DAVY VIEW

The CEO Review set out a vision for a smaller, simplified Vistry. One that would trade with less leverage and operate with tighter controls. This is a positive first step. However, at the same update the company yet again cut guidance for FY 2026 and increased its expectations for daily average net debt in H2. We need to see delivery against targets. For us, Vistry is a “show, don’t tell” story. While the announcement of the new Help to Buy scheme is positive, in the near term it may create an “air pocket” of demand as prospective buyers wait to avail of the scheme. We retain our ‘Neutral’ rating on the stock.