Homes.
Communities.
People.
2026 ANNUAL REPORT
Highlights of the year
Profit before tax
£451m
2025 | £529m
Net asset value per share1
£39.17
2025 | £35.95
Pre-tax return on equity1
12.5%
2025 | 14.9%
Cash due on forward sales1
£1,006m
2025 | £1,403m
Net cash
£363m
2025 | £337m
Future gross margin in land holdings1
£6,442m
2025 | £6,722m
1 Read more about our alternative performance measures on pages 216 to 218 (Note 2.25)
Brownfield
90%
of homes delivered during the year are on regenerated brownfield land
Quality
91%
of homes had zero or fewer than five defects reported by customers, compared to 31% across the industry (HBF, March 2026)
Homes delivered
4,076
homes delivered (plus 127 in joint ventures and 187 Build to Rent homes), including some 10% of London's new private and affordable homes
Regeneration
30
long-term regeneration sites, of which 24 are under construction
Regreening cities
>1,200
acres of new or measurably improved natural habitats across 56 biodiversity net gain sites committed to date
Community benefit
£530m
of subsidies provided to deliver affordable housing and committed to wider community and infrastructure benefit
Customer satisfaction
+77.9
Net Promoter Score (NPS) from our customers, compared to an industry average of +61.4 (In-house Research, December 2025)
Skills and training
8.5%
of our employees are graduates, apprentices or sponsored students
Jobs
27,300
UK jobs supported per annum over the last five years, an average of 6.2 jobs per completed home
Executive Chair's Statement and Chief Executive's Review
Rob Perrins|Executive Chair
Richard Stearn|Chief Executive
Driving growth and value
Berkeley specialises in unlocking the long-term value of derelict and underused urban land. Our carefully chosen brownfield sites are located within existing communities, where new investment can deliver greater economic, social and environmental value. These pages summarise the key benefits of our brownfield focused model over the last five years.
Economic value
EY's independent Economic Impact Assessment of Berkeley's activities highlights the following key contributions:
EY completes an Economic Impact Assessment each year based on Berkeley's financial data as well as publicly available statistics.
£13.7bn
GDP
£4.0bn
tax
£2.6bn
community contribution
27,300
jobs
21,915
homes
On average, every new home built by Berkeley in the last five years has generated £300,000 of value to the state through taxation and contributions to the community.
EY 2026 Economic Impact Assessment
Brownfield regeneration at scale
Berkeley is the only large UK homebuilder to align with the Government's brownfield-first housing agenda. We are taking forward 30 complex regeneration projects. Each will deliver much needed new homes, alongside new investment in public infrastructure, amenities and the green open spaces a strong community needs.
Key benefits of urban regeneration
Meeting housing needs –
Our sites are concentrated in London and other severely undersupplied towns and cities where the housing crisis is at its worst.
Driving economic growth –
Our investment is focused within established urban economies, delivering greater growth and productivity benefits.
Strengthening communities –
We deliver new homes, jobs, amenities and infrastructure in the heart of existing communities where they are most needed.
Regreening cities –
Our projects bring nature and biodiversity back to neglected urban sites, reduce car dependency and preserve the countryside.
Skills and social mobility –
By investing in designated regeneration areas we create a lasting source of skills training and job opportunities to disadvantaged communities.
Business model
Added-value development company
Berkeley is a unique asset-focused development business that seeks to manage risk and generate long-term value through market cycles, via its land and planning strategy and great placemaking.
We seek to find the optimum development solution for each site in terms of both the social, environmental and economic value for all stakeholders, and the returns we deliver to our shareholders. We firmly believe these two are mutually compatible and reinforcing.
Berkeley's inherent value is rooted in its land holdings and the pace at which homes are delivered is determined by the prevailing operating environment. Berkeley will always adopt a long-term approach to value creation, prioritising financial strength which brings optionality to capital allocation.
Capital allocation policy
First, ensure financial strength reflects the cyclical nature and complexity of brownfield development and is appropriate for the prevailing operating environment.
Second, invest in the business (new land and work-in-progress, including Build to Rent assets) at the right time.
Third, make returns to shareholders through dividends and share buy-backs.
Our values
- Land acquisition
- Designing and planning new homes
- Building new homes and places
- Marketing and selling new homes
- Placekeeping and stewardship
- Our Vision responsible business strategy
Responsible business at a glance
Berkeley has an established approach to responsible business. We define this as the holistic way we manage the business that takes into account economic, social and environmental value.
Our Vision is our ambitious responsible business strategy, which drives change, sets us apart and delivers lasting positive impact.
- An integrated strategy for ESG, including sustainability, H&S and quality.
- Reporting on progress against our strategic priorities.
- Embedding it day-to-day through policies, standards and management systems.
- Tackling material issues identified through a Double Materiality Assessment.
- Strong governance via a dedicated team working with subject matter experts.
Our vision is to lead the future of urban regeneration and home building. Trusted to transform the most complex sites into exceptional places that deliver a lasting positive impact for society and the natural world.
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