Gleeson’s H1 update reiterates full year expectations. Gleeson Homes delivered c.6% growth in completions during H1 to 848 (H1’25: 801), an impressive outturn against a subdued demand backdrop. The order book has increased strongly to 978 plots (H1’25: 597), with c.650 sales secured for FY26. This supports the outlook for H2 and underpins confidence in forecasts, with management indicating an expected improvement in sales through the Spring selling season. Gleeson Land completed 3 site sales during H1, with a further 5 sites in an active sale process. Whilst the H2 weighting in Gleeson Land is likely to be substantial, it remains on track against expectations. Gleeson trades at a discount to sector peers on a CY26 P/B rating of 0.7x (sector: 0.8x) or 11.4x P/E (sector: 12.2x). We believe it is well placed to deliver above-market earnings growth across the forecast period. Against this, we see the current price as an attractive entry point. We stay at Buy, with a 620p TP (15x FY27 P/E).
