21 October 2025

Watkin Jones plc

('Watkin Jones' or the 'Group')

FY25 Trading Update

Performance in line with expectations

Watkin Jones provides the following trading update for the year ended 30 September 2025 (the 'year' or 'FY25'), ahead of the publication of the Group's final results.

FY25 Trading

The transactions in respect of the Group's joint-venture student development in Glasgow announced in September and the development partnership announced in August, together with good operational delivery across previously sold schemes, underpinned the expected stronger second half performance. As a result, the Group expects to report, subject to audit, FY25 revenue of c. £280m and adjusted operating profit[1] in line with current market expectations.

Cash management has remained a key focus, with gross and net cash as at 30 September 2025 of c.£80m (FY 24: £97m) and c.£70m (FY 24: £83m), respectively. A number of cash receipts, including a significant portion associated with the Glasgow transaction of £10m, were received in early October and consequently the Group's cash position has increased post year end.

H2 FY25 Operational Review

The Group has continued to execute effectively on its broader operational objectives during the second half of the year with a rigorous focus on cost control and consistent construction delivery, which included the completion of three schemes comprising c.600 rooms on target in H2. Our Refresh initiative continues to gain traction in the market with three projects underway in H2 and a growing pipeline of opportunities. Our in-build schemes remain on budget and programme, with three further practical completions totaling c.1,900 rooms expected in the new financial year.

Along with the Glasgow transaction, we also signed three development partnerships in the year, as previously announced, all of which have started on site (St Helens affordable homes, Southwark aparthotel and Bristol student accommodation). We are sourcing new opportunities selectively, with sites for three future schemes exchanged in the year, subject to planning, amounting to c.1,000 rooms.

We have made further progress on our building safety rectification obligations, completing works on six buildings in the year. The Group's provision is being kept under review, reflecting ongoing building investigations and discussions with owners.

Outlook

While market conditions remain challenging and we see timetables being extended on certain transactions, we enter FY26 with a strong pipeline of opportunities.

Looking ahead to the medium term, the end markets in which the Group operates remain attractive, supported by a structural shortage of rental and student properties and enduring investor appetite. We continue, therefore, to selectively add to our pipeline with good quality assets in undersupplied markets.

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Notes to Editors

Watkin Jones is the UK's leading developer and manager of residential for rent, with a focus on the build to rent, student accommodation and affordable housing sectors. The Group has strong relationships with institutional investors, and a reputation for successful, on-time-delivery of high-quality developments. Since 1999, Watkin Jones has delivered over 50,000 student beds across 150 sites, making it a key player and leader in the UK purpose-built student accommodation market, and is increasingly expanding its operations into the build to rent sector, where it has delivered 2,500 apartments across 15 schemes to date. In addition, Fresh, the Group's specialist accommodation management business, manages c.20,000 student beds and build to rent apartments on behalf of its institutional clients. Watkin Jones has also been responsible for over 80 residential developments, ranging from starter homes to executive housing and apartments.

The Group's competitive advantage lies in its experienced management team and capital-light business model, which enables it to offer an end-to-end solution for investors, delivered entirely in-house with minimal reliance on third parties, across the entire life cycle of an asset.

Watkin Jones was admitted to trading on AIM in March 2016 with the ticker WJG.L. For additional information please visit www.watkinjonesplc.com.