Taylor Wimpey plc (TWODY) Q2 2026 Earnings Call Transcript

Okay. Good morning, everyone, and thank you for joining us today. I'll start with some key areas of focus in trading and bring you up to date on what we're seeing before Chris takes you through the financials and capital allocation in more detail. I'll then return to cover the proactive actions that we're taking to protect margin and improve returns and the progress that we're making on executing the strategy we set out last year, which I think sets us up well for the current market. So as you're all aware, the housing market backdrop remains challenging. Underlying demand remains resilient, but customer confidence is subdued. So our focus in the first half and my key messages today is on controlling what we can, sharp disciplined execution and a relentless focus on improving return on capital. In other words, we are carefully managing the business to protect value [ NOI ] while also preparing for a cyclical recovery. Our teams worked extremely hard to deliver these results, and I'd like to thank them all and our subcontractors for their work and the commitment in the delivery. As I've set out here, the first priority is maintaining our tight grip on cost, and we are navigating the current uncertainty with