Retain Our No Moat Rating and Lower Our Fair Value Estimate, but Shares Remain Attractive

Persimmon is one of the UK’s largest homebuilders by revenue and dwelling completions, marketing homes under its three brands: Persimmon Homes, Charles Church, and Westbury Partnerships. Persimmon distinguishes itself from peers by operating in the lower-priced segment of the new-build market, targeting first-time buyers; Persimmon Homes' average selling price was 20% below the UK new-build national average in 2024. Charles Church is Persimmon’s premium brand, selling homes at average selling prices 50% above Persimmon Homes’. Westbury Partnerships develops affordable social housing that is sold to housing associations.