Bellway's underlying operating margin fell to 10.5% in H1 FY26, down from 11% YoY, as admin costs rose 12.2% to £86.3m.
Revenue grew 6.3% to £1.52bn and completions rose 2.7% to 4,702 homes, with average selling price increasing to £322,180.
Adjusted operating cash flow dropped to £314.1m, net debt rose to £72m, and adjusted gearing increased to 10.3% from 8.5%.
Full‑year volume guidance lifted above 8,749 homes, margin guidance held at ~10.5%, and interim dividend increased to 23p per share.