Dividend
- The interim dividend has increased to 23.0p per share (2025 - 21.0p) and underlying dividend cover for the full financial year is expected to be 2.5 times2,3. The £150m share buyback launched on 14 October 2025 is progressing well, with around £64m of shares repurchased as at 13 March 2026.
Other Financial Highlights
- Underlying operating profit increased by 1.5% to £159.0m2,3 (2025 - £156.6m) and the underlying operating margin reduced to 10.5%2,3 (2025 - 11.0%).
- Well-capitalised balance sheet with modest period-end net debt of £72.0m2 (2025 - £8.0m), after dividends and share buybacks totalling £105.3m. In line with Bellway's strategy, adjusted gearing, including land creditors, remains low at 10.3%2 (2025 - 8.5%).
- Net adjusting items relating to legacy building safety, before taxation, totalled £10.7m (2025 - £9.4m). This comprised an adjusting finance expense in line with previous guidance, of £6.5m (2025 - £7.3m) and £4.2m (2025 - £2.1m) for the net increase in overall cost estimates.
