.

The Executive drives delivery via the SHE Operations, Risk,

and Land Committees, each considering sustainability in

core decision making. Cross‑functional management

working groups further support delivery, focusing on

critical areas such as data, stakeholder engagement and

sustainable operations.

These governance structures are illustrated in our

sustainability risk governance framework on page 75,

outlining the roles of the Board, Executive, and Management

Working Groups in identifying, assessing, and responding to

sustainability‑related risks.

Staying informed

As climate and nature‑related risks evolve, our governance

groups ensure the business strategy remains responsive

and informed. During the year, the Sustainability Committee

received the following updates related to climate change

and nature:

• initial findings from a nature‑related risk screening exercise

and the proposed nature‑related risks work programme;

• water footprinting assessment and proposed priority areas;

• market trends and challenges in electric vehicles;

• the Group’s strategic partnership with the RSPB and progress

in relation to operational delivery of biodiversity; and

• the combined net zero transition plan for Barratt Redrow.

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Sustainability-related risks and opportunities continued

Working Group Management Committee Board Committee

Board

Group Board

Responsible for setting the culture, corporate strategy and governance framework within which the business operates. Oversees the performance, risk management and internal controls for the Group.

Nomination and

Governance Committee

Monitors composition of the Board to

ensure the balance of sustainability,

skills, experience and knowledge.

Audit and Risk Committee

Monitors integrity and compliance of

sustainability‑related risk disclosures

(e.g. climate change and nature) and

data reporting through assurance of

sustainability‑related metrics.

Sustainability Committee

Debates, reviews and scrutinises

the sustainability strategy and

its implementation. Approves

plans to mitigate risks and

leverage opportunities.

SHE Committee

Monitors the potential impact and

mitigation activity for significant

environmental risks. Monitors

compliance with Group SHE policy.

Remuneration Committee

Designs our Remuneration Policy

to incentivise performance

against sustainability‑related

targets. Monitors performance

against targets and approves

remuneration accordingly.

Executive

Risk Committee

Monitors effectiveness of the Group’s internal control policies

and procedures for the identification, assessment and

reporting of sustainability risks.

Land Committee

Considers sustainability risks such as flood risk and biodiversity

before approving land acquisitions.

SHE Operations Committee

Develops SHE strategy for the Group, including implementation

of waste and energy efficiency strategy.

Management working groups

Biodiversity Net Gain

Considers risks, issues, planning

milestones and key decisions for

the Group’s biodiversity strategy.

Sustainable Operations

Reviews operational priorities within

the Building Sustainably Framework.

Sustainable Homes

Considers strategic priorities for homes

and developments within the Building

Sustainably Framework.

ESG Data and Controls

Develops ESG data strategy and approach

for the Group, including data reporting,

assurance, implementation and compliance

against policies and procedures.

Stakeholder Engagement

Internal and external engagement on

sustainability issues that matter most

to our stakeholders.

Human Rights

Provides ongoing oversight of the human

rights strategy.

Waste

Reviews operational waste performance

and assesses adoption of new initiatives

and best practice.

Our governance framework

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Sustainability-related risks and opportunities continued

Climate risk management

Climate‑related risks are embedded into the Group’s broader

risk management process.

Regional and functional risks are identified through bottom‑up

assessments, while Group‑level risks are identified through

top‑down assessments (see page 66). The resulting risk

registers are reviewed and supplemented by findings from

our climate scenario analysis (see page 77).

Climate‑related risks and opportunities are summarised on

page 78 and categorised into physical risks from new weather

patterns, transition risks associated with moving towards a

low‑carbon economy, and opportunities arising from

sustainable development.

Climate risk assessment criteria

Each risk is assessed using our risk assessment process

outlined on pages 66 and 67. We evaluate the estimated profit

impact of a risk or opportunity within the relevant financial year

and climate scenario, with long‑term obligations recognised

over their respective periods. A “substantial” financial impact

is defined as one exceeding £50m, aligning with our broader

business risk criteria (see page 68).

Our risk assessment spans short, medium and long‑term

timeframes, aligns with our emissions reduction targets, and

captures both transitional and physical risks. The short‑term

focus pertains to our owned land bank, while the medium to

long‑term focus addresses strategic land options and

promotion agreements.

Expanding our focus: nature-related

risk assessment

In parallel with our climate scenario analysis, we have

begun assessing nature‑related risks and opportunities

in line with the Taskforce on Nature‑related Financial

Disclosures (TNFD).

Using the Locate, Evaluate, Assess, Prepare (LEAP)

approach, we have initiated the identification of

Dependencies, Impacts, Risks and Opportunities (DIROs)

including mapping of direct impacts and upstream supply

chain hotspots. We have also undertaken deeper analysis

for key materials including bricks, blocks and plasterboard.

This work marks the start of our journey towards a

more holistic understanding of environmental risks

– complementing our climate analysis and supporting

long‑term resilience across our value chain.

• Short-term scope 1 and 2 science-based targets (SBT).

• Implementation of the Future Homes Standard.

• Medium-term scope 3 science-based targets (SBT).

• Zero carbon homes in use for regulated energy.

• Our pathway to net zero is set out on page 11.

• Paris Agreement and UK target for net zero by 2050.

Short term (1–3 years)

Medium term (4–10 years)

Long term (11–25 years)

Oughtibridge Valley, David Wilson Homes.

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Sustainability-related risks and opportunities continued

We assessed climate‑related risks using high‑resolution local

climate data and IPCC‑aligned models. This analysis covered a

sample of land and supply chain sites, evaluating physical and

transition risks across short, medium and long‑term horizons.

We reviewed the Group’s climate risks and opportunities in light

of the Group’s acquisition of Redrow, and the scenario analysis

has been updated to reflect the combined land bank and newly

identified key risks.

A summary of climate risks and opportunities is provided on

pages 78 to 80.

See our full Climate‑related Risks and Opportunities Analysis on our

website for further information on these scenarios, our scenario

analysis methodology and the impact on our business model:

www barrattredrow.co.uk/sustainability

Strategic impact

Our analysis affirms that our business model remains profitable

under the current climate scenarios and timeframes, even

without additional mitigating actions and despite associated

costs. We will continue to monitor this in ongoing assessments.

A sustainable transition, despite its costs, offers opportunities.

A disorderly transition, though disruptive, would still see us

maintain profitability. The adaptation scenario has the least

financial impact, which is manageable thanks to proactive

measures we’ve already implemented, such as design changes

and flood risk assessments.

To thrive in all three climate scenarios, we have highlighted key

areas to progress:

• reducing embodied carbon in our supply chain (see page 11)

for our transition pathway and how we are reducing emissions

across our value chain to achieve net zero);

• updating designs to meet stringent regulations; and

• leveraging our sustainability expertise to provide

energy‑efficient, affordable homes and promote

green mortgages.

For more on our metrics and targets to minimise our exposure to climate‑

related risks and maximise the opportunities this offers, see page 81

Impact on the Financial Statements

We integrate material climate‑related impacts into our three‑year

forecasting cycle, including site‑specific considerations that

influence site profitability. In our FY25 Financial Statements,

we considered the financial impact of climate change on the

following areas:

Going concern and long-term viability

Climate‑related risks, including the Future Homes Standard

and carbon pricing, are reflected in downside scenarios for our

going concern (see note 1, page 168) and long‑term viability

assessments (page 83). These risks are not expected to affect

our ability to meet obligations over the review period.

Land acquisitions

Flood risk is factored into land acquisition decisions and

viability assessments. At year end, no sites required

impairment due to flood risk under modelled climate

scenarios (see note 16, page 191).

Site profitability

Costs related to regulatory compliance (e.g. the Future Homes

Standard) and design changes for overheating are included in

our estimated costs to complete and reflected in inventory

valuations (see note 3, page 170).

Goodwill and intangible assets

We reassess the carrying value of goodwill and indefinite life

intangibles annually, using discounted cash flow projections

(see note 11, page 183). These incorporate short to medium‑term

climate impacts, extended into perpetuity.

Sustainable transition

Orderly transition to a low‑carbon economy, aligning with

regulatory efforts to limit global temperature rise to the Paris

Agreement goal of 1.5°C by 2100.

Disorderly transition

Minimal additional regulation until 2030, after which stringent

policies are hastily implemented to limit warming to 2°C by 2100.

Adaptation

Global policy shifts away from prevention towards adapting to a

new climate, leading to a global temperature rise of 4°C by 2100.

1.5°C

2.0°C

4.0°C

Climate scenario analysis

Given the profound impact climate change could

have on our operations, and on our external

stakeholders such as suppliers and customers,

we have tested the resilience of the business

in the face of various climate scenarios:

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Transition risks

Gross risk score

(sustainable

transition)

Estimated maximum

unmitigated

financial impact

(£m) Our response2028 2035 2050

Housing regulations

Changes in building regulations, for example the Future

Homes Standard, and varying local planning conditions,

lead to unaccounted costs and design changes.

Increased build

cost of sales by

up to £30m

We engage extensively with Government and industry bodies to shape and anticipate regulatory

change. This includes ministerial meetings, taking a leading role in the Future Homes Hub, and

participation in cross‑sector forums. We are committed to zero carbon homes, using innovative

technologies tested through projects like eHome2. Our proactive involvement helps us prepare

for evolving standards like the Future Homes Standard and local planning requirements.

Carbon pricing

Increasing materials and subcontractor costs due

to Government legislation to reduce emissions, and

subsequent increased demand for low‑carbon

materials, for example carbon taxation on suppliers.

Increased build

cost of sales by

up to £70m

Most carbon pricing exposure lies in our upstream supply chain. We’re improving scope 3 data accuracy

through supplier engagement, and the adoption of a quantity‑based calculation methodology.

We assess supplier performance and low‑carbon material options to inform our transition plan and

support emissions reductions aligned with our targets.

New technologies

Failure to keep up with regulatory or technological

advancements in construction, due to high

capital investment, upskilling requirements or

material unavailability.

Increased build

cost of sales by

up to £30m

We support a just transition by helping address the UK’s green skills gap. Our CEO chairs the Future

Homes Hub and is a member of the Government’s Net Zero Council. We also engage through Climate

Change Committee roundtables and parliamentary groups, sharing insights on workforce and supply

chain readiness for zero carbon homes.

Planning requirements

Increased planning or site infrastructure

requirements and varying interpretations of

Government policy by local authorities result in

reduced viability of land in certain regions.

Increased build

cost of sales by

up to £60m

We proactively manage evolving planning requirements through early engagement, expert input and

strategic land assessments. Our Land and Development Leadership Group reviews all acquisitions for

compliance and sustainability, integrating green spaces and renewable energy opportunities. Tools like

our sustainability toolkit and landowner engagement materials help ensure planning consents are

achievable and aligned with our sustainability goals.

Grid capacity

Increased requirement for solar panels, air source

heat pumps and other similar technology may

result in increased pressure on the grid requiring

unexpected cost contributions to increase capacity.

Increased build

cost of sales by

up to £15m

We engage with energy providers and local authorities to assess future grid capacity needs linked to

low‑carbon technologies.

Early stage energy infrastructure assessments are prioritised in our development planning to reduce

the risk of delays or unexpected cost contributions.

Climate litigation

Inaccurate or misleading sustainability claims may lead

to accusations of greenwashing and non‑compliance

with advertising laws, resulting in climate litigation.

Fines of up to

10% of revenue

We’ve strengthened internal controls to ensure sustainability claims align with the Green Claims Code.

A structured review process, internal audits and targeted training support compliance. We also monitor

evolving guidance to mitigate legal and reputational risks.

Climate-related risks and opportunities

The maximum unmitigated financial impacts per annum of the material

climate‑related risks and opportunities and how we are responding to

them are presented in the tables below.

For transition risks and opportunities, the financial impacts relate

to our Paris Agreement‑aligned sustainable transition scenario.

Physical risk impacts are based on our adaptation scenario.

Please see our full Climate‑related Risks and Opportunities

Analysis for the risk and opportunities assessment under each scenario:

www.barrattredrow.co.uk/sustainability

Sustainability-related risks and opportunities continued

Gross risk score

Low HighKey

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Physical risks

Gross risk score

(adaptation)

Estimated maximum

unmitigated

financial impact

(£m) Our response2028 2035 2050

Overheating in homes

Changes to house specifications required to

mitigate long‑term shift in climate patterns, such

as prolonged increased temperatures in summer.

Increased build

cost of sales by

up to £10m

We lead sector research on overheating through Energy House 2.0 and academic partnerships.

Overheating is a key consideration for new product development, with ongoing supplier

engagement, R&D and testing to develop innovative overheating solutions for volume housing

to inform future designs.

Flood mitigation

New site infrastructure required to mitigate

extreme weather events, for example flood barriers

and balancing ponds.

Increased build

cost of sales by

up to £5m

Our Land and Development Leadership Group reviews all land purchases for flood risk, and

our developments typically exceed standard flood resilience requirements. Our engineering

solutions include raised site levels, stormwater balancing and flood alleviation channels.

Ongoing water risk assessments improve our understanding of flood risks, which informs our

future water resilience strategy.

Weather disruption

Disruption to build activity due to increased

frequency of severe weather, including

overheating, extreme cold, strong wind or heavy

precipitation or damage to construction sites and

infrastructure from extreme weather events.

Increased build

cost of sales and

decreased

revenues by up

to £1m

We mitigate weather‑related disruption through robust SHE protocols, real‑time weather monitoring

and adaptive scheduling. Timber frame construction reduces on‑site build time and exposure to

adverse conditions. In FY25, 69% of projects included SUDs or flood protection, and 4,544 homes

used timber frame to enhance resilience and build efficiency.

Supply availability

Reduced supply availability (such as timber) due to

long‑term shift in climate patterns and extreme

weather events (such as wildfires or flooding)

where we source supply.

Increased build

cost of sales by

up to £5m

We mitigate supply risks through certified sourcing, supplier audits and long‑term agreements.

All timber is required to be FSC/PEFC certified, aligned with our Timber Sourcing Policy. We assess

timber via an annual timber survey and support capability building through the Supply Chain

Sustainability School.

Water scarcity

Increased water scarcity in some regions, hindering

the ability to obtain land and planning permission

for new developments.

Increased build

cost of sales by

up to £10m

We assess water scarcity risks through scenario analysis, land acquisition reviews and value chain

water footprinting. Our homes achieve 105 litres per person per day, exceeding water efficiency

standards. Our Group Head of Infrastructure and Utilities chairs the HBF Water Matters Group,

collaborating to enhance resilience and reduce freshwater dependency.

Residential land availability

Delays to the securing of planning permission and/

or exercise of strategic option sites, due to

climate‑related factors such as flooding, which can

lead to cost write‑offs or inflated acquisition costs.

Increased build

cost of sales by

up to £5m

We prioritise climate‑resilient sites and environmental issues – including flood risk, water stress,

peaty soils, and opportunities for green infrastructure and on‑site renewables – are considered

within land viability assessments, which are reviewed by the Land Development Leadership Group.

Sustainability-related risks and opportunities continued

Gross risk score

Low HighKey

Climate-related risks and opportunities continued

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Opportunities

Gross opportunity

score

(sustainable

transition)

Estimated maximum

unmitigated

financial impact

(£m) Our response2025 2030 2050

Demand for and affordability of green homes

Eligibility for green mortgages and cost savings

from energy efficiency allow for a premium charge

on new homes.

Increased

revenues by up

to £205m

We collaborate with lenders to develop green mortgage products that reflect the energy efficiency

of our homes. Through industry forums and customer research, we promote affordability and access

to sustainable homes. Our homes’ lower running costs and environmental benefits continue to drive

strong consumer interest and lender engagement.

Green developments

Increased land buying and local partnership

opportunities through strong low‑carbon

credentials and offer of low‑carbon developments,

for instance partnering with councils to deliver

low‑carbon homes.

Decreased land

cost of sales by

up to £65m

We leverage our sustainability credentials to secure land and planning consents, supported by land

bidding toolkits and guidance for our teams. Strong landowner relationships and our track record in

low‑carbon development enhance our position as a partner of choice, enabling us to deliver sustainable,

energy‑efficient homes in desirable locations.

Cost of capital

Our sustainability performance opens green

financing opportunities, providing access to

lower interest rates.

Decreased

finance costs by

less than £1m

Within our Building Sustainably Framework, we commit to exploring new green finance products.

In FY23 we secured a Sustainability‑Linked Loan against the Group’s Revolving Credit Facility,

aligned with our Sustainable Financing Framework. This structure supports our transition strategy

while reinforcing access to capital on favourable terms.

See page 58 for detail on our engagement with banks and lenders

Sustainable practices

Adopting low‑emission materials and processes,

ahead of regulation, provides a cost advantage and

improves reputation.

Decreased build

cost of sales by

up to £10m

We invest in innovation, trials and partnerships to deliver zero carbon homes by 2030. Our roadmap

includes research collaborations, prototype homes such as eHome2 and customer insights.

Surveys show strong demand for energy‑efficient homes, reinforcing our leadership in sustainable

housebuilding and supporting long‑term brand and reputational value.

Sustainability-related risks and opportunities continued

Climate-related risks and opportunities continued

Gross opportunity score

Low HighKey

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Metric and target status

Risk/

opportunity Description

Target

year

Baseline

year Performance

Progress narrative

Scope 1 and 2 (market-

based) emissions (tCO

Carbon

pricing

We are in the process of developing a new,

unified net zero target – see page 11 for

more detail.

N/A 2021

Scope 1 and 2 emissions fell 14% this year, due to lower output,

reduced fuel use, and 39% diesel substitution with HVO.

Combined, we have reduced scope 1 and scope 2 emissions

by 51% since 2021.

See page 11 for our transition planTarget under development

Scope 3 greenhouse gas

intensity (tCO

e/100m

)

Carbon

pricing

We monitor carbon pricing exposure via indirect

emissions, using them as indicators of potential

future regulatory cost increases. We are in the

process of developing a new, unified net zero

target – see page 11 for more detail.

N/A 2021

Scope 3 emissions intensity dropped 20% this year, mainly from

reduced overheads and improved energy efficiency of sold

homes. In FY25, we started to adopt a quantity‑based method

to better capture supplier and material impacts, which we will

continue to develop in coming years.

See page 11 for our transition planTarget under development

Average Dwelling Emissions

Rate (DER) for completed

properties (kgCO

/yr)

Housing

regulations;

demand

for and

affordability of

green homes

The Future Homes Standard is expected to

mandate a 75–80% reduction in DER compared

to 2013 building standards for new builds.

2025 2022 Average DER improved by 21%, driven by the construction and

sale of more energy‑efficient homes, compliant with Part L 2021

building standards.

Achieved

Home completions in year

achieving an A or B EPC

rating (%)

Demand

for and

affordability of

green homes

New Barratt homes can unlock annual energy

savings of up to £979 compared to older homes.

Maintaining top energy ratings ensures we

capitalise on opportunities for energy‑efficient

new homes.

N/A 2018 Over 99% of our homes maintained an A or B rating, providing

significant energy savings for customers.

Achieved

Use of offsite-based

products and systems in

homes constructed (%)

New

technologies;

weather

disruption;

sustainable

practices

Offsite production reduces build time and

increases resilience to severe weather. In FY22,

we accelerated our 2025 target to apply offsite‑

based products and systems to 30% of homes.

2025 2018 We delivered 5,165 plots (31%) using MMC across the Group,

exceeding our FY25 target of 30%. All plots were on Barratt sites,

where standalone performance reached 40%.

Achieved

FY24 25,749

22,257

45,603

FY25

FY24 155.42

124.07

131.03

FY25

FY24

12.91

15.78

12.43

15.89

FY25

96.8%

FY24

99.0%

99.8%

99.1%FY25

TP Target performance BP Baseline performance

FY24

30%

33%

31%

19%

FY25

Climate-related metrics and targets

Our key focus areas are reducing emissions from our homes,

improving energy efficiency and enhancing climate resilience

for our customers. Our transition plan sets out additional metrics

and targets that underpin our broader emissions reduction goals

and transition risk management. These are monitored by our

Sustainable Operations Group.

Our transition plan is summarised on page 11, with further detail

on our website: www.barrattredrow.co.uk/sustainability/

building‑a‑net‑zero‑future

Industry‑specific metrics are in our SASB disclosure on our website:

www.barrattredrow.co.uk/sustainability

Cross‑industry metrics are in our five‑year record on pages 232

and 233

For our climate risk exposures, see our climate risk register

on pages 78 to 80

Our primary climate exposures relate to transition risks –

particularly evolving building regulations and carbon pricing.

Physical risks are limited, as our land appraisal process already

accounts for hazards such as flooding.

Rather than applying a generalised percentage to physical risk

exposure, we track risk‑specific metrics, detailed in the table below.

1 In accordance with our restatement policy, and consistent with SECR, GHG Protocol and SBTi guidance, we have restated previously reported GHG emissions to reflect material changes in our organisational boundary and methodology. Please see pages 234 to 236 for more details. Scope 1 and 2 emissions for FY25 are

presented as if Redrow were part of the Group from the first day of the reporting period.

For non‑GHG metrics, Redrow is included from the date of acquisition, 22 August 2025.

2 2021 is the earliest date of available data.

81Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernance

Strategic Report

Sustainability-related risks and opportunities continued

Climate-related metrics and targets continued

Greenhouse gas (GHG) emissions

In line with the GHG Protocol and our rebaselining policy, we have restated our emissions following the acquisition of Redrow plc. The table below presents our combined GHG emissions, with performance

commentary provided on page 75 and details of the restatement impacts on pages 234 to 236.

Read more on our sustainability performance on our website: www.barrattredrow.co.uk/sustainability/esg‑data‑and‑performance

See our website for our data reporting methodologies and assurance statements: www.barrattredrow.co.uk/sustainability/esg‑data‑and‑performance

2025

2024

Restated

2023

Restated

2022

Restated

2021

Restated

Scope 1 tCO

e 20,870 * 24,094 33,596 33,033 38,425

Scope 2 Market‑based tCO

e 1,387 * 1,655 2,082 2,146 7,178

Location‑based tCO

e 10,279 * 9,308 8,244 7,435 9,236

Total gross scope 1 and 2 emissions Market‑based tCO

e 22,257 25,749 35,678 35,179 45,603

Location‑based tCO

e 31,149 33,402 41,840 40,468 47,661

Scope 1 and 2 energy consumption MWh 161,994 * 166,964 193,243 183,162 206,262

Carbon intensity (scope 1 and 2 emissions per 100m

of legally completed build area) Market‑based tCO

e/100m

1.35 * 1.46 1.69 1.58 2.06

Location‑based tCO

e/100m

1.89 * 1.90 1.98 1.82 2.16

Scope 3 category 1: purchased goods and services tCO

e 1,012,987 1,338,248 1,225,783 1,305,862 1,013,503

Scope 3 category 11: use of sold products tCO

e 986,364 * 1,343,060 1,636,704 1,725,244 1,819,752

Other scope 3 emissions tCO

e 49,799 52,415 64,282 62,929 62,828

Total gross scope 3 emissions tCO

2,049,150 2,733,723 2,926,769 3,094,035 2,896,083

Scope 3 carbon intensity (scope 3 emissions per 100m

of legally completed build area) tCO

e/100m

124.07 155.42 138.79 138.78 131.03

Total gross scope 1, 2 and 3 emissions Market‑based tCO

e 2,071,407 2,759,472 2,962,447 3,129,214 2,941,686

Location‑based tCO

e 2,080,299 2,767,125 2,968,609 3,134,503 2,943,744

Outside of scope emissions tCO

e 5,564 4,814 3,749 1,761 929

Our scopes 1, 2 and 3 GHG emissions have been measured in accordance with

the operational control method of the GHG Protocol. All our scopes 1 and 2 GHG

emissions arise in the UK. Emission factors come from DESNZ ‘UK Government

Conversion Factors for Company Reporting 2024’.

Scope 1 and 2 energy consumption comprises scope 1 energy consumption

of 112,269 MWh* and scope 2 energy consumption of 49,725 MWh*.

Other scope 3 emissions is comprised of category 2: capital goods; category

3: fuel & energy related activities (6,585 tCO

e)*; category 4: upstream

transportation & distribution; category 6: business travel (5,964 tCO

e)*; category

7: employee commuting; and category 12: end of life treatment of sold products.

Deloitte have provided independent third‑party limited assurance in accordance

with the International Standard for Assurance Engagements 3000 (ISAE 3000)

and Assurance Engagements on Greenhouse Gas Statements (ISAE 3410)

issued by the International Auditing and Assurance Standards Board (IAASB)

over selected metrics in the table and footnotes above identified with an *.

For Deloitte’s full unqualified assurance opinion, which includes details of the

selected metrics assured, our full Carbon Reporting Methodology Statement

and a full breakdown of scope 3 GHG emissions, see our website

www.barrattredrow.co.uk/sustainability/esg‑data‑and‑performance

82 Barratt Redrow plc Annual Report and Accounts 2025

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Viability Statement

Going concern

In determining the appropriate basis of preparation of the

Financial Statements, the Directors are required to consider

whether the Group can continue in operational existence for

the foreseeable future.

Accordingly, after making enquiries and having considered

forecasts and appropriate sensitivities, the Directors have

formed a judgement, at the time of approving the Financial

Statements, that there is reasonable expectation that the

Group has adequate resources to continue to operate for the

foreseeable future, being at least 12 months from the date of

the Financial Statements. Therefore the Directors continue

to adopt the going concern basis in the preparation of the

Financial Statements. More information on the going concern

judgement can be found in note 1 to the Financial Statements.

Viability Statement

In accordance with the Code, the Directors have assessed the

prospects and financial viability of the Group over the longer term,

considering both its current position and circumstances, and the

potential impact of its principal risks. The Group’s business model

is presented on pages 20 and 21 and its future prospects are

primarily monitored through the risk management processes

detailed on page 66.

Assessment period

For the long‑term viability statement, the Directors consider

that a three‑year review period is appropriate. This period is

aligned to our operating framework of a 3.5 year owned land bank,

and the time frame over which the majority of our risks have the

potential to manifest. Additionally, the Group’s bottom‑up

planning and forecasting cycle covers three years.

As environmental and climate change risks become more

significant, the potential for moving towards a five‑year review

period will be considered for future viability assessments.

1. Assessment of viability

2. Assessment of prospects

3. Long-term viability statement

Business planning

The Group’s business

plan is based on site‑level

forecasts prepared by local

management, considering

current and expected future

business conditions at a local

and national level, including

those impacting on expected

profitability, cash flows,

and funding requirements.

Adjustments are made by

Group management to reflect

strategic planning.

Forecast outlook

The Group’s business plan

reflects the anticipated

effects of the current

economic environment.

The Group is forecast to

remain profitable and in

compliance with financial

covenants throughout the

forecast period.

Principal risks

The Group continues to be

subject to its principal risks,

which are detailed on pages 68

to 73. While the base forecast

reflects the extent to which

management consider these

risks likely to manifest, it is

possible that the impact will

be more severe.

Considerations

There remain significant

macroeconomic uncertainties,

most notably over UK economic

growth, consumer confidence

and housing affordability. Supply

chain pressures and government

regulation, including in response

to climate change, may also

result in increased costs.

Remediation costs on legacy

properties may be higher than

expected and synergies from

the Redrow acquisition may take

longer than planned to achieve.

Scenario Testing & Modelling

To test resilience to adverse outcomes, the forecast performance

of the Group over the next three years was stress‑tested against

scenarios based on principal risks and downside forecasts for the

UK economy and housing market. This included a reasonable worst‑

case scenario in which the principal risks manifest to a severe but

plausible level. The risks that were considered relevant are listed in

the table on page 84. In the worst‑case scenario, the impacts were

applied in aggregate.

In addition, a reverse stress test was performed to determine the

market conditions in which the Group would cease to be able to

operate under its current facilities within the three‑year review period.

Under these modelled adverse scenarios, it was assumed that the

Group would undertake mitigating actions, primarily a reduction in

investment in land and work‑in‑progress in line with the fall in expected

sales, that would not compromise its ability to grow over the long term.

Outcome

Under the modelled scenarios, the Group can operate within

existing facilities, meet its obligations, and remain compliant with

financial covenants. The Group would also maintain its £150m

headroom policy throughout the viability period. The likelihood of

the change in market conditions required to result in a covenant

breach is considered remote. Further mitigations are available to

the Group should this situation arise.

In addition to the ability of the Group to meet its obligations over

a three‑year period, the Directors have considered its prospects

over the longer term.

Medium term

Macroeconomic challenges, including uncertainty over UK

economic growth and housing affordability, may impact the

housebuilding sector and planning risk continues to restrict

development opportunities for the medium term. However, the

Directors consider that the Group is uniquely positioned to drive

sustainable growth through its differentiated brands and continue

its targeted land buying through its diverse land channels.

Long term

Climate change poses a growing long‑term risk to the Group.

In line with the Task Force on Climate‑related Financial Disclosures,

the Board has reviewed the risks and opportunities out to 2050,

including scenario modelling to test the Group’s resilience. The

findings and actions to help the business adapt and succeed in

a changing environment are detailed on pages 74 to 82.

83Barratt Redrow plc Annual Report and Accounts 2025

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Strategic Report

Viability Statement continued

Principal risks

The Group’s principal risks are detailed on pages 68 to 73. The risks that were considered relevant to the viability assessment, and the

impacts modelled in scenario testing, are detailed below. Whilst land and planning risk is considered high, its effects are more likely to

materialise beyond the assessment period.

Principal risk Impact modelled Group resilience to risk impact modelled Mitigating actions to risk impact modelled

A, Political and

economic

environment

A decline in demand, leading to a

5% reduction in forecast private

average selling prices in FY26

and 10% lower than forecast

thereafter, and a 10% reduction

to forecast sales volumes in FY26

and 15% thereafter.

Geographic and product diversity allows

for flexibility in response to market

conditions whilst the diverse land bank

allows for selective development of

future sites.

In response to lower volumes, a reduction

in uncommitted land investment, lower

production and reduction in overhead base.

Increased focus on affordable housing

contracts and bulk sales to reduce reliance

on private sales.

Increased levels of sales incentives

to maintain volumes in challenging

economic environments.

C Government

regulation

Increased regulations on

housebuilding, particularly in

response to climate change.

Increases in carbon pricing from

FY26 at a level consistent with the

action required to limit

the global

temperature rise to 1.5°C.

Continuous review of the operational

and financial impact of building

regulations, including the Future

Homes Standard, to adapt and plan

for compliance.

For further details regarding the Group’s

response to climate‑related risks, see

pages 74 to 82.

An update on progress in developing a

transition plan to net zero for the newly

combined Group is shown on page 11.

E High-rise

and complex

structures

A £100m increase in the legacy

property provisions in FY26.

Strong balance sheet and net

cash position along with good cost

control through well‑monitored

build programmes.

The Group continues to work as quickly

as possible to assess its legacy property

portfolio and work with all stakeholders to

design appropriate remediation strategies.

For further details regarding the legacy

property provision, see note 19 to the

Financial Statements.

F Supply chain

resilience

A further increase in material

and labour costs of 2% arising

from shortfalls in supply and

inflationary pressures.

Key supplier audit programme,

centralised procurement and long‑

standing relationships ensure

continuity of supply. Robust cost

control through well monitored build

programmes.

Development of multiple supplier

relationships for labour and material

supplies, with contingency plans should

any key supplier fail.

J Redrow

integration

Expected synergies from the

integration of Redrow are realised

more slowly than forecast,

leading to operating expenses

being £10m than forecast in FY26.

A dedicated Integration Management

Office was established to oversee the

integration of Redrow.

As the integration of the two

businesses comes to a close the

Integration Management Office will

also be closed down.

Expected synergies will be tracked,

monitored and reported to the Integration

Steering Committee.

Conclusion

Based on this review, the Directors confirm that they have a

reasonable expectation that the Group will continue in operation

and meet its liabilities as they fall due over the three‑year period

of their assessment.

Beyond this period, as set out in this Strategic Report, the

Group’s key differentiators make it uniquely positioned to

respond to challenges in the medium and long term to enable

it to pursue its strategic priorities and achieve sustainable

growth to deliver 22,000 total home completions per annum

in the medium term.

Approval of the Strategic Report

The Strategic Report on pages 1 to 84 was approved by the

Board and signed on its behalf by:

David Thomas

Chief Executive

16 September 2025

84 Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernance

Strategic Report

Governance

86 Board of Directors and Company Secretary

89 Executive Committee

90 Corporate Governance Report

101 Nomination and Governance Committee Report

111 Audit and Risk Committee Report

122 Safety, Health and Environment Committee Report

124 Remuneration Report

149 Other statutory disclosures

151 Statement of Directors’ responsibilities

Image: Redrow Homes at Maes Yr Haf.

85Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernance

Strategic Report

A WN NR RS S

Jock Lennox

Senior Independent Director

Nicky Dulieu

Non-Executive Director

Appointed

Jock joined the Board as a Non-

Executive Director on 1 July 2016 and

became Senior Independent Director

on 4 May 2021. Jock will step down

as a Non-Executive Director on the

conclusion of the 2025 AGM.

Skills and qualifications

Jock, a Chartered Accountant, brings

significant business and finance

experience to the Board. He was

Chair of Hill and Smith Holdings plc

and Enquest plc. Jock was previously

Senior Independent Director of Oxford

Instruments plc and Non-Executive

Director and Chairman of the Audit

Committees of Dixons Carphone plc

and A&J Mucklow Group plc. He was

also the Chair of the Audit Committee

Chairs’ Independent Forum. Jock

spent 30 years with Ernst & Young LLP,

holding several leadership positions in

the UK and globally, including 20 years

as a partner.

External appointments

Jock is Chair of Johnson Service Group

plc and of Clarion Housing Group.

Appointed

Nicky joined the Board as a Non-

Executive Director on 4 October 2024

having previously been a Non-Executive

Director on the Redrow plc board. Nicky

became the Chair of the Workforce

Forum from 5 September 2025 and will

take on the role of Senior Independent

Director when Jock Lennox steps down

from the Board on the conclusion of the

2025 AGM.

Skills and qualifications

Nicky has strong Non-Executive

Director experience and has extensive

knowledge of retailing and customer

service. She is a Fellow member of the

Association of Chartered Certified

Accountants having trained as an

accountant with Marks & Spencer

Group plc and held various strategic

and financial roles within the company

over a 23-year period. Following this,

she was appointed to the Board of

Hobbs Limited and became Chief

Executive from 2008 until 2014. Nicky

joined the Redrow Board in November

2019 and held the roles of Senior

Independent Director and Chair of the

remuneration Committee.

External appointments

Nicky is currently a Senior

Independent Director and Chair

of the Remuneration Committee

of The Unite Group plc and a

Non-Executive Director and Chair

of the Remuneration Committee

of WH Smith plc.

Board of Directors and Company Secretary

As at the date of this report

Committee membership

Audit and Risk Committee

Nomination and Governance

Committee

Remuneration Committee

Disclosure Committees

Safety, Health and Environment

Committee

Sustainability Committee

Workforce Forum

Chair of Committee

N R D D

Caroline Silver

Chair

David Thomas

Chief Executive

Appointed

Caroline joined the Board as a

Non-Executive Director on 1 June 2023

and became Chair of the Company

on 30 June 2023.

Skills and qualifications

Caroline brings a wealth of knowledge

and experience to the Board across

a number of commercial, financial,

investment banking, governance

and board leadership roles. Caroline

was Chair of PZ Cussons PLC until

31 March 2023 and was Non-Executive

Director of Meggitt PLC and M&G PLC.

She served on the boards of BUPA and

the London Ambulance Service NHS

Trust and as a trustee of the Victoria

and Albert Museum.

She spent over 30 years in the

investment banking sector, holding

senior corporate finance and M&A

positions at Morgan Stanley and

Merrill Lynch, and until 2020, was a

partner and Managing Director at

Moelis & Company. Caroline started

her career as a Chartered Accountant

at PwC.

External appointments

Caroline is currently a Non-

Executive Director at Tesco PLC

and Intercontinental Exchange,

Inc. She is also a member of the

International Advisory Board of

Adobe Inc, a member of the V&A

Foundation, a Senior Adviser to

Moelis & Company and Chair of the

Audit Committee of the National Film

and Television School.

Appointed

David joined the Board as an Executive

Director and Group Finance Director

on 13 July 2009 and was appointed

Chief Executive on 1 July 2015.

Skills and qualifications

David brings significant leadership

and finance experience acquired over

several years in senior positions and

is an Associate of the Institute of

Chartered Accountants in England

and Wales. He was previously Group

Finance Director and Deputy Chief

Executive of The GAME Group plc and

Group Finance Director at Millennium

and Copthorne Hotels plc. He has

also held senior financial roles

with House of Fraser plc and Forte

plc. David is also a former Trustee

of the Barratt Developments PLC

Charitable Foundation.

External appointments

David is a Non-Executive Director of

the HBF, Chair of the Future Homes

Hub, a member of the Net Zero Council

and a Trustee at CentrePoint, the UK’s

leading youth homelessness charity.

Mike Scott

Chief Financial Officer

Appointed

Mike joined the Board as an Executive

Director and Chief Financial Officer on

6 December 2021.

Skills and qualifications

Mike has extensive experience in

the housebuilding sector and is a

Fellow of the Institute of Chartered

Accountants in England and Wales.

He was previously Chief Financial

Officer of Countryside Properties

PLC, having joined as Group Financial

Controller in 2014. Prior to this, Mike

held a number of senior finance roles

at J. Sainsbury plc, including latterly as

Head of Investor Relations, and spent

11 years at PwC.

External appointments

Mike holds no external appointments.

86 Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernance

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Board of Directors and Company Secretary continued

As at the date of this report

A N SR S HN NR RSA

Katie Bickerstaffe

Non-Executive Director

Appointed

Katie joined the Board as a Non-

Executive Director on 1 March 2021 and

became Chair of the Remuneration

Committee on 4 May 2021.

Skills and qualifications

Katie brings extensive business

transformation experience together

with considerable digital expertise.

She has held numerous leadership

positions, including Co-CEO of Marks

and Spencer Group plc and Executive

Chair of SSE Energy Services, where

she led its separation from SSE plc.

Katie was also a Non-Executive

Director of Marks and Spencer Group

PLC and SSE plc, and chaired the

latter’s Remuneration Committee.

Prior to this, she worked in a variety

of general management roles.

External appointments

Katie is a Non-Executive Director

and member of the Remuneration

Committee of Aberdeen Group plc, a

Non-Executive Director and member

of the Corporate Responsibility

and Sustainability Committee and

the Nomination and Governance

Committee of J Sainsbury plc, and

the Senior Independent Director of

Diploma plc. She is also the Senior

Independent Director of the England

and Wales Cricket Board, and a

Non-Executive Director of the Royal

Marsden NHS Foundation Trust.

Jasi Halai

Non-Executive Director

Appointed

Jasi joined the Board on 1 January 2023.

She will become Chair of the Audit and

Risk Committee when Jock Lennox

steps down from the Board on the

conclusion of the 2025 AGM.

Skills and qualifications

Jasi brings considerable financial

and business skills and experience

which complement those of other

Board members. She is a Chartered

Management Accountant and holds

an MSc in investment management

from the CASS Business School.

Before being appointed to the Board

of 3i Group plc, she held a variety of

posts there, most recently as Group

Financial Controller. She was also a

Non-Executive Director and Chair of

the Audit Committee at Porvair Plc

until January 2023.

External appointments

Jasi Halai is Chief Operating Officer of

3i Group plc. She was appointed to the

Board in May 2022 and is a member of

the Executive Committee, Investment

Committee, Group Risk Committee

and Sustainability Committee. Jasi

is also a member of the Supervisory

Board of Peer Holding I B.V., the Dutch

holding company for the Group’s

investment in Action.

A A N R H

Geeta Nanda

Non-Executive Director

Nigel Webb

Non-Executive Director

Appointed

Geeta joined the Board as a

Non-Executive Director on

4 October 2024 having previously

been a Non-Executive Director

on the Redrow plc board. She was

appointed Chair of the Sustainability

Committee on 1 August 2025.

Skills and qualifications

Geeta has been a long-serving

chief executive, with over 35 years’

experience in the property sector,

including housing associations,

the private rental sector and the

associated policy development arena.

Geeta is the former Chief Executive

Officer of Metropolitan Thames

Valley Housing Association, one of

the largest housing associations in

the country. She was previously a

Non-Executive Director of McCarthy

Stone plc, a developer and manager

of retirement communities, and is

also the former Chair of G15, the

group representing London’s largest

housing associations.

External appointments

Geeta currently Chairs PRS REIT plc

and Lloyds Living Pathways. She is

also a Non-Executive Director of

Crisis, the homelessness charity,

and is a member of the Homewards

National Advisory Panel, part of the

Royal Foundations programme to

end homelessness. Geeta obtained

an OBE in 2012 for her services to

social housing.

Appointed

Nigel joined the Board as a Non-

Executive Director on 1 October 2023

and was appointed Chair of the Safety,

Health and Environmental Committee

on 1 August 2025.

Skills and qualifications

Nigel brings 40 years of experience in

property investment and development

to the Board. Up until June 2023, he

was the Head of Development and a

member of the Executive Committee

at British Land Company plc, where he

had worked since 1992. His

responsibilities included leadership of

British Land’s property development

activities throughout the UK and

across all sectors, primarily office,

retail, residential and urban logistics.

He was also responsible for delivery of

the group’s industry-leading

Environment, Social and Governance

(ESG) strategy, including developing

all new buildings to net zero

embodied carbon.

External appointments

Nigel is currently a Non-Executive

Director of Precede Capital Partners,

non-executive Board Adviser to Sir

Robert McAlpine and an adviser to

Realty Income Corporation.

A N R D

Tina Bains

Company Secretary

Chris Weston

Non-Executive Director

Appointed

Tina was appointed to the role of

Company Secretary on 1 January 2016.

Skills and qualifications

Tina joined the Group in 2008 as

Assistant Company Secretary and

was promoted to the role of Deputy

Company Secretary in 2011. Prior

to this, Tina held various company

secretarial positions within the

private and professional services

sectors including TMF Corporate

Secretarial Services Limited and Ernst

& Young LLP. Tina is a Fellow of the

Corporate Governance Institute.

External appointments

Tina is a Trustee of the Barratt

Redrow Foundation.

Appointed

Chris joined the Board as a Non-

Executive Director on 1 March 2021

and chaired the SHE Committee from

4 May 2021 until the close of business

on 31 July 2025.

Skills and qualifications

Chris brings to the Board considerable

commercial experience, driving

performance and growth, including

as former Chief Executive Officer at

Aggreko Limited and as Managing

Director, International Downstream

at Centrica plc. Chris joined Centrica

after a successful career in the

telecoms industry working for Cable

& Wireless Plc and One.Tel. Until June

2023, Chris was also a Non-Executive

Director on the board of the Royal Navy.

External appointments

Chris was appointed as Chief

Executive Officer of Thames Water

Utilities in January 2024 and as a

Non-Executive Director of Sportquest

Holidays Ltd in August 2023.

87Barratt Redrow plc Annual Report and Accounts 2025

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Board of Directors and Company Secretary continued

As at the date of this report

Link to our strategic objectives

Best-in-class customer offering

Lead the industry in sustainability

Operational efficiency

Efficient capital allocation

Board skills and experience

All Directors are expected to devote the necessary time to fulfil

their responsibilities and duties to the Company with the highest

standards of integrity. Each Director has demonstrable experience,

skills and knowledge which complement those of other Board

members and enhance Board effectiveness.

The skills held by the Directors¹ are set out below.

Skill Link to strategy Directors

Housebuilding

Property

Retail

Public policy

Marketing

Governance

Finance/accounting

Legal

Employment/HR

Sustainability

Digital

Financial service

Land/construction

People/talent/succession/

diversity, etc.

1 As at the date of this report.

Other Directors who served during FY25

Steven Boyes

Chief Operating Officer and Deputy Chief Executive

(stepped down from the Board with effect from the close of

business on 6 September 2025 and will retire from the Company

on 6 March 2026).

Appointed

Steven joined the Board as an Executive Director in July 2001,

became Chief Operating Officer in July 2012 and Deputy Chief

Executive in February 2016. He was responsible for the Group’s

housebuilding operations and the land promotion business,

Gladman Developments Limited.

Skills and qualifications

Steven had over 40 years’ experience in the housebuilding

industry, having joined the Company as a junior quantity

surveyor in 1978.

He progressed through the business to assume the roles of

Technical Director and Managing Director of Barratt York, before

being appointed Regional Director for Barratt Northern in 1999.

Steven was previously a Trustee of the UK Green Building Council.

Matthew Pratt

Redrow Chief Executive & Executive Director

(stepped down from the Board with effect from the close

of business on 30 June 2025 and will remain available to the

Company until 31 December 2025).

Appointed

Matthew joined the Board on 4 October 2025.

Skills and qualifications

Matthew is a trained quantity surveyor and graduated with a

degree in construction from Nottingham Trent University. He

had over 30 years’ experience within the construction industry.

He joined Redrow in January 2003 as Chief Quantity Surveyor

and worked his way up through the company holding senior

roles including Managing Director of Redrow Midlands and

Regional Chief Executive. He joined the Board of Redrow in

April 2019 as Chief Operating Officer and was promoted to

Group Chief Executive with effect from 1 July 2020.

88 Barratt Redrow plc Annual Report and Accounts 2025

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Executive Committee

As at the date of this report

Sally Austin

Group HR Director

Sally joined Barratt in November 2023

as Group HR Director.

Career and experience

Sally was previously the Chief

People Officer at Wincanton PLC

from August 2019 to October 2023.

Prior to Wincanton, Sally was the

Group HR Director with Costain

Group PLC, a British technology-

based construction and engineering

company where she held a variety

of HR roles and became Group HR

Director in 2014. Sally began her

career in HR at BAE Systems and

Eaton Corporation where she held

HR roles across Europe, Middle East

and Africa. Externally, Sally is Chair of

Warwick Schools Foundation.

Louise Ruppel

General Counsel

Louise joined Barratt as General

Counsel and a member of the

Executive Committee in February 2024.

Career and experience

Louise trained as a lawyer with

Slaughter and May and has over

20 years of Executive Committee

experience in industries spanning

defence, security, and transport,

including at FirstGroup plc and

Manchester Airport Group. She most

recently held the position of General

Counsel and Company Secretary at

defence and security company Ultra

Electronics for four years. Louise is

also a Non-Executive Director of East

West Rail Limited.

Tim Collins

Group Corporate

Affairs Director

Tim joined the Group in 2014 as the

regional Head of Communications,

before becoming Group Head of

Corporate Communications in 2016.

He was appointed to his current role

and joined the Executive Committee

in September 2022. Tim is responsible

for the Group’s internal and external

communications and public affairs.

Career and experience

Tim brings significant political and

industry experience, having held

the roles of Deputy Director of

Communications at the Conservative

Party, Chief of Staff to the Shadow

Housing Minister and Deputy Director

External Affairs at the HBF. Tim has a

Law degree from University College

London. He is also a Trustee of the

Barratt Redrow Foundation.

Mike Roberts

Chief Operating Officer

Mike was appointed as the Chief

Operating Officer Designate and a

member of the Executive Committee

on 1 July 2025, and became Chief

Operating Officer when Steven Boyes

retired on 6 September 2025.

Career and experience

Mike joined the Group in 2004 as a

Commercial Director before becoming

Managing Director of KingsOak

Yorkshire in 2007. In 2010, he became

Managing Director for the North East

division and was then appointed

Regional Managing Director for our

Northern region in January 2017.

Bukky Bird

Group Sustainability Director

Bukky joined the Group in 2020 and

was appointed to the Executive

Committee in September 2022.

She is responsible for the Group’s

sustainability strategy and its

delivery She is a member of the

Sustainability Committee.

Career and experience

Bukky brings a breadth of experience

acquired from leadership roles in

sustainability, business strategy

and transformation, engineering,

construction and retail operations.

She was previously at Tesco PLC,

and before that at WSP Group

PLC. She is a qualified mechanical

engineer and holds a master’s

degree in Environmental Design

and Engineering from University

College London. Externally, Bukky is a

Non-Executive Director of the British

Standards Institution.

Victoria Hesson

Group Land and

Planning Director

Victoria joined the Executive

Committee on 1 July 2025 as Group

Land and Planning Director.

Career and experience

Victoria initially joined Barratt as

Managing Director of Gladman

Developments, the land promoter

business acquired by Barratt, in

January 2022. Victoria has over 20

years’ experience in the housebuilding

industry and has held various roles

within other housebuilders. She is a

Chartered Member of the Royal Town

Planning Institute.

Biographies can be found

on pages 86 and 87

Tina Bains

Company Secretary

Mike Scott

Chief Financial Officer

David Thomas

Chief Executive

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Corporate Governance Report

Caroline Silver

Chair

Dear Shareholder

I am delighted to introduce our Governance Report for FY25 in

accordance with the 2018 UK Corporate Governance Code

(the “Code”).

This report outlines our governance framework and summarises

the work the Board and its Committees have undertaken during

the year to generate value and promote the long-term

sustainable success of the Company.

Long-term sustainable success

Integration

Successfully integrating Redrow into the Group and delivering

the synergies set out on page 35 has been a significant focus

for the Board and its Committees during the year.

Throughout the year, the Board received regular updates on

progress made against the integration and synergies plan and

provided guidance and direction for management to support a

successful integration. In addition to delivering synergies, our

considerations focused on the impact of the integration on our

key stakeholder groups, including the need for appropriate

resource to manage additional workload and maintain high

standards in processes and the need to retain the knowledge

and skills needed to support the business and its customers

during the transformation phase post-integration. We also

focused on the impact of integration on the Company’s culture

and ensuring that employees were adequately supported during

this turbulent and stressful period.

We saw the combination of two companies as an opportunity

to review and revise the Company’s Articles of Association to

ensure that they remain aligned with current best practice.

Shareholders will be asked to approve the updated articles at

the Company’s Annual General Meeting on 5 November 2025.

Details of the proposed changes to the Articles are set out in

the Notice of the Annual General Meeting.

Details of the work undertaken by the Audit and Risk,

Remuneration and Nomination and Governance Committees in

respect of integration can be found in their respective reports

on the following pages.

Your Board

As announced in March 2025, Steven Boyes retired and stepped

down from the Board on 6 September 2025. Steven has made an

outstanding contribution to Barratt Redrow during his 47 years

at the Company and has played an integral role in the success of

the Group. Notably, Steven has been instrumental in delivering

our strong track record on build quality, sustainability and

innovation, which are fundamental to the high-quality homes we

build for our customers. I, together with the Board, would like to

thank Steven for his outstanding contribution to the business

and wish him every happiness in his retirement.

In April 2025 as the operational integration of Barratt and Redrow

neared completion, the Company announced that Matthew Pratt

would step down from the Board with effect from the close of

business on 30 June 2025. Matthew played a key role in the

smooth and effective integration of Barratt and Redrow and as

a Board we would like to thank him for his valuable contribution

to the combined business.

Following Mathew’s and Steven’s departures from the Board,

the Executive Directors on the Board are David Thomas as

Chief Executive and Mike Scott as Chief Financial Officer.

Following the announcement in July that Jock Lennox will step

down from the Board at the conclusion of the Annual General

Meeting on 5 November 2025, I am pleased to report that Jasi

Halai will take the role of Chair of the Audit and Risk Committee

and Nicky Dulieu will take the role of Senior Independent Director.

We would like to thank Jock for his significant contribution to

the Company over the last nine years, particularly in pushing

governance forward, refreshing the Company’s culture and

our approach to risk and internal controls, which has been

recognised by the Non-Executive Directors’ Association through

his award as FTSE 100 NED of the Year in 2025.

90 Barratt Redrow plc Annual Report and Accounts 2025

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Board and Committee attendance

Attendance at scheduled Board and Board Committee meetings during the year is set out in the table below.

Board

Nomination

and

Governance

Committee

Audit

and Risk

Committee

Safety,

Health and

Environment

Committee

Sustainability

Committee

Remuneration

Committee

Caroline Silver – Chair 8/8 6/6 N/A N/A N/A 4/4

David Thomas – Chief Executive 8/8 N/A N/A N/A 4/4 N/A

Steven Boyes – Chief Operating Officer

and Deputy Chief Executive 8/8 N/A N/A 1/1 4/4 N/A

Matthew Pratt – Chief Executive Redrow¹ 6/6 N/A N/A N/A N/A N/A

Mike Scott – Chief Financial Officer 8/8 N/A N/A N/A N/A N/A

Jock Lennox – Senior Independent

Non-Executive Director 8/8 6/6 5/5 N/A 4/4 4/4

Katie Bickerstaffe – Non-Executive Director 8/8 6/6 5/5 N/A 4/4 4/4

Nicky Dulieu – Non-Executive Director¹ ² 4/6 4/5 4/4 N/A 3/3 3/3

Jasi Halai – Non-Executive Director 8/8 6/6 5/5 N/A 4/4 4/4

Geeta Nanda – Non-Executive Director¹ 6/6 5/5 4/4 N/A N/A 3/3

Nigel Webb – Non-Executive Director 8/8 6/6 5/5 N/A N/A 4/4

Chris Weston – Non-Executive Director³ 8/8 5/6 4/5 1/1 N/A 3/4

Bukky Bird – Group Sustainability Director N/A N/A N/A N/A 4/4 N/A

Tina Bains – Company Secretary N/A N/A N/A N/A 4/4 N/A

1 Matthew Pratt, Nicky Dulieu and Geeta Nanda were appointed to the Board on 4 October 2024. Their attendance above reflects the meetings they were eligible to attend in FY25.

2 Nicky Dulieu was unable to attend the October and December Board meetings due to prior commitments.

3 Chris Weston was unable to attend the June Audit and Risk Committee meeting, the June Remuneration Committee meeting, and the March Nomination and Governance Committee meeting due to unforeseen

circumstances relating to his executive position.

In addition to the above, a Committee of the Board meets to approve the Company’s interim and final results and several Board

meetings were called at short notice to deal with various matters. The Board also held a strategy day in June 2025.

Corporate Governance Report continued

FY25 Board governance highlights

• Reviewed the succession and transition for the Executive

Directors and members of the senior management team.

See pages 102 and 104 for further details.

• Considered potential successors to Jock Lennox for the roles

of Senior Independent Director and Chair of the Audit and Risk

Committee, appointing Nicky Dulieu and Jasi Halai respectively

with effect from the conclusion of the 2025 AGM. See page 104.

• Considered the composition of the Board Committees and

agreed changes to the Sustainability and SHE Committees.

See page 104.

• Enhanced employee engagement through the appointment of

Nicky Dulieu as the Designated NED for Workforce Engagement

and reinvigorating the role. See page 53.

• Maintained oversight of the integration, including proposals to

redefine our purpose, values and culture for the combined Group.

Quick facts

• Caroline Silver was considered independent upon appointment

to the Board.

• The Board considers all Non-Executive Directors to be independent.

• The biographies of the Directors are set out on pages 86 to 87

and include details of the skills and experience each brings to

the Board to contribute to the Company’s long-term

sustainable success.

• All Directors are subject to election at the AGM which will

be held on 5 November 2025.

• Following the completion of this year’s Board evaluation,

the Board concluded that each Director standing for

reappointment continues to contribute effectively.

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Corporate Governance Report continued

Board gender diversity

Senior Board position (CEO,

CFO, Chair, SID) gender diversity

Executive Committee

gender diversity

Independence (excluding the Chair)

Board ethnic diversity

Executive Committee ethnic diversity

Non-Executive Director tenure¹

Executive Committee internal vs

external appointments²

Board age profile

White British or other White

(including White minority groups)

83.3%

Asian/Asian British 16.7%

Black/African/Caribbean/

Black British

0.0%

White British or other White

(including White minority groups)

80.0%

Asian/Asian British 10.0%

Black/African/Caribbean/

Black British

10.0%

30-40 0.0%

40-50 25.0%

50-60 16.7%

60+ 58.3%

0–3 years 62.5%

3–6 years 25.0%

6+ years 12.5%

Internal appointments 50.0%

External appointments 50.0%

Male 58.3%

Female 41.7%

Male 75.0%

Female 25.0%

Male 50.0%

Female 50.0%

Executive Directors 36.4%

Independent

Non-Executive Directors

63.6%

Fully compliant with the 2018 UK Corporate

Governance Code (the “Code”)

The Company is subject to the Code which can be found on

the FRC’s website, www.frc.org.uk. The Board confirms that,

throughout the period ended 29 June 2025, and as at the date

of this report, the Company has complied with all relevant

provisions set out in the Code.

This report, together with the reports from the Nomination,

Audit and Risk, SHE and Remuneration Committees and the

other statutory disclosures, provides details of how the Company

has applied the principles of the Code. The Company has also

complied with the relevant requirements of the FCA’s Disclosure

and Transparency Rules and the UK Listing Rules, the Directors’

Remuneration Reporting Regulations and Narrative Reporting

Regulations originally issued by BEIS and the FRC’s Guidance on

Risk Management, Internal Control and Related Financial and

Business Reporting. The Company’s Board diversity statement

and associated data are included in the Nomination and

Governance Committee Report on pages 105 and 106.

We welcome the FRC’s publication of the 2024 Code, which came

into effect on 1 January 2025 and will be reported against in our

FY26 Annual Report. Provision 29 of the 2024 Code relates to

the annual declaration by the Board of the effectiveness of

the Company’s material internal controls, covering financial,

operational, compliance and reporting risks. This provision

comes into effect on 1 January 2026 and will be reported on in

our FY27 Annual Report.

We are in the process of reviewing our governance framework

and arrangements in light of the 2024 Code to ensure that any

necessary changes can be implemented in a timely manner and

enable us to comply with the requirements of the 2024 Code.

As at 29 June 2025

1 Includes Caroline Silver as Chair.

2 External appointments include Matthew Pratt and Barbara Richmond who had previously been on the

Executive Committee of Redrow plc.

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Corporate Governance Report continued

Implementation of the Code

Role of the Board

We are responsible for the stewardship and long-term sustainable

success of the Company. Our overarching aim is to create

sustainable value for the benefit of our shareholders through:

• setting the strategic objectives and ensuring the right

leadership and resources are in place to meet them;

• setting the purpose and values to provide direction as to how

the strategic objectives should be met; and

• ensuring that the Company has an effective risk management

framework.

Board meetings

We meet formally at least seven times a year. To increase

our visibility of the Group’s operations and provide further

opportunities to meet senior management, at least two

Board meetings are combined with visits to the Group’s sites.

In March 2025 we visited the Kingsbrook and Maltings sites in

our Southern Region and in May 2025 we visited our Wharfedale

and Kingsley Manor developments in our Northern Region.

On these visits we toured the development and met with senior

management and site and sales office employees who provided

an overview of the regional, divisional and site operations

respectively, enabling us to gain a better understanding of how

culture is embedded in the business and of the challenges faced

on a day-to-day basis.

In addition to our regular Board meetings, we held a strategy day

devoted to clarifying the Group’s strategy. During this meeting

we received updates on analyst and investor feedback, the

political landscape and the housing market and discussed our

construction strategy. We also held a number of informal

meetings during the year to build and maintain strong relations

between the Directors, and I met with the Non-Executive

Directors without the Executive Directors present prior to

Committee meetings discuss their priorities and concerns.

I also met with the Non-Executive Directors for an informal

dinner in January 2025 without the Executive Directors present.

How we have applied the Code Pages

Audit, risk and internal control 1. Independence and effectiveness of internal and external audit

2. Fair, balanced and understandable assessment

3. Risk management and internal control

119-121

118

111-112 and 115

Board leadership and

Company purpose

1. Board of Directors

2. Purpose, values, strategy and culture

3. Resource and control framework

4. Stakeholder engagement

5. Workforce policies and practices

86-87

1 and 95

94, 99 and 121

51 -58

42-46 and 105

Remuneration 1. Alignment to purpose, values and long-term success

2. Remuneration Policy

3. Independent judgement and discretion

128

129

129-130

Division of responsibilities 1. Role of the Chair

2. Division of responsibilities

3. Role of the NEDs

4. Policies, processes, information, time and resources

Composition, succession

and evaluation

1. Appointments to the Board

2. Skills, experience and knowledge

3. Board evaluation

104

108

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Our values

We do it for our customers

We do it right

We do it together

We make it happen

Principal risks

Political and economic environment

Land and planning

Government regulation and political risk

Construction quality and innovation

High-rise and complex structures

Supply chain resilience

Safety, health and environment

Attracting and retaining high-calibre employees

Cybersecurity

Redrow integration

Board Key activities and discussions in FY25 and outcomes

Strategy

Approved the MADE Partnership joint venture

with Lloyds Banking Group and Homes England.

Link to risks

See page 50

Stakeholders considered

Government, opposition parties and

regulators, local communities, customers,

banks, shareholders

Approved the FY26 budget and considered

a draft three-year plan.

Link to risks

Stakeholders considered

Customers, employees, shareholders,

subcontractors and suppliers, Government,

opposition parties and regulators, banks

Approved the consolidation of trade and

assets of BDW Trading and Redrow Homes.

Link to risks

See pages 186 and 207

Stakeholders considered

Customers, Employees, Subcontractors and

Suppliers

Oversaw integration of Barratt and Redrow

and the delivery of synergies.

Link to risks

See page 35

Stakeholders considered

Customers, employees, shareholders,

subcontractors and suppliers, Government,

opposition parties and regulators

Oversaw leadership development and talent

integration plans to promote a unified culture

across the organisation.

Link to risks

Stakeholders considered

Customers, employees, shareholders,

subcontractors and suppliers

Operations

Approved multiple investments in land.

Link to risks

Stakeholders considered

Customers, local communities

and the environment

Approved expansion plans for the Oregon

Selkirk facility.

Link to risks

Stakeholders considered

Customers, local communities

and the environment

Considered updates on engagement with

the CMA in respect of its investigation into

information sharing and approved an offer

of commitments.

Link to risks

Stakeholders considered

Government, opposition parties and

regulators, and customers

Considered updates on customer

service performance.

Link to risks

Stakeholders considered

Customers

Considered updates on employee

survey results.

Link to risks

Stakeholders considered

Employees

Considered updates on the integration of

Barratt and Redrow.

Link to risks

Stakeholders considered

Employees, subcontractors and suppliers,

customers, and local communities

Finance

Adjusted the Group’s dividend cover from 1.75

times to 2 times adjusted earnings from FY26.

Link to risks

Stakeholders considered

Shareholders

Approved a £50m share buyback programme

for the period commencing from the date of

the interim results announcement to the end

of FY25 and a further buyback programme up

to the value of £100m by the end of FY26.

Link to risks

Stakeholders considered

Shareholders

Approved results announcements and

trading statements.

Link to risks

Stakeholders considered

Shareholders

Approved the 2024 final dividend payment

and the 2025 interim dividend payment.

Link to risks

Stakeholders considered

Shareholders and banks

Approved the annual budget whereby the

resources to achieve the agreed strategy

are made available.

Link to risks

Stakeholders considered

Employees, suppliers and subcontractors,

shareholders, local communities and

the environment

Approved an extension of the Group’s RCF.

Link to risks

Stakeholders considered

Shareholders and banks

Corporate Governance Report continued

Governance

Received diversity and inclusion updates.

Link to risks

Stakeholders considered

Shareholders, employees and the Government,

opposition parties and regulators

Approved Board evaluation action plans.

Link to risks

See page 110

Stakeholders considered

Shareholders

Approved changes to the composition of

Committees on the recommendation of the

Nomination and Governance Committee.

Link to risks

Stakeholders considered

Shareholders

Received updates from the Chairs of the

Remuneration, Audit and Risk, Nomination,

SHE and Sustainability Committees.

Link to risks

Stakeholders considered

Shareholders, customers, employees,

subcontractors and suppliers, local

communities and the environment,

Government, opposition parties and regulators

Considered and approved the Group’s external

facing policies relating to matters such as

anti-bribery and corruption, health and safety,

sustainability and Charitable Giving, for

publication on the website.

Link to risks

Stakeholders considered

Government. opposition and regulators,

employees, local communities, customers,

subcontractors and suppliers

Risk management

Reviewed the Company’s principal and

emerging risks.

Link to risks

Stakeholders considered

Employees, suppliers and subcontractors,

shareholders, banks, local communities, the

environment and customers

Reviewed the effectiveness of the risk

management and internal control framework.

Link to risks

Stakeholders considered

Shareholders, employees, suppliers and

sub-contractors

Conducted a deep dive on geopolitical risk.

Link to risks

Stakeholders considered

Government, opposition parties and regulators

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Culture in the workplace

At Barratt Redrow, we are driven by our purpose – making sustainable living a reality,

building strong communities.

Our culture drives the way our employees think, act and behave so embedding and nurturing the right culture is critical in supporting

our purpose and driving a high-performing business. Our values show our employees how to behave and clarify the standards they

can expect from each other and the Company.

We all have a part to play and as a Board we set the tone from the top and lead by example, living and promoting our values every day.

Seeing our values in action

During the year, Board Directors Jasi Halai, Nicky Dulieu

and Nigel Webb met with the General Counsel and Group HR

Director to visit two remediation projects being managed by

our Building Safety Unit.

The visit started with a presentation explaining the context

of the projects and the process and procedures the team

follows and how they operate. During the visit the Directors

met with the contractors undertaking the works and the

contractors’ Resident Liaison Officer who acts as the

conduit between the contractors and the residents of the

affected buildings.

The visit brought to life the challenges, constraints and

complexities of remediating buildings with residents in situ

whilst remaining sensitive to their needs.

Corporate Governance Report continued

We do it for

our customers

We always put our

customers first

We do it

together

We are committed to

building strong

partnerships

We do it right

We always act with

honesty

and integrity

We make it

happen

We are proud of the

legacy we are creating

and taking the lead

delivering excellence in

housebuilding

Living our values

As a Board we are responsible for setting the Company’s purpose and values and establishing policies which act as the strategic

link between our purpose and values and the day-to-day management of the business. Our purpose is at the heart of everything

we do. Underpinned by our values, our purpose drives change and delivers positive outcomes for all our stakeholders. This is why

our values are so important to us – they show that we can be trusted to take care of the environment, develop thriving

communities and help people on their home ownership journeys.

Jasi Halai, Nicky Dulieu and Nigel Webb visit our Building Safety Unit.

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Site visit

In February 2025, Caroline Silver visited our Centurian Village

and Calder Rise joint venture sites in Manchester to meet

site personnel and members of the Divisional and Regional

senior leadership team and observe progress, build quality,

safety and customer experience.

Network Chair event

On 1 July 2025, Nicky Dulieu attended an interactive session

led by the Employee Network Chairs and the Group HR

Director, Sally Austin, to listen to employee experiences and

bring authentic voices to the boardroom.

Corporate Governance Report continued

How we drive and monitor culture across

the business

We set the Company’s purpose and values and undertake a number

of actions to support and monitor the Company’s culture to ensure

that it aligns with the purpose and values that we have set.

How we monitor culture

• Conducting site visits at which we engage with employees at

all levels of the business, seeking their views on the Company

and its performance. In addition to the two Board visits, the

Executive Directors and several of the Non-Executive Directors

made independent visits to some of our sites during the year.

• Reviewing feedback from the employee pulse surveys and

overseeing action plans to address matters raised.

See page 52 for further details

• Reviewing customer satisfaction scores. Our customer

satisfaction KPI is used by the Remuneration Committee

as part of the annual bonus performance measure to drive

behaviour consistent with our purpose, values and strategy.

• Proactively engaging with employees via the Workforce

Forum and the Designated Non-Executive Director for

Workforce Engagement.

• Receiving SHE performance updates together with information

on new or ongoing investigations and their outcomes. The

SHE audit compliance KPI underpins the quality and service

annual bonus performance measure set by the Remuneration

Committee to promote the desired culture.

• Monitoring employee leaver numbers and reasons and the

steps being taken to attract, recruit and retain employees.

• Receiving, via the Audit and Risk Committee, updates on

matters raised via the Group’s whistleblowing procedure.

See page 121

• Sally Austin, Group HR Director, attends the Board regularly

to provide updates on culture including matters such as the

results of our Pulse Surveys and diversity and inclusion.

Board

Purpose

Values

Customers

Suppliers and

subcontractors

Local

communities

and the

environment

Government,

opposition

parties and

regulators

Strategy

Policies

Strategy

Workforce

Output from engagement

How we embed our culture into the business

Oversight in action: Board engagement to support and monitor culture

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Corporate Governance Report continued

How we monitor culture continued

Measures reviewed by the Board to monitor culture are set out below. The numbers below

are on a combined basis for Barratt and Redrow and therefore there is no prior year comparator.

Per 100,000 workers IIR

(Barratt and Redrow)

272

HBF customer satisfaction score

(Barratt and Redrow)

5 Star

% of employees completed the

engagement survey

(Barratt and Redrow)

67%

Employee engagement index

(Barratt and Redrow)

75%

SHE audit compliance

(Barratt and Redrow)

97%

1 SHE audit compliance includes Redrow sites from 1 April 2025.

From 22nd August 2024 to 31 March 2025 Redrow sites were

assessed under the legacy Redrow SHE inspection region, with

an audit compliance score of 92%*. See our ESG basis of reporting

for more detail at www.barrattredrow.co.uk/sustainability/

esg-data-and-performance

% of employees are female

(Barratt and Redrow)

32%

Employees from an ethnic

minority background

(Barratt and Redrow)

Hours volunteered

(Barratt and Redrow)

13,767

Voluntary employee turnover

(Barratt and Redrow)

14%

Whistleblowing reports

(Barratt and Redrow)

Barratt Redrow employees

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Corporate Governance Report continued

Board roles and their responsibilities¹

Chair Chief Executive Chief Financial Officer Senior Independent Director Independent

Non-Executive Directors

Caroline Silver David Thomas Mike Scott Jock Lennox Katie Bickerstaffe, Jasi Halai, Jock

Lennox, Chris Weston, Nigel Webb,

Geeta Nanda and Nicky Dulieu

• Leads the Board in the achievement of

its objectives, sets its agenda and chairs

its meetings.

• Shapes the culture in the boardroom.

• Responsible for the effectiveness of the

Board and its governance.

• Facilitates the effective contribution of

Non-Executive Directors and constructive

relations between Executive and

Non-Executive Directors.

• Ensures the Board receives accurate, timely

and clear information.

• Responsible for arranging inductions and

continued development for the Directors.

• Ensures effective communication with

shareholders and other stakeholders and

participates in corporate relations activities.

• Develops the Group’s strategy for the

enhancement of long-term shareholder

return taking into account the needs of

the Group’s stakeholders.

• Leads the implementation of the Group’s

strategy approved by the Board.

• Responsible for the day-to-day leadership

and management of the operational

activities of the Group in accordance with

overall strategy and policy as determined

by the Board.

• Chairs the Executive Committee through

which he carries out his duties.

• Oversees corporate relations with

shareholders and other stakeholders.

• Responsible to the Board for sustainability

policies and practices of the Group.

• Chairs the Sustainability Committee and

co-chairs the Workforce Forum.

• Develops and implements the Group’s

financial strategy and policies.

• Responsible for the management of the

finance, tax, internal audit, treasury and

investor relations functions.

• Supports the Chief Executive with his

corporate relations responsibilities with

shareholders and other stakeholders.

• Manages the Group’s day-to-day

relationship with the external auditor.

• Manages the Group’s relationships with

its lending banks.

• Chairs the Executive Risk Committee.

The following are in addition to his role

and responsibilities as an Independent

Non-Executive Director:

• Available to shareholders, when required,

to address any material issues or concerns

which the Chair and/or Chief Executive

have failed to resolve.

• Available to shareholders, when required,

to listen to their views to gain a balanced

understanding of their issues and concerns.

• Evaluates the performance of the Chair,

at least annually, with the Non-Executive

Directors and leads the process for the

Chair’s succession.

• Acts as a sounding board for the Chair and,

if necessary, an intermediary for the other

Directors.

• As announced on 15 July 2025, Jock Lennox

will step down from the Board at the

conclusion of the 2025 AGM and Nicky

Dulieu will be appointed as the Senior

Independent Director.

• Provide an appropriate level of scrutiny,

and constructively challenge the Executive

Directors, holding management to account

and ensuring the needs of stakeholders

are appropriately considered.

• Using the broad range of their experience

and external perspective, provide

specialist advice and an independent

perspective in developing strategy.

• Monitor the implementation of the Group’s

strategy within its risk and control

framework and ensure the integrity of

financial reporting.

• Ensure that recruitment and succession

planning is appropriate and mindful of

diversity and balance.

• Review and refresh the Remuneration

Policy in the context of stakeholder

interests and ensure it is implemented

appropriately.

1 As at the date of this report. In addition to the information above, Matthew Pratt served on the Board as Chief Executive Redrow from 4 October 2024 to 30 June 2025 inclusive, and Steven Boyes served on the Board as Chief Operating Officer and Deputy Chief Executive, throughout the period ended 29 June 2025 up to

6 September 2025 inclusive.

Company Secretary

Tina Bains

• Supports the Chair and Chief Executive in fulfilling their duties especially in respect

of induction, training and Board and Committee effectiveness evaluations.

• Available to all Directors for advice and support.

• Keeps the Board regularly updated on governance matters and best practice.

• Ensures Group policies and procedures are maintained and updated on a regular basis.

• Attends and maintains a record of the matters discussed and approved at Board and

Committee meetings, including where Directors have concerns that cannot be resolved.

• Maintains an annual agenda to ensure that all key matters are allocated adequate time

for discussion.

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Governance framework

The Board makes decisions on strategy and on items set out in the matters reserved for it. It also delegates various operational decisions to several Board and management Committees

(see below). The schedule of matters reserved to the Board and the Terms of Reference of the Board Committees are available on the Company’s website at

www.barrattredrow.co.uk/investors/corporate-governance.

Board Committee Group Management Committee

Board

Chief

Executive

Chief

Operating

Officer

Executive

Committee

Executive Risk Committee

• Reviews the effectiveness of the Group’s internal control policies and procedures for the

identification, assessment and reporting of risks.

• Assesses individual key risks on a rolling basis (including the identification of the Group’s

principal and emerging risks) together with the appropriateness of any mitigations.

Land Committee

• Reviews and approves all land acquisition and disposal proposals across the Group.

• Refers proposals to the Board for approval depending on the value of the land transaction

or its complexity, e.g. joint venture arrangements.

Treasury Operating Committee

• Reviews the Group’s treasury arrangements and approval of changes to debt facilities.

• Obtains Board approval for certain types of facility and where the facility is above the levels

delegated to the Treasury Operating Committee.

Allotment Committee

• Approves the allotment of shares within dilution limits and within the authorities obtained

from shareholders.

Operations Committee

• Manages operational performance.

Safety, Health and Environment Operations Committee

• Develops the SHE strategy for the Group.

• Ensures that SHE policies and procedures are adequately implemented and adhered to.

• Monitors the effectiveness of the Group’s SHE systems.

• Keeps up to date with changes in legislation surrounding SHE matters.

Corporate Governance Report continued

Audit and Risk Committee

• Monitors the integrity of the Group’s Financial Statements and

formal announcements on its financial performance, including

reviewing financial reporting judgements contained within them.

• Advises the Board on whether the Group’s Annual Report and

Accounts are fair, balanced and understandable and provides

the information necessary for shareholders to assess the

Group’s position and performance, business model and strategy.

• Provides oversight of non-financial information, including

sustainability, and considers the need for external assurance.

• Reviews the Group’s internal financial, operational and

compliance controls and its systems for risk management

and internal controls.

• Monitors and reviews the independence, objectivity and

effectiveness of the external auditor and the internal audit

function and reviews and recommends to the Board the

reappointment, remuneration and terms of engagement of the

external auditor.

• Develops and implements the Group’s policy on the engagement

of the external auditor to supply non-audit services.

Remuneration Committee

• Designs and implements the Group’s overall remuneration

strategy and policy, ensuring alignment with purpose

and strategy.

• Sets the remuneration and determines the outcomes for the

Executive Directors and senior management.

• Monitors performance of long and short-term incentive

schemes against both financial and non-financial targets.

• Considers the remuneration and related policies of the wider

workforce when determining Executive Directors and senior

management’s remuneration and incentives.

Nomination and Governance Committee

• Monitors the composition of the Board and its Committees to

ensure a balance of skills, experience and knowledge, and their

progressive refreshment.

• Reviews succession plans for Board and senior management to

ensure there is a diverse pipeline.

• Promotes diversity of Board Directors and senior management.

• Undertakes annual effectiveness evaluations of the Board,

its Committees and individual Directors.

Disclosure Committee

• Comprising any two of the Chief Executive, Chief Financial

Officer and the Company Secretary, meets as required to

ensure that the Company remains compliant with the

requirements of the UK Market Abuse Regime.

Safety, Health and

Environment Committee

• Focuses on the prevention and mitigation of key operational

risks relating to SHE.

• Approves the SHE strategy and the plan of work to implement

the strategy.

• Monitors progress against the SHE strategy and compliance

with the SHE management system.

• Oversees direction and implementation of SHE policies

and procedures.

Sustainability Committee

• Reviews and scrutinises sustainability strategy and

its implementation by the business.

• Reviews and approves plans by the business to mitigate

risks and leverage opportunities relating to sustainability

and climate changes.

• Develops and implements ESG policies and monitors

compliance against these.

• Scrutinises sustainability performance incentives

for consideration by the Remuneration Committee.

• Advises the Board on the appetite and tolerance with

respect to ESG risks.

• Oversees carbon emission science-based targets

and recommends changes where necessary.

• Oversees the development of our sustainability reporting.

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Corporate Governance Report continued

Risk management and internal controls

We recognise the importance of maintaining a sound system of

internal controls to safeguard shareholders’ investment and the

Company’s assets. As a Board we are responsible for establishing

procedures to manage risk and oversee the work of management

to ensure that the internal control framework is appropriate to

support the Group in achieving its long-term strategic objectives.

Our control framework is designed to mitigate business,

operational, financial and reporting risks. Management owns the

risk management process, submits appropriate policies for our

approval, implements appropriate procedures and provides

relevant information to enable us to fulfil our duties to support

the long-term success of the Company and act in way that

benefits our members as a whole.

As a Board we annually review and approve the risk appetite and

tolerance levels for the Group to ensure that they remain

appropriate. In doing so we consider the expectations of our

shareholders and other stakeholders. Our approved risk appetite

levels for each of our principal risks are detailed in the principal

risk tables on pages 69 to 73.

The 2024 UK Corporate Governance Code introduces key changes

around risk management and internal controls. Under the 2024

Code we will be required to annually declare the effectiveness of

the Company’s material internal controls in the Annual Report and

describe how we monitor the Company’s risk management and

internal controls framework. The Audit and Risk Committee has

been working closely with the Director of Audit and Risk over the

year to refresh our approach to risk and controls and prepare for

these changes. Details of the work undertaken during the year can

be found on pages 112 and 115.

Details of how we manage risk can be found on pages 66 to 73

and confirmation of the effectiveness of our risk management

and internal controls systems can be found in the Audit and Risk

Committee Report on page 115.

Our risk management and internal controls frameworks define

the procedures to manage and mitigate risks facing the business,

rather than eliminate risk altogether, and can only provide

reasonable and not absolute assurance against material

misstatement or loss.

On behalf of the Board

Caroline Silver

Chair

16 September 2025

Caroline Silver and Steven Boyes visit the Southern region.

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Nomination and Governance Committee Report

Board composition, succession and effectiveness

Caroline Silver

Chair of the Nomination and Governance Committee

Quick facts¹

• The majority of Committee members are independent.

• Five females on the Board.

• One female in a senior Board position (increasing to two

when Nicky Dulieu becomes the Senior Independent Director

in November 2025).

• Two Directors from an ethnic minority background.

Focus during the reporting year

• Reviewed Board composition to ensure alignment with the

strategic priorities of the combined Group.

• Led succession processes for the Senior Independent Director

and the Chair of the Audit and Risk Committee in light of Jock

Lennox stepping down from the Board on conclusion of the

2025 AGM.

• Oversaw executive leadership changes following the

retirement of Steven Boyes and departure of Matthew Pratt,

ensuring continuity and alignment with strategic objectives.

• Elevated the Sustainability Committee to full Board Committee

status to strengthen sustainability oversight and recommended

the appointment of Geeta Nanda as Chair of the Committee.

• Agreed to refresh the composition of the SHE Committee to

comprise of Non-Executive Directors only.

• Recommended the appointment of Nicky Dulieu as the

Designated Non-Executive Director for Workforce Engagement.

• Oversaw the induction process for Geeta Nanda and Nicky

Dulieu on Barratt’s business and the Barratt Directors on

Redrow’s business.

• Monitored leadership succession planning across the Group,

including integration of high-potential talent from both Barratt

and Redrow.

Priorities for FY26

• Continue to assess the composition of the Board and its

Committees to maintain balance, independence and effective

workload distribution.

• Refine the Board skills matrix and identify appropriate ways

to satisfy skills gaps other than through Board appointments.

• Support Nicky Dulieu in further strengthening our employee

engagement processes.

• Embed the Committee’s focus on governance matters given

its extended remit as the Governance and Nomination and

Governance Committee.

1 A s at the date of this report.

Committee members

Caroline Silver

Katie Bickerstaffe

Nicky Dulieu

Jasi Halai

Jock Lennox

Geeta Nanda

Nigel Webb

Chris Weston

Members’ biographies and qualifications are shown on pages 86 and 87

See page 91 for Committee meeting attendance

Statement from the Chair of the

Nomination and Governance Committee

I am pleased to present the Nomination and Governance

Committee’s report for FY25. This year has been one of

significant strategic change for the Group, shaped by the

acquisition of Redrow and key leadership transitions. Against

this backdrop, our priority has been to ensure that the Board

and its Committees have the right mix of skills, experience,

independence and diversity to lead the enlarged Group

effectively and deliver long-term value for shareholders and

other stakeholders.

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Nomination and Governance Committee Report continued

Statement from the Chair of the

Nomination and Governance Committee

continued

Board changes and succession planning

A substantial part of our work during the year has focused on

Board and Committee composition and overseeing changes to

key Board roles. This included leading the process to appoint

successors for the roles of Senior Independent Director and

Chair of the Audit and Risk Committee, in light of Jock Lennox

stepping down from the Board at the conclusion of the 2025

AGM. Following a thorough recruitment process, I am pleased

to report the appointment of Jasi Halai as Chair of the Audit and

Risk Committee and Nicky Dulieu as Senior Independent Director,

both with effect from 5 November 2025. On behalf of the Board,

I would like to thank Jock for his significant contribution to the

Group, in particular his excellent chairing of the Audit and Risk

Committee and his wise counsel as Senior Independent Director.

We wish him the very best in his future endeavours.

Our work extended to succession planning for executive roles,

including overseeing leadership changes following the retirement

of Deputy Chief Executive and Chief Operating Officer Steven Boyes

and the departure of Matthew Pratt, CEO Redrow, to ensure appropriate

cross-Board integration between Barratt and Redrow leaders.

Over his 47-year career, Steven has made an outstanding

contribution to Barratt Redrow, playing an integral role in the

success of the Group. Notably, Steven has been instrumental in

delivering our strong track record on build quality, sustainability

and innovation - which are so fundamental to the hundreds of

thousands of high-quality homes we have built for customers

across the country. Together with the Board, I wish Steven every

happiness in his retirement.

With the operational integration of Barratt and Redrow nearing

completion, Matthew Pratt stepped down from the Board and

his position as Redrow Chief Executive with effect from the close

of business on 30 June 2025. Matthew had a successful 22 year

career at Redrow, including five years as their Chief Executive,

prior to the acquisition. He has been instrumental in ensuring the

smooth and effective integration of the two businesses. I would

like to thank Matthew for his valuable contribution to the

combined Group.

Further details on succession planning and the recruitment process followed

can be found on page 104.

Effectiveness

In accordance with the requirements of the Code, the board was

scheduled to undertake an externally facilitated independent

evaluation of itself and its committees. The acquisition of Redrow

has resulted in significant change to the structure and operation

of the board, given the appointments of Matthew, Nicky and Geeta.

Consequently, it was decided to undertake a lighter touch external

review this year, focusing on objectives for the following 12 months.

A more in-depth external review will be undertaken in Q1 of 2026.

Ffion Hague of Independent Board Evaluations was engaged to

undertake the review in FY25 and will also conduct the review in 2026.

Governance

During the year we maintained a strong focus on governance

effectiveness, ensuring that diversity and inclusion considerations

remained embedded in all senior appointments and succession

plans in line with our commitments and external benchmarks,

and reviewing Committee membership and workloads to ensure

alignment with strategic priorities. As part of this review we undertook

a benchmarking exercise of sustainability committee structures

and remits across FTSE 40-80 companies to assess best practice

and recommended re-establishing the Sustainability Committee

as a formal Board Committee to strengthen governance, embed

sustainability considerations in Board decision making and

ensure direct oversight and accountability at the highest level.

In light of Steven Boyes’ retirement we reviewed the governance

arrangements for safety, health and environment (SHE) reporting

to ensure continued focus on these critical areas. Following this

review, we recommended: (i) that SHE be added as a standing

item on each Board agenda; and (ii) the reinvigoration of the SHE

Committee, enhancing its remit and meeting cadence to strengthen

oversight and performance monitoring. These changes reinforce

our values and the Group’s commitment to maintaining the

highest standards of SHE management.

During the year we considered the remit of the Committee and

benchmarked it against other FTSE 100 companies. It was agreed

that the Committee could play a vital role in further supporting

the Board in carrying out its duties, by increasing its remit to

include governance matters. Accordingly, the Committee, with

endorsement from the Board, became the Nomination and

Governance Committee.

Skills and experience of the Board

We conducted a detailed evaluation of the Board’s collective

skills and experience as part of our annual review of Board and

Committee composition and tenure. This review considered the

breadth and depth of expertise and highlighted areas of strength

as well as opportunities for further enhancement. To support a

more data-driven and systemic approach to future evaluations,

we have gained access to an online platform which is a tool kit for

all aspects of Board performance, including the skills matrix. This

tool kit will help map individual Director skills, identify gaps and

track progress over time. This investment will strengthen our

ability to plan proactively for Board composition and succession.

Diversity and inclusion

We fully understand the importance and benefits of a diverse

Board. As at 29 June 2025 we have 41.7% female representation

on the Board and two Directors from ethnic minority backgrounds

(as defined by the Parker Review). Following the retirement of

Jock Lennox, this will increase to 55.5% and with Nicky taking

on the role of Senior Independent Director we will have two

women in senior Board positions as defined by the FTSE Women

Leaders Review.

Our Annual Statement on Diversity required by the UK Listing

Rules, together with accompanying numerical data, is set out on

pages 105 and 106. Further information on the Company’s

progress on diversity and inclusion initiatives can be

found on

pages 43 to 45

FY26 priorities

During FY26, we will continue to monitor the composition of

the Board and its Committees. The more in-depth evaluation

together with the new skills matrix tool will provide greater

insight into any gaps in skills or experience we may have and

enable us to determine the most appropriate way to address this.

We will also continue to support management with the

succession plans for the senior management team as well as

continue to monitor talent management across the business.

As we transition into the Nomination and Governance Committee

we will ensure that our annual agenda appropriately covers the

governance matters that are vital for the Group and the Board in

carrying out its duties, including ensuring that an appropriate

culture is embedded across the combined business.

Caroline Silver

Chair of the Nomination and Governance Committee

16 September 2025

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Nomination and Governance Committee Report continued

Q&A

with Caroline Silver

map and evaluate the critical skills required over the next 3-5 years.

This will automate a highly administrative task and through self

and peer-to-peer evaluation help identify any skills gaps. The

Committee will use the output of this analysis to identify training

needs or, when appropriate, the profile of any new Board members.

How is the Committee supporting the Board to

ensure cultural alignment across Barratt Redrow

plc following the merger?

Cultural alignment is a top priority for the Board. With all Non-

Executive Directors members of this Committee, the discussion

on culture has been a consistent theme of each Committee

meeting. Cultural considerations have been a key aspect of

leadership appointments, succession planning, and Board

composition. Our combined Board now brings together Directors

from both Barratt and Redrow selected not only for their skills but

also for their alignment and shared values. We recognise that a

major acquisition, such as the acquisition of Redrow, brings

challenges as two cultures come together, even when, as in this

case, there are many shared values. However, we also see this as

a unique opportunity to forge a new culture, and for the Board to

oversee leadership development and talent integration plans to

promote a refreshed and unified culture across our new

organisation. This will be a focus for our work in the coming year.

What oversight has the Committee had over the

induction of the Redrow Directors to the Barratt

business and of the Barratt Directors to the

Redrow business?

We oversaw the delivery of a tailored induction programme which

reflected the strategic priorities, governance framework and

operational structure of the Barratt business while also

acknowledging their considerable existing knowledge and sector

experience. Key elements of the induction included briefings on

Barratt’s business model, culture and strategic objectives, meetings

with executive and senior leadership across core functions, and site

visits and engagement with key regional and operational teams.

In addition, we ensured that the Barratt Directors gained a good

understanding of the Redrow business, with a focus on Redrow’s

strategic priorities and regional operating model, and site visits to

gain first-hand insight into Redrow’s operational practices.

What role did the Committee play in the changes

made to the Executive Committee following

Steven Boyes’ retirement?

We worked closely with David Thomas, our Chief Executive and

Sally Austin, our Group HR Director, to ensure a smooth and well

governed transition at the executive level following Steven

Boyes’ retirement. We supported the succession planning

process, assessing the leadership capabilities required to

support the strategic priorities and integration of the combined

business. Internal and external candidates were assessed to

ensure leadership strength and operational excellence and

cultural fit with the existing management team.

What were the Committee’s main considerations

when selecting Jock Lennox’s replacements as

Senior Independent Director and Chair of the

Audit and Risk Committee?

We have planned for the succession of Jock over a number of years.

In line with best practice and the UK Corporate Governance Code, we

followed a structured and transparent process to select successors

for Jock as Senior Independent Director (SID) and Chair of the Audit

and Risk Committee. We took the view that reflecting the strength

and depth of the experience on the Board and the importance of

each role, it would be appropriate to separate the roles of SID and

Audit and Risk Committee Chair.

For the Audit and Risk Committee Chair role we prioritised the need

for financial, risk and audit expertise, ideally in a current finance

executive environment, reflecting the increasingly technical and

specialist nature of this role. For the SID role, leadership credibility,

stakeholder engagement experience and deep Non-Executive

experience were seen as essential, as well as the ability to act as

a constructive sounding board for me. We considered the role

specification of each position, and assessed the capabilities of each

of the existing Non-Executive Directors. Key considerations were

around independence, availability, existing commitments and the

ability to provide robust challenge and support to the Board and

executive leadership. Reflecting the work on succession already

done by this Committee, it was gratifying to be able to make both

appointments from internal candidates and especially pleasing to

see that one of our most senior appointments (the role of Senior

Independent Director) is a colleague who joined from Redrow. I am

pleased that both roles were diverse appointments and support our

commitment to improve diversity throughout the organisation.

How is the Committee balancing continuity with

the need for fresh perspectives on the Board?

Our non-Executive Directors bring broad institutional knowledge

and experience, particularly in relation to our strategic priorities

and governance framework. The two Directors who have joined

the Board from Redrow not only provide valuable insight into

the Redrow operations during the integration process but also

complement and deepen the existing skills on our Board in terms

of sector perspectives, finance, retail, stakeholder engagement,

remuneration, sustainable development and the private

rental sector.

What specific skills or sector experience are

you prioritising on the enlarged Board?

As stakeholders would expect, we are focusing on the core skills

and sector experience that both support the Board’s ability to

help and challenge management, which align with the strategic

direction of the combined Group. To assist us, and taking advantage

of new technology available, we are introducing new software to

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Directors’ conflicts of interest

The Board has authorised the Committee to oversee the process

for reviewing and making recommendations to the Board

concerning any actual or potential conflicts of interest that may

arise for any Board member, including details of any terms and

conditions that it deems necessary to impose on any authorisation

given. Throughout FY25, the Company Secretary maintained a

reviewed at each Board meeting to ensure it remained accurate

and current throughout the year. As a Committee, we review the

full register on an annual basis and recommend any changes to the

authorisations that may be required to the Board. The Board, when

authorising any conflict or possible conflict of interest, does not

count in the quorum the Director whose conflict or possible conflict

is being discussed and reserves the right to exclude a Director from

a meeting whilst a conflict or possible conflict is being considered.

The Board may revoke or vary any authorisation at any time.

I am pleased to confirm that these procedures have operated

effectively during the year.

Board changes and succession planning

We annually review the length of service for each Non-Executive

Director and the size and composition of the Board to determine

if any new appointments are needed, taking into account the

requirements of the 2018 Code and the cyclicality of the business,

given that lessons gained through one property cycle can be

useful during the next.

As announced on 15 July 2025, Jock Lennox completed his

nine-year tenure on the Board in June 2025 and will stand down

from the Board on the conclusion of the AGM on 5 November 2025.

During the year we considered succession for both his role as

Senior Independent Director and his position as Chair of the

Audit and Risk Committee. The process involved reviewing the

skills, experience and capacity of existing Board members

against the specific requirements of each role, with particular

focus on financial expertise, risk management, governance

Nomination and Governance Committee

role and activity in FY25

Role and main activities undertaken by the

Committee during the financial year

In addition to its annual tasks, such as the review of its Terms

of Reference, effectiveness and approval of this report, the

Committee carried out the following work during the year:

experience and stakeholder engagement capability. To support

an objective and robust decision we appointed Russell Reynolds

to assess the suitability of potential candidates for the Audit and

Risk Committee Chair role. Considerations also included

continuity during the integration period, capacity and external

commitments and any development needed for incoming role

holders. This structured and externally informed approach

ensured successors were identified who could provide both

stability and fresh perspective. Following these considerations

we recommended that Jasi Halai be appointed as Chair of the

Audit and Risk Committee and that Nicky Dulieu succeed Jock in

the role of Senior Independent Director, and are pleased that the

Board agreed with these recommendations.

Following the announcement of Steven Boyes’ retirement, we

oversaw a structured succession process for the role of Chief

Operating Officer to ensure continuity in operational leadership.

This involved reviewing the role requirements in the context of

the enlarged Group’s strategic priorities, assessing internal and

external candidates, ensuring diversity and inclusion considerations

were embedded into the succession process and co-ordinating

with the Remuneration Committee to align succession outcomes

with executive pay frameworks. A detailed transition plan has

been implemented to facilitate knowledge transfer and maintain

stability benchmarks. The Chief Operating Officer role was filled

by an internal candidate and is not a Board role. Therefore the only

Executive Directors are David Thomas and Mike Scott.

Succession plans are in place across the business for the wider

workforce and our work on developing our employees is set out in

the Strategic Report on pages 42 and 43.

All appointments and succession plans are objective and based

on merit and the need to promote diversity. When considering

succession plans, we remain cognisant of the need to ensure

that there is a diverse range of individuals included in the plan.

The business continues to promote diversity and inclusion and

has maintained a diversity and inclusion performance metric for

the FY26 bonus scheme. Further details of the work that has

been undertaken in this area can be found on pages 43 to 45.

Nomination and Governance Committee Report continued

Board and Committee composition and succession

Effectiveness

Governance

• Led the process to select the new Senior Independent Director

and the new Chair of the Audit and Risk Committee.

• Oversaw the process for executive succession following the

retirement of Steven Boyes, ensuring leadership continuity

and operational stability.

• Conducted a detailed evaluation of the Board’s collective skills

and experience.

• Oversaw the induction programme for both Barratt and Redrow

Directors to promote cultural alignment and effective

contribution from day one.

• Ensured that the Board composition met the UK Corporate

Governance Code independence requirements.

• Embedded diversity and inclusion considerations into all

senior appointments.

• Recommended the elevation of the Sustainability Committee

to full Board Committee status and reinvigorated the

composition of the SHE Committee.

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Induction

Following their appointments to the Board, Matthew Pratt, Geeta

Nanda and Nicky Dulieu undertook a comprehensive induction

programme designed to familiarise them with the Group’s

operations, strategy, culture and governance framework.

Each received a comprehensive induction pack and had meetings

with other Board members, the Company Secretary, and other

members of the executive and senior management team, key

external advisers and the external auditor.

Each induction was tailored to the Director’s background and

responsibilities on the Barratt Redrow Board ensuring they could

contribute effectively from the outset.

Key topics included:

• Board insights, expectations, current issues and priorities;

• business and market overviews and an update on key projects;

• individual site visits to see first hand the way Barratt sites

operate compared to Redrow sites;

• an update on the Building Safety Unit including controls and

due diligence around high-rise buildings; and

• an update on the changing housing standards.

As part of the integration, Barratt Directors undertook a structured

induction into the Redrow business to build a detailed understanding

of its operations, culture and market positioning. The programme

included site visits to key developments, meetings with Redrow’s

senior leadership team, briefings on its product portfolio, customer

proposition, and operational processes. Directors also received

insight into Redrow’s regional structures, supply chain relationships

and sustainability initiatives, enabling them to engage effectively

on integration planning.

Reappointment and re-election of Directors

Non-Executive Directors are appointed by the Board for up to

three three-year terms subject to annual shareholder re-election

and a particularly rigorous review prior to a third term being

agreed. Non-Executive Directors will normally step down from

their position on the Board and its Committees at the AGM

following their ninth anniversary. The length of tenure of the

Non-Executive Directors is shown on page 92.

As Jock Lennox has completed nine years as a Non-Executive

Director he will step down from the Board following the

conclusion of the 2025 AGM.

Each of the Directors has been subject to a formal performance

evaluation process during the year, as set out on page 108, and

we are satisfied that each Director continues to be effective in,

and demonstrates commitment to, their respective roles. Save

for Jock Lennox, all Directors set out on pages 86 to 87 will be

standing for re-election at the 2025 AGM.

Diversity and inclusion

Board diversity

During the year, the Board reviewed its policy on diversity and

inclusion. The objective of the policy is to ensure that diversity

is reflected within the composition of the Board, its Committees

and throughout the business in its broadest sense, including

gender, ethnicity, age, disability, religious belief, sexuality, social

class, education, experience and ways of thinking. The policy aims

for continuous improvement at Board and senior management

level on all these elements of diversity and to identify the most

suitable candidate to join the Board and its Committees having

regard to the individual’s skills, experience and knowledge. It also

seeks to ensure that, in managing any senior appointment and in

succession planning more broadly, the Committee has regard to

the recommendations of the Parker and McGregor-Smith Reviews

on ethnicity and race and the benefits of diversity, including

gender, ethnicity, social background and cognitive and personal

strengths. Diversity is considered as part of the Committee’s

annual review of the Board and its Committee composition.

Progress on diversity and inclusion can be found on pages 44 and 45.

The main objectives of our policy, how they are implemented and progress

towards them are set out on pages 105 to 107

A copy of our Board Diversity Policy can be found at: www.barrattredrow.co.uk/

about-us/policies-and-documents

We review the length of tenure of each Non-Executive Director,

determine the gaps in experience and consider the existing

balance of gender, ethnicity and social backgrounds on the Board

to help identify the need to recruit.

Once we identify the need to appoint a new Non-Executive

Director, we review and approve an outline brief and role

specification, appoint an Executive search firm to identify

suitable candidates from a diverse pool of individuals and

delegate authority to a sub-Committee led by Caroline Silver

to select candidates for a shortlist.

We meet with the shortlisted candidates and the preferred

candidates go on to meet the remaining members of the Board.

Preferred candidates are agreed based on their skills, experience

and knowledge and are recommended to the Board.

The Board considers the recommendation and if thought

appropriate approves the appointment.

Nomination and Governance Committee

role and activity FY25 continued

Nomination and Governance Committee Report continued

Board appointment process

Stage 1

Stage 2

Stage 3

Stage 4

Stage 5

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Nomination and Governance Committee role and activity FY25 continued

Diversity and inclusion continued

Board diversity continued

I am pleased to confirm that, as at 29 June 2025, all three diversity and inclusion targets set out in the UK Listing Rules, have been met.

The following tables detail the diversity profile of the Board and the Executive Committee as at 29 June 2025. This data was collated

from our HR database which has been populated using information provided by each individual employee, including Non-Executive

Directors. Diversity information for employees below the Executive Committee can be found on page 45.

Reporting table on gender representation as at 29 June 2025

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 7 58.3 3 5 50.0

Women 5 41.7 1 5 50.0

1 Following Matthew Pratt and Steven Boyes stepping down from the Board with effect from the close of business on 30 June 2025 and 6 September 2025 respectively, 50% of the Board will be women. When Jock

Lennox steps down from the Board following the conclusion of the 2025 AGM 55.5% of the Board will be women.

2 Following Jock Lennox stepping down from the Board and the appointment of Nicky Dulieu as SID there will be two men and two women in senior Board positions.

Reporting table on ethnicity representation as at 29 June 2025

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) 10 83.3 4 8 80.0

Asian/Asian British 2 16.7 0 1 10.0

Black/African/ Caribbean/Black British 0 0.0 0 1 10.0

Mixed/multiple ethnic groups 0 0.0 0 0 0.0

Other ethnic group 0 0.0 0 0 0.0

Not specified/prefer not to say 0 0.0 0 0 0.0

Nomination and Governance Committee Report continued

Giving employees a voice

We hold informal Inclusion Breakfasts every other month,

both face to face and virtually as part of our Employee Voice

activity. The mixed level, mixed role sessions allow our

people to network across the divisions and functions as well

as speak directly to David and Sally about key topics, areas

to celebrate and issues they want to raise.

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Nomination and Governance Committee role and activity FY25 continued

Diversity and inclusion continued

Diversity and inclusion throughout the business

Together with the Board, we recognise the importance of a diverse workforce at all levels of seniority. Promoting diversity at senior management level, and more generally across the workforce, remains

a key focus for David Thomas, our Chief Executive. David, together with the Group HR Director, will continue to support the Group Head of Diversity and Inclusion to drive the agenda forward in this area.

The Group’s aim is for its employee profile to mirror that of the communities in which it operates and provide an inclusive culture, where everyone can thrive. Further information on the Group’s progress

on diversity and inclusion can be found on pages 44 and 45. The main objectives, how they are implemented and progress towards them are set out below.

Objectives Implementation Progress

Talent: HR processes that

support a wide range of

skills and backgrounds

Ensure we have a detailed

understanding of our people

and their needs.

Review the HR lifecycle activity

and ensure it is inclusive.

Tailored support programmes

and early careers.

Alongside our continued quarterly scorecard that reports levels of representation by grade, function and team for gender and ethnicity,

we continue to review the responses to our pulse engagement surveys and identify gaps in experience for differing groups.

Across the HR lifecycle we have made changes to ensure a more inclusive approach; this has included moving to diverse shortlists for

all roles, inclusive recruitment training for all hiring managers, support for carers following the launch of our carers leave policy and

toolkits for employees and managers to support the menopause.

Catalyst, our female support programme, has run for another successful year and Spotlight, our support programme for ethnic

minority colleagues, is in its second successful year. Employees are encouraged to self-nominate to attend and the sessions are

externally facilitated.

Leadership: role models and

allies – leading the change

Leading inclusivity workshops.

Support difference – Employee

Network sponsorship.

Reverse mentoring.

Our dignity and respect training for leaders has been rolled out to all our Divisional Directors and Group Service Centre Heads of function.

We have continued delivering this to full divisions across the country.

Each of our Employee Networks has an Executive Committee member as their sponsor, who supports the activities and objectives of the

respective group.

Both our gender and ethnicity support programmes include reciprocal mentoring, which is an opportunity for both our leadership

mentors and the programme mentees to share and learn.

We have established Regional Diversity and Inclusion Committees across the country, to support open dialogue to the regional senior

leadership teams on areas to address and successes. This is also creating collaboration across divisions and ensuring we share best practice.

Shift attitudes: support our

people’s understanding to

create the right experience

for all

Hear the employee voice.

National Inclusion Week.

Dignity and respect awareness.

We have six Employee Network groups, offering a range of activities, including webinars, leading discussions, marking of key events and

signposting support: Gender (now including a subgroup for Women on Site and Tools), Ethnicity, Culture and Religion, Disability, Families

(including Carers) and LGBT+. A member of the Executive Committee sponsors each network.

National Inclusion Week in September 2024 saw our Networks celebrate their role models and offer insightful and educational pieces,

from blog posts to podcasts. We have an ongoing communication and insight programme recognising important events and religious

festivals. In FY25 we had over 5,600 views and all our Networks saw an increase in membership.

Across a variety of delivery methods, we have continued to embed the importance of treating each other with dignity and respect,

valuing difference in each other. Face-to-face training and poster campaigns including on site and in a section of our site induction help

support the message right through to subcontractors.

Please refer to page 53 for more information on the Workforce Forum.

Nomination and Governance Committee Report continued

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Nomination and Governance Committee Report continued

Nomination and Governance Committee role and activity FY25

continued

Board and Committee evaluation

Each year we undertake a formal and rigorous evaluation of the Board and Board Committees,

including the performance of each individual Director. As required by the Code, this evaluation is

externally facilitated every three years. The last external evaluation was conducted in 2022,

we therefore undertook an external evaluation in FY25 with Ffion Hague of Independent Board

Evaluation conducting the assessment and reporting her findings to the Board. As noted on page

102 due to the scale and nature of the structural and operational transitions during the year, we

Board and Committee evaluation process for FY25

Stage 1

The Company Secretary and I

provided a comprehensive brief to

Ffion Hague in February 2025.

Stage 2

As the lead evaluator, Ffion Hague

assessed the proceedings of the

main Board and Committee meetings

in February and March 2025.

Stage 3

In March 2025 interviews were

conducted with each Board and

Committee member, members of

the senior management team

who regularly attend the various

meetings, and the external auditor

and remuneration consultants.

Stage 4

Draft conclusions were discussed

with me and subsequently the Board

at its meeting in May 2025 with Ffion

Hague present.

Ffion also discussed feedback on

the effectiveness of my performance

with Jock Lennox and the

Committees’ feedback with their

respective Chairs.

Stage 5

The Board and the Committees

considered the feedback and

recommendations and agreed

actions to enhance governance

practices as set out below.

Whilst Ffion Hague does not have any other connection with the Company or any director, the

Committee noted that Ffion’s spouse and I serve as independent directors on a Board together

in the United States. The Committee considered this connection and was satisfied that it did

not present any conflict of interest.

Progress on FY24 evaluation

Progress made against the outcomes of the internal Board evaluation undertaken in FY24 is set out below:

The Board

Stakeholder engagement Succession Integration

FY24 outcomes Gain a better understanding of stakeholders’ interests and

concerns during uncertain market conditions and the

integration period.

Have greater visibility over the talent pipeline. Successfully integrate the Redrow

business and start to deliver synergies.

Progress in FY25 Work has been undertaken to evolve the role of the Designated

Non-Executive Director for Workforce Engagement.

Integration has been a key area of focus for the

Workforce Forum.

Reflecting best governance practices, our top 20 shareholders

were invited to meet privately with me. In addition, during the

year our Remuneration Committee Chair offered to meet

shareholders on any specific remuneration matters.

The number of Nomination and Governance Committee meetings has

doubled to four, with succession (for both Executive and Non-Executive

positions) being the main topic of focus. This has resulted in the

changes to the composition of the Board and Committees as set out

on page 104 and has provided greater insight into the senior manager

talent pipeline and the reshaping of the Executive Committee

(see pages 89 and 104 for further details).

Our Non-Executive Directors mentor high-potential employees in our

talent pipeline.

Integration has progressed well with nine

divisional office closures completed or

announced across both businesses and

the wider integration programme on track

to deliver c.£100m of cost synergies. For

details on the synergies achieved as at the

date of this report see page 35.

believe that it was not possible to assess the business-as-usual performance of the enlarged Board

during the year, and therefore undertook a light touch assessment, paving the way for a further

comprehensive review by Ffion in Q1 2026.

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Nomination and Governance Committee role and activity FY25 continued

Progress on FY24 evaluation continued

Key areas of improvement for the Committees

Nomination and Governance Committee Audit and Risk Committee Remuneration Committee

FY24 outcomes Continue to develop the Committee’s approach to

succession for Executive and Non-Executive Directors and

senior management.

Continue to seek and develop talent at executive level.

Ensure that members of the Board and senior management

have the appropriate skills, knowledge and experience to

guide the business through the integration with Redrow post

CMA clearance and to deliver the synergies identified as part

of the acquisition.

Continue to evolve the risk management process including the internal control

framework and assurance process.

Ensure adequate processes and reporting are in place to enable the Committee

to monitor progress with the synergies in respect of the acquisition of Redrow plc.

Ensure that the Remuneration

Policy, strategy and

performance metrics are

appropriate to deliver synergies

resulting from the acquisition of

Redrow plc.

Progress in FY25 The focus of the Committee over the past financial year

has been on the composition of the Board and the senior

leadership team for the combined group. This has required

the Committee to be more involved in supporting the Chief

Executive and the Group HR Director with the succession

plans for senior management and to consider the assessment

outcomes for individuals suggested for inclusion in those

plans. This has enabled the Committee to have more visibility

over the talent pipeline.

I and the Company Secretary have gained access to an online

platform which will enable a more detailed assessment of the

skills and experience of the Board initially and help identify

any gaps that may need to be addressed either through

further recruitment or training.

The Committee has overseen the work being undertaken by the Director of Audit

and Risk in enhancing the risk management process. A bottom-up approach has

been implemented with senior managers within the business being asked to

identify the current and emerging risks within their respective areas of

responsibility and the mitigations being, or that needed to be, applied. The

outcomes of these risk workshops were then reported to the Executive Risk

Committee, who assessed these in terms of overall Group risks and mitigations

and any impact on the principal risks. Deep dive sessions have been scheduled for

each of the principal risks with external experts attending to provide more detail

on matters such as geopolitical risks. The output of the Executive Risk Committee

meetings are reported to the Audit and Risk Committee with deep dives organised

for the Board.

The Committee has worked with management and the Director of Audit and Risk

to identify and agree the process and reporting required to give full visibility of

progress on synergies.

The Committee has reviewed

the Group’s Remuneration Policy

to ensure it remains fit for

purpose and adequately

supports the combined Group.

Performance metrics for short

and long-term incentives have

been simplified and metrics for

in-flight, long-term incentives

are being adjusted to reflect

the impact that the acquisition

of Redrow plc will have on the

financial performance of

the Group.

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Nomination and Governance Committee role and activity FY25 continued

FY25 Board effectiveness evaluation outcomes

Overall, the results of the evaluation were positive and showed that the Board continues to be run effectively. It is seen to be open and collaborative with a diverse and talented composition and is adept

in maintaining high governance standards and engaging in critical discussions.

Minor improvements to enhance governance and performance are summarised below.

Areas for enhancement

Culture Strategy Stakeholder Engagement

FY25 outcomes Ensure that the Company’s culture remains

appropriate following the integration of Redrow.

Refresh the Group’s strategy to reflect the integration of the

Redrow business in the light of developing government policies

and actions.

Increase direct engagement with stakeholders.

Actions for FY26 Clearly define the Group’s desired culture and

identify KPIs to track progress towards it.

Create a culture dashboard to be included in

every Board pack and every divisional update.

Continue to monitor and assess future homebuilding trends for

potential medium to long-term opportunities for the Group.

Refresh the Group’s strategic objectives to reflect the combined

business and continue to monitor progress against them.

Develop an annual stakeholder engagement programme

for the Board.

Identify and agree an appropriate mechanism to oversee

and evaluate the effectiveness of stakeholder engagement.

The Committees

Nomination and Governance Committee Audit and Risk Committee Remuneration Committee

FY25 outcomes To continue to focus on talent management and

succession.

Enterprise risk management (ERM). Committee membership.

Strategic focus.

Actions for FY26 Talent management and succession will continue

to be key agenda items for each Committee

meeting throughout FY26. Given the revised

reporting structures, members of the senior

leadership team will be given the opportunity to

attend and present on specific topics at Board

and Committee meetings to provide more visibility

on the strength and depth of the Group.

To support the continued development of the Group’s framework

for managing risk throughout the business and enable more regular

structured and frequent discussions on risk with a focus on

assurance over the ERM process rather than its implementation.

The Committee to seek, as it deems appropriate, support from

external experts to provide a fresh perspective on the Group’s

principal risks, particularly for technical matters to supplement

the Board’s direct experience.

Given that the membership of the Committee has

increased following the acquisition of Redrow plc, the

Committee is to review its composition and determine

whether the current practice of having all Non-Executive

Directors as members remains appropriate.

Take a more strategic focus to understand talent trends

and potential within the organisation to support

succession planning.

Evaluation of individual Directors

Individual Directors were evaluated as part of the Board evaluation process described above. Jock Lennox, as Senior Independent Director, discussed feedback on my performance as Chair with Ffion

Hague and subsequently with the other members of the Committee. Overall feedback was very positive with a few minor areas for improvement identified. Each member of the Committee confirmed

that the feedback reflected comments made during their interviews with Ffion Hague and provided further context to aid Jock with providing feedback to me.

This report forms part of the Corporate Governance Report and is signed on behalf of the Nomination and Governance Committee by:

Caroline Silver

Chair of the Nomination and Governance Committee

16 September 2025

Nomination and Governance Committee Report continued

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Committee members

Jock Lennox

Katie Bickerstaffe

Nicky Dulieu

Jasi Halai

Geeta Nanda

Nigel Webb

Chris Weston

Details of Committee members’ skills and experience can be found on page 88

Attendance at each meeting is set out on page 91

Oversight of risk management and financial reporting

Jock Lennox

Chair of the Audit and Risk Committee

Focus in the reporting year

• Continued to enhance our risk management and internal

control processes.

• Conducted deep dives on principal risks and considered

emerging risks, particularly around the implications of changes

in government policy for the housing market.

• Assessed the accounting for the acquisition of Redrow,

including the appropriateness of the valuation of acquired

assets and liabilities (including contingent liabilities).

• Oversaw the integration of Redrow into the Group, including the

extension of the control framework and delegation of authority.

• Considered the impact of the CMA investigation on

financial reporting.

• Continued to monitor and assess the accounting for, and

control over, provisions for issues related to legacy buildings,

including those constructed by Redrow.

• Reviewed the control processes implemented in the Group’s

new shared service centres.

Priorities for FY26

• Continue to scrutinise control over and provisions for

legacy buildings.

• Consider how ambition for growth in the housebuilding sector

impacts our risk profile and our associated internal controls.

• Commence the tender process for the Company’s new

statutory auditor, to take on the audit from FY28.

• Prepare for reporting under the 2024 UK Corporate

Governance Code (the “2024 Code”).

• Working with the Sustainability Committee, oversee the Group’s

sustainability reporting to ensure it remains business plan led.

Statement from the Chair of the

Audit and Risk Committee

I am pleased to present the Audit and Risk Committee’s Report

for the 52 week period ended 29 June 2025.

This report sets out our work and how our responsibilities in

relation to audit, risk and internal control have been discharged

over the year.

We work closely with our Finance, Risk and Internal Audit teams,

and with Deloitte LLP to ensure that:

• our risk and internal control processes remain robust and

continue to adapt;

• our financial reporting remains clear; and

• our critical accounting judgements and key sources of

estimation uncertainty are appropriate.

Areas of focus FY25

Risk Management and Internal Controls

During the year we continued to enhance our risk management

and internal control processes and, save for the meetings where

we approve the Annual Report and Interim Financial Statements,

have restructured our meetings to give greater focus to risk. Our

approach to risk management and internal controls continues to

be based around the Group’s principal risks, enabling us to focus

mitigation and control activities on the areas that could have the

biggest impact on the Group. We also regularly consider

emerging risks to ensure that our focus remains relevant.

Following the acquisition of Redrow plc we have spent time over

the year ensuring that there is a clear organisational structure

with defined levels of authority and responsibility. Our control

framework is designed to allow decisions to be made quickly and

at the appropriate level to assist with our ambition to grow the

business whilst effectively managing risk.

Audit and Risk Committee Report

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Statement from the Chair of the Audit

and Risk Committee continued

Areas of focus FY25 continued

Risk Management and Internal Controls continued

In anticipation of the upcoming changes brought about by

Provision 29 of the 2024 Code, we have continued to enhance

our risk management, internal control framework and assurance

processes. We have also received reports and assessments on

the controls around the transfer of Redrow divisions to the

Barratt systems; the launch and first quarter of operation of the

centralised Purchase to Pay activities; and assessments of

certain aspects of access controls relating to our continuing

systems. In each area improvement actions were discussed and

agreed, and their implementation will be reviewed in the year

ahead. This work will enable us to comply with the new reporting

requirements, including the process to identify the Company’s

material and key controls.

Together with the Board we perform deep-dives on our principal

risks during the year, bringing together internal and external

experts to ensure we capture and focus on the key risks and

understand their implications for the Company. During FY25,

we performed deep-dive reviews over government regulation

and compliance, high-rise and complex structures and

information technology. The Board performed a deep-dive into

geopolitical risks and the challenges and uncertainty that recent

global events have created. The UK housing market continues

to face many challenges (and opportunities) not least from the

government’s ambitions for the market. We will continue to

remain abreast of this as we contemplate the changing risk

environment and will perform deep-dives on the remaining

principal risks during FY26.

Acquisition of Redrow plc

The acquisition of a business, the size of Redrow, has required

material judgements and estimates to be made in the Group’s

financial reporting. We reviewed reports from management and

the external auditors on the acquisition accounting, the

valuation of the assets and liabilities acquired, accounting policy

alignment, and the appropriateness of site margins and building

safety provisions. Management has investigated Redrow’s legacy

buildings to ensure that any issues identified which are similar

to those for Barratt buildings are treated consistently. Further

information on the work we have undertaken in respect of legacy

buildings can be found on pages 114 and 116 to 117.

We also considered the impact of the Redrow acquisition on

risk management, internal controls and financial reporting

requirements, and were satisfied that an appropriate control

environment has been implemented across the enlarged Group

and over the integration process in particular. We continue to

be updated on these activities.

We have considered and agree with the presentation of the

financial performance of the acquisition of Redrow and the

classification of the acquisition costs as an adjusted item.

Group integration and reorganisation

During the year we regularly received reports from management

and internal audit to provide assurance that the controls around

the activities (migration to Barratt systems, merging of divisions,

establishment of a shared service centre for purchase ledger and

HR activities) being undertaken to integrate the two businesses

continue to be maintained and are appropriate. We also oversaw

the accounting for the related integration costs, concluding that

these costs have been recognised at the appropriate time and

have accurately been presented as adjusted items.

Legacy Properties

We continue to receive updates from management on the

Group’s exposure to the risks derived from previously identified

building safety issues to assess the adequacy of our provisions.

In the year, the scope of both the work and the provisions around

building safety issues have been extended to include Redrow.

We also received a presentation from the Building Safety Unit

which provided us with an update on the buildings and issues

within scope for the combined group. This included a discussion

on the extent of contingent liabilities and the completeness of

existing provisions. We agreed with management’s assessment

that the extent of provisioning; the disclosure of potential

contingent liabilities; and the classification on the provisions

between adjusted items and the acquisition balance sheet of

Redrow plc were all appropriate.

Building safety provision

Whilst small additions to the Barratt building safety provision

have been required to address increases in remediation cost

estimates on certain sites, the Barratt EWS portfolio has

remained relatively stable. However, issues were identified on

one development in our Southern region with four buildings.

These buildings benefited from independent expert design and

building control sign off by the relevant authorities back in 2002,

when the buildings were constructed (and before the relevant

business was acquired). Management has assessed the

potential exposure, and this has been appropriately provided

for as an adjusted item. Across the portfolio, we will continue

to pursue third parties to recover costs where possible. Any

recoveries made will be recognised at the appropriate time.

We also received reports on the extent of the EWS exposure

within Redrow. The oversight of remediation of the Redrow

buildings was integrated with the Barratt Building Safety Unit

and assessments were made on the consistency of approach

to the key assumptions being applied in calculating the provision.

On the basis of this work, management recommended that the

fair value provision be uplifted to £184.3m. We agreed with

management’s recommendation.

Audit and Risk Committee Report continued

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Statement from the Chair of the Audit

and Risk Committee continued

Areas of focus FY25 continued

Legacy Properties continued

RCF

Following a desktop review of the Redrow buildings, it became

apparent that certain legacy Redrow buildings were designed

by the same engineers that had given rise to RCF issues within

Barratt. It was therefore agreed to undertake an investigation

to assess the potential risk exposure for the Group. We were

kept informed of the investigations’ progress and received a

recommendation from management, that in light of their

findings, a revision to legacy property provisions and inventory

fair values of £131.8m for remediation were required relating

to four historical developments within the Redrow portfolio.

As these exposures existed at the date of acquisition, they

have been reflected in the acquisition balance sheet either

as a reduction in inventory or as provisions. To the extent that

recoveries from third parties are realised they will be recognised

when confirmed.

All of these issues and the assumptions for the provisions

have been subject to considerable debate with management

(including the leadership of the Building Safety Unit) and we are

satisfied that the recognition and valuation of provisions and the

adjustments to the acquisition balance sheet are appropriate.

Further, the disclosures of related remaining contingent liabilities

are also deemed fair.

Work on legacy properties is expected to continue for several

years. We will continue to monitor progress to ensure that the

pace of remediation does not impact quality. To support our

understanding in this area, I and several members of the

Committee have visited live remediation projects. We found the

visits insightful in terms of the challenges, constraints and

complexities of remediating buildings with residents in-situ

whilst remaining sensitive to their needs. Read more about one

of these visits on page 95.

Combined, the building safety and RCF provisions, net of £15.8m

recovered from third parties, resulted in a further charge of

£90.4m as an adjusted item.

CMA investigation into information sharing

The CMA’s ongoing investigation into suspected breaches of

competition law, relating to the exchange of competitively

sensitive information, by seven housebuilders, including Barratt

and Redrow, has been an important issue for us to consider,

involving discussions with both management and legal advisors.

As announced in July 2025, we, with the other housebuilders,

have offered commitments to the CMA in order to seek

conclusion of the investigation expeditiously. If accepted, our

share of the collective payment of £100m to the government,

which will be disbursed to the affordable homes programmes in

England, Scotland, Wales and Northern Ireland, will be

approximately £29m. This does not constitute an admission of

any wrongdoing by us and nothing in the commitments should

be construed as implying that we agree with any concerns

expressed by the CMA during its investigation.

We received regular updates on the status of the investigation

and the related risks and are satisfied that the costs being

discussed in relation to this matter are appropriately disclosed

as an adjusted item and the disclosure is fair.

Sustainability

We continue to oversee and review the Company’s sustainability

reporting to ensure measurements and assurance focus on

business impact and preserve trust in our sustainability progress.

During the year we considered how Redrow was being integrated

into the Group’s existing governance processes and reviewed the

gap analysis conducted by Deloitte to identify and resolve

methodological gaps. Following this review, we were satisfied

with how the integration has progressed to provide appropriate

assurance over the measures set out in this Annual Report and

our other sustainability publications.

Audit oversight

We continue to hold meetings with the external auditor and with

the Director of Audit and Risk without the Executive Directors

being present to discuss matters within our remit and provide

them with the opportunity to raise any issues privately.

I also met with the Chief Financial Officer, the Director of Finance,

the Director of Audit and Risk and the external auditor outside

formal meetings. In addition, I hold an annual meeting with the

wider external audit team and the Deloitte Quality Assurance

partner to understand their knowledge of our business, the

sector and their assessment of our risks.

The FY24 Deloitte audit was selected by the Financial Reporting

Council’s Audit Quality Review (‘AQR’) Committee. I received a

full copy of the findings of the AQR and have discussed these

with Deloitte. There were no significant areas for improvement

identified within the report. In addition, I met with the FRC

during and after the process. Our discussions with the FRC and

consideration of the report supported the conclusion that the

FY24 audit was effective.

Key areas of focus for FY26

We will continue to oversee the development of our approach to

risk management and internal controls to ensure that we are able

to adopt the changes arising from the 2024 Code.

We will also continue to oversee the provisioning for legacy

properties; how ambition for growth in the housebuilding sector

translates into risk and controls; controls over the continuing

integration of Redrow; preparation for reporting under the 2024

Code; and the development of our sustainability reporting to

ensure it remains focused on business impact.

Under current regulations, the Company must appoint a new

auditor for the FY28 audit. We therefore intend to undertake

the tender process through FY26.

As announced on 15 July 2025, I will step down from the Board at

the conclusion of the 2025 Annual General Meeting and will hand

the Chair of the Committee to Jasi Halai. I will continue to work

closely with Jasi over the coming months to ensure an orderly

handover. It has been a privilege to be the Audit and Risk

Committee Chair and a Non-Executive Director of Barratt,

now Barratt Redrow, over the past nine years. I wish Jasi and

my other colleagues the very best for the future.

Jock Lennox

Chair of the Audit and Risk Committee

16 September 2025

Audit and Risk Committee Report continued

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Role and activity of the Audit and

Risk Committee

Membership and attendance at meetings

Members of the Committee are set out on page 111. In addition to

Committee members, the Company Secretary, Director of Audit

and Risk, Group Director of Finance, Chair of the Board, Chief

Executive, Chief Operating Officer, Chief Financial Officer, Chief

Executive Redrow and representatives from our external auditor

attended each of the Committee meetings. Other Executives and

senior managers attended when appropriate for specific agenda

items.

We held five meetings during the financial year; after each

meeting I reported to the Board on the matters discussed and

made recommendations as appropriate.

Committee effectiveness

We have a carefully planned agenda of items of business to

ensure that high standards of financial governance and risk

management are maintained.

I have an open, constructive and collaborative relationship with

management and meet with them and the external and internal

auditors outside of meetings to share views and discuss

key issues.

The Board evaluation for FY25, which is described more fully on

page 108, included an appraisal of the performance of the

Committee. The outcome of the evaluation was that we continue

to operate effectively and should develop the Group’s framework

for managing risk further and enable more structured and

detailed discussions on risk.

Following a review of the outcome of the evaluation we have

restructured our ‘non-reporting’ meetings to give more

prominence to risk matters.

Further details can be found on page 110

Audit and Risk Committee Report continued

Role and main activities undertaken by the Committee during the financial year

During the year we carried out the following activities:

Priorities Work carried out and outcomes

Acquisition and

integration of

Redrow

• Scrutinised acquisition accounting.

• Provided robust oversight of accounting policy with a focus on margin calculation and the alignment and consistent disclosure thereof and the appropriateness of policies for the

enlarged Group.

• Considered the appropriateness of site margins post-acquisition.

• Scrutinised the value of assets and liabilities acquired, including goodwill and other intangible assets.

• Considered and challenged the appropriateness of provisions for legacy buildings acquired.

• Considered the impact of the acquisition on risk management and internal controls and financial reporting requirements.

• Reviewed the decision to adopt the Barratt systems as the platform for the combined Group and oversaw the work to migrate Redrow data.

Legacy buildings • Received regular updates on the Group’s exposure to building safety and RCF risks for both Barratt and Redrow buildings.

• Considered the appropriateness of our contingent liabilities disclosure including details of the preliminary cost assessments undertaken on our buildings over 11 metres in Scotland

at which fire defects have been identified following our signing of the Scottish Safer Buildings Accord in 2023, which is currently not legally binding.

• Received reports on provisions to ensure that they remain appropriate.

Oversee financial reporting

Assess Risk Management

Supervise internal controls

Evaluate Audit Process

Ensure the accuracy and integrity of financial statements.

Review the company’s risk management framework.

Monitor systems of internal control and compliance.

Oversee the work of external and internal auditors.

Role and responsibilities of the Audit and

Risk Committee

114 Barratt Redrow plc Annual Report and Accounts 2025

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Audit and Risk Committee Report continued

Priorities Work carried out and outcomes

Integrity of

Financial

Statements and

announcements

• Reviewed the Annual Report and Accounts and assessed the processes which ensures it is fair, balanced and understandable.

• Reviewed the full year and interim results announcements.

• Reviewed the going concern statement.

• Considered management’s analysis of significant accounting matters, including margin recognition and the costs associated with legacy properties and their presentation in the

Financial Statements and the acquisition of Redrow, concluding that they remain appropriately accounted for and disclosed.

• Received regular updates on the status of the CMA’s investigation into suspected breaches of competition law by eight housebuilders, including Barratt and Redrow, and the

potential risks and consequences of this. Considered the relevant disclosures in this Annual Report.

Risk

management and

internal control

systems

• Oversaw improvements to the Group’s risk management framework to ensure compliance with the 2024 Corporate Governance Code, including the process to identify the

Company’s material and key controls over operations, compliance, finance, reporting and fraud.

• Oversaw and provided robust challenge to the enterprise risk management processes including the review and disclosure of principal and emerging risks and the effectiveness of

the internal control systems.

• Reviewed a financial crime risk assessment, including an assessment of our fraud risk, prepared by our external advisers.

• Provided robust oversight of the activities undertaken to ensure readiness for the Economic Crime and Corporate Transparency Act, including enhancements to Group policies,

processes and controls.

• Received regular risk updates from the Director of Audit and Risk.

• Performed deep dive reviews of the risks relating to government regulation and compliance, high-rise and complex structures and information technology.

• Reviewed the effectiveness of the Group’s risk management and internal control processes, concluded that they continued to operate effectively and recommended to the Board

that a disclosure to this effect be included in the Annual Report and Accounts.

• Reviewed the viability model.

Internal audit • Considered the results of an external independent quality assessment of the internal audit function.

• Considered the reporting line of the Director of Audit and Risk.

• Agreed internal audit’s programme of work during the year and reviewed progress against the plan and considered resourcing requirements of the internal audit team to deliver the

programme across the enlarged Group.

• Approved the annual review and updates to the risk assurance map, setting out the assurance provided by each of the three lines of defence over the effective management of the

Group’s principal risks.

• Reviewed and approved the Audit Charter ensuring that it is appropriate to the current needs of the organization.

External audit • Reviewed the outcome of the Group’s external audit quality indicator assessment.

• Considered the output of the FRC’s Audit Quality Review for the audit of the Company’s 2024 Annual Report and Accounts and Deloitte’s response to the Review.

• Reviewed Deloitte’s audit plan for the Annual Report and Accounts, including key audit risks and divisional audit work performed around the business, and the progress of the audit.

• Recommended to the Board the reappointment of Deloitte LLP as Group external auditor.

• Reviewed the external auditor Non-Audit Services Policy.

Role and activity of the Audit and Risk Committee continued

Role and main activities undertaken by the Committee during the financial year continued

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Priorities Work carried out and outcomes

Governance • Monitored progress of the finance strategy and the implementation of the Groups P2P shared service offer.

• Worked closely with the Remuneration Committee and the Sustainability Committee to ensure that target setting and performance measurement for the variable elements of the

remuneration package were challenging and stretching yet achievable.

• Reviewed sustainability reporting to ensure measurements and assurance focus on business impact and preserve trust in our sustainability claims.

• Reviewed and approved the tax strategy.

FY25 Financial Statements

Significant issues considered during the financial year

The issues considered by us to be the most significant (due to their potential impact on the performance of the Group’s activities) in relation to the Financial Statements during the financial year

are set out below.

1. Critical accounting judgements and key sources of estimation uncertainty

These are set out in the table below:

Issue The Committee’s response External auditor challenge Outcome

Margin recognition

Development costs are allocated, on a

site-by-site basis, between homes built in

the current and future years. The Group’s

site valuation process determines the profit

margin for each site. This requires the

estimation of future sales prices and costs

to complete each site. Further detail is

given in note 3 on page 170. Considerable

attention was applied to the allocation of

fair values on the Redrow acquisition

balance sheet, the subsequent impact of

these on current and future margin and the

related disclosures relating to the impact of

Redrow on group performance.

We considered:

• Assumptions and estimates as they related to build cost and

sales prices in particular. We also reviewed and validated the

Group’s overall approach to margin recognition.

• Internal audit feedback on adherence to the Group’s policies and

procedures in the divisions.

• The adequacy of the Group’s control structures around valuation

and cost to complete, both from a systems and process standpoint.

• The implementation of the Group’s margin recognition policy

across the acquired Redrow business.

Throughout the year the external auditor has

visited a sample of size sites and verified the

work completed to date, evaluated key estimates

in the margin calculation and used data analytic

techniques to analyse margins on a site by site

basis and analyse costs to complete.

As a result of our review, we were

comfortable with the approach

taken by the Group on this key area

of control, and also on the valuation

of the Group’s WIP balance and

margin recognised.

Costs associated with legacy properties

The Group has a liability for remedial work

on its legacy property portfolio. It has an

obligation under the Self-Remediation

Contract to undertake or fund remediation

of EWS and has also identified a small

number of buildings on which structural

repairs are required.

We reviewed and challenged the quantum of the building safety

provision held against specific buildings, considering the underlying

assumptions made regarding cost inflation and the number of

buildings in scope. For structural and other provisions, we

considered the estimation of the cost of remedial works, based

on experience of similar issues at other buildings, and the work

undertaken to ensure that all reasonable actions had been

undertaken to identify affected buildings. We have continued

to review the portfolio for completeness.

The external auditor obtained an understanding

of the controls implemented by the Group over

the recognition and measurement of legacy

property costs. They assessed the consistency

of a sample of cost estimates with third party

support and challenged the underlying

management assumptions in respect of

valuation and completeness.

Based on our review, we were

comfortable with the process and

controls adopted by management

around the disclosures, including

contingent liabilities, and estimation

of costs and provisions associated

with legacy properties.

Role and activity of the Audit and Risk Committee continued

Role and main activities undertaken by the Committee during the financial year continued

Audit and Risk Committee Report continued

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Role and activity of the Audit and Risk Committee continued

FY25 Financial Statements continued

Significant issues considered during the financial year continued

1. Critical accounting judgements and key sources of estimation uncertainty continued

Audit and Risk Committee Report continued

Issue The Committee’s response External auditor challenge Outcome

Costs associated with legacy properties

continued

Estimations of those cost provisions are to

be sufficiently provided for and appropriately

disclosed. The principles developed by

Barratt have been applied to Redrow for the

purposes of the acquisition balance sheet

and subsequent financial reporting,

The Group has sought to respond

appropriately to ongoing evolution in the

regulatory environment and to reflect

sufficient provisions during a period of unit

cost inflation and ongoing discovery in the

known building portfolio.

Further detail is given in note 4 on page 172

and note 20 on pages 197 and 198.

Where EWS and structural remediation is required on legacy Redrow

buildings, we assessed whether the obligation to remediate existed

at the time of acquisition and is therefore correctly reflected in the

acquisition balance sheet. We also considered the adequacy of

disclosures concerning the Housing (Cladding Remediation)

(Scotland) Act 2024.

Both the Chief Operating Officer and the Managing Director of the

Building Safety Unit presented to the Committee to ensure members

were appropriately and sufficiently informed of relevant matters.

The external auditor also challenged the

appropriateness of the disclosures in the

Financial Statements in relation to the

provisions and associated contingent

liabilities, including assessment of the

estimation uncertainty and the presentation

of legacy property costs as adjusted items.

Based on our review, we were

comfortable with the process and

controls adopted by management

around the disclosures, including

contingent liabilities, and estimation

of costs and provisions associated

with legacy properties.

2. Other areas of accounting

Issue The Committee’s response External auditor challenge Outcome

Accounting for the acquisition of

Redrow plc

The Committee spent a significant amount

of time considering matters relating to the

acquisition of Redrow plc.

We considered:

• the date on which the Group was deemed to take control

considering the CMA Initial Enforcement Order;

• the valuation of the shares issued as consideration;

• the completeness of the assets and liabilities acquired and the

appropriateness of the methodologies used in their valuation;

• the treatment of acquisition and restructuring costs; and

• the control framework implemented to ensure accurate and

comparable financial reporting continues through this process.

The external auditor obtained an

understanding of the methodologies used to

determine the fair value of acquired assets

and liabilities, and the controls management

put in place over the valuation process. They

assessed the appropriateness of valuation

methodologies and assessed the

completeness and accuracy of inputs into the

valuation models.

As a result of our review, we agreed

with management’s recommendations

and concluded that:

(i) the presentation of the

transaction in the Financial

Statements is appropriate; and

(ii) the consolidated Financial

Statements are a true and fair

presentation of the performance

of the new Group, complying with

accounting standards and the

Group’s accounting policy.

117Barratt Redrow plc Annual Report and Accounts 2025

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Fair, balanced and understandable considerations and conclusions

We received a draft of the Annual Report and Accounts prior to our September 2025 meeting,

together with supporting material from management and the external auditor. At the meeting,

we considered and assessed the process undertaken in drafting the 2025 Annual Report and

Accounts to determine whether it was fair, balanced and understandable.

Accordingly, we

recommended to the

Board that the FY25

Annual Report and

Accounts is fair,

balanced and

understandable.

The Board’s formal

statement on the

Annual Report and

Accounts being fair,

balanced and

understandable is

contained within the

Statement of Directors’

Responsibilities on

page 151.

Outcomes

We concluded that the Annual Report

and Accounts for the period ended

29 June 2025 and to the date of signing

this report:

• clearly, comprehensively and fairly

reflects the Group and the Company’s

performance in the year under review;

• contains an accurate description of the

business model;

• appropriately reflects the Group

and the Company’s purpose, strategy

and culture;

• includes consistent messaging and

clear linkage between each of its

sections; and

• includes KPIs which are consistent

with the business plan and

remuneration strategy.

Conclusions

• Feedback provided by shareholders on the FY24

Annual Report and Accounts.

• The FRC’s findings on Deloitte’s performance

following the Audit Quality Review of our FY24 audit.

• Assurances provided in respect of the financial and

non-financial management information.

• The importance of maintaining separate disclosures

for certain Barratt and Redrow metrics to clearly

show comparisons to previous performance.

• The balance between statutory and adjusted

performance measures.

• The internal processes underpinning the Group’s

reporting governance framework and the reviews

and findings of the Group’s external legal advisers

and external auditor.

• A report from the Company Secretary, which

confirmed that: i) the process involved collaboration

between various parts of the Group, including the

Group Finance team, Company Secretariat, Group

Communications, Investor Relations and the

Sustainability team; ii) the Annual Report and

Accounts had been reviewed by the Executive

Directors; and iii) the Company had received

confirmation from its external advisers that the

Annual Report and Accounts adhered to the

requirements of the Companies Act, the Code,

the UK Listing Rules and other relevant regulations

and guidance.

Considerations

Audit and Risk Committee Report continued

Role and activity of the Audit and Risk

Committee continued

FY25 Financial Statements continued

Significant issues considered during the financial year

continued

3. Going concern

As a Committee, we:

• concurred with management’s conclusion, and recommended

to the Board, that the Company and the Group continue to be

a going concern and that the Financial Statements should be

prepared on a going concern basis;

• using the Group’s business plan, assessed the Group’s

available facilities, headroom and banking covenants;

• reviewed management’s detailed analysis, which included

forecasts, scenarios and sensitivities and the impact of

the acquisition:

• considered the going concern requirements of the Code to

ensure compliance; and

• continued to monitor market conditions to ensure any

appropriate adjustments are reflected.

We also reviewed management’s viability assessment of the

Group and agreed that it was appropriate.

Further details on the Group’s going concern assessments can

be found in note 1 on pages 168 and 169, and the Group’s Viability

Statement can be found on pages 83 and 84.

4. Financial reporting

We reviewed the integrity of the Financial Statements of the

Group and the Company, and all formal announcements relating

to the Group and Company’s financial performance.

This process included the assessment of the primary areas of

judgement set out in the table on pages 116 and 117 and took into

account the views of our external auditor.

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Audit and Risk Committee Report continued

Role and activity of the Audit and Risk

Committee continued

External audit

The external auditor is Deloitte LLP, which was first appointed in

2007 and was reappointed following a competitive tender in FY17.

The Company has therefore complied with the provisions of the

Statutory Audit Services for Large Companies Market Investigation

(Mandatory Use of Competitive Tender Processes and Audit

Committee Responsibilities) Order 2014 issued by the CMA on

26 September 2014.

Jacqueline Holden has completed her third year as lead audit

partner. Jacqueline was selected after an interview process

involving me, supported by the then acting Chief Financial Officer.

Audit performance and effectiveness

We annually review the external audit plan and process and

approved the audit of key risk areas earlier in the year to reduce

pressure on the busy financial reporting period after year end.

In forming our conclusion on performance and effectiveness of

the external audit, we reviewed amongst other matters:

• feedback from all stakeholders on the external audit;

• Deloitte’s fulfilment of the agreed audit plan for FY25;

• reports highlighting the material issues and critical accounting

judgements and key sources of estimation uncertainty that

arose during the conduct of the audit;

• Deloitte’s objectivity and independence during the process,

including its own representation about its internal

independence processes;

• the challenges raised by Deloitte during the audit; and

• the findings of the FRC’s Audit Quality Review of the audit of

the Company’s 2024 Annual Report and Deloitte’s response to

the findings.

During FY25, I met with the leaders of Deloitte’s audit team to

assess their experience and understanding of Barratt Redrow.

These interactions provided positive input on the effectiveness

of the audit. In assessing the effectiveness and performance of

Deloitte, we also approved the Group’s approach to assessing

audit quality. As in FY24, a questionnaire was circulated to a wide

range of internal stakeholders which covered five key audit areas

as highlighted by the FRC. Overall, the feedback was an

improvement on 2024 with all five areas being rated as “excellent”

or “good’, with some opportunity for minor improvements being

identified. The Deloitte team expects to address the highlighted

areas of focus in FY26.

To support our review of Deloitte’s effectiveness, we considered

the findings of the FRC’s Audit Quality Review of the audit of the

Company’s FY24 financial statements. The results of the review

were received in August 2025 and were therefore discussed at

our subsequent meeting in September. The 2024 Deloitte audit

was selected by the Financial Reporting Council’s AQR for review.

As Chair of the Audit and Risk Committee, I received a full copy of

the findings of the AQR and have discussed these with Deloitte.

There were no significant areas for improvement identified within

the report. In addition to receiving the report, I met with the FRC

during and after the process. Our discussions with the FRC and

consideration of the report supported our conclusion that the

FY24 audit was effective. We will continue to monitor audit quality

through regular dialogue with the engagement partner and by

considering the outcomes of future regulatory inspections.

During the FY25 audit, Deloitte challenged management’s

judgements and assertions on the following matters in particular:

• margin recognition and the related completed

development provisions;

• valuation and completeness of provisions related to external

wall systems and reinforced concrete frames on legacy

developments; and

• IFRS 3 business combinations accounting for the acquisition

of Redrow plc.

Our response to these can be found in the relevant section of

the table of significant issues on page 116.

Following consideration of the matters set out above we

concluded that the external audit process as a whole had been

conducted robustly, the Deloitte team selected to undertake the

audit had done so thoroughly and professionally, and Deloitte

had applied sufficient experience and understanding of the

housebuilding industry, consulted with experts as necessary, and

is of sufficient size to conduct the audit. Deloitte’s performance

as external auditor to the Group during FY25 was therefore

considered to be satisfactory.

In addition to the above, we were satisfied that management had

provided the external auditor with appropriate access to Barratt

Redrow’s own people, systems, records and supporting

information, whilst acting professionally and with appropriate

challenge, enabling the audit to be conducted effectively.

Auditor independence and non-audit fees

The Company’s policy on auditor independence and non-audit

fees is available at www.barrattredrow.co.uk/investors/

corporate-governance.

Our policy on auditor independence and non-audit fees is in line

with the auditor independence rules of the FRC’s Revised Ethical

Standard 2019 and includes the FRC’s whitelist of permitted

non-audit services.

Our policy sets out:

• the cap applicable to non-audit fees, currently set at 70% of

the average audit fees over the previous three years;

• our duties as a Committee relating to the protection of the

objectivity and independence of the external auditor;

• the pre-approval levels and conditions required for different

non-audit services that might be required from the external

auditor, together with prohibited services;

• restrictions on the recruitment of employees from the external

auditor; and

• the third-party test that must be passed before the external

auditor can provide non-audit services.

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852

186

230

1,023

1,946

195

230

FY25 (£000)

£3,336

FY24 (£000)

£1,537

FY23 (£000)

£1,311

780

268

342

Total audit and non-audit fees

Auditor rotation timeline

Company audit

Subsidiaries audit

Audit-related services

Other services

2007

Deloitte appointed for

FY08 audit

2017

Deloitte reappointed

following competitive

tender

2026

Competitive tender

for FY28 audit, unless

particular circumstances

require an earlier tender

Audit and Risk Committee Report continued

Role and activity of the Audit and Risk

Committee continued

External audit continued

Auditor independence and non-audit fees continued

For FY25, non-audit fees (including audit-related assurance

services) for the Company and its subsidiaries were £610k,

representing 18.2% of the total audit fee.

Non-audit fees based on the average of the previous three years’

audit fees were 36.7%. Further details of the audit and non-audit

fees incurred by the Group can be found in note 3 on page 170.

Non-audit fees incurred in FY25 were for work undertaken by the

external auditor for the review of the half year report and also

assurance provided over certain financial and non-financial

information disclosed in the Strategic Report and the unaudited

section of the Remuneration Report.

There are no conflicts of interest between the members of the

Committee and the external auditor.

We require written confirmation annually from the external

auditor that it remains independent. For FY25, Deloitte provided

a comprehensive report to the Committee verifying that it had

performed its audit and audit-related services in line with

independence requirements and explaining why it believed

that it remained independent within the requirements of the

applicable regulations and its own professional standards.

The report also explained why the ratio of audit to non-audit

fees, and the extent and type of non-audit services provided,

was appropriate.

As a Committee we conducted our own review and endorsed the

external auditor’s conclusions on compliance with the policy and

independence of the external auditor.

Accordingly, we are satisfied that both the work performed by

the external auditor, given its knowledge of the Group, and the

level of non-audit fees paid to it are appropriate and do not raise

any concerns in terms of Deloitte’s independence.

External audit tender

Under current regulations, the Company must appoint a new

auditor to audit the Annual Report and Financial Statements for

FY28. Given the continuing effectiveness of Deloitte as external

auditor, we currently believe it is in the best interests of

shareholders for Deloitte to remain in role and for a competitive

tender process to be completed during FY26.

In December 2023 we reviewed potential audit firms, both from

the Big 4 and challenger firms, that we could invite to tender.

The review focused on independence considerations and

potential conflicts of interest given the requirement for the

selected firm to be “clean” for FY27. During the year we have

monitored the Company’s relationship with the potential audit

firms that we could invite to tender and keep those relationships

under review in advance of the required tender.

In FY23 the Group appointed UHY Hacker Young LLP as the auditor

for certain of its subsidiaries and JVs. This appointment followed

a rigorous tender process. The timing of this audit work follows

completion of the Group audit and therefore has no bearing on

the scope of Deloitte’s audit. As well as realising some efficiency,

this step provides the opportunity for one of the challenger audit

firms to gain experience in a large complex organisation.

Assessment of the external auditor

Having considered Deloitte’s performance, we recommended to

the Board that it remains independent, objective and effective

in its role and therefore should be reappointed for a further

year. On our recommendation, the Board is putting forward a

resolution at this year’s AGM to reappoint Deloitte as external

auditor for FY26. The recommendation of reappointment of

Deloitte is free from influence by a third party and no contractual

term of the kind mentioned in Article 16(6) of the Audit

Regulation has been imposed on the Company whereby there

would be a restriction on the choice to certain categories or

lists of auditors.

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Audit and Risk Committee Report continued

Role and activity of the Audit and Risk

Committee continued

Internal audit

Internal audit’s primary role is to provide independent,

objective assurance to the Audit and Risk Committee as well

as advisory support to help management make improvements

across the business. The function is led by the Director of Audit

and Risk who reports directly to the Chair of the Committee to

maintain independence.

The internal audit plan is driven by the Group’s strategy and

principal risks and is approved six monthly by the Audit and Risk

Committee. In line with the approved audit plan, internal audit

reviews the design and operating effectiveness of processes and

internal controls designed to mitigate the Group’s material and

key risks or that may affect the Group’s ability to accomplish its

strategic and operational objectives. Internal audits conducted

in FY25 covered financial, operational and compliance controls

across the Group’s divisions, regions and central function, as well

as IT and system audits. Following each audit, a report is provided

to management on the control framework in place together with

agreed improvement actions which are tracked to ensure they

are implemented in a timely manner. Progress against the internal

audit plan and summaries of audits are provided at each

Committee meeting for review and discussion.

A formal external independent quality assessment of the internal

audit function was completed during the year, assessing the

function’s performance against the required IIA standards,

professional practices and governance requirements. The

results, which were reported to the Committee, concluded that

the function generally conforms to all relevant principles of the

IPPF, with a high degree of conformance to the individual

standards underlying it.

We again considered the reporting line of the Director of Audit

and Risk and confirmed that it continued to be comfortable with

the existing reporting line to the Chief Financial Officer given that

the Director of Audit and Risk had regular formal meetings with

the Chief Executive and any issues are reported to the Chief

Executive in a timely manner. It was also comfortable with the

independent relationship between the Director of Audit and Risk,

the Chair of the Committee and the wider Committee. The

Committee confirmed that it would continue to keep this

reporting line under review.

As Chair of the Committee, I have considered the Company’s

internal audit resource and I am satisfied that there are sufficient

resources and technical expertise to provide effective

independent objective assurance.

Whistleblowing

The Group has a documented whistleblowing policy and

procedure, which is communicated to all employees and is also

displayed on our sites for use by our subcontractors or other

third parties. Concerns can be raised by employees with

managers, the Legal and Compliance team or internal audit or

reported anonymously to our confidential and independent

whistleblowing hotline. The hotline is available 24 hours a day and

matters raised are notified to internal audit immediately by email.

Matters requiring urgent attention (including corruption, human

rights abuse and personal safety) are notified to the Director of

Audit and Risk by phone immediately, including outside business

hours. The internal audit function reviews matters raised and

ensures each matter is investigated or refers them to other

relevant functions across the business, such as the Safety,

Health and Environment or HR teams, to investigate as

appropriate. Any substantive issues are raised with me as Chair

of the Committee.

The Director of Audit and Risk also updates the Committee on

all significant whistleblowing incidents at each of its meetings.

We review the overall procedure, investigations and outcomes,

as well as the availability and frequency of use of the

whistleblowing hotline.

As Chair of the Committee, I update the Board on whistleblowing

reports and investigations on a regular basis, and the Board

reviews the whistleblowing arrangements and discusses the

most significant issues as appropriate.

Examples of whistleblowing reports received during the year

included allegations of individual improper behaviour, conflicts

of interest and minor theft of materials from site, all of which

were thoroughly investigated and actions taken as appropriate.

This report forms part of the Corporate Governance Report and

is signed on behalf of the Audit and Risk Committee by:

Jock Lennox

Chair of the Audit and Risk Committee

16 September 2025

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Safety, Health and Environment Committee Report

Our approach to safety, health and the environment

Nigel Webb

Chair of the Safety, Health and Environment Committee

Quick facts

• One meeting during the year.

• Nigel Webb appointed as Chair of the Committee and Geeta

Nanda as a member with effect from 1 August 2025.

• Chris Weston attended two SHE Operations Committee

meetings during the year to keep updated on

key developments and maintain oversight of progress against

key actions.

• The Committee Chair is invited to attend all SHE Operations

Committee meetings.

Focus in the reporting year

• Continued to monitor Injury Incidence Rate (IIR) and oversaw

the IIR improvement strategy.

• Continued to review the requirements of the Building Safety

Act and ensure our processes meet the legislation requirements.

• Strengthened support and enhanced activities around mental

wellbeing and occupational health.

• Ensured that we are robust in our approach to protecting

watercourses and preventing pollution.

• Commenced integration of the BDW and Redrow Safety

Management systems to ensure sites are working to

consistent safety standards.

Priorities for FY26

• Continue to take action to further improve our IIR.

• Keep under review the requirements of the Building Safety Act

and adapt accordingly.

• Continue to review our impact on the environment.

• Complete the BDW and Redrow Safety Management system

integration, including achieving external verification by Lloyd’s

• Consider how we can use technology to enhance health and

safety performance and influence positive behaviours on our

sites and in our production facilities.

I am pleased to present my first SHE Committee report which

sets out the work undertaken throughout the financial year.

I took over as Chair from Chris Weston on 1 August 2025. The

FY25 evaluation process, highlighted the need to refresh this

Committee. Accordingly, it was agreed that we should hold at

least four meetings a year with SHE updates being provided at

each Board meeting. Given the additional time commitment that

this would require, Chris Weston agreed to step down as Chair of

the Committee but remain as a member. We are joined by Geeta

Nanda, who became a member on 1 August 2025. As a committee,

we will be supported by Vince Coyle, our Group Construction and

SHE Director, David Thomas, our Chief Executive and Mike

Roberts, our Chief Operating Officer. I am very much looking

forward to working with each of them and driving our SHE

strategy forward.

The health and safety of our workforce, customers and the

public, and the protection of the environment around our

developments remain of paramount importance and I hope to

continue the good progress that Chris has made to date.

I am pleased to see that during the year, Lloyd’s Register Quality

Assurance (LRQA) completed their recertification audit for the

BDW divisions against the ISO 14001 (Environmental) and 45001

(Health and Safety) standards. This confirmed that we continue

to meet the relevant requirements with only minor non-

conformances noted, all of which have been actioned.

Redrow was separately certificated to the ISO 14001 and the

three-year cycle was completed in 2024 (note: Redrow was not

accredited to the health and safety standard ISO 45001). The

scope of the existing arrangement with LRQA will be extended to

include Redrow divisions for the next cycle of audits, which will

include the environmental and health and safety standards.

Role and activities of the SHE Committee

Our activities continue to focus on the prevention and mitigation

of the key operational risks relating to health and safety, and

the protection of the environment. By receiving reports and

challenging those tasked with SHE performance where

necessary, we help the business to improve its SHE standards.

Committee members

Nigel Webb

Geeta Nanda

Chris Weston

Attendance is set out on page 91

122 Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernance

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Safety, Health and Environment Committee Report continued

Role and activities of the SHE Committee continued

We support and oversee the direction and implementation of SHE

policy and procedures which encourage efficient working practices

and prevention of injury and illness and support our continuous

improvement strategy and the ongoing sustainability of the Group.

We continue to work closely with the SHE Operations Committee,

which is responsible for the implementation and oversight of the

Group’s overall SHE improvement strategy on a day-to-day basis.

Committee effectiveness

After each Committee meeting, I will report to the Board on the

matters discussed and make recommendations as appropriate.

The Committee has a carefully planned agenda of items of

business to ensure that all key items are covered during the year.

Like Chris, I hope to have an open, constructive and collaborative

relationship with management and will attend SHE Operations

Committee meetings throughout the year to enhance my

understanding of the operational issues faced by the workforce,

and to discuss them, and ways to improve them, directly with

those responsible for day-to-day SHE management. During the

year Chris attended two SHE Operations Committee meetings.

Further details of the evaluation process can be found on page 108

FY25 areas of focus

Injury and ill health prevention has remained a key area of focus for

the business throughout the year. In FY25, our injury incidence rate

(“IIR”) for Barratt as a standalone business increased slightly in

comparison to last year. Slips and trips continue to be the dominant

factor in relation to our on-site operations and we saw an increase

in the incidents reported within our Oregon Timber Frame business.

Having looked closely at the data, no specific trends were

identified, and we have seen some improvement this year. The IIR

for the combined business in FY25 was 272 per 100,000 persons.

We continue to review all incidents and near misses recorded to

evaluate any trends and areas for continuous improvement.

Our divisional leadership teams and site supervisors continue to

focus on SHE and the required standards on our sites and in our

offices. We also continue to invite groundworkers and scaffolding

contractors to seminars, focusing on performance updates and

the standards that are expected from them on our sites.

Near miss reporting has continued to improve, which is

encouraging. In FY24 there were 1,480 near misses reported,

and in FY25 this increased to 1,811. This will remain an area that

we will continue to drive across the combined business in FY26,

as learning about the potential for incidents will enable us to

evaluate where we can implement processes to prevent a more

serious event from occurring.

Integrating the Safety Management systems for Redrow and

Barratt has been a primary focus throughout FY25 to ensure that

safety standards are consistent across the combined business.

This has been undertaken in phases, and from November 2024, the

Redrow sites were being monitored monthly broadly in line with the

BDW SHE monitoring process. From 1 April 2025 there has been

consistent monitoring across all Barratt and Redrow developments.

We recognise the importance of having robust measures on

site to protect our workers from exposure to dust and prevent

long-term health conditions. Therefore, we conducted exposure

monitoring of work activities to ensure measures remain relevant

and any respiratory or personal protective equipment continues

to meet requirements. The review has confirmed that the working

practices relating to respiratory risks are effective.

Continuing this focus on occupational health, and in conjunction with

our Wellbeing team, we also reviewed our process for undertaking

medicals for our telehandler drivers to confirm adherence to our

policy and consistency across the business. The review has

shown that there was some inconsistency across the organisation

which was addressed and new providers have been appointed.

Mental wellbeing and occupational health have been key focus

areas throughout the year. We were updated on activities to

strengthen support for colleagues and subcontractors in these

areas. We have partnered with the Lighthouse Construction

Industry Charity to deliver “Make it Visible” site tours, bringing

wellbeing advice and support directly to our site-based teams

and subcontractors. In FY25, 17 sites were visited, engaging

approximately 400 site-based employees and subcontractors. In

FY26 we will deliver our first “Make it Visible” tour as Barratt Redrow.

During FY25 we successfully implemented a new strategic

documents and information management platform on all our sites.

This has resulted in a more efficient way to manage (specifically

safety) information on site and also share this with subcontractors

(e.g. issuing permits to work). This will be extended to Redrow

divisions in line with our integration plan throughout FY26.

Personal protective equipment (PPE) is essential for keeping

people safe. However, the effectiveness of PPE is reliant on how

well it fits the individual. In 2024, we launched our new PPE

catalogue. Amongst the new range we now have dedicated female

PPE (including maternity wear), a wider range of footwear sizes

and modesty tunics that enable colleagues to adhere to religious

beliefs. Mental health first aiders (MHFA) can now be identified

easily on site as they will have helmets with the MHFA logo

embossed on them.

We continue to run poster campaigns on sites as they help

promote the key issues that are being seen in incident injury

types. This financial year we concentrated on Environmental

Management Control, prevention of hand injuries, working at

height and recognising the symptoms of sepsis. We also issued

a poster to launch the confidential whistleblowing line, Safecall.

Posters were distributed across all sites and divisional offices

(including Redrow and Oregon).

Changing an individual’s behaviour is an extensive subject area.

One of the most important methods is making safety personal

and changing “hearts and minds” through personal stories. We

therefore invited Justin Manley, from Titanium Talks, to talk to our

construction teams and our subcontractors throughout FY25.

Justin is a motivational speaker who experienced a life-changing

event and has used his experience to drive the focus on

behavioural safety. This proved to be a very powerful and

thought-provoking session with some very positive feedback

from those who attended.

Working with JCB and Ryze Hydrogen, we were pleased to trial

the first telehandler fuelled by hydrogen. This was a week-long

trial, and the outcome was that the telehandler performance was

comparable to the diesel alternative. We are looking forward to

continuing to work with JCB on future innovations to reduce

carbon emissions from our telehandler fleet.

During FY25 the Committee reviewed the requirements of the new

Building Safety Act. We have enhanced our existing processes and

are continuing to work on responding to secondary legislation.

I would like to thank the SHE team and our employees and

subcontractors for the great work they undertake each day to

keep our people safe and Chris for the progress he has made with

our SHE strategy as Chair of the SHE Committee over the past

few years. I have a strong foundation on which to build on and

drive the strategy further. I look forward to working with Vince and

the SHE team to progress our priorities in FY26.

This report forms part of the Corporate Governance Report

and is signed on behalf of the SHE Committee by:

Nigel Webb

Chair of the SHE Committee

16 September 2025

123Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernance

Strategic Report

Remuneration Report

Annual Statement from the Chair of the Remuneration Committee

Our approach to remuneration

Katie Bickerstaffe

Chair of the Remuneration Committee

Quick facts

• Determines and agrees the policy for executive and senior

management remuneration, taking account of the Group’s

strategic priorities, long-term goals and risk appetite.

• Ensures remuneration is appropriate, enhances personal

performance and rewards individual contributions towards

the success of the Group.

• Designs and determines measures and targets for variable pay

and approves outcomes.

• Determines policy and scope of pension arrangements, share

ownership and share retention policies, termination payments

and compensation commitments.

Focus in the reporting year

• FY24 annual bonus and 2021 LTPP vesting outcomes.

• 2024 LTPP structure, performance conditions, weightings

and targets.

• FY25 bonus targets and FY26 bonus structure and quantum.

• Remuneration implications of the acquisition of Redrow plc

including adjustments to in-flight performance conditions

and targets.

• Review of the Group’s pay principles.

• Agreement of terms for Executive Director and Executive

Committee leavers and joiners.

• Executive Directors’ and senior management’s performance

against targets, including synergy delivery.

Priorities for FY26

• Review of the Group’s Remuneration Policy ahead of the vote

at the 2026 AGM.

• FY25 annual bonus and 2022 LTPP vesting outcomes.

• 2025 LTPP structure, performance conditions, weightings

quantum and targets.

Committee members

Katie Bickerstaffe

Nicky Dulieu

Jasi Halai

Jock Lennox

Geeta Nanda

Caroline Silver

Nigel Webb

Chris Weston

Members’ biographies and qualifications are set out on pages 86 and 87

See page 91 for Committee meeting attendance

• FY26 annual bonus performance conditions, weightings

and targets.

• Executive Directors’ and senior management’s remuneration

benchmarking and performance against targets.

Statement from the Chair of the

Remuneration Committee

I am pleased to present my report as Chair of the Committee

and provide an overview of both Executive Directors’ and wider

workforce remuneration for the period ended 29 June 2025 and

how our Remuneration Policy will be applied in FY26.

Acquisition of Redrow

The year was marked by the acquisition of Redrow plc which

completed in October 2024 following clearance from the Competition

and Markets Authority. We conducted a number of activities

during the year relating to the acquisition including a review of

the Directors’ Remuneration Policy to ensure that it remains fit for

purpose, adjustments to targets for in-flight incentive plans,

and determination of remuneration for Matthew Pratt following

his appointment to the Board. Details of each of these are set out

in this letter. In addition to this, an exercise is underway to identify

where our wider workforce reward and benefits offering can be

harmonised across the combined business.

Adjustment to short and long-term targets to

reflect the acquisition

During the year we considered the targets for the FY25 annual

bonus and in-flight LTPP awards to determine whether

adjustments were required to reflect the acquisition given

that the original targets were set assuming the performance

of Barratt Developments plc on a standalone basis.

For the FY25 annual bonus we agreed that the targets for the

Adjusted Profit Before Tax performance condition should be

adjusted to reflect the acquisition. The assessment therefore

took into consideration the performance of the combined

business, excluding costs and synergies arising from the

124 Barratt Redrow plc Annual Report and Accounts 2025

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Remuneration Report continued

Annual Statement from the Chair of the Remuneration Committee continued

Statement from the Chair of the

Remuneration Committee continued

Adjustment to short and long-term targets to

reflect the acquisition continued

acquisition and the impact of the purchase price allocation and

accounting policy adjustments. The remaining metrics (Average

Work in Progress, Reduction in Construction Waste intensity,

Customer Service, and Diversity & Inclusion) were assessed

against the original targets versus the performance of Barratt

Developments as a standalone business because either

comparable measures did not exist in the Redrow bonus scheme

or the actions driving the outturn for the metric related to

pre-acquisition activity. See page 137 for further details. From

FY26, all measures will be assessed against the performance of

the combined business.

For the in-flight LTPP awards, we determined that the 2022 LTPP

award vesting later this year will be assessed against the original

targets given that a substantial portion of the performance

period had elapsed at the date of the acquisition. For the

Adjusted EPS, Underlying ROCE, and GHG Emissions Reduction

metrics, this means that the performance assessment excludes

the impact of the acquisition of Redrow. The relative TSR

assessment automatically incorporates the impact of the

acquisition with no adjustment required to the targets.

For the 2023 and 2024 LTPP awards vesting in 2026 and 2027

respectively, we determined that any adjustment to the EPS and ROCE

targets should only reflect the effects of the acquisition of Redrow plc.

The 2023 EPS target is unchanged on a net basis, reflecting a

reduction from the dilutive effect of share issuance, offset by the

income statement benefit of cost synergy delivery. The 2023

ROCE target will increase from 11% at threshold and 13% at

maximum to 13% at threshold and 15% at maximum respectively,

due to the benefits of cost synergy delivery and the inclusion of

land creditors within capital employed. The 2024 EPS target is

increased by 3.0p from 49.0p at threshold and 54.0p at maximum

to 52.0p at threshold and 57.0p at maximum respectively. This

reflects the delivery of further cost synergies in FY27. The 2024

ROCE target is increased by 300bps from 13.0% at threshold and

15.0% at maximum to 16.0% at threshold and 18.0% at maximum

respectively. This reflects the benefits of further cost synergies

and the inclusion of land creditors within capital employed. No

changes will be made to the TSR and reduction of greenhouse

gas emissions targets for either of these awards.

FY25 performance and reward outcomes

It has been a year of transformation for the combined business

and we are already seeing tangible benefits from the acquisition,

with cost synergies being delivered ahead of schedule, a new

divisional structure in place and revenue synergies progressing

well. Whilst total home completions for FY25 were slightly lower

than the guided volume range, we delivered adjusted profit

before tax, before the impact of Redrow acquisition fair value

adjustments, slightly ahead of expectations. Our disciplined

capital management has resulted in strong outcomes against our

average work in progress targets and, in combination with the

excellent progress we made against our D&I, sustainability and

customer service targets, the overall outcome for the FY25

annual bonus scheme is 78% of maximum.

The 2022 LTPP award was assessed against challenging and

stretching targets for adjusted EPS, underlying ROCE, relative

TSR and greenhouse gas emissions reductions. Against a

difficult market backdrop, the business has delivered positive

shareholder returns relative to the sector and, together with our

continued progress in reducing our greenhouse gas emissions,

has resulted in a vesting outcome for the 2022 LTPP award of

24.9% of maximum.

In considering whether we should apply any discretion to the

formulaic approach to the calculation of the FY25 bonus outcome

or the vesting of the 2022 LTPP, we have had regard to the level of

adjusted items, particularly those relating to legacy buildings and

fire safety. As part of our deliberations, we followed the principles

we established in 2022 when the legacy buildings and fire safety

issues first arose. Namely that, the costs being incurred largely

relate to buildings that were signed off by the appropriate

authorities as being regulatory compliant at the time of completion

and are therefore not reflective of our underlying performance.

Additionally, in certain instances the relevant buildings were

completed by a business prior to its acquisition by the Group.

Accordingly, we are satisfied that amendment to the outcomes for

the FY25 bonus and the 2022 LTPP is not warranted, and no

discretion has been applied. Further details on the FY25 annual

bonus and 2022 LTPP outcomes can be found on pages 137 to 140.

We continue to monitor the position with regards to the ongoing

CMA investigation and will consider any impact on the outcome

of the incentive schemes vesting within the financial year that a

resolution is reached. Whilst no adjustment was made to

adjusted PBT out-turn for the CMA commitments payment, the

full cost of legal fees relating to the CMA inquiry is included

within administrative expenses.

FY26 remuneration

FY26 salary and fees

An increase of 3% will apply to the FY26 salaries for the Executive

Directors, which aligns with the annual salary review level for the

wider workforce. The same increase will apply to the Chair’s fee

and all NED fees for FY26.

We believe that these increases, which result in alignment

between the Directors and the wider workforce, are appropriate

given our operational and financial performance and the ongoing

competitive landscape we face across the sector.

FY26 annual bonus

The performance measures for the FY26 annual bonus scheme

are set out on page 134 together with the rationale for selecting

them and their weightings. The key changes are to:

(i) Increase the weighting on financial targets to 70% (FY24:

65%) with a corresponding reduction to the weighting of

non-financial targets to 30% (FY24: 35%).

(ii) Remove the waste target from the annual bonus scheme given

that the management of waste has become fully embedded in

our standard operations across the Group. This target is not

being replaced given that sustainability is seen as a longer-

term target and the Committee felt it was more appropriate for

such a metric to continue to be included in the long-term

incentive scheme. The weighting previously applied to this

target will be assigned to the Quality and Service target.

(iii) Move away from a Recommend score approach following the

change to the HBF system for achieving 5 Star and align with

the new measure which takes a combined approach to Build

Quality and Service After scores from both the 8 week and

9 month NHBC surveys.

We consider the actual targets to be commercially sensitive and

will therefore disclose both the targets and performance outcomes

in the FY26 Remuneration Report, in line with market practice.

2025 LTPP

The 2025 LTPP will be awarded to all eligible participants,

including the Executive Directors, later this year. In line with our

Remuneration Policy, we intend to grant the Executive Directors

an LTPP award equivalent to 200% of salary. In making this

determination, we have been mindful of the decline in the

Company’s share price of c 27.0%, compared with that used to

calculate awards under the 2024 LTPP.

125Barratt Redrow plc Annual Report and Accounts 2025

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Remuneration Report continued

Annual Statement from the Chair of the Remuneration Committee continued

2025 LTPP continued

We have agreed to keep under review the appropriateness of the

level of vesting and, if necessary, will in line with market practice,

exercise discretion to adjust the final outcome at vesting to

ensure it appropriately reflects underlying performance and

mitigates against any windfall gains by Executive Directors.

The performance conditions for the 2025 LTPP, their definitions

and weightings will remain unchanged other than:

(i) Relative TSR performance is currently measured against a

50+/50- comparator group of FTSE companies with market

capitalisations either side of the Company, and a comparator

group of listed housebuilders. Since the comparative measure

was introduced in 2017, the number of listed housebuilders

has decreased significantly due to M&A activity. We therefore

no longer believes this to be an appropriate benchmark group

as there are an insufficient number of peers against which to

conduct a meaningful comparison. It is therefore proposed

to remove this element of the TSR performance condition.

We have therefore agreed that from the 2025 grant, the

TSR element will be measured against each of the members’

ranking up to 50 above and 50 below the Company in the

FTSE Index at the start of the performance period based on

market capitalisation as at the day before the start of the

performance period.

(ii) The ROCE definition will be amended to include land creditors in

order to align it with the Group’s externally reported financial

metrics, including the targets set at the Group’s Capital

Markets Day in February 2025. This supports a key component

of our current medium-term targets which is to increase the

use of land creditors from 15.9% of land bank value to 20% to

25% over the medium term.

We believe these changes to be appropriate to continue to align

the Group’s performance with our strategy and the interests of

our stakeholders. Details of the weightings and rationale for

selection for each measure are disclosed on page 134 of this

report and the alignment of the measures with our wider strategy

is set out on page 127. Together with the Board, we recognise

that there is continued market uncertainty which is coupled with

the potential for significant supply or demand side intervention in

the Government’s Autumn Budget. Accordingly, we have agreed

that we will evaluate our medium-term plans and set the 2025

LTPP targets for the adjusted EPS and ROCE measures after the

Budget announcement on 26 November 2025, and issue an

announcement setting out these targets thereafter. The targets

for the relative TSR and Greenhouse Gas emissions measures are

set out in this report.

Employees and remuneration

In setting our policy and agreeing outcomes for Executive Directors,

we are mindful of the pay arrangements for the wider workforce.

During the year we strengthened the acceptance process around

the annual bonus to ensure that the malus and clawback provisions

were consistent across all grades within the organisation. Our

updated process requires those receiving a bonus to explicitly

accept the terms and conditions on which it is granted before

payment is made to them. This process was implemented in

September 2024 prior to the payment of the FY24 bonus to the

Executive Directors and the senior management team and

extended to the wider workforce in respect of the FY25 bonus.

Our approach to colleague remuneration aims to promote the

long-term sustainable success of the Company and attract,

retain and motivate employees to support the achievement of

the Group’s strategic key objectives. Our reward package is

known for being market leading within the housebuilding sector,

including our provision of private medical insurance for all

employees. We frequently review our benefits offering to ensure

that it remains competitive and valued by our workforce. During

the year our HR Reward and Benefits Team conducted several

focus group sessions to better understand the benefits valued

most by our workforce and also sought feedback on pay and our

benefits package from our Workforce Forum. Feedback from the

focus groups and our Workforce Forum will help determine the

benefits to harmonise across the combined Group.

We continue to seek the views of our Workforce Forum on our approach

to pay. Further details on the Workforce Forum and the matters it

discussed during FY25 can be found on page 53.

Executive Director changes

Following the acquisition of Redrow plc, Matthew Pratt joined the

Board as Chief Executive, Redrow and Executive Director on

4 October 2024. As set out in our 2024 Remuneration Report, we

agreed that his remuneration package would remain the same as

his Redrow package except that he would be eligible to participate

in the Company’s LTPP at a level of up to 200% of salary in line

with the incumbent Executive Directors (instead of up to 150%

of salary under his remuneration arrangements at Redrow).

As set out in the Co-operation Agreement between Barratt

Developments PLC and Redrow plc in February 2024 (the Co-op

Agreement) and in line with other participants in the Redrow

Long-Term Incentive Plan (LTIP), Matthew was granted a

Transition Award over Barratt Redrow plc shares, under the LTPP

which was equivalent in value to the portion of his 2023 Redrow

LTIP award which lapsed as a result of the acquisition.

As the operational integration of Barratt and Redrow drew to a

close, Matthew stepped down from the Board and his position

as Redrow Chief Executive and Executive Director at the close

of business on 30 June 2025, though he remains available to the

Company until 31 December 2025. As previously announced,

Steven Boyes stepped down as a Director of the Company and

from his position as Chief Operating Officer and Deputy Chief

Executive on 6 September 2025 and will remain an employee

in a role separate to his current Executive Director role to

facilitate a smooth handover until the end of his notice period

on 6 March 2026. Full details of the remuneration treatment for

Matthew and Steven are set out later in the report.

Remuneration Policy

The current Directors’ Remuneration Policy (the Policy) was

approved at the Annual General Meeting in October 2023 with

over 97% of shareholders voting in favour and will therefore be

due for its triennial renewal at the AGM in 2026.

During the year, we took the opportunity to review the Policy in

light of the acquisition to ensure that it remains fit for purpose.

We concluded that in due course we may need to make amendments

to some elements of the Policy, such as variable pay opportunity

and the application of deferred bonus, to maintain market

competitiveness and to ensure that the Policy continues to be

able to retain and attract the right calibre of individuals. However,

we agreed to consider any such adjustments as part of our

normal policy review cycle in 2026 ahead of the vote at the 2026

AGM. We plan to consult with our largest shareholders on any

proposed amendments in the first half of 2026.

Conclusion

Throughout the year, the Policy operated as intended in terms

of Company performance and quantum, and in line with the 2018

UK Corporate Governance Code.

We believe that the decisions we have taken in respect of our

approach to the Policy, the FY25 remuneration outcomes and

how the Policy will be implemented in FY26, are all in the best

interests of our shareholders, appropriately reflect the wider

business and economic environment and are fair, reasonable

and appropriate. I therefore hope that you will vote in favour of

this report at the AGM in November 2025.

On behalf of the Committee and the Board, I would like to thank

you for your continued support of our remuneration framework.

Katie Bickerstaffe

Chair of the Remuneration Committee

16 September 2025

126 Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernance

Strategic Report

£590k

£601k

£774k

£972k

727%

£981k

£619k

£812k

£1,006k £392k

£316k

£241k

502%

75%

414%

46%

£1,571k

£1,461k

£1,902k

£2,370k

46%

33%

293%

236%

180%

79%

% of salary 0% 200% 400% 600% 800% 1,000% 1,200%

FY25 annual bonus 2022 LTPP

Chief Executive

Chief Operating Officer and Deputy Chief Executive

Chief Financial Officer

Redrow Chief Executive and Executive Director

Remuneration Report continued

Executive Directors’ single figure outcomes

Performance Related Pay Outcomes for the FY25 annual bonus and FY22 LTPP

Executive Directors’ shareholdings as a % of base salary

Shareholding requirement Counts towards shareholding requirement: Beneficially owned Counts towards shareholding requirement: Interests not subject to performance conditions (on a net of tax basis)

Does not currently count towards shareholding requirement: Other interests not subject to performance conditions (on a net of tax basis)

Does not currently count towards shareholding requirement: Other interests subject to performance conditions (on a net of tax basis)

1 The table above shows Matthew Pratt’s remuneration from 4 October 2024 when he joined the Board.

% of remuneration

% of max Underlying ROCE Adjusted EPS TSR FTSE

TSR housebuilders Greenhouse gas emission reduction

£0 £500k £1,000k £1,500k £2,000k £2,500k

Chief Executive

Chief Operating Officer and Deputy Chief Executive

Chief Financial Officer

Redrow Chief Executive and Executive Director

Fixed pay Annual bonus LTPP Other

% of max Adjusted Profit Before Tax Quality and service Average work in progress

Waste reduction Diversity and inclusion

Remuneration at a glance

55.0% 15.0% 10.0% 10.0%

10.0%

36.0% 15.0% 78.0%

100.0% 100.0%

7.0% 10.0%

Outturn Outturn

40.0%

9.9%

15.0%

15.0% 15.0% 15.0%

24.9%

Opp.Opp.

21%

127Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernance

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Remuneration Report continued

Remuneration at a glance continued

Alignment of FY26 incentive performance measures with our strategy and values

Strategic priorities Values

Operational

efficiency

Effective use

of capital

Best-in-class

customer offering

Lead the industry

in sustainability We do it right

We make it

happen

We do it

together

We do it for our

customers

Annual bonus performance measures

Adjusted PBT

Average work in progress

Quality and service (with a health and safety underpin)

Diversity and inclusion

LTPP performance measures

ROCE

Adjusted absolute EPS

TSR

GHG emissions reduction

Summary of Executive Directors’ Remuneration Policy

Total pay over five years Year 1 Year 2 Year 3 Year 4 Year 5

Fixed pay

Annual bonus – up to 150% of salary

(Malus and clawback provisions apply)

LTPP – up to 200% of salary

(Malus and clawback provisions apply)

Shareholding requirement

Salary, benefits and pension

Two-thirds in cash

Three-year performance period

Executive Directors’ minimum shareholding requirement is 200% of salary

Two-year holding period No further performance conditions

One third in shares Three-year deferral period No further performance conditions

Up to 150% of salary Up to 200% of salary

FY26 Bonus FY25 LTPP

Financial (105.0% of salary)

Adjusted PBT

Average work in progress

Financial (170.0% of salary)

TSR FTSE

Adjusted EPS

ROCE

Non-financial (45.0% of salary)

Quality & Service

(with SHE underpin)

Diversity & Inclusion

75.0%

60.0%

30.0%

30.0% 30.0%

15.0%30.0%

80.0%

FY26 Salary

In line with the wider workforce the Executive Directors received a 3% salary increase for FY26 and continue to receive a pension contribution (or cash supplement) equivalent to 10% of their base salary.

Non-financial

(30.0% of salary)

GHG emissions

reduction

128 Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernance

Strategic Report

Non-financial

(30.0% of salary)

GHG emissions

reduction

Our remuneration strategy

The motivation and engagement of our employees make our

business operationally strong. It is therefore imperative that

our remuneration strategy appropriately rewards our employees

for their performance against the Group’s key performance

indicators, whilst delivering sustainable shareholder value.

In developing our Policy we pay due regard to:

• the Group’s purpose and strategic priorities, ensuring that

targets support the achievement of these;

• the performance, roles and responsibilities of each Executive

Director and members of senior management;

• arrangements that apply across the wider workforce, including

average base salary increases and pension contributions;

• information and surveys from internal and independent

sources; and

• the economic environment and underlying financial

performance of the Group.

Policy

The Company’s current Policy was approved by shareholders at

the AGM on 18 October 2023.

The full version of the Policy, including provisions relating to

Committee discretion, malus and clawback, and change of

control, can be found on pages 142 to 154 of the 2023 Annual

Report and Accounts, which is available on our website at www.

barrattredrow.co.uk/investors/reports-and-presentation/2023.

A description of how the Company implemented the Policy in

FY25 can be found on pages 136 to 141 and details of how the

Policy will be applied for FY26 are set out on pages 133 to 136.

The aims of our Policy and the action taken during the year to achieve these are set out in the table below:

Aims of our Remuneration Policy Implementation

Promote the long-term sustainable success

of the Company and be fully aligned with the

performance and strategic objectives of

the Group.

We set bonus and LTPP targets that align with performance and strategic

objectives to promote the long-term sustainable success of the Company.

We have adjusted the outcome for the FY25 bonus and the targets for the 2023 and

2024 LTPP to ensure that they appropriately reflect the impact of the acquisition.

See pages 124-125, 128, 137 and 141

Attract, retain, motivate and competitively

reward Executive Directors and senior

management with the requisite experience,

skills and ability to support the achievement

of the Group’s key strategic objectives in any

financial year.

We undertake regular benchmarking exercises to ensure our remuneration package

is competitive and set appropriately challenging and stretching targets to

maintain motivation.

During the year we approved a set of revised Pay Principles which provide a

framework for implementing our Policy.

See page 133

Take account of pay and employment

conditions of employees across the Group

whilst reflecting the interests and expectations

of shareholders and other stakeholders.

We annually consider pay and performance conditions of the wider workforce

and look to obtain feedback on our remuneration to ensure it reflects the

interests of our shareholders and other key stakeholders.

During the year we received feedback on our benefits package from focus

groups encompassing divisional and Group Support employees.

Reward the delivery of profit and the

achievement of the return on capital employed

target, whilst ensuring that Executive Directors

and senior management adopt a level of risk

which is in line with the risk profile of the

business as approved by the Board.

We ensure that the Company’s variable remuneration rewards the successful

implementation of strategy through the alignment of performance targets with

strategic KPIs and the Company’s risk profile.

See pages 128 and 130

Ensure that there is no reward for failure

and that termination payments (if any) are

limited to those that the Executive Director

(or member of senior management) is legally

entitled to.

We apply a performance underpin to the annual bonus outcome. We also have

discretion to override formulaic outcomes on the annual bonus and LTPP to

ensure that remuneration is in line with Company and individual performance and

that poor performance is not rewarded.

Malus and clawback provisions also apply to annual bonus payments and to any

share awards under the LTPP and DBP.

During FY25 we strengthened the acceptance process around the annual bonus

to ensure that malus and clawback provisions were consistent across all grades,

understood and accepted prior to bonus payments being made.

See page 126

Remuneration Report continued

Remuneration Policy

129Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernance

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How the Committee has addressed the requirements of the Code

Code requirement

Clarity The main terms applying to variable remuneration for any year are set out clearly in the prior year’s

Annual Report, together with performance targets (unless they are deemed to be commercially

sensitive). Outcomes are aligned with strategic objectives using appropriate performance targets,

which are in line with shareholder interests and the Group’s strategy and provide for the long-term

success of the Company, in the interests of the workforce and other stakeholders.

Simplicity We operate a UK market standard approach to remuneration which is familiar to stakeholders.

Performance targets are readily understandable and published as part of the year-end results.

Risk We have discretion to ensure that variable pay outcomes are in line with Company and individual

performance. Share awards are subject to post-vesting holding periods, and malus and clawback

as set out on page 129. As noted on page 126, during FY25 the Committee strengthened the

acceptance process around the annual bonus to ensure that all employees understood and

accepted the terms and conditions applicable to the bonus prior to any payments being made.

In line with the IA’s Guidelines on Responsible Investment Disclosure, we are satisfied that the

incentive structure and targets for Executive Directors do not raise any ESG risks by inadvertently

motivating irresponsible or reckless behaviour.

We consider that no element of the remuneration package will encourage inappropriate risk taking

within the Company.

Predictability Minimum, on-target and maximum outcomes for Directors as well as limits and discretions for each

type of reward are explained in the Policy table which can be found on pages 142 to 147 of the 2023

Annual Report.

Proportionality The Company’s incentive plans reward the successful implementation of strategy through the

alignment of performance targets with strategic KPIs. The performance underpin which applies to

the annual bonus and LTPP awards ensures that poor performance is not rewarded. We also have

discretion to override formulaic outcomes.

Alignment with culture Our remuneration strategy ensures that performance targets that are selected align the interests

of the workforce with the Company’s purpose, values and strategy as illustrated on page 128.

Remuneration Report continued

Remuneration Policy

Statement of consideration of pay and

employment conditions elsewhere across

the Group

Salaries for all employees are determined with reference to

the rate of inflation, salaries for similar positions throughout

the industry and general themes and trends in respect of

remunerating employees. In determining the Policy for Executive

Directors’ remuneration, and in determining the annual increase

in base salary, we take into consideration the pay and

employment conditions of all employees across the Group.

While the Company did not explicitly consult with employees

when drawing up the Policy, the Workforce Forum regularly

discusses remuneration strategy, including Executive reward

strategy, and provides feedback to management.

The Company also operates a Sharesave scheme. This enables

our employees to become shareholders in the Company and to

comment and vote on the Group’s Policy in the same way as our

other shareholders. During the year 2,082 employees signed up

to the 2025 Sharesave scheme (2024: 1,767).

To aid our understanding of reward arrangements applicable

to the wider workforce, we are provided with data on the

remuneration structure for senior management levels below

the Executive Directors and the wider workforce, as well as

benchmarking information. In addition, the Group provides

several ways in which employees can ask questions and give

feedback on such matters should they so wish. This includes

the Employee Communications mailbox, personal development

reviews, the Workforce Forum, and an email address for

employees to directly contact the Designated Non-Executive

Director for Workforce Engagement.

During the year, several focus group sessions were held to seek

the workforce’s views on our benefit package and to better

understand the benefits that are valued the most by our

workforce. Feedback on our benefit offering was also sought

from our Workforce Forum. The output from these discussions

will help us to determine any changes to the benefits we provide

as we harmonise these across the combined business.

As a Committee we review feedback from colleagues, which

provides further context in relation to pay and conditions

throughout the organisation and informs our decision making.

130 Barratt Redrow plc Annual Report and Accounts 2025

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Consideration of stakeholders views

Customers

• Compensation outcomes under the annual bonus consider performance

against quality and service measures.

Employees

• Consistent remuneration principles apply to Executive Directors and

employees including consistent benefit and pension provisions.

• The Company operates a Sharesave scheme, enabling all employees to

become shareholders in the Company.

• Compensation outcomes under the annual bonus include a health and

safety underpin.

Shareholders

• Compensation outcomes reflect key financial and non-financial performance.

• An appropriate portion of remuneration is paid in shares together with a

mandated shareholding requirement to align interest with shareholders.

Local communities and the environment

• Compensation outcomes under the annual bonus and LTPP consider

performance against the reduction of greenhouse gas emissions, and

diversity and inclusion measures.

Subcontractors and suppliers

• Compensation outcomes under the annual bonus include a health and

safety underpin.

• The average work in progress bonus performance measure excludes trade

payables to remove incentives to defer supplier payments.

Regulators

• Compensation decisions take into account compliance and conduct

considerations.

• Pay structures are aligned to regulatory best practice.

Remuneration Report continued

Remuneration Policy continued

Differences between the remuneration for Executive Directors, senior management and the

wider workforce

The core elements of remuneration are the same for Executive Directors, senior management and the wider workforce. The table

below sets out the differences that exist in our approach to remuneration for these groups, including those relating to our colleagues

that joined the Group on the acquisition of Redrow plc whose employment terms and conditions have not yet been harmonised.

Component of

remuneration Executive Directors Senior management Barratt wider workforce Redrow wider workforce

Salary Determined by the

Committee.

Salaries of Executive

Committee members and

Regional Managing Directors

are determined by the

Committee. Salaries for other

colleagues are determined

by management.

Annual salary reviews and

increases are determined by

the Executive Committee.

Salaries are determined by management.

Annual salary reviews and increases are determined by the

Executive Committee.

Benefits All colleagues are eligible for similar benefits, including private medical insurance,

though levels may vary.

Benefits are dependent upon

the role in the organisation.

Most colleagues are eligible for

similar benefits, though levels

may vary.

Pension All colleagues who are eligible are auto-enrolled into a workplace pension with an

employer contribution of 3%. Colleagues can opt out of the workplace pension and

can elect to participate in the Company’s money purchase pension plan or receive a

10% salary supplement. In doing so the Company contributions are increased to

10%. Senior leadership colleagues can opt to receive a 10% allowance - cash/

contribution option in place of pension contributions.

All colleagues who are eligible

are auto-enrolled into a

workplace pension with an

employer contribution of 3%.

Colleagues can elect to

participate in the Company

scheme with Company

contributions at 10% or 7%

(role dependent).

Bonus Maximum annual bonus

opportunity is 150%

of salary.

There are several different bonus schemes dependent upon your role in the organisation

i.e. sales, construction. Most employees are eligible to participate in the annual bonus

which is based on similar performance targets to the Executive Directors. The level of

opportunity is set by reference to a number of factors, including grade.

Deferred

bonus

1/3 of any bonus earned. 1/3 of any bonus earned if

Maximum bonus potential is

100% or more of basic salary.

No deferral if Maximum

bonus potential is less

than 100% of basic salary.

No deferral.

LTPP 200% of salary. 150% of salary. A select number of senior management roles participate in

the LTPP. The level of award varies depending on a number

of factors including grade.

Sharesave All colleagues can save up to £500 per month for a three or five year savings period.

131Barratt Redrow plc Annual Report and Accounts 2025

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Statement of consideration of shareholder views

Each year we update our major shareholders on our application of

the Policy and our performance in advance of the publication of our

Annual Report and Accounts. We consider shareholder feedback

received from this exercise and any other feedback received over

the year, as part of our annual review of the Policy. We also engage

with major shareholders and their representative bodies ahead of

any material changes being proposed to the Policy or existing

remuneration arrangements. In July 2025, we emailed our top 25

shareholders (representing c.60% of our issued share capital) and

proxy advisory agencies to communicate, amongst other matters,

our proposals to adjust the targets for in-flight performance

awards and the performance conditions for our FY26 bonus

scheme and 2025 LTPP awards. We received responses from

shareholders representing c.12% of our issued share capital and a

couple of the proxy advisory agencies. Overall, the feedback was

positive with shareholders supporting our proposals. We carefully

considered all feedback to ensure our remuneration framework

remains aligned with the long term interests of our shareholders

and supports delivery of our strategy. In particular, the feedback

informed our decision to refine the performance targets for

in-flight awards to ensure that they remain appropriately

stretching and reflective of the Company’s operational and

strategic priorities following the acquisition. See pages 124, 125,

137 and 141 for details on the adjustments made.

In this section we provide an overview of how we applied the Policy

in FY25 and the resulting payments to Directors, and how we will

apply the Policy in FY26. The Annual Report on Remuneration will

be subject to an advisory vote at the 2025 AGM.

Membership and attendance at Committee meetings

Membership of the Committee can be found on page 124 and

attendance at meetings during the year is set out on page 91.

The Executive Directors are not members of the Committee and

no Director or senior manager is present at any Committee

meeting when their own remuneration is being considered.

Advisers to the Remuneration Committee

In carrying out our principal responsibilities we have the authority

to obtain the advice of external independent remuneration

consultants and are solely responsible for their appointment,

retention and termination. In line with best practice, we assess

annually whether the appointment remains appropriate or if it

should be put out to tender. The last such tender took place in

2017, resulting in PwC being appointed as our advisers with effect

from 1 January 2018. PwC is a signatory to the Remuneration

Consultants Group’s Code of Conduct.

In November 2023, PwC temporarily stood down as our

remuneration adviser to avoid a conflict of interest in relation to

the acquisition of Redrow plc, and were reappointed in August

2025. During FY25 PwC provided advice on market trends in

remuneration and governance changes, remuneration

benchmarking, the combined Group’s remuneration structure,

and market practice on adjustments to incentive targets in

relation to M&A activity. They also conducted a review of our

Policy in light of the acquisition to ensure that it remains fit for

purpose. The fees payable to PwC are based on an annual fixed

fee for a specified service with anything outside this scope

charged on a time and disbursement basis. PwC’s fees for

services provided to us during FY25 were £99,935 (excluding VAT).

In addition to remuneration advice, PwC also provides taxation,

consultancy, pensions advice, integration support to the Group

and assistance to our Business Safety Unit. PwC has no current

connections with the Company (save as described in this

section) nor with any individual Director and we were satisfied

that PwC’s advice was objective and independent.

We also received support with market data on integration

incentives, setting targets for the 2024 LTPP awards and our

FY24 Remuneration Report from Korn Ferry. Korn Ferry’s fees

for services provided to us during FY25 were £94,954.

During the year the Chief Executive, the Chief Financial Officer, the

Company Secretary and the Group HR Director also provided input

into our decision-making process, none of whom were present at

any time when their own remuneration was being considered.

Role and main activities undertaken by the

Committee during the financial year

Our role is to determine and agree the Policy for Executive

Directors and senior management whilst considering the

remuneration of the wider workforce. We follow an annual

work programme which was fully completed during the year.

Our responsibilities, as delegated by the Board, are formally set out

in written Terms of Reference, which are available on our website at

www.barrattredrow.co.uk/investors/corporate-governance.

Remuneration Report continued

Annual Report on Remuneration

132 Barratt Redrow plc Annual Report and Accounts 2025

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Statement of implementation of the Remuneration Policy for FY26

Executive Directors’ remuneration for FY26 will be based on the Policy approved by shareholders at

the October 2023 AGM.

Base salary

We determined to award salary increases of 3% to the Executive Directors which was considered to

be appropriate in light of individual and Company performance, and on the basis that it is in line with

the average salary increase for the wider workforce.

The Executive Directors’ salaries with effect from 1 July 2025 are therefore:

Table 1 – Executive Directors’ salaries

Executive Director

Salary with effect

from 1 July 2025 ¹

£000

Salary with effect

from 1 July 2024

£000

David Thomas 886 861

Steven Boyes 715 694

Mike Scott 545 530

1 Matthew Pratt stepped down from the Board with effect from the close of business on 30 June 2025 and is therefore not included in the table above.

2 Rounded to the nearest £000.

Pension

Each of the Executive Directors will continue to receive a pension contribution (or cash

supplement) which is in line with the wider workforce, currently 10% of base salary.

Remuneration Report continued

Annual Report on Remuneration continued

Role and main activities undertaken by the Committee during

the financial year continued

Details of the annual evaluation of the Committee’s performance can be found on page 110 and key

activities undertaken in the year are set out in the table below:

Priorities Work carried out and outcomes

Executive

Directors’

remuneration

• Considered salaries of Executive Directors and senior management for FY26

in the context of the remuneration of the wider workforce. The outcome of this

review is set out on page 133.

• Considered and agreed FY24 annual bonus and 2021 LTPP vesting outcomes.

• Considered and agreed the structure, performance conditions, weightings

and targets for the 2024 LTPP (see page 141 for further details).

• Considered and agreed the structure and performance measures of the

bonus scheme for FY25 (see pages 137 and 138 for more details).

• Considered the structure and quantum of the 2025 LTPP and agreed how

to mitigate against windfall gains.

• Considered the remuneration implications of the acquisition, including

reviewing the Policy to ensure it remains fit for purpose and considering

adjustments to in-flight performance targets.

• Considered and agreed Steven Boyes’ and Matthew Pratt’s remuneration

arrangements on stepping down from the Board.

Governance • Agreed a 3% increase in fees for the Chair in line with the increase for the

wider workforce and the Executive Directors.

• Discussed and approved publication of the 2024 gender and ethnicity pay

gap reports.

• Agreed a set of revised Pay Principles which provide a framework for

implementing the Policy that can be applied across the Group.

• Considered the Investment Association’s latest Principles of Remuneration

and ISS’s Voting Guidelines and the implications for remuneration at

Barratt Redrow.

133Barratt Redrow plc Annual Report and Accounts 2025

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Remuneration Report continued

Annual Report on Remuneration continued

Statement of implementation of the Remuneration Policy for FY26 continued

Annual bonus

Executive Directors and senior management will participate in the Group’s annual bonus scheme in accordance with our Policy.

As in prior years, we are of the view that individual annual bonus financial targets are commercially sensitive. Therefore, in line with market practice, these will be disclosed, with performance against

them, in next year’s Remuneration Report. All measures will be assessed against the performance of the combined Barratt Redrow business.

The performance measures, their reasons for selection and the maximum bonus payment that can be earned against each of them expressed as a percentage of salary for FY26 are:

Table 2 – FY26 annual bonus performance measures

Bonus measure Definition Reason for selecting

Weighting (% of

salary maximum)

Financial performance measures

Adjusted profit

before tax

Adjusted operating profit less all finance costs/income and the Group’s share of the profits from its joint ventures. Where

relevant, adjusting items are not included in adjusted profit before tax. The Committee has the discretion to amend adjusted

profit before tax should it be deemed necessary.

Rewards outperformance against

stretching targets and is a key

measure of our performance.

75%

Average work

in progress

Site work in progress and part exchange stock calculated over a three-point average which will be June 2025, December 2025

and June 2026.

Ensures efficient use of

available capital.

30%

Non-financial performance measures

Quality and service

(with a SHE

underpin)

To qualify for this element of the bonus, Divisions must achieve or exceed a SHE monitoring inspections gate of 94% on a

rolling 12 months’ performance basis and then achieve or exceed their customer service target.

A two-stage assessment will be applied to each Division. The criteria for achievement of this element will be as follows:

• Initially, the Division needs to achieve a SHE monitoring inspections gate of 94% on a rolling 12 months’ performance basis.

If this score is achieved, then the Division will be considered for the customer service assessment.

• The Division needs to achieve a minimum score of 4.2 on the new HBF combined measure, this provides a composite score

of the Build Quality and Service After questions from both the 8-week and the 9-month NHBC surveys. In line with movement

to the target set by HBF, our own target will be reviewed and amended annually to continually improve our performance.

Customer survey performance will be measured on all valid surveys received during the financial year.

Ensures a focus on quality

and service to our customers

without compromising the

health and safety of our

employees, customers, suppliers,

subcontractors and members

of the public.

30%

Diversity

and inclusion

To qualify for this element of the bonus, the Group must achieve an increased percentage of diverse appointments (gender

and ethnicity)in the financial year, based on the average rate of diverse appointments in FY25. Site based trade roles at grade 7

are excluded from the calculation.

50% diverse appointments are required to achieve Threshold, 52% diverse appointments are required to achieve Target,

and 54% diverse appointments are required to achieve Maximum.

For Executive Committee Members and Regional Managing Directors only - an additional target will focus on diverse hires at

grades 4 & 5 (our leadership talent pipeline).

To focus individuals on ensuring

that, as part of any recruitment

process, they identify a range

of candidates which will help

further improve diversity within

the business.

15%

Total bonus achievable as a % of salary 150.0

1 One-third of any bonus earned will be deferred into shares and held in the DBP. Dividend equivalents will accrue against any shares deferred into the DBP.

We will continue to have an overriding discretion in respect of any bonus payment in accordance with our Policy. In addition, any bonus awarded for FY26 will be subject to the malus and clawback

provisions set out on pages 148 and 149 in our 2023 Annual Report and Accounts.

134 Barratt Redrow plc Annual Report and Accounts 2025

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Remuneration Report continued

Annual Report on Remuneration continued

Statement of implementation of the Remuneration Policy for FY26 continued

LTPP

In line with the Policy, we intend to grant an LTPP award of up to 200% of salary to the Executive Directors later this year (2025 LTPP). The table below sets out the performance measures, the reason for

their selection, their weighting and the TSR and reduction of Greenhouse Gas Emissions targets for the 2025 LTPP. As explained in my opening statement, we have not yet agreed targets for the adjusted

EPS and ROCE measures for this award and will therefore issue an announcement once they have been agreed. We will ensure that these targets are stretching and challenging whilst aligned to the

long-term performance of the Group, our strategy, and the interests of our shareholders.

We are also mindful of the need to mitigate against potential windfall gains given that our share price has declined by c.28% since the grant of the 2024 LTPP. We have agreed that we will keep this under

review and will, if necessary, exercise our discretion to adjust the outcome of the 2025 LTPP on vesting.

Table 3 – 2025 LTPP performance measures

Performance measure Reason selected

Weighting

(of total award)

Below threshold

(0% vesting)

Threshold

(25% vesting)

Maximum

(100% vesting)

TSR against FTSE 50+/50- comparator group

Company’s Total Shareholder Return over the Performance Period must be at least at the

median of a ranking of the Total Shareholder Return of each of the members ranking 50

above and 50 below the Company in the FTSE Index at the start of the Performance Period

based on market capitalisation as at the day before the start of the Performance Period.

Ensures the comparator group

remains current and relevant whilst

factoring in the continued

movement in the Company’s market

capitalisation.

30% Below median Median Upper quartile

Adjusted EPS for FY28¹

Adjusted profit after tax, excluding the impact of acquisition fair value adjustments,

divided by the weighted average number of ordinary shares in issue.

Ensures efficient and effective

management of our business and

aligns interests with those of

shareholders.

15%

Targets to be disclosed in due course

ROCE for FY28

Adjusted profit before tax, excluding the impact of acquisition fair value adjustments and

operating charges relating to the defined benefit pension scheme divided by average

tangible net assets excluding tax, cash, loans and borrowings, retirement benefit assets/

obligations and provisions in relation to legacy properties.

Ensures efficient and effective

management of our business and

aligns interests with those of

shareholders.

40%

Reduction in GHG emissions

Reduction of our absolute Scope 1 and 2 (operational) GHG emissions by 29% by 2025 (from

2018 levels) and to net zero by 2040.

Ensures we focus on reducing our

emissions by meeting our science-

based target of a 29% reduction in

absolute scope 1 and 2 greenhouse

gas emissions.

15% <38%

reduction

41%

reduction

44% or higher

reduction

1 The number of shares applied in the calculation will be adjusted to remove the impact of the share buyback programme and exclude shares held in the Employee Benefit Trust.

The TSR, EPS and ROCE performance targets will vest on a straight-line basis between threshold and maximum. For the reduction in GHG emissions performance target, vesting will be on a straight-line

basis between “Below threshold” and “Threshold”, and on a straight-line basis between “Threshold” and “Maximum”. In addition, all LTPP awards made to individuals at RMD level and above, are subject to

a two-year post-vesting holding period and an overriding Committee discretion, as set out in the Policy table on page 146 of the FY23 Annual Report and Accounts. The 2025 LTPP will also be subject to

the malus and clawback provisions set out on pages 148 and 149 of the FY23 Annual Report and Accounts.

135Barratt Redrow plc Annual Report and Accounts 2025

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Remuneration Report continued

Annual Report on Remuneration continued

Statement of implementation of the Remuneration Policy for FY26 continued

Non-Executive Directors’ fees

During the year, a committee of the Board comprising the Chair and the Executive Directors reviewed

the Non-Executive Directors’ fees and concluded that an increase of 3% should apply to the base fee

paid to the Non-Executive Directors. Fees for the Designated NED for Workforce Engagement, Senior

Independent Director and the Chairs and members of Committees also increased by 3%. Caroline

Silver, as Chair, also received a 3% increase from 1 July 2025. These increases are in line with the

salary increase awarded to the Executive Directors and the wider workforce.

The annual fees payable to the Chair and Non-Executive Directors with effect from 1 July 2025 are:

Table 4 – Non-Executive Directors’ fees

Role

Fee as at 1 July 2025

£000 ¹

Fee as at 1 July 2024

£000

Chair 386 375

Non-Executive Director base fee 74 72

Committee membership (per Committee) 3 3

Chair of Audit Committee 18 18

Chair of Remuneration Committee 18 18

Chair of Safety, Health and Environmental Committee 18 18

Senior Independent Director 18 18

Designated NED for Workforce Engagement

10 10

1 Rounded to the nearest £000.

2 Caroline Silver was the Designated NED for Workforce Engagement until 4 October 2024 and received no additional fees for this role. From 4 October 2024,

Nicky Dulieu was appointed as the Designated NED for Workforce Engagement at an additional fee of £10,000.

Directors’ remuneration outcomes for the period ended 29 June 2025

Single figure of remuneration

The total remuneration for each of the Directors who served during the period ended 29 June 2025 is set out in Tables 5 and 6. The base salary for all Directors is the amount received in the period.

Table 5 – Executive Directors’ single figure of remuneration (audited)

Base

salary

£000

Benefits

(taxable)

£000

Annual

bonus

£000

LTPP

£000

Sharesave

£000

Pension

benefits

£000

Total

remuneration

£000

Total fixed

remuneration

£000

Total variable

remuneration

£000

2024/25 2023/24 2024/25 2023/24 2024/25 2023/24 2024/25 2023/24 2024/25 2023/24 2024/25 2023/24 2024/25 2023/24 2024/25 2023/24 2024/25 2023/24

David Thomas 857 836 29 29 1,006 1,126 392 189 — — 86 84 2,370 2,264 972 948 1,398 1,315

Steven Boyes 692 674 14 15 812 909 316 152 — 2 69 67 1,902 1,819 774 756 1,128 1,063

Mike Scott 528 514 21 23 619 693 241 99 — — 53 51 1,461 1,380 601 589 860 792

Matthew Pratt⁶ 521 — 17 — 981 — — — — — 52 — 1.571 — 590 — 981 —

Total 2,598 2,024 81 67 3,418 2,728 949 440 — 2 260 202 7,304 5,463 2,937 2,293 4,367 3,170

1 Benefits (taxable) include the provision of a company car or car allowance, private medical insurance, some telephone costs and contributions towards obtaining independent financial and tax advice and are provided based on market rates.

2 Annual bonus for David Thomas, Steven Boyes and Mike Scott includes amounts deferred (see page 139). In accordance with the Co-operation Agreement, no deferral was applied to Matthew Pratt’s bonus.

3 Performance conditions for the 2022 LTPP were tested after 29 June 2025. 24.9% of the award granted to each of the Executive Directors is due to vest in October 2025 (see pages 139 and 140 for further details). The market price of the shares has been calculated based on an average market value over the three months

to 29 June 2025 (£4.523 per share). This reflects an increase in share price since the date of grant of the 2022 LTPP (£4.438 per share), which means that the amount attributable to share price appreciation is £6,513, £5,254 and £4,008 for David Thomas, Steven Boyes and Mike Scott respectively. The values in the 2023/24

column have been recalculated using a share price of £4.592 per share being the market value of the shares on the vesting date, 14 October 2024, as opposed to the market price of £4.81 per share calculated based on an average market value over the three months to 30 June 2024 disclosed in last year’s Remuneration Report.

4 The Sharesave shares granted in 2019 for David Thomas and 2021 for Steven Boyes, which matured on 1 July 2024, lapsed on 1 January 2025 as they were underwater. The value calculated using the difference between the option price and the mid-market closing price of a share on the date of maturity is nil (relevant prices:

option price of £5.19 for David Thomas and £6.04 for Steven Boyes and the mid-market closing price of a share on the date of maturity £4.542).

5 The total remuneration figures in the last three columns of the above table may not add up to the sum of the component parts, due to rounding.

6 Matthew Pratt’s remuneration above is from 4 October 2024, being the date he joined the Board.

136 Barratt Redrow plc Annual Report and Accounts 2025

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Directors’ remuneration outcomes for the period ended 29 June 2025 continued

Single figure of remuneration continued

Table 6 – Non-Executive Directors’ single figure of remuneration (audited)

Fees

£000

Benefits (taxable)

£000

Total

£000

2024/25 2023/24 2024/25 2023/24 2024/25 2023/24

Caroline Silver 373 364 — — 373 364

Katie Bickerstaffe 99 97 — — 99 97

Nicky Dulieu¹ 70 — — — 70 —

Jasi Halai 84 83 — — 84 83

Jock Lennox 117 115 — — 117 115

Geeta Nanda¹ 60 — — — 60 —

Nigel Webb

81 60 — — 81 60

Chris Weston 99 97 — — 99 97

Total 983 816 — — 983 816

1 Nicky Dulieu and Geeta Nanda were appointed to the Board with effect from 4 October 2024; their fees for 2024/2025 therefore reflect a partial year.

2 Nigel Webb was appointed to the Board with effect from 1 October 2023; his fees for 2023/2024 therefore reflect a partial year.

Annual bonus

For FY25, the business was focused on delivering the integration of Redrow, improving operational efficiency, and driving sales in a challenging market, whilst maintaining a strong emphasis on building

sustainably, as well as continuing to deliver outstanding levels of customer service. The bonus measures were determined accordingly and performance targets (financial and non-financial) were set

taking into consideration internal and external consensus forecasts. As in previous years, the Executive Directors had the potential to earn an annual bonus of up to 150% of base salary with achievement

based on attainment of the performance targets.

During the year we considered the FY25 performance targets to determine whether adjustments were required to reflect the acquisition given that the original targets were set assuming the

performance of Barratt Developments on a standalone basis. We agreed that the targets for the Adjusted Profit Before Tax performance condition should be adjusted and so these were increased to

reflect the expected performance of Redrow as at the completion date of the acquisition. The assessment took into consideration the performance of the combined business, excluding costs and

synergies arising from the acquisition and the impact of the purchase price allocation and accounting policy adjustments. The remaining targets did not change and continued to be assessed against

the performance of Barratt Developments PLC as a standalone business, because either comparable measures did not exist in the Redrow bonus scheme or the actions driving the outturn for the metric

related to pre-acquisition activity. The impact of the adjustments reduced the adjusted profit before tax outturn for bonus purposes from £591.6m to £589.8m.

The original and adjusted targets, and the performance against them for FY25 are set out on the next page. The outcome of the annual bonus under the revised targets was 78% of maximum, compared

to an outcome of 79.6% of maximum based on the original targets. We consider that the outcome reflects a fair, reasonable and appropriate level of reward for the overall performance of the Group

during FY25, and therefore no other discretion was exercised in relation to the bonus outcomes. The outcome also aligns to the bonus outcomes for the wider workforce below senior management.

One-third of any bonus earned will be deferred into shares (see page 139).

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137Barratt Redrow plc Annual Report and Accounts 2025

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Directors’ remuneration outcomes for the period ended 29 June 2025 continued

Annual bonus continued

Table 7 – Annual bonus (audited)

Bonus target

Reason performance target selected Targets

Potential

bonus

weighting %

of salary

Actual

performance

achievement

Bonus

achieved

% of

salary

Bonus

outcome %

of maximum

Adjusted profit

before tax

Rewards outperformance against stretching targets and is a key measure of

our performance.

Threshold: £491m

2,3

Target: £566m

2,3

Maximum: £641m

2,3

16.5%

41.25%

82.5%

£589.8m

54.34% 36.2%

Average work in

progress

Ensures efficient use of available capital. Minimum and target: £2,097m

Maximum: £2,047m

7.5%

15.0%

£2,077.4m 10.45% 7.0%

Quality and service

(with health and

safety underpin)

Ensures a focus on quality and service to our customers without compromising

the health and safety of our employees, customers, suppliers, subcontractors

and members of the public.

A three-stage assessment is applied:

(i) a division must achieve SHE audit monitoring inspections gate on a rolling

12 months’ performance basis of 94% to be considered for the customer

service element;

(ii) to earn 60% of this bonus element, the division must achieve 90% or

higher “recommend” score for the HBF eight-week National New Homes

Customer Satisfaction Survey; and

(iii) to earn the remaining 40% of this bonus element, the division must

also achieve 83% or higher score for the NHBC nine-month Customer

Satisfaction Survey.

22.5% SHE gate: 26/26

divisions

Eight- week

score: 26/26

divisions

Nine-month

score: 25/26

divisions

22.15% 14.8%

Construction waste

reduction

Focuses individuals on reducing the amount of construction waste intensity,

which is a key element of our overall carbon reduction and sustainability strategy.

Threshold: 3.83 tonnes

Target: 3.81 tonnes

Maximum: 3.79 tonnes

3.0%

7.5%

15.0%

3.50 tonnes 15.0% 10.0%

Diversity and

inclusion

Focuses individuals on ensuring that, as part of any recruitment process,

candidates are identified who will help further improve diversity within the Group.

To earn 10% of this bonus there must be a Group-wide increase in the average

rate of diverse appointments (gender and ethnicity) against a baseline of 20%.

Threshold: 37%

Target: 39%

Maximum: 41%

2.0%

5.0%

10.0%

58.0% 10.0% 6.7%

To ensure we also focus on diversity at particular grades within the business,

our Executive team and Regional Managing Directors will be required to ensure

we reach 25% diversity within our Grade 4 population.

To earn the remaining 5%, there needs to be 25% diversity in our

Grade 4 population.

5.0% 33.0% 5.0% 3.3%

Total outcome

116.9% 78.0%

1 See definitions on pages 133 of the Barratt Developments PLC 2024 Annual Report and Accounts.

2 The Committee exercised its discretion in relation to the adjusted profit before tax measure and adjusted targets to reflect the inclusion of profit from Redrow and to exclude the impact of costs and synergies arising from the acquisition, the purchase price allocation and accounting policy adjustments. Accordingly,

the out-turn for the adjusted profit before tax component of the bonus calculation was reduced from £591.6m to £589.9m to reflect this approach. This measure is defined as Adjusted profit before tax and the impact of integration on page 226.

3 The adjusted targets are set out in the table above. The original targets were: Threshold £329m, Target £379m and Maximum £429m.

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138 Barratt Redrow plc Annual Report and Accounts 2025

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Executive Directors’ deferred bonus

Table 8 sets out how the bonus earned by each of the Executive

Directors for FY25 has been split between cash and shares.

The number of shares that will be awarded will be calculated

based on the average closing share price for the first five dealing

days following the date on which the Group publishes its FY25

annual results and will be announced via the Regulatory

Information Service when the shares are awarded. Deferred

shares are held for a period of three years from the date they

are awarded, and are usually subject to continued employment.

Table 8 – Executive Directors’ deferred bonus (audited)

FY25 deferred bonus FY24 deferred bonus

Bonus

earned

% of salary

Annual

bonus

£000

Bonus paid in

cash (two-thirds)

£000

Bonus deferred into

shares (one-third)

£000

Bonus deferred into

shares (one-third)

£000

Number of

David Thomas 116.9 1,006 671 335 375 75,458

Steven Boyes 116.9 812 541 271 303 60,868

Mike Scott 116.9 619 413 206 231 46,436

Matthew Pratt

139.5 981 981 N/A N/A N/A

1 No deferral was applied to Matthew Pratt’s FY25 bonus in accordance with the Co-operation Agreement.

2 Calculated based on a share price of £4.9756, being the average closing share price for the first five dealing days following the date on which the Group published its FY24 annual results.

Long-Term Performance Plans (LTPP)

Vesting of 2022 LTPP (included in FY25 single figure of remuneration)

The 2022 LTPP award was based on a three-year performance period to 29 June 2025 and will vest in October 2025. The award is subject to four performance conditions as set out below. During the year

we reviewed the targets for the 2022 LTPP in light of the acquisition and agreed not to make any adjustments to them due to the short period of time remaining to vesting. We did however agree to change

the performance period end date to 29 June 2025 to align with the FY25 financial reporting period. Each of the metrics can be tracked on a standalone basis for the Barratt Developments legacy business

up to the point of measurement at 29 June 2025.

The resulting vesting levels are as follows:

Table 9 – Vesting of 2022 LTPP (audited)

Metric Weighting Performance condition

Below threshold

(0% vesting)

Threshold

(25% vesting)

Maximum

(100% vesting) Actual

Portion of

award vesting

Adjusted EPS for the financial

period ended 29 June 2025

15.0% EPS growth for the financial period ended 29 June 2025. <73 pence 73 pence 81 pence 29.3 pence

Underlying ROCE for the financial

period ended 29 June 2025

40.0% To increase underlying ROCE for the financial period

ended 29 June 2025.

<20.0% 20.0% 23.0% 9.6% 0%

TSR (FTSE) 15.0% TSR against the 50 companies above and below the

Company in the FTSE index measured over three

financial years with a three-month average at the start

and end of the performance period.

Below threshold Threshold ranking

46.5 TSR of 17.8%

Upper quartile

ranking of 23.8

TSR of 43.6%

Rank of 50.6

TSR of 11.9%

TSR (housebuilder)

15.0% TSR of at least the index average of a housebuilder index

measured over three financial years with a three-month

average at the start and end of the performance period.

Below

unweighted

index average

Unweighted index

average

(TSR of (2.3%))

Unweighted index

average +8% p.a.

(TSR of 23.7%)

Between threshold

and maximum

(TSR of 11.9%)

9.9%

Reduction of GHG emissions 15.0% Reduction of our absolute scope 1 and 2 (operational)

carbon emissions by 29% by 2025 (from 2018 levels)

<25.0% reduction 30.0% 35.0% 58.7% 15%

Total level of award vesting 24.9%

1 The basic adjusted EPS of 25.5 pence has been re-based using the same rate of corporation tax and number of shares as was used in setting the 2022 LTPP targets. Impacts of PPA, policy alignment and synergy savings have also been removed. The re-based basic adjusted EPS used for the purpose of determining vesting,

which is directly comparable to the 2022 targets, is 29.3 pence.

2 The housebuilder index comprises: Bellway, Berkeley Homes, Crest Nicholson, Persimmon, Redrow, Taylor Wimpey and Vistry Group. As a result of the acquisition, Redrow has been excluded from the comparator group for the entire performance period.

Directors’ remuneration outcomes for the period ended 29 June 2025 continued

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139Barratt Redrow plc Annual Report and Accounts 2025

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Directors’ remuneration outcomes for the period ended 29 June 2025 continued

Long-Term Performance Plans (LTPP) continued

Table 9 – Vesting of 2022 LTPP (audited) continued

Notwithstanding the extent to which each of the performance targets are met, we had discretion to reduce the number of shares in respect of the awards if we considered that the Company’s underlying

financial performance did not warrant the level of vesting that would otherwise be achieved by reference to the performance targets. We considered the underlying financial performance of the Group

and were satisfied that given the continued strong performance in the Group’s financial results, the level of vesting was justified and was fair, reasonable and appropriate. There was no share price

appreciation, and no discretion was exercised in relation to the share price.

Other than the change to the end of the performance period we have not exercised any discretion in relation to the LTPP vesting outcome. The 2022 LTPP accrued dividend equivalents in accordance with

the rules of the scheme. The amount of dividend equivalent to be paid, in cash on vesting, will be pro-rated in line with the number of shares that vest. The gross number of shares to be released to each

of the Executive Directors and the gross value of the dividend equivalents are as follows:

Table 10 – 2022 LTPP vesting outcomes (audited)

Executive Director % of base salary

Number of

shares at

grant ¹

Number

of shares

to lapse

Total number

of shares

to vest

Estimated

value of

vested shares

£000

Value of

dividend

equivalents

earned on

vested shares

£000

Total

estimated

value

3,4

£000

David Thomas 170% 307,746 231,118 76,628 346.6 44.9 391.5

Steven Boyes 170% 248,243 186,431 61,812 279.6 36.2 315.8

Mike Scott 170% 189,382 142,226 47,156 213.3 27.6 240.9

1 Based on a share price of £4.438 being the average of the closing prices, as derived from the London Stock Exchange daily official list, for each of the dealing days in the period of three months ending with the day before the Grant Date.

2 The relevant number of shares will be released to each participant as soon as is practicable following the vesting date. The awards are subject to a two-year post-vesting holding period commencing 12 October 2025.

3 The estimated values of the vested shares and the dividend equivalents are based on the average share price during the three months to 29 June 2025 (£4.523 per share). This reflects an increase in share price since the date of grant of the 2022 LTPP (£4.438 per share), which means that the amount attributable to share

price appreciation is £6,513, £5,254 and £4,008 for David Thomas, Steven Boyes and Mike Scott respectively.

4 The total estimated value in the last column may not add up to the sum of component parts in the table due to rounding.

LTPP granted during the year (2024 LTPP)

We granted the 2024 LTPP to Executive Directors in October 2024. The 2024 LTPP is subject to four performance conditions: 30% TSR (half of which is measured against a 50+/50- FTSE comparator group

and the other half against a housebuilder index), 15% Adjusted EPS, 40% Underlying ROCE and 15% reduction of GHG emissions. The levels of vesting against TSR and the reduction of GHG emissions will

be measured over a three-year period commencing 1 July 2024, and against adjusted EPS and underlying ROCE for FY27. On completion of the performance period, assuming that shares vest, they will be

subject to a further two-year holding period commencing on the vesting date. The targets applicable to the 2024 LTPP are as set out in Table 12.

As detailed in the Co-operation Agreement in relation to the acquisition of Redrow, on 4 September 2024 the Company granted Transition Awards under the LTPP scheme to all Redrow employees,

including Matthew Pratt, whose Redrow 2023 LTIP awards lapsed as a result of the acquisition. The shares granted to Matthew were equivalent in value to his 2023 Redrow LTIP award that lapsed.

The Transition Award is not subject to performance conditions or a holding period and will be released in full, as set out under the terms of the Co-operation Agreement, subject to the payment of any

tax and NI due, on 31 December 2025, being the date Matthew will cease employment with the Group. On vesting a dividend equivalent in relation to the Transition Award will be paid to Matthew in cash.

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140 Barratt Redrow plc Annual Report and Accounts 2025

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Directors’ remuneration outcomes for the period ended 29 June 2025 continued

LTPP granted during the year (2024 LTPP) continued

Table 11 – 2024 LTPP (audited)

Executive Director Type of award

Basis of

award granted

Share price at

date of grant

Number of

shares over

which award

was granted

Face value

of award

£000

% of face value

that would vest

at threshold

performance

Vesting

determined by

performance over

David Thomas Conditional award 200% of salary of £860,605 5.0030 ¹ 344,035 1,721 25

Three financial years

to end of FY27

Steven Boyes Conditional award 200% of salary of £694,205 5.0030 ¹ 277,515 1,388 25

Mike Scott Conditional award 200% of salary of £529,605 5.0030 ¹ 211,714 1,059 25

Matthew Pratt Conditional award 200% of salary of £702,988 5.0030 ¹ 281,026 1,406 25

Matthew Pratt Unconditional

Transition Award

1.44 Barratt shares for each of the

67,050 Redrow shares that lapsed

under the 2023 Redrow LTIP award.

4.963

96,552 479 N/A N/A

1 Based on the average of the closing prices, as derived from the London Stock Exchange Daily Official List, for each of the dealing days (excluding days within a prohibited period defined by the Market Abuse Regulation) in the period of three months ending on 4 October 2024, being the last dealing day before the date of

the awards.

2 Based on the share price, as derived from the London Stock Exchange Daily Official List, on 4 September 2024, being the date the award was granted.

3 In accordance with the Co-operation Agreement, the Transition Award will vest in full on 31 December 2025 when Matthew leaves the Company.

2023 and 2024 LTPP awards - Targets

During the year, and as described in my letter, we reviewed the targets for the in-flight 2023 and 2024 LTPP awards and agreed that the adjusted EPS and ROCE targets would be revised to reflect the

effects of the acquisition of Redrow plc. The revised targets for adjusted EPS and ROCE are set out in the table below and further details of the approach and impact are set out in my opening statement.

The targets for the 2023 LTPP and the 2024 LTPP are therefore as follows:

Table 12 - 2023 and 2024 LTPP award performance targets

Performance measure

(weighting as % of

maximum award)

GHG emissions reduction (15.0%) TSR housebuilder¹ (15.0%) TSR FTSE² (15.0%) Adjusted EPS (p)(15.0%) ROCE (%) (40.0%)

Below threshold

(0% vesting)

Threshold

(25% vesting) Maximum

Threshold

(25% vesting)

Maximum

(100% vesting)

Threshold

(25% vesting)

Maximum

(100% vesting)

Threshold

(25% vesting)

Maximum

(100% vesting)

Threshold

(25% vesting)

Maximum

(100% vesting)

2023 LTPP 29%

reduction

33%

reduction

38%

reduction

Unweighted

index average

Unweighted

index average

+8% p.a

Median Upper quartile 38p 42p 13.0% ³ 15.0% ³

2024 LTPP 35%

reduction

38%

reduction

41%

reduction

Unweighted

index average

Unweighted

index average

+8% p.a

Median Upper quartile 52p ⁴ 57p ⁴ 16.0% ⁵ 18.0% ⁵

1 The housebuilder Index for the 2023 LTPP comprises: Bellway, Berkeley Homes, Crest Nicholson, Persimmon, Redrow, Taylor Wimpey and Vistry Group. The housebuilder Index for the 2024 LTPP comprises: Bellway, Berkeley Homes, Crest Nicholson, Persimmon, Taylor Wimpey and Vistry Group.

2 The comparator group for TSR FTSE is each of the members ranking 50 above and 50 below the Company in the FTSE index.

3 Original targets for underlying ROCE: Threshold 11.0% and Maximum 13.0%.

4 Original targets: Threshold 49p and Maximum 54p.

5 Original targets for underlying ROCE : Threshold 13.0% and Maximum 15.0%.

For the TSR, EPS and Underlying ROCE performance targets, vesting is on a straight-line basis between threshold and maximum. For the reduction of GHG emissions performance target, vesting is on a

straight-line basis between between Below threshold and Threshold and between Threshold and Maximum. 0% pays out below threshold. The LTPP awards will accrue dividend equivalents in accordance

with the rules of the scheme. The amount of dividend equivalent to be paid, in cash on vesting, will be pro-rated according to the number of shares that vest.

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Statement of Directors’ shareholdings and share interests

For the financial year ended 29 June 2025, the Executive Directors were required to hold shares in

the Company equivalent in value to 200% of base salary. The Executive Directors are expected to

meet this requirement no later than the fifth anniversary of joining the Board, with progress being

made towards its achievement throughout the period. The share price used for the purposes of

determining the value of the shares is by reference to the share price at the close of business on

the London Stock Exchange on the last day of the Group’s financial year or the date of leaving

employment, as applicable. Participants who have not built up the required level of shareholding

by the fifth anniversary of joining the Board will not be eligible for inclusion in future share-based

incentive schemes. In addition, they will not be allowed to sell any of the net of tax shares released

from incentive schemes until they reach the levels specified, unless, in the opinion of the

Committee, exceptional circumstances exist.

We retain discretion to adjust the length of time in which the required amount of shareholding

needs to be accrued to adjust for events out of the Directors’ control. We also reserve the right to

amend the percentage holding required by the Executive Directors depending on market conditions

and best practice guidance. On 29 June 2025, David Thomas, Steven Boyes and Matthew Pratt had

met their shareholding requirements and Mike Scott has until 6 December 2026 to meet his.

Executive Directors are also subject to a two-year post-cessation shareholding requirement.

They must hold the lower of their shareholding requirement (currently 200% of salary) or their

actual shareholding on the date of leaving employment. We have agreed that to ensure continued

enforcement of the post-cessation shareholding requirement, a contractual agreement will be

entered into between the Company and the relevant Executive Director at the point of leaving

employment, under which the individual concerned will agree not to dispose of their shares prior

to the completion of the post-cessation shareholding period. Both Steven Boyes and Matthew Pratt

have entered into such agreements with the Company.

We have an overriding discretion over all conditional awards and share options, in that we must be

satisfied that the underlying financial performance of the Group over the performance period

warrants the level of vesting as determined by applying the relevant targets. If we are not of this

view, we have the authority to reduce the level of vesting, including to nil, as we deem appropriate.

Executive Directors’ pension arrangements

The Company’s pension policy for Executive Directors is that on joining the Group they will be

auto-enrolled unless they choose to opt out. On opting out, the Executive Directors may choose to

receive a cash supplement (which does not count for incentive purposes) and/or participate in the

Company’s defined contribution money purchase pension plan. Each Executive Director has opted

to receive a cash supplement in lieu of pension. From 1 January 2023 all Executive Directors have

received an amount equal to 10% of base salary in line with the pension level available to the wider

workforce. Only the base salary element of a Director’s remuneration is pensionable.

Details of the cash supplements paid to the Executive Directors during the year can be found in Table 5 on page 136

Defined benefit section (audited)

Steven Boyes is a deferred member of the defined benefit section of the Barratt Group Pension and

Life Assurance Scheme (the Scheme), which was bought out by an insurer during FY21. As a result

of the buyout, no employee (including Steven Boyes) has any current or prospective defined

benefit pension or related benefit payable by the Group.

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Statement of Directors’ shareholdings and share interests continued

The interests of the Directors serving during the financial year and their connected persons in the ordinary share capital of the Company at the end of FY25 are shown in the table below:

Table 13 – Directors’ interests in shares as at 29 June 2025 (audited)

Other interests in Company shares Options Shareholding requirements

Beneficially

owned

Interests subject to

performance conditions

Interests not subject

to performance

conditions

Interests in

Sharesave

options

Shareholding

requirement

% of salary

Current

shareholding

% of salary

Shareholding

requirement

met?

Executive Directors

David Thomas 1,372,239 1,042,695 164,090 4,917 200% 773% Yes

Steven Boyes 764,444

841,087 132,817

³ 7,620

200% 548% Yes

Mike Scott 86,427

⁷ 641,659 46,436 9,508

⁵ 200% 96% No

Matthew Pratt 637,780 281,026 96,552 6,779 200% 414% Yes

Non-Executive Directors

Caroline Silver 10,000

⁸

The Chair and Non-Executive Directors are not awarded incentive shares and are not subject to a

shareholding requirement.

Katie Bickerstaffe 10,522

Nicky Dulieu 9,360

Jasi Halai 12,581

Jock Lennox 10,000

Geeta Nanda 258

Nigel Webb 12,660

Chris Weston —

1 All of these options were unexercised at 29 June 2025.

2 On 1 July 2025 the interest of Steven Boyes and his connected persons in the ordinary share capital of the Company increased by 171 shares following the vesting of awards made under the Company’s 2023 ELTIP to a person closely associated with Steven Boyes. The 171 increase represents the shares retained following the

sale of shares to satisfy tax and National Insurance liabilities. Following this, Steven Boyes’ beneficial interest in the Company’s shares was 764,615.

3 Includes 132,363 DBP shares held by Steven Boyes and 454 awards under the Company’s ELTIP made to a person closely associated with Steven Boyes. On 1 July 2025, 304 ELTIP awards held by the person closely associated with Steven Boyes vested, following which the interest in shares not subject to performance

conditions was 132,513. The ELTIP was an all-employee award made to employees Grade 4 and below up to 2024.

4 Includes options held by a person closely associated with Steven Boyes.

5 During the year, Mike Scott was granted 5,380 Sharesave options, exercisable for six months from 1 July 2028 at an option price of £3.42, representing a 20% discount on the average share price for the five business days immediately before the invitation to participate in the award (£4.2680). The number of shares granted

was based on the option price and the total savings amount forecast at the end of the respective savings periods. The face value of the options based on the average share price above was £22,962. There are no performance targets associated with this Sharesave option.

6 The share price used for the purposes of determining the value of the shares is £4.559, being the mid-market closing price on the last day of the Group’s financial year in accordance with the Company’s shareholding requirement policy. Shares counting towards the shareholding requirement include those beneficially owned

and DBP shares. The value of DBP shares used is net of income tax and National Insurance contributions which the Directors would have to pay on exercise.

7 On 15 July 2025, Mike Scott acquired 2,500 ordinary shares in the Company at a price of £3.85669 per share. Following this transaction he has a beneficial interest over 88,927 shares.

8 On 16 July 2025 Caroline Silver acquired 13,000 ordinary shares in the Company as a price of £3.749 per share. Following this transaction she has a beneficial interest over 23,000 shares.

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Payments to former Directors (audited)

No payments were made to former Directors during the year.

Payments for loss of office (audited)

Leaving arrangements for Matthew Pratt

Matthew Pratt stepped down as a Director of the Company and from his position as Redrow

Chief Executive with effect from the close of business on 30 June 2025 and will remain in

employment until 31 December 2025 on his current terms in line with his service agreement.

Following 31 December 2025, Matthew Pratt will receive a payment in lieu of the remainder of

his notice period in relation to salary and pension of £395,041 and a redundancy payment of

£75,838 that is required under the terms of the Co-operation Agreement in respect of the

acquisition of Redrow.

During FY25, Matthew also received £20,000 for outplacement support and £30,000 (plus VAT)

to cover legal fees. Matthew will not receive any other loss of office payments.

Matthew will also retain the unvested award under the Barratt Developments PLC LTPP granted in

2024. This award will continue in accordance with its terms and a pro rata portion will vest at the

normal time, subject to performance assessment. The vested portion of the award will be subject

to a two-year post-vesting holding period. In addition, the equity Transition Award granted under

the LTPP will continue in accordance with its terms and, in line with the terms set out under the

Co-operation Agreement, will vest in full on 31 December 2025. Matthew will not be eligible for any

further awards under the LTPP.

Matthew holds Sharesave options over Company shares. These options will be treated in

accordance with the relevant plan terms applicable in the case of redundancy.

Leaving arrangements for Steven Boyes

Steven Boyes stepped down as a director of the Company and from his position as Chief Operating

Officer and Deputy Chief Executive on 6 September 2025 and will remain an employee in a role

separate to his current Executive Director role to facilitate a smooth handover until the end of

his notice period on 6 March 2026. Steven’s existing terms will continue in effect throughout his

notice period.

In respect of his duties as an Executive Director, Steven will remain eligible to be considered

for a bonus payment in respect of the year ended 29 June 2025 and a pro rata bonus up to

6 September 2025. Any bonus payments will be made following the assessment of performance

conditions at the normal time. Two-thirds of any bonus earned will be payable in cash with the

remaining one-third deferred to shares in line with the normal approach.

In accordance with the respective plan rules, Steven will retain the unvested awards under the

Barratt Redrow Performance Share Plan (the “LTPP”) granted in 2022, 2023 and 2024. These awards

will continue in accordance with their terms and a pro rata portion will vest at the normal time,

subject to performance assessment. The vested portion of the award will attract dividend

equivalents in the normal way and will be subject to a two-year post-vesting holding period. Steven

will not be eligible for any further awards under the LTPP.

Steven will retain the unvested awards under the Barratt Redrow Deferred Bonus Plan (the “DBP”)

granted in 2022 and 2024. These awards will continue in accordance with their terms and will vest,

in full, at the normal time.

Steven holds Sharesave options over Company shares. These options will be treated in accordance

with the relevant plan terms applicable in the case of retirement. In accordance with the Directors’

remuneration policy, he is subject to the post-cessation shareholding requirement for two years

following the Termination Date.

Given Steven’s tenure and contribution to the business over his outstanding 47 years of service, we

will be making a payment of £5,000 to him as a retirement gift in September 2025. This amount will

be grossed up to £9,434.03, to cover the tax liability that will be due on this payment. This payment

is in line with our Remuneration Policy (see page 152 of the 2023 Annual Report and Accounts)

which permits gifts of up to £5,000 (excluding any tax or VAT liability) to long-serving directors who

are retiring and the Company to bear the cost of any tax or VAT liability on behalf of the director in

addition to the maximum limit.

144 Barratt Redrow plc Annual Report and Accounts 2025

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Chief Executive’s relative pay

The table below sets out: (i) the total pay, calculated in line with the single figure methodology; (ii) the annual bonus payout as a percentage of maximum; and (iii) LTPP vesting level as a percentage of

maximum for the Chief Executive over a ten-year period.

Table 14 – Chief Executive’s pay

David Thomas

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Chief Executive’s total pay (£000) 3,155 3,331 2,720 3,727 1,251 3,761 2,738 1,725 2,264 2,370

Bonus outturn (as a percentage of maximum opportunity) 97.4 97.5 92.2 96.2 0 99.0 98.3 40.1 89.9 78.0

LTPP vesting (as a percentage of maximum award) 100.0 100.0 76.4 92.8 19.4 80.0 59.3 19.6 15.0 24.9

TSR performance graph

The graph below, prepared in accordance with the reporting regulations, shows the TSR performance over the last ten years against the FTSE 100 and against an unweighted index of listed housebuilders.

The Board has chosen these comparative indices as the Group and its major competitors are constituents of one or both of these indices. The TSR has been calculated using a fair method in accordance

with the regulations.

Total shareholder return (value of £100 invested on 30 June 2015)

Remuneration Report continued

Annual Report on Remuneration continued

Index of currently listed housebuilders FTSE 100 Barratt Redrow Source: Datastream by LSEG

300

250

200

150

100

Value (£)

June 2015 June 2016 June 2017 June 2018 June 2019 June 2020 June 2021 June 2022 June 2023 June 2024 June 2025

145Barratt Redrow plc Annual Report and Accounts 2025

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Annual percentage change in remuneration of Directors compared to employees

Table 15 shows the percentage change in salary/fees, taxable benefits and annual bonus set out in the relevant single figure of remuneration tables paid to each Director compared to that of the average

pay of all employees of Barratt Redrow plc, the Group’s parent company, in respect of the financial years ended 30 June 2021 to 29 June 2025, compared with their prior years.

Table 15 – Percentage change in remuneration

FY25 FY24 FY23 FY22 FY21

Salary/

fees

% change

Taxable

Benefits

% change

Annual

bonus

% change

Salary/

fees

% change

Benefits

% change

Annual

bonus

% change

Salary/

fees

% change

Benefits

% change

Annual

bonus

% change

Salary/

fees

% change

Benefits

% change

Annual

bonus

% change

Salary/

fees

% change

Benefits

% change

Annual

bonus

% change

Executive Directors

David Thomas 2.5 0.0 (10.7) 4.1 0.0 133.1 2.9 3.6 (58.0) 3.0 7.7 2.5 2.2 (10.3) 100.0

Steven Boyes 2.7 (6.7) (10.7) 4.0 (50.0) 133.1 3.0 (3.2) (58.1) 5.0 (25.0) 4.4 2.2 11.1 100.0

Mike Scott

2.7 (8.7) (10.7) 4.0 27.8 133.3 78.3 100.0 (26.1) N/A N/A N/A N/A N/A N/A

Matthew Pratt

N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

Non-Executive Directors

Caroline Silver

2.5 N/A N/A 3 .1 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

Katie Bickerstaffe

2.1 N/A N/A 4.3 N/A N/A 1.1 N/A N/A 41.5 0.0 N/A N/A N/A N/A

Nicky Dulieu

N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

Jasi Halai

2.1 N/A N/A 5.1 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

Jock Lennox 1.7 N/A N/A 4.5 N/A N/A 0.9 N/A N/A 41.6 0.0 N/A 4.1 0.0 N/A

Geeta Nanda

N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

Nigel Webb

35.0 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

Chris Weston

2.1 N/A N/A 4.3 N/A N/A 1.1 N/A N/A 43.8 0.0 N/A N/A N/A N/A

Average pay of all employees

in Barratt Redrow plc⁶ 0.0 (11.3) (30.4) 1.0 (6.2) 6 .1 (2.6) (12.1) (32.6) (1.1) (11.3) (3.2) 7.7 (3.5) 100.0

Average pay of all employees

in the Group

3.4 (17.8) (12.4) 1.9 (1.7) 62.2 7.5 11.5 (39.5) 7.8 (2.1) (3.2) 0.4 2 .1 100.0

Remuneration Report continued

Annual Report on Remuneration continued

1 The percentage changes in salary and fees of the Directors for FY21 take into account a temporary 20% voluntary reduction in base salary in April and May

2020 covering the period our construction sites were temporarily closed as a consequence of COVID-19.

2 Mike Scott was appointed as an Executive Director effective 6 December 2021; therefore, no percentage change in remuneration is displayed for years prior

to FY23 and the change in fees reflects the annualised fees that would have been earned for FY22.

3 Matthew Pratt, Nicky Dulieu and Geeta Nanda were appointed to the Board effective from 4 October 2024; therefore, no percentage change in remuneration

is displayed for them in the table above.

4 The changes in fees of the Non-Executive Directors reflect the introduction of additional fees for Committee membership and increases in fees for

Committee Chairs which took place for FY22 and were set out in detail on page 102 of the FY21 Annual Report and Accounts.

5 Katie Bickerstaffe and Chris Weston were appointed to the Board part way through FY21, Jasi Halai and Caroline Silver were appointed to the Board part way

through FY23 and Nigel Webb was appointed to the Board part way through FY24. No percentage change in remuneration is displayed for the years they

joined, and the changes in fees reflect the annualised fees that would have been earned for the year they joined the Board. The FY24 change in fees for

Caroline Silver reflect the annual Chair fee that would have been earned in FY23.

6 Disclosures are in respect of Barratt Developments plc up to and including FY24.

7 Average pay using all employees in the Group is provided as a more meaningful figure, as the parent company employs only a very few senior employees.

The figure represents the mean employee pay. As set out in the 2024 Remuneration Report, the average salary increase for the wider workforce on 1 July 2024

was 3%.

146 Barratt Redrow plc Annual Report and Accounts 2025

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Annual Report on Remuneration continued

Chief Executive pay ratio

The table below compares the single total figure of remuneration for the Chief Executive with that

of the Group’s employees who are paid at the 25th percentile (lower quartile), 50th percentile

(median) and 75th percentile (upper quartile) of its UK employee population.

Table 16 – Chief Executive pay ratio

Method 25th percentile pay ratio Median pay ratio 75th percentile pay ratio

FY25 Option B 58:1 39:1 29:1

FY24 Option B 59:1 42:1 26:1

FY23 Option B 44:1 32:1 23:1

FY22 Option B 81:1 63:1 38:1

FY21 Option B 115:1 94:1 60:1

FY20 Option B 40:1 32:1 21:1

FY19 Option B 123:1 88:1 59:1

The remuneration figures for the employee at each quartile were determined with reference to the

period ended 29 June 2025.

Under Option B of The Companies (Miscellaneous Reporting) Regulations 2018, the latest available

gender pay gap data (i.e. from 5 April 2025) was used to identify the best equivalent for three Group

UK employees whose hourly rates of pay are at the 25th, 50th and 75th percentiles for the Group.

We are comfortable that this approach provides a fair representation of the Chief Executive to

employee pay ratios and is appropriate in comparison to alternative methods, balancing the need

for statistical accuracy with internal operational resource constraints.

A full-time equivalent total pay and benefits figure for the FY25 financial year was then calculated

for each of those employees. This was also sense checked against a sample of employees with

hourly pay rates either side of the identified individuals to ensure that the appropriate

representative employee is selected. The pay ratios outlined above were then calculated as the

ratio of the Chief Executive’s single figure to the total pay and benefits of each of these employees.

Each employee’s pay and benefits were calculated using each element of employee remuneration

on a full-time basis, consistent with the Chief Executive. No adjustments (other than the

approximate up-rating of pay elements to achieve full-time equivalent rates) were made, with the

exception of annual bonuses where the amount paid during the year for the annual bonus and H2

bonus was used (i.e. in respect of FY24) as the FY25 employee figures had not yet been determined

at the time this report was produced. No components of pay have been omitted.

The table below sets out the salary and total pay and benefits for the three identified quartile

point employees:

Table 17

25th percentile

(P25)

Median

(P50)

75th percentile

(P75)

Salary £33,850 £49,950 £71,666

Total pay and benefits £40,742 £60,760 £82,974

The FY25 median and lower quartile pay ratios are lower than last year while the upper quartile pay

ratio is higher. Despite an increase in the CEO’s total single figure, primarily driven by a higher

vesting outcome for the 2022 LTPP award versus the 2021 LTPP award that vested last year, the

ratios have generally reduced due to increases in the total pay and benefits for the P25 and P50

individuals. The CEO annual bonus payout was lower in FY25 compared to FY24. The median pay

ratio has fluctuated since reporting began. This movement has primarily been driven by changes in

CEO pay outcomes, though for FY25, movements in employee pay have also had an impact.

We consider that the median pay ratio is consistent with the relative roles and responsibilities of

the Chief Executive and the identified employee and is consistent with the pay, reward and

progression policies for the Company as a whole. Base salaries of all employees, including our

Executive Directors, are set with reference to a range of factors including market practice,

experience and performance in role. The Chief Executive’s remuneration package is weighted

towards variable pay (including the annual bonus and LTPP) due to the nature of the role. This also

means that the ratio is likely to fluctuate depending on the outcomes of incentive plans in each year

(as illustrated by the ratios to date). We also recognise that, due to the nature of the Company’s

business and the ways in which we employ our staff, the flexibility permitted within the regulations

for identifying and calculating the total pay and benefits for employees, as well as differences in

employment and remuneration models between companies, the ratios reported above may not be

comparable to those reported by other companies.

Service contracts and letters of appointment

The letters of appointment for Non-Executive Directors and service contracts for Executive

Directors are available for inspection by any person at the Company’s registered office during

normal office hours or are available on the Company’s website: www.barrattredrow.co.uk/

investors/corporate-governance

The current Executive Directors have service contracts with the Company, all with a rolling

12-month notice period and are not fixed-term. Details are included in the following table and their

remuneration for FY25 is shown in the single figure table on page 136.

As announced on 7 March 2025, after 47 years of dedicated service, Steven Boyes informed the

Board that he intended to retire as Group Chief Operating Officer and Deputy Group Chief Executive

Officer, and to step down as a Director of Barratt Redrow plc. As such, Steven stepped down from

the Board on 6 September 2025 but will remain available to the Company until 6 March 2026.

Also as previously announced, with the operational integration of Barratt and Redrow near

completion, Matthew Pratt stepped down from the Board and his position as Redrow Chief

Executive with effect from the close of business on 30 June 2025 and remains available to the

Company until 31 December 2025.

Table 18 – Executive Directors’ service contracts

Executive Director Service contract date Date of appointment Notice period/unexpired term

David Thomas 16 January 2013 21 July 2009 12 months

Steven Boyes 21 February 2013 1 July 2001 12 months

Mike Scott 28 June 2021 6 December 2021 12 months

Matthew Pratt 1 July 2020¹ 4 October 2024 6 months

1 Matthew Pratt’s Redrow service contract continued and was supplemented by a side letter in relation to his appointment to the combined Board.

147Barratt Redrow plc Annual Report and Accounts 2025

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Remuneration Report continued

Annual Report on Remuneration continued

Service contracts and letters of appointment continued

The Chair and each of the Non-Executive Directors are appointed for an initial three-year term

under terms set out in their letters of appointment. Their appointments can be terminated by the

Board without compensation for loss of office subject to the notice periods in their respective

letters. The notice periods, applicable from either party, are three months for the Chair and one

month for each of the Non-Executive Directors. The Chair and each of the Non-Executive Directors

usually serve a second three-year term, subject to performance review, and can serve a further

term of three years subject to rigorous review by the Nomination and Governance Committee.

Details of the Non-Executive Directors’ letters of appointment are given in Table 19 below.

Table 19 – Non-Executive Directors’ letters of appointment

Non-Executive

Director

Date elected/

re-elected at AGM

Date first appointed

to the Board

Date last re-appointed

to the Board

Unexpired term as

at 29 June 2025

Caroline Silver 23 October 2024 1 June 2023

N/A 11 months

Katie Bickerstaffe 23 October 2024 1 March 2021 1 March 2024 20 months

Nicky Dulieu 23 October 2024 4 October 2024 N/A 27 months

Jasi Halai 23 October 2024 1 January 2023 N/A 6 months

Jock Lennox 23 October 2024 1 July 2016 1 July 2025² 0 months

Geeta Nanda 23 October 2024 4 October 2024 N/A 27 months

Nigel Webb 23 October 2024 1 October 2023 N/A 15 months

Chris Weston 23 October 2024 1 March 2021 1 March 2024 20 months

1 Appointed as Chair on 30 June 2023.

2 As announced on 15 July 2025 Jock Lennox will step down from the Board on conclusion of the 2025 AGM. Accordingly Jock has a letter of appointment

covering his appointment for the period 1 July 2025 to the conclusion of the 2025 AGM.

3 Jock’s letter of appointment dated 1 July 2022 expired on 30 June 2025.

Non-executive directorships

Subject to Board approval, Executive Directors are permitted to accept one non-executive

directorship outside the Company and retain any fees received from such a position.

Board approval will not be given for any non-executive position where such appointment would lead

to a material conflict of interest or would have an effect on the Director’s ability to perform their

duties to the Company. Neither Steven Boyes nor Mike Scott held any non-executive directorships

with other companies during the year. David Thomas is a Non-Executive Director of the HBF, a member

of the Net Zero Council, and a Trustee of CentrePoint, the UK’s leading youth homelessness charity

for which he does not receive fees. He also participates in various groups connected with the UK

construction industry (in particular sustainability), for which no fee is paid.

Relative importance of spend on pay

The following table shows the Group’s actual spend on pay (for all employees) relative to profit from

operations, dividends paid and Company shares purchased:

Table 20 – Relative importance of spend on pay

FY25

£m

FY24

£m % change

Employee costs (including Executive Directors) 668.1 524.0 28%

Profit from operations

285.5 174.7 63%

Dividend distributions

251.4 213.1 18%

Share buyback³ 50.3 N/A N/A

1 Profit from operations has been chosen as a metric to compare against as it shows how spend on pay is linked to the Group’s operating performance.

The figure used is from the Consolidated Income Statement on page 162.

2 For FY24 this includes the interim and final dividends paid in May and November 2024. For FY25, this includes the interim dividend paid in May 2025, and the

proposed final dividend for payment in November 2025, the value of which has been calculated based on the number of shares in issue as of 29 June 2025.

3 There were no share buybacks made in FY24.

Statement of shareholding vote at AGM

The latest resolution to approve the Directors’ Remuneration Policy (a binding vote, to remain in

place for three years following its approval by shareholders) was proposed to shareholders at the

2023 AGM. The resolution to approve last year’s Annual Report on Remuneration (an advisory vote)

was proposed to shareholders at the 2024 AGM. The following votes were received:

Table 21 – Shareholder votes on remuneration

Vote on Remuneration Policy

2023 AGM

Vote on Remuneration Report

2024 AGM

Number of

votes

% of

votes cast

Number of

votes

% of

votes cast

Votes cast in favour 624,689,860 97.64 991,918,265 97.71

Votes cast against 15,087,581 2.36 23,256,991 2.29

Number of votes cast 639,777,441

100 1,015,175,256

100

Votes withheld 135,984 — 107,861 —

1 65.65% of the issued share capital.

2 69.97% of the issued share capital.

This Remuneration Report forms part of the Corporate Governance Report and was approved by the

Board on 16 September 2025 and signed on its behalf by:

Katie Bickerstaffe

Chair of the Remuneration Committee

16 September 2025

148 Barratt Redrow plc Annual Report and Accounts 2025

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Strategic Report

Other statutory disclosures

Directors’ Report

For the period ended 29 June 2025, the Strategic Report is set

out on pages 1 to 84 and the Directors’ Report on pages 85 to 151.

The table below sets out the location of information required to

be disclosed in the Directors’ Report, which can be found in other

sections of this Annual Report and Accounts and is incorporated

by reference.

Information required Page numbers

Arrangements under which a shareholder has

waived or agreed to waive a dividend and

details of the waiver

See page 180

Likely future developments in the business

of the Group

See pages 14

to 19

Financial instruments

See pages

199 and 200

A description of the Company’s policies on

employment of people with disabilities

See page 43

A description of the Company’s employee

engagement and involvement practices

See pages 42

to 46, 52 and

Stakeholder engagement

See pages 48

to 58

Greenhouse gas emissions

See pages 22,

31 and 82

Research and development activities

See pages 79

and 80

Post-balance sheet events

See page 211

1 This item is a requirement of UK Listing Rules. All other items are requirements of Schedule 7 of the

Large and Medium-Sized Companies and Groups Regulations.

Dividends

An interim dividend of 5.5 pence per share was paid on 16 May 2025

to those shareholders on the register on 4 April 2025 (2024:

4.4 pence per share). The Directors recommend payment of a

final dividend of 12.1 pence per share (2024: 11.8 pence per share)

in respect of FY25. The final dividend will be paid, subject to

shareholder approval at the 2025 AGM, on 14 November 2025

to shareholders on the register at close of business on

10 October 2025. Shareholders who wish to elect for the

Dividend Reinvestment Plan should do so by 24 October 2025.

If approved, the total dividend for FY25 will be 17.6 pence per

share (2024: 16.2 pence per share).

Annual General Meeting

The 2025 AGM will be held at the offices of Linklaters LLP, One Silk

Street, London EC2Y 8HQ, on Wednesday 5 November 2025 at

11a.m. The notice convening the AGM is set out in a separate

letter to shareholders.

Political donations and expenditure

The Company made no political donations during the year in

accordance with its policy. In keeping with the Company’s

approach in prior years, shareholder approval is being sought at

the 2025 AGM, as a precautionary measure, for donations and/or

expenditure that may be construed as political by the wide

definition of such terms provided under the Act.

Significant shareholdings

In accordance with the DTRs, all notifications received by

the Company are published on the Company’s website,

www.barrattredrow.co.uk, and via a Regulatory Information

Service. As at 29 June 2025, the persons set out in the table

below had notified the Company, pursuant to DTR 5.1, of

their interests in the voting rights in the Company’s issued

share capital:

Notifiable interests at 29 June 2025

Information

required

Direct

voting

rights

Indirect

voting

rights

Other

financial

instruments

with voting

rights

Total

voting

rights

% of

total

voting

rights

BlackRock

Inc 0 78,986,390 15,637,111 94,623,501 6.50

FMR LLC 0 117,456,453 0 117,456,453 8.14

Bridgemere

Group 57,607,130 0 0 57,607,130 3.99

1 Represents the number of voting rights last notified to the Company at 29 June 2025 by the

respective shareholder in accordance with DTR 5.1.

2 Based on the total voting rights as at the relevant notification dates.

On 14 July 2025 the Company was notified that FMR LLC’s

interest in the Company was as follows: Direct voting rights 0,

Indirect voting rights 116,886,773, Other financial instruments

with voting rights 0, Total voting rights 116,886,773 and % of total

voting rights 8.12%.

Directors

The Directors who served during the financial year are set out on

pages 86 to 88.

Appointment and removal of Directors

The appointment and removal of Directors is governed by the

Articles, the Act and related legislation. There shall be (unless

otherwise determined by an ordinary resolution) no fewer than

two and no more than 15 Directors appointed to the Board at any

one time. Directors may be appointed by the Company by

ordinary resolution or by the Board. In accordance with the Code

and the Articles, at each AGM, all of the Directors shall retire from

office at the date of the Notice of AGM and may offer themselves

for reappointment by members. Directors may be removed before

the expiration of their term of office by means set out in the Act

and the Articles, including by special resolution.

Powers of the Directors including in relation to the

allotment of shares

Subject to the Articles, the Act and any directions given by

special resolution, the business of the Company is ultimately

managed by the Board, who may exercise all the powers of the

Company, whether relating to the management of the business

of the Company or otherwise. In particular, the Board may

exercise all the powers of the Company to borrow money and to

mortgage or charge any of its undertakings, property, assets and

uncalled capital and to issue debentures and other securities

and to give security for any debt, liability or obligation of the

Company to any third party. At the AGM held on 23 October 2024,

the Directors were given authority to allot shares up to an

aggregate nominal value of £48,363,379 (representing

approximately one-third of the nominal value of the Company’s

issued share capital as at 2 September 2024), such authority to

remain valid until the end of the 2025 AGM or, if earlier, until the

close of business on 23 January 2026. A resolution to renew this

authority will be proposed at the 2025 AGM.

149Barratt Redrow plc Annual Report and Accounts 2025

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Directors’ indemnities and insurance

Qualifying third-party indemnity provisions are in place for the

Directors, former Directors and the Company Secretary, together

with those who hold or have held these positions as officers of

other Group companies or of associate or affiliated companies

and members of the Executive Committee, to the extent

permitted by law and the Articles, in respect of liabilities incurred

in the course of performing their duties. In addition, the Company

maintains directors’ and officers’ liability insurance for each

Director of the Group and its associated companies.

Capital structure

The Company has a single class of share capital, which is divided

into ordinary shares of 10 pence each. All issued shares are in

registered form and are fully paid. Details of the Company’s

issued share capital as at 29 June 2025 can be found in note 23

on page 201. Details of the shares bought and cancelled under

the share buyback programme can be found on page 201.

Shareholder voting rights and restrictions on

transfer of shares

All the issued and outstanding ordinary shares of the Company

have equal voting rights with one vote per share. There are no

special control rights attaching to them, save that the Trustees

of the EBT may vote or abstain from voting on shares held in the

EBT in any way they think fit and in doing so may consider both

financial and non-financial interests of the beneficiaries of the

EBT or their dependants. The Company is not aware of any

agreements between holders of securities that may result in

restrictions on the transfer of securities. The rights, including full

details relating to voting of shareholders and any restrictions on

transfer relating to the Company’s ordinary shares, are set out in

the Articles and in the explanatory notes that accompany the

Notice of the 2025 AGM. These documents are available on the

Company’s website at www.barrattredrow.co.uk.

Shareholder authority for purchase of own shares

At the Company’s AGM held on 23 October 2024, shareholders

authorised the Company to buy back up to an aggregate of

145,090,138 ordinary shares of 10 pence each (representing

approximately 10% of the Company’s issued share capital).

This authority is valid until the end of the 2025 AGM (at which

a renewal of that authority will be sought) or, if earlier, until the

close of business on 23 January 2026. Under the authority, there

is a minimum and maximum price to be paid for such shares.

Any shares that are bought back may be held as treasury

shares or, if not so held, will be cancelled immediately upon

completion of the purchase, thereby reducing the Company’s

issued share capital.

Following the share buyback announcement on 12 February 2025

the Company purchased 11,270,807 ordinary shares of 10 pence

each with a nominal value of £1,127,080.70, for a total consideration

of £50, 000,000, excluding costs. On 15 July 2025 the Company

announced its intention to return excess capital of up to

£100,000,000 to its shareholders through an additional share

buyback programme, to be completed by the end of FY26. As part

of this share buyback programme, as at 15 September 2025, the

Company had purchased 5,977,678 ordinary shares of 10 pence

each with a nominal value of £597,767.80 for a total consideration

of £22,299,765.09, excluding costs. All shares purchased have

been cancelled.

Articles of Association

The Articles may only be amended by a special resolution of

shareholders. The Company’s existing articles of association

were adopted in 2020. An in-depth review has been carried out

and amendments made to incorporate current best practice,

including the requirements of the 2024 UK Corporate

Governance Code, and to increase flexibility in conducting

shareholder meetings. A summary of the material changes

proposed is set out in the explanatory notes on pages 13 to 14 of

the Notice of Meeting. The new Articles will be presented to

shareholders for approval at the AGM on 5 November 2025.

Approach to tax and tax governance

For all taxes, it is the Group’s aim to ensure it accurately

calculates and pays the tax that is due at the correct time.

Whilst the Group does seek to manage its tax liabilities through

legitimate routine tax structuring, it does not participate in

aggressive tax planning schemes. The Group also seeks to be

transparent in its dealings with HMRC and has regular dialogue

with its representatives to discuss both developments in the

business and the ongoing tax position. In accordance with UK

legislation, we have published details of our tax strategy, and

this can be found at www.barrattredrow.co.uk.

The Chief Financial Officer retains overall responsibility for

oversight of the tax affairs of the Group. Mike Scott, Chief

Financial Officer, is the Senior Accounting Officer throughout

the period ended 29 June 2025. The Senior Accounting Officer

receives regular updates on tax matters. In addition, tax

management and strategy are reviewed at least annually by the

Audit and Risk Committee, with no material changes proposed

for the period ended 29 June 2025.

Change of control

The following significant agreements as at 29 June 2025

contained provisions entitling the counterparties to exercise

termination and/or other rights in the event of a change of

control of the Company:

• an RCF agreement containing change of control provisions

which provide that, on a change of control of the Company,

the relevant counterparties may require the Company to

immediately repay all amounts outstanding and would not

be obliged to fund any further drawdown of the facility (other

than rollover loans); and

• a note purchase agreement in respect of the Group’s £200m

privately placed notes containing change of control provisions

which provide that, on a change of control of the Company, the

noteholders may require the Company to prepay at par all

outstanding amounts under the notes.

In addition, the Company’s share plans contain provisions

relating to a change of control. Outstanding awards and options

would normally vest and become exercisable on a change of

control subject to the satisfaction of any performance conditions

at that time.

The Company is not aware of any other significant agreements

to which it is a party that take effect, alter or terminate upon a

change of control of the Company.

The Company does not have any agreements with any Director

or employee that would provide compensation for loss of office

or employment resulting from change of control following a

takeover bid.

On behalf of the Board

Tina Bains

Company Secretary

16 September 2025

Other statutory disclosures continued

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Statement of Directors’ responsibilities

Financial Statements and accounting records

The Directors are responsible for preparing the Annual Report

and Accounts including the Directors’ Remuneration Report

and the Financial Statements in accordance with applicable

law and regulations.

Company law requires the Directors to prepare Financial

Statements for each financial year. Under that law the Directors

are required to prepare the Group Financial Statements in

accordance with United Kingdom adopted IAS. The Financial

Statements also comply with IFRS as issued by the IASB. The

Directors have also elected to prepare the Parent Company

Financial Statements under United Kingdom adopted IAS.

Under company law, 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 Company and the Group and

of the proﬁt or loss of the Company and the Group for that period.

IAS 1 requires that Financial Statements present fairly for each

ﬁnancial year the relevant entity’s ﬁnancial position, ﬁnancial

performance and cash ﬂows. This requires the faithful representation

of the effects of transactions, other events and conditions in

accordance with the deﬁnitions and recognition criteria for

assets, liabilities, income and expenses set out in the IASB’s

“Framework for the preparation and presentation of ﬁnancial

statements”. In virtually all circumstances, a fair presentation

will be achieved by compliance with all applicable IFRS.

Directors are also required to:

• properly select and apply accounting policies;

• present information, including accounting policies, in a

manner that provides relevant, reliable, comparable and

understandable information;

• provide additional disclosures when compliance with the

speciﬁc requirements in IFRS are insufﬁcient to enable users

to understand the impact of particular transactions, other

events and conditions on the entity’s ﬁnancial position and

ﬁnancial performance; and

• make an assessment of the Company’s and the Group’s

(as the case may be) ability to continue as a going concern.

The Directors are responsible for keeping adequate accounting

records that are sufﬁcient to show and explain the Company’s

and the Group’s transactions on an individual and consolidated

basis and disclose with reasonable accuracy at any time the

ﬁnancial position of the Company and the Group and enable

them to ensure that the Financial Statements comply with the

Act. They are also responsible for safeguarding the assets of the

Company and the Group and hence for taking reasonable steps

for the prevention and detection of fraud and other irregularities.

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.

Fair, balanced and understandable

The Board considers, on the advice of the Audit and Risk

Committee, 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 and the Group’s position, performance, business

model and strategy.

Disclosure of information to auditor

In accordance with Section 418 of the Act, the Directors confirm

that, so far as they are each aware, there is no relevant audit

information that has not been brought to the attention of the

Company’s auditor. Each Director has taken all reasonable steps

that they ought to have taken in accordance with their duty as

a Director to make themselves aware of any relevant audit

information and to ensure that the Company’s auditor is aware

of that information.

Directors’ Responsibility Statement

The Directors conﬁrm that, to the best of each

person’s knowledge:

a. the Group Financial Statements in the Annual Report and

Accounts, which have been prepared in accordance with IAS

in conformity with the requirements of the Companies Act

2006, and those of the Parent Company, which have been

prepared in accordance with IAS in conformity with the

requirements of the Companies Act 2006, give a true and fair

view of the assets, liabilities, ﬁnancial position and proﬁt or

loss of the Company and Group taken as a whole; and

b. the Annual Report and Accounts includes a fair review of

the development and performance of the business and the

position of the Company and the Group taken as a whole,

together with a description of the principal risks and

uncertainties they face.

The Directors of the Company and their functions are listed

on pages 86 and 87.

This Responsibility Statement is signed by order of the Board:

David Thomas

Chief Executive

16 September 2025

The Directors’ Report from pages 85 to 151 inclusive was

approved by the Board on 16 September 2025 and is signed

on its behalf by:

Tina Bains

Company Secretary

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Financial Statements

153 Independent Auditor’s Report

162 Consolidated Income Statement and Statement

of Comprehensive Income

163 Statement of Changes in Shareholders’

Equity – Group

164 Statement of Changes in Shareholders’

Equity – Company

165 Balance Sheets

166 Cash Flow Statements

168 Notes to the Financial Statements

226 Definitions of alternative

performance measures (APMs) and

reconciliation to IFRS (unaudited)

231 Aggregated comparative information (unaudited)

232 Five-year record (unaudited)

234 GHG emissions restatements

237 Glossary

239 Integrated reporting approach

240 Group advisers and Company information

Key to financial icons

Throughout the Financial Statements you will see these icons

used; they represent the following:

Group accounting policies

Critical accounting judgements and key

sources of estimation uncertainty

Image: Barratt Homes at Bourne.

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Independent Auditor’s Report

to the members of Barratt Redrow plc

Report on the audit of the Financial Statements

1. Opinion

In our opinion:

• the financial statements of Barratt Redrow plc (the ‘parent company’, the ‘company’) and its

subsidiaries (the ‘group’) give a true and fair view of the state of the group’s and of the parent

company’s affairs as at 29 June 2025 and of the group’s profit for the period then ended;

• the group financial statements have been properly prepared in accordance with United

Kingdom adopted international accounting standards;

• the parent company financial statements have been properly prepared in accordance with

United Kingdom adopted international accounting standards and as applied in accordance

with the provisions 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 which comprise:

• the Consolidated Income Statement and Statement of Comprehensive Income;

• the Group and Company Statements of Changes in Shareholders’ Equity;

• the Group and Company Balance Sheets;

• the Group and Company Cash Flow Statements; and

• the related notes 1 to 33.

The financial reporting framework that has been applied in their preparation is applicable law and

United Kingdom adopted international accounting standards and, as regards the parent company

financial statements, as applied in accordance with the provisions of the Companies Act 2006.

2. 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 are independent of the group and the parent company in accordance with the ethical

requirements that are relevant to our audit of the financial statements in the UK, including the

Financial Reporting Council’s (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 provided to the group and company for the year are

disclosed in note 3 to the financial statements. We confirm that we have not provided any

non-audit services prohibited by the FRC’s Ethical Standard to the group or the parent company.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis

for our opinion.

3. Summary of our audit approach

Key audit matters The key audit matters that we identified in the current year

were:

• Accounting for the acquisition of Redrow Plc;

• Margin recognition; and

• Costs associated with legacy properties.

Materiality The materiality that we used for the group financial statements

was £55.0 million which was determined on the basis of

net assets.

Scoping We performed audits of the entire financial information of

BDW Trading Limited and Redrow Homes Limited and audits

of specific account balances and transactions across 4 other

group entities. In aggregate these account for 99.3% of group

revenue, 99.4% profit before tax and 97.2% of net assets.

All audit work was completed directly by the Group audit

engagement team.

Significant changes

in our approach

The most significant change in our approach related to the

acquisition of Redrow; the accounting for which has been

identified as a key audit matter.

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Report on the audit of the Financial Statements continued

4. 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’s and parent company’s ability to continue

to adopt the going concern basis of accounting included:

• understanding the relevant controls relating to the assessment of the appropriateness of the

going concern assumption;

• assessing the Group’s financing facilities including the nature of the facilities, repayment terms

and compliance with loan covenants;

• challenging assumptions used in the going concern model by analysing the current and

forecast performance of the combined Group by assessing management’s assumptions against

market data;

• assessing the wider macro-economic environment over the going concern period, with respect

to interest and inflation rates and their impact on house price and build cost assumptions,

and whether this has been appropriately reflected in the forecasts;

• evaluating management’s sensitivity analysis;

• assessing identified potential mitigating actions and the appropriateness of the inclusion of

these in the going concern assessment;

• assessing the historical accuracy of forecasts; and

• assessing the appropriateness of the going concern disclosures in the financial statements.

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’s and

parent company’s ability to continue as a going concern for a period of at least twelve months from

when the financial statements are authorised for issue.

In relation to the reporting on how the group has 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.

5. 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 forming our opinion thereon, and we do not provide a separate opinion on these matters.

5.1. Accounting for the acquisition of Redrow Plc

Key audit matter

description

As described in Note 10, the Group completed the acquisition of Redrow plc

and its subsidiaries on 21 August 2024 for a total initial consideration of

£2,528.6 million, which wholly consisted of equity shares. The transaction

has been accounted for in accordance with IFRS 3 ‘Business Combinations’.

£312.9 million of goodwill, £235.9 million of acquired intangible assets

and £1,971.1 million of other assets and liabilities have been recognised.

We have identified a key audit matter in relation to the accounting for the

acquisition of Redrow Plc.

Management applied a number of judgements and estimates to determine

the fair value of acquired assets and liabilities, including:

• determination of an appropriate discount rate and long term growth rates

used to discount future cash flows in valuation techniques, including relief

from royalty methods to value the acquired brand;

• with the use of management’s experts, management determined the

fair value of acquired land and land options using a residual valuation

approach, requiring estimates to be made over forecast site profitability

if a market participant were to develop the land or exercise the option;

• the fair value of work in progress was determined using a gross

development value less cost to complete approach, requiring estimates to

be made on a market participant view of margin and on costs to complete

in progress developments; and

• an assessment was made over the fair value of acquired provisions relating

to legacy properties, with assumptions made over the cost of future works

and the population of buildings which may require remediation.

Refer to page 117 (Audit and Risk Committee report) and note 10 to the

Financial Statements, including the disclosures relating to the judgements

and estimates associated with the acquisition accounting.

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How the scope

of our audit

responded to the

key audit matter

Our procedures in response to the key audit matter identified included:

• obtaining an understanding of relevant controls, including management

review controls, over the determination of valuation assumptions and

methodologies used in the fair value calculations;

• assessing the competence, capabilities and objectivity of

management’s experts;

• assessing management’s judgements in determining the acquisition date

and the fair value of consideration;

• working with our valuation specialists to:

– assess the completeness of identified assets and liabilities;

– evaluate the valuation methodologies used to determine the value of

identified assets, specifically in relation to acquired intangible assets

and the fair value of land, land options and work in progress; and

– assess key valuation assumptions used, including the discount rate,

long term growth rate and site specific assumptions used in the residual

valuation calculation to value land and land options.

• challenging management’s key cash flow assumptions used in the brand

valuation, with reference to industry benchmarks and historical

performance to assess whether these were reasonable;

• evaluating the accuracy and completeness of information used in the

inputs to the valuation;

• assessing the fair value of acquired provisions relating to legacy

properties (see section 5.3 for details of procedures performed); and

• evaluating the appropriateness of the relevant disclosures regarding the

acquisition of Redrow within Note 10.

Key observations Based on our audit procedures, we concluded that the key judgements

and estimates used in the acquisition accounting exercise in relation to the

completeness and valuation of separately identifiable assets and liabilities

recognised on acquisition, and the key assumptions underpinning the fair

valuation assumptions, were reasonable.

5.2 Margin recognition

Key audit matter

description

In FY25, adjusted gross profit was £875.2m (FY24: £689.0m). Adjusted gross

margin, which is a key performance indicator for the group, and is calculated

as adjusted gross profit divided by revenue, was 15.7% (FY24: 16.5%).

The Group’s valuation and cost allocation framework determines the total

profit forecast for each site. This allows the land and build costs of a

development to be allocated to each individual unit, ensuring the forecast

margin per unit is equalised across a development. At each year-end,

management considers whether an adjustment for house prices and

build cost assumptions is required and this is where fraud could

potentially occur. This cost allocation framework drives the recognition

of costs, and hence profit, as each unit is sold, which is the key estimate

in the Income Statement.

For each development there is estimation uncertainty in:

• estimating the inputs included within a site budget, including future

revenues and costs to complete, in order to determine the level of profit

that each unit of the development will deliver;

• determining future house price inflation and build cost inflation; and

• appropriately allocating costs such as site-wide development costs so

that the gross profit margin (in percentage terms) achieved on each

individual unit is equal.

As part of the accounting for the acquisition of Redrow, the Group made

estimates to determine fair value adjustments relating to acquired work

in progress and land. The fair value adjustments are being released to

the income statement over the remaining periods over which each site

is trading.

These estimates impact the carrying value of inventory in the balance

sheet and, therefore, the profit recognised on each unit sold which

aggregate to form the overall reported margin which is a key reporting

metric for the Group. Accordingly, we consider the recognition of cost per

unit and therefore the appropriate margin to be a key audit matter.

The Strategic Report discusses the Adjusted gross margin on page 24.

Additionally, refer to page 116 (Audit and Risk Committee Report) and

note 3 (financial statement disclosures including the related critical

accounting judgements and key sources of estimation uncertainty).

Report on the audit of the Financial Statements continued

5. Key audit matters continued

5.1. Accounting for the acquisition of Redrow Plc continued

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How the scope

of our audit

responded to the

key audit matter

Our work included the following:

• obtaining an understanding of the relevant controls governing

inventory costing which include site valuations, land acquisition

feasibilities, expenditure and ongoing margin review;

• visiting a sample of sites and verified the work completed to date.

On a sample basis, agreed the cost incurred to source documentation

to verify work in progress;

• for a sample of sites, made enquiries with management to support their

cost to complete estimates and obtained external supporting evidence

regarding costs to complete;

• evaluating key estimates in the margin calculation, such as the current

and forecast macro-economic conditions such as future sales volumes,

house prices and construction build costs;

• analysing margins on a site-by-site and divisional basis to identify

material movements in the site margins compared to prior years or the

acquisition date for Barratt and Redrow sites and divisions respectively.

We evaluated and assessed the material variances through enquiries

with management and obtaining corroborative evidence;

• using bespoke data analytic techniques to analyse costs to complete.

This enabled us to analyse the cost category composition for each site

and comparing to Group averages. We performed enquiries and

obtained corroborative evidence for exceptions identified;

• analysing the cost per square foot of plots sold at a divisional level

for the current year and compared this to its cost per square foot in

previous years, to analyse for any unusual trends which required

corroboration from management;

• assessing the appropriateness of the methodology used to record fair

value adjustments relating to the acquisition of Redrow, in particular

in respect of the carrying amount of work in progress and land, and

assessed the appropriateness of the release of these to the income

statement in the current period; and

• assessing the information provided by management as well as potentially

contradictory evidence obtained by the audit team during the course

of the audit to assess the appropriateness of margin recognised.

Key observations Based on the procedures performed, we concluded that the Group’s cost

allocation framework was reasonable given the intended purpose of

recognising appropriate margin.

5.3. Costs associated with legacy properties

Key audit matter

description

The Group has recognised a number of provisions for fire safety and

cladding related issues and remediation of structural defects identified.

The provisions also include the expected cost to address necessary

fire-safety issues on all buildings of 11 metres and above following the

adoption of the UK Government industry pledge by Barratt in April 2022

and the signing of the Self-Remediation Terms and Contract in

March 2023.

We identified a key audit matter in relation to costs associated with legacy

properties as the amount provided by the Group could be incomplete or

not valued accurately for the remediation required.

The accounting for these provisions involves a number of key

assumptions when estimating the future costs, which are:

• determining which buildings the Group has an obligation to remediate

at the balance sheet date;

• assessing the fair value of liabilities acquired from Redrow in relation

to remediation obligations at the acquisition balance sheet date, and

• the cost of the future works.

At the end of the financial year the Group holds provisions of

£1,073.8 million (2024: £730.3 million) in relation to legacy properties.

During the year, the Group acquired £289.5 million of liabilities relating

to the Redrow acquisition, incurred a charge of £108.9 million

(2024: £182.5 million) and utilisation of £100.6 million (2024: £91.5 million)

in relation to remediation costs. The additional provisions recorded have

been recognised as an adjusted item and excluded from adjusted profit

measures, as explained in note 4.

Refer to pages 116 and 117 (Audit and Risk Committee Report) and notes 4

and 20 to the Financial Statements, including the disclosures relating to

this key source of estimation uncertainty.

Report on the audit of the Financial Statements continued

5. Key audit matters continued

5.2 Margin recognition continued

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How the scope

of our audit

responded to the

key audit matter

Our work on the provisions acquired in the Redrow business combination

and on the provisions at 29 June 2025 included the following:

• obtaining an understanding of controls relevant to the recognition

and estimation of costs associated with legacy properties;

• assessing how the value of the provision has been determined and

whether a present obligation to rectify the properties existed at the

balance sheet date;

• assessing the consistency of a sample of cost estimates with

underlying support such as third-party estimates, quotations or

agreements and held discussions with internal structural engineers

and external construction project managers in order to challenge

management’s estimates;

• assessing the estimated liability by understanding and challenging

management’s assumptions regarding the costs of remediation, the

number of plots to be remediated, the time period for the work to be

completed and the discount factor applied to the overall provision by

inspecting third party tenders and other supporting documentation;

• challenging the completeness of the provision, including through

inquiry with internal legal counsel and the Group’s internal building

safety unit, and by testing the key assumptions including the number

of buildings with potential legal liability and the estimated liability

per unit; and

• assessing the appropriateness of the disclosure included within the

financial statements in relation to provisions and contingent liabilities,

including consideration of costs classified as adjusted items and the

disclosure of the assumptions and associated sensitivities in relation

to the key sources of estimation uncertainty.

Key observations Based on the procedures performed we concluded the provision recorded

to be appropriate based on information available at 29 June 2025.

Additionally, we are satisfied with the disclosure of this provision

as a key source of estimation uncertainty within note 20 of the

financial statements.

Report on the audit of the Financial Statements continued

5. Key audit matters continued

5.3. Costs associated with legacy properties continued

6. Our application of materiality

6.1. Materiality

We define materiality as the magnitude of misstatement in the financial statements that makes

it probable that the economic decisions of a reasonably knowledgeable person would be changed

or influenced. We use materiality both in planning the scope of our audit work and in evaluating

the results of our work.

Based on our professional judgement, we determined materiality for the financial statements as

a whole as follows:

Group financial statements

Parent company

financial statements

Materiality £55.0 million

(2024: £40.0 million)

£49.5 Million

(2024: £36.0 Million)

Basis for determining

materiality

Our determined materiality

represents 0.7% of net assets

(2024: 0.7%).

Our determined materiality

represents 3% of net assets

(2024: 3%)

Rationale for the

benchmark applied

The Group’s net assets position

is a key source of information for

users as it provides a key metric

as to the size of the group,

including the impact of the

acquisition of Redrow plc. It is

also a relatively stable metric

during the current market

volatility which impacts the

Group’s financial position and

operating model.

Net assets was used as the

benchmark because it is the

primary measure used by

shareholders in assessing the

performance of the entity, which

acts as a holding company.

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Report on the audit of the Financial Statements continued

6. Our application of materiality continued

6.2. Performance materiality

We set performance materiality at a level lower than materiality to reduce the probability that,

in aggregate, uncorrected and undetected misstatements exceed the materiality for the financial

statements as a whole.

Group financial statements

Parent company

financial statements

Performance materiality 60% (2024: 70%) of Group

materiality

60% (2024: 70%) of parent

company materiality

Basis and rationale

for determining

performance

materiality

In determining performance materiality, we considered the

following factors:

• Our past experience of the audit, which has indicated a low

number of corrected and uncorrected misstatements identified

in prior periods.

• Our risk assessment, including an assessment of the Group’s

overall control environment and whether we would be able to rely

on controls.

• The impact of the acquisition of Redrow plc, the timing of the

integration in the current year and how this adds complexity

to the control environment.

Error reporting threshold

We agreed with the Audit and Risk Committee that we would report to the Committee all audit

differences in excess of £2.75 million (2024: £2.0 million), as well as differences below that

threshold that, in our view, warranted reporting on qualitative grounds. We also report to the

Audit and Risk Committee on disclosure matters that we identified when assessing the overall

presentation of the financial statements.

7. An overview of the scope of our audit

7.1. Identification and scoping of components

Our Group audit scoping was performed by obtaining an understanding of the Group and its

environment, including Group-wide controls, controls within the individual components, and

assessing the risks of material misstatement at the Group level. We identified components at a

legal entity level, performing audits of the entire financial information of BDW trading Limited and

Redrow Homes Limited and audits of specific account balances and transactions across 4 other

group entities. Our scoping is performed to ensure that sufficient audit coverage is obtained at

the significant account balance, class of transaction and disclosure level. The entire Group is

audited by one audit engagement team, led by the Senior Statutory Auditor.

We performed a detailed scoping exercise of each individual account balance, class of transaction

and disclosure at a Group level to determine the individual components’ contribution to each

significant account in the Group financial statements. This has resulted in certain individual

component entities being subject to audit procedures through either an audit of the entire financial

information, audit procedures on specified account balances and transactions, as well as

performing audit procedures over the consolidation. For account balances, classes of transaction

and disclosures that were not subject to audit procedures, analytical procedures were performed

at the group level to assess whether there were any further possible significant risks of material

misstatement in this residual population.

This resulted in 99.3% of revenue, 99.4% of profit before tax and 97.2% of net assets being

subject to audit procedures. The work performed on the components subject to audit procedures

was completed to component performance materiality levels between £16.5m and £26.4m

(2024: £14m and £26.6m).

7.2. Our consideration of the control environment

We obtained an understanding of the relevant internal controls over key audit matters, relating

to margin recognition and legacy properties. We obtained an understanding of other relevant

controls which we would expect in a housebuilder, namely those over land and work in progress

and those over subcontractor and other expenses.

We assessed entity level controls at a Group level relating to the risk assessment process,

monitoring of internal controls and information systems.

With the involvement of our IT specialists we have obtained an understanding of relevant IT controls

over the group’s five financial reporting applications. Having considered the changes to the internal

control environment for the group, in particular and in light of the acquisition of Redrow and ongoing

IT integration between the Barratt and Redrow businesses, we have not placed reliance on controls.

We made recommendations for improvements regarding internal controls to management.

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Report on the audit of the Financial Statements continued

7. An overview of the scope of our audit continued

7.3. Our consideration of climate-related risks

As part of our audit we have made enquiries of management to understand the process they have

adopted to assess the potential impact of climate change on the financial statements. As disclosed

on page 67 the Group considers climate change to be a fundamental component of its Government

Regulation and political principal risk within the business, with specific climate risk assessment

criteria used by the group set out on page 78 to 80.

We have read the climate change related disclosures within the other information included in the

annual report to consider whether they are materially consistent with the financial statements and

our knowledge obtained during the audit.

8. Other information

The other information comprises the information included in the annual report 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 our 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 this other information, we are required to report that fact.

We have nothing to report in this regard.

9. Responsibilities of Directors

As explained more fully in the directors’ responsibilities statement, 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’s and

the 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.

10. 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.

A further description of our responsibilities for the audit of the financial statements is located

on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part

of our auditor’s report.

11. Extent to which 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 material

misstatements in respect of irregularities, including fraud. The extent to which our procedures

are capable of detecting irregularities, including fraud is detailed below.

11.1. Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including

fraud and non-compliance with laws and regulations, we considered the following:

• the nature of the industry and sector, control environment and business performance including

the design of the group’s remuneration policies, key drivers for directors’ remuneration, bonus

levels and performance targets;

• the group’s own assessment of the risks that irregularities may occur either as a result of fraud

or error;

• results of our enquiries of management, internal audit, internal legal counsel, the directors and

the Audit and Risk Committee about their own identification and assessment of the risks of

irregularities, including those that are specific to the group’s sector;

• any matters we identified having obtained and reviewed the group’s documentation of their

policies and procedures relating to:

– identifying, evaluating and complying with laws and regulations and whether they were aware

of any instances of non-compliance;

– detecting and responding to the risks of fraud and whether they have knowledge of any actual,

suspected or alleged fraud

– the internal controls established to mitigate risks of fraud or non-compliance with laws

and regulations;

• the matters discussed among the audit engagement team and relevant internal specialists,

including tax, valuations and IT regarding how and where fraud might occur in the financial

statements and any potential indicators of fraud.

159Barratt Redrow plc Annual Report and Accounts 2025

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Financial StatementsGovernance

Strategic Report

Independent Auditor’s Report continued

to the members of Barratt Redrow plc

Report on the audit of the Financial statements continued

11. Extent to which the audit was considered capable of detecting

irregularities, including fraud continued

11.1. Identifying and assessing potential risks related to irregularities continued

As a result of these procedures, we considered the opportunities and incentives that may exist

within the organisation for fraud and identified the greatest potential for fraud in margin recognition,

specifically any adjustments for house prices and build cost assumptions. In common with all audits

under ISAs (UK), we are also required to perform specific procedures to respond to the risk of

management override.

We also obtained an understanding of the legal and regulatory framework that the group operates in,

focusing on provisions of those laws and regulations that had a direct effect on the determination

of material amounts and disclosures in the financial statements. The key laws and regulations we

considered in this context included the UK Companies Act, Listing Rules, Building Safety Regulations

and tax legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect

on the financial statements but compliance with which may be fundamental to the group’s ability

to operate or to avoid a material penalty. These included the group’s environmental and health and

safety regulations.

Audit response to risks identified

As a result of performing the above, we identified margin recognition as a key audit matter related

to the potential risk of fraud. The key audit matters section of our report explains the matter in more

detail and also describes the specific procedures we performed in response to that key audit matter.

In addition to the above our procedures to respond to risks identified included the following:

• reviewing the financial statement disclosures and testing to supporting documentation to

assess compliance with provisions of relevant laws and regulations described as having a direct

effect on the financial statements;

• enquiring of management, the Audit and Risk Committee, in-house and external legal counsel

concerning actual and potential litigation and claims;

• performing analytical procedures to identify any unusual or unexpected relationships that may

indicate risks of material misstatement due to fraud;

• reading minutes of meetings of those charged with governance and reviewing internal audit reports;

• in addressing the risk of fraud through management override of controls, testing the appropriateness

of journal entries and other adjustments; assessing whether the judgements made in making

accounting estimates are indicative of a potential bias; and evaluating the business rationale of

any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all

engagement team members including internal specialists, and remained alert to any indications

of fraud or non-compliance with laws and regulations throughout the audit.

Report on other legal and regulatory requirements

12. 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.

In the light of the knowledge and understanding of the group and the parent company and their

environment obtained in the course of the audit, we have not identified any material

misstatements in the strategic report or the directors’ report.

13. Corporate Governance Statement

The Listing Rules require us to review the directors’ statement in relation to going concern,

longer-term viability and that part of the Corporate Governance Statement relating to the group’s

compliance with the provisions of the UK Corporate Governance Code specified for our review.

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 and our knowledge obtained during the audit:

• the directors’ statement with regards to the appropriateness of adopting the going concern

basis of accounting and any material uncertainties identified set out on page 83;

• the directors’ explanation as to its assessment of the group’s prospects, the period this

assessment covers and why the period is appropriate set out on page 83 and 84;

• the directors’ statement on fair, balanced and understandable set out on page 151;

• the board’s confirmation that it has carried out a robust assessment of the emerging and

principal risks set out on page 67;

• the section of the annual report that describes the review of effectiveness of risk

management and internal control systems set out on page 66 and 67; and

• the section describing the work of the Audit and Risk committee set out on pages 114 to 116.

160 Barratt Redrow plc Annual Report and Accounts 2025

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Independent Auditor’s Report continued

to the members of Barratt Redrow plc

Report on other legal and regulatory requirements continued

14. Matters on which we are required to report by exception

14.1. Adequacy of explanations received and accounting records

Under the Companies Act 2006 we are required to report to you if, in our opinion:

• we have not received all the information and explanations we require for our audit; or

• 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 are not in agreement with the accounting records

and returns.

We have nothing to report in respect of these matters.

14.2. Directors’ remuneration

Under the Companies Act 2006 we are also required to report if in our opinion certain disclosures of

directors’ remuneration have not been made or the part of the directors’ remuneration report to be

audited is not in agreement with the accounting records and returns.

We have nothing to report in respect of these matters.

15. Other matters which we are required to address

15.1. Auditor tenure

Following the recommendation of the Audit and Risk Committee, we were appointed by the

shareholders at the Annual General Meeting held in 2007 to audit the financial statements for

the year ending 30 June 2008 and subsequent financial periods. The period of total uninterrupted

engagement including previous renewals and reappointments of the firm is 18 years, covering

the years ending 30 June 2008 to 30 June 2025.

15.2. Consistency of the audit report with the additional report to the Audit

and Risk Committee

Our audit opinion is consistent with the additional report to the Audit and Risk Committee we are

required to provide in accordance with ISAs (UK).

16. 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.

As required by the Financial Conduct Authority (FCA) Disclosure Guidance and Transparency Rule

(DTR) 4.1.15R – DTR 4.1.18R, these financial statements form part of the Electronic Format Annual

Financial Report filed on the National Storage Mechanism of the FCA in accordance with DTR 4.1.15R

– DTR 4.1.18R. This auditor’s report provides no assurance over whether the Electronic Format Annual

Financial Report has been prepared in compliance with DTR 4.1.15R – DTR 4.1.18R.

Jacqueline Holden FCA (Senior statutory auditor)

For and on behalf of Deloitte LLP

Statutory Auditor

London, United Kingdom

16 September 2025

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Consolidated Income Statement and Statement of Comprehensive Income

52 weeks ended 29 June 2025

		52 weeks
		ended	Year ended
		29 June	30 June
		2025	2024
Continuing operations	Notes	£m	£m
Revenue	2	5,578.3	4, 168.2
Cost of sales		(4,793.5)	(3,658.7)
Gross profit		784.8	509.5
Administrative expenses	3	(503.2)	(336.9)
Part-exchange income		402.5	333.7
Part-exchange expenses		(398.6)	(331.6)
Operating profit	3	285.5	17 4 .7
Finance income	6	35.6	47 .2
Finance costs	6	(64.6)	(53.7)
Net finance costs	6	(29.0)	(6.5)
Share of post-tax profit from joint ventures	13	17.2	2.3
Profit before tax		273.7	170.5
Tax	7	(87.3)	(56.4)
Profit for the period, all of which is attributable to the owners of the Company		186.4	114. 1
Other comprehensive expense
Items that will not be reclassified to profit and loss:
Remeasurement of employment benefit obligations and assets		(0.7)	—
Tax on remeasurements		0.2	—
Other comprehensive expense for the period		(0.5)	—
Total comprehensive income for the period all of which is attributable to the owners of the Company		185.9	114. 1
Earnings per share from continuing operations
Basic	8	13.6p	11.8p
Diluted	8	13.3p	11 .6p

The notes on pages 168 to 225 form an integral part of these Financial Statements.

Adjusted items:

Gross profit Operating profit

Share of post-tax

profit from

joint ventures Profit before tax

Notes

52 weeks

ended

29 June

2025

£m

Year

ended

30 June

2024

£m

52 weeks

ended

29 June

2025

£m

Year

ended

30 June

2024

£m

52 weeks

ended

29 June

2025

£m

Year

ended

30 June

2024

£m

52 weeks

ended

29 June

2025

£m

Year

ended

30 June

2024

£m

Reported

profit 784.8 509.5 285.5 174.7 17.2 2.3 273.7 170.5

Cost

associated

with legacy

properties 4 106.2 180.0 106.2 180.0 — 12.6 106.2 192.6

Legacy

property

recoveries 4 (15.8) (0.5) (15.8) (0.5) — — (15.8) (0.5)

Costs incurred

in respect of

the acquisition

of Redrow plc 4 — — 36.2 22.4 — — 36.2 22.4

Reorganisation

and

restructuring

costs 4 — — 56.8 — — — 56.8 —

CMA

commitment 4 — — 29.0 — — — 29.0 —

Legal fees 4 — — 2.2 — — — 2.2 —

Adjusted

profit 875.2 689.0 500.1 376.6 17.2 14.9 488.3 385.0

162 Barratt Redrow plc Annual Report and Accounts 2025

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							Group	Total Group
							retained	retained
				Capital			earnings	earnings	Non-
	Share		Merger	redemption	Own	Share-based	due to share-	due to share-	controlling
	capital	Share	reserve	reserve	share reserve	payments	holders of	holders of	interests	Total
	(note 23)	premium	(note 24)	(note 25)	(note 26)	(note 27)	the Company	the Company	(note 28)	equity
	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m
At 1 July 2023	9 7. 4	253.5	1, 109.0	4. 8	(23.2)	20.8	4, 133.6	4, 131.2	0.5	5,596.4
Profit for the year being total comprehensive income recognised
for the year ended 30 June 2024	—	—	—	—	—	—	114. 1	114. 1	—	114. 1
Dividend payments (note 9)	—	—	—	—	—	—	(270.6)	(270.6)	—	(270.6)
Distributions to non-controlling interests	—	—	—	—	—	—	—	—	(0.4)	(0.4)
Share-based payments	—	—	—	—	—	19.9	—	19.9	—	19.9
Purchase of own shares by EBT	—	—	—	—	(23.3)	—	—	(23.3)	—	(23.3)
Transfers in respect of share options	—	—	—	—	9.6	(12. 1)	4.7	2.2	—	2.2
Tax on share-based payments	—	—	—	—	—	0.8	—	0.8	—	0.8
At 30 June 2024	9 7. 4	253.5	1, 109.0	4.8	(36.9)	29 .4	3,981 .8	3,97 4.3	0 .1	5,439. 1
Profit for the 52 weeks ended 29 June 2025	—	—	—	—	—	—	186.4	186.4	—	186.4
Remeasurement of employment benefit obligations and assets	—	—	—	—	—	—	(0.7)	(0.7)	—	(0.7)
Tax on remeasurements	—	—	—	—	—	—	0.2	0.2	—	0.2
Total comprehensive income recognised for the 52 weeks ended
29 June 2025	—	—	—	—	—	—	185.9	185.9	—	185.9
Dividend payments (note 9)	—	—	—	—	—	—	(24 9.3)	(24 9.3)	—	(24 9.3)
Issue of share capital	1 .1	—	—	—	(1. 1)	—	—	(1. 1)	—	—
Share capital issued as consideration for the acquisition of Redrow plc	46.6	—	2,482.0	—	—	—	—	—	—	2,528.6
Buyback and cancellation of shares	(1. 1)	—	—	1 .1	(0.5)	—	(49.8)	(50.3)	—	(50.3)
Share-based payments	—	—	—	—	—	19.2	—	19.2	—	19.2
Transfers in respect of share options	—	—	—	—	11 .8	(17.5)	4.9	(0.8)	—	(0.8)
Tax on share-based payments	—	—	—	—	—	0.6	—	0.6	—	0.6
At 29 June 2025	144 .0	253.5	3,591 .0	5.9	(26.7)	31.7	3,873.5	3,878.5	0 .1	7,873.0

The notes on pages 168 to 225 form an integral part of these Financial Statements.

Statement of Changes in Shareholders’ Equity

Group

163Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernanceStrategic Report

capital

(note 23)

£m

premium

£m

Merger

reserve

(note 24)

£m

Capital

redemption

reserve

(note 25)

£m

Own

(note 26)

£m

Share-

based

payments

(note 27)

£m

Retained

earnings

£m

Total

retained

earnings

£m

Total

equity

£m

At 1 July 2023 97.4 253.5 1,109.0 4.8 (23.2) 20.9 2,151.1 2,148.8 3,613.5

Profit for the year being total comprehensive income recognised for the year

ended 30 June 2024 — — — — — — 511.0 511.0 511.0

Dividend payments (note 9) — — — — — — (270.6) (270.6) (270.6)

Share-based payments — — — — — 19.9 — 19.9 19.9

Purchase of own shares by EBT — — — — (23.3) — — (23.3) (23.3)

Transfers in respect of share options — — — — 9.6 (12.1) 3.5 1.0 1.0

Tax on share-based payments — — — — — 0 .1 — 0.1 0.1

At 30 June 2024 97.4 253.5 1,109.0 4.8 (36.9) 28.8 2,395.0 2,386.9 3,851.6

Profit for the period being total comprehensive income recognised for the 52 weeks

ended 29 June 2025 — — — — — — 20.9 20.9 20.9

Dividend payments (note 9) — — — — — — (249.3) (249.3) (249.3)

Issue of share capital 1.1 — — — (1.1) — — (1.1) —

Share capital issued as consideration for the acquisition of Redrow plc 46.6 — 2,482.0 — — — — — 2,528.6

Buyback and cancellation of shares (1.1) — — 1.1 (0.5) — (49.8) (50.3) (50.3)

Share-based payments — — — — — 19.2 — 19.2 19.2

Transfers in respect of share options — — — — 11.8 (17.5) 0.2 (5.5) (5.5)

Tax on share-based payments — — — — — 0.1 0.1 0.2 0.2

At 29 June 2025 144.0 253.5 3,591.0 5.9 (26.7) 30.6 2,117.1 2,121.0 6,115.4

The notes on pages 168 to 225 form an integral part of these Financial Statements.

Statement of Changes in Shareholders’ Equity

Company

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Financial StatementsGovernanceStrategic Report

		Group			Company
		29 June	30 June	29 June	30 June
		2025	2024	2025	2024
	Notes	£m	£m	£m	£m
Assets
Non-current assets
Goodwill	11	1, 174 . 8	852.9	—	—
Other intangible assets	11	408.4	184.5	—	—
Investments in subsidiary
undertakings	12	—	—	85.9	3,095.4
Investments in jointly controlled entities	13	193.2	158.5	—	—
Property, plant and equipment	14	86.4	57 .5	4.4	4.4
Right-of-use assets	15	47 .0	41.2	4.0	1.3
Retirement benefit surplus	5	4. 2	—	—	—
Deferred tax assets	7	—	—	1.9	2.2
Trade and other receivables	17	5.0	3.4	5,679.8	76.1
		1 ,919.0	1,298.0	5,776.0	3,179.4
Current assets
Inventories	16	8,340.6	5,278.2	—	—
Trade and other receivables	17	2 4 1 .1	201.9	48.6	182.6
Current tax assets		79.5	31.8	3.5	—
Cash and cash equivalents	18	969.6	1,065.3	654.7	827.6
		9,630.8	6,577.2	706.8	1,010.2
Total assets		11 ,549.8	7 ,875.2	6,482.8	4,189.6
Liabilities
Non-current liabilities
Loans and borrowings	18	(200.0)	(200.0)	(200.0)	(200.0)
Trade and other payables	19	(382.5)	(172.0)	—	—
Lease liabilities	15	(37.5)	(29.4)	(3.1)	(0.7)
Deferred tax liabilities	7	(109.8)	(45.0)	—	—
Provisions	20	(588. 1)	(543.2)	—	—
		(1 ,317.9)	(989.6)	(203.1)	(200.7)

Balance Sheets

At 29 June 2025

		Group			Company
		29 June	30 June	29 June	30 June
		2025	2024	2025	2024
	Notes	£m	£m	£m	£m
Current liabilities
Trade and other payables	19	(1 ,558.0)	(1,055. 1)	(163.4)	(128.2)
Lease liabilities	15	(17.7)	(13.4)	(0.9)	(0.6)
Current tax liabilities		—	—	—	(8.5)
Provisions	20	(783.2)	(378.0)	—	—
		(2,358.9)	(1,446.5)	(164.3)	(137.3)
Total liabilities		(3,676.8)	(2,436. 1)	(367.4)	(338.0)
Net assets		7,873.0	5,439. 1	6,115.4	3,851.6
Equity
Share capital	23	144.0	9 7. 4	144.0	97.4
Share premium		253.5	253.5	253.5	253.5
Merger reserve	24	3,591 .0	1, 109.0	3,591.0	1,109.0
Capital redemption reserve	25	5.9	4.8	5.9	4.8
Total retained earnings		3,878.5	3,97 4.3	2,121.0	2,386.9
Equity attributable to the owners
of the Company		7 ,872.9	5,439.0	6,115.4	3,851.6
Non-controlling interests	28	0 .1	0 .1	—	—
Total equity		7,873.0	5,439. 1	6,115.4	3,851.6

The Financial Statements of Barratt Redrow plc (formerly Barratt Developments PLC), registered

number 00604574, were approved by the Board and authorised for issue on 16 September 2025.

Signed on behalf of the Board:

David Thomas Mike Scott

Chief Executive Chief Financial Officer

Parent Company Income Statement

In accordance with the provisions of Section 408 of the Companies Act 2006, a separate Income Statement

for the Company has not been presented. The Company’s profit for the year was £20.9m (2024: £511 .0m).

The notes on pages 168 to 225 form an integral part of these Financial Statements.

165Barratt Redrow plc Annual Report and Accounts 2025

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		Group		Company
		52 weeks		52 weeks
		ended	Year ended	ended	Year ended
		29 June	30 June	29 June	30 June
		2025	2024	2025	2024
	Notes	£m	£m	£m	£m
Net cash inflow/(outflow) from operating activities (page 167)		29.3	96.2	81.7	(442.6)
Investing activities:
Purchase of property, plant and equipment	14	(18. 1)	(7 .2)	(2.4)	(1.1)
Proceeds from the disposal of property, plant and equipment		1. 5	0.3	—	—
Purchase of intangible assets	11	(2.5)	—	—	—
Cash acquired on acquisition of subsidiary	10	194.3	—	—	—
Payments increasing amounts invested in jointly controlled entities	13	(47.8)	(38.3)	—	—
Repayment of amounts invested in jointly controlled entities	13	24. 2	4.8	—	—
Distributions received from jointly controlled entities	13	6 .1	7 .1	—	—
Dividends received from subsidiaries		—	—	8.0	516.0
Interest received		38. 1	45.3	41.5	42.9
Net cash inflow from investing activities		195.8	12.0	4 7.1	557.8
Financing activities:
Dividends paid to equity holders of the Company	9	(24 9.3)	(270.6)	(249.3)	(270.6)
Distribution made to non-controlling interest	28	—	(0.4)	—	—
Purchase of own shares for the EBT		—	(23.3)	—	(23.3)
Buy-back of own shares		(50.3)	—	(50.3)	—
Payment of dividend equivalents		(1. 1)	(0.5)	(1.1)	(0.5)
Share issue costs on acquisition of subsidiary	10	(0.3)	—	(0.3)	—
Proceeds from the exercise of Sharesave options		0.3	2.7	0.3	2.7
Repayment of lease liabilities	15	(20. 1)	(16.5)	(1.0)	(0.9)
Net cash outflow from financing activities		(320.8)	(308.6)	(301.7)	(292.6)
Net decrease in cash, cash equivalents and bank overdrafts		(95.7)	(200.4)	(172.9)	(177.4)
Cash, cash equivalents and bank overdrafts at the beginning of the period		1 ,065.3	1 ,265.7	827.6	1,005.0
Cash, cash equivalents and bank overdrafts at the end of the period	18	969.6	1,065.3	654.7	827.6

The notes on pages 168 to 225 form an integral part of these Financial Statements.

Cash Flow Statements

52 weeks ended 29 June 2025

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		Group		Company
		52 weeks		52 weeks
		ended	Year ended	ended	Year ended
		29 June	30 June	29 June	30 June
		2025	2024	2025	2024
Reconciliation of operating profit/(loss) to cash flow from operating activities	Notes	£m	£m	£m	£m
Operating profit/(loss)		285.5	17 4.7	(73.8)	(12.4)
Depreciation of property, plant and equipment	14	9.0	7. 5	2.4	2.8
Profit on disposal of property plant and equipment		(0.5)	—	—	—
Depreciation of right-of-use assets	15	18.4	15.2	0.9	0.9
Leased asset re-measurements		1. 2	—	—	—
Amortisation of intangible assets	11	14.5	10.4	—	—
Impairment/(reversal of impairment) of inventories	16	12.4	(2.2)	—	—
Share-based payments expense	27	19.2	19.9	4.9	6.0
Defined benefit pension scheme administration costs	5	0.5	—	—	—
Imputed interest on long-term payables¹	6	(51. 1)	(40.2)	—	—
Imputed interest on lease arrangements¹	6	(2.5)	(1.8)	—	—
Amortisation of facility fees	6	(1.2)	(1 .6)	(1.2)	(1.6)
Total non-cash items		19.9	7. 2	7.0	8.1
Increase in inventories		(265.5)	(38.0)	—	—
(Increase)/decrease in receivables		(1. 1)	(19.6)	130.2	(157.8)
Increase/(decrease)in payables¹		89.3	(87 .2)	35.2	(254.4)
Increase in provisions	20	40.5	132.8	—	—
Total movements in working capital and provisions		(136.8)	(12.0)	165.4	(412.2)
Interest paid		(9.9)	(10. 1)	(16.9)	(26.1)
Tax paid		(129.4)	(63.6)	—	—
Net cash inflow/(outflow) from operating activities		29.3	96.2	81.7	(442.6)

1 The working capital movements in land payables, provisions and leases include non-cash movements due to imputed interest. Imputed interest is included within non-cash items in the statements above.

The notes on pages 168 to 225 form an integral part of these Financial Statements.

Cash Flow Statements continued

52 weeks ended 29 June 2025

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1. Basis of preparation

Introduction

The Financial Statements for the Group and Company have been prepared in accordance with UK

adopted IAS in conformity with the requirements of the Companies Act 2006 and in accordance with

UK adopted IFRS. The Financial Statements have been prepared under the historical cost convention

as modified by the revaluation of share-based payments. Following the acquisition of Redrow plc

(now Redrow Limited) on 21 August 2024 by Barratt Developments PLC (now Barratt Redrow plc),

Barratt Developments PLC was renamed Barratt Redrow plc and the use of 26/52 week accounting

reference dates was adopted. Throughout these Financial Statements the current period is the

52 weeks ended 29 June 2025 and the comparative period is the year ended 30 June 2024.

Group accounting policies

The material Group accounting policies are included within the relevant notes to the Financial

Statements on pages 168 to 225.

Critical accounting judgements and key sources of estimation uncertainty

The preparation of Financial Statements in conformity with UK adopted IFRS requires the use

of estimates and assumptions that affect the reported amounts of assets and liabilities at the

date of the Financial Statements and the reported amounts of revenues and expenses during

the reporting period. Although these estimates are based on the Directors’ best knowledge

of the amounts, actual results may ultimately differ from those estimates. The Directors have

made no individual critical accounting judgements that have had a significant impact upon the

Financial Statements, apart from those involving estimations.

The most significant estimates made by the Directors in these Financial Statements, which are

the key sources of estimation uncertainty that may have a significant risk of causing a material

difference to the carrying value of assets and liabilities within the next financial period, are the

valuation of legacy property provisions (see note 20) and margin recognition (see note 3).

There are no key sources of estimation uncertainty in the Company Financial Statements.

Basis of consolidation

The Group Financial Statements include the results of Barratt Redrow plc (formerly Barratt

Developments PLC) (the Company), a public company limited by shares and incorporated in the

United Kingdom, and all of its subsidiary undertakings, made up to 29 June (2024: 30 June). Barratt

Redrow plc is the ultimate parent company. The financial statements of subsidiary undertakings are

consolidated from the date that control passes to the Group, and up to the date control ceases.

Control is achieved when the Group becomes entitled to the variable returns of the subsidiary and

becomes exposed to its risks, and has the power to affect those risks and returns. Acquired entities

are accounted for using the acquisition method of accounting. All transactions with subsidiaries

and intercompany profits or losses are eliminated on consolidation.

Going concern

In determining the appropriate basis of preparation of the Financial Statements, the Directors are

required to consider whether the Group and Company can continue to meet their liabilities and

other obligations for the foreseeable future.

The Group’s business activities, together with factors that the Directors consider are likely to

affect its development, financial performance and financial position, are set out in the Strategic

Report on pages 1 to 84. The material financial and operational risks and uncertainties that

may affect the Group’s performance and their mitigation are outlined on pages 68 to 73, and

financial risks including liquidity, market, credit and capital risks are outlined in note 31 to the

Financial Statements.

At 29 June 2025, the Group held cash of £969.6m and total loans and borrowings of £200.0m,

consisting of £200.0m Sterling USPP notes maturing in August 2027. These balances, set against

prepaid facility fees, comprise the Group’s net cash of £772.6m, presented in note 18.

Should further funding be required, the Group has a committed £700m revolving credit facility

(RCF), subject to compliance with certain financial covenants, that matures in November 2029.

As such, in consideration of its net current assets of £7.3bn, the Directors are satisfied that the

Group has sufficient liquidity to meet its current liabilities and working capital requirements.

The Group’s financial forecasts reflect the outcomes that the Directors consider most likely, based

on the information available at the date of signing these Financial Statements.

To assess the Group’s resilience to more adverse outcomes, its forecast performance was

sensitised to reflect a series of scenarios based on the Group’s principal risks and the downside

prospects for the UK economy and housing market presented in the latest available external

economic forecasts.

This exercise included a reasonable worst-case scenario in which the Group’s principal risks

manifest in aggregate to a severe but plausible level. This assumed that average selling prices fall

by 10%, sales volumes fall by 15% and construction costs increase by 2% above the base forecasts,

in addition to the implementation of a building safety levy and increased carbon pricing costs.

Notes to the Financial Statements

52 weeks ended 29 June 2025

168 Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernanceStrategic Report

Notes to the Financial Statements continued

52 weeks ended 29 June 2025

1. Basis of preparation continued

Going concern continued

The effects were modelled over the 12 months from the date of signing of these Financial

Statements, alongside reasonable mitigation that the Group would expect to undertake in such

circumstances, primarily a reduction in investment in inventories in line with the fall in expected

sales and a 50% reduction in uncommitted land spend. In all scenarios, including the reasonable

worst case, the Group is able to comply with its financial covenants, operate within its current

facilities and meet its liabilities as they fall due.

Furthermore, reverse stress testing was performed to determine the market conditions in which the

Group would cease to be able to operate under its current facilities within 12 months from the date

of signing these Financial Statements. Based on past experience and current economic forecasts,

the Directors consider the possibility of this outcome to be remote and have identified mitigation

that would be adopted in such circumstances.

Accordingly, the Directors consider there to be no material uncertainties that may cast significant

doubt on the Group’s ability to continue to operate as a going concern. They have formed a

judgement that there is a reasonable expectation that the Group and Company have adequate

resources to continue in operational existence for the foreseeable future, being at least 12 months

from the date of signing these Financial Statements. For this reason, they continue to adopt the

going concern basis in the preparation of these Financial Statements.

Application of accounting standards

During the 52 weeks ended 29 June 2025, the Group has applied accounting policies and methods

of computation consistent with those applied in the prior year. In addition, accounting policies have

been applied in respect of:

• the defined benefit scheme (acquired through the acquisition of Redrow plc (note 10))

– see note 5, and

• land options – see note 16.

During the period, the Group has adopted the following new and revised standards and

interpretations that have had no impact on the Financial Statements:

• Amendments to IAS 1: ‘Classification of Liabilities’;

• Amendments to IAS 1: ‘Non-current Liabilities with Covenants’;

• Amendments to IFRS 16: ‘Lease Liability in a Sale and Leaseback Arrangement’; and

• Amendments to IAS 7 and IFRS 7: ‘Supplier Finance Arrangements’.

Impact of standards and interpretations in issue but not yet effective

At the date of approval of these Financial Statements, there were a number of standards,

amendments and interpretations that have been published and are mandatory for the Group’s

accounting periods beginning on or after 30 June 2025 and later periods. Of these, IFRS 18:

‘Presentation and Disclosure in Financial Statements’ is expected to impact the Financial

Statements of the Group. The changes that will be required are mainly presentational and will

require more detailed analysis of Income Statement lines in the notes. The Group has not early

adopted any standard, amendment or interpretation.

2. Revenue

The Group’s revenue derives principally from the sale of the homes the Group builds.

Revenue from the sale of residential and commercial properties

Revenue is recognised at legal completion in respect of the total proceeds of building and

development. Revenue is measured at the fair value of consideration received or receivable

and represents the amounts receivable for the property, net of discounts and VAT. Proceeds

received on the disposal of part-exchange properties are not included in revenue on the basis

that they are incidental to the main revenue-generating activities of the Group.

The Group considers all contracts with commercial customers and contracts for the sale of

multiple units that are under construction on a contract-by-contract basis and determines

the appropriate revenue recognition based on the particular terms of that contract. For the

majority of such contracts, there is a single performance obligation for which revenue is

recognised at a point in time, when construction has been completed and control is

transferred to the customer.

Revenue on contracts recognised over time

The Group recognises revenue over time in relation to certain contracts for the sale of multiple

units only in circumstances in which control of the associated land has transferred to the

customer before or during construction. Revenue is only recognised from the point at which

control of the associated land is transferred, considering the rights to economic benefit as well

as legal title. Revenue is recognised because the construction activity enhances an asset that

is controlled by the customer.

Where the outcome of a contract on which revenue is recognised over time can be estimated

reliably, revenue is recognised by reference to the stage of completion of contract activity at

the balance sheet date. This is normally measured by surveys of work performed to date. The

Group is satisfied that it is appropriate to measure performance by reference to surveys of

work performed to date because these surveys identify the extent to which benefits have been

transferred to the customer. Variations to, and claims arising in respect of, such contracts are

included in revenue to the extent that they have been agreed with the customer. Where the

outcome of a contract on which revenue is recognised over time cannot be estimated reliably,

revenue is recognised to the extent of contract costs incurred. When it is probable that the

total costs on a contract will exceed total contract revenue, the expected loss is immediately

recognised as an expense in the Income Statement.

169Barratt Redrow plc Annual Report and Accounts 2025

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Notes to the Financial Statements continued

52 weeks ended 29 June 2025

2. Revenue continued

Other revenue

Revenue from separate contracts related to the development of homes is recognised on

completion of the performance obligation to which it relates and is included in other revenue.

Revenue from commercial contract management fees is recognised in the period in which it

becomes receivable and is included within other revenue. Revenue from planning promotion

agreements is recognised at the point at which contractual obligations are satisfied.

An analysis of the Group’s continuing revenue is as follows:

	Residential completions 1		Revenue
	52 weeks		52 weeks
	ended	Year ended	ended	Year ended
	29 June	30 June	29 June	30 June
	2025	2024	2025	2024
	Number	Number	£m	£m
Revenue from private residential
sales	12,251	9,618	4,729.2	3,369.7
Revenue from sales to the private
rental sector	878	1,048	267.8	298.8
Revenue from affordable residential
sales	2,898	2,802	513.3	463.1
Revenue from commercial sales	n/a	n/a	27.1	21.9
Revenue from planning promotion
agreements	n/a	n/a	38.6	12.9
Sundry revenue	n/a	n/a	2.3	1.8
	16,027	13,468	5,578.3	4,168.2

1 Residential completions exclude JV completions of 538 homes (2024: 536) in which the Group has an interest.

Included within Group revenue is £175.8m (2024: £218.2m) of revenue from construction contracts

on which revenue is recognised over time by reference to the stage of completion of work on the

contracts (note 21). Of this amount, £3.4m (2024: £8.9m) was included in the contract liability

balance at the beginning of the year. Completions are recognised on a pro-rata basis on revenue

recognised over time.

Revenue includes £692.3m (2024: £564.6m) of revenue generated where the sale has been

achieved using part-exchange incentives.

3. Operating profit

Operating profit includes all of the revenue and costs derived from the Group’s operating

businesses. Operating profit excludes finance costs, finance income, the Group’s share of profits

or losses from JVs and tax.

The Group’s principal activity is housebuilding. On 21 August 2024, the Group acquired Redrow plc,

another housebuilding business. Since the acquisition, significant progress has been made in

integrating the Redrow business into the Group’s existing housebuilding operation. Financial

information is reported to the Board as the chief operating decision maker on an integrated basis

and decisions regarding resource allocation are made with reference to the housebuilding business

as a whole. Accordingly, housebuilding is considered to be one operating segment.

None of the other business activities undertaken by the Group are presented separately to the

Board, either individually or in aggregate. These other business activities in aggregate account for

less than 10% of the Group’s revenue, profit and total assets. Therefore, no segmental information

is presented in these Financial Statements.

Margin recognition

In order to determine the profit that the Group is able to recognise on its developments in a

specific period, the Group allocates site-wide development costs between homes built in the

current period and in future periods. The Group also has to estimate costs to complete on such

developments and make estimates relating to future sales price margins on those developments

and homes, considering expected future sales price and build cost inflation. In making these

assessments there is, inherently, a degree of uncertainty.

The Group’s site valuation process determines the forecast profit margin for each site. The

valuation process acts as a method of allocating land costs and construction work in progress

costs of a development to each individual plot and drives the recognition of costs in the Income

Statement as each plot is sold. Any changes in the forecast profit margin of a site from changes

in sales prices or costs to complete are recognised across all homes sold in both the current

period and future periods. This ensures that the forecast site margin achieved on each individual

home is equal for all current year completions and future plots across the development.

Management has performed a sensitivity analysis to assess the impact of a change in estimated

future costs or forecast selling prices for developments on which sales were recognised in the

period. A 2% increase in the forecast costs to complete would increase site-cost allocation in

cost of sales in 2025 by £31.7m, resulting in a reduction in gross margin of 60 bps. A 3%

decrease in forecast private sales prices would increase site-cost allocation in cost of sales in

2025 by £57.0m, resulting in a reduction in gross margin of 110 bps.

170 Barratt Redrow plc Annual Report and Accounts 2025

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Notes to the Financial Statements continued

52 weeks ended 29 June 2025

3. Operating profit continued

Part-exchange income and expenses

Income on the sale of a part-exchange property is recognised at legal completion at the fair

value of consideration received or receivable for the property.

Part-exchange properties are recognised in inventories at the lower of cost, being their fair

value at acquisition, and their net realisable value. The amount of any write-down of inventories

to net realisable value, or reversal of a previous write-down, is recognised in the Income

Statement in the period in which it occurs.

The carrying amount of a part-exchange property is recognised as an expense in the period

in which the related income is recognised. Maintenance costs are recognised in the Income

Statement in the period in which they are incurred.

Operating profit is stated after charging/(crediting):

		52 weeks
		ended	Year ended
		29 June	30 June
		2025	2024
	Notes	£m	£m
Cost of inventories recognised as an expense in cost of sales		4,426.3	3,241.6
Employee costs (including Directors)	5	668.1	524.0
Adjusted items:
Costs associated with legacy properties	4	106.2	180.0
Amounts associated with legacy properties recovered
from third parties	4	(15.8)	(0.5)
Costs incurred in respect of the acquisition of Redrow plc	4	36.2	22.4
Reorganisation and restructuring costs	4	56.8	–
CMA commitment	4	29.0	–
Legal fees on recovery of legacy property costs	4	2.2	–
Depreciation of property, plant and equipment	14	9.0	7.5
Depreciation of right-of-use assets	15	18.4	15.2
Amortisation of intangible assets	11	14.5	10.4

Operating profit is stated after charging the Directors’ emoluments disclosed in the Remuneration

Report on pages 124 to 148 and in note 5.

The Group does not recognise income from supplier rebates until it can be calculated reliably and

it is certain that it will be received from suppliers. During the period, £44.4m (2024: £34.6m) of

supplier rebate income was included within operating profit.

Administrative expenses

Administrative expenses of £503.2m (2024: £336.9m) include sundry income of £18.5m

(2024: £14.8m), which principally comprises management fees receivable from JVs, forfeit

deposits and ground rent receivable.

Auditor’s remuneration

The remuneration of Deloitte LLP, the Group’s principal auditor, is disclosed below:

	52 weeks
	ended	Year ended
	29 June	30 June
	2025	2024
	£000	£000
Fees payable to the Company’s auditor for the audit of the Company and Consolidated Financial Statements	1,946	1,023
Fees payable to the Company’s auditor for the audit of the Company’s subsidiaries	780	195
Total audit fees	2,726	1,218
Audit-related assurance services 1	268	89
Other services 2	342	230
Total fees for other services	610	319
Total fees related to the Company and its subsidiaries	3,336	1,537

1 Audit-related assurance services comprise the review of the Interim Report.

2 Other services comprise assurance services over selected ESG metrics and compliance with the recommendations of the TCFD and review procedures over

selected non-financial disclosures in the Annual Report.

Details of the Group’s policy on the use of the Company’s principal auditor for non-audit services

and auditor independence are set out in the Audit Committee Report on pages 111 to 121. No

services were provided under contingent fee arrangements.

171Barratt Redrow plc Annual Report and Accounts 2025

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Notes to the Financial Statements continued

52 weeks ended 29 June 2025

4. Adjusted items

Adjusted items

In determining whether an item should be presented as an adjustment to IFRS measures,

the Group considers items that are significant by virtue of their size or nature and have not

arisen in the course of day-to-day business. If an item meets these criteria the Board then

exercises judgement as to whether the item should be classified as an allowable adjustment

to IFRS. Examples of events that may give rise to the classification of items as adjusted are

charges or credits in respect of legacy properties, the restructuring of existing and newly

acquired businesses, and certain government grants.

The Directors use these adjusted measures, along with IFRS measures, to assess the

operational performance of the Group as detailed in the key performance indicators section

of the Strategic Report on pages 22 to 25.

	52 weeks
	ended	Year ended
	29 June	30 June
	2025	2024
	£m	£m
Costs incurred in respect of legacy properties	106.2	180.0
Amounts in respect of legacy properties recovered from third parties	(15.8)	(0.5)
Adjusted items in cost of sales	90.4	179.5
Costs incurred in respect of the acquisition of Redrow plc	36.2	22.4
Reorganisation and restructuring costs	56.8	—
CMA commitment	29.0	—
Legal fees in respect of recovery above	2.2	—
Adjusted items in administrative expenses	124.2	22.4
Costs incurred in respect of legacy properties by joint ventures	—	12.6
Total adjusted items	214.6	214.5

Cost associated with legacy properties:

The adjusted costs in the period, associated with Group legacy properties, comprise additions to

provisions of £108.9m, revaluation of £2.7m and reimbursements of costs from suppliers recognised

directly in the Income Statement of £15.8m. Further details of movements in provisions are provided

in note 20.

Adjusted items in administrative expenses

On 21 August 2024, the Group acquired 100% of the share capital of Redrow plc (Redrow) in an all

share transaction. Direct costs incurred in respect of the acquisition are presented as adjusted items.

Following the acquisition of Redrow, the Directors continue to review the Group’s operations in

order to most effectively integrate the Redrow business and to best position the combined Group

to realise the synergies of the combination and achieve its objectives. As a result, the Group has

undertaken certain reorganisation and restructuring activities, for which the aggregate direct

costs are expected to be material. The incremental costs incurred are presented as adjusted items.

CMA commitment

In July 2025 we announced that we, along with six other UK housebuilders, had proposed voluntary

binding commitments as part of the CMA’s ongoing investigation into the housebuilding sector.

The commitment will see us pay c. £29m towards future affordable housing provision and we have

recognised this payment as an adjusting item in FY25. Our proposed voluntary commitment did not

constitute an admission of any wrongdoing and we welcome the CMA’s consultation on these

commitments and will continue to work constructively with the CMA to enable the investigation

to be closed in a timely manner.

5. Key management, employees and retirement benefit obligations

Key management and employees

Key management personnel, as defined under IAS 24: ‘Related Party Disclosures’, have been

identified as the Board of Directors, as the controls operated by the Group ensure that all key

decisions are reserved for the Board. Detailed disclosures of individual remuneration, pension

entitlements and share options for those Directors who served during the year are given in the

audited sections within the Remuneration Report on pages 124 to 148.

A summary of key management remuneration is as follows:

	52 weeks
	ended	Year ended
	29 June	30 June
	2025	2024
	£m	£m
Salaries and fees (including pension compensation)	3.8	3.0
Social security costs 1	1.3	0.8
Performance bonuses	3.4	2.7
Benefits	0.1	0 .1
Share-based payments 2	1.8	1.8
Total	10.4	8.4

1 Excluded from the Executive Directors’ and Non-Executive Directors’ single figure of remuneration tables on page 136.

2 IFRS 2: ‘Share-Based Payments’ charge attributable to key management.

172 Barratt Redrow plc Annual Report and Accounts 2025

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Notes to the Financial Statements continued

52 weeks ended 29 June 2025

5. Key management, employees and retirement benefit obligations continued

Key management and employees continued

Total employee numbers and costs are as follows:

	Group		Company
	52 weeks		52 weeks
	ended	Year ended	ended	Year ended
	29 June	30 June	29 June	30 June
	2025	2024	2025	2024
	Number	Number	Number	Number
Average employee numbers
(excluding sub-contractors
and including Directors)	7,756	6,451	560	499

		Group		Company
		52 weeks		52 weeks
		ended	Year ended	ended	Year ended
		29 June	30 June	29 June	30 June
		2025	2024	2025	2024
	Notes	£m	£m	£m	£m
Employee costs
(including Directors):
Wages and salaries
including bonuses		527.4	429.8	55.0	50.5
Redundancy costs		20.6	3.1	5.7	1.3
Social security costs		68.4	50.0	8.5	7.1
Other pension costs		32.5	21.2	2.8	2.4
Share-based payments	27	19.2	19.9	4.9	6.0
Employee costs for the period		668.1	524.0	76.9	67.3

The majority of the costs of the Company’s employees are charged to other Group companies.

Retirement benefit obligations

Defined contribution schemes

The Group operates defined contribution retirement benefit schemes for all qualifying employees,

under which it pays contributions to independently administered funds. Contributions are based

upon a fixed percentage of the employee’s pay and once these have been paid, the Group has no

further obligations under these schemes.

Defined contribution schemes

The Group’s contributions to the schemes are charged in the Income Statement in the year

in which the scheme members become entitled to contributions.

	52 weeks
	ended	Year ended
	29 June	30 June
	2025	2024
	£m	£m
Contributions during the period:
Group defined contribution schemes’ Consolidated Income
Statement charge	32.5	21.2

Included in the above current year’s charge is £10.1m in respect of contributions to defined

contribution plans held by employees of the former Redrow plc group. At the balance sheet date,

there were outstanding contributions of £4.3m (2024: £3.2m), which were paid on or before the

due date.

Defined benefit scheme

The cost of providing benefits is determined using the Projected Unit Credit Method, with

actuarial valuations being carried out at each balance sheet date. Actuarial gains and losses

are recognised in full in the period in which they occur. They are recognised outside profit or

loss and presented in the Statement of Comprehensive Income. Net interest is calculated by

applying a discount rate to the net defined benefit liability or asset.

The retirement benefit asset recognised in the Balance Sheet represents the excess of the fair

value of the scheme assets over the present value of the defined benefit obligation.

The Directors engage a qualified independent actuary to calculate the Group’s liability in

respect of its defined benefit pension scheme. In calculating this liability, it is necessary for

actuarial assumptions to be made, which include estimations of discount rates, salary and

pension increases, price inflation and mortality. As actual rates of increase and mortality may

differ from those assumed, the gross pension liability may differ from that included in these

Financial Statements; however, these liabilities are matched by an insurance asset.

173Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernance

Strategic Report

Notes to the Financial Statements continued

52 weeks ended 29 June 2025

5. Key management, employees and retirement benefit obligations continued

Defined benefit scheme continued

On 21 August 2024, the Group acquired the entire share capital of Redrow plc. The Redrow group

of companies operates the Redrow Staff Pension Scheme (the Scheme) which in part comprised

a defined benefit pension plan. The Scheme was closed to new entrants from July 2006 and closed

to future accrual with effect from 1 March 2012.

On 27 January 2023, the Trustees of the Scheme entered into a bulk annuity buy-in contract with

Standard Life, through which the assets of the Scheme were exchanged for an insurance policy

which matches the projected cash flows for all future defined benefit obligations, before GMP

equalisation. This policy is recognised as an asset within the retirement benefit surplus on the

Balance Sheet.

The buy-in has not changed the obligations of Redrow Limited (formerly Redrow plc) in relation to

the Scheme but has reduced the future funding risk. The principal risk to the Group is the credit risk

associated with the insurer, which is assessed to be low.

In June 2023, the High Court handed down a decision in the case of Virgin Media Limited v NTL

Pension Trustees II Limited and others relating to the validity of certain amendments to pension

scheme benefits for which an actuarial confirmation required by law had not been made. In July

2024, the Court of Appeal dismissed the appeal brought by Virgin Media Ltd against aspects of the

June 2023 decision. This case may have implications for other UK defined benefit plans. The Group

and Scheme Trustees are considering the implications of the case for the Scheme and the review

of previous Scheme amendments is progressing. At this stage no instance of amendments to the

Scheme have been identified to which the ruling would apply. The defined benefit obligation has

been calculated on the basis of the pension benefits currently being administered.

A full independent triennial actuarial valuation of the defined benefit section of the Scheme was

undertaken at 1 July 2023 using the Projected Unit Actuarial Funding Method. As at 1 July 2023, in

the opinion of the Actuary, there was a surplus of £4m in the defined benefit section of the Scheme,

based on the Trustees’ technical provisions assumptions with the Scheme’s assets representing

104% of the Scheme’s technical provisions. As at 1 July 2023 the value of the defined benefit

section of the Scheme’s assets was £99m. The previous triennial valuation was undertaken as at

1 July 2020 and reported a deficit of £4m.

The Scheme’s assets are held separately from the assets of the Group and are administered by the

Trustees and managed professionally. Following the decision taken by the Trustees to purchase a

bulk annuity buy-in contract with Standard Life, this insurance policy now represents the majority

of the assets held by the Scheme. The latest formal actuarial valuation of the defined benefit

section was carried out at 1 July 2023. This valuation has been updated to 29 June 2025 by a

qualified actuary for the purposes of these Financial Statements. The Group contributed £nil to

the Scheme in the 52 weeks ended 29 June 2025 (2024: £nil) and expects to contribute £nil to

the Scheme in FY26.

For the purposes of calculating the accounting costs and obligations of the Scheme, the assets

of the Scheme are assumed to match the value of the obligations insured. The liabilities of the

Scheme have been calculated at the balance sheet date using the following assumptions:

		52 weeks
		ended
		29 June
		2025
		£m
Long-term rate of increase in pensionable salaries		n/a
Rate of increase of benefits in payment (lesser of 5% per annum and RPI) 1		2.90%
Rate of increase of benefits in payment (lesser of 2.5% per annum and RPI) 2		1.90%
Discount rate		5.75%
Inflation assumption	– RPI	3.10%
	– CPI	2.90%

1 In respect of pensions in excess of the guaranteed minimum pension earned prior to 30 June 2006.

2 In respect of pensions earned after 30 June 2006. Other pension increases are valued in a consistent manner.

It has been assumed that members take 80% of the maximum tax-free cash available to them at the

point they retire via commutation of their pension.

The following table illustrates the life expectancy for an average member on reaching age 65,

according to the mortality assumptions used to calculate the Scheme liabilities:

Assumptions	Male	Female
Retired member born in 1960 (life expectancy at age 65)	21.6 years	24.2 years
Non-retired member born in 1985 (life expectancy at age 65)	23.5 years	26.3 years

The base mortality assumptions are based on the SAPS (S3PxA) mortality tables which make

allowance for projected further improvements in mortality.

1 74 Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernance

Strategic Report

Notes to the Financial Statements continued

52 weeks ended 29 June 2025

5. Key management, employees and retirement benefit obligations continued

Defined benefit scheme continued

The sensitivities regarding the principal assumptions used to measure the Scheme’s liabilities are

set out below:

	29 June
	2025
Present value of defined benefit obligation:
Discount rate - 25 basis points	£71.5m
Discount rate + 25 basis points	£67.5m
Price inflation rate - 25 basis points	£67.6m
Price inflation rate + 25 basis points	£71.4m
Post-retirement mortality assumption – 1 year age rating	£70.7m
Weighted average duration of defined benefit obligation (in years)
Discount rate - 25 basis points	12 years
Discount rate + 25 basis points	11 years

Following completion of the buy-in transaction, the value of the bulk annuity insurance policy as an

asset is set to be equal to the value of the IAS 19 liabilities. Therefore, any change in assumptions that

would increase or decrease the value of the defined benefit obligation would have a corresponding

increase or decrease in the asset value resulting in an overall net asset position that would be

unchanged. As such, the net asset balance is no longer sensitive to changes in the assumptions used.

The total assets, the split between the major asset classes in the Scheme, the present value of the

Schemes’ liabilities and the amounts recognised in the balance sheet are shown below:

	2025	2025
	£m quoted	£m no quoted
	market price	market price	2025
	in active	in active	£m
	market	market	Total
Cash and cash equivalents	4.5	—	4.5
Insurance policies	—	69.2	69.2
Total market value of assets	4.5	69.2	73.7
Present value of obligations			(69.5)
Surplus in the Scheme			4.2

The defined benefit obligation can be approximately attributed to the Scheme members as follows:

	29 June
	2025
Deferred members	56%
Pensioner members	44%
	100%

All benefits are vested at 29 June 2025.

The total amounts credited/(charged) against income in the year were as follows:

	52 weeks
	ended	Year ended
	29 June	30 June
	2025	2024
	£m	£m
Recognised in the Income Statement
Scheme administration expenses	(0.5)	—
Net interest on defined liability	0.2	—
Total charge recognised in the Income Statement	(0.3)	—
Recognised in other comprehensive income
Return on reimbursement rights excluding interest income	(10.7)	—
Experience adjustments and changes in financial assumptions	10.0	—
Total charge recognised in other comprehensive income	(0.7)	—

175Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernance

Strategic Report

Notes to the Financial Statements continued

52 weeks ended 29 June 2025

5. Key management, employees and retirement benefit obligations continued

Defined benefit scheme continued

The amount included in the balance sheet arising from the surplus in respect of the Group’s defined

benefit section is as follows:

	29 June
	2025
	£m
Balance sheet surplus
Acquired with Redrow (note 10)	5.2
At end of period	4.2
Changes in the present value of the defined benefit obligations
Acquired with Redrow	(79.6)
Interest expense	(3.2)
Benefit payments	3.3
Experience adjustments and changes in financial assumptions	10.0
At end of period	(69.5)
Changes in the fair value of the Scheme’s assets
Acquired with Redrow	84.8
Interest income	3.4
Return on reimbursement rights excluding interest income	(10.7)
Administrative expenses paid from plan assets	(0.5)
Benefit payments	(3.3)
At end of period	73.7

The Scheme rules permit the refund of any surplus to the Company with no restrictions.

The surplus has therefore been recognised in full in the Group and Company balance sheets

and there is no requirement to restrict the surplus nor to recognise any additional liability in

respect of agreed deficit contributions.

6. Net finance costs

Finance costs and income

The Group recognises finance costs and income on bank borrowings, deposits and other

borrowings in the Income Statement in the period to which they relate. Imputed interest on

discounted assets, including land purchased on deferred terms and leased assets, is charged

to the Income Statement over the period of settlement or lease period respectively.

Recognised in the Consolidated Income Statement:

	52 weeks
	ended	Year ended
	29 June	30 June
	2025	2024
	£m	£m
Finance income:
Finance income on short-term bank deposits	(31.9)	(44.9)
Finance income related to employee benefits	(0.2)	—
Other interest receivable	(3.5)	(2.3)
	(35.6)	(47.2)
Finance costs:
Interest on loans and borrowings	9.2	9.4
Imputed interest on long-term payables	5 1.1	40.2
Finance charge on leased assets	2.5	1.8
Amortisation of facility fees	1.2	1.6
Other interest payable	0.6	0.7
	64.6	53.7
Net finance costs	29.0	6.5

The weighted average interest rates (excluding fees) paid in the period were as follows:

	Group		Company
	52 weeks		52 weeks
	ended	Year ended	ended	Year ended
	29 June	30 June	29 June	30 June
	2025	2024	2025	2024
	%	%	%	%
USPP notes	2.8	2.8	2.8	2.8

176 Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernance

Strategic Report

Notes to the Financial Statements continued

52 weeks ended 29 June 2025

7. Tax

All profits of the Group are subject to UK corporation tax.

The current period tax charge has been provided for, by the Group and Company, at a standard

effective rate, comprising corporation tax and RPDT, of 29.0% (2024: 29.0%). The closing deferred

tax assets and liabilities have been provided in these Financial Statements at a rate of 25.0% to

29.0%, depending on whether RPDT is applicable to the relevant taxable profit (2024: 25.0% to

29.0%), on the temporary differences giving rise to these assets and liabilities.

Tax

The tax currently payable is based on the taxable profit for the period. Taxable profit differs

from net profit as reported in the Income Statement because it excludes items of income or

expense that are taxable or deductible in other years and it further excludes items that are

never taxable or deductible. The Group’s liability for current tax is calculated using tax rates

that have been enacted or substantively enacted at the balance sheet date.

Deferred tax

Deferred tax is the tax expected to be payable or recoverable on differences between the

carrying amounts of assets and liabilities in the Financial Statements and the corresponding

tax bases used in the computation of taxable profit, and is accounted for using the balance

sheet liability method. Deferred tax is measured on a non-discounted basis using the tax rates

and laws that have then been enacted or substantively enacted by the balance sheet date,

and is charged or credited to the Income Statement, except when it relates to items charged

or credited directly to other comprehensive income or equity, in which case the deferred tax is

also dealt with in other comprehensive income or equity.

Deferred tax liabilities are generally recognised for all taxable temporary differences and

deferred tax assets are recognised to the extent that it is probable that taxable profits will be

available against which deductible temporary differences can be utilised. Such assets and

liabilities are not recognised if the temporary difference arises from goodwill or from the initial

recognition (other than in a business combination) of other assets and liabilities in a transaction

that affects neither the taxable profit nor the accounting profit. Deferred tax liabilities are

recognised for taxable temporary differences arising on investments in subsidiaries and interests

in JVs, except where the Group is able to control the reversal of the temporary difference and it

is probable that the temporary difference will not reverse in the foreseeable future.

The carrying amount of deferred tax assets is reviewed at each balance sheet date and

reduced to the extent that it is no longer probable that sufficient taxable profits will be

available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are

offset when there is a legally enforceable right to set off current tax assets against current tax

liabilities and when they relate to taxes levied by the same tax authority and the Group intends

to settle its current tax assets and liabilities on a net basis.

Tax recognised in the Income Statement

The tax expense represents the sum of the tax currently payable and deferred tax.

	52 weeks
	ended	Year ended
	29 June	30 June
	2025	2024
Analysis of the tax charge for the period	£m	£m
Current tax:
UK corporation tax on profits for the period	105.4	54.8
RPDT for the period	14.4	6 .1
Adjustment in respect of previous years	(3.2)	3.2
	116.6	64.1
Deferred tax:
Origination and reversal of temporary differences	(32.3)	(6.1)
Adjustment in respect of previous years	3.0	(1.6)
	(29.3)	(7.7)
Tax charge for the period	87.3	56.4

177Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernance

Strategic Report

Notes to the Financial Statements continued

52 weeks ended 29 June 2025

7. Tax continued

Factors affecting the tax charge for the period

The tax rate assessed for the period is higher (2024: higher) than the standard effective rate of

tax in the UK of 29.0% (inclusive of corporation tax and RPDT) (2024: 29.0%). The differences are

explained below:

	52 weeks
	ended	Year ended
	29 June	30 June
	2025	2024
	£m	£m
Profit before tax	273.7	170.5
Profit before tax multiplied by the standard rate of tax of 29.0%
(inclusive of corporation tax and RPDT) (2024: 29.0%)	79.4	49.4
Effects of:
Other items including non-deductible expenses and non-taxable income	11.6	8.0
Additional tax relief for land remediation costs	(3.5)	(2.6)
Adjustment in respect of previous years	(0.2)	1.6
Tax charge for the period	87.3	56.4

Tax recognised in equity

In addition to the amount charged to the Consolidated Income Statement, a net current and

deferred tax credit of £0.8m (2024: £0.8m credit) was recognised directly in equity.

Factors affecting future tax charges

The Group operates in the UK and is subject to tax at 29.0% on all its residential development

activities, comprising UK corporation tax (25.0%) and UK residential property developer tax (4.0%).

The Organisation for Economic Cooperation and Development (OECD) Pillar Two model rules are

designed to ensure that large multinational groups incur a 15% minimum effective tax rate in each

jurisdiction in which they operate. Pillar Two legislation was enacted in the UK in June 2023 and is

effective for the Group’s financial year beginning 1 July 2024 and subsequent accounting periods.

The Group has performed an assessment of its potential exposure to Pillar Two income taxes in the

UK and, based on the assessment, does not expect a material exposure to Pillar Two top-up taxes.

Deferred tax

All deferred tax relates to the UK and is stated on a net basis as the Group has a legally enforceable

right to set off the recognised amounts and intends to settle on a net basis. The Group recognised

a net deferred tax liability with the following movements in the period:

					Group
				Accelerated
	Share			capital	Customer	Pension	Other
	options	Losses	Brands	allowances	contracts	scheme	(net)	Total
	£m	£m	£m	£m	£m	£m	£m	£m
At 1 July 2023	2.8	—	(31.6)	(11.0)	(21.3)	—	7.6	(53.5)
Year ended
30 June 2024:
Income Statement
credit/(charge)	2.2	2.2	0.2	(0.2)	2 .1	—	1.2	7.7
Amounts taken
directly to equity	0.8	—	—	—	—	—	—	0.8
At 30 June 2024	5.8	2.2	(31.4)	(11.2)	(19.2)	—	8.8	(45.0)
Comprising:
Deferred tax assets	5.8	2.2	—	—	—	—	8.8	16.8
Deferred tax liabilities	—	—	(31.4)	(11.2)	(19.2)	—	—	(61.8)
52 weeks ended
29 June 2025:
Income Statement
credit/(charge)	1.1	(2.2)	0.1	(1.2)	3.9	0.1	27.5	29.3
Acquired with Redrow
(note 10)	—	—	(67.2)	1.1	(1.2)	(1.5)	(26.1)	(94.9)
Amounts taken
directly to equity	0.6	—	—	—	—	0.2	—	0.8
At 29 June 2025	7.5	—	(98.5)	(11.3)	(16.5)	(1.2)	10.2	(109.8)
Comprising:
Deferred tax assets	7.5	—	—	—	—	—	10.2	17.7
Deferred tax liabilities	—	—	(98.5)	(11.3)	(16.5)	(1.2)	—	(127.5)

178 Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernance

Strategic Report

Notes to the Financial Statements continued

52 weeks ended 29 June 2025

7. Tax continued

Deferred tax continued

The deferred tax liability in respect of indefinite life and other brands represents the amount of tax

that would become due if the brands were sold at their book value. There is no intention to sell the

indefinite life brands in the foreseeable future and it is not anticipated that any of the deferred tax

liability in respect of the indefinite life brands will reverse in the 52 weeks following the balance

sheet date. The deferred tax asset in respect of share schemes represents an estimate of the

future tax deduction available on the exercise or vesting of awards under those schemes.

While it is anticipated that an element of the remaining deferred tax assets and liabilities will

reverse during the 52 weeks following the balance sheet date, at present it is not possible to

accurately quantify the value of all of these reversals.

In addition to the deferred tax liability shown above, the Group has not recognised a deferred

tax asset of £9.4m (2024: £10.2m) in respect of capital and other losses amounting to £32.5m

(2024: £35.1m) because these are not considered recoverable in the foreseeable future.

The Company recognised a net deferred tax asset with the following movements in the period:

		Company
		Accelerated
	Share	capital	Other
	options	allowances	(net)	Total
	£m	£m	£m	£m
At 1 July 2023	0.9	0.9	0.8	2.6
Year ended June 2023:
Income Statement (charge)/credit	0.3	—	(0.8)	(0.5)
Amounts taken directly to equity	0 .1	—	—	0.1
At 30 June 2024	1.3	0.9	—	2.2
Comprising:
Deferred tax assets	1.3	0.9	—	2.2
52 weeks ended 29 June 2025:
Income Statement charge	—	(0.3)	(0.1)	(0.4)
Amounts taken directly to equity	0 .1	—	—	0.1
At 29 June 2025	1.4	0.6	(0.1)	1.9
Comprising:
Deferred tax assets	1.4	0.6	—	2.0
Deferred tax liabilities	—	—	(0.1)	(0.1)

8. Earnings per share

The earnings per share from continuing operations were as follows:

	52 weeks
	ended	Year ended
	29 June	30 June
	2025	2024
	Pence	Pence
Basic earnings per share	13.6	11.8
Diluted earnings per share	13.3	11.6
Adjusted basic earnings per share	25.5	28.3
Adjusted diluted earnings per share	25.0	27.8

Basic earnings per share is calculated by dividing the profit for the period attributable to ordinary

shareholders of the Company by the weighted average number of ordinary shares in issue during

the period, excluding those held by the EBT that do not attract dividend equivalents and which are

treated as cancelled.

Diluted earnings per share is calculated by dividing the profit for the period attributable to ordinary

shareholders of the Company by the weighted average number of ordinary shares in issue adjusted

to assume conversion of all potentially dilutive share options from the start of the period.

Adjusted basic and adjusted diluted earnings per share exclude the impact of adjusted items and

any associated net tax amounts.

179Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernance

Strategic Report

Notes to the Financial Statements continued

52 weeks ended 29 June 2025

8. Earnings per share continued

	52 weeks
	ended	Year ended
	29 June	30 June
	2025	2024
Profit attributable to ordinary shareholders of the Company (£m)	186.4	114.1
Adjusted items (£m)	214.6	214.5
Tax on adjusted items (£m)	(51.7)	(54.4)
Adjusted profit attributable to ordinary shareholders of the Company (£m)	349.3	274.2
Weighted average number of shares in issue (million) 1	1,379.3	974.6
Weighted average number of shares in the EBT on which dividends
were waived (million)	(7.8)	(5.8)
Weighted average number of shares for basic earnings per
share (million)	1,371.5	968.8
Weighted average number of shares in issue (million) 1	1,379.3	974.6
Adjustment to assume conversion of all potentially dilutive
shares (million)	18.9	12.5
Weighted average number of shares for diluted earnings per
share (million)	1,398.2	987.1

1 During the period the Company issued 465,663,607 shares as consideration for the acquisition of Redrow plc and 10,840,048 shares to the EBT to satisfy

Redrow share option schemes. The majority of these shares were issued on 23 August 2024. Following approval on 11 February 2025 the Company purchased

11,270,807 of its own shares in the market, of which 11,162,743 had been cancelled at the balance sheet date (see note 23).

9. Dividends

	52 weeks
	ended	Year ended
	29 June	30 June
	2025	2024
Amounts recognised as distributions to equity shareholders
in the period:
Final dividend for the year ended 30 June 2024 of 11.8p (2023: 23.5p)
per share	170.5	228.0
Interim dividend for the 52 weeks ended 29 June 2025 of 5.5p
(year ended 30 June 2024: 4.4p) per share	78.8	42.6
Total dividends distributed to equity shareholders in the period	249.3	270.6

	52 weeks
	ended	Year ended
	29 June	30 June
	2025	2024
Proposed final dividend for the 52 weeks ended 29 June 2025
of 12. 1p (year ended 30 June 2024: 11 .8p) per share 1	172.6	170.2

1 The cost of the proposed dividend is calculated based upon the number of shares ranking for dividend at the balance sheet date.

The final dividend of 12.1 pence per share was approved by the Board on 16 September 2025 and

has not been included as a liability as at 29 June 2025. The proposed dividend is payable to all

shareholders on the register of members on 10 October 2025 (other than shares held by the

Barratt and Redrow EBTs on which dividends have been waived). The payment of this dividend

will not have any tax consequences for the Group.

180 Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernance

Strategic Report

Notes to the Financial Statements continued

52 weeks ended 29 June 2025

10. Business combinations

Business combinations

The Financial Statements of subsidiary undertakings are consolidated from the date when control

passes to the Group, as defined in IFRS 3, using the acquisition method of accounting up to the

date control ceases. All of the subsidiaries’ identifiable assets and liabilities, including contingent

liabilities, existing at the date of acquisition are recorded at their fair values. All changes to those

assets and liabilities, and the resulting gains and losses that arise after the Group has gained

control of the subsidiary, are included in the Income Statement. All intra-Group transactions

and intercompany profits or losses are eliminated on consolidation.

Acquisition of Redrow plc

On 21 August 2024, the Group acquired 100% of the share capital of Redrow plc in an all share

transaction. In accordance with standard practice, the Competition and Markets Authority (CMA)

issued an Initial Enforcement Order (IEO) requiring the Barratt and Redrow businesses to continue

to operate independently until the CMA had formally accepted the undertakings proposed by the

parties in response to its limited concerns. The CMA accepted these undertakings and lifted the IEO

on 4 October 2024. Management reviewed the terms of the IEO and concluded that under its terms,

the Group Directors were able to direct the relevant activities of Redrow plc to influence future

returns. The date on which the Group obtained control of Redrow plc was therefore deemed to be

21 August 2024.

Redrow plc was the parent company of a group of companies involved in UK housebuilding. The

acquisition has been accounted for using the acquisition method of accounting. The acquisition

brings together two housebuilding businesses with complementary cultures to create a strong

brand portfolio that will offer customers a wider range of house types and accelerate delivery. It also

allows the realisation of significant cost synergies from procurement savings and a rationalisation

of divisional and central costs. Details of the purchase consideration, net assets acquired and the

resulting goodwill are as follows:

	£m
Fair value of shares issued	2,528.6
Share issue costs	0.3
Total purchase consideration	2,528.9

On 23 August 2024, the Company issued 476,309,120 new ordinary shares of 10 pence nominal value

to shareholders of Redrow plc. Of these, 10,840,048 were issued in replacement of shares in Redrow

plc held by the Redrow Employee Benefit Trust, which are excluded from the purchase consideration.

Costs of £0.3m directly attributable to the share issue have been recognised in equity. The issue of a

further 256,258 new ordinary shares of 10 pence nominal value (of which 194,535 had been issued at

29 June 2025) was accrued as purchase consideration in respect of share-based payment awards

that vested on the change of control of Redrow plc. The total fair value of the shares issued and

accrued in respect of the purchase consideration was £2,528.6m which was determined using the

closing Barratt Developments PLC share price of 543 pence at 21 August 2024. The non-statutory

premium of £2,482.0m arising on the shares issued and accrued as consideration for the acquisition

has been credited to the merger reserve in accordance with Section 612 of the Companies Act 2006.

The closing Barratt Developments PLC share price on 6 February 2024, the last business day prior

to the announcement of the offer, was 530 pence.

The assets and liabilities acquired have been recognised at their acquisition date fair values. The

carrying values below are presented after reclassification to align with Group accounting policy.

	Carrying value
	in the
	consolidated
	financial
	records of		Fair value at
	Redrow plc at	Adjustment to	21 August
Net assets and liabilities recognised as a result of the	21 August 2024	fair value	2024
acquisition	£m	£m	£m
Intangible assets (note 11)	—	235.9	235.9
Tangible fixed assets (note 14)	18.8	2.0	20.8
Right-of-use assets (note 15)	8.9	—	8.9
Pension scheme surplus (note 5)	5.2	—	5.2
Inventories	2,678.1	131.2	2,809.3
Trade and other receivables	45.9	(2.2)	43.7
Cash (note 18)	194.3	—	194.3
Trade and other payables	(634.8)	3.8	(631.0)
Provisions (note 20)	(247.9)	(161.7)	(409.6)
Lease liabilities (note 15)	(9.2)	—	(9.2)
Corporation tax asset	1.7	31.9	33.6
Deferred tax liability (note 7)	(1.2)	(93.7)	(94.9)
Net identifiable assets acquired	2,059.8	147.2	2,207.0
Goodwill (note 11)	—	321.9	321.9
Net assets acquired	2,059.8	469.1	2,528.9

The intangible assets acquired comprise the Redrow brand (£231.8m), valued using a relief-from-

royalty method assuming an indefinite useful life, and customer contracts (£4.1m), valued using a

multi-period excess earnings method and amortised as those contracts are completed. In

concluding that a brand has an indefinite useful life, management consider the Group’s current and

future expected strategy. The continued use of the Barratt Homes, David Wilson Homes and

Redrow brands, including the offer of multiple brands on single sites is a key pillar in the Group’s

strategy to drive future growth.

181Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernance

Strategic Report

Notes to the Financial Statements continued

52 weeks ended 29 June 2025

10. Business combinations continued

Acquisition of Redrow plc continued

A fair value uplift of £131.2m has been recognised on inventories which is expected to substantially

unwind within two years. In determining the fair value of inventories, management has made

judgements in determining the price that would be received or paid by a market participant at the

date of acquisition. This includes the profit that would be expected to be earned from land interests

and partially completed developments, which has been determined with reference to market

conditions and industry margins. The fair value adjustment comprises a £71.3m increase in respect

of option agreements to purchase land, a £120.4m increase in respect of live developments, and a

£60.5m decrease in respect of land on which residential development has not yet started.

The Group holds a provision for the remediation of reinforced concrete frames on developments

these firms have also been involved in the design of certain developments constructed by the

Redrow group and initial investigations have determined that it is probable that remediation will be

required to buildings on four of these developments. Based on the current best estimate of the

remediation cost, an adjustment of £26.6m was made to the fair value of inventories in respect of

works required on live developments, which is included in the fair value adjustment to inventories

described above, and a provision of £105.2m has been recognised as an assumed liability at

acquisition in respect of legacy properties (note 20).

Under IFRS 3, any possible present obligation arising from past events that is assumed in a business

combination, for which the fair value can be reliably measured, must be recognised as a liability,

regardless of whether an outflow of economic benefits is probable. As a result, the Group has

recognised liabilities in respect of possible remediation works relating to external wall systems on

properties constructed by the Redrow group that have not previously been recognised in the

financial statements of Redrow plc or its subsidiaries. These amounts reflect the possibility of

issues being identified on properties for which there is currently no confirmation of works being

required and are deemed to be low risk. Being of the same nature and subject to similar

uncertainties over the amount and timing of future outflows, the liabilities are presented within

legacy property provisions (note 20).

Included within provisions at the acquisition date is £114.1m in respect of costs in relation to

completed developments. The majority of such liabilities were presented in the financial statements

of Redrow plc within trade and other payables but are presented as provisions here to align with the

Group’s accounting policy.

The gross contractual amounts receivable for the trade and other receivables acquired were £27.7m

and the best estimate at the acquisition date of the contractual cash flows not expected to be

collected was £5.7m.

Goodwill represents the value of intangible assets that do not qualify for separate recognition

under accounting standards and is attributable to the anticipated profitability of the individual sites

acquired, the complementary geographic fit and the anticipated operating synergies from

the combination.

Subsequent to the acquisition, 2,778,450 share options held by Redrow employees under the

Redrow plc Save As You Earn share option scheme (Redrow SAYE) were converted to options

over shares in Barratt Redrow plc. These schemes are accounted for as remuneration for

post-acquisition services provided to the Group.

The acquisition was achieved through a share-for-share exchange with no cash consideration

payable to the former shareholders of Redrow plc and no cash received for the share issue.

The Group’s cash inflow in respect of the acquisition is as follows:

	52 weeks
	ended
	29 June 2025
	£m
Investing activities:
Cash balances acquired	194.3
Financing activities:
Share issue costs	(0.3)
Net inflow of cash	194.0

Included within trade and other payables at the acquisition date was an accrual for £18.9m of costs

incurred in respect of the acquisition by Redrow plc prior to completion. These costs were

subsequently paid and are included within the net cash inflow from operating activities in the Group

Cash Flow Statement, but not included in the Group Income Statement.

Revenue of £1,538.0m, an adjusted profit before tax of £106.0m, and a profit before tax of £96.0m

are recognised in the Consolidated Income Statement in respect of Redrow.

If the acquisition had occurred on 1 July 2024, consolidated pro-forma revenue, adjusted profit

before tax, and profit before tax for the period ended 29 June 2025, based on Redrow’s results for

the period before tax, adjusted for intercompany transactions and after alignment with Group

accounting policies, would have been £5,679.4m, £460.0m and £245.4m respectively.

In the current period, acquisition costs of £36.2m are included in administrative expenses in the

Consolidated Income Statement and in operating cash flows in the Group Cash Flow Statement.

In addition, acquisition costs of £22.4m were incurred and included in administrative costs in the

Consolidated Income Statement in the year ended 30 June 2024.

Following the acquisition, the Directors continue to review the Group’s operations to most

effectively integrate the Redrow business and to best position the combined Group to realise the

synergies of the combination and achieve its objectives. As a result, the Group has undertaken

certain reorganisation and restructuring activities, for which the aggregate direct costs are

material. The incremental costs incurred are presented as adjusted items (see note 4).

182 Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernance

Strategic Report

Notes to the Financial Statements continued

52 weeks ended 29 June 2025

11. Goodwill and intangible assets

Goodwill

Goodwill arising on consolidation (see note 10 for the Group policy on consolidation) represents

the excess of the fair value of the consideration over the fair value of the separately identifiable

assets and liabilities acquired. Goodwill arising on the acquisition of subsidiary undertakings

and businesses is capitalised as an asset but reviewed for impairment at least annually.

For the purpose of impairment testing, goodwill is allocated to the cash-generating unit, or

group of cash-generating units, expected to benefit from the synergies of the combination at

acquisition. While the cash-generating units within the housebuilding business are at a site

level, management considers it to be more appropriate to review these for impairment as a

group of cash-generating units rather than on an individual basis. As explained in note 10, the

acquisition of Redrow is part of the Group’s strategy to broaden its housebuilding offering and

to realise synergies from integrating Redrow into the Group’s single housebuilding operation.

The integration of Redrow has progressed well in FY25 and will be fully completed in FY26.

Consequently, the Redrow goodwill has been allocated to the Group’s housebuilding business,

reflecting how economic resources are allocated to develop land across the enlarged Group.

Brand intangibles are also allocated to the housebuilding business when tested for impairment.

Cash-generating units to which goodwill has been allocated are tested for impairment. If the

recoverable amount of the cash-generating unit is less than the carrying amount of the unit,

the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to

the unit and then to the other assets of the unit pro rata on the basis of the carrying amount of

each asset in the unit. Any impairment loss is recognised immediately in the Income Statement

and is not subsequently reversed.

	Group
	29 June	30 June
	2025	2024
	£m	£m
Cost
At 1 July	877.4	877.4
On acquisitions in the period	321.9	—
At end of period	1,199.3	877.4
Accumulated impairment losses
At beginning and end of period	24.5	24.5
Carrying amount
At balance sheet date	1,174.8	852.9

During the period, the Group acquired all of the share capital of Redrow plc (note 10). Goodwill of

£321.9m arising on the acquisition has been capitalised and allocated to the Group’s

housebuilding business.

The Group’s goodwill relating to the acquisition of Wilson Bowden Limited in 2007 has a carrying

value of £792.2m and goodwill in respect of the 2019 acquisition of Oregon Timber Frame Limited

has a carrying value of £13.7m, both relating to the housebuilding business.

In addition, the Group has goodwill of £47.0m relating to the Group’s land promotion business,

following the 2022 acquisition of Gladman Developments Limited.

Other intangible assets

Brands

The Group has capitalised, as intangible assets, brands that have been acquired. Acquired

brand values are calculated using a relief-from-royalty method. Where a brand is considered

to have a finite life, it is amortised over its estimated useful life on a straight-line basis. Where a

brand is capitalised with an indefinite life, it is not amortised. The factors that contribute to the

durability of brands capitalised are that there are no material legal, regulatory, contractual,

competitive, economic or other factors that limit the useful lives of these intangible assets.

Internally generated brands are not capitalised.

The Group carries out an annual impairment review of indefinite life brands as part of the review

of the carrying value of goodwill, by performing a value in use calculation, using a discount

factor based upon the Group’s pre-tax weighted average cost of capital which reflects the

market’s assessment of risk of the housebuilding business. Specific risks are reflected in

forecast cashflows.

Customer contract relationships

The Group has capitalised, as intangible assets, acquired customer contract relationships.

Customer contract relationships are valued at the present value of future cash flows and are

amortised on a straight-line basis over ten years. Internally generated customer contract

relationships are not capitalised.

Customer contracts

The Group has capitalised, as intangible assets, acquired customer contracts. Customer

contracts are valued at the present value of future cash flows less contributory asset charges

and are amortised on a straight-line basis in line with contract relationships at the

acquisition date.

183Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernanceStrategic Report

Notes to the Financial Statements continued

52 weeks ended 29 June 2025

11. Goodwill and intangible assets continued

Other intangible assets continued

					Group
						Purchased
				Customer	manufacturing
		Brands		contracts		rights		Total
	29 June	30 June	29 June	30 June	29 June	30 June	29 June	30 June
	2025	2024	2025	2024	2025	2024	2025	2024
	£m	£m	£m	£m	£m	£m	£m	£m
Cost
At beginning of period	118.7	118.7	98.9	98.9	—	—	217.6	217.6
Purchased in the period	—	—	—	—	2.5	—	2.5	—
Acquired in the period through the acquisition of Redrow plc (note 10)	231.8	—	4.1	—	—	—	235.9	—
At end of period	350.5	118.7	103.0	98.9	2.5	—	456.0	217.6
Amortisation
At start of period	9.2	8.7	23.9	14.0	—	—	33.1	22.7
Amortisation in the period	0.5	0.5	14.0	9.9	—	—	14.5	10.4
At end of period	9.7	9.2	37.9	23.9	—	—	47.6	33.1
Carrying amount
At balance sheet date	340.8	109.5	65.1	75.0	2.5	—	408.4	184.5

The Group does not amortise the David Wilson Homes housebuilding brand acquired with Wilson

Bowden valued at £100.0m, or the Redrow brand valued at £231.8m as the Directors consider that

these brands have an indefinite useful economic life due to the Group intending to hold and support

the brands for an indefinite period, and there are no factors that would prevent it from doing so.

In 2022, the Group acquired brands valued at £10.8m and customer contracts valued at £98.9m

with Gladman Developments Limited. The customer contracts are amortised on a straight-line basis

over the expected useful life of the contracts of ten years; the brands acquired are amortised on a

straight-line basis over a 20-year period.

Manufacturing rights were purchased for £2.5m during the period.

Impairment of goodwill and indefinite life brands

The Group conducts an annual impairment review of goodwill and its indefinite life brands, David

Wilson Homes and Redrow.

Impairment of goodwill and indefinite life brands

Impairment reviews for goodwill and the Group’s indefinite life brands require an estimation of

the value in use of the cash-generating units to which these assets are allocated. The value in

use calculations require an estimate of expected future cash flows, including the anticipated

growth rate of revenue and costs, and require the determination of a suitable discount rate

to calculate the present value of the cash flows. The financial forecasts used reflect the

outcomes that management considers most likely, based on the information available at

the date of signing of these Financial Statements.

184 Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernanceStrategic Report

Notes to the Financial Statements continued

52 weeks ended 29 June 2025

11. Goodwill and intangible assets continued

Goodwill and indefinite life brands allocated to housebuilding

An impairment review was performed at 30 April 2025 by comparing the value in use of the

housebuilding business to the carrying value of its tangible and indefinite life intangible assets

and allocated goodwill.

The value in use was determined by discounting the expected future cash flows of the

housebuilding business. The cash flows until the end of June 2028, being the three year period

aligned to the Group’s budgeting cycle, were determined using the Group’s approved detailed

business plan and the cash flows for FY29 and FY30 were derived from the Group’s growth plan to

deliver 22,000 total home completions in the medium term. The cash flows for subsequent 52 week

periods were extrapolated in perpetuity using an estimated growth rate of 2.1% (2024: 2.1%) in line

with the historical long-term growth rate of the UK economy.

The key assumptions for the value in use calculation for the housebuilding business were:

• expected changes in selling prices for completed houses and the related impact on operating

margin: these are determined on a site-by-site basis in the Group’s approved business plan

dependent upon local market conditions and product type;

• sales volumes: these are determined on a site-by-site basis in the Group’s approved business

plan dependent upon local market conditions, land availability and planning permissions;

• expected changes in site costs to complete: these are determined on a site-by-site basis in the

Group’s approved business plan dependent upon the expected costs of completing all aspects

of each individual development; and

• discount rate: this is a pre-tax rate reflecting the average capital structure of similar market

participants, risks appropriate to the housebuilding business and current market assessments

of the time value of money. A rate of 12.2% (2024: 14.2%) is considered by the Directors to be the

appropriate pre-tax discount rate.

The result of the value in use exercise concluded that the recoverable value of goodwill and

intangible assets allocated to the housebuilding business exceeded its carrying value by £1,422.3m

(2024: £819.7m) and there has been no impairment.

Goodwill allocated to land promotion

An impairment review was performed at 29 June 2025 by comparing the value in use of the

land promotion business to the carrying value of its tangible and intangible assets and

allocated goodwill.

The value in use was determined by discounting the expected future cash flows of the land

promotion business. The operating cycle for the land promotion business extends over a longer

period than the housebuilding business, with land sales completing at the point in an economic

cycle that generates the most profit. Inventories held at the current date may generate cash

inflows in the medium to long term and, as a result, management’s forecasts extend up to ten years

from the reporting date. It is therefore appropriate to consider projections over a longer period in

the value in use calculation. Cash flows until the end of June 2034 were determined using the

business’ approved forecast, dependent upon expected site permissions and best estimates for

targeted site sales, anticipated spend and overhead inflation. Due to the sensitivity of cash flows of

the land promotion business to the economic cycle, the cash flows for 52 week periods subsequent

to 2034 were based on average sales receipts from the final 52 week periods of the forecast,

adjusted for expected increases in cost, extrapolated in perpetuity using an estimated growth rate

of 2.1% (2024: 2.1%) in line with the historical long-term growth rate of the UK economy.

The key assumptions for the value in use calculation were the expected sales values achieved

under land promotion agreements, based on current market values for similar land, costs required

to fulfil customer contracts, and the discount rate of 12.2% (2024: 13.2%), being a pre-tax rate

reflecting the risks appropriate to the land promotion business and current market assessments

of the time value of money.

The result of the value in use exercise concluded that the recoverable amount of goodwill allocated

to the land promotion business exceeded its carrying value by £108.0m (2024: £52.6m) and there

has been no impairment. An increase in the discount rate of 430 bps would reduce the headroom

of the recoverable amount over the carrying value to £nil.

185Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernanceStrategic Report

Notes to the Financial Statements continued

52 weeks ended 29 June 2025

12. Company investments in subsidiary undertakings

Company investments

The Company’s interests in subsidiary undertakings are accounted for at cost less

accumulated provision for impairment, which is reviewed annually.

Where share-based payments are granted to the employees of subsidiary undertakings by

the Company, they are treated as a capital contribution to the subsidiary and the Company’s

investment in the subsidiary is increased accordingly.

	Company
	29 June	30 June
	2025	2024
	£m	£m
Cost:
Cost at the beginning of the period	3,183.0	3,177.7
Acquisition of Redrow plc (note 10)	2,528.9	—
Disposal of investment in Redrow Limited (formerly Redrow plc) to another Group company	(2,528.9)	—
Disposal of investment in BDW Trading Limited to another Group
company	(3,011.4)	—
Increase in investment in subsidiaries related to share-based payments	1.9	5.3
At end of period	173.5	3,183.0
Impairment:
At beginning and end of the period	87.6	87.6
Net book value:
At balance sheet date	85.9	3,095.4

On 21 August 2024, the Group acquired 100% of the share capital of Redrow plc in an all share

transaction, for a total consideration of £2,528.9m. Further details are provided in note 10.

The Company’s investment in Redrow was subsequently transferred to another company within

the Group, Barratt Redrow Holdings Limited. The consideration was in the form of an intercompany

settlement that is due on demand (see note 17).

The Company also disposed of its investment in BDW Trading Limited to Barratt Redrow Holdings

Limited. The transaction was settled through intercompany and the intercompany receivable

balance is due on demand (see note 17).

13. Investments in jointly controlled entities

A jointly controlled entity (joint venture or JV) is an entity, including unincorporated entities

such as partnerships, in which the Group holds an interest with one or more other parties where

a contractual arrangement has established joint control over the entity.

The Group has no associated entities.

Jointly controlled entities

Investments in jointly controlled entities are accounted for using the equity method

of accounting.

The Group’s share of the profit or loss of jointly controlled entities increases or decreases

the carrying amount of the investment and long-term interests.

	Group
	29 June	30 June
	2025	2024
Investments in JVs	£m	£m
At the beginning of the period	158.5	129.8
Increase in amounts invested in JVs	47.8	38.3
Repayment of investments in JVs	(24.2)	(4.8)
Dividends received from JVs	(6.1)	( 7.1)
Share of post-tax profit for the year from JVs	17.2	2.3
At end of period	193.2	158.5

There are no losses in any of the Group’s JVs for which the Group’s share of such losses has not

been recognised by the Group.

During the period, the Group entered into new JV agreements in respect of the MADE Partnership

LLP, Places for People Barratt Redrow (Gilston) LLP and SNG BDW (Kingston Bagpuize) LLP. In

addition, Britannia New Homes (Scotland) Limited and Paycause Limited were acquired through

the Group’s acquisition of Redrow plc during the period.

The Company has no JVs.

186 Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernanceStrategic Report

Notes to the Financial Statements continued

52 weeks ended 29 June 2025

13. Investments in jointly controlled entities continued

At 29 June 2025, the Group had interests in the following JVs:

		Voting		Principal		Financial
	Percentage	rights	Country of	place of	Principal	year end
JV	owned	controlled	registration	business	activity	date
51 College Road LLP	50.0%	50.0%	England and Wales	UK	Housebuilding	31 March*
Alie Street LLP 1	50.0%	50.0%	England and Wales	UK	Housebuilding	31 March*
Barratt Metropolitan LLP 2	75.0%	50.0%	England and Wales	UK	Housebuilding	30 June
Barratt Wates (East Grinstead) Limited	50.0%	50.0%	England and Wales	UK	Holding company	30 June
Barratt Wates (East Grinstead No.2) Limited 1	50.0%	50.0%	England and Wales	UK	Housebuilding	30 June
Barratt Wates (Horley) Limited 2	78.5%	50.0%	England and Wales	UK	Housebuilding	30 June
Barratt Wates (Lindfield) Limited	50.0%	50.0%	England and Wales	UK	Housebuilding	30 June
Barratt Wates (Worthing) Limited	50.0%	50.0%	England and Wales	UK	Housebuilding	30 June
BDWZest Developments LLP 1	50.0%	50.0%	England and Wales	UK	Holding company	31 March*
BDWZest LLP	50.0%	50.0%	England and Wales	UK	Holding company	31 March*
Blackhorse Road Properties LLP 2	51.0%	50.0%	England and Wales	UK	Housebuilding	30 June
Bollo Lane LLP 2	51.0%	50.0%	England and Wales	UK	Housebuilding	30 June
Britannia New Homes (Scotland) Limited	50.0%	50.0%	Scotland	UK	Dormant	31 December*
Brooklands Milton Keynes LLP	50.0%	50.0%	England and Wales	UK	Housebuilding	30 June
DWH/Wates (Thame) Limited	50.0%	50.0%	England and Wales	UK	Housebuilding	30 June
Enderby Wharf LLP	50.0%	50.0%	England and Wales	UK	Housebuilding	30 June
Famous Five Glenfield limited	50.0%	50.0%	England and Wales	UK	Dormant	30 June
Fulham Wharf LLP 1	50.0%	50.0%	England and Wales	UK	Housebuilding	31 March*
Fulham Wharf One Limited 1	50.0%	50.0%	England and Wales	UK	Dormant	31 March*
Fulham Wharf Two Limited 1	50.0%	50.0%	England and Wales	UK	Dormant	31 March*
Harrow View LLP	50.0%	50.0%	England and Wales	UK	Housebuilding	31 March*
Infinity Park Derby LLP	50.0%	50.0%	England and Wales	UK	Commercial development	30 June
MADE Partnership LLP 2	33.3%	33.3%	England and Wales	UK	Land development	30 June
Nine Elms LLP 1	50.0%	50.0%	England and Wales	UK	Housebuilding	31 March*

187Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernanceStrategic Report

Notes to the Financial Statements continued

52 weeks ended 29 June 2025

13. Investments in jointly controlled entities continued

		Voting		Principal		Financial
	Percentage	rights	Country of	place of	Principal	year end
JV	owned	controlled	registration	business	activity	date
Nine Elms One Limited 1	50.0%	50.0%	England and Wales	UK	Dormant	31 March*
Nine Elms Two Limited 1	50.0%	50.0%	England and Wales	UK	Dormant	31 March*
Old Sarum Park Properties Limited	50.0%	50.0%	England and Wales	UK	Dormant	30 June
Paycause Limited	33.3%	33.3%	England and Wales	UK	Non-trading	31 December*
Places for People Barratt Redrow (Gilston) LLP	50.0%	50.0%	England and Wales	UK	Housebuilding	31 March*
Queensland Road LLP 1	50.0%	50.0%	England and Wales	UK	Housebuilding	31 March*
Ravenscraig Limited 2	33.3%	33.3%	Scotland	UK	Commercial development	31 December*
Ravenscraig Town Centre LLP	50.0%	50.0%	England and Wales	UK	Dormant	30 June
SNG BDW (Kingston Bagpuize) LLP	50.0%	50.0%	England and Wales	UK	Housebuilding	30 June
Sovereign BDW (Hutton Close) LLP	50.0%	50.0%	England and Wales	UK	Housebuilding	30 June
Sovereign BDW (Newbury) LLP	50.0%	50.0%	England and Wales	UK	Housebuilding	30 June
Wembley Park Properties LLP 2	51.0%	50.0%	England and Wales	UK	Housebuilding	30 June
Wichelstowe LLP	50.0%	50.0%	England and Wales	UK	Housebuilding	31 March*
ZestBDW LLP	50.0%	50.0%	England and Wales	UK	Holding company	31 March*

* JV prepares Financial Statements which are non-coterminous with the Group in order to comply with the terms of their JV agreements and to align with the year ends and requirements of our JV partners.

Judgements applied in determining the classification of joint arrangements

1 The Group’s interests in a number of the entities classified as JVs are held indirectly: Barratt Wates (East Grinstead) No. 2 Limited is a wholly owned subsidiary

of the Group’s JV, Barratt Wates (East Grinstead) Limited, and is, therefore, classified as a JV of the Group. BDWZest Developments LLP, Alie Street LLP,

Queensland Road LLP, Fulham Wharf LLP and Nine Elms LLP form a group of limited liability partnerships jointly owned (directly or indirectly) by BDWZest LLP

and ZestBDW LLP, both of which are JVs of the Group. Nine Elms One Limited and Nine Elms Two Limited are wholly owned subsidiaries of Nine Elms LLP, and

Fulham Wharf One Limited and Fulham Wharf Two Limited are wholly owned subsidiaries of Fulham Wharf LLP. All of these entities are, therefore, classified as

JVs of the Group.

2 The Group holds five JV investments (Barratt Wates (Horley) Limited, Barratt Metropolitan LLP, Wembley Park Properties LLP, Blackhorse Road Properties LLP

and Bollo Lane LLP) not in equal share, and three (Ravenscraig Limited, Paycause Limited and MADE Partnership LLP) with more than one other party. However,

in each case, the Group has equal voting rights and control over the activities of the companies with the other parties. In addition, the Group and the other

parties to the agreements only have rights to the net assets of these companies through the terms of the contractual arrangements. These entities are

therefore classified as JVs.

Registered offices

The registered office of all of the entities in the preceding table, with the exception of those

listed below, is: Barratt House, Cartwright Way, Forest Business Park, Bardon Hill, Coalville,

Leicestershire LE67 1UF.

Enderby Wharf LLP: Here East, 13 East Bay Lane, 3rd Floor Press Centre, Queen Elizabeth Park,

London E15 2GW.

Sovereign BDW (Hutton Close) LLP and Sovereign BDW (Newbury) LLP: Sovereign House,

Basing View, Basingstoke RG21 4FA.

Ravenscraig Limited: 15 Atholl Crescent, Edinburgh EH3 8HA.

Paycause Limited: Gate House, Turnpike Road, High Wycombe, Buckinghamshire HP12 3NR.

Britannia New Homes (Scotland) Limited: Blairton House, Old Aberdeen Road, Balmedie,

Aberdeenshire AB23 8SH.

Places for People Barratt Redrow (Gilston) LLP: 1 Colmore Square, Birmingham B4 6AA.

188 Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernanceStrategic Report

Notes to the Financial Statements continued

52 weeks ended 29 June 2025

13. Investments in jointly controlled entities continued

Summarised financial information relating to the Group’s JVs is as follows:

	Harrow View
	LLP			Other JVs	Group total
	29 June	30 June	29 June	30 June	29 June	30 June
	2025	2024	2025	2024	2025	2024
	£m	£m	£m	£m	£m	£m
Income	37.6	24.9	237.8	180.6	275.4	205.5
Adjusted expenditure¹	(37.1)	(25.4)	(201.6)	(149.7)	(238.7)	(175.1)
Cost associated with legacy properties	—	—	—	(20.2)	—	(20.2)
Net interest (payable)/receivable	—	—	(4.1)	(1.7)	(4.1)	(1.7)
	0.5	(0.5)	32.1	9.0	32.6	8.5
Tax	—	—	0 .1	—	0.1	—
Profit/(loss) for the period, being total
comprehensive income/(expense)	0.5	(0.5)	32.2	9.0	32.7	8.5
Group share of profit/(loss) for the period
recognised in the Consolidated Income
Statement	0.3	(0.3)	16.9	2.6	17.2	2.3
Dividends received from JVs in the period	1.8	1.5	4.3	5.6	6 .1	7.1
Current assets	141.4	116.9	375.0	318.9	516.4	435.8
Non-current assets	—	—	6.3	7.3	6.3	7.3
Current liabilities	(10.4)	(7.8)	(231.3)	(249.7)	(241.7)	(257.5)
Non-current liabilities	—	—	(54.4)	(42.4)	(54.4)	(42.4)
Net assets/(liabilities) of JVs	131.0	109.1	95.6	34.1	226.6	143.2
Cash and cash equivalents included in the above net assets	9.8	8.4	87.0	99.5	96.8	107.9
Group share of net assets/(liabilities)
recognised in the Consolidated Balance
Sheet at the balance sheet date	65.5	54.5	49.7	17.7	115.2	72.2

1 Adjusted expenditure is the total expenditure of the JV less costs and credits associated with legacy properties (see note 4 for the definition of adjusted items) .

A reconciliation of the Group’s share of net assets to the carrying value of investments included in

the Balance Sheet is presented below:

	Group
	29 June	30 June
	2025	2024
	£m	£m
Group share of the net assets of its JVs	115.2	72.2
Group loans to JVs	78.0	86.3
Investment in JVs at balance sheet date	193.2	158.5

The Group has made loans, net of loss allowances, of £78.0m (2024: £86.3m) to its JVs, which are

presented within Group investments. The loss allowances for Group loans to JVs are equal to 12-month

expected credit losses unless there has been a significant increase in credit risk since the date of

initial recognition, in which case the loss allowance is equal to the lifetime expected credit loss.

A significant increase in credit risk is judged to have occurred if a review of available information indicates

an increased probability of default. At 29 June 2025, the loss allowance is immaterial (2024: immaterial).

Included within the Group’s share of net assets of JVs is a proportion of the loans to the JVs

(net of fair value adjustments made in one JV), calculated using the Group’s ownership share, of

£71.3m (2024: £85.3m).

During the year, the Group entered into a number of transactions with its JVs in respect of funding

and development management services (with charges made based on the utilisation of these

services) in addition to the provision of construction services. Further details on these transactions

are provided in note 30. The Group and Company have a number of contingent liabilities relating to

their JVs. Further details on these are provided in note 29.

The transfer of funds from the Group’s JVs to the Group is determined by the terms of the JV

agreements, which specify how available funds should be applied in repaying loans and capital

and distributing profits to the partners.

14. Property, plant and equipment

Property, plant and equipment

Property, plant and equipment are recorded at cost less accumulated depreciation and

accumulated impairment losses. Depreciation is provided to write off the cost of the assets

on a straight-line basis to their residual values over their estimated useful lives. Residual values

and asset lives are reviewed annually.

Freehold properties are depreciated on a straight-line basis over 25 years. Freehold land is not

depreciated. Plant is depreciated on a straight-line basis over its expected useful life, which

ranges from one to seven years.

189Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernanceStrategic Report

Notes to the Financial Statements continued

52 weeks ended 29 June 2025

14. Property, plant and equipment continued

		Group			Company
		Plant and			Plant and
	Property	equipment	Total	Property	equipment	Total
	£m	£m	£m	£m	£m	£m
Cost
At 1 July 2023	37.5	66.8	104.3	0.2	28.6	28.8
Additions	1.0	6.2	7.2	—	1.1	1.1
Disposals	(0.2)	(0.7)	(0.9)	—	—	—
At 30 June 2024	38.3	72.3	110.6	0.2	29.7	29.9
Additions	10.6	7.5	18.1	—	2.4	2.4
Acquired on acquisition
of Redrow plc	19.9	0.9	20.8	—	—	—
Disposals	(1.5)	(0.7)	(2.2)	—	—	—
At 29 June 2025	67.3	80.0	147.3	0.2	32.1	32.3
Depreciation
At 1 July 2023	3.8	42.4	46.2	0.2	22.5	22.7
Charge for the year	0.8	6.7	7.5	—	2.8	2.8
Disposals	(0.2)	(0.4)	(0.6)	—	—	—
At 30 June 2024	4.4	48.7	53.1	0.2	25.3	25.5
Charge for the period	1.5	7.5	9.0	—	2.4	2.4
Disposals	(0.5)	(0.7)	(1.2)	—	—	—
At 29 June 2025	5.4	55.5	60.9	0.2	27.7	27.9
Net book value
At 30 June 2024	33.9	23.6	57.5	—	4.4	4.4
At 29 June 2025	61.9	24.5	86.4	—	4.4	4.4

Authorised future capital expenditure that was contracted but not provided for in these Financial

Statements amounted to £5.0m (2024: £4.4m).

15. Leases

Leases

A right-of-use asset and a lease liability are recognised at the commencement date of a lease.

The right-of-use asset is initially measured at cost comprising the initial amount of the lease

liability plus payments made before the lease commenced and any direct costs less any incentives

received. The right-of-use asset is subsequently depreciated using the straight-line method

from the commencement of the lease to the earlier of the end of the lease term or the end of

the useful life of the asset. The right-of-use asset is also reduced for impairment losses, if any,

and adjusted for certain remeasurements of the lease liability.

The lease liability is initially measured at the present value of the lease payments at the

commencement date discounted using the Group’s incremental borrowing rate of between 1%

and 8% and is subsequently measured at amortised cost using the effective interest method.

The lease liability is remeasured when there is a change in the future lease payments, and a

corresponding adjustment is made to the right-of-use asset.

The Group has elected not to recognise right-of-use assets and lease liabilities for short-term

leases of plant and machinery with a lease term of 12 months or less, and leases of low value

including leases of office equipment. The lease payments associated with these leases are

recognised as an expense on a straight-line basis over the lease term.

The Group and Company lease assets including land and buildings, vehicles, plant and machinery,

and office equipment. Information about leases for which the Group or Company is a lessee is

presented below.

		Group			Company
	Land and			Land and
	buildings	Other	Total	buildings	Other	Total
Right-of-use assets	£m	£m	£m	£m	£m	£m
Balance at 1 July 2024	24.3	16.9	41.2	—	1.3	1.3
Balance at 29 June 2025	25.3	21.7	47.0	2.9	1.1	4.0
Acquired with Redrow	0.6	8.3	8.9	—	—	—
Net additions during the period including
remeasurements 1	6.2	9.1	15.3	3 .1	0.5	3.6

1 Including leases acquired on the acquisition of Redrow

190 Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernanceStrategic Report

Notes to the Financial Statements continued

52 weeks ended 29 June 2025

15. Leases continued

	Group			Company
	29 June	30 June	29 June	30 June
	2025	2024	2025	2024
Lease liabilities included in the Balance Sheet	£m	£m	£m	£m
Current	17.7	13.4	0.9	0.6
Non-current	37.5	29.4	3 .1	0.7
	55.2	42.8	4.0	1.3

A maturity analysis of the contractual undiscounted cash flows associated with these lease

liabilities is presented in note 31.

	Group
	52 weeks
	ended	Year ended
	29 June	30 June
	2025	2024
Amounts recognised in the Income Statement	£m	£m
Interest on lease liabilities	2.5	1.8
Depreciation of right-of-use land and buildings	5.7	5.8
Depreciation of other right-of-use assets	12.7	9.4
Expenses relating to short-term and low-value leases	35.5	20.7

During the year the Group acquired lease assets of £8.9m and lease liabilities of £9.2m as part of

the acquisition of Redrow (see note 10).

The total Group cash outflow for leases in the current period was £55.6m (Company: £1.0m)

(2024: £37.2m (Company: £0.9m)), of which £20.1m (Company: £1.0m) (2024: £16.5m

(Company: £0.9m)) related to the repayment of lease liabilities recognised in the Balance Sheet.

16. Inventories

Inventories

Inventories are valued at the lower of cost and net realisable value. Land held for development,

including land in the course of development, is initially recorded at 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 Income Statement over

the period of settlement.

Cost of construction work in progress comprises direct materials, direct labour costs and

those overheads that have been incurred in bringing the inventories to their present location

and condition. Overhead costs include, but are not limited to, roads and other infrastructure

costs required for a site and local contributions and physical works contributions required

under planning permissions granted for our developments.

Due to the scale of the Group’s developments, the Group allocates site-wide development

costs between homes built in the current year and in future years. It also has to estimate costs

to complete on such developments. In making these assessments, there is a degree of

inherent uncertainty. The Group has developed internal controls to assess and review carrying

values and the appropriateness of estimates made. Further information is included in the

margin recognition section of note 3.

Work in progress on promotion agreements comprises direct fees and labour costs incurred

in investigating, designing, master planning, obtaining planning permission and ultimately

securing sales agreements for land on behalf of landowners. The satisfaction of promotion

agreements is largely dependent upon the grant of planning consent; therefore, management

assesses the likelihood of attaining these consents when assessing their carrying values.

Land options

Costs incurred in respect of options to purchase land are held within inventories at the lower

of cost and net realisable value and are reviewed for impairment at each reporting date.

191Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernanceStrategic Report

Notes to the Financial Statements continued

52 weeks ended 29 June 2025

16. Inventories continued

	Group
	29 June	30 June
	2025	2024
	£m	£m
Land held for development	5,104.9	3,233.6
Construction work in progress	2,979.0	1,829.4
Promotion agreements work in progress	112.4	111.5
Part-exchange properties and other inventories	144.3	103.7
	8,340.6	5,278.2

The Company has no inventories.

Nature and carrying value of inventories

The Group’s principal activity is housebuilding. The majority of sales are not contracted prior to

the development commencing. Accordingly, the Group has in its Balance Sheet at 29 June 2025

current assets that are not covered by a forward sale. The Group’s internal controls are designed

to identify any developments where the balance sheet value of land and work in progress is more

than the projected lower of cost or net realisable value. During the year, the Group has conducted

six-monthly reviews of the net realisable value of specific sites identified as at high risk of

impairment, based upon a number of criteria including sites with low profit margins and sites

with no forecast completions. Where the estimated net realisable value of a site was less than

its current carrying value, the Group has impaired the land and work in progress value.

During the period, due to performance variations, changes in assumptions and changes to viability

on individual sites, there were gross impairment charges of £20.6m (2024: £9.2m) and gross

impairment reversals of £8.2m (2024: £11.4m), resulting in a net impairment charge of £12.4m

(2024: £2.2m reversal) included within operating profit.

The key estimates in these reviews are those used to estimate the realisable value of a site, which

is determined by forecast sales rates, expected sales prices and estimated costs to complete.

The Directors consider all inventories to be current in nature, as they are expected to be realised

within the Group’s normal operational although the Group’s operational cycle. There is no fixed time

period for the normal operating cycle as it differs for each site, however the cycle typically spans

from the purchase of land to the sale of the final plot.

Land held for development includes £113.4m of costs incurred in respect of options to purchase

land (2024: £11.7m). During the period, £72.5m of costs in respect of options to purchase land were

recognised at their acquisition-date fair value as a result of the acquisition of Redrow plc.

17. Trade and other receivables

Trade and other receivables

Trade and other receivables are financial assets with fixed or determinable payments that

are not quoted in an active market. They are included in current assets, except for those

with maturities greater than 12 months after the balance sheet date, which are classified as

non-current assets. Amounts recoverable on certain construction contracts where revenue

is recognised over time are included in trade receivables and stated at cost plus attributable

profit less any foreseeable losses. Payments received on account for these construction

contracts are deducted from amounts recoverable on these contracts.

Trade and other receivables are initially recognised at their transaction price, being fair value,

and subsequently measured at amortised cost, being their nominal value less a loss allowance

for expected credit losses, which are assessed on the basis of an average weighting of the risk

of default. Any impairment is recognised immediately in the Income Statement.

For this purpose, a default is determined to have occurred if the Group becomes aware of

evidence that it will not receive all contractual cash flows that are due or if payment has

not been received within 60 days of the due date. After this time, it is probable that

contractual cash flows will not be fully recovered. The Group does not hold any collateral

over these balances.

Trade receivables are receivables and contract assets arising from the Group’s contracts with

customers. The loss allowance is equal to the lifetime expected credit loss, assessed on an

individual customer basis.

The loss allowances for other receivables and amounts due from subsidiary undertakings are

equal to 12-month expected credit losses unless there has been a significant increase in credit

risk since the date of initial recognition, in which case the loss allowance is equal to the lifetime

expected credit loss. A significant increase in credit risk is judged to have occurred if a review

of available information indicates an increased probability of default, or if contractual

payments are more than 30 days past due.

Trade and other receivables that are more than two years overdue are deemed to have no

reasonable expectation of recovery and are written off in the Financial Statements but are still

subject to enforcement activity. Subsequent recoveries of amounts previously written off are

credited to the Income Statement.

The expected credit loss on the amounts due from subsidiary undertakings has been assessed

to be immaterial.

192 Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernance

Strategic Report

Notes to the Financial Statements continued

52 weeks ended 29 June 2025

17. Trade and other receivables continued

		Group		Company
		29 June	30 June	29 June	30 June
		2025	2024	2025	2024
	Notes	£m	£m	£m	£m
Non-current assets
Amounts due from subsidiary undertakings		—	—	5,679.8	76.1
Contract assets	21	0.9	1.0	—	—
Other receivables		4.1	2.4	—	—
		5.0	3.4	5,679.8	76.1
Current assets
Trade receivables		99.0	72.2	—	—
Contract assets	21	9.0	5.9	—	—
Amounts due from subsidiary undertakings		—	—	33.7	169.0
Other receivables		115.3	111.0	5.7	5.5
Prepayments and accrued income		17.8	12.8	9.2	8.1
		241.1	201.9	48.6	182.6

Group other receivables include £29.2m (2024: £27.8m) receivable from joint ventures and VAT of

£59.8m (2024: £51.9m).

Amounts due from subsidiary undertakings are repayable on demand. There have been no

significant increases in credit risk on these balances since initial recognition and the 12-month

expected credit losses are considered to be negligible. A market rate of interest averaging 4.0%

(2024: 4.0%) is earned on loan accounts; current accounts are interest free. No interest is charged

on non-current amounts.

The carrying values of trade and other receivables are stated after allowance for expected credit

losses. The movements in the loss allowances for the year were as follows:

			Trade receivables and
		contract balances		Other receivables
		Lifetime expected		12-month
		credit losses		expected credit
		(individually assessed)		losses
		Group	Company	Group	Company
Loss allowance	Notes	£m	£m	£m	£m
Loss allowance at 1 July 2024		6.9	—	0.5	—
Charge for the period	22	4.1	—	0 .1	—
Amounts written off Amounts acquired on acquisition		(0.6)	—	—	—
of Redrow plc	10	5.7	—	—	—
Recoveries of amounts previously
written off	22	(5.8)	—	(0.2)	—
Loss allowance at 29 June 2025		10.3	—	0.4	—

Movements in loss allowances are principally a result of the derecognition and origination of

financial assets in the year. The loss allowances written off are equal to the gross carrying amounts

of the assets written off in the period. The Directors consider that the carrying amount of trade

receivables approximates to their fair value.

The expected credit losses on the Company amounts due from subsidiary undertakings are not

material to the Financial Statements. The subsidiaries are able to pay their liabilities as they fall

due and the probability of default is insignificant.

Further disclosures relating to financial assets are set out in note 22.

193Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernanceStrategic Report

Notes to the Financial Statements continued

52 weeks ended 29 June 2025

18. Net cash

Net cash is defined as cash and cash equivalents, bank overdrafts, interest-bearing borrowings

and prepaid fees. Net cash at the balance sheet date is shown below:

	Group			Company
	29 June	30 June	29 June	30 June
	2025	2024	2025	2024
	£m	£m	£m	£m
Cash and cash equivalents¹	969.6	1,065.3	654.7	827.6
Drawn debt
Borrowings:
Sterling US private placement notes	(200.0)	(200.0)	(200.0)	(200.0)
Total borrowings being total drawn debt	(200.0)	(200.0)	(200.0)	(200.0)
Prepaid fees	3.0	3.2	3.0	3.2
Net cash	772.6	868.5	457.7	630.8
Total borrowings at the balance sheet date
are analysed as:
Non-current borrowings	(200.0)	(200.0)	(200.0)	(200.0)
Total borrowings being total drawn debt	(200.0)	(200.0)	(200.0)	(200.0)

1 The Group and Company had cash equivalents at 29 June 2025 of £459.8m (2024: £690.9m) which are included within cash and cash equivalents above.

The majority of cash equivalents represent short-term liquidity funds.

Movement in net cash is analysed as follows:

		Group		Company
	52 weeks		52 weeks
	ended	Year ended	ended	Year ended
	29 June	30 June	29 June	30 June
	2025	2024	2025	2024
	£m	£m	£m	£m
Cash acquired on acquisition of Redrow (note 10)	194.3	—	—	—
Other movements in cash and cash equivalents
in the period	(290.0)	(203.8)	(172.9)	(177.4)
Net decrease in cash and cash equivalents	(95.7)	(203.8)	(172.9)	(177.4)
Repayment/(drawdown)of borrowings:
Loans and borrowings repayments	—	3.4	—	—
Other movements in borrowings:
Movement in prepaid fees	(0.2)	(0.5)	(0.2)	(0.5)
Movement in net cash in the period	(95.9)	(200.9)	(173.1)	(177.9)
Opening net cash	868.5	1,069.4	630.8	808.7
Closing net cash	772.6	868.5	457.7	630.8

194 Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernanceStrategic Report

Notes to the Financial Statements continued

52 weeks ended 29 June 2025

18. Net cash continued

Changes in liabilities arising from financing activities are shown below:

		Group			Company
	Total	Lease		Total	Lease
	borrowings	liabilities	Total	borrowings	liabilities	Total
	£m	£m	£m	£m	£m	£m
Liabilities from financing
activities at 1 July 2023	(203.4)	(46.2)	(249.6)	(200.0)	(4.2)	(204.2)
Financing cash flows	—	16.5	16.5	—	0.9	0.9
Other movements	3.4	(13.1)	(9.7)	—	2.0	2.0
Liabilities arising from financing activities
at 30 June 2024	(200.0)	(42.8)	(242.8)	(200.0)	(1.3)	(201.3)
Financing cash flows	—	20.1	20.1	—	1.0	1.0
Acquired through acquisition of Redrow
(note 10)	—	(9.2)	(9.2)	—	—	—
Other movements	—	(23.3)	(23.3)	—	(3.7)	(3.7)
Liabilities arising from financing activities
at 29 June 2025	(200.0)	(55.2)	(255.2)	(200.0)	(4.0)	(204.0)

Cash and cash equivalents

Cash and cash equivalents are held at floating interest rates linked to the UK bank rate and money

market rates as applicable. Cash and cash equivalents comprise cash held by the Group and

short-term bank deposits with an original maturity of three months or less from inception and are

subject to an insignificant risk of changes in value. In accordance with the Group’s policy, all

deposits are held with entities with credit ratings of A+ of higher. Cash, cash equivalents and bank

overdrafts, as presented in the Cash Flow Statement, are analysed as follows:

	Group			Company
	29 June	30 June	29 June	30 June
	2025	2024	2025	2024
	£m	£m	£m	£m
Cash and cash equivalents	969.6	1,065.3	654.7	827.6
Bank overdrafts included in loans and borrowings	—	—	—	—
Cash, cash equivalents and bank overdrafts	969.6	1,065.3	654.7	827.6

Further disclosures relating to financial assets are set out in note 22.

Borrowings and facilities

Loans and borrowings

Interest-bearing loans and overdrafts are initially recognised at fair value less directly

attributable transaction costs and subsequently measured at amortised cost, being the

amount recorded at recognition plus accrued interest applied to the account less any

repayments made.

All debt facilities at 29 June 2025 are unsecured.

The principal features of the Group’s committed debt facilities at 29 June 2025 and 30 June 2024

were as follows:

			Amount drawn
	Facility	29 June 2025	30 June 2024	Maturity
Committed facilities:
RCF	£700.0m	—	—	16 November 2029
Fixed rate Sterling USPP notes	£200.0m	£200.0m	£200.0m	22 August 2027

The Group has various bank overdraft facilities and uncommitted borrowing facilities that

are subject to floating interest rates linked to SONIA and money market rates as applicable.

However, these were not utilised in the current period or prior year.

Weighted average interest rates are disclosed in note 6.

19. Trade and other payables

Trade and other payables

Trade and other payables are not interest bearing and are initially recorded at fair value.

Subsequent measurement is at amortised cost.

Trade and other payables on extended terms, particularly in respect of land, are recorded at

their fair value at the date of acquisition of the asset to which they relate by discounting at

prevailing market interest rates at the date of recognition. The discount to nominal value,

which will be paid in settling the deferred purchase terms liability, is amortised over the period

of the credit term and charged to finance costs using the “effective interest rate” method.

195Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernanceStrategic Report

Notes to the Financial Statements continued

52 weeks ended 29 June 2025

19. Trade and other payables continued

		Group			Company
		29 June	30 June	29 June	30 June
		2025	2024	2025	2024
	Notes	£m	£m	£m	£m
Non-current liabilities
Land payables		372.1	165.0	—	—
Other payables		10.4	7.0	—	—
		382.5	172.0	—	—
Current liabilities
Trade payables		507.6	252.7	1.9	2.8
Land payables		437.3	307.8	—	—
Contract liabilities	21	101.9	69.4	—	—
Amounts due to subsidiary undertakings		—	—	100.2	91.3
Accruals		478.0	399.2	61.3	34.1
Other tax and social security		19.8	14.8	—	—
Other payables		13.4	11.2	—	—
		1,558.0	1,055.1	163.4	128.2

Other payables classified as non-current liabilities at 29 June 2025 include amounts accrued for

payment of the CITB levy and other sundry accruals. Other non-current payables are unsecured

and non-interest bearing.

The carrying amount of trade payables approximates to their fair value.

Land payables are classified as non-current or current depending on the contractual maturity date

of future cash flows.

Accruals principally comprise accrued site-based expenses and employee costs, and include

a social security accrual relating to share-based payments (note 27). The Group has

£461.5m (2024: £179.3m) of payables secured by legal charges on land and buildings included

within inventories.

Amounts due to subsidiary undertakings are unsecured. A market rate of interest averaging 4.0%

(2024: 4.0%) is earned on loan accounts; current accounts are interest free.

Further disclosures relating to financial liabilities are set out in note 22.

20. Provisions

Provisions

Provisions are recognised when the Group has a present obligation (legal or constructive) as a

result of a past event, and it is probable that the Group will be required to settle that obligation.

Provisions are measured at the Directors’ best estimate of the expenditure required to settle

the obligation at the balance sheet date and are discounted to present value where the effect

is material.

			Group
			Legacy
	Costs in	Legacy	properties
	relation	properties	– reinforced
	to completed	– building	concrete	Other
	developments	safety	frames	provisions	Total
	£m	£m	£m	£m	£m
At 1 July 2024	190.9	628.1	102.2	—	921.2
Amounts reclassified	(14.8)	33.6	(18.8)	—	—
Fair value of provisions assumed in the acquisition of Redrow (note 10)	114.1	184.3	105.2	6.0	409.6
Net additions to provisions in the period	22.7	108.9	—	0.1	131.7
Sites reclassified to completed
developments	48.1	—	—	—	48.1
Revaluation	—	(1.9)	(0.8)	—	(2.7)
Imputed interest	—	26.9	6.7	—	33.6
Utilisation in the period	(69.6)	(93.5)	( 7.1)	—	(170.2)
At 29 June 2025	291.4	886.4	187.4	6 .1	1,371.3

196 Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernanceStrategic Report

Notes to the Financial Statements continued

52 weeks ended 29 June 2025

20. Provisions continued

	Group
	29 June	30 June
	2025	2024
	£m	£m
Current	783.2	378.0
Non-current	588.1	543.2
	1,371.3	921.2

The Company had no provisions in either year.

Costs in relation to completed developments

Following the legal completion and handover to customers of all units on a site, the Group may

retain obligations which are not settled for a number of years. These include costs in relation to the

adoption of roads or public open space by local authorities, other contractual obligations to third

parties and, in certain cases, the costs of remedial works where defects have been identified.

Whilst a proportion of this cost will not be realised within 12 months, the Group has an obligation to

complete the works immediately should it be requested to do so. The balance in total is therefore

considered to be current in nature. All outstanding issues on completed developments are resolved

as soon as is practicable.

Legacy property provisions

Building safety

On 13 March 2023, the Group signed the Self-Remediation Terms and Contract, codifying the

commitments previously made under the Building Safety Pledge to undertake, or to fund,

remediation or mitigation works on external wall systems (EWS) on all buildings of 11 metres or

above in England and Wales that it has developed or refurbished in the 30 years preceding the

date of the Building Safety Pledge, and to reimburse the Government’s Building Safety Fund

wherever it has contributed to such activities. The Group has provided for the cost of fulfilling

this commitment, as well as assisting with remedial work identified at a limited number of other

legacy properties where it has a legal liability to do so, where relevant build issues have been

identified, or where it is considered probable that such build issues exist.

As a result of the acquisition of Redrow plc on 21 August 2024, the Group’s obligations under

the Self-Remediation Terms and Contract now include the relevant buildings developed or

refurbished by the Redrow group of companies. The remediation of these buildings is now

being managed with the benefit of the experience of the combined Group and the fair value of

the obligations at the acquisition date included within provisions. In accordance with IFRS 3, as

described in note 10, this includes the fair value of possible remediation works on properties for

which there is currently no confirmation of works being required and which are deemed to be

low risk, and consequently, in accordance with IAS 37, no liability was previously recognised in

the financial statements of Redrow plc or its subsidiaries.

At the Redrow acquisition date, 27 buildings with a height of over 11 metres were under active

review by Redrow under the Self-Remediation Contract. Responsibility for these buildings was

assumed by the Group on acquisition. Following contact from building owners regarding

potential issues, a net further 18 buildings with a height of over 11 metres were added to the

Group scope of works in the period, including one in the Redrow portfolio.

		Responsibility		Review
		assumed		confirmed
		through		no remediation,
		the acquisition	Identified for	or remediation
	30 June 2024	of Redrow	review	completed	29 June 2025
Under review:
Buildings above 18 metres	146	17	10	(15)	158
Buildings
between 11
and 18 metres	116	10	9	(15)	120
Total buildings	262	27	19	(30)	278
Developments	92	12	11	(13)	102

At 29 June 2025, of the 278 buildings in the portfolio under review in the combined Group, 192

were at tender or site mobilisation or were in the process of being remediated (30 June 2024: 262

buildings, of which 137 were at tender or site mobilisation or were in the process of being remediated).

As part of the ongoing works to remediate building safety issues, it has been identified that

additional work on four buildings at one development in our Southern region is required to

improve the fire protection of the internal structure. Additional costs have also been

recognised for the remediation of newly identified issues at a large development in London

that was already part of our building safety provision. An additional £93.1m has been provided

at the reporting date for these two developments, based on the current estimate of

remediation cost.

At 30 June 2024, the Group held £14.8m in relation to completed developments and £18.8m in

relation to reinforced concrete frames in respect of the above two developments. All work at

these developments is being undertaken under a single remediation programme and

therefore all related amounts have been reclassified to be shown together in the building

safety provision.

A further £15.8m has been provided in respect of minor cost increases across the rest of

the portfolio.

The Group continues to review all of its current and legacy buildings where it has used EWS or

cladding solutions, assessing the action required in line with the latest updates to Government

guidance as it applies to multi-storey and multi-occupied residential buildings.

197Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernanceStrategic Report

Notes to the Financial Statements continued

52 weeks ended 29 June 2025

20. Provisions continued

Legacy property provisions continued

Building safety continued

All our buildings, including those incorporating EWS or cladding solutions, were signed off by

approved inspectors as compliant with the relevant Building Regulations at the time

of completion.

Management expect the majority of the works to be completed within four years. Estimated

future costs are discounted to their present value using the yield for a UK gilt with maturity

approximating the duration of the remediation programme. This is a complex area requiring

significant estimates with respect to the estimates for the number of buildings affected, the

individual remediation requirements of each building and the costs associated with that

remediation (see also note 29).

The investigation of the works required at some of the buildings is at an early stage and work

at others is ongoing. Therefore, it is possible that the scope of works required could change.

If government legislation and regulation further evolve, or if the estimated timing of work is

affected by building owner engagement or contractor availability, these estimates could change.

In relation to the Group’s obligations under the Scottish Safer Buildings Accord, signed on

31 May 2023, and the Housing (Cladding Remediation) (Scotland) Act, passed on 21 June 2024,

the external wall provision is recorded on the basis that the standard of remediation required in

Scotland is consistent with England and Wales. This will be determined when the final contract

with the Scottish Government is signed (see note 29).

The estimates are based on key assumptions that will be updated as work and time progress.

The sensitivity of the provision held at the balance sheet date, to the following possible

movements in key assumptions, is shown below:

	Increase/(decrease)
	in provisions at
	29 June 2025
Sensitivity	£m
5% increase in estimated cost	44.3
5% increase in the number of buildings	46.3
100 bps increase in discount rate	(11.9)

Reinforced concrete frames

The Group holds a provision for the remediation of reinforced concrete frames on developments

The engineering firms involved in the above developments have been determined to also have been

involved in the design of certain developments constructed by the Redrow group. Initial investigations

have identified similar issues to those seen at the legacy Barratt buildings at four Redrow

developments. Based on a high-level assessment of the probable cost of remediation, a provision

of £105.2m has been included within the liabilities assumed through the acquisition of Redrow.

For all developments where additional amounts have been provided at the reporting date, further

analysis must be undertaken to determine both the exact locations within the developments

which will need to be remediated and the nature of the work to be performed in each case, which

may result in revisions to the estimated costs and time frame of delivery.

Management expect the majority of the works to be completed within three years. Management

has made estimates as to the future costs, the extent of the remedial works required and the

costs of providing alternative accommodation to any residents affected by the remedial works.

These Financial Statements have been prepared based on currently available information,

including known costs and quotations where possible. However, the extent, cost and timing of

remedial work may change as work progresses.

21. Contract assets and liabilities

Contract assets and liabilities

Contract assets relate to amounts due from customers primarily for construction work

completed but not invoiced at the balance sheet date in relation to contracts where revenue

is recognised over time. These amounts are included in trade and other receivables. The Group

has taken advantage of the practical expedient in paragraph 94 of IFRS 15 to immediately

expense the incremental costs of obtaining contracts where the amortisation period of the

assets would have been one year or less.

Contract liabilities relate to payments received from the customer on the contract, and/or

amounts invoiced to the customer in advance of the Group performing its obligations on

contracts where revenue is recognised either over time or at a point in time. These amounts

are included within trade and other payables.

198 Barratt Redrow plc Annual Report and Accounts 2025

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Notes to the Financial Statements continued

52 weeks ended 29 June 2025

21. Contract assets and liabilities continued

Significant changes in contract assets and liabilities are as follows:

	revenue is recognised		Contracts on which	revenue is recognised	Contracts on which
	over time		at a point in time
	52 weeks		52 weeks
	ended	Year ended	ended	Year ended
	29 June	30 June	29 June	30 June
	2025	2024	2025	2024
	£m	£m	£m	£m
At 1 July:
Amounts included within trade and other payables	(4.2)	(9.6)	(65.2)	(79.6)
Amounts included within trade and other receivables	6.9	21.3	—	—
	2.7	11.7	(65.2)	(79.6)
Movements in the period:
Performance obligations satisfied in the period	175.8	218.2	5,402.5	3,950.0
Amounts invoiced in the period	(192.2)	(226.9)	(5,284.1)	(3,870.4)
Amounts acquired with Redrow	7.3	—	(53.2)	—
Movements in retention	(0.2)	(0.3)	—	—
Cash received for performance obligations not yet satisfied	—	—	(85.4)	(65.2)
At balance sheet date	(6.6)	2.7	(85.4)	(65.2)
Analysed as:
Amounts included within trade and other payables	(16.5)	(4.2)	(85.4)	(65.2)
Amounts included within trade and other receivables	9.9	6.9	—	—

Further revenue of £187.7m (2024: £74.6m) is expected to be recognised in future periods in respect

of contracts on which revenue is recognised over time, of which 79.0% (2024: 66.6%) is expected

to be recognised within 12 months of the balance sheet date.

The Company had no contract assets or liabilities in either year.

22. Financial instruments

Recognition

Financial assets and financial liabilities are recognised on the Balance Sheet in accordance

with IFRS 9: ‘Financial Instruments’ when the Group becomes a party to the contractual

provisions of the instrument.

The Group derecognises a financial asset only when the contractual rights to the cash flows

from the asset expire or it transfers the financial asset and substantially all the risks and

rewards of ownership of the asset to another entity.

The Group derecognises a financial liability only when the Group’s obligations are discharged

or cancelled or they expire.

Classification and measurement

All non-derivative financial assets are classified in accordance with IFRS 9 as “subsequently

measured at amortised cost”. All non-derivative financial liabilities are classified as

“subsequently measured at amortised cost”.

Financial assets and liabilities subsequently measured at amortised cost are initially

recognised at fair value determined based on discounted cash flow analysis using current

market rates for similar instruments. They are subsequently measured at amortised cost using

the “effective interest rate” method. Financial assets are also measured after recognition of

any impairment, which is included within administrative expenses in the Income Statement.

Financial liabilities are classified as current liabilities unless the Group has an unconditional

right to defer settlement of the liability for at least 12 months after the balance sheet date.

Impairment

A loss allowance is recognised for expected credit losses on financial assets as described

in note 17. Any impairment is recognised immediately in the Income Statement.

199Barratt Redrow plc Annual Report and Accounts 2025

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Notes to the Financial Statements continued

52 weeks ended 29 June 2025

22. Financial instruments continued

Financial assets

The carrying values and fair values of the Group and Company financial assets are as follows:

			Group						Company
			29 June 2025		30 June 2024		29 June 2025		30 June 2024
		Fair	Carrying	Fair	Carrying	Fair	Carrying	Fair	Carrying
		value	value	value	value	value	value	value	value
	Notes	£m	£m	£m	£m	£m	£m	£m	£m
Cash and cash
equivalents	18	969.6	969.6	1,065.3	1,065.3	654.7	654.7	827.6	827.6
Measured at amortised
cost:
Trade and other receivables 1		158.6	158.6	133.8	133.8	2.9	2.9	4.6	4.6
Intercompany
receivables	17	—	—	—	—	5,713.5	5,713.5	245.1	245.1
Total financial
assets		1,128.2	1,128.2	1,199.1	1,199.1	6,371.1	6,371.1	1,077.3	1,077.3

1 Excludes amounts recoverable on contracts, prepayments and accrued income, and tax and social security.

Financial liabilities

The carrying values and fair values of the Group and Company financial liabilities are as follows:

			Group						Company
		29 June 2025			30 June 2024	29 June 2025			30 June 2024
		Fair	Carrying	Fair	Carrying	Fair	Carrying	Fair	Carrying
		value	value	value	value	value	value	value	value
	Notes	£m	£m	£m	£m	£m	£m	£m	£m
Measured at amortised cost:
Loans and borrowings	18	189.4	200.0	184.2	200.0	189.4	200.0	184.2	200.0
Trade and other payables 1		1,608.4	1,659.2	991.5	1,025.9	25.3	25.3	20.6	20.6
Intercompany
payables	19	—	—	—	—	100.2	100.2	91.3	91.3
Lease liabilities	15	55.2	55.2	42.8	42.8	4.0	4.0	1.3	1.3
Total financial
liabilities		1,853.0	1,914.4	1,218.5	1,268.7	318.9	329.5	297.4	313.2

1 Excludes deferred income, payments received in excess of amounts recoverable on contracts, tax and social security and other non-financial liabilities.

The fair values of liabilities in the above table have been determined using discounted cash flows

based on observable market data other than quoted prices in active markets for identical liabilities.

Trade and other payables include items secured by legal charges as disclosed in note 19.

Financial instruments gains and losses

The net (gains)/losses recorded in the Consolidated Income Statement, in respect of financial

instruments (excluding interest shown in note 6), are as follows:

		52 weeks
		ended	Year ended
		29 June	30 June
		2025	2024
	Notes	£m	£m
Financial assets measured at amortised cost
Trade receivables — loss allowance charge	17	4.2	2.3
Recoveries of amounts previously written off	17	(6.0)	(3.3)

200 Barratt Redrow plc Annual Report and Accounts 2025

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Notes to the Financial Statements continued

52 weeks ended 29 June 2025

23. Share capital

Equity instruments

Ordinary share capital is recorded at the proceeds received, net of direct issue costs,

and is classified as equity.

Ordinary share capital

	29 June	30 June
	2025	2024
Allotted and issued ordinary shares	£m	£m
10p each fully paid: 1,439,933,173 (2024: 974,592,261)
ordinary shares	144.0	97.4

	52 weeks
	ended	Year ended
	29 June	30 June
	2025	2024
Options over the Company’s shares granted during the period	Number	Number
LTPP	5,227,111	4,497,287
Sharesave	3,662,634	2,549,465
DBP	838,130	107,057
ELTIP	868,110	1,972,714
	10,595,985	9,126,523

	52 weeks
	ended	Year ended
	29 June	30 June
	2025	2024
Cancellation/allotment of shares during the period	Number	Number
At 1 July	974,592,261	974,584,613
Buyback and cancellation of shares in the period	(11,162,743)	—
Issued to Redrow plc shareholders as consideration for the acquisition of Redrow	465,663,607	—
Issued to the EBT to satisfy legacy Redrow share option schemes	10,840,048	—
Issued to satisfy exercises under Sharesave schemes	—	7,648
At balance sheet date	1,439,933,173	974,592,261

24. Merger reserve

The merger reserve comprises the non-statutory premium arising on shares issued as

consideration for the acquisition of subsidiaries where merger relief under Section 612

of the Companies Act 2006 applies.

During the current 52 week period, on 21 August 2024, the Group acquired 100% of the share capital

of Redrow plc in an all share transaction. The non-statutory premium of £2,482.0m arising on the

shares issued and accrued as consideration for the acquisition has been credited to the merger

reserve (see note 10).

25. Capital redemption reserve

During the period the Company purchased 11,162,743 of its own shares in the market which were

cancelled during the period. The nominal value of these shares was transferred to the capital

redemption reserve. A further 108,064 shares were purchased in the period and cancelled after

the balance sheet date.

	52 weeks
	ended	Year ended
	29 June	30 June
	2025	2024
	£m	£m
As at 1 July	4.8	4.8
Amounts transferred in respect of own shares purchased and cancelled during the period	1.1	—
At balance sheet date	5.9	4.8

26. Own shares reserve

Own shares

Own shares purchased by the Company or issued to the EBT are recorded at cost and held in

the own shares reserve.

The own shares reserve represents the cost of shares in Barratt Redrow plc (formerly Barratt

Developments PLC) purchased in the market or issued by the Company and held by the Barratt EBT

and the Redrow EBT on behalf of the Company in order to satisfy options and awards that have

been granted by the Company or were granted by Redrow plc prior to its acquisition by the

Company on 21 August 2024. In the current year the own shares reserve also holds 108,064 shares

purchased by the Company as part of the share buyback programme which were cancelled on

30 June 2025.

201Barratt Redrow plc Annual Report and Accounts 2025

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Notes to the Financial Statements continued

52 weeks ended 29 June 2025

26. Own shares reserve continued

						Market value (at 473.9p
	Number of shares			Cost of shares		(2024: 472.2p) per share)
	29 June	30 June	29 June	30 June	29 June	30 June
	2025	2024	2025	2024	2025	2024
	Number	Number	£m	£m	£m	£m
EBT shares	13,716,260	8,063,747	26.2	36.9	65.0	38.1
Shares purchased by the Company awaiting
cancellation	108,064	—	0.5	—	0.5	—
Total own shares	13,824,324	8,063,747	26.7	36.9	65.5	38.1

The Barratt EBT and the Redrow EBT have agreed to waive all or any future right to dividend

payments on shares held within the Barratt EBT and the Redrow EBT and these shares do not count

in the calculation of the weighted average number of shares used to calculate EPS until such time

as they are vested to the relevant employees.

The Barratt EBT purchased no shares in the market (2024: 5,000,000 shares). The Barratt EBT

disposed of 2,335,538 shares which were used to satisfy the vesting of the ELTIP, the DBP and

the LTPP schemes (2024: 1,351,813 shares used to satisfy the vesting of the ELTIP and the LTPP

schemes). A further 70,838 shares were used in the period in settlement of exercises under

Sharesave schemes (2024: 583,042 shares).

During the period the Company issued 10,840,048 shares to the Redrow EBT in exchange for the

shares held in Redrow plc. The Redrow EBT disposed of 2,430,661 shares which were used to

satisfy the early vesting of the Redrow LTIP and DBP schemes on acquisition. A further 321,920

shares were used in the period in settlement of exercises under Redrow SAYE schemes and 28,578

shares were used in settlement of early exercises under the LTPP Redrow Transition Award.

27. Share-based payments

The Group issues equity-settled share-based payments to certain employees.

Share-based payments

Equity-settled share-based payments are measured at the fair value of the equity instrument

at the date of grant. Fair value is measured either using Black Scholes or Monte Carlo models

depending on the characteristics of the scheme. Valuations have also been adjusted for any

post-vesting holding period with the adjustment calculated using a Finnerty and Chaffe model.

The fair value is expensed in the Income Statement on a straight-line basis over the vesting

period, based on the Group’s estimate of shares that will eventually vest where non-market

vesting conditions apply. Non-market vesting conditions are taken into account in the estimate

of the fair value of the equity instruments.

Analysis of the Consolidated Income Statement charge:

	52 weeks
	ended	Year ended
	29 June	30 June
	2025	2024
	£m	£m
Equity-settled share-based payments:
Sharesave	3.8	4.6
Legacy Redrow SAYE	1.3	—
LTPP	7.5	7.6
DBP	2.1	2.9
ELTIP	4.5	4.8
	19.2	19.9

As at 29 June 2025, an accrual of £4.1m (2024: £3.7m) was recognised in respect of social security

liabilities on share-based payments.

Share-based payments reserve

The share-based payments reserve represents the obligation of the Group in relation to

equity-settled share-based payment transactions. Details of movements in the share-based

payments reserve are shown in the Statement of Changes in Shareholders’ Equity.

202 Barratt Redrow plc Annual Report and Accounts 2025

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Notes to the Financial Statements continued

52 weeks ended 29 June 2025

27. Share-based payments continued

Outstanding equity-settled share-based payments

At 29 June 2025, the following options were outstanding:

		29 June
	Option price	2025
Date of grant	Pence	Number	Not exercisable after
Sharesave
7 April 2020 — 5-year plan	456	130,752	31 December 2025
7 April 2021 — 3-year plan	604	2,860	31 December 2024
7 April 2021 — 5-year plan	604	42,058	31 December 2026
6 April 2022 — 3-year plan	436	1,255,691	31 December 2025
6 April 2022 — 5-year plan	436	150,338	31 December 2027
12 April 2023 — 3-year plan	347	3,645,882	31 December 2026
12 April 2023 — 5-year plan	347	1,090,916	31 December 2028
3 April 2024 — 3-year plan	381	1,586,099	31 December 2027
3 April 2024 — 5-year plan	381	318,170	31 December 2029
16 April 2025 — 3-year plan	342	3,045,004	31 December 2028
16 April 2025 — 5-year plan	342	544,168	31 December 2030
Total Sharesave options		11,811,938
Legacy Redrow SAYE
(acquired 21 August 2024 (note 10))
November 2020 — 5-year plan	262.15	102,886	1 July 2026
November 2021 — 3-year plan	363.75	13,408	1 July 2025
November 2021 — 5-year plan	363.75	16,483	1 July 2027
November 2022 — 3-year plan	217.85	2,021,070	1 July 2026
November 2022 — 5-year plan	217.85	345,455	1 July 2028
November 2023 — 3-year plan	273.61	832,875	1 July 2027
November 2023 — 5-year plan	273.61	53,801	1 July 2029
Total legacy Redrow SAYE options		3,385,978
Total share options		15,197,916

		29 June
	Option price	2025
Date of grant	Pence	Number	Not exercisable after
LTPP
12 October 2022 — Executive	—	1,694,877	—
21 December 2023 — Executive	—	2,027,291	—
4 September 2024 Redrow Transition
Award — Executive	—	270,871	—
7 October 2024 — Executive	—	2,240,958	—
14 October 2021 — Senior management	—	558	—
12 October 2022 — Senior management	—	1,785,669	—
21 December 2023 — Senior management	—	2,119,728	—
4 September 2024 Redrow Transition
Award — Senior management	—	449,208	—
7 October 2024 — Senior management	—	2,054,043	—
Total LTPP awards		12,643,203
DBP
12 October 2022	—	850,427	—
25 September 2023	—	107,057	—
24 September 2024	—	838,130	—
Total DBP awards		1,795,614
ELTIP
15 July 2022	—	7	—
17 July 2023	—	1,507,602	—
22 July 2024	—	751,695	—
Total ELTIP awards	—	2,259,304	—
Total	—	31,896,037	—

203Barratt Redrow plc Annual Report and Accounts 2025

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Notes to the Financial Statements continued

52 weeks ended 29 June 2025

27. Share-based payments continued

Further information relating to the share-based payment schemes

Sharesave

Under the Sharesave, participants are required to make monthly contributions to an HMRC

approved savings contract with a bank or building society for a period of three or five years. On

entering into the savings contract, participants are granted an option to acquire ordinary shares in

the Company at an exercise price determined under the rules of the Sharesave. The Sharesave is

open to all eligible employees as determined by the Board and is not subject to the satisfaction of

any performance conditions.

Legacy Redrow SAYE

The Redrow plc SAYE scheme was open to all Redrow employees and share options can be

exercised either three or five years after the date of grant, depending on the length of the savings

contract. The Redrow SAYE schemes were not subject to performance conditions. On acquisition

by the Group, in August 2024, options under the Redrow SAYE schemes either vested or rolled over

into options over Barratt Redrow plc shares according to the elections of the employees.

LTPP

The grant of awards under the LTPP is at the discretion of the Remuneration Committee taking

into account individual performance and the overall performance of the Group. Vesting under this

scheme is dependent upon performance conditions including TSR, EPS, ROCE and GHG emissions.

Further details can be found in the Remuneration Report on pages 124 and 148.

DBP

Deferred shares are held in accordance with the DBP as approved by the shareholders at the 2015

AGM. The DBP is currently utilised to hold shares awarded in respect of any bonus earned in excess

of 100% of base salary. Further details can be found on page 139.

ELTIP

The Board approved the 2024 Award in July 2024 and the 2023 Award in July 2023 under the ELTIP.

The Awards were made to all eligible employees employed as at 22 July 2024 and 17 July 2023

respectively. Participants were entitled to receive shares in the Company when the 2023 Award

vested on 1 July 2025, and participants of the 2024 Award will be entitled to receive shares in the

Company when the Award vests on 1 July 2026. Senior management is not eligible to participate in

the ELTIP. The Awards are not subject to the satisfaction of any performance condition other than

that participants remain employed by the Group and have not resigned before the end of the

vesting period.

Number and weighted average exercise price of outstanding share-based payments

The number and weighted average exercise prices of options and awards made under the Group’s

share option schemes were as follows:

		52 weeks ended 29 June 2025	Year ended 30 June 2024
	Weighted		Weighted
	average		average
	exercise		exercise
	price in	Number of	price in	Number of
Sharesave	pence	award units	pence	award units
Outstanding at 1 July	384	10,523,364	398	11,322,268
Forfeited during the period	423	(2,303,222)	423	(2,757,679)
Exercised during the period	357	(70,838)	454	(590,690)
Granted during the period	342	3,662,634	381	2,549,465
Outstanding at the balance
sheet date	364	11,811,938	384	10,523,364
Exercisable at the balance
sheet date	604	2,860	—	—

		52 weeks ended 29 June 2025	Year ended 30 June 2024
	Weighted		Weighted
	average		average
	exercise		exercise
	price in	Number of	price in	Number of
Legacy Redrow SAYE	pence	award units	pence	award units
Outstanding at 1 July	—	—	—	—
Forfeited during the period	245	(292,433)	—	—
Exercised during the period	303	(321,920)	—	—
Acquired with Redrow (note 10)
during the period	242	4,000,331	—	—
Outstanding at the balance
sheet date	235	3,385,978	—	—
Exercisable at the balance
sheet date	364	13,408	—	—

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Notes to the Financial Statements continued

52 weeks ended 29 June 2025

		52 weeks ended 29 June 2025	Year ended 30 June 2024
	Weighted		Weighted
	average		average
	exercise		exercise
	price in	Number of	price in	Number of
LTPP	pence	award units	pence	award units
Outstanding at 1 July	—	10,312,655	—	8,947,593
Forfeited during the period	—	(2,517,125)	—	(2,593,279)
Exercised during the period	—	(379,438)	—	(538,946)
Granted during the period	—	5,227,111	—	4,497,287
Outstanding at the balance
sheet date	—	12,643,203	—	10,312,655
Exercisable at the balance
sheet date	—	—	—	—

		52 weeks ended 29 June 2025	Year ended 30 June 2024
	Weighted		Weighted
	average		average
	exercise		exercise
	price in	Number of	price in	Number of
DBP	pence	award units	pence	award units
Outstanding at 1 July	—	1,623,499	—	1,528,406
Forfeited during the period	—	(44,094)	—	(11,964)
Exercised during the period	—	(621,921)	—	—
Granted during the period	—	838,130	—	107,057
Outstanding at the balance
sheet date	—	1,795,614	—	1,623,499
Exercisable at the balance
sheet date	—	—	—	—

		52 weeks ended 29 June 2025	Year ended 30 June 2024
	Weighted		Weighted
	average		average
	exercise		exercise
	price in	Number of	price in	Number of
ELTIP	pence	award units	pence	award units
Outstanding at 1 July	—	3,070,049	—	2,373,943
Forfeited during the period	—	(316,098)	—	(463,741)
Exercised during the period	—	(1,362,757)	—	(812,867)
Granted during the period	—	868,110	—	1,972,714
Outstanding at the balance
sheet date	—	2,259,304	—	3,070,049
Exercisable at the balance
sheet date	—	7	—	—

The weighted average share price, at the date of exercise, of share options exercised during the

period was 473.7 pence (2024: 460.3 pence). The weighted average life for all schemes outstanding

at the end of the period was 1.7 years (2024: 1.9 years).

In addition, the Redrow LTIP and DBP vested on acquisition by the Group, and 2,430,661 Barratt

Redrow shares have been utilised from the EBT in satisfying these awards.

Fair value of options and awards granted in the period

Weighted average fair value of options granted

			Weighted average fair value
			of options granted
		2025	2024
	Valuation model	Pence	Pence
Sharesave	Black Scholes model	125.9	112.3
LTPP	Black Scholes and Monte Carlo models 1	379.8	473.1
DBP	Black Scholes model	493.8	471.1
ELTIP	Black Scholes model	464.4	366.4

1 The TSR portion of the award is valued using a Monte Carlo model. Other elements of the award are valued using a Black Scholes model. The valuations have

also been adjusted for any post-vesting holding period with the adjustment calculated using a Finnerty and Chaffe model.

27. Share-based payments continued

Number and weighted average exercise price of outstanding share-based payments

continued

205Barratt Redrow plc Annual Report and Accounts 2025

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Notes to the Financial Statements continued

52 weeks ended 29 June 2025

27. Share-based payments continued

Inputs used to determine fair value of options

The weighted average inputs to the valuation models were as follows:

	Grants – 52 weeks ended 29 June 2025						Grants – year ended 30 June 2024
	ELTIP	Sharesave	LTPP	DBP	ELTIP	Sharesave	LTPP	DBP
Average
share price	496p	439p	468p	495p	408p	466p	563p	472p
Average
exercise price	—	342p	—	—	—	381p	—	—
Expected volatility	29.2%	29.0%	27.2%	27.2%	32.9%	29.1%	32.3%	31.7%
	2.0	3.3	2.9	3.0	2.0	3.5	3.0	3.0
Expected life	years	years	years	years	years	years	years	years
Risk-free
interest rate	4.27%	4.35%	3.98%	3.97%	5.30%	4.34%	3.60%	4.51%
Expected
dividends	—	3.7%	—	—	5.4%	4.1%	—	—

Expected volatility was determined by reference to the historical volatility of the Group’s share price

over a period consistent with the expected lives of the options. The expected life used in the models

has been adjusted, based on the Directors’ best estimate, for the effects of non-transferability,

exercise restrictions and behavioural considerations.

28. Non-controlling interests

	Group
	52 weeks
	ended	Year ended
	29 June	30 June
Movement in non-controlling interest share of net assets	2025	2024
recognised in the Consolidated Balance Sheet	£m	£m
At 1 July	0.1	0.5
Distribution of profits to non-controlling partner	—	(0.4)
At balance sheet date	0.1	0 .1

There are no significant restrictions on the ability of the Group to access or use assets and settle

liabilities. Detailed arrangements for each subsidiary are laid out in the relevant shareholder and

partnership agreements.

29. Contingent liabilities

Contingent liabilities related to subsidiaries

The Company has guaranteed certain bank borrowings of its subsidiary undertakings.

Certain subsidiary undertakings have commitments for the purchase of trading stock entered into

in the normal course of business.

In the normal course of business, the Group has given counter-indemnities in respect of

performance bonds and financial guarantees. At 29 June 2025 the bonds and guarantees amount

to £626.8m (2024: £419.9m) and, at the date of approval of these Financial Statements, the

possibility of cash outflow is immaterial and no provision is required.

Building safety

As disclosed in note 20, on 13 March 2023, the Group signed the Self-Remediation Terms and

Contract, codifying the commitments previously made under the Building Safety Pledge. The Group

is currently undertaking a review of all of its current and legacy buildings where it has used EWS or

cladding solutions. Approved inspectors signed off all of our buildings, including the EWS or

cladding used, as compliant with the relevant building regulations at the time of completion.

At 29 June 2025, the Group held provisions of £886.4m (2024: £628.1m) in relation to building

safety, based on management’s best estimate of the cost and timing of remediation of in-scope

buildings. It is possible that as remediation work proceeds, additional remedial works will be

required which do not relate to EWS or cladding solutions. Such works may not have been identified

from the reviews and physical inspections undertaken to date and may only be identified when

detailed remediation work is in progress. Therefore, the nature, timing and extent of any such costs

were unknown at the balance sheet date.

It is also possible that the number of buildings requiring remediation may increase. This could occur

because buildings which hold valid EWS1 certificates are found to require remediation or because

investigatory works identify remediation not previously identified.

In addition, we recognise that the retrospective review of building materials and fire safety matters

continues to evolve. These Financial Statements have been prepared based on currently available

information and regulatory guidance. However, these estimates may be updated if government

legislation and regulation further evolve.

206 Barratt Redrow plc Annual Report and Accounts 2025

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Notes to the Financial Statements continued

52 weeks ended 29 June 2025

29. Contingent liabilities continued

Building safety continued

On 31 May 2023 the Group signed the Scottish Safer Buildings Accord, committing to resolve

life-critical fire safety defects in multi-occupancy residential domestic or part-domestic buildings,

over 11 metres in Scotland, built by us as a developer in the period of 30 years to 1 June 2022.

This Accord is not legally binding, but we are committed to working in good faith with the Scottish

Government to agree a legal form contract. The Group has undertaken preliminary cost

assessments at multi-occupancy buildings over 11 metres in Scotland at which fire safety defects

have been identified. The Group’s EWS provision at 29 June 2025 reflects the outcome of these

assessments, based on the assumption that the standard of remediation required in Scotland is

consistent with that in England and Wales. The Housing (Cladding Remediation) (Scotland)

Act 2024, which became law on 21 June 2024, has provided a framework on which the remediation

programme in Scotland can be based but requires secondary legislation and further contractual

agreement with developers to determine the details. The estimated cost may vary depending on

the final form of the developer remediation contract agreed with the Scottish Government.

In November 2024, an investigation by the Institution of Fire Engineers concluded that one of its

members had failed to maintain professional standards and terminated his membership. The firm

at which the individual worked has provided fire risk assessments on a number of buildings which

the Group has developed. Impact assessments for affected buildings are ongoing and there has

been nothing to suggest that a change to the provision is required at the reporting date.

During the prior year, warranty providers received claims under warranties for building safety

matters on three developments historically delivered by the Group. Further investigation is

required to determine whether the nature and extent of any remediation work are incremental

to that already expected and we expect this process to be completed during FY26.

Reinforced concrete frames

As disclosed in note 20, the Group is undertaking remediation at developments designed by certain

engineering firms or associated companies. The Financial Statements have been prepared based

on currently available information; however, the detailed review is ongoing and the extent and cost

of any remedial work may change as this work progresses.

We are actively seeking to recover costs from third parties in respect of building safety

and reinforced concrete frames; however, there is no certainty regarding the extent of any

financial recovery.

Contingent liabilities relating to JVs

The Group has given counter-indemnities in respect of performance bonds and financial

guarantees to its JVs totalling £11.9m at 29 June 2025 (2024: £5.0m).

The Group has also given a number of performance guarantees in respect of the obligations of its

JVs, requiring the Group to complete development agreement contractual obligations in the event

that the JVs do not perform as required under the terms of the related contracts. At 29 June 2025,

the probability of any loss to the Group resulting from these guarantees is considered to be remote.

Contingent liabilities related to legal claims

Provision is made for the Directors’ best estimates of all known material 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 (other than for legal costs) where the Directors consider, based on

such advice, that claims or actions are unlikely to succeed, or a sufficiently reliable estimate of the

potential obligations cannot be made.

30. Related party transactions

Directors of Barratt Redrow plc and remuneration of key personnel

The Board and certain members of senior management are related parties within the definition of

IAS 24 (Revised): ‘Related Party Disclosures’ and the Board members are related parties within the

definition of Chapter 11 of the UK Listing Rules. There is no difference between transactions with

key personnel of the Company and transactions with key personnel of the Group.

Disclosures related to the remuneration of key personnel as defined in IAS 24 are given in note 5.

There have been no related party transactions during the period that require disclosure under

Section 4.2.8 (R) of the Disclosure and Transparency Rules.

Transactions between the Company and its subsidiaries

The Company has entered into transactions with its subsidiary undertakings in respect of funding

and Group services which include management accounting and audit, sales and marketing, IT,

company secretarial, architects and purchasing. Recharges are made to the subsidiaries based on

their utilisation of these services. In addition, the Company has disposed of its investments in two

of its subsidiaries (BDW Trading Limited and Redrow Limited) to another Group undertaking, Barratt

Redrow Holdings Limited (see note 12). Both disposals were non-cash transactions. The disposal of

BDW Trading Limited was at its carrying value, resulting in nil gain/loss on disposal.

207Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernanceStrategic Report

Notes to the Financial Statements continued

52 weeks ended 29 June 2025

30. Related party transactions continued

Transactions between the Company and its subsidiaries continued

	Company
	52 weeks ended	Year ended
	29 June 2025	30 June 2024
	£m	£m
Transactions between the Company and its subsidiaries during the period:
Charges in respect of management and other services provided
to subsidiaries	160.2	158.0
Profit on disposal of investment in Redrow to another Group
undertaking	63.4	—
Net interest received/(paid) by the Company on net loans to/
(from) subsidiaries	3.8	(16.9)
Dividends received from subsidiary undertakings	8.0	516.0
Balances at period end:
Amounts due by the Company to subsidiary undertakings	(100.2)	(91.3)
Amounts due to the Company from subsidiary undertakings	5,713.5	245.1

The Company and its subsidiaries have entered into counter-indemnities in the normal course of

business in respect of performance bonds.

Transactions between the Group and its JVs

The Group has entered into transactions with its JVs as follows:

	Group
	52 weeks ended	Year ended
	29 June 2025	30 June 2024
	£m	£m
Transactions between the Group and its JVs during the period:
Charges in respect of development management and other services provided to JVs	11.9	10.3
Net interest charges in respect of funding provided to JVs	2.7	2 .1
Dividends received from JVs	6.1	7.1
Balances at period end:
Funding loans and interest due from JVs net of impairment	78.0	86.3
Other amounts due from JVs	29.2	27.8
Loans and other amounts due to JVs	(0.8)	(0.6)

In addition, one of the Group’s subsidiaries, BDW Trading Limited, contracts with a number of the

Group’s JVs to provide construction services. The Group’s contingent liabilities relating to its JVs

are disclosed in note 29.

31. Financial risk management

The Group’s approach to risk management and the principal operational risks of the business are

detailed on pages 66 to 73. The Group’s financial assets and financial liabilities are detailed in note 22.

The Group’s operations and financing arrangements expose it to a variety of financial risks, of which the

most material are: liquidity risk, the availability of funding at reasonable margins, credit risk and interest

rates. There is a regular, detailed system for the reporting and forecasting of cash flows from operations

to senior management including Executive Directors to ensure that liquidity risks are promptly identified

and appropriate mitigating actions are taken by the Treasury department. These forecasts are

further stress-tested at a Group level on a regular basis to ensure that adequate headroom within

facilities and banking covenants is maintained. In addition, the Group has a risk management

programme that seeks to limit the adverse effects of the other risks on its financial performance.

The Board approves treasury policies and certain day-to-day treasury activities have been

delegated to a centralised Treasury Operating Committee, which in turn regularly reports to the

Board. The Treasury department implements guidelines that are established by the Board and

the Treasury Operating Committee.

Liquidity risk

Liquidity risk is the risk that the Group will be unable to meet its liabilities as they fall due. The Group

actively maintains a mixture of long-term and medium-term committed facilities that are designed

to ensure that the Group has sufficient available funds for operations.

The Group’s borrowings are typically cyclical throughout the financial year and peak in April to May

and October to November of each year, due to seasonal trends in income. Accordingly, the Group

maintains sufficient facility headroom to cover these requirements. On a normal operating basis,

the Group has a policy of maintaining a minimum headroom of £150.0m. The Group identifies and

takes appropriate actions based on its regular, detailed system for the reporting and forecasting

of cash flows from its operations. The Group’s drawn debt, excluding fees, represented 22.2%

(2024: 22.2%) of available committed facilities at 29 June 2025. In addition, the Group had £969.6m

(2024: £1,065.3m) of cash and cash equivalents.

The Group was in compliance with its financial covenants at 29 June 2025. The Group’s resilience

to its principal risks has been modelled, together with possible mitigating actions, over a three-year

period. At the date of approval of the Financial Statements, the Group’s internal forecasts indicate

that it will be able to operate within its current facilities and remain in compliance with these

covenants for the foreseeable future, being at least 12 months from the date of signing these

Financial Statements.

One of the Group’s objectives is to minimise refinancing risk. The Group has a policy that the

average maturity of its committed bank facilities and private placement notes is a minimum of

two years with a target of two to three years. At 29 June 2025, the average maturity of the Group’s

committed facilities was 3.9 years (2024: 4.1 years).

208 Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernanceStrategic Report

Notes to the Financial Statements continued

52 weeks ended 29 June 2025

31. Financial risk management continued

Liquidity risk continued

The Group maintains certain committed floating rate facilities with banks to ensure sufficient

liquidity for its operations. The undrawn committed facilities available to the Group, in respect of

which all conditions precedent had been met, were as follows:

	Group		Company
	29 June	30 June	29 June	30 June
	2025	2024	2025	2024
Expiry date	£m	£m	£m	£m
In more than two years but not more than five years	700.0	700.0	700.0	700.0

In addition, the Group had undrawn, uncommitted overdraft facilities available at 29 June 2025 of

£39.5m (2024: £37.0m).

The expected undiscounted cash flows of the Group and Company financial liabilities, by remaining

contractual maturity at the balance sheet date, were as follows:

				Less
		Carrying	Contractual	than	1–2	2–5	Over 5
		amount	cash flow	1 year	years	years	years
Group	Notes	£m	£m	£m	£m	£m	£m
29 June 2025
Loans and borrowings	22	200.0	213.8	5.5	5.5	202.8	—
Trade and other payables 1	22	1,659.2	1,706.9	1,302.4	196.2	201.4	6.9
Lease liabilities	22	55.2	52.3	18.6	13.1	13.9	6.7
		1,914.4	1,973.0	1,326.5	214.8	418.1	13.6
30 June 2024
Loans and borrowings	22	200.0	219.3	5.5	5.5	208.3	—
Trade and other payables 1	22	1,025.9	1,045.7	862.0	131.0	42.3	10.4
Lease liabilities	22	42.8	47.7	13.6	10.9	16.0	7.2
		1,268.7	1,312.7	881.1	147.4	266.6	17.6

1 Excludes deferred income, payments received in excess of amounts recoverable on contracts, tax and social security and other non-financial liabilities.

The Group had no derivative financial instruments at 29 June 2025 or 30 June 2024.

				Less
		Carrying	Contractual	than	1–2	2–5	Over 5
		amount	cash flow	1 year	years	years	years
Company	Notes	£m	£m	£m	£m	£m	£m
29 June 2025
Loans and borrowings
(including bank overdrafts)	22	200.0	213.8	5.5	5.5	202.8	—
Trade and other payables 1	22	25.3	25.3	25.3	—	—	—
Intercompany payables	22	100.2	100.2	100.2	—	—	—
Lease liabilities	22	4.0	4.3	0.9	0.7	1.2	1.5
		329.5	343.6	131.9	6.2	204.0	1.5
30 June 2024
Loans and borrowings
(including bank overdrafts)	22	200.0	219.3	5.5	5.5	208.3	—
Trade and other payables 1	22	20.6	20.6	20.6	—	—	—
Intercompany payables	22	91.3	91.3	91.3	—	—	—
Lease liabilities	22	1.3	1.4	0.7	0.4	0.3	—
		313.2	332.6	118.1	5.9	208.6	—

1 Excludes tax and social security and other non-financial liabilities.

The Company had no derivative financial instruments at 29 June 2025 or 30 June 2024.

Market risk (price risk)

Interest rate risk

The Group has both interest-bearing assets and interest-bearing liabilities. Floating rate

borrowings expose the Group to cash flow interest rate risk, and fixed rate borrowings expose

the Group to fair value interest rate risk.

The Group has a conservative treasury risk management strategy and the Group’s interest rates

are set using fixed rate debt instruments.

Due to the level of the Group’s interest cover ratio, and in accordance with the Group’s policy to

hedge a proportion of the forecast RCF drawings based on the Group’s three-year plan, no interest

rate hedges are currently required.

209Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernanceStrategic Report

Notes to the Financial Statements continued

52 weeks ended 29 June 2025

31. Financial risk management continued

Market risk (price risk) continued

Interest rate risk continued

The exposure of the Group’s financial liabilities to interest rate risk is as follows:

			Non-interest
	Floating rate	Fixed rate	-bearing
	financial	financial	financial
	liabilities	liabilities	liabilities	Total
Group	£m	£m	£m	£m
29 June 2025
Financial liability exposure to interest
rate risk	—	200.0	1,714.4	1,914.4
30 June 2024
Financial liability exposure to interest
rate risk	—	200.0	1,068.7	1,268.7

The Group retained a strong cash position throughout the year and, therefore, the Group did not

draw on its RCF during the year and the use of other facilities was minimal. No interest was paid by

the Group on floating rate borrowings in 2025 or 2024.

Sterling USPP notes of £200.0m were issued on 22 August 2017 with a fixed coupon of 2.77% and

a ten-year maturity. These fixed rate notes expose the Group and Company to fair value interest

rate risk.

The exposure of the Company’s financial liabilities to interest rate risk is as follows:

			Non-interest
	Floating rate	Fixed rate	-bearing
	financial	financial	financial
	liabilities	liabilities	liabilities	Total
Company	£m	£m	£m	£m
29 June 2025
Financial liability exposure to interest
rate risk	86.7	200.0	42.8	329.5
30 June 2024
Financial liability exposure to interest
rate risk	77.8	200.0	35.4	313.2

The Company’s floating rate financial liabilities comprise interest-bearing loans from other Group

undertakings, on which interest was charged at an average rate of 4.0% in the year (2024: 4.0%).

Sensitivity analysis

In the 52 week period ended 29 June 2025, if UK interest rates had been 0.5% higher/lower

(considered to be a reasonably possible change based on forecast Bank of England interest rates)

and all other variables were held constant, the Group’s pre-tax profit would increase/decrease by

£2.6m, the Group’s post-tax profit would increase/decrease by £1.9m and, as such, the Group’s

equity would increase/decrease by £1.9m.

Credit risk

In the majority of cases, the Group receives cash on legal completion for private sales and receives

advance stage payments from registered providers for affordable housing. The Group has £969.6m

(2024: £1,065.3m) on deposit or in current accounts with 13 (2024: 14) financial institutions. Other

than this, neither the Group nor the Company has a significant concentration of credit risk, as their

exposure is spread over a large number of counterparties and customers.

The Group manages credit risk through its credit policy. This limits its exposure to financial

institutions with high credit ratings, as set by international credit rating agencies, and determines

the maximum permissible exposure to any single counterparty.

The maximum exposure to any counterparty at 29 June 2025 was £214.8m (2024: £141.2m) of cash

on deposit with a financial institution. The carrying amount of financial assets recorded in these

Financial Statements, net of any allowance for losses, represents the Group’s maximum exposure

to credit risk.

As at 29 June 2025, the Company was exposed to £5,713.5m (2024: £245.1m) of credit risk in relation

to intercompany loans, which are considered to be of low credit risk and fully recoverable, as well as

financial guarantees, performance bonds and the bank borrowings of subsidiary undertakings.

Further details are provided in notes 29 and 30.

210 Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernanceStrategic Report

Notes to the Financial Statements continued

52 weeks ended 29 June 2025

31. Financial risk management continued

Capital risk management (cash flow risk)

The Group’s objectives when managing capital are to safeguard its ability to continue as a going

concern in order to provide returns for shareholders and meet its liabilities as they fall due while

maintaining an appropriate capital structure.

The Group manages its share capital as equity, as set out in the Statement of Changes in

Shareholders’ Equity, and its bank borrowings (being overdrafts and bank loans) and its private

placement notes as other financial liabilities, as set out in note 22. The Group is subject to the

prevailing conditions of the UK economy and the quantum of the Group’s earnings is dependent

upon the level of UK house prices. UK house prices are determined by the UK economy and

economic conditions, employment levels, interest rates, consumer confidence, mortgage

availability and competitor pricing. The Group’s approach to the management of the principal

operational risks of the business is detailed on pages 66 to 73.

Other methods by which the Group can manage its short-term and long-term capital structure

include: adjusting the level of dividend payments to shareholders (assuming the Company is paying

a dividend); issuing new share capital; arranging debt to meet liability payments; and selling assets

to reduce debt.

32. Post balance sheet events

On 15 July 2025 the Company announced that it will implement a programme to repurchase

ordinary shares up to a value of £100m in total, excluding expenses, to be completed no later

than 30 June 2026.

As part of this programme, on 15 July 2025 the Company issued instructions to Barclays Bank PLC

to purchase up to £50m of shares by no later than 31 December 2025. The purpose of this

repurchase is to reduce the capital of the Company and the Company intends that the purchased

shares will be cancelled.

33. Group subsidiary undertakings

The entities listed below, and on the following pages, are subsidiaries of the Company or Group.

All are registered in England and Wales or Scotland, with the exception of SQ Holdings Limited,

which is registered in Guernsey. Unless otherwise stated, the results of these entities are

consolidated within these Financial Statements.

Audit exemption

The following UK subsidiaries will take advantage of the audit exemption set out within Section 479A

of the Companies Act 2006 for the 52 weeks ended 29 June 2025. The undertakings listed below

are owned, either directly or indirectly, by Barratt Redrow plc (formerly Barratt Developments PLC).

Subsidiary	Company number
Acre Developments Limited	SC091934
Barratt Commercial Limited	00168039
Barratt Redrow Holdings Limited	15470952
Base East Central Rochdale LLP	OC318544
Base Hattersley LLP	OC318541
Base Regeneration LLP	OC318540
Basildon Regeneration (Barratt Wilson Bowden) Limited	05876010
BDW (F.R.) Limited	05876012
BDW (F.R. Commercial) Limited	05876013
BDW North Scotland Limited	SC027535
BLLQ LLP	OC411400
BLLQ2 Limited	12373138
David Wilson Homes Limited	00830271
HB (HDG) Limited	01990709
Harrow Estates plc	6825371
Milton Park Homes Limited	03787306
Redrow Real Estate Limited	03996541
Redrow Regeneration plc	5405272
The Waterford Park Company Limited	5429823
The Waterford Park Company (Balmoral) Limited	06047122
Wilson Bowden Limited	02059194
Yeovil Developments Limited	05285388

In accordance with Section 479C of the Companies Act 2006, the Company will guarantee the

debts and liabilities of the above UK subsidiary undertakings. As at 29 June 2025, the total sum of

these debts and liabilities is £6.0bn.

211Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernanceStrategic Report

Notes to the Financial Statements continued

52 weeks ended 29 June 2025

33. Group subsidiary undertakings continued

At 29 June 2025 the Group owned 100% of the ordinary share

capital of the following subsidiaries:

	Registered
Subsidiary	office	Notes
Acre Developments Limited	2	A
Advance Housing Limited	1	A
Ambrose Builders Limited	1	A
Barratt Bristol Limited	1
Barratt Central Limited	1
Barratt Chester Limited	1	A
Barratt Commercial Limited	1
Barratt Construction (Southern) Limited	1	A
Barratt Corporate Secretarial Services Limited	1
Barratt Developments (International) Limited	1
Barratt Dormant (Atlantic Quay) Limited	1	A
Barratt Dormant (Blackpool) Limited	1	A
Barratt Dormant (Harlow) Limited	1	A
Barratt Dormant (Tyers Bros. Oakham) Limited	1	A
Barratt Dormant (Walton) Limited	1	A
Barratt Dormant (WB Construction) Limited	1	A
Barratt Dormant (WB Developments) Limited	1	A
Barratt Dormant (WB Properties Developments)	1	A
Limited
Barratt Dormant (WB Properties Northern) Limited	1	A
Barratt East Anglia Limited	1	A
Barratt East Midlands Limited	1
Barratt East Scotland Limited	58	A
Barratt Eastern Counties Limited	1	A
Barratt Edinburgh Limited	2	A
Barratt Evolution Limited	1	A
Barratt Falkirk Limited	2	A
Barratt Leeds Limited	1
Barratt London Limited	1
Barratt Manchester Limited	1	A
Barratt Newcastle Limited	1	A
Barratt North London Limited	1
Barratt Northampton Limited	1
Barratt Northern Limited	1
Barratt Norwich Limited	1	A
Barratt Poppleton Limited	1	A
Barratt Preston Limited	1	A
Barratt Properties Limited	1	A
Barratt Redrow Holdings Limited	1

	Registered
Subsidiary	office	Notes
Barratt Scottish Holdings Limited	2	A
Barratt South London Limited	1
Barratt South Wales Limited	1
Barratt South West Limited	1	A
Barratt Southern Counties Limited	1
Barratt Southern Limited	1
Barratt Southern Properties Limited	1	A
Barratt Special Projects Limited	1	A
Barratt St Mary’s Limited	1	A
Barratt St Paul’s Limited	1	A
Barratt Sutton Coldfield Limited	1	A
Barratt Trade And Property Company Limited	2	A
Barratt Urban Construction (East London) Limited	1	A
Barratt Urban Construction (Northern) Limited	1	A
Barratt Urban Construction (Scotland) Limited	2	A
Barratt West Midlands Limited	1
Barratt West Scotland Limited	2
Barratt Woking Limited	1	A
Barratt York Limited	1
Bart 225 Limited	1	A
Basildon Regeneration (Barratt Wilson Bowden) Limited	1	A
BDW (F.R.) Limited	1	A
BDW (F.R. Commercial) Limited	1	A
BDW North Scotland Limited	51
BDW Trading Limited	1	A
Bradgate Development Services Limited	1	A
Broad Oak Homes Limited	1	A
C V (Ward) Limited	1	A
Cadmoore Limited	65	A
Crossbourne Construction Limited	1	A
David Wilson Estates Limited	1	A
David Wilson Homes (Anglia) Limited	1	A
David Wilson Homes (East Midlands) Limited	1	A
David Wilson Homes (Home Counties) Limited	1	A
David Wilson Homes (North Midlands) Limited	1	A
David Wilson Homes (Northern) Limited	1	A
David Wilson Homes (South Midlands) Limited	1	A
David Wilson Homes (Southern) Limited	1	A
David Wilson Homes (Western) Limited	1	A
David Wilson Homes Land (No 10) Limited	1	A
David Wilson Homes Land (No 11) Limited	1	A
David Wilson Homes Land (No 13) Limited	1	A

	Registered
Subsidiary	office	Notes
David Wilson Homes Land (No 14) Limited	1	A
David Wilson Homes Land (No 15) Limited	1	A
David Wilson Homes Limited	1	A
David Wilson Homes Services Limited	1	A
David Wilson Homes Yorkshire Limited	1	A
Debut Freeholds Limited	65	A
Decorfresh Projects Limited	1	A
Dicconson Holdings Limited	1	A
E. Barker Limited	1	A
E. Geary & Son Limited	1	A
English Oak Homes Limited	1
Francis (Springmeadows) Limited	1	A
Frenchay Developments Limited	1	A
G.D. Thorner (Construction) Limited	1	A
G.D. Thorner (Holdings) Limited	1	A
Gladman Developments Limited	1	A
Glasgow Trust Limited	2	A
Harrow Estates plc	65	A
Hartswood House Limited	1
Hawkstone (South West) Limited	1	A
HB (1995) Limited	84	A
HB (CD) Limited	65	A
HB (CPTS) Limited	65	A
HB (CSCT) Limited	84	A
HB (EM) Limited	65	A
HB (ESTN) Limited	65	A
HB (GRPS) Limited	65	A
HB (HDG) Limited	65	A
HB (Herne Bay No 1) Limited	65	A
HB (Herne Bay No 2) Limited	65	A
HB (LCS) Limited	84	A
HB (MID) Limited	65	A
HB (NW) Limited	65	A
HB (SC) Limited	84	A
HB (SE) Limited	65	A
HB (SM) Limited	65	A
HB (SN) Limited	65	A
HB (SW) Limited	65	A
HB (SWA) Limited	65	A
HB (WC) Limited	65	A
HB (WM) Limited	65	A
HB (WX) Limited	65	A

212 Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernanceStrategic Report

Notes to the Financial Statements continued

52 weeks ended 29 June 2025

		Registered
Subsidiary		office	Notes
HB (Y) Limited		65	A
Idle Works Limited		1	A
J.G. Parker Limited		1	A
James Harrison (Contracts) Limited		2	A
Janellis (No.2) Limited		1	A
Kealoha 11 Limited		1	A
Kealoha Limited		1	A
Kingsoak Homes Limited		1
Knightsdale Homes Limited		1
Lindmere Construction Limited		1	A
Marple Development Company Limited		1	A
Milton Park Homes Limited		1	A
Norfolk Garden Estates Limited		1	A
North West Land Developments Limited		1	A
Oregon Contract Management Limited		51	A
Oregon Timber Frame Limited		51	A
Oregon Timber Frame (England) Limited		1	A
PB0311	Limited	65	A
Poche Interior Design Limited		65	A
Radbourne Edge (Holdings) Limited		65	A
Radleigh Construction Limited		65	A
Radleigh (Hackwood) Limited		65	A
Radleigh Homes Limited		65	A
Redbourne Builders Limited		1	A
Redmira Limited		65	A
Redrow Construction Limited		65	A
Redrow Homes Limited		65	A
Redrow Homes East Midlands Limited		65	A
Redrow Homes (Park Heights) Limited		85	A
Redrow Homes (Wallyford) Limited		84	A
Redrow Langley Limited		65	A
Redrow Limited		65	A
Redrow Real Estate Limited		65	A
Redrow Regeneration plc		65	A
Redrow (Shareplan) Limited		65	A
Redrow (Sudbury) Limited		65	A
Roland Bardsley Homes Limited		1	A
Scothomes Limited		2	A
Scottish Homes Investment Company, Limited		2	A

	Registered
Subsidiary	office	Notes
Skydream Property Co. Limited	1	A
Squires Bridge Homes Limited	1	A
Squires Bridge Limited	1	A
St David’s Park Limited	65	A
Swift Properties Limited	1	A
Tay Homes (Midlands) Limited	65	A
Tay Homes (North West) Limited	65	A
Tay Homes (Northern) Limited	65	A
Tay Homes (Western) Limited	65	A
The French House Limited	1	A
The Waterford Park Company Limited	65	A
The Waterford Park Company (Balmoral) Limited	65	A
Tomnik Limited	1	A
Trencherwood Commercial Limited	1	A
Trencherwood Construction Limited	1	A
Trencherwood Developments Limited	1	A
Trencherwood Estates Limited	1	A
Trencherwood Group Services Limited	1	A
Trencherwood Homes (Holdings) Limited	1	A
Trencherwood Homes (Midlands) Limited	1	A
Trencherwood Homes (South Western) Limited	1	A
Trencherwood Homes (Southern) Limited	1	A
Trencherwood Homes Limited	1	A
Trencherwood Housing Developments Limited	1	A
Trencherwood Investments Limited	1	A
Trencherwood Land Holdings Limited	1	A
Trencherwood Land Limited	1	A
Trencherwood Retirement Homes Limited	1	A
Vizion (Milton Keynes) Limited	1	A
Ward Holdings Limited	1	A
Ward Homes (London) Limited	1	A
Ward Homes (North Thames) Limited	1	A
Ward Homes (South Eastern) Limited	1	A
Ward Homes Group Limited	1	A
Ward Homes Limited	1	A
Ward Insurance Services Limited	1	A
Wards Construction (Industrial) Limited	1	A
Wards Construction (Investments) Limited	1	A
Wards Country Houses Limited	1	A

	Registered
Subsidiary	office	Notes
Waterton Tennis Centre Limited	29	A
William Corah & Son Limited	1	A
William Corah Joinery Limited	1	A
Wilson Bowden (Atlantic Quay Number 2) Limited	1	A
Wilson Bowden (Ravenscraig) Limited	1
Wilson Bowden City Homes Limited	1	A
Wilson Bowden Developments Limited	1	A
Wilson Bowden Group Services Limited	1	A
Wilson Bowden Limited	1
Yeovil Developments Limited	1	A

33. Group subsidiary undertakings continued

213Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernanceStrategic Report

Notes to the Financial Statements continued

52 weeks ended 29 June 2025

Subsidiaries of the Group which are management companies

limited by guarantee:

		Registered
Subsidiary		office	Notes
10-16 (Even) Miller Road Limited		57	A, B
254-257 Scholars Place Management Company		45	A, B
Limited
28-33 Imperial Park Management Company Limited		26	A, B
500	Chiswick High Road Energy Management	65	A, B
Company Limited
500	Chiswick High Road Management Company	65	A, B
Limited
69-75 (Odd) Miller Road Limited		57	A, B
Abbey Farm Blunsdon Management Company Limited		9	A, B
Abbey Gate Residents Management Company Limited		5	A, B
Abbey View Residents Management Company Limited		57	A, B
Abbey Walk and Abbey Fields Resident		65	A, B
Management Company Limited
Abbotts Green (Woolpit) Management Company		14	A, B
Limited
Abbotts Meadow (Steventon) Management		12	A, B
Company Limited
Adderbury Fields Management Company Limited		5	A, B
Afon Gardens Management Company		49	A, B
(Brynmenyn) Limited
Aldhelm Court Management Company Limited		30	A, B
All Saints Resident Management Company		65	A, B
Allerton Gardens Residents Management		65	A, B
Company Limited
Alltwen Gardens Phase 2 Management Company		49	A, B
(Pontardawe) Limited
Amber Fields Management Company		68	A, B
Amberswood Rise Management Company Limited		57	A, B
Ambion Way Burbage Management Company Limited		65	A, B
Ambler’s Meadow (East Ardsley) Management		10	A, B
Company Limited
Amington Garden Village Management Company		65	A, B
Limited
Anvil Place Residents Management Company		20	A, B
Limited
Appledore Green Management Company Limited		70	A, B
Applegarth Manor (Oulton) Management		10	A, B
Company Limited

	Registered
Subsidiary	office	Notes
Applegate (Sittingbourne) Management Company	8	A, B
Limited
Archers Park 1 Limited	68	A, B
Arden Fields (Bulkington) Maisonettes	65	A, B
Management Company Limited
Arden Fields (Bulkington) Management Company	54	A, B
Limited
Ashridge Grange (Wokingham) Management	10	A, B
Company Limited
Ashtree Grove Residents Management Company	6	A, B
Limited
Aylesham (Central) Residents Management	11	A, B
Company Limited
Aylesham Village (Barratt) Residents Management	79	A, B
Company Limited
B5 Central Residents Management Company	23	A, B
Limited
Badbury Park (Swindon) Management Company	80	A, B
Limited
Badbury Park (Swindon) No 3 Management	80	A, B
Company Limited
Baggeridge Village Management Company Limited	5	A, B
Balston House Management Company Limited	68	A, B
Barrow Farm Management Company Limited	32	A, B
Barum Knoll, Barnstaple Management Company	54	A, B
Limited
Beaufort Park (Wootton Bassett) Management	50	A, B
Limited
Beavans House Management Company Limited	54	A, B
Beck Lane, Sutton-in-Ashfield (The Hawthorns)	26	A, B
Management Company Limited
Belle Vue (Doncaster) Management Company Limited	63	A, B
Berkeley Dene Management Company Limited	65	A, B
Bermondsey Heights Residents Energy	4	A, B
Management Company Limited
Bermondsey Heights Residents Management	4	A, B
Company Limited
Berry Acres (Paignton) Management Company Limited	47	A, B
Bideford Management Company Limited	54	A, B
Bilberry Chase Residents Management Company	20	A, B
Limited

	Registered
Subsidiary	office	Notes
Birds Marsh View Chippenham Apartment	13	A, B
Resident Management Company Limited
Bishop Fields (Hereford) Management Company	20	A, B
Limited
Bishop Meadows Management Company Limited	8	A, B
Bishop’s Hill Residents Management Company Limited	23	A, B
Bishops Green (Wells) Management Company	30	A, B
Limited
Blackberry Park Residents Management Company	13	A, B
Limited
Blackdown Heights (Crimchard) Management	18	A, B
Company Limited
Blackhorse View Energy Centre Management Company	1	A, B
Blackhorse View Residents Management Company	86	A, B
Blackmore Down Management Company	81	A, B
(Shaftesbury) Limited
Blackthorn Management Company at Blossom	65	A, B
Park Limited
Blackwater Reach (Southminster) Management	52	A, B
Company Limited
Blaise Park Resident Management Company Limited	10	A, B
Bleriot Gate Addlestone Management Company	8	A, B
Limited
Blossom Park Management Company Limited	65	A, B
Blossomfields Residents Management Company	5	A, B
Limited
Bloxham Vale Management Company Limited	65	A, B
Bluebell Woods (Wyke) Management Company Limited	10	A, B
Blundells Grange Infrastructure Management	65	A, B
Company Limited
Blundells Grange Management Company Limited	65	A, B
Blythe House Management Company Limited	39	A, B
Bodington Manor (Adel) Management Company	9	A, B
Limited
Bowden Chase Residents Management Company	10	A, B
Limited
Bowds House Management Company Limited	54	A, B
Braid Park (Tiverton) Management Company Limited	40	A, B
Bramble Wood Residential Management Company	57	A, B
Limited
Brindley Park (Phase 2) Management Company Limited	8	A, B

33. Group subsidiary undertakings continued

214 Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernanceStrategic Report

Notes to the Financial Statements continued

52 weeks ended 29 June 2025

	Registered
Subsidiary	office	Notes
Brindsley (Old Mill Farm) Management Company	60	A, B
Limited
Brizen Management Company (Leckhampton) Limited	81	A, B
Broadstone Manor Diggle Apartments	18	A, B
Management Company Limited
Broadstone Manor Diggle Management Company	8	A, B
Limited
Broken Stone Road (Blackburn) Residents	57	A, B
Management Company Limited
Brooklands (Milton Keynes) Management	41	A, B
Company Limited
Brookside Meadows Phase 1B Residents	47	A, B
Management Company Limited
Brookwood Meadows (Westham) Management	57	A, B
Company Limited
Broughton Manor (Milton Keynes) Management	65	A, B
Company Limited
Brue Place Residents Management Company	10	A, B
Limited
Brun Lea Heights Resident Management Company	26	A, B
Limited
Bruneval Gardens (Wellesley) Management	10	A, B
Company Limited
Buckley Gardens (Melksham) Management	59	A, B
Company Limited
Buckshaw Village Management Company Limited	8	A, B
Bure Meadows (Aylsham) Management Company	10	A, B
Limited
Burlington Road Residents’ Management	1	A, B
Company Limited
Calder Grange (Billington) Management Company	8	A, B
Limited
Calder Rise Residents Management Company Limited	26	A, B
Canal Quarter Resident Management Company	16	A, B
Limited
Cane Hill Park (Gateway) Management Company	53	A, B
Limited
Canes Meadow (Brixton) Management Company	40	A, B
Limited
Canford Paddock (Poole) Management Company	46	A, B
Limited
Carleton Chase Resident Management Company	64	A, B
Limited

	Registered
Subsidiary	office	Notes
Carlton Green (Carlton) Management Company Limited	9	A, B
Carnegie Court Management Company (Bassaleg)	54	A, B
Limited
Castle Donington Residents Management	74	A, B
Company Limited
Castle Hill (DWH1) Residents Management	8	A, B
Company Limited
Castlegate & Mowbray Park Management	63	A, B
Company Limited
Cedar Ridge Management Company Limited	10	A, B
Central Area Heat Company Limited	12	A, B
Centurion Meadows (Burley) Management	54	A, B
Company Limited
Centurion Village Management Company Limited	57	A, B
Ceres Rise Residents Management Company Limited	16	A, B
Chalkers Rise (Peacehaven) Management	10	A, B
Company Limited
Chantry Mews Residents Management Company	26	A, B
Limited
Chapel Gate (Launceston) Management Company	40	A, B
Limited
Charfield Gardens Management Company Limited	10	A, B
Charlton Common Management Company (Filton)	65	A, B
Limited
Cherry Blossom Meadow (Newbury) Management	12	A, B
Company Limited
Cherry Management Company at Blossom Park	65	A, B
Limited
Churchfields (Green Hammerton) Management	75	A, B
Company Limited
Churchlands Management Company (Cardiff) Limited	57	A, B
Clarence Fields Management Company Limited	8	A, B
Clements Gate (Poringland 2) Management	54	A, B
Company Limited
Clipstone Park (Leighton Buzzard) Management	54	A, B
Company Limited
Coat Grove (Martock) Management Company Limited	40	A, B
Colindale Gardens (Blackheath and Bronze)	69	A, B
Management Company Limited
Colindale Gardens (Block C) Management	69	A, B
Company Limited

	Registered
Subsidiary	office	Notes
Colindale Gardens (Block W) Management	65	A, B
Company Limited
Colindale Gardens (Block X) Management	65	A, B
Company Limited
Colindale Gardens (Building G) Management	69	A, B
Company Limited
Colindale Gardens (Dianthus) Management	65	A, B
Company Limited
Colindale Gardens (Lassen & Newington)	69	A, B
Management Company Limited
Colindale Gardens (Maple & May) Management	69	A, B
Company Limited
Colindale Gardens Energy Management Company	65	A, B
Limited
Colindale Gardens Estate Management Company	69	A, B
Limited
Colliers Court (Speedwell) Management Company	13	A, B
Limited
Compass Point (Swanage Grammar School)	46	A, B
Management Company Limited
Compass Point (Swanage) Management Company	46	A, B
Limited
Constable Gardens (Residents) Management	14	A, B
Company Limited
Corinthian Place Management Company Limited	54	A, B
Cottam Gardens Resident Management Company	57	A, B
Limited
Cottenham Grove Management Company Limited	10	A, B
Cranberry Gardens (Congleton) Management	26	A, B
Company Limited
Cringleford Heights Management Company Limited	61	A, B
Croft Gardens (Phase 2) Management Company	12	A, B
Limited
Cromwell Court Management Company	18	A, B
(Basingstoke) Limited
Crown Hill View Management Company Limited	65	A, B
Crown Wharf Residents’ Management Company	1	A, B
Limited
Dale Side Meadows Management Company Limited	8	A, B
Daracombe Gardens Management Company Limited	54	A, B
Darenth House and Lord House Management	67	A, B
Company Limited

33. Group subsidiary undertakings continued

215Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernanceStrategic Report

Notes to the Financial Statements continued

52 weeks ended 29 June 2025

	Registered
Subsidiary	office	Notes
Daresbury Garden Village Management Company	8	A, B
Limited
Darwin Green Management Company Limited	54	A, B
Davenport House Management Company Limited	68	A, B
Davington Park (No 1) Management Company Limited	10	A, B
Davington Park (No 2) Management Company Limited	10	A, B
De Cheney Gardens Management Company Limited	30	A, B
De Clare Management Company (Hendredenny)	65	A, B
Limited
De Havilland Place (Hatfield) Limited	22	A, B
De Lacy Fields KM12 Management Company	5	A, B
Limited
Delamere Park (Nunney) Management Company	13	A, B
Limited
Dickens Gate (Staplehurst) Management	8	A, B
Company Limited
Dida Gardens (Didcot) Management Company	12	A, B
Limited
Donnington Heights (Newbury) Management	12	A, B
Company Limited
Doseley Park Residents Management Company	5	A, B
Limited
Dover Meadows (Maghull) Management Company	8	A, B
Limited
Drayton Meadows Management Company Limited	23	A, B
Drovers Court (Micklefield) Management	9	A, B
Company Limited
Dunmore Road (Abingdon) Management Company	47	A, B
Limited
Dunstall Park (Tamworth) Residents Management	20	A, B
Company Limited
Durose Country Park Management Company Limited	8	A, B
Earls Court Farm Worcester Residents	65	A, B
Management Company Limited
Earls Park Management Company Limited	30	A, B
East Ham Market Energy Centre Management Company	54	A, B
East Ham Market Residents Management Company	54	A, B
Eastman Village Energy Centre Management	1	A, B
Company Limited
Eastman Village Residents Management Company	1	A, B
Limited
Eaton Green Heights Management Company Limited	10	A, B

	Registered
Subsidiary	office	Notes
Ebbsfleet Green Estate Management Company Limited	68	A, B
Ecclesden Park (Angmering) Management	18	A, B
Company Limited
Edinburgh House Mill Apartments Management	67	A, B
Company Limited
Edwalton (Sharp Hill) Management Company Limited	54	A, B
Eldebury Place (Chertsey) Management Company	18	A, B
Limited
Elderflower Management Company at Blossom	65	A, B
Park Limited
Elderwood (Bannerdale) Management Company	9	A, B
Limited
Elm Green Management Company (Waterlooville)	65	A, B
Limited
Elm Tree Park (Rainworth) Management Company	9	A, B
Limited
Elworthy Place (Wiveliscombe) Management	47	A, B
Company Limited
Elysian Fields (Adel) Management Company Limited	10	A, B
Embden Grange (Tavistock) Management	40	A, B
Company Limited
Emmet’s Reach (Birkenshaw) Management	54	A, B
Company Limited
Ersham Park (Hailsham) Management Company	10	A, B
Limited
Fairfield (Stony Stratford) Management Company	41	A, B
Limited
Fairfield Croft Management Company Limited	63	A, B
Fairway Gardens (Rustington) Management	28	A, B
Company Limited
Farndon Meadow Management Company Limited	54	A, B
Farrier Place – Canford Paddock Phase 2 (Poole)	46	A, B
Management Company Limited
Ferris House Management Company Limited	54	A, B
Fiddington Management Company Limited	32	A, B
Filwood Park Management Company Limited	13	A, B
Finchwood Park Management Company Limited	7	A, B
Fleetwood Harbour Management Company	8	A, B
Limited
Folliott’s Manor Residents Management Company	20	A, B
Limited
Forest Walk, Whiteley Management Company Limited	48	A, B

	Registered
Subsidiary	office	Notes
Foundry Lea (Bridport) Management Company	59	A, B
Limited
Fox Meadows Management Company Limited	8	A, B
Fradley Manor Management Company Limited	20	A, B
Francis Fields (Frome) Management Company	59	A, B
Limited
Franklin Gardens (Darwin Green) Management	14	A, B
Company Limited
Freemen’s Meadow Residents Management	26	A, B
Company Limited
Frenchay Park (Apartment Block 1) Management	65	A, B
Company Limited
Frenchay Park (Apartment Block 2) Management	65	A, B
Company Limited
Frenchay Park (Apartment Block 3) Management	65	A, B
Company Limited
Frenchay Park (Apartment Block 4) Management	65	A, B
Company Limited
Frenchay Park (Apartment Block 8) Management	65	A, B
Company Limited
Frenchay Park Management Company Limited	65	A, B
Garnett Wharf (Otley) Management Company Limited	9	A, B
Gateway Residents Management Company Limited	58	A, B
Gerway Management Limited	40	A, B
Gilden Park (Old Harlow) Residents Management	8	A, B
Company Limited
Gillies Meadow (Basingstoke) Management	12	A, B
Company Limited
Gillingham Meadows Management Company	8	A, B
Limited
Gladstone Leigh Management Company Limited	8	A, B
Glenvale Park Management Company Limited	41	A, B
Glevum Green Management Company	81	A, B
(Gloucester) Limited
Goetre Uchaf Management Company Limited	10	A, B
Grace Fields (Hilton Grange) Management	8	A, B
Company Limited
Granby Meadows Management Company Limited	57	A, B
Grange Farm (Hartford) Management Company Limited	26	A, B
Grange Park (Hampsthwaite) Management	10	A, B
Company Limited

33. Group subsidiary undertakings continued

216 Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernanceStrategic Report

Notes to the Financial Statements continued

52 weeks ended 29 June 2025

		Registered
Subsidiary		office	Notes
Great Denham Park Phase 4 Residents Management		56	A, B
Company Limited
Great Dunmow Grange Management Company Limited		18	A, B
Great Milton Garden Park Management Company		65	A, B
(Llanwern) Limited
Greenways Management Company Limited		65	A, B
GWP Management Limited		65	A, B
H2363	Limited	59	A, B
Hackwood Management Company Limited		74	A, B
Hadley Grange Phase 4 Residents Management		10	A, B
Company Limited
Hallam Park Residents Management Company		23	A, B
Limited
Hamlet Park Management Company Limited		10	A, B
Hampden Meadows Residents Management		65	A, B
Company Limited
Hampton Water Management Company Limited		15	A, B
Hanwood Park Community Partnership Limited		17	A, B
Harbour Place (Bedhampton) Management		35	A, B
Company Limited
Harbourside (East Quay Apartments 13–21 &		29	A, B
31–39) Management Company Limited
Harclay Park Management Company Limited		57	A, B
Harlestone Grange (Dallington) Management		16	A, B
Company Limited
Harlow Gateway Limited		54	A, B
Hartley Brook (Netherton) Management		9	A, B
Company Limited
Harvest Rise Management Company		65	A, B
(Angmering) Limited
Haskins House Management Company Limited		54	A, B
Hawley Gardens Management Company Limited		36	A, B
Hawthorn Grove (Westham) Management		57	A, B
Company Limited
Hawthorn Rise (Newton Abbot) Management		54	A, B
Company Limited
Hayes Green Management Company Limited		54	A, B
Hayes Village Energy Centre Management		1	A, B
Company Limited
Hayes Village Resident Management Company Limited		1	A, B
Hazel Park Management Company Limited		65	A, B

	Registered
Subsidiary	office	Notes
Heather Croft (Pickering) Management	9	A, B
Company Limited
Hedera Gardens Resident Management	10	A, B
Company Limited
Helme Ridge (Meltham) Management	54	A, B
Company Limited
Henbrook Gardens Management Company Limited	20	A, B
Hendon Waterside Energy Centre Management	1	A, B
Company Limited
Hendon Waterside Residents Management	1	A, B
Company Limited
Henmore Gardens Management Company Limited	8	A, B
Heritage Fields Residents Management	65	A, B
Company Limited
Heron House (Wichelstowe) Management	54	A, B
Company Limited
Heronden Grange Management Company Limited	68	A, B
Hesslewood Park Management Company Limited	10	A, B
Hewenden Ridge (Cullingworth) Management	9	A, B
Company Limited
Hidcote House Management Company Limited	54	A, B
High Elms Park (Hullbridge) Management	9	A, B
Company Limited
High Forest (New Waltham) Management	10	A, B
Company Limited
High Street Quarter Energy Centre Management	1	A, B
Company Limited
High Street Quarter Residents Management	1	A, B
Company Limited
Highflyer Management Co. Ltd	56	A, B
Highgrove Gardens (Romsey) Management	46	A, B
Company Limited
Highwood Green Management Company Limited	68	A, B
Hillside Gardens (Orchard RW) Residents	40	A, B
Management Company Limited
Holly Bush Court Midsummer Meadow	10	A, B
Management Company Limited
Holly Lodge (Stoneycroft) Management	8	A, B
Company Limited
Holly View (St Dials) Management Company Limited	18	A, B

	Registered
Subsidiary	office	Notes
Hollygate Green (Hollygate Lane, Cotgrave)	16	A, B
Management Company Limited
Hollygate Park (Cotgrave) Management	16	A, B
Company Limited
Honeymans Helm (Highworth) Management	59	A, B
Company Limited
Hop Field Place Management Company (Alton) Limited	65	A, B
Hugglescote Grange (Redrow) Management	26	A, B
Company Limited
Infinity Park Derby Management Limited	1	A, B
Inglewhite Meadows Residents Management	8	A, B
Company Limited
Inkersall Road (Chesterfield) Management	9	A, B
Company Limited
Ivel Gardens Resident Management Company	65	A, B
Jenkins House Management Company Limited	54	A, B
Keeper’s Meadow Residents Management	23	A, B
Company Limited
Kennet Heath Management (No. 3) Limited	49	A, B
Kennett Heath Management Limited	8	A, B
Kilners Grange (Tongham) Management	10	A, B
Company Limited
Kingfisher Meadow (Horsford) Management	61	A, B
Company Limited
Kingfisher Meadows Residents Management	23	A, B
Company Limited
Kings Chase Residents Management Company Limited	25	A, B
Kings Lodge (Hatfield) Management Company Limited	54	A, B
Kings Meadow Residents Management	10	A, B
Company Limited
Kingsbourne (Nantwich) Community Management	8	A, B
Company Limited
Kingsbourne (Nantwich) Community Management	8	A, B
Company Limited
Kingsbrook Estate Management Company Limited	16	A, B
Kingsdown Gate (Swindon) Management	13	A, B
Company Limited
Kingsland Park Management Company Limited	65	A, B
Kingsley Manor Management Company Limited	57	A, B
Kingston Grange House Management	6	A, B
Company Limited

33. Group subsidiary undertakings continued

217Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernanceStrategic Report

Notes to the Financial Statements continued

52 weeks ended 29 June 2025

	Registered
Subsidiary	office	Notes
Kingston Heights Energy Management	65	A, B
Company Limited
Kipling Road (Ledbury) Residents Management	20	A, B
Company Limited
Knightlow Park Management Company Limited	10	A, B
Knights Park (Watton) Management Company Limited	54	A, B
Knights Rise (Temple Cloud) Management	30	A, B
Company Limited
Knights View (Landgold) Management	54	A, B
Company Limited
KP (Macclesfield) Residents Management	26	A, B
Company Limited
KW (Site B) Management Company Limited	12	A, B
Ladden Garden Village Apartment Blocks BCD	30	A, B
Management Company Limited
Ladden Garden Village Management Company Limited	30	A, B
Lancaster Gardens (Phase 2) Management	63	A, B
Company Limited
Lancaster Gardens Management Company Limited	63	A, B
Langham Mews Management Company Limited	44	A, B
Langley Grange Management Company Limited	75	A, B
Languard View (Dovercourt) Residents	14	A, B
Management Company Limited
Lapwing Green Resident Management	12	A, B
Company Limited
Lavant Views Management Company	8	A, B
(Chichester) Limited
Lavender Grange (Stondon) Residential	48	A, B
Management Company Limited
Lavendon Fields (Olney) Residents Management	57	A, B
Company Limited
Lawsonstead Management Company Limited	8	A, B
Lay Wood (Devizes) Management Company Limited	13	A, B
Ledsham Garden Village Management	8	A, B
Company Limited
Leestone Park Resident Management	65	A, B
Company Limited
Letcombe Gardens (Grove) Management	47	A, B
Company Limited
Lichfield City Wharf (Offices) Management	72	A, B
Company Limited

	Registered
Subsidiary	office	Notes
Lightmakers Sydenham Residents’ Management	1	A, B
Company Limited
Linmere (Houghton Regis) Residents	54	A, B
Management Company Limited
Lock Keeper’s Gate (Low Barugh) Management	10	A, B
Company Limited
Locksbridge Park (Andover) Management	12	A, B
Company Limited
Lockwood Fields (Chidswell) Management	10	A, B
Company Limited
Lodge Park Management Company Limited	10	A, B
Lord House Management Company Limited	68	A, B
Low Street (Sherburn in Elmet) Management	71	A, B
Company Limited
Lubbesthorpe R5 Management Company Limited	60	A, B
Lucas Gardens Resident Management	65	A, B
Company Limited
Lucerne Fields (Ivybridge) Management	40	A, B
Company Limited
Luneside Mills (Apartments) Management	8	A, B
Company Limited
Luneside Mills Management Company Limited	8	A, B
Lyde View Residents Management Company Limited	10	A, B
Lymington (Bridge Road) Management	82	A, B
Company Limited
Macclesfield Road Management Company Limited	64	A, B
Madgwick Park Management Company Limited	46	A, B
Mallard Meadows Residents Management	56	A, B
Company Limited
Mandeville Crescent Management Company Limited	65	A, B
Manor Court Management Company (Rainham)	10	A, B
Limited
Manor Park (Rainham) Management Company Limited	10	A, B
Manor Place Management Company (Angmering)	65	A, B
Limited
Maple and Willow Management Company at Westley Green Limited	10	A, B
Maple Walk Management Company (Liphook) Limited	18	A, B
Marham Park Management Company Limited	18	A, B
Market Warsop (Stonebridge Lane) Management	16	A, B
Company Limited

	Registered
Subsidiary	office	Notes
Marston Park (Marston Moretaine) Management	41	A, B
Company Limited
Martello Lakes (Barratt) Resident Management	8	A, B
Company Limited
Martello Lakes (Hythe) Resident Management	8	A, B
Company Limited
Martingale Chase (Newbury) Management	8	A, B
Company Limited
Matrix Office Park Management Company Limited	65	A, B
Matrix Park (Plot 1100) Management Company	65	A, B
Limited
Matrix Park (Plot 3100) Management Company Limited	65	A, B
Matrix Park (Plot 3300) Management Company Limited	8	A, B
Matrix Park Management Company Limited	65	A, B
Meadow Gardens Management Company (Yapton)	65	A, B
Limited
Meadow Vale (Bradley Villa) Management	57	A, B
Company Limited
Meadow View Silver End Estate Management	10	A, B
Company Limited
Meadow View Watchfield Management	13	A, B
Company Limited
Meadowbrook (Tattenhall) Management	65	A, B
Company Limited
Meadowburne Place (Willingdon) Management	54	A, B
Company Limited
Meadowfields (Boroughbridge) Management	9	A, B
Company Limited
Melton Mowbray (Kirby Lane) Management	60	A, B
Company Limited
Merlin Gate (Newent) Management Company Limited	50	A, B
Mill Brook (Westbury) Management Company Limited	59	A, B
Mill Hill Bingham Management Company Limited	65	A, B
Mill Meadows Management Company	65	A, B
(Sudbrook) Limited
Millbrook Park (Phase 9) Energy Centre	1	A, B
Management Company Limited
Millbrook Park (Phase 9) Residents’ Management	1	A, B
Company Limited
Millfields (Hackbridge) Management Company Limited	65	A, B
Millstone View Management Company Limited	65	A, B
Millview Park Management Company Limited	65	A, B

33. Group subsidiary undertakings continued

218 Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernanceStrategic Report

Notes to the Financial Statements continued

52 weeks ended 29 June 2025

	Registered
Subsidiary	office	Notes
Minerva (Apartments) Management Company Limited	40	A, B
Monarchs Keep (Bursledon) Management	46	A, B
Company Limited
Monchelsea Park (Bicknor House) Management	68	A, B
Company Limited
Monchelsea Park (Sutton House) Management	68	A, B
Company Limited
Monchelsea Park Management Company Limited	68	A, B
Monkton Heathfield Management Company Limited	65	A, B
Montague Park No2 (Buckhurst Farm)	12	A, B
Management Company Limited
Monument House Management Company Limited	54	A, B
Moorland Gate (Bishops Lydeard) Management	50	A, B
Company Limited
Morgan Court Management Company	54	A, B
(Churchlands) Limited
Mortimer Park (Driffield) Management Company	9	A, B
Limited
Mortimer Park Phase 2 and Porters Way	57	A, B
Residential Management Company Limited
Mortimer Place (Hatfield Peverel) Residents	14	A, B
Management Company Limited
Morton Meadows (Thornbury) Management	50	A, B
Company Limited
Mulberry Park Estate Management Company Limited	8	A, B
Nant Y Castell (Caldicot) Management	54	A, B
Company Limited
Needham’s Grange Residents Management	20	A, B
Company Limited
Needingworth Park Residents Management	56	A, B
Company Limited
Nerrols Grange (Taunton) Management	13	A, B
Company Limited
Netherwood (Darfield) Management	54	A, B
Company Limited
New Heritage (Bordon) Management	46	A, B
Company Limited
New Mill Quarter (BL) Residents Management	8	A, B
Company Limited
New Mill Quarter Estate Resident Management	8	A, B
Company Limited
Newbery Corner Management Company Ltd	43	A, B

	Registered
Subsidiary	office	Notes
Newton Garden Village Management	65	A, B
Company Limited
Nicker Hill (Redrow) Management Company Limited	65	A, B
Nightingale Woods (Wendover) Residential	42	A, B
Management Company Limited
Niveus Walk Management Company Limited	7	A, B
North Abington Management Company Limited	47	A, B
Northfield Park (Patchway) Management	32	A, B
Company Limited
Northop Park Management Company Limited	26	A, B
Northstowe Residents Management Company Limited	54	A, B
Northwalls Grange (Taunton) Management	30	A, B
Company Limited
Norton Farm Management Company Limited	20	A, B
Notton Wood View (Royston) Management	54	A, B
Company Limited
Nursery Fields (North Bersted)	57	A, B
Management Company
Oak and Sycamore Management Company	10	A, B
at Westley Green Limited
Oak Hill Mews Management Company Limited	20	A, B
Oak Leigh Gardens (Barrow) Management	8	A, B
Company Limited
Oakfield Village Estate Management Company Limited	16	A, B
Oaklands (Pontefract) Management Company Limited	9	A, B
Oaklands Park (Ashbourne) Management	74	A, B
Company Limited
Oaklands Park Thundersley Management	10	A, B
Company Limited
Oakleigh Fields Cliffe Woods Management	65	A, B
Company Limited
Oakwood Fields Management Company Limited	8	A, B
Oatley Park Management Company Limited	62	A, B
Okement Park (Okehampton) Management	54	A, B
Company Limited
Oldfield Park (Poulton) Management Company	8	A, B
Limited
Olive Park Residents Management Company Limited	17	A, B
Orchard 1 Management Company Limited	10	A, B
Orchard Gate (Kingston Bagpuize) Management	18	A, B
Company Limited
Orchard Green Estate Management Company Limited	16	A, B

	Registered
Subsidiary	office	Notes
Orchard Meadows (Appleton) Management	45	A, B
Company Limited
Orchid Place Management Company	65	A, B
(Warfield) Limited
Orleigh Cross Management Company	49	A, B
(Newton Abbot) Limited
Oughtibridge Valley (Oughtibridge) Management	9	A, B
Company Limited
Overstone Gate Residents Management	56	A, B
Company Limited
Padcroft (West Drayton) Energy Management	69	A, B
Company Limited
Padcroft (West Drayton) Management	69	A, B
Company Limited
Paddock Green (East Hoathly) Management	65	A, B
Company Limited
Parc Coleg Management Company (Caerleon) Limited	65	A, B
Parc Elisabeth Management Company	65	A, B
(Newport) Limited
Parc Fferm Wen (St Athan) Management	54	A, B
Company Limited
Parish Brook Residents Management Company Limited	32	A, B
Parisian Court at Rosedale Park Management	18	A, B
Company Limited
Park Farm (Thornbury) Community Interest Company	30	A, B
Park View Hinckley Management Company Limited	65	A, B
Patch Meadows (Somerton) Management	30	A, B
Company Limited
Pates House Management Company Limited	39	A, B
Pavilion Square (Phase 2) Management	63	A, B
Company Limited
Pavilion Square (Pocklington) Management	63	A, B
Company Limited
Pear Tree Meadows Management Company Limited	8	A, B
Peasedown Meadows Management Company Limited	30	A, B
Pebble Walk (Hayling Island) Management	54	A, B
Company Limited
Pembridge Park (Phase 2) Management	26	A, B
Company Limited
Pembroke Park (Cirencester) Management	30	A, B
Company Limited
Pen Bethan (Falmouth) Management Company Limited	18	A, B

33. Group subsidiary undertakings continued

219Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernanceStrategic Report

Notes to the Financial Statements continued

52 weeks ended 29 June 2025

	Registered
Subsidiary	office	Notes
Penndrumm (Looe) Management Company Limited	40	A, B
Pennine Grange Management Company Limited	65	A, B
Penning Ridge (Penistone) Management	9	A, B
Company Limited
Pentref Llewelyn (Penllergaer) Management	10	A, B
Company Limited
Perry Court (Faversham) Management	54	A, B
Company Limited
Phase 3 Clark Drive 2 LGV Management	32	A, B
Company Limited
Phase 3 Clark Drive LGV Management	32	A, B
Company Limited
Phoenix And Scorseby Park Management	63	A, B
Company Limited
Phoenix Quarter — Apt — Management	49	A, B
Company Limited
Phoenix Quarter Estate Management Company Limited	49	A, B
Pilgrims Chase Resident Management	73	A, B
Company Limited
Pine and Cedar Management Company at Westley	10	A, B
Green Limited
Pinewood Park (Formby) Management	57	A, B
Company Limited
Pinn Brook Park (Monkerton) Management	40	A, B
Company Limited
PL2 Plymouth (2016) Limited	40	A, B
Plasdwr Management Company Limited	77	A, B
Platinum Place Trowbridge Management	13	A, B
Company Limited
Plaza Court Ebbsfleet Management Company Limited	68	A, B
Poets Grange Apartments Management	54	A, B
Company Limited
Polden Orchard Management Company	65	A, B
(Puriton) Limited
Poppy Fields (Cottingham) Management	63	A, B
Company Limited
Poppy Fields (Rotherham) Management	65	A, B
Company Limited
Portman Square West Village Reading	12	A, B
Management Company Limited
Preston Fields Management Company Limited	65	A, B
Priestley House Management Company Limited	54	A, B

	Registered
Subsidiary	office	Notes
Primrose Gardens Resident Management	65	A, B
Company Limited
Priory Fields (Pontefract) Management	10	A, B
Company Limited
Priory Park and Church View Management	65	A, B
Company Limited
Prospect Rise (Whitby) Management Company Limited	63	A, B
Quarter Jack Park (Wimborne) Management	46	A, B
Company Limited
Quarter Jack Park Management Company Limited	55	A, B
Quorn Lodge Residents Management Company	26	A, B
Raleigh Holt (Barnstaple) Management	47	A, B
Company Limited
Ramsey Park Residents Management Company Limited	56	A, B
Ratio 1 Management Company Limited	67	A, B
Ratio 2 Management Company Limited	67	A, B
Ratio 3 Management Company Limited	67	A, B
Ratio 4 Management Company Limited	67	A, B
Ratio 5 Management Company Limited	67	A, B
Ravenhill Park Management Company Limited	20	A, B
Rayne Gardens Management Company Limited	68	A, B
Redhayes Management Company Limited	40	A, B
Redrow@Cityfields Management Company Limited	8	A, B
Redwood Heights (Plymouth) Management	40	A, B
Company Limited
Regents Court Bishops Stortford Management	10	A, B
Company Limited
Regents Quay Management Company Limited	68	A, B
Residents Management Company (Beaconside) Limited	57	A, B
Richmond Park (Whitfield) Residents Management	8	A, B
Company Limited
Ridgeway Views Energy Centre Management	54	A, B
Company Limited
Ridgeway Views Residents Management Company	54	A, B
River Meadow Barratt (Stanford in the Vale)	12	A, B
Management Company Limited
River Whitewater Management Company	10	A, B
(Hook) Limited
Riverdown Park (Salisbury) Management	54	A, B
Company Limited

	Registered
Subsidiary	office	Notes
Riverside Grange (Farmbridge) Management	9	A, B
Company Limited
Riverwalk Apartments (Kingston) Management	69	A, B
Company Limited
Roman Walk (Minster) Resident Management	11	A, B
Company Limited
Romans Edge Godmanchester Management	54	A, B
Company Limited
Romans Walk Webheath Management	65	A, B
Company Limited
Romans’ Quarter (Bingham) Residential	16	A, B
Management Company Limited
Romans Quarter (Gillingham) Residents	55	A, B
Management Company Limited
Romansfield Management Company	81	A, B
(Okehampton) Limited
Rose and Lillies Residents Management	57	A, B
Company Limited
Rosewood Park Bexhill Residents Management	3	A, B
Company Limited
Rothley Lodge Residents Management	26	A, B
Company Limited
Roundhill Gardens Residents Management	57	A, B
Company Limited
Roundwood (Garforth) Management Company Limited	8	A, B
Russet Park Residential Management	57	A, B
Company Limited
RV North Petherton Residents Management	32	A, B
Company Limited
Ryarsh Park Management Company Limited	10	A, B
Ryebank Gate (Yapton) Management	28	A, B
Company Limited
Saddleworth View Management Company Limited	8	A, B
Salters Brook (Cudworth) Management	54	A, B
Company Limited
Sanderling Park Management Company Limited	8	A, B
Sanderson Park Resident Management Company	76	A, B
Sandridge Place (Melksham) Management	10	A, B
Company Limited
Saunderson Gardens Management Co Limited	10	A, B
Sawbridge Park (Sawbridgeworth) Management	16	A, B
Company Limited

33. Group subsidiary undertakings continued

220 Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernanceStrategic Report

Notes to the Financial Statements continued

52 weeks ended 29 June 2025

	Registered
Subsidiary	office	Notes
Saxon Corner (Emsworth) Management	46	A, B
Company Limited
Saxon Dean (Silsden) Management	10	A, B
Company Limited
Saxon Fields (Cullompton) Management	40	A, B
Company Limited
Saxon Fields (Thanington) Management	11	A, B
Company Limited
Saxon Gate (Stamford Bridge) Management	63	A, B
Company Limited
Saxon Meadows (Market Harborough)	8	A, B
Management Company Limited
Saxon Woods Management Company Limited	10	A, B
Scholars Walk Management Company	54	A, B
(Hereford) Limited
Scotgate Ridge (Honley) Management	54	A, B
Company Limited
Shaftmoor Land Residents Management	20	A, B
Company Limited
Sholden Meadows (Deal) Resident Management	11	A, B
Company Limited
Silkwood Gate (Wakefield) Management	9	A, B
Company Limited
Silverbrook Meadow Residents Management	65	A, B
Company Limited
Somerhill Green Management Company Limited	10	A, B
Spinney Fields Residents Management	5	A, B
Company Limited
Spitfire Green (Manston) Residents Management	49	A, B
Company Limited
Spring Valley View (Clayton) Management	10	A, B
Company Limited
Springfield Place Resident Management	54	A, B
Company Limited
Springfields (Highburton) Management	65	A, B
Company Limited
St Andrews Park 1 Limited	68	A, B
St Andrews Park 2 Limited	68	A, B
St Andrews Park 3 Limited	68	A, B
St Andrews Park 4 Limited	68	A, B
St Andrews Park 5 Limited	68	A, B

	Registered
Subsidiary	office	Notes
St Andrews View (Morley) Management Co.	54	A, B
Limited
St David’s Meadow Management Company	78	A, B
(Colwinston) Limited
St James Gardens (Wick) Management	29	A, B
Company Limited
St James Management Company Limited	9	A, B
St Johns View Residents Management	57	A, B
Company Limited
St Mary’s Park (No. 3) Management Company	49	A, B
Limited
St Nicholas Mews Basildon Management	10	A, B
Company Limited
St Rumbolds Fields Management Company Limited	16	A, B
St. Andrews Park 6 Limited	68	A, B
St. Andrews Park 7 Limited	68	A, B
St. Andrews Place (Morley) Management Co. Limited	54	A, B
St. John’s Walk (Hoylandswaine) Management	54	A, B
Company Limited
St. John's Mews (Wakefield) Management	8	A, B
Company Limited
St. Mary’s Park (Hartley Wintney) Management	54	A, B
Company Limited
St. Michael's Meadow Management Company	65	A, B
(Alphington) Limited
St. Oswald’s View (Methley) Management	9	A, B
Company Limited
Stallard House Management Company Limited	39	A, B
Steeple Chase Management Company	49	A, B
(Calne) Limited
Stewarts Reach and Wolds View Residential	9	A, B
Management Company Limited
Stone Hill Meadow Management Company Limited	65	A, B
Stoney Chase Management Company Limited	66	A, B
Stotfold Park Management Company Limited	10	A, B
Summersfield (Papworth) Management	41	A, B
Company Limited
Sundial Place Residents Management	57	A, B
Company Limited
Sutton Woods Management Company Limited	68	A, B
Swallows Field (Hemel Hempstead) Management	22	A, B
Company Ltd

	Registered
Subsidiary	office	Notes
Swan Mill (Newbury) Management Company Limited	12	A, B
Swanland Heights Management Company Limited	57	A, B
Swinbrook Park (Carterton) Management	12	A, B
Company Limited
Switherland Lodge Residents Management	26	A, B
Company Limited
Sycamore Manor (Whittle-le-Woods) Management	8	A, B
Company Limited
Sydney Place (Crewe) Management Company Limited	57	A, B
Tabley Green Management Company Limited	8	A, B
Tabley Park Residents Management Company Limited	8	A, B
Talbot and Clockmakers Management Company Limited	23	A, B
Tarka Ridge (Yelland) Management Company Limited	47	A, B
Tascroft Rise Phase 3 Management Company	10	A, B
(Warminster) Limited
Tascroft Rise Phase 4 Management Company	10	A, B
(Warminster) Limited
Taylor's Chase Management Company Limited	8	A, B
Templar’s Chase (Wetherby) Management	9	A, B
Company Limited
Temple Wharf Management Company Limited	10	A, B
Temple Woods Management Company Limited	10	A, B
The Acorns (Altrincham) Management	66	A, B
Company Limited
The Acorns and Hunters Wood Management	54	A, B
Company Limited
The Belt Open Space Management Co Limited	63	A, B
The Brambles Dunmow Management	10	A, B
Company Limited
The Bridleways (Eccleshill) Management	54	A, B
Company Limited
The Causeway Park (Petersfield) Management	34	A, B
Company Limited
The Chase (Newbury) Management	12	A, B
Company Limited
The Chocolate Works Management Company Limited	37	A, B
The Coppice Sutton Road Maidstone Management	68	A, B
Company Limited
The Courtyard (Darwin Green) Management	16	A, B
Company Limited
The Elms (Wells) Management Company Limited	59	A, B

33. Group subsidiary undertakings continued

221Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernanceStrategic Report

Notes to the Financial Statements continued

52 weeks ended 29 June 2025

	Registered
Subsidiary	office	Notes
The Fairways Herne Bay Management	68	A, B
Company Limited
The Finches (Hilton Grange) Management	8	A, B
Company Limited
The Furlongs (Westergate) Management	46	A, B
Company Limited
The Glassworks (Catcliffe) Management	10	A, B
Company Limited
The Grange (Lightcliffe) Management	10	A, B
Company Limited
The Hamlets Management Company Limited	55	A, B
The Harringtons Management Company	49	A, B
(Exeter) Limited
The Hedgerows (Clayton) Management	8	A, B
Company Limited
The Hoplands Management Company Limited	68	A, B
The Hunters and Weavers Management	26	A, B
Company Limited
The Lakes (Curborough) Management	65	A, B
Company Limited
The Lakes Management Company	13	A, B
(South Cerney) Limited
The Landings (Manston) Management	65	A, B
Company Limited
The Lanes Springfield Residents’ Management	1	A, B
Company Limited
The Lawns (Kennington Road) Management	10	A, B
Company Limited
The Lawns Preston Hall Management	10	A, B
Company Limited
The Library (Darwin Green) Management	16	A, B
Company Limited
The Loftings Management Company	8	A, B
(Maidenhead) Limited
The Maltings (Haddenham) Management	65	A, B
Company Limited
The Maltings Management Company	54	A, B
(Llantarnam) Limited
The Maples Buntingford Management	10	A, B
Company Limited
The Meads (Frampton Cotterell) Management	13	A, B
Company Limited
The Mill at Springfield Management Company Limited	68	A, B

	Registered
Subsidiary	office	Notes
The Mounts Residents Management	5	A, B
Company Limited
The Nook (Etwall) Management Company Limited	65	A, B
The Old Meadow Management Company Limited	47	A, B
The Orchards (Hildersley) Management	10	A, B
Company Limited
The Paddocks (Skelmanthorpe) Management	10	A, B
Company Limited
The Paddocks (Southmoor) Management	12	A, B
Company Limited
The Parklands (Birmingham) Management	65	A, B
Company Limited
The Parsonage Marden Management	68	A, B
Company Limited
The Pastures (Knaresborough) Management	63	A, B
Company Limited
The Pastures Residents Management	10	A, B
Company Limited
The Pavilions Management Company	46	A, B
(Southampton) Limited
The Pavilions Resident Management	57	A, B
Company Limited
The Pearls Residents Management	20	A, B
Company Limited
The Point (Thorpe) Management Company Limited	66	A, B
The Poppies (Maidstone) Residents Management	8	A, B
Company Limited
The Shires Bulphan Estate Management	68	A, B
Company Limited
The Spires (Chesterfield) Management	26	A, B
Company Limited
The Stables (Hollygate Lane, Cotgrave)	16	A, B
Management Company Limited
The Steeples (Barton) Management Company Limited	54	A, B
The Vineyards Management Company Limited	30	A, B
The Watchmakers Residents Management	20	A, B
Company Limited
The West Works (Southall) Energy Management	54	A, B
Company Limited
The West Works (Southall) Management	54	A, B
Company Limited

	Registered
Subsidiary	office	Notes
The Woodlands (Sturry) Management	11	A, B
Company Limited
The Woodlands Residential Management	57	A, B
Company Limited
Thornbury Gardens Dinnington Management	10	A, B
Company Limited
Tinkinswood Green Management Company Limited	54	A, B
Tranby Fields Management Company Limited	10	A, B
Treledan (Saltash) Management Company Limited	54	A, B
Trumpington (Phase 8—11) Management Company	10	A, B
Limited
Trumpington Meadows Residents Management	10	A, B
Company Limited
Trumpington Vista Management Company Limited	16	A, B
Tudor Meadow Resident Management	65	A, B
Company Limited
Ty Newydd Management Company (Wrexham) Limited	10	A, B
Union Park (Falmouth) Management Company Limited	40	A, B
Upton Gardens Energy Centre Management Company	1	A, B
Upton Gardens Residents Management Company	54	A, B
Vicarage Fields Management Company Limited	68	A, B
Victoria Heights (Alphington) Management	40	A, B
Company Limited
Wadsworth Gardens (Cleckheaton) Management	54	A, B
Company Limited
Waite House Management Company Limited	1	A, B
Waldmers Wood Management Company Limited	57	A, B
Warboys Management Company Limited	38	A, B
Waterside Affinity (Waverley) Management	10	A, B
Company Limited
Waterside (The Quays Barry) Management	29	A, B
Company Number 1 Limited
Waterside (The Quays Barry) Management	29	A, B
Company Number 2 Limited
Waterside (The Quays Barry) Management	29	A, B
Company Number 3 Limited
Waterside Reach Management Company Limited	10	A, B
Waterside Trentham Residents Management	57	A, B
Company Limited
Watkin Road Energy Centre Management Company	54	A, B
Watkin Road Residents Management Company	54	A, B

33. Group subsidiary undertakings continued

222 Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernanceStrategic Report

Notes to the Financial Statements continued

52 weeks ended 29 June 2025

Notes to the Financial Statements continued

52 weeks ended 29 June 2025

	Registered
Subsidiary	office	Notes
Watling House Management Company Limited	67	A, B
Wayland Fields Residents Management	61	A, B
Company Limited
WBD (Kingsway Management) Limited	1	A, B
Weavers Chase (Golcar) Management	9	A, B
Company Limited
Webheath (Redditch) Management Company Limited	54	A, B
Wedgwood Residents Management Company Limited	5	A, B
Wellington Place (Fradley) Management	65	A, B
Company Limited
Wendel View Residents Management	10	A, B
Company Limited
Westbourne Place Energy Management	13	A, B
Company Limited
Westbourne Place Management Company Limited	13	A, B
Westbridge Park (Auckley) Management	26	A, B
Company Limited
Westgate House Ebbsfleet Management	68	A, B
Company Limited
Westley Green Management Company Limited	10	A, B
Westminster View (Clayton) Management	10	A, B
Company Limited
Weston Meadows, Calne Management	50	A, B
Company Limited
Whalley Road (Barrow) Management	8	A, B
Company Limited
Whatman House Management Company Limited	67	A, B
White Lias House Management Company Limited	6	A, B
White Post Farm Midsomer Norton Management	32	A, B
Company Limited
Whitehall Grange (New Farnley) Management	65	A, B
Company Limited
Whittingham Residents Management	64	A, B
Company Limited
Whittlesey Lakeside (Cambridge) Management	21	A, B
Company Limited
Wichelstowe Estate Management CIC	1	A, B
Wigmore Park Management Company Limited	10	A, B
Willow Grove (Stopsley) Management	8	A, B
Company Limited
Willow Grove (Wixams) Management Company Limited	41	A, B
Willow Lane (Beverley) Management	63	A, B
Company Limited

	Registered
Subsidiary	office	Notes
Willow Lane (Beverley) Phase 2 Management	19	A, B
Company Limited
Willowmead (Wiveliscombe) Management	31	A, B
Company Limited
Winkleigh Cross Management Company Limited	49	A, B
Winnington View Management Company Limited	26	A, B
Winnington Village Community Management	26	A, B
Company Limited
Winnycroft Residents Management Company Limited	13	A, B
Withies Bridge Management Company Ltd	30	A, B
Woburn View Residents Management	65	A, B
Company Limited
Woodborough Grange Management Company	10	A, B
(Winscombe) Limited
Woodford Garden Village Management	8	A, B
Company Limited
Woodhall Grange Management Company Limited	63	A, B
Woodland Chase (Eccleston) Management	65	A, B
Company Limited
Woodland Heath Residential Management	61	A, B
Company Limited
Woodland View (Prestwich) Management	8	A, B
Company Limited
Woodlands Grange Management Company	10	A, B
(Port Sunlight) Limited
Woodlands Green Staplehurst Management	70	A, B
Company Limited
Woodside Link (Linmere) Residents Management	54	A, B
Company Limited
Worden Gardens (The Altons Block 1)	8	A, B
Management Company Limited
Worden Gardens (The Altons Block 2)	8	A, B
Management Company Limited
Worden Gardens Management Company Limited	8	A, B
Worden Hall (Buckshaw Village) Management	8	A, B
Company Limited
Wrexham Road Garden Village Management	8	A, B
Company Limited
Wychwood Park (Haywards Heath) Management	28	A, B
Company Limited
Yew Gardens Management Company Limited	8	A, B
Yew Tree Park Management Company Burscough	8	A, B
Limited
York House Springfield Management Company Limited	65	A, B

33. Group subsidiary undertakings continued

223Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernanceStrategic Report

Notes to the Financial Statements continued

52 weeks ended 29 June 2025

33. Group subsidiary undertakings continued

Other subsidiary entities:

	Registered		Class of	% of shares
Subsidiary	office	Notes	share held	owned
Base East Central Rochdale LLP	1	A	N/A	N/A
Base Hattersley LLP	1	A	N/A	N/A
Base Regeneration LLP	1	A	N/A	N/A
Base Werneth Oldham LLP	1	A	N/A	N/A
BLLQ LLP	1	A	N/A	N/A
BLLQ2 Limited	1	A	Ordinary	100%
SQ Holdings Limited	53	A	Ordinary	90%
Vizion (MK) Properties LLP	1	A	N/A	N/A
Ash Tree Court Management Co. Ltd	1	A, D	Ordinary	0%
Aspects Management Company Limited	27	A	Ordinary	50%
Buckshaw Village Management Company Limited	8	A	Ordinary	50%
Foxcote Mead Management Company Limited	1	A	Ordinary	100%
GWQ Management Limited	58	A, C	Ordinary	0%
Hackremco (No.2518) Limited	65	A, E	Ordinary	100%
Hazelmere Management Company Limited	1	A, D	Ordinary	0%
Interlink Park Management Company Limited	1	A, D	Ordinary	0%
Kingston Heights Energy Management	65	A	Ordinary	100%
Company Limited
Lingley Estates Limited	65	A, E	Ordinary	100%
Meridian Business Park Extension Management	1	A, C	Ordinary	2%
Company Limited
Newbury Racecourse Management Limited	12	A, D	Ordinary	0%
Nottingham Business Park Management	1	A, C	Ordinary	2%
Company Limited
Nottingham Business Park (Orchard Place)	1	A, C	Ordinary	2%
Management Company Limited
Optimus Point Management Company Limited	1	A, C	Ordinary	0%
Pye Green Management Company Limited	20	A, C	Ordinary	17%
Riverside Exchange Management Company Limited	1	A, C	Ordinary/	22%
			preference
Runshaw Management Company Limited	8	A	Ordinary	100%
Stoneyfield Management Limited	1	A	Ordinary	100%
The Parklands (Birmingham) Management Company	65	A, C	Ordinary	1%
Limited
WBD (Riverside Exchange Sheffield B) Limited	1	A, C	Ordinary	100%
WBD Riverside Sheffield Building K Limited	1	A, C	Ordinary	100%
West Village Reading Management Limited	10	A, D	Ordinary	0%

Registered Office

1. Barratt House, Cartwright Way, Forest Business Park, Bardon Hill, Coalville, Leicestershire LE67 1UF

2. Third Floor, Building 7 Maxim Office Park, Parklands Avenue, Holytown, Motherwell, United Kingdom, ML1 4WQ

3. 75 Findleys Of Cooden, Cooden Sea Road, Bexhill-on-Sea TN39 4SL

4. Barratt East London, 3rd Floor Press Centre, Here East, 13 East Bay Lane, Stratford, London E15 2GW

5. One Eleven, Edmund Street, Birmingham, West Midlands B3 2HJ

6. Principle Estate Services Limited, 137 Newhall Street, Birmingham B3 1SF

7. Discovery House, Crossley Road, Stockport, Greater Manchester SK4 5BH

8. RMG House, Essex Road, Hoddesdon, Hertfordshire EN11 0DR

9. Gateway House, 10 Coopers Way, Southend-on-Sea, Essex SS2 5TE

10. Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire HP2 7DN

11. Weald House, 88 Main Road, Sundridge, Kent TN14 6ER

12. Cygnet House, Cygnet Way, Hungerford, Berkshire RG17 0YL

13. Units 1, 2 & 3 Beech Court, Wokingham Road, Hurst, Reading RG10 0RU

14. Barratt House, 7 Springfield Lyons Approach, Chelmsford, Essex CM2 5EY

15. The Maltings, Hyde Hall Farm, Sandon, Hertfordshire SG9 0RU

16. 2 Hills Road, Cambridge, Cambridgeshire CB2 1JP

17. Unit A5, Optimum Business Park, Optimum Road, Swadlincote, Derbyshire DE11 0WT

18. Fisher House, 84 Fisherton Street, Salisbury SP2 7QY

19. 6 Alpha Court, Monks Cross Drive, York, North Yorkshire YO32 9WN

20. 60 Whitehall Road, Halesowen B63 3JS

21. Watsons, 18 Meridian Business Park, Norwich, England, NR7 0TA

22. Wellstones House, Wellstones, Watford, Hertfordshire WD17 2AF

23. Remus 2, 2 Cranbook Way, Solihull Business Park, Solihull, West Midlands B90 4GT

24. Wallis House, Great West Road, Brentford, Middlesex TW8 9BS

25. Firstport Property Services Limited, Marlborough House, Wigmore Place, Wigmore Lane, Luton LU2 9EX

26. Chiltern House, 72–74 King Edward Street, Macclesfield, Cheshire SK10 1AT

27. 1 Bow Churchyard, London EC4M 9DQ

28. 41a Beach Road, Littlehampton, West Sussex DN17 5JA

29. Copse Walk, Cardiff Gate Business Park, Cardiff, South Glamorgan, Wales, CF23 8RH

30. Unit 2, Beech Court, Wokingham Road, Hurst, Twyford, Berkshire RG10 0RQ

31. 5 New Park House, Peel Hall Business Village, Peel Road, Blackpool, Lancashire FY4 5JX

32. Barratt House, 710 Waterside Drive, Aztec West, Almondsbury, Bristol BS32 4UD

33. Whittington Hall, Whittington Road, Worcester WR5 2ZX

34. Building 4, Dares Farm Business Park, Farnham Road, Ewshot, Farnham, Surrey GU10 5BB

35. Ground Floor, Cromwell House, 15 Andover Road, Winchester, Hampshire SO23 7BT

36. 4 Brindley Road, City Park, Manchester M16 9HQ

37. Watson, Glendevon House, 4 Hawthorn Park, Coal Road, Leeds, West Yorkshire LS14 1PQ

224 Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernanceStrategic Report

Notes to the Financial Statements continued

52 weeks ended 29 June 2025

38. Cumberland Court, 80 Mount Street, Nottingham, Nottinghamshire NG1 6HH

39. Ashford House, Grenadier Road, Exeter, Devon EX1 3LH

40. Woodwater House, Pynes Hill, Exeter, Devon EX2 5WR

41. Thistledown Barn, Holcot Lane, Sywell, Northampton NN6 0BG

42. 5th Floor Halo, Counterslip, Bristol BS1 6AJ

43. C/O Alpha Housing Services Ltd, 1st Floor 1 Chartfield House, Castle Street, Taunton, Somerset TA1 4AS

44. Unit 7, Hockliffe Business Park, Watling Street, Hockliffe, Leighton Buzzard, Bedfordshire LU7 9NB

45. 377–379 Hoylake Road, Moreton, Wirral, Merseyside CH46 0RW

46. 128 Pyle Street, Granary Court, Newport, Isle of Wight PO30 1JW

47. One Station Approach, Harlow, Essex CM20 2FB

48. Unit 1, 13 Peek Business Centre, Dunmow Road, Woodside, Bishop’s Stortford, Hertfordshire CM23 5RG

49. Thamesbourne Lodge, Station Road, Bourne End, Buckinghamshire SL8 5QH

50. 1 West Point Court, Great Park Road, Bradley Stoke, Bristol BS32 4PY

51. Blairton House, Old Aberdeen Road, Balmedie, Aberdeen AB23 8SH

52. C/O East Block Group, The Colchester Centre, Hawkins Road, Colchester, Essex CO2 8JX

53. Compton House, The Guildway, Old Portsmouth Road, Guildford GU3 1LR

54. Queensway House, 11 Queensway, New Milton, Hampshire BH25 5NR

55. Tollbar House, Tollbar Way, Hedge End, Southampton SO30 2UH

56. 1a Fortune Close, Riverside Business Park, Northampton NN3 9HT

57. Unit 7, Portal Business Park, Eaton Lane, Tarporley, Cheshire CW6 9DL

58. Aurora House, Part 3rd Floor, 71-75 Uxbridge Road, Ealing, London W5 5SL

59. Wellington House, Great Park Road, Bradley Stoke, Bristol BS32 4PY

60. 72–74 King Edward Street, Macclesfield, Cheshire SK10 1AT

61. Second Floor, Lakeside 300, Broadland Business Park, Norwich, Norfolk NR7 0WG

62. Unit 1, Great Park Road, Bradley Stoke, Bristol BS32 4PY

63. Sunnybank Farm, St. Johns Chapel, Bishop Auckland DL13 1QZ

64. Adamson House, Wilmslow Road, Manchester M20 2YY

65. Redrow House, St. Davids Park, Ewloe, Flintshire CH5 3RX

66. Carvers Warehouse, Suite 2B, 77 Dale Street, Manchester, Greater Manchester M1 2HG

67. 94 Park Lane, Croydon, Surrey CR0 1JB

68. Stonemead House, 95 London Road, Croydon, Surrey CR0 2RF

69. C/O Rendall & Rittner Limited, 13b St. George Wharf, London SW8 2LE

70. Homer House, 8 Homer Road, Solihull, West Midlands B91 3QQ

71. C/O Greenbelt Group, 1175 Century Way, Thorpe Park, Leeds, West Yorkshire, LS15 8ZB

72. 54 Hagley Road, Birmingham, West Midlands B16 8PE

73. 18 Meridian Way, Norwich, Norfolk NR7 0TA

74. 2 Centro Place, Pride Park, Derby DE24 8RF

75. C/O Betts Estates, Bank House, Martley, Worcestershire WR6 6PB

76. Suite No. 1, Stubbings House, Henley Road, Maidenhead, Berkshire SL6 6QL

77. 7/8 Windsor Place, Cardiff CF10 3SX

78. Western Permanent Property, 46 Whitchurch Road, Cardiff CF14 3LX

79. Unit 2, Dennehill Business Centre, Womenswold, Canterbury CT4 6HD

80. Persimmon House, Fulford, York YO19 4FE

81. 18 Badminton Road, Downend, Bristol BS16 6BQ

82. Victoria House, 178-180 Fleet Road, Fleet, Hampshire GU51 4DA

83. Carvers Warehouse, Suite 2b, Dale Street, Manchester M1 2HG

84. C/O TLT LLP, 140 West George Street, Glasgow G2 2HG

85. 13 Castle Street, St. Helier, Jersey JE4 5UT

86. 8th Floor, Holborn Tower, 137-144 High Holborn, Holborn WC1V 6PL

Notes

A Owned through another Group company.

B Entity is limited by guarantee and is a temporary member of the Group. Assets are not held for the benefit of the Group and the entity has no profit or loss in

the year.

C The Group is a minority shareholder but has voting control.

D The Group does not own any shares but has control via Directors who are employees of the Group.

E. The year end of these entities is 31 March and is not coterminous with the Group year end . This is a legacy from the former Redrow Group.

33. Group subsidiary undertakings continued

Registered Office continued

225Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernanceStrategic Report

The Group uses a number of APMs that are not defined within IFRS. The Directors use these APMs,

along with IFRS measures, to assess the operational performance of the Group as detailed in the

key performance indicators section of the Strategic Report on pages 22 to 25. These APMs may not

be directly comparable with similarly titled measures reported by other companies and they are not

intended to be a substitute for, or superior to, IFRS measures.

In this period, following the acquisition of Redrow plc, new APMs have been introduced to allow for

the assessment of the performance of the combined Group by removing the impact of acquisition

accounting adjustments that are not reflected in historical comparative information and will not be

reflected in future performance after the associated assets and liabilities are realised.

Definitions of adjusted items are presented in note 4 and adjusted performance measures are

reconciled to IFRS measures on page 172. Definitions and reconciliations of the other financial APMs

used to IFRS measures are included below:

Adjusted gross profit before the impact of purchase price allocation (PPA) adjustments is

defined as adjusted gross profit presented as if the assets and liabilities recognised as a result

of the acquisition of Redrow plc had been initially measured at their carrying values in the

underlying Redrow financial records, rather than at their fair values in accordance with IFRS 3.

Fair value adjustments to inventories unwind through the Income Statement, affecting reported

results as follows:

52 weeks

ended

29 June 2025

£m

Year ended

30 June 2024

£m

Adjusted gross profit per table following Consolidated Income

Statement and Statement of Comprehensive Income 875.2 689.0

Impact on gross profit of the initial measurement of Redrow assets

and liabilities at fair value at the acquisition date 95.1 —

Adjusted gross profit before the impact of PPA adjustments 970.3 689.0

Adjusted administrative expenses are defined as administrative expenses less total adjusted

items in administrative expenses as defined in note 4:

52 weeks

ended

29 June 2025

£m

Year ended

30 June 2024

£m

Administrative expenses per Consolidated Income Statement and

Statement of Comprehensive Income 503.2 336.9

Adjusted items in administrative expenses per note 4 (124.2) (22.4)

Adjusted administrative expenses 379.0 314.5

Adjusted operating profit before the impact of PPA adjustments is defined as adjusted

operating profit presented as if the assets and liabilities recognised as a result of the acquisition

of Redrow plc had been initially measured at their carrying values in the underlying Redrow financial

records, rather than at their fair values in accordance with IFRS 3:

52 weeks

ended

29 June 2025

£m

Year ended

30 June 2024

£m

Adjusted operating profit per table following Consolidated Income

Statement and Statement of Comprehensive Income 500.1 376.6

Impact on operating profit of the initial measurement of Redrow

assets and liabilities at fair value at the acquisition date 95.3 –

Adjusted operating profit before the impact of PPA adjustments 595.4 376.6

Adjusted profit before tax and the impact of PPA adjustments is defined as adjusted profit

before tax presented as if the assets and liabilities recognised as a result of the acquisition of

Redrow plc had been initially measured at their carrying values in the underlying Redrow financial

records, rather than at their fair values in accordance with IFRS 3:

52 weeks

ended

29 June 2025

£m

Year ended

30 June 2024

£m

Adjusted profit before tax per table following Consolidated Income

Statement and Statement of Comprehensive Income 488.3 385.0

Impact on profit before tax of the initial measurement of Redrow

assets and liabilities at fair value at the acquisition date 103.3 –

Adjusted profit before tax and the impact of PPA adjustments 591.6 385.0

Adjusted profit before tax and the impact of integration is defined as adjusted profit before tax

and the impact of PPA adjustments, less the impact of cost synergies and accounting policy

alignment resulting from the integration of Redrow into the Group:

52 weeks

ended

29 June 2025

£m

Year ended

30 June 2024

£m

Adjusted profit before tax and the impact of PPA adjustments per

table above 591.6 385.0

Impact of cost synergies and accounting policy alignment arising

from the integration of Redrow into the Group (1.8) –

Adjusted profit before tax and the impact of integration 589.8 385.0

Definitions of alternative performance measures (APMs) and reconciliation to IFRS (unaudited)

226 Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernanceStrategic Report

Gross margin is defined as gross profit divided by revenue:

52 weeks

ended

29 June 2025

Year ended

30 June 2024

Revenue per Consolidated Income Statement and Statement of

Comprehensive Income (£m) 5,578.3 4,168.2

Gross profit per Consolidated Income Statement and Statement

of Comprehensive Income (£m) 784.8 509.5

Gross margin 14.1% 12.2%

Adjusted gross margin is defined as adjusted gross profit divided by revenue:

52 weeks

ended

29 June 2025

Year ended

30 June 2024

Revenue per Consolidated Income Statement and Statement

of Comprehensive Income (£m) 5,578.3 4,168.2

Adjusted gross profit per table following Consolidated Income

Statement and Statement of Comprehensive Income (£m) 875.2 689.0

Adjusted gross margin 15.7% 16.5%

Adjusted gross margin before the impact of PPA adjustments is defined as adjusted gross profit

before the impact of PPA adjustments divided by revenue:

52 weeks

ended

29 June 2025

Year ended

30 June 2024

Revenue per Consolidated Income Statement and Statement

of Comprehensive Income (£m) 5,578.3 4,168.2

Adjusted gross profit before the impact of PPA adjustments per

table above (£m) 970.3 689.0

Adjusted gross profit before the impact of PPA adjustments 17.4% 16.5%

Operating margin is defined as operating profit divided by revenue:

52 weeks

ended

29 June 2025

Year ended

30 June 2024

Revenue per Consolidated Income Statement and Statement

of Comprehensive Income (£m) 5,578.3 4,168.2

Operating profit per Consolidated Income Statement and

Statement of Comprehensive Income (£m) 285.5 174.7

Operating margin 5.1% 4.2%

Adjusted operating margin is defined as adjusted operating profit divided by revenue:

52 weeks

ended

29 June 2025

Year ended

30 June 2024

Revenue per Consolidated Income Statement and Statement

of Comprehensive Income (£m) 5,578.3 4,168.2

Adjusted operating profit per table following Consolidated Income

Statement and Statement of Comprehensive Income (£m) 500.1 376.6

Adjusted operating margin 9.0% 9.0%

Adjusted earnings for adjusted basic earnings per share and adjusted diluted earnings per

share are calculated by excluding adjusted items and any associated net tax amounts from profit

attributable to ordinary shareholders of the Company:

52 weeks

ended

29 June 2025

£m

Year ended

30 June 2024

£m

Profit attributable to ordinary shareholders of the Company

per Consolidated Income Statement and Statement of

Comprehensive Income 186.4 114.1

Net cost associated with legacy properties (including legal fees)

per note 4 92.6 179.5

Costs incurred in respect of the acquisition of Redrow plc per note 4 36.2 22.4

Reorganisation and restructuring costs per note 4 56.8 –

CMA commitment per note 4 29.0 –

Cost associated with JV legacy properties per note 4 – 12.6

Tax impact of adjusted items (51.7) (54.4)

Adjusted earnings 349.3 274.2

Definitions of alternative performance measures (APMs) and reconciliation to IFRS (unaudited) continued

227Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernance

Strategic Report

Adjusted earnings before PPA adjustments is defined as adjusted earnings presented as if the

assets and liabilities recognised as a result of the acquisition of Redrow plc had been initially

measured at their carrying values in the underlying Redrow financial records, rather than at their

fair values in accordance with IFRS 3.

52 weeks

ended

29 June 2025

£m

Year ended

30 June 2024

£m

Adjusted earnings per table above 349.3 274.2

Impact on profit before tax of the initial measurement of Redrow

assets and liabilities at fair value at the acquisition date 103.3 –

Impact on tax charge of the initial measurement of Redrow assets

and liabilities at fair value at the acquisition date (30.0) –

Adjusted earnings before PPA adjustments 422.6 274.2

Adjusted earnings before PPA adjustments per share is calculated by dividing adjusted

earnings before PPA adjustments by the weighted average number of shares for basic earnings

per share (note 8).

ROCE is calculated as earnings before amortisation, interest, tax, operating charges relating to

the defined benefit scheme and operating adjusted items for the period, divided by average net

assets adjusted for goodwill and intangibles, tax, cash, loans and borrowings, retirement benefit

assets/obligations and provisions in relation to legacy properties:

52 weeks

ended

29 June 2025

£m

Year ended

30 June 2024

£m

Operating profit per Consolidated Income Statement and Statement

of Comprehensive Income 285.5 174.7

Amortisation of intangible assets 14.5 10.4

Defined benefit scheme administrative expenses 0.5 –

Net cost associated with legacy properties (including legal fees)

per note 4 92.6 179.5

Costs incurred in respect of the acquisition of Redrow plc per note 4 36.2 22.4

Reorganisation and restructuring costs per note 4 56.8 –

CMA commitment per note 4 29.0 –

Share of post-tax profit from JVs and associates per Consolidated

Income Statement and Statement of Comprehensive Income 17.2 2.3

Adjusted cost related to JV legacy properties per note 4 – 12.6

Earnings before amortisation, interest, tax and adjusted items 532.3 401.9

29 June

2025

£m

29 December

2024

£m

30 June

2024

£m

31 December

2023

£m

30 June

2023

£m

Group net assets per

Consolidated Balance Sheet 7,873.0 7,879.3 5,439.1 5,439.6 5,596.4

Less (per Consolidated

Balance Sheet):

Other intangible assets (408.4) (413.6) (184.5) (189.7) (194.9)

Goodwill (1,174.8) (1,174.8) (852.9) (852.9) (852.9)

Current tax (assets) (79.5) (85.9) (31.8) (27.3) (31.1)

Deferred tax liabilities 109.8 128.9 45.0 50.4 53.5

Retirement benefit assets (4.2) (5.0) – – –

Cash and cash equivalents (969.6) (655.3) (1,065.3) (949.9) (1,269.1)

Loans and borrowings 200.0 200.0 200.0 200.3 203.4

Provisions in relation to legacy

properties 1,073.8 991.8 730.3 646.0 612.3

Prepaid fees per note 18 (3.0) (3.6) (3.2) (3.8) (3.7)

Capital employed 6,617.1 6,861.8 4,276.7 4,312.7 4,113.9

Three point average capital

employed 5,918.5 4,234.4

1 The balance sheet at 29 December 2024 has been retrospectively adjusted to reflect new information obtained about circumstances that existed at the date

of acquisition of Redrow plc, as required under IFRS 3.

52 weeks

ended

29 June 2025

£m

Year ended

30 June 2024

£m

Earnings before amortisation, interest, tax and adjusted items

per table above (£m) 532.3 401.9

Three point average capital employed per table above (£m) 5,918.5 4,234.4

ROCE 9.0% 9.5%

Definitions of alternative performance measures (APMs) and reconciliation to IFRS (unaudited) continued

228 Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernance

Strategic Report

ROCE before the impact of PPA adjustments is calculated as ROCE (above) with both capital

employed and earnings before amortisation, interest, tax and adjusted items presented as if the

assets and liabilities recognised as a result of the acquisition of Redrow plc had been initially

measured at their carrying values in the underlying Redrow financial records, rather than at their

fair values in accordance with IFRS 3:

52 weeks

ended

29 June 2025

£m

Year ended

30 June 2024

£m

Earnings before amortisation, interest, tax and adjusted items per

table above 532.3 401.9

Impact on earnings before amortisation, interest, tax and adjusted

items of the initial measurement of Redrow assets and liabilities at

fair value at the acquisition date 95.3 –

Earnings before amortisation, interest, tax, adjusted items and

PPA adjustments 627.6 401.9

29 June

2025

£m

29 December

2024

£m

30 June

2024

£m

31 December

2023

£m

30 June

2023

£m

Capital employed per ROCE table

above 6,617.1 6,861.8 4,276.7 4,312.7 4,113.9

Impact on capital employed of the

initial measurement of Redrow

assets and liabilities at fair value

at the acquisition date (26.6) (71.5) – – –

Capital employed before PPA

adjustments 6,590.5 6,790.3 4,276.7 4,312.7 4,113.9

Three point average capital

employed before PPA

adjustments 5,885.8 4,234.4

52 weeks

ended

29 June 2025

£m

Year ended

30 June 2024

£m

Earnings before amortisation, interest, tax, adjusted items and

PPA adjustments per table above (£m) 627.6 401.9

Three point average capital employed before PPA adjustments

per table above (£m) 5,885.8 4,234.4

ROCE before the impact of PPA adjustments 10.7% 9.5%

Underlying ROCE is calculated as ROCE before the impact of PPA adjustments with earnings before

amortisation, interest, tax, adjusted items and PPA adjustments also amended to remove the

impact of cost synergies and accounting policy alignment resulting from the integration of Redrow

into the Group, and capital employed before PPA adjustments amended to remove land payables:

52 weeks

ended

29 June 2025

£m

Year ended

30 June 2024

£m

Earnings before amortisation, interest, tax, adjusted items and PPA

adjustments per table above (£m) 532.3 401.9

Impact on operating profit tax of the initial measurement of Redrow

assets and liabilities at fair value at the acquisition date 95.3 –

Earnings before amortisation, interest, tax, adjusted items and

the impact of integration 627.6 401.9

29 June

2025

£m

29 December

2024

£m

30 June

2024

£m

31 December

2023

£m

30 June

2023

£m

Capital employed before PPA

adjustments per table above 6,590.5 6,790.3 4,276.7 4,312.7 4,113.9

Less land payables per note 19 809.4 594.6 472.8 367.2 506.7

Capital employed before PPA

adjustments and land payables 7,399.9 7,384.9 4,749.5 4,679.9 4,620.6

Three point average capital

employed before PPA

adjustments and land payables 6,511.4 4,683.3

52 weeks

ended

29 June 2025

£m

Year ended

30 June 2024

£m

Earnings before amortisation, interest, tax, adjusted items and

the impact of integration per table above (£m) 627.6 401.9

Three point average capital employed adjusted before PPA and

land payables per table above (£m) 6,511.4 4,683.3

Underlying ROCE 9.6% 8.6%

Definitions of alternative performance measures (APMs) and reconciliation to IFRS (unaudited) continued

229Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernance

Strategic Report

Average work in progress is used for the purpose of determining the Executive Directors’ annual

bonus. It is calculated as the three point annual average of construction work in progress and part

exchange properties held by the Group, excluding construction work in progress and part exchange

properties held by operations acquired through business combinations in the period:

29 June

2025

£m

29 December

2024

£m

30 June

2024

£m

31 December

2023

£m

30 June

2023

£m

Construction work in progress

per note 16 2,979.0 3,257.2 1,829.4 2,003.3 1,907.1

Part exchange properties 131.7 109.0 103.7 100.3 93.3

Less construction work in

progress held by operations

acquired though business

combinations in the period (1,028.4) (1,149.5) – – –

Less part exchange properties

held by operations acquired

though business combinations

in the period – – – – –

Work in progress excluding

operations acquired through

business combinations 2,082.3 2,216.7 1,933.1 2,103.6 2,000.4

Average work in progress 2,077.4 2,012.4

Net cash is defined in note 18.

Total indebtedness is defined as net (cash)/debt and land payables:

52 weeks

ended

29 June 2025

£m

Year ended

30 June 2024

£m

Net cash per note 18 (772.6) (868.5)

Land payables per note 19 809.4 472.8

Total indebtedness 36.8 (395.7)

TSR is a measure of the performance of the Group’s share price over a period of three financial

years. It combines share price appreciation and dividends paid to show the total return to the

shareholders expressed as a percentage.

Tangible net asset value is defined as net assets less goodwill and other intangible assets.

Tangible net asset value per share is defined as tangible nest asset value divided by the total

number of ordinary shares in issue at the reporting date.

52 weeks

ended

29 June 2025

£m

Year ended

30 June 2024

£m

Net assets per the Consolidated Balance Sheet (£m) 7,873.0 5,439.1

Less goodwill per the Consolidated Balance Sheet (£m) (1,174.8) (852.9)

Other intangible assets per the Consolidated Balance Sheet

(£m) (408.4) (184.5)

Tangible net asset value (£m) 6,289.8 4,401.7

Number of ordinary shares in issue 1,439,933,173 974,592,261

Tangible net asset value per share (pence) 437 452

Definitions of alternative performance measures (APMs) and reconciliation to IFRS (unaudited) continued

230 Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernance

Strategic Report

In addition to the above alternative performance measures, this results announcement includes

aggregated performance measures for the year ended 30 June 2024. These measures are included

to present comparative information to the Group’s results for the current period to aid understanding

of its relative performance. No adjustments are made to align accounting policy. The aggregated

value comparatives have not been audited or reviewed by Barratt Redrow plc’s auditors.

Aggregated profit measures for the year ended 30 June 2024 are defined as the results for the

year ended 30 June 2024 plus the consolidated result for Redrow plc and its subsidiaries for the

period from 24 August 2023 to 30 June 2024, being the period of equivalent length to the period

for which the results of Redrow are consolidated into the Group’s results for the 52 weeks ended

29 June 2025.

The consolidated Redrow results for the period from 24 August 2023 to 30 June 2024 have been

extracted without adjustment from consolidated management information for the Redrow plc

group and prepared under the accounting policies for the Redrow plc group as disclosed in its

annual report for the 52 weeks ended 30 June 2024.

Year

ended

30 June

2024

£m

Consolidated

Redrow

results

24 August

2023 to

30 June 2024

£m

Aggregated

year ended

30 June

2024

£m

Adjusted items

for the year

ended

30 June

2024

£m

Adjusted

items in

consolidated

Redrow results

24 August 2023

to 30 June 2024

£m

Aggregated

adjusted

year ended

30 June

2024

£m

Revenue 4,168.2 1,521.7 5,689.9 – – 5,689.9

Gross profit 509.5 284.2 793.7 179.5 – 973.2

Administrative

expenses (336.9) (89.9) (426.8) 22.4 8.0 (396.4)

Operating

profit 174.7 194.2 368.9 201.9 8.0 578.8

Profit before

tax 170.5 192.7 363.2 214.5 8.0 585.7

Profit for the

year 114.1 135.4 249.5 160.1 8.0 417.6

Aggregated (adjusted) gross margin is defined as aggregated (adjusted) gross profit divided by

aggregated revenue and aggregated (adjusted) operating margin is defined as aggregated

(adjusted) operating profit divided by aggregated revenue:

Aggregated

year ended

30 June 2024

Aggregated

adjusted year

ended

30 June 2024

Revenue (£m) 5,689.9 5,689.9

Gross profit (£m) 793.7 973.2

Gross margin 13.9% 17.1%

Operating profit (£m) 368.9 578.8

Operating margin 6.5% 10.2%

Aggregated net cash is defined as net cash plus consolidated net cash for Redrow plc and

its subsidiaries. Aggregated land payables is defined as land payables plus consolidated land

payables for Redrow plc and its subsidiaries. Aggregated total indebtedness is defined as

aggregated net cash plus aggregated land payables.

The consolidated Redrow results for the period from 24 August 2023 to 30 June 2024 have been

extracted without adjustment from consolidated management information for the Redrow plc

Group and prepared under the accounting policies for the Redrow Plc Group as disclosed in its

annual report for the period ended 30 June 2024. The Net cash definition used for the consolidated

Redrow Group at 30 June 2024 in the table below is consistent with that disclosed in note 18.

30 June 2024

£m

Consolidated

Redrow at

30 June 2024

£m

Aggregated

30 June 2024

£m

Net cash (868.5) (296.0) (1,164.5)

Land payables 472.8 161.0 633.8

Total indebtedness (395.7) (135.0) (530.7)

Aggregated comparative information (unaudited)

231Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernanceStrategic Report

Financial five year record Note

Year

ended

30 June

2021

Year

ended

30 June

2022

Year

ended

30 June

2023

Year

ended

30 June

2024

52 weeks

ended

29 June

2025

Private wholly owned home completions 13,134 13,327 12,456 10,666 13,129

Affordable wholly owned home completions 3,383 3,835 3,922 2,802 2,898

Wholly owned completions (homes) 16,517 17,162 16,378 13,468 16,027

Joint venture completions (homes) 726 746 828 536 538

Total home completions including JVs 17,243 17,908 17,206 14,004 16,565

Wholly owned completions average selling

price (£000) 288.8 300.2 319.6 306.8 343.8

Revenue (£m) 4,811.7 5,267.9 5,321.4 4,168.2 5,578.3

Gross profit (£m) 1,010.0 899.9 974.9 509.5 784.8

Gross profit margin (%) 21.0% 17.1% 18.3% 12.2% 14.1%

Adjusted gross profit (£m) 1,114.7 1,308.1 1,130.4 689.0 875.2

Adjusted gross profit margin (%) 23.2% 24.8% 21.2% 16.5% 15.7%

Operating profit (£m) 811.1 646.6 707.4 174.7 285.5

Operating profit margin (%) 16.9% 12.3% 13.3% 4.2% 5.1%

Adjusted operating profit (£m) 919.0 1,054.8 862.9 376.6 500.1

Adjusted operating margin (%) 19.1% 20.0% 16.2% 9.0% 9.0%

Net finance costs (£m) (26.6) (27.6) (11.1) (6.5) (29.0)

Share of post-tax income from joint ventures 27.7 23.3 8.8 2.3 17.2

Profit before tax 812.2 642.3 705.1 170.5 273.7

Adjusted profit before tax 919.7 1,054.8 884.3 385.0 488.3

Basic earnings per share (pence) 64.9 50.6 53.2 11.8 13.6

Adjusted earnings per share (pence) 73.5 83.0 67.3 28.3 25.5

Dividend (interim paid and final proposed)

(pence) 29.4 36.9 33.7 16.2 17.6

Special cash payment proposed per share

(pence) — — — — —

Total shareholder return (TSR) over three

financial years (%) 59.8% (4.9%) 10.6% (20.9%) 11.9%

Tangible shareholders’ funds (£m) 4,545.1 4,573.0 4,548.6 4,401.7 6,289.8

Tangible net assets per share at year end

(pence) 446.3 447.2 466.7 451.6 436.8

Financial five year record Note

Year

ended

30 June

2021

Year

ended

30 June

2022

Year

ended

30 June

2023

Year

ended

30 June

2024

52 weeks

ended

29 June

2025

Total shareholders’ funds (£m) 5,452.1 5,631.3 5,596.4 5,439.1 7,873.0

Total net assets per share at year end

(pence) 535.4 550.7 574.2 558.1 546.8

Year-end net (debt)/cash (£m) 1,317.4 1,138.6 1,069.4 868.5 772.6

Year-end total land payables (£m) 658.3 733.6 506.7 472.8 809.4

Year-end total net (indebtedness)/surplus (£m) 659.1 405.0 562.7 395.7 (36.8)

Average net cash across the financial year (£m) 821.0 957.4 759.1 732.3 466.8

Three point average capital employed (£m) 3,414.5 3,625.8 4,075.6 4,234.4 5,918.5

Return on capital employed (ROCE) (%) 27.8% 30.0% 22.2% 9.5% 9.0%

Total land investment (£m) 16 2,946.3 3,339.9 3,139.9 3,233.6 5,104.9

Proportion of total land investment funded

by land creditors (%) 22.3% 22.0% 16.1% 14.6% 15.9%

Weighted average shares in issue during

the year (m) 1,018.3 1,021.9 1,000.1 974.6 1,379.3

Weighted average shares in issue during

the year less EBT (m) 1,016.4 1,018.7 996.3 968.8 1,371.5

Number of ordinary shares in issue at

year end (m) 23 1,018.3 1,022.6 974.6 974.6 1,439.9

Non-financial five year record

Year

ended

30 June

2021

Year

ended

30 June

2022

Year

ended

30 June

2023

Year

ended

30 June

2024

52 weeks

ended

29 June

2025

SHE audit compliance 97% 97% 96% 97% 97% *

Injury Incidence Rate 416 262 289 302 272 *

Employee turnover (%) 12% 17% 15% 13% 21%

Employee engagement index (%) N/A 79.4% 84.4% 74.9% 74.9%

Number of employees at 30 June 6,329 6,837 6,728 6,270 7,928

Proportion female (%) 31% 32% 31% 32% 32%

Graduates, apprentices and trainees

on programmes 426 391 483 353 465

Number of senior managers 283 328 331 332 421

Proportion female (%) 16% 17% 18% 20% 23%

Five-year record (unaudited)

232 Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernanceStrategic Report

Non-financial five year record

Year

ended

30 June

2021

Year

ended

30 June

2022

Year

ended

30 June

2023

Year

ended

30 June

2024

52 weeks

ended

29 June

2025

Number of PLC Directors 9 9 8 9 12

Proportion female (%) 44% 33% 38% 33% 42%

Legally completed build area (100m

) 16,439 16,402 15,609 13,097 16,516

Carbon intensity (tonnes per 100m

legally

completed build area)

2.06 1.58 1.69 1.46 1.35 *

Carbon intensity (tonnes per 100m

legally

completed build area) for legacy Barratt only 1.78 1.53 1.60 1.26 1.09

Waste intensity (tonnes per 100m

legally

completed build area) 5.89 4.97 4.31 3.64 4.63 *

Waste intensity (tonnes per 100m

housebuild

equivalent area) 6.29 4.83 4.34 3.83 4.50 *

Waste intensity (tonnes per 100m

housebuild

equivalent area) for legacy Barratt only 6.29 4.83 4.34 3.83 3.50

Diversion of construction waste from landfill (%) 95% 96% 96% 97% 98% *

Electricity on renewable tariffs (%) 72.0% 76.0% 87.0% 94.0% 95%

Average active sales outlets (inc. JVs) 343 332 367 346 405

Customer service (HBF Customer Satisfaction

Survey) 5 star 5 star 5 star 5 star 5 star

NHBC Pride in the Job Awards (number awarded) 93 98 96 89 115

Owned and unconditional land bank (plots) 66,601 67,687 59,248 57,632 87,711

Conditional land bank (plots) 11,041 13,239 11,142 8,607 12,293

Owned and controlled land bank (plots) 77,642 80,926 70,390 66,239 100,004

JV owned and controlled land bank (plots) 4,661 4,548 4,356 4,631 8,651

Total owned and controlled land bank including

JVs (plots) 82,303 85,474 74,746 70,870 108,655

Land bank years owned (years) 4.0 3.9 3.6 4.3 5.4

Land bank years controlled (years) 0.7 0.8 0.7 0.6 0.8

Land bank total years (owned and controlled)

(years) 4.7 4.7 4.3 4.9 6.2

Average selling price of homes in land bank at year

end (£000) 289 322 331 328 347

Non-financial five year record

Year

ended

30 June

2021

Year

ended

30 June

2022

Year

ended

30 June

2023

Year

ended

30 June

2024

52 weeks

ended

29 June

2025

Land approvals (plots) 18,067 19,089 (812) 12,439 22,530

Land approvals (£m) 876.8 1,396.1 (14.9) 646.9 1,360

Planning consents secured in the year (plots) 14,280 14,988 12,969 9,026 14,551

Strategic land plots converted to owned and

controlled land bank (plots) 3,507 1,663 777 3,723 5,860

Strategic land bank (acres) 13,754 15,537 16,431 16,865 22,258

Expenditure on physical improvement works

benefiting local communities (£m) 572 699 726 536 571

School places provided (number) 3,591 5,346 3,327 4,632 2,551

Home completions from strategically sourced

land (homes) 4,172 4,530 3,938 3,290 3,400

Proportion of home completions from strategically

sourced land (%) 25.3% 26.4% 24.0% 24.4% 21.2%

Home completions using MMC (homes) 4,393 4,846 5,578 4,668 5,165

Proportion of home completions using MMC (%) 25% 27% 32% 33% 31%

Proportion of home completions EPC rated “B”

or above (%) 99% 99% 99% 99% 99%

Average DER for completed properties (kgCO

/yr) 16.21 15.89 16.02 15.78 12.43 *

Average DER for completed properties (kgCO

/yr)

for legacy Barratt only 16.21 15.89 16.02 15.78 12.72

Average SAP rating of home completions 85 85 85 85 87

Note: additional granularity and more detailed sustainability metrics are available on our website at:

www.barrattredrow.co.uk/sustainability/esg-data-and-performance

Deloitte LLP has provided independent third-party limited assurance in accordance with the International Standard for

Assurance Engagements 3000 (ISAE 3000) and Assurance Engagements on Greenhouse Gas Statements (ISAE 3410)

issued by the International Auditing and Assurance Standards Board (IAASB) over selected metrics in the above table

identified with an *. For Deloitte’s full unqualified assurance opinion, which includes details of the selected metrics assured,

our full Carbon Reporting Methodology Statement, our ESG Basis of Reporting and a full breakdown of scope 3 GHG

emissions, see our website: www.barrattredrow.co.uk/sustainability/esg-data-and-performance.

1. SHE audit compliance includes Redrow sites from 1 April 2025. From 22nd August 2024 to 31 March 2025 Redrow sites were assessed under the legacy Redrow

SHE inspection region, with an audit compliance score of 92%*. See our ESG basis of reporting for more detail at www.barrattredrow.co.uk/sustainability/

esg-data-and-performance

2 In accordance with our restatement policy, and consistent with SECR, GHG Protocol and SBTi guidance, we have restated previously reported GHG emissions

to reflect material changes in our organisational boundary and methodology. Please see pages 234 to 236 for more details. Scope 1 and 2 emissions for FY25

are presented as if Redrow were part of the Group from the first day of the reporting period.

3 In 2025 Barratt David Wilson achieved a 5 star rating and Redrow achieved a 5 star rating.

Five-year record (unaudited) continued

233Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernance

Strategic Report

GHG emissions restatements

GHG restatements (2021 to 2024)

In accordance with our restatement policy, and consistent with SECR, GHG Protocol and SBTi

guidance, we have restated previously reported GHG emissions to reflect material changes in our

organisational boundary and methodology. The restatements fall into two categories:

Acquisition of Redrow

The acquisition of Redrow on 21 August 2024 represented a material change to the Group’s

organisational boundary. In accordance with the GHG Protocol, prior periods have been restated

to include Redrow’s emissions as if they were always part of the Group, ensuring comparability

across the enlarged business.

Methodological enhancements

We have implemented several enhancements to improve accuracy and completeness:

• Alignment of assumptions across the two legacy businesses, including emission factors and

operational boundaries (all scopes/ categories).

• Inclusion of well-to-tank (WTT) emissions associated with business travel outside the Group’s

operational boundary (scope 3, category 6), in line with GHG Protocol and SBTi guidance.

• Improved supply chain emissions modelling for purchased goods and services, capital goods

and upstream transportation (scope 3, categories 1, 2 and 4) through adoption of the EXIOBASE

spend-based emission factor dataset.

In FY25, we also adopted a quantity-based methodology for select key materials where data was

available, further improving the accuracy of upstream emissions occurring in our supply chain.

However, due to limited historical data, these refinements have not been applied retrospectively

to prior years for categories 1, 2 and 4.

These changes reflect our commitment to continuous improvement and ensure our disclosures

remain transparent, comparable and aligned with evolving best practice.

Greenhouse gas emissions (2024)

2024

(previously

published)

Acquisition

of Redrow

Methodological

enhancements

2024

(restated)

Scope 1 tCO

e 15,523 8,355 216 24,094

Scope 2

Market-

based tCO

e 935 464 256 1,655

Location-

based tCO

e 6,332 2,720 256 9,308

Total gross scope 1 and 2

emissions

Market-

based tCO

e 16,458 8,819 472 25,749

Location-

based tCO

e 21,855 11,075 472 33,402

Scope 1 and 2 energy

consumption MWh 117,687 48,020 1,257 166,964

Carbon intensity

(scope 1 and 2 emissions

per 100m² of legally completed

build area)

Market-

based tCO

e/100m

1.26 0.17 0.03 1.46

Location-

based tCO

e/100m

1.67 0.20 0.03 1.90

Scope 3 category 1:

purchased goods and services tCO

e 1,701,176 508,165 (871,093) 1,338,248

Scope 3 category 11:

use of sold products tCO

e 992,879 380,740 (30,559) 1,343,060

Other scope 3 emissions tCO

e 170,126 17,961 (135,672) 52,415

Total gross scope 3 emissions tCO

e 2,864,181 906,866 (1,037,324) 2,733,723

Scope 3 carbon intensity

(scope 3 emissions

per 100m² of legally completed

build area) tCO

e/100m

218.68 (4.28) (58.98) 155.42

Total gross scope 1, 2 and 3

emissions

Market-

based tCO

e 2,880,639 915,685 (1,036,852) 2,759,472

Location-

based tCO

e 2,886,036 917,941 (1,036,852) 2,767,125

Outside of scopes emissions tCO

e 4,779 23 12 4,814

234 Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernance

Strategic Report

Greenhouse gas emissions (2023)

2023

(previously

published)

Acquisition

of Redrow

Methodological

enhancements

2023

(restated)

Scope 1 tCO

e 23,580 9,769 247 33,596

Scope 2

Market-

based tCO

e 1,329 592 161 2,082

Location-

based tCO

e 5,515 2,568 161 8,244

Total gross scope 1 and 2

emissions

Market-

based tCO

e 24,909 10,361 408 35,678

Location-

based tCO

e 29,095 12,337 408 41,840

Scope 1 and 2 energy

consumption MWh 139,718 52,540 985 193,243

Carbon intensity

(scope 1 and 2 emissions

per 100m² of legally completed

build area)

Market-

based tCO

e/100m

1.60 0.07 0.02 1.69

Location-

based tCO

e/100m

1.86 0.10 0.02 1.98

Scope 3 category 1:

purchased goods and services tCO

e 2,332,213 570,398 (1,676,828) 1,225,783

Scope 3 category 11:

use of sold products tCO

e 1,217,738 466,125 (47,159) 1,636,704

Other scope 3 emissions tCO

e 229,378 21,962 (187,058) 64,282

Total gross scope 3 emissions tCO

e 3,779,329 1,058,485 (1,911,045) 2,926,769

Scope 3 carbon intensity

(scope 3 emissions

per 100m² of legally completed

build area)

tCO

100m

242.13 (12.72) (90.62) 138.79

Total gross scope 1, 2 and 3

emissions

Market-

based tCO

e 3,804,238 1,068,846 (1,910,637) 2,962,447

Location-

based tCO

e 3,808,424 1,070,822 (1,910,637) 2,968,609

Outside of scopes emissions tCO

e 3,698 — 51 3,749

Greenhouse gas emissions (2022)

2022

(previously

published)

Acquisition

of Redrow

Methodological

enhancements

2022

(restated)

Scope 1 tCO

e 23,234 9,558 241 33,033

Scope 2

Market-

based tCO

e 1,840 264 42 2,146

Location-

based tCO

e 4,802 2,591 42 7,435

Total gross scope 1 and 2

emissions

Market-

based tCO

e 25,074 9,822 283 35,179

Location-

based tCO

e 28,036 12,149 283 40,468

Scope 1 and 2 energy

consumption MWh 128,189 53,789 1,184 183,162

Carbon intensity

(scope 1 and 2 emissions

per 100m² of legally completed

build area)

Market-

based tCO

e/100m

1.53 0.04 0.01 1.58

Location-

based tCO

e/100m

1.71 0.10 0.01 1.82

Scope 3 category 1:

purchased goods and services tCO

e 2,395,642 531,360 (1,621,140) 1,305,862

Scope 3 category 11:

use of sold products tCO

e 1,244,317 514,868 (33,941) 1,725,244

Other scope 3 emissions tCO

e 241,920 26,842 (205,833) 62,929

Total gross scope 3 emissions tCO

e 3,881,879 1,073,070 (1,860,914) 3,094,035

Scope 3 carbon intensity

(scope 3 emissions

per 100m² of legally completed

build area) tCO

e/100m

236.67 (14.42) (83.47) 138.78

Total gross scope 1, 2 and 3

emissions

Market-

based tCO

e 3,906,953 1,082,892 (1,860,631) 3,129,214

Location-

based

tCO

e 3,909,915 1,085,219 (1,860,631) 3,134,503

Outside of scopes emissions tCO

e 1,499 3 259 1,761

GHG emissions restatements continued

235Barratt Redrow plc Annual Report and Accounts 2025

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GHG emissions restatements continued

Greenhouse gas emissions (2021)

2021

(previously

published)

Acquisition

of Redrow

Methodological

enhancements

2021

(restated)

Scope 1 tCO

e 26,769 11,417 239 38,425

Scope 2

Market-

based tCO

e 2,496 4,682 — 7,178

Location-

based tCO

e 5,973 3,263 — 9,236

Total gross scope 1 and 2

emissions

Market-

based tCO

e 29,265 16,099 239 45,603

Location-

based tCO

e 32,742 14,680 239 47,661

Scope 1 and 2 energy

consumption MWh 141,945 64,294 23 206,262

Carbon intensity

(scope 1 and 2 emissions

per 100m² of legally completed

build area)

Market-

based tCO

e/100m

1.78 0.27 0.01 2.06

Location-

based tCO

e/100m

1.99 0.16 0.01 2.16

Scope 3 category 1:

purchased goods and services tCO

e 1,923,397 473,737 (1,383,631) 1,013,503

Scope 3 category 11:

use of sold products tCO

e 1,352,982 513,819 (47,049) 1,819,752

Other scope 3 emissions tCO

e 144,890 23,722 (105,784) 62,828

Total gross scope 3 emissions tCO

e 3,421,269 1,011,278 (1,536,464) 2,896,083

Scope 3 carbon intensity

(scope 3 emissions

per 100m² of legally completed

build area) tCO

e/100m

208.12 (7.57) (69.52) 131.03

Total gross scope 1, 2 and 3

emissions

Market-

based tCO

e 3,450,534 1,027,377 (1,536,225) 2,941,686

Location-

based

tCO

e 3,454,011 1,025,958 (1,536,225) 2,943,744

Outside of scopes emissions tCO

e 909 — 20 929

236 Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernanceStrategic Report

Glossary

the Act The Companies Act 2006

Active outlet A site with at least one plot for sale

AGM Annual General Meeting

APM Alternative performance measure

Articles The Company’s Articles of Association

ASP Average selling price

the Barratt group Barratt Developments PLC and its subsidiary

undertakings prior to the acquisition of

Redrow plc

Barratt Redrow Barratt Redrow plc and its subsidiary

undertakings

BEIS Department for Business, Energy and

Industrial Strategy

BNG Biodiversity net gain

BRIs Builders’ Reportable items

Building

regulations

The requirements relating to the erection

and extension of buildings under UK law

Capital employed Average net assets adjusted for goodwill and

intangibles, tax, cash, loans and borrowings,

prepaid fees, provisions in respect of legacy

properties and derivative financial instruments

CDP Charity that runs the global system for

disclosure of environmental impacts for

investors, companies, cities, states and

regions

CEO Chief Executive Officer

CFO Chief Financial Officer

CITB Construction Industry Training Board

CMA Competition and Markets Authority

2024 Code The UK Corporate Governance Code

issued in January 2024 (copy available from

www.frc. org.uk)

the Code The UK Corporate Governance Code issued in

July 2018 (copy available from www.frc.org.uk)

the combined

group

The new group of companies comprising the

Barratt group as defined above, and Redrow

plc and its subsidiaries

Company Barratt Redrow plc (formerly Barratt

Developments PLC)

Connected

Persons

As defined in the EU Market Abuse

Regulation

COO Chief Operating Officer

Contribution

margin

Housebuild revenue less land and directly

attributable build and site costs, divided by

housebuild revenue

Cost synergies See page 35

CPI Consumer Price Index

DBP Deferred Bonus Plan

DTRs Disclosure Guidance and Transparency Rules

EBT Employee Benefit Trust

ELTIP Employee Long-Term Incentive Plan

EPC Energy Performance Certificate

EPS Earnings per share

ESG Environmental, social and governance

EU European Union

EWS External wall system

FCA Financial Conduct Authority

FHS Future Homes Standard

the Foundation The Barratt Redrow Foundation (formerly

The Barratt Developments PLC Charitable

Foundation)

FRC Financial Reporting Council

FSC Forest Stewardship Council

FY For FY24 and earlier, refers to the financial

year ended 30 June. For FY25, refers to the

52 weeks ended 29 June 2025

the Group Barratt Redrow plc and its subsidiary

undertakings

GHG Greenhouse gas

HBF Home Builders Federation

HMRC HM Revenue & Customs

HR Human Resources

HVO Hydrotreated vegetable oil

IA Investment Association

IAS International Accounting Standards

IAASB International Auditing and Assurance

Standards Board

IASB International Accounting Standards Board

IEO Initial Enforcement Order

IFRS International Financial Reporting Standards

IIA Institute of Internal Auditors

IIR Injury incidence rate

IIRC International Integrated Reporting Council

Induced

employment

Job creation resulting from the additional

personal spend by direct and indirect

employees

IPCC Intergovernmental Panel on Climate Change

ISA International Standards on Auditing

ISAE International Standard on Assurance

Engagements

ISO International Organisation for

Standardisation

237Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernanceStrategic Report

JVs Joint ventures

KPI Key performance indicator

LGBTQ+ Lesbian, gay, bisexual, transgender,

queer and other gender expressions

LTPP Awards made under the Barratt

Developments PLC Long Term Performance

Plan (known as the Barratt Redrow plc

Performance Share Plan since October 2024)

LTV Loan to value

MHCLG Ministry of Housing, Communities and Local

Government

MMC Modern methods of construction

MP Member of Parliament

MUS Multi-unit sales

MWh Megawatt hours

NED Non-Executive Director

Net cash Cash and cash equivalents, bank overdrafts,

interest-bearing borrowings and prepaid fees

Net tangible

assets

Group net assets less other intangible

assets and goodwill

NHBC National House Building Council

NI National Insurance

NPPF The National Planning Policy Framework

OECD The Organisation for Economic Co-operation

and Development

Operating margin Operating profit divided by revenue

Oregon Oregon Timber Frame Limited and Oregon

Timber Frame (England) Limited

Own New Rate

Reducer

Customer scheme available on selected new

build homes through which the housebuilder

provides an incentive to a mortgage lender to

secure the customer reduced mortgage

interest rates for an initial fixed period.

P2P Procure-to-pay function

Paris Agreement International treaty on climate change

adopted on 12 December 2015 and entered

into force on 4 November 2016

PBT Profit before tax

PEFC The Programme for the Endorsement of

Forest Certification

PPM Policies and procedures manual

PRS Private rental sector

PwC PricewaterhouseCoopers LLP

RCF Revolving Credit Facility

REGO Renewable Energy Guarantees of Origin

Revenue

synergies

See page 35

Revenue synergy

sales outlets

See page 35

RIs Reportable Items

ROCE Return on capital employed calculated as

described on page 228

RPDT Residential Property Developer Tax

RSPB Royal Society for the Protection of Birds

SAP Standard Assessment Procedure – quantifies

a dwelling’s energy use per unit floor area

SASB Sustainability Accounting Standards Board

SAYE Save As You Earn

SBTi Science Based Targets initiative

SECR Streamlined Energy and Carbon Reporting

Sharesave Savings-Related Share Option Scheme

SHE Safety, health and environment

SID Senior Independent Director

Site ROCE Site operating profit (site trading profit less

allocated administrative overheads) divided

by average investment in site land and work

in progress

SONIA Sterling Overnight Interest Average

SUDS Sustainable Urban Drainage Systems

Synergies target See page 35

TCFD Task Force on Climate-related Financial

Disclosures

tCO

The acquisition

Tonnes of carbon dioxide equivalent

The acquisition of Redrow plc by Barratt

Developments PLC (now Barratt Redrow plc)

Total home

completions

Unless otherwise stated, total completions

quoted include JVs

Total

indebtedness

Net debt/(cash) and land payables

TSR Total shareholder return

UN SDGs United Nations Sustainable Development

Goals

USPP US Private Placement

VAT Value added tax

WIP Work in progress

Glossary continued

238 Barratt Redrow plc Annual Report and Accounts 2025

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Integrated reporting approach

Reporting approach

Our integrated report is primarily prepared for our shareholders; however, through our activities

we create value for a range of other stakeholders.

Reporting frameworks

Our Integrated Reporting is guided by various codes and standards outlined in the table here.

Report scope and boundary

Our Integrated Report covers the performance of Barratt Redrow plc for the financial year ended

June 2025.

The report extends beyond financial reporting and includes non-financial performance,

opportunities and risks that may have a significant influence on our ability to create value.

Integrated reporting framework

The primary purpose of an integrated report is to explain to providers of financial capital how an

organisation creates value over time. An integrated report benefits all interested stakeholders

including employees, customers, suppliers, business partners, local communities, legislators,

regulators and policy-makers.

The IIRC’s vision is to align capital allocation and corporate behaviour to wider goals of financial

stability and sustainable development through the cycle of integrated reporting and thinking.

Sustainability frameworks

Framework

The International Integrated Reporting Council’s Integrated Reporting Framework

Purpose

Framework that is focused on articulating the value creation of an entity over time.

Framework

United Nations Sustainable Development Goals

Purpose

Outward-looking framework that covers the areas of the UN’s 2030 Agenda focused on people,

planet and prosperity.

The 17 UN SDGs define global sustainable development priorities and aspirations for 2030 and seek

to mobilise global efforts around a common set of goals and targets.

The UN SDGs call for worldwide action among Governments, business and civil society to end

poverty and create a life of dignity and opportunity for all, within the boundaries of the planet.

The UN SDGs were launched in 2015 by the UN.

Framework

Task Force on Climate-related Financial Disclosures (TCFD) recommendations

Purpose

Recommendations for disclosing clear, comparable and consistent information about the risks and

opportunities presented by climate change.

Our primary disclosures aligning with TCFD recommendations, as we continue on our journey

towards full alignment, are made through the CDP Climate survey, which we submit on an annual

basis. In 2018 the CDP Climate Survey format was aligned to TCFD recommendations. Other

TCFD- related disclosures can be found within the content of this integrated report, and on the

sustainability section of our corporate website.

Legal requirements

Framework

International Financial Reporting Standards (IFRS)

Purpose

Global framework for how companies prepare and disclose their financial statements.

Framework

Companies Act 2006

Purpose

Company law in the UK.

Framework

2018 UK Corporate Governance Code

Purpose

The standards of good practice for listed companies on board composition and development,

remuneration, shareholder relations, accountability and audit.

Framework

Streamline Energy and Carbon Reporting (SECR)

Purpose

Disclosures required by the UK Government on a company’s energy consumption and greenhouse

gas emissions.

239Barratt Redrow plc Annual Report and Accounts 2025

Financial StatementsGovernanceStrategic Report

Registrars

Equiniti Group

Aspect House

Spencer Road

Lancing, West Sussex

BN99 6DA

Tel: 0371 384 2657

Statutory auditor

Deloitte LLP

London

Solicitors

Slaughter and May

Linklaters LLP

Brokers and investment bankers

UBS AG and Barclays Bank plc

Registered office

Barratt Redrow plc

Barratt House

Cartwright Way

Forest Business Park

Bardon Hill

Coalville

Leicestershire

LE67 1UF

Tel: 01530 278278

www.barrattredrow.co.uk