REG-Cairn Homes Plc Cairn Homes Plc: Results for the Six Months Ended 30 June 2025
Wed 07:02
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Cairn Homes Plc (CRN)
Cairn Homes Plc: Results for the Six Months Ended 30 June 2025
03-Sep-2025 / 07:00 GMT/BST
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This announcement contains inside information within the meaning of the EU Market Abuse
Regulation 596/2014. Upon the publication of this announcement, this inside information is now
considered to be in the public domain.
Results for the Six Months Ended 30 June 2025
First Time Buyers Driving €625m Growth In Order Book In 2025
Dublin / London, 03 September 2025: Cairn Homes plc (“Cairn”, the “Company” or the “Group”)
(Euronext Dublin: C5H / LSE: CRN) today announces its interim results for the six months ended
30 June 2025.
Our strategy of significant investment in construction activities and operational scaling is
clearly delivering, with exceptionally strong sales in H1 2025, notably from First Time Buyers
(FTBs), driving €625 million growth in our closed and forward order book to 4,092 new homes
(€1.54 billion net sales value). This underpins our expected H2 delivery and another year of
growth in revenue and profitability, supporting our upgraded FY25 guidance and new FY26
guidance provided today.
6 months ended 6 months ended 30
30 June 2025 June 2024
Revenue (€m) 284.5 366.1
Net average selling price (ASP) (€k) 387.0 388.0
Gross profit (€m) 63.1 80.4
Gross margin 22.2% 22.0%
Operating profit (€m) 42.7 61.4
Operating margin 15.0% 16.8%
Construction work-in-progress (WIP) 435.0 318.6
Net debt (€m) (307.4) (157.0)
Operating cash flow (€m) (118.6) 49.5
Basic EPS (cent) 1 1 5.1 7.2
Interim DPS (cent) 2 2 4.1 3.8
As at 2 September 2025 As at 3 September 2024
Closed & forward order book (units) 3 3 4,092 3,450
Closed & forward order book (value net of VAT) €1.54bn €1.32bn
Closed & forward average selling price (net of €376k €383k
VAT)
• Generated revenues of €284.5 million, including €274.0 million residential property sales
revenue from 708 units 4 4 (H1 2024: €347.1 million, 893 units4).
• Gross profit of €63.1 million (H1 2024: €80.4 million), resulting in a margin of 22.2% (H1
2024: 22.0%), illustrating scaled operational efficiencies through our supply chain
relationships, procurement strategy and execution of our innovation agenda.
• Operating profit of €42.7 million (H1 2024: €61.4 million), resulting in an operating
margin of 15.0% (H1 2024: 16.8%) reflecting the Company’s historically H2 weighted trading,
transaction timing and mix compared to H1 2024.
• WIP of €435.0 million (30 June 2024: €318.6 million), following WIP investment of €381.5
million (H1 2024: €225.6 million) in the period. The Company nearly doubled its
commencements in 2024 (to over 4,000 units) driving increased WIP spend in H1 2025 and
illustrating clearly the Company’s increased operational scale.
• Net cash of €118.6 million used in operating activities and net debt of €307.4 million (30
June 2024: €157.0 million), reflecting the scale of our net H1 WIP investment and increased
construction activity. Net debt is expected to unwind in H2.
• Successfully completed a refinancing of our sustainability linked syndicate facility in
February 2025, increasing it by €75 million to €402.5 million. In July, the Company further
refinanced part of its US Private Placement debt, increasing this facility by €40 million
to €97.5 million. The Company now has access to €500 million of committed debt facilities.
• Redesignation of our €402.5 million Sustainability Linked Loans to Green Loans 5 5 ,
reflecting our alignment with globally recognised best practices in sustainable finance.
• Interim DPS of 4.1 cent, an 8% increase from FY24 interim DPS of 3.8 cent.
Operational and Sustainability Highlights
• Our closed and forward order book of 4,092 new homes (€1.54 billion net sales value) has
increased by over 1,700 new homes (€625 million) from 2,361 new homes (c.€910 million net
sales value) at the beginning of this year.
• Private weekly sales rate of 4.1 new homes per active selling site 6 6 , driven by
exceptionally strong FTB demand.
• Following our first successful launch in H1, we will release our second Croí Cónaithe
(Cities) approved development in H2. This Government initiative enables private ownership
of apartments which Cairn will continue to support across several future sites.
• Build Cost Inflation (BCI) of c.1% - c.1.5% expected for FY25 (reduced from c.2% at the
beginning of the year) reflecting the Company’s focus on innovation, productivity and
scaled procurement efficiencies.
• Maintained our ASP of €387,000 (H1 2024: €388,000), including the delivery of well-located
Social & Affordable scaled apartment developments for our State partners at lower ASPs, as
we continue to deliver value for these partners.
• In H1, we agreed to acquire scaled sites in off-market transactions which will deliver
c.2,000 primarily FTB homes in the medium term, and progressed option agreements and joint
ventures arrangements to secure an additional c.1,500 units.
• To date in H2, we have acquired land which will deliver c.900 new homes and exercised a
joint venture option which will deliver c.700 new homes.
• Won both the ‘Innovation in Construction’ award at the Irish Construction Excellence Awards
2025 and the ‘Green Transformation Award’ at The Green Awards 2025 recognising our market
leading delivery of new homes to the Passive House standard at scale.
Policy Developments and Macroeconomic Highlights
• The Irish Government has introduced significant policies, initiatives and legislative
changes in 2025, targeting key strategic challenges to increasing housing delivery. The
most significant of which was the publication of the National Development Plan (NDP) Review
which sets out departmental capital ceilings to 2030 and overall capital investment out to
2035. The revised department ceilings provide €102.4 billion in capital investment over the
period 2026-2030, with a total investment of €275.4 billion over the period 2026 to 2035.
• A total of €36.0 billion has been allocated to the Department of Housing, Local Government
and Heritage (€28.3 billion for housing and €7.7 billion for water infrastructure) between
2026 and 2030. Its annual capital funding will increase from c.€4.6 billion in 2025 to
c.€7.3 billion in 2026, which will be used to unlock housing, upgrade water, energy and
transport infrastructure.
• The Irish economy continues to outperform its EU peers with modified domestic demand
forecast to grow to 2.3% in 2025 and 2.8% in 2026 (source: ESRI). Despite ongoing global
trade volatility, a cumulative budget surplus of €15 billion is forecast to 2026 (source:
Department of Finance), supporting the State’s investment in housing delivery.
• Mortgage market conditions remain positive against a backdrop of falling interest rates and
strong wage growth, most notably amongst FTBs who represented 73% of mortgage drawdowns (by
value for house purchase) in the year to Q2 2025, the highest share since the start of the
data series in 2003. In the same period, there was 32,298 FTB mortgage approvals, the
highest level since the global financial crisis. With national housing completions
currently at 32,717 in the year to June 2025, supply remains significantly below
mortgage-backed demand.
Outlook and Guidance
Supported by the exceptionally strong sales momentum together with the success of our scaled
procurement and innovation strategy throughout H1 and into H2, the Company today upgrades FY25
guidance as follows:
• Revenue of c.€945 million (previously revenue growth in excess of 10%);
• Operating profit of c.€160 – c.€165 million (previously c.€160 million); and
• ROE 7 7 of c.15.5% (ROAE 8 8 of c. 16.0%).
Our continued investment in scaling is building a stronger business that will enable us to
continue to grow our annual volumes and profitability. The Company remains confident about our
future growth prospects and today provides guidance for FY26 as follows:
• Revenue of c.€1.02 – c.€1.05 billion;
• Operating profit of c.€175 – c.€180 million; and
• ROE7 of c.16.0% (ROAE8 of c. 16.5%).
Commenting on the results, Michael Stanley, CEO, said:
“We celebrated a decade in business in June. My colleagues and I are very proud to have built a
market leadership position, with a market cap of €1.35 billion today and over 30,000 people now
living in a Cairn home.
I am also very pleased to report that the business is performing strongly, our strategy is
working, and we have doubled down on investment in our construction activities. As this
unwinds, it will lead to a strong second half which is why we are raising our guidance today
for 2025 and also introducing new guidance as a result of increased housing output for 2026.
In keeping build cost inflation under control, maintaining average sales price consistency, and
placing a strong emphasis on energy efficiency, a well-designed Cairn home represents an
attractive proposition for first time buyers. In parallel, the delivery of cost-effective new
homes for our State partners, in mainly scaled apartment developments, plays a critical role in
addressing the national housing challenge.
The Government has put in place a suite of policies which can, if efficiently implemented, make
a material difference in the delivery of new homes in the years ahead. In response, we will
continue to invest in our own construction activity to deliver even greater numbers of quality
homes for our customers.”
For further information, contact:
Cairn Homes plc +353 1 696 4600
Michael Stanley, Chief Executive Officer
Richard Ball, Chief Financial Officer
Ailbhe Molloy, Senior Investor Relations Manager
Drury Communications +353 1 260 5000
Billy Murphy
Gavin McLoughlin
Claire Fox
Conor Mulligan
An audio webcast and conference call will be hosted by Michael Stanley, CEO, and Richard Ball,
CFO, today 3 September 2025 at 8.30am (BST). To join please use the links below, or access via
our website ( 9 https://www.cairnhomes.com/investors/ )
Audio Webcast: 10 https://edge.media-server.com/mmc/p/5yufqpv2
Conference Call:
11 https://register-conf.media-server.com/register/BId1f6082af2654e78b5df35913286c795
Notes to Editors
Cairn is an Irish homebuilder committed to building high-quality, competitively priced,
sustainable new homes and communities in great locations. At Cairn, the homeowner is at the
very centre of the design process. We strive to provide unparalleled customer service
throughout each stage of the home-buying journey. A new Cairn home is expertly designed, with a
focus on creating shared spaces and environments where communities thrive. Cairn owns a
c.16,900 unit landbank across 40 residential development sites, over 90% of which are located
in the Greater Dublin Area (GDA) with excellent public transport and infrastructure links.
Note Regarding Forward-Looking Statements
Some statements in this announcement are, or may be deemed to be forward-looking with respect
to the financial condition, results of operations, business, viability and future performance
of Cairn and certain plans and objectives of the Company. They represent our expectations for
our business and involve risks and uncertainties. These forward-looking statements often can be
identified by the fact that they do not relate only to historical or current facts. Generally,
but not always, words such as ‘may,’ ‘could,’ ‘should,’ ‘will,’ ‘expect,’ ‘intend,’ ‘estimate,’
‘anticipate,’ ‘assume,’ ‘believe,’ ‘plan,’ ‘seek,’ ‘continue,’ ‘target,’ ‘goal,’ ‘would,’ or
their negative variations or similar expressions identify forward-looking statements, but their
absence does not mean that a statement is not forward-looking. We have based these
forward-looking statements on our current expectations and projections about future events. We
believe that our expectations and assumptions with respect to these forward-looking statements
are reasonable. However, because they involve known and unknown risks, uncertainties and other
factors, which are in some cases beyond our control, and which include, among other factors
policy, brand, economic, financial, development, compliance, people and climate risks, our
actual results or performance may differ materially from those expressed or implied by such
forward-looking statements. Past performance cannot be relied upon as a guide to future
performance and should not be taken as a representation that trends or activities underlying
past performance will continue in the future. These forward-looking statements are made as of
the date of this document. Cairn expressly disclaims any obligation or undertaking to publicly
update or revise these forward-looking statements, other than as required by applicable law.
Chief Executive Statement
Financial Highlights
The Group delivered a strong financial performance in the first half of 2025 generating revenue
of €284.5 million (H1 2024: €366.1 million), including €274.0 million residential property
sales revenue from 708 units4 (H1 2024: €347.1 million and 893 units4) and €10.4 million from
development site sales (H1 2024: €19.0 million). H1 2025 trading performance was in line with
expectations, reflecting the Group’s historically H2 weighted trading, transaction timing and
mix compared to H1 2024. The average selling price (ASP) of our closed units, excluding VAT,
was €387,000 (H1 2024: €388,000).
Gross profit for the period was €63.1 million (H1 2024: €80.4 million), resulting in a gross
margin of 22.2% (H1 2024: 22.0%, FY 2024 21.7%), highlighting the consistent progress being
made on our supply chain relationships, procurement strategies and executing our innovation
agenda across our scaled construction activities.
Operating profit of €42.7 million (H1 2024: €61.4 million) yielding an operating margin of
15.0% (H1 2024: 16.8%; FY 2024: 17.4%). Operating expenses were €20.5 million (H1 2024: €19.0
million), which reflects the ongoing investment in the Group’s operational growth.
Finance costs for the period were €6.1 million (H1 2024: €6.8 million). The decrease of €0.7
million is mainly due to lower interest rates in the period compared to H1 2024.
The Group delivered profit after tax of €31.7 million (H1 2024: €46.9 million), equating to
basic earnings per share of 5.1 cent (H1 2024: 7.2 cent).
Inventories as at 30 June 2025 of €1,035.1 million (31 December 2024: €862.1 million) included
land held for development of €600.1 million (31 December 2024: €615.7 million) and construction
work-in-progress (WIP) of €435.0 million (31 December 2024: €246.4 million). The €188.6 million
net WIP investment in H1 reflects the Group’s increased operational scale following extensive
new site commencements in FY 2024, all underpinned by a strong, multi-year forward order book.
The Group had total committed debt facilities of €385.0 million at the start of 2025. This
increased to €460.0 million on 26 February 2025, of which €402.5 million was a sustainability
linked syndicate facility comprising a term loan of €102.5 million and revolving credit
facility of €300.0 million with Allied Irish Banks, Bank of Ireland, and Home Building Finance
Ireland (HBFI), maturing in June 2029 with a one-year extension option at the discretion of
Group. The €402.5 million syndicate facility sustainability linked loans were redesignated to
Green Loans in June 2025, reflecting the Group’s alignment with globally recognised best
practices in sustainable finance. The Group has €57.5 million (31 December 2024: €57.5 million)
of loan notes with PGIM Private Capital (formerly known as Pricoa Capital Group). In July, the
Group completed a refinance of part of the Group’s private placement debt, increasing the
facility by €40.0 million to €97.5 million. The Group now has access to €500.0 million of
committed debt facilities, with an average maturity of nearly five years, adding further
capital and liquidity to fund continued growth.
Net debt was €307.4 million as at 30 June 2025 (30 June 2024: €157.0 million). The increase in
net debt reflects the Group’s expected H2 weighted trading, the scale of our H1 WIP investment
and the timings of transactions compared to H1 2024. The Group had available liquidity (cash
and undrawn facilities) at 30 June 2025 of €151.2 million (30 June 2024: €241.8 million).
The Board has recommended an interim dividend for the period of 4.1 cent per ordinary share,
which will be paid on 15 October 2025 to ordinary shareholders on the Company’s register at
5.00 p.m. on 19 September 2025.
Between 2 January 2025 and 9 January 2025, the Company repurchased 803,939 shares at a cost of
€1.8 million which completed the FY24 €45 million share buyback programme which commenced on 3
July 2024. All repurchased shares were subsequently cancelled.
In accordance with S1548 of the Companies Act 2014, KPMG's tenure as the statutory auditor for
a public interest entity reached its maximum duration at the end of the 2024 reporting cycle
and KPMG have resigned as auditors following the completion of the audit for the fiscal year
ending 31 December 2024. Ernst and Young Chartered Accountants have been appointed as the
statutory auditor for the Group for the financial year ending 31 December 2025.
Supportive Policy Developments
The Government has introduced significant policies, initiatives and legislative changes aimed
at increasing the supply of new homes across all tenures in Ireland and targeting key strategic
challenges surrounding housing delivery in the medium term:
• National Development Plan (NDP): significantly increased funding for the Department of
Housing, Local Government and Heritage (the Department) was announced at the end of July
2025 in the revised NDP. A total of €36.0 billion has been allocated to the Department
(€28.3 billion for housing and €7.7 billion for water infrastructure) from 2026 to 2030.
The Department’s annual capital funding will increase from c.€4.6 billion in 2025 to c.€7.3
billion in 2026. The NDP also included a €5.5 billion equity commitment to Eirgrid, ESB
Networks and Uisce Éireann (formerly Irish Water) supporting, amongst other capital
projects, critical enabling infrastructure works to support increased housing output.
• Approved an additional €696 million capital funding in 2025 to fund a range of housing
programmes, including €184 million to increase social housing delivery, €114 million
investment in cost-rental housing and €250 million to support the Temporary Development
Contribution Waiver Scheme (thereby increasing the 2025 budget from c.€4.6 billion to
c.€5.3 billion). 4,600 new social and affordable homes will be supported with this funding
of which over 3,700 will be new build.
• Revised National Planning Framework (NPF): approved in April 2025 which updates national
spatial policies to account for population growth, increased need for infrastructure and
enhanced climate ambitions. This was followed by the issuance of Ministerial Guidelines in
July 2025 instructing local authorities to update housing targets in line with the Revised
NPF. The Ministerial Guidelines identify the national housing growth requirements
identified for each local authority based on the Revised NPF, which are to plan for
approximately 55,600 new homes per annum on average between 2025 and 2034. An additional
headroom of 50% will also be available to local authorities enabling them to zone for a
total of up to 83,400 units per annum. Each local authority is expected to reflect these
new targets by updating their individual development plans.
• Planning Legislation Reforms: the Government published an implementation plan for the
commencement of the Planning and Development Act 2024 in March 2025. This reform was
supported by the publication of the Planning and Development (Amendment) Act 2025, in July
2025, which introduced transitional amendments to the 2024 Act. Key parts of the 2025 Act
include the suspension of planning permissions whilst a judicial review is ongoing and the
extension of planning permission timelines in certain circumstances.
• Apartment regulations: new guidelines were announced detailing significant amendments to
apartment design standards in July 2025. These amendments, where applied, will improve
apartment viability.
• Rent legislation: With the aim of increasing investment in the rental sector, providing
certainty to the wider residential market and enhancing protection for renters, the
Government announced significant legislative and policy amendments to rent controls,
primarily through changes to Rent Pressure Zones (RPZs), in June 2025. A key feature of
these reforms is the ability of landlords to reset rents to market rates between tenancies
from 1 March 2026 (rent increases in RPZs are currently capped at the lower of 2% or
inflation).
Strong First Time Buyer Demand Driving H1 Sales
Demand across all buyer profiles remained exceptionally strong in H1 2025. The Company
delivered 708 units4 at an average selling price (ASP) of €387,000 in the period (H1 2024: 893
units4 at an ASP of €388,000). The slight decrease in ASP reflects the ongoing delivery of
competitively priced new homes to both our core First Time Buyer (FTB) and State partner
markets.
Cairn started 2025 with a multi-year forward order book of 2,361 new homes with a net sales
value of c. €910 million which has increased to 4,092 new homes with a net sales value of €1.54
billion as at 2 September 2025 (3 September 2024: 3,450 new homes and €1.32 billion).
A competitive mortgage market, impactful State supports for FTBs and strong personal savings
are driving positive momentum in our core FTB market. In H1 2025, we launched eight new schemes
across Dublin, Kildare, Meath, Cork and Galway, with strong demand witnessed. This includes the
successful launch of our first Croí Cónaithe (Cities) approved apartment development in Douglas
(Co. Cork), with this positive Government initiative supporting and promoting private ownership
of apartments. The success of these launches supports the Company’s strategic objective to
continue to significantly increase our delivery of new homes to FTBs over the medium term. We
expect this positive sales momentum to continue for the remainder of 2025, including at our
second Croí Cónaithe (Cities) approved apartment development in Cherrywood (Dublin 18), which
will launch in Q4 2025.
In H1 2025, we delivered competitively priced social and affordable homes under both forward
purchase and forward fund 12 9 transactions to our State partners. Having outlined a
significant increase in its investment and capital funding in the housing sector until 2035 in
July’s NDP, the Irish Government will continue to play a significant role in supporting the
sector and importantly the delivery of critical infrastructure enabling works needed to
increase industry supply across social, affordable and private housing. The success to date of
Cairn’s Seven Mills development in Dublin, where over 2,000 new homes have been built or are
under construction across all tenures since we started on site in early 2023, illustrates the
impact of infrastructure funding in unlocking scaled residential development. Nearly €200
million in Urban Regeneration Development Fund (URDF) grant funding is supporting the
accelerated delivery of all key infrastructure required to deliver this new town which will
comprise 9,000 new homes and over 25,000 residents.
The recent positive changes to rent legislation, and the reduction in interest rates, have
the potential to attract institutional investors who are seeking a stable, long-term exposure
to the Irish residential sector. Our market leading position in the delivery of scaled
apartment developments leaves us ideally positioned to also meet any demand from these
customers.
Record H1 WIP Investment in Construction Activities Underpinning Growth Trajectory
The Company significantly increased investment in our construction activities in H1 2025
with a total WIP spend of €381.5 million (H1 2024: €225.6 million), an increase of over 69% on
the same period in 2024. Cairn was active on an average of 20 residential sites during H1 2025
across both low and high-density schemes. We commenced construction on our Montrose (Dublin 4)
site and a new phase of our existing Seven Mills (Dublin 22) site in H1 2025, which combined
will deliver over 850 new homes. The Company will commence up to four new sites and new phases
across a number of existing scaled sites in the remainder of H2 2025.
Our closing WIP balance of €435.0 million (H1 2024: €318.6 million) reflects the investment in
the capacity and capability of our business and the significant ramp-up of our construction
activities in the last 18 months. Our H1 2025 WIP balance is 2.9x (3.1x in H1 2024) covered by
the c.€1.265 billion forward sales in our forward order book (excluding new homes sales in H1
2025).
Our supply chain and procurement strategy leverages our scaled operating platform and
operational competitive advantages as evidenced by our record H1 WIP spend of €381.5 million
and a current committed procurement order book of over €1 billion on active and pipeline sites.
We are over 95% procured across all current live sites for 2025 and 70% for 2026.
Our proactive approach to the manner in which we engage and support our supply chain partners
through our group procurement function, category management activity and our continued focus on
driving efficiencies in our scaled platform has enabled us to mitigate inflationary pressures
and control our build costs. We currently expect total build cost inflation (BCI) for FY25 to
be c.1.0% - c.1.5%. Whilst a significant portion of our materials are procured domestically, we
remain mindful of the potential impacts of recent global tariff deals which have not had any
adverse impact on our business to date.
Innovation Driving Efficiencies
Our focus on driving operational and productivity efficiencies through our scaled platform is
evidenced by our industry leading pace of delivery - our research suggests that Cairn takes
sites from planning application to commencement in 50 weeks (45 weeks quicker than the industry
average) and completes sites c.5 months faster than industry averages. The Company has a
relentless focus on innovation and has invested significantly in this key strategic priority.
Key areas of progress in H1 2025 include:
• After substantial research and development, we launched Phase 1 of our Digital Design
Toolkit rollout for use in the pre-planning stage at our Holybanks (Swords) development.
The platform is the next generation of the Cairn design platform, streamlining high quality
design information and enhancing a more integrated delivery platform.
• Continued to work closely with Technology University Dublin (TUD), supporting education and
innovation programs including a course for an Apprenticeship in Modern Methods of
Construction (MMC), to create the next generation of construction innovators with modern
homebuilding skills.
• Built a mobile soil and stone filtering, crushing and screening centre at our Seven Mills
development. This will significantly reduce our waste sent to landfill, support our carbon
reduction strategy and reduce our waste costs in the future.
• Enhanced our use of Off-Site Manufacturing (OSM) and MMC, including the use of:
• Prefabricated canopies for off-site house and own door units;
• Intewall, a prefabricated internal wall system, with our Parkside development being the
first scheme in Ireland to use this process;
• Aerobarrier to support increased levels of airtightness in the passive homes we are
delivering; and
• Off-site external infill wall panels supporting with our regional delivery.
Landbank Optimisation
We continued to progress our capital efficient land acquisition strategy in H1, agreeing to
acquire land which will deliver c.2,000, primarily FTB homes in the medium term. The Company
also progressed joint venture arrangements and option agreements to secure an additional
c.1,500 units. These structures provide strategic optionality, allow us to leverage our
operating platform, and represent a capital efficient way to acquire land. Since the period end
the Company has acquired land which will deliver c.900 new homes and exercised a joint venture
option which will deliver c.700 new homes.
The new local authority housing targets set out in the July 2025 Ministerial Guidelines will
likely increase the amount of land which will be re-zoned for residential development. We
expect this positive new development will bring new scaled sites to the market.
In H1 2025 we obtained five new grants of planning permission comprising nearly 1,400 new homes
(H1 2024: seven new grants comprising nearly 1,500 new homes) through applications made
primarily under the Large-scale Residential Development (LRD) planning process. We have
received a further three grants of planning in early H2, resulting in a total of eight new
grants of planning comprising nearly 2,600 new homes since the beginning of the year. All of
our forecast 2025 units and over 90% of our expected 2026 delivery units have full planning
permission, underpinning our medium term delivery whilst over 70% of our c.16,900 unit landbank
has effective full planning permission.
Board and Committee Changes
On 1 January 2025, Orla O’Connor was appointed as an independent Non-Executive Director. Orla
also became a member of the Audit & Risk Committee and the Remuneration Committee. Bernard
Byrne succeeded the retiring John Reynolds as Chairman on 1 May 2025, having been appointed as
an independent Non-Executive Director and Chair-Designate with effect from 1 January 2025.
The composition of the Board Committees are currently:
• Audit & Risk Committee: Orla O’Gorman (Chair), Linda Hickey, Orla O’Connor and Julie
Sinnamon;
• Nomination Committee: Julie Sinnamon (Chair), Giles Davies and Orla O’Gorman; and
• Remuneration Committee: Linda Hickey (Chair), Giles Davies and Orla O’Connor.
CAIRN HOMES PLC
STATEMENT OF DIRECTORS’ RESPONSIBILITIES IN RESPECT OF THE HALF-YEARLY FINANCIAL REPORT
For the six month period ended 30 June 2025
The Directors are responsible for preparing the half-yearly financial report in accordance with
the Transparency (Directive 2004/109/EC) Regulations 2007 (“the Transparency Directive”), and
the Transparency Rules of the Central Bank (Investment Market Conduct) Rules 2019.
In preparing the condensed set of consolidated financial statements included within the
half-yearly financial report, the Directors are required to:
• prepare and present the condensed set of consolidated financial statements in accordance
with IAS 34 Interim Financial Reporting as adopted by the EU, the Transparency Directive,
and the Transparency Rules of the Central Bank of Ireland;
• ensure the condensed set of consolidated financial statements has adequate disclosures;
• select and apply appropriate accounting policies;
• make accounting estimates that are reasonable in the circumstances; and
• assess the Group’s ability to continue as a going concern, disclosing, as applicable,
matters related to going concern and using the going concern basis of accounting unless the
Directors either intend to liquidate the Group or to cease operations, or have no realistic
alternative but to do so.
The Directors are responsible for designing, implementing and maintaining such internal
controls as they determine are necessary to enable the preparation of the condensed set of
consolidated financial statements that is free from material misstatement whether due to fraud
or error.
We confirm that to the best of our knowledge:
1. the condensed set of consolidated financial statements included within the half-yearly
financial report of Cairn Homes plc (“the Company”) for the six months ended 30 June 2025
(“the interim financial information”) which comprises the condensed consolidated statement
of profit or loss and other comprehensive income, condensed consolidated statement of
financial position, consolidated statement of changes in equity, condensed consolidated
statement of cash flows and the related explanatory notes, have been presented and prepared
in accordance with IAS 34 Interim Financial Reporting as adopted by the EU, the
Transparency Directive, and the Transparency Rules of the Central Bank of Ireland.
2. The interim financial information presented includes a fair review of the information as
required by the Transparency Directive, including:
a. an indication of important events that have occurred during the first 6 months of the
financial year, and their impact on the condensed set of consolidated financial
statements;
b. a description of the principal risks and uncertainties for the remaining 6 months of
the financial year;
c. related party transactions that have taken place in the first 6 months of the current
financial year and that have materially affected the financial position or the
performance of the enterprise during that period; and
d. any changes in the related party transactions described in the last annual report that
could have a material effect on the financial position or performance of the
enterprise in the first 6 months of the current financial year.
The Directors are responsible for the maintenance and integrity of the corporate and financial
information included on the Company’s website. Legislation in the Republic of Ireland governing
the preparation and dissemination of financial statements may differ from legislation in other
jurisdictions.
On behalf of the board
Michael Stanley Richard Ball
Chief Executive Officer Chief Financial Officer
CAIRN HOMES PLC
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME (UNAUDITED)
For the six month period ended 30 June 2025
For six month period For six month period
ended ended
30 June 2025 30 June 2024
Note €’000 €’000
Continuing operations
Revenue 2 284,458 366,127
Cost of sales (221,312) (285,717)
Gross profit 63,146 80,410
Administrative expenses (20,484) (19,008)
Operating profit 42,662 61,402
Finance costs 3 (6,100) (6,777)
Share of profit/(loss) of equity-accounted
investee, net 193 (218)
of tax
Finance income 260 -
Profit before taxation 37,015 54,407
Tax charge 4 (5,328) (7,514)
Profit for the period attributable to owners of
the 31,687 46,893
Company
Other comprehensive income
Fair value movement on cashflow hedges 18 190
Cashflow hedges reclassified to profit and loss (291) (243)
(273) (53)
Total comprehensive income for the period 31,414 46,840
attributable to
owners of the Company
Basic earnings per share 15 5.1 cent 7.2 cent
Diluted earnings per share 15 5.1 cent 7.2 cent
CAIRN HOMES PLC
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION (UNAUDITED)
As at 30 June 2025
30 June 2025 31 December 2024
Unaudited Audited
Assets Note €’000 €’000
Non-current assets
Property, plant and equipment 10 6,712 7,170
Right of use assets 11 5,199 5,592
Intangible assets 12 4,299 4,423
Equity-accounted investee 228 34
Trade and other receivables 6 7,621 10,788
24,059 28,007
Current assets
Inventories 5 1,035,063 862,124
Trade and other receivables 6 165,827 141,532
Current taxation 16,945 12,892
Derivatives 13 - 105
Cash and cash equivalents 7 44,160 27,623
1,261,995 1,044,276
Total assets 1,286,054 1,072,283
Equity
Share capital 8 625 621
Share premium 8 201,894 201,894
Other undenominated capital 8 223 222
Treasury shares (8,202) (8,202)
Share-based payment reserve 11,525 14,721
Cashflow hedge reserve 13 (168) 105
Retained earnings 557,672 548,847
Total equity 763,569 758,208
Liabilities
Non-current liabilities
Derivative 13 168 -
Loans and borrowings 9 336,587 167,054
Lease liabilities 11 4,690 5,191
Deferred taxation 4 3,090 3,090
344,535 175,335
Current liabilities
Loans and borrowings 9 14,992 14,992
Lease liabilities 11 1,309 1,254
Trade and other payables 147,425 107,453
14
Current taxation 14,224 15,041
177,950 138,740
Total liabilities 522,485 314,075
Total equity and liabilities 1,286,054 1,072,283
CAIRN HOMES PLC
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)
For the six month period ended 30 June 2025
Attributable to owners of the Company
Share Share Other Treasury Share-Based Cashflow Retained
Capital Premium Undenomin-ated Shares Payment Hedge Earnings Total
Capital Reserve Reserve
€'000 €'000 €’000 €’000 €'000 €'000 €'000 €'000
As at 1 January 621 201,894 222 (8,202) 14,721 105 548,847 758,208
2025
Total
comprehensive
income for the
period
Profit for the - - - - - - 31,687 31,687
period
Fair value
movement on - - - - - 18 - 18
cashflow hedges
Cashflow hedges
reclassified to - - - - - (291) - (291)
profit and loss
- - - - - (273) 31,687 31,414
Transactions
with owners of
the Company
Purchase of own
shares - share - - - (1,833) - - - (1,833)
buybacks (note
8)
Cancellation of
repurchased (1) - 1 1,833 - - (1,833) -
shares (note 8)
Equity-settled
share-based - - - - 3,307 - - 3,307
payments (note
8)
Settlement of
dividend - - - - (796) - 796 -
equivalents
(note 8)
Shares issued on
vesting of share 5 - - - - - - 5
awards and
options (note 8)
Transfer from
share-based
payment reserve
to retained
earnings in - - - - (5,707) - 5,707 -
relation to
vesting or
lapsing of share
awards (note 8)
Dividends paid
to shareholders - - - - - - (27,532) (27,532)
(note 16)
4 - 1 - (3,196) - (22,862) (26,053)
As at 30 June 625 201,894 223 (8,202) 11,525 (168) 557,672 763,569
2025
CAIRN HOMES PLC
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)
For the six month period ended 30 June 2024
Attributable to owners of the Company
Share Share Other Treasury Share-Based Cashflow Retained
Capital Premium Undenomin-ated Shares Payment Hedge Earnings Total
Capital Reserve Reserve
€'000 €'000 €’000 €’000 €'000 €'000 €'000 €'000
As at 1 655 201,100 183 (3,196) 13,588 436 544,396 757,162
January 2024
Total
comprehensive
income for the
period
Profit for the - - - - - - 46,893 46,893
period
Fair value
movement on - - - - - 190 - 190
cashflow
hedges
Cashflow
hedges
reclassified - - - - - (243) - (243)
to profit and
loss
- - - - - (53) 46,893 46,840
Transactions
with owners of
the Company
Purchase of
own shares - - - - (27,407) - - - (27,407)
share buybacks
(note 8)
Cancellation
of repurchased (18) - 18 27,407 - - (27,407) -
shares (note
8)
Purchase of
own shares - - - - (1,006) - - - (1,006)
held in trust
(note 8)
Equity-settled
share-based - - - - 3,565 - - 3,565
payments (note
8)
Settlement of
dividend - - - - (619) - - (619)
equivalents
Shares issued
on vesting of 5 465 - - - - - 470
share awards
and options
Transfer from
share-based
payment
reserve to
retained - - - - (5,146) - 5,146 -
earnings in
relation to
vesting or
lapsing of
share awards
Dividends paid
to - - - - - - (20,650) (20,650)
shareholders
(13) 465 18 (1,006) (2,200) - (42,911) (45,647)
As at 30 June 642 201,565 201 (4,202) 11,388 383 548,378 758,355
2024
CAIRN HOMES PLC
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)
For the six month period ended 30 June 2025
For the six month period For the six month
ended period ended
30 June 2025 30 June 2024
€'000 €'000
Cash flows from operating activities
Profit for the period 31,687 46,893
Adjustments for:
Share-based payments expense 3,020 3,058
Finance costs 6,100 6,777
Finance income (260) -
Depreciation and amortisation 791 754
Taxation 5,328 7,514
46,666 64,996
(Increase)/decrease in inventories (171,111) 23,084
Increase in trade and other receivables (21,127) (40,004)
Increase in trade and other payables 36,725 9,303
Tax paid (9,784) (7,840)
Net cash (used in)/from operating activities (118,631) 49,539
Cash flows from investing activities
Purchases of property, plant and equipment (480) (837)
Purchases of intangible assets (562) (1,076)
Net cash used in investing activities (1,042) (1,913)
Cash flows from financing activities
Purchase of own shares - share buybacks (1,833) (27,407)
Proceeds from issue of share capital 5 470
Purchase of own shares - held in trust - (1,006)
Settlement of dividend equivalents - (619)
Proceeds from borrowings net of debt issue costs 218,617 197,811
Repayment of loans and borrowings (49,431) (75,000)
Repayment of lease liabilities (764) (480)
Dividends paid (27,532) (20,650)
Interest and other finance costs paid (2,852) (6,489)
Net cash from financing activities 136,210 66,630
Net increase in cash and cash equivalents in the 16,537 114,256
period
Cash and cash equivalents at beginning of period 27,623 25,553
Cash and cash equivalents at end of period 44,160 139,809
CAIRN HOMES PLC
NOTES TO THE UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS
1. Accounting Policies
Basis of preparation
Cairn Homes plc (“the Company”) is a company domiciled in Ireland. The Company’s registered
office is at 45 Mespil Road, Dublin 4. The Company and its subsidiaries (together referred to
as “the Group”) is predominantly involved in the development of residential property for sale.
These unaudited condensed interim consolidated financial statements and the information set out
in this report cover the six month period ended 30 June 2025 and have been prepared in
accordance with IAS 34 “Interim Financial Reporting” as adopted by the European Union.
The condensed interim consolidated financial statements do not include all the information
required for a complete set of financial statements prepared in accordance with IFRS as adopted
by the European Union. However, selected explanatory notes are included to explain events and
transactions that are significant to an understanding of the changes in the Group’s financial
position and performance since 31 December 2024. They should be read in conjunction with the
statutory consolidated financial statements of the Group, which were prepared in accordance
with IFRS as adopted by the European Union, as at and for the year ended 31 December 2024.
Those statutory financial statements have been filed with the Registrar of Companies and are
available at 13 www.cairnhomes.com. The audit opinion on those statutory financial statements
was unqualified and did not contain any matters to which attention was drawn by way of
emphasis.
The interim condensed consolidated financial statements are presented in Euro, which is the
functional currency of the Company and presentation currency of the Group, rounded to the
nearest thousand.
The new IFRS standards, amendments to standards or interpretations that are effective for the
first time in the financial year ending 31 December 2025 have not had a material impact on the
Group’s reported profit or net assets in these interim financial statements.
During the period, the Group entered into one additional forward fund transaction with a State
partner. The forward fund transactions involve the Group delivering new homes under a
contractual relationship where land is sold upfront to the State partners and the cost of
delivering the new homes is paid by the State partners to the Group on a phased basis. The
accounting treatment for revenue is assessed based on the specific terms of the contractual
arrangements for each transaction. The first forward fund transaction commenced during the
previous year and this resulted in the adoption of a new revenue recognition method in
accordance with IFRS 15 Revenue from Contracts with Customers. Judgment was applied in
considering whether the delivery of land and residential units under these arrangements formed
a single performance obligation or separate performance obligations. Based on the facts and
circumstances it was determined that for these transactions the delivery of land and
residential units formed a single performance obligation to be delivered over time. Revenue
relating to these transactions is recognised over time on a cost completion basis. This is
measured by the proportion of total costs incurred at the reporting date relative to the
estimated total costs of the contract using an independent third-party valuation of the work
performed. These contracts may give rise to contract assets and/or contract liabilities.
Contract assets are calculated as the amount by which the cumulative value of revenue earned on
certain long-term contracts exceeds the amounts invoiced to the customer or consists of revenue
earned on forward fund transactions with State partners where the timing of receipt of
consideration is conditioned on something other than the passage of time. Conversely, contract
liabilities represent the amount by which the cumulative amounts invoiced for stage payments on
certain long-term contracts exceed the revenue recognised.
The Group’s other accounting policies, presentation and method of computations adopted in the
preparation of the condensed interim financial statements are consistent with those followed in
the preparation of the Group’s financial statements for the year ended 31 December 2024. The
preparation of consolidated financial statements requires management to make judgements,
estimates and assumptions that affect the application of policies and reported amounts of
assets, liabilities, income and expenses. Actual results could differ materially from these
estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to
estimates are recognised prospectively.
The significant accounting judgements impacting these interim financial statements, in order of
significance, are:
• scale and mix of each development and the achievement of associated planning permissions.
This may involve assumptions on new or amended planning permission applications. This judgement
then feeds into the process of forecasting expected profitability by development which is used
to determine the profit that the Group is able to recognise on its developments in each
reporting period and the net realisable value of inventories.
• revenue recognition in relation to forward fund transactions.
When contractual arrangements exist whereby land is sold up-front and the cost of delivering
the new homes is paid for on a phased basis, there is a judgement as to whether the sale of
land and the delivery of residential units are a single performance obligation or separate
performance obligations for the purposes of revenue recognition. Based on the facts and
circumstances it was determined that for these transactions the delivery of land and
residential units were highly interrelated and formed a single performance obligation to be
delivered over time.
The key sources of estimation uncertainty impacting these interim financial statements are:
• forecast selling prices;
• build cost inflation; and
• carrying value of inventories and allocations from inventories to cost of sales (note 5).
Due to the nature of the Group’s activities and, in particular the scale of its development
costs and the length of the development cycle, the Group has to allocate site-wide development
costs between units completed in the current year and those in future years. It also has to
forecast the costs to complete on such developments and make estimates relating to future sales
prices. Forecast selling prices are inherently uncertain due to changes in market conditions.
These estimates impact management’s assessment of the net realisable value of the Group’s
inventories and also determine the extent of profit or loss that should be recognised in
respect of each development in each reporting period. Note 5 includes disclosures on judgements
and estimates in relation to profit margins and carrying values of inventories. In making such
assessments and allocations, there is a degree of inherent estimation uncertainty. The Group
has developed internal controls designed to effectively assess and review carrying values and
the appropriateness of estimates made. The Directors have also considered the impact of climate
change and the Group’s commitment to the Science Based Targets initiative (SBTi) Net Zero
Standard as well as any additional costs, savings and revenues associated with climate risks or
opportunities as identified in the Task Force on Climate-Related Financial Disclosures on pages
58 to 63 of the 2024 annual report in relation to costs and expected profit margins. There has
been no other material impact identified on the interim financial statements judgements and
estimates as a result of climate change.
Going concern
The Group delivered a strong performance in the first half of 2025 generating revenue of €284.5
million in the period, including €274.0 million residential property sales revenue from 708
units1. The Group used €118.6 million in operational cash flow, a decrease from the €49.5
million generated in H1 2024. The cash used in the period is predominantly a direct result of
the Group's significant net investment of €188.6 million in construction work-in-progress (WIP)
to support our continued growth following 4,100 new home commencements in 2024, including ten
new large-scale developments, and additional commencements in the first half of 2025. The Group
commenced the period with a multi-year forward order book of 2,361 new homes with a net sales
value of c.€910 million which has grown to 4,092 new homes with a net sales value of €1.54
billion as at 2 September 2025. This reflects the exceptional demand for our new homes
following a very successful spring and summer selling season, including eight new private
development launches from the new sites commenced in 2024.
The Group has a growth strategy that focuses on minimising financial risk and maintaining
financial flexibility to ensure we have a strong, sustainable and long-term business. The
business has strong liquidity, a significant investment in construction work-in-progress
underpinned by a significant forward order book, a robust balance sheet and €500.0 million in
committed, lowly leveraged debt facilities.
To mitigate liquidity risk, the Group applies a prudent cash management policy ensuring our
construction activities in the near and medium term are focused on forward sold inventories,
including lower average selling price starter homes for our core first time buyer market and
scaled apartment developments with multi-year delivery timelines.
The Group refinanced its syndicate facility during the period as described in Note 9. At 30
June 2025, the Group had access to €460.0 million of committed debt facilities, including €57.5
million (31 December 2024: €57.5 million) of private placement loan notes with PGIM Private
Capital (formerly known as Pricoa Capital Group). In July 2025, the Group completed a refinance
of part of the private placement debt, increasing the facility by €40.0 million to €97.5
million, and its committed debt facilities to €500.0 million with a current average maturity of
four and a half years, adding further capital and liquidity to fund continued growth.
Net debt was €307.4 million as at 30 June 2025 (30 June 2024: €157.0 million). The increase in
net debt was in line with expectations, reflecting the Group’s historically H2 weighted
trading, transaction timing and mix compared to H1 2024. The Group had available liquidity
(cash and undrawn facilities) at 30 June 2025 of €151.2 million (30 June 2024: €241.8 million),
including €44.2 million of cash (30 June 2024: €139.8 million). Net debt is expected to fall
during H2 2025 with a significantly higher level of sales units forecast to close than in H1
2025.
Having considered the Group’s forecasts and outlook including the strength of its forward order
book, the Directors have a reasonable expectation that the Group has adequate resources to
continue in operational existence for the foreseeable future. Accordingly, they are satisfied
that it is appropriate to continue to adopt the going concern basis in preparing this
consolidated financial information.
1 This comprises both closed residential sales and equivalent residential units. Equivalent
units relate to forward fund transactions and are calculated on a percentage completion basis
based on the constructed value of work completed divided by total estimated cost.
2. Revenue
For six month period ended For six month period
ended
30 June 2025 30 June 2024
€’000 €’000
Residential property sales
Recognised at a point in time 42,757 180,811
Recognised over time 231,261 166,272
Total residential property sales 274,018 347,083
Site and land related sales - recognised at a 10,417 19,025
point in time
Income from property rental 23 19
284,458 366,127
Revenue is recognised either at a point in time or over time, according to the specific
contractual arrangements. Revenue recognised at a point in time is recognised when control over
the property has been transferred to the customer, which occurs at legal completion.
Revenue recognised over time has arisen in the period ended 30 June 2025 and the period ended
30 June 2024 on forward fund contracts where land is sold up-front and the cost of delivering
the new homes is paid for on a phased basis. Such revenue is measured based on total costs
incurred at the reporting date relative to the estimated total cost of the contract, using an
independent third-party valuation of the work performed.
For six month period ended For six month period ended
30 June 2025 30 June 2024
€’000 €’000
Residential property sales
Houses and duplexes 41,743 84,826
Apartments 232,275 262,257
274,018 347,083
3. Finance costs
For six month period For six month period
ended ended
30 June 2025 30 June 2024
€’000 €’000
Interest expense on financial liabilities measured at
amortised cost 5,414 6,456
Other finance costs 867 468
Cash flow hedges - reclassified from other (291) (243)
comprehensive income
Interest on lease liabilities 110 96
6,100 6,777
Interest expense for the six-month period to 30 June 2025 includes interest and amortised
arrangement fees and issue costs on the drawn term loans, revolving credit facility and loan
notes. Other finance costs include commitment fees on the undrawn element of the revolving
credit facility.
4. Taxation
For six month period For six month period ended
ended
30 June 2025 30 June 2024
€’000 €’000
Current tax charge for the period 5,328 7,514
Deferred tax credit for the period - -
Total tax charge 5,328 7,514
Deferred tax
The deferred tax liability is comprised of the
following: For six month period For year ended
ended
30 June 2025 31 December 2024
€’000 €’000
Opening balance 3,090 3,139
Credited to profit or loss - (49)
Closing balance 3,090 3,090
5. Inventories
30 June 2025 31 December 2024
€’000 €’000
Land held for development 600,073 615,743
Construction work in progress 434,990 246,381
1,035,063 862,124
Land held for development includes land acquisitions during the period ended 30 June 2025 of
€6.9 million (year ended 31 December 2024: €99.5 million).
The Directors consider that all inventories are essentially current in nature although the
Group’s operational cycle is such that a considerable proportion of inventories will not be
realised within 12 months. It is not possible to determine with accuracy when specific
inventories will be realised as this will be subject to a number of factors such as consumer
demand with regard to construction work in progress and the timing of planning permissions in
respect of land held for development.
The cost of inventories includes direct labour costs and other direct wages and salaries as
well as the cost of land, raw materials, and other direct costs. During the period ended 30
June 2025 and the period ended 31 December 2024 no direct wages and salaries for employees in
construction related roles were estimated to be non-productive and therefore all such costs
were included in the cost of inventories.
As the build costs on each development can take place over a number of reporting periods the
determination of the cost of sales to release on each sale is dependent on up-to-date cost
forecasting and expected profit margins across the various developments. The Directors review
forecasting and profit margins on a regular basis and have incorporated any additional costs as
a result of inflation. The Directors have also considered the impact of climate change and the
Group’s commitment to the Science Based Targets initiative (SBTi) Net Zero Standard as well as
any additional costs, savings and revenues associated with climate risks or opportunities as
identified in the Task Force on Climate-Related Financial Disclosures on pages 58 to 63 of the
2024 Annual Report. There has been no material impact identified on the financial statements
judgements and estimates as a result of climate change. Nearer term costs are largely fixed as
they are in most cases fully procured, and others are variable and particular focus has been
given to these items to ensure they are accurately reflected in forecasts and profit margins.
There is a risk that one or all of the assumptions as outlined in note 1 may require revision
as more information becomes available, with a resulting impact on the carrying value of
inventories or the amount of profit recognised. The risk is managed through ongoing site
profitability reforecasting with any necessary adjustments being accounted for in the relevant
reporting period. The Directors considered the evidence from impairment reviews and profit
forecasting models across the various sites and are satisfied with the carrying values of
inventories (development land and work in progress), which are stated at the lower of cost and
net realisable value, and with the methodology for the release of costs on the sale of
inventories. All active developments on which construction has commenced are profitable and due
to the forecasting process by which cost of sales is determined as referred to above, the
Directors therefore concluded that the net realisable value of active sites was greater than
their carrying amount at 30 June 2025 and hence those developments were not impaired.
All developments on which construction has not yet commenced were also assessed for impairment
at 30 June 2025. This assessment was based on the current development plan for the site,
reflecting the number and mix of units expected to be built. For each of these sites, the
forecast revenue based on current market prices was greater than the sum of the site cost and
the estimated construction costs. The Directors therefore concluded that the net realisable
value of sites on which construction has not yet commenced was greater than their carrying
amount at 30 June 2025 and hence those sites were not impaired.
6. Trade and other receivables
Current assets 30 June 2025 31 December 2024
€’000 €’000
Trade receivables 71,232 73,495
Contract assets 71,681 45,331
Prepayments 2,799 1,311
Construction bonds 11,784 11,938
VAT 917 -
Other receivables 7,414 9,457
165,827 141,532
Non-current assets
30 June 2025 31 December 2024
€’000 €’000
Contract assets 6,580 10,001
Other receivables 1,041 787
7,621 10,788
Trade receivables relate to amounts due in relation to residential property sales to
institutional investors and State partners. Included within trade receivables are amounts of
€44.7 million which relate to funds due from State partners. Within the trade receivables,
€26.5 million relates to retentions. All Trade Receivables excluding retentions have been
received post period end.
Contract assets of €78.3 million (31 December 2024: €55.3 million) consists of revenue earned
on forward fund transactions with State partners that is either unbilled or the timing of
receipt of consideration is conditioned on something other than the passage of time. The
Directors consider that all construction bonds are current assets as they will be realised in
the Group’s normal operating cycle, which is such that a proportion of construction bonds will
not be recovered within 12 months. It is estimated that €6.3 million (2024: €5.5 million) of
the construction bond balance at 30 June 2025 will be recovered after more than 12 months from
that date
7. Cash and cash equivalents
30 June 2025 31 December 2024
€’000 €’000
Current
Cash and cash equivalents 44,160 27,623
All deposits can be withdrawn without any changes in value and accordingly the fair value of
current cash and cash equivalents is identical to the carrying value.
8. Share capital and share premium
30 June 2025 31 December 2024
Number €’000 Number €’000
Authorised
Ordinary shares of €0.001 1,000,000,000 1,000 1,000,000,000 1,000
each
Total authorised share 1,000 1,000
capital
Share Capital Share Premium Total
As at 30 June 2025 Number €’000 €’000 €’000
Issued and fully paid
Ordinary shares of €0.001 each 625,576,122 625 201,894 202,519
Share Capital Share Premium Total
As at 31 December 2024 Number €’000 €’000 €’000
Issued and fully paid
Ordinary shares of €0.001 each 621,051,046 621 201,894 202,515
Share buyback programme
On 3 July 2024, the Company announced a new €45.0 million share buyback programme, which
represents €40.0 million in respect of a new programme and the remaining €5.0 million of the
FY23 programme (the FY24 programme). As at 31 December 2024 the total cost of shares
repurchased under the FY24 programme was €43.2 million which was recorded directly in equity in
retained earnings. In accordance with the share buyback programme, all repurchased shares are
subsequently cancelled. 21,770,362 shares were repurchased under the FY24 programme (at an
average share price of €1.98) and were cancelled in the year ended 31 December 2024. Between 2
January 2025 and 9 January 2025, the Company repurchased 803,939 shares at a cost of €1.8
million which completed the FY24 programme. These shares were subsequently cancelled.
30 June 2025 31 December 2024
Other undenominated capital €’000 €’000
At 1 January 222 183
Nominal value of own shares purchased 1 39
At end of period/ year 223 222
Long-term incentive plan
The Group operates an equity settled long-term incentive plan (LTIP), which was approved at the
May 2017 Annual General Meeting, under which conditional awards of 13,062,482 shares made to
employees remain outstanding as at 30 June 2025 (31 December 2024: 16,166,510). The shares will
vest on satisfaction of service and performance conditions attaching to the LTIP over a 3 year
period. During the period ended 30 June 2025 the Company issued 4,644,889 of ordinary shares in
relation to the vesting of the 2022 LTIP. €5.707 million was transferred from the share-based
payments reserve to retained earnings relating to the 2022 vesting.
The 2023, 2024 and 2025 LTIP awards are subject to both financial and non-financial metrics.
60% of the 2023 awards will vest subject to the achievement of cumulative EPS targets over the
three-year performance period from 2023 to 2025. 55% of the 2024 and 2025 award will vest
subject to the achievement of cumulative EPS targets over the three-year performance period
from 2024 to 2026 and from 2025 to 2027 respectfully. 20% of the 2023 awards will vest subject
to the achievement of a return on equity (ROE) target and 20% subject to the achievement of a
biodiversity target. 25% of the 2024 and 2025 award will vest subject to the achievement of an
ROE target, 10% subject to the achievement of a biodiversity target and 10% dependent on
passive standard unit commencements.
Awards to Executive Directors are also subject to an additional two-year holding period after
vesting.
The Group recognised a charge of €1.622 million related to the LTIP during the period ended 30
June 2025 (period ended 30 June 2024: €2.089 million charge), of which €1.463 million was
charged to administrative expenses in profit and loss (period ended 30 June 2024: €1.656
million charge) and €0.159 million was charged to construction work in progress within
inventories (period ended 30 June 2024: €0.433 million charge). Conditional awards of 1,585,103
shares were made to employees under the LTIP in the period ended 30 June 2025.
Dividend equivalents
The Group operates a dividend equivalent scheme linked to its equity settled LTIP. Under this
scheme employees are entitled to shares or cash (the choice of settlement is as determined by
the Group) to the value of dividends declared over the LTIP’s vesting period based on the
number of shares that vest. During the period ended 30 June 2025 the Group settled dividend
equivalents in shares of €0.796 million relating to the 2022 LTIP vesting and this amount was
deducted from the share-based payment reserve. The Group issued 684,126 ordinary shares in
relation to dividend equivalents during the period ended 30 June 2025.
The Group recognised a charge related to dividend equivalents during the period ended 30 June
2025 of €0.571 million (30 June 2024: €0.485 million) of which €0.543 million (30 June 2024:
€0.418 million) was charged to administrative expenses in profit or loss and a charge of €0.028
million (30 June 2024: €0.067 million) was included in construction work in progress within
inventories.
Stretch CEO LTIP
On 31 August 2023 shareholders approved the adoption and implementation of an additional LTIP
to deliver certain bespoke awards of shares to the Company’s CEO, Mr. Michael Stanley (the
“Stretch CEO LTIP”). The award is structured in two tranches, with an equal number of ordinary
shares in the capital of the Company granted to the CEO in each of 2023 and 2024. The 2023
Award is subject to a three-year performance period (2023-2025) and the 2024 Award is subject
to a four-year performance period (2023-2026), both from the baseline year of 2022 and subject
to the achievement of certain performance conditions linked to profit after tax and ROE (Return
on Equity) weighted 75% and 25% respectively. The 2023 award was granted in 2023, at a value of
€3.5 million, with the number of conditional share awards determined by the closing share price
on the evening preceding the grant date.
The number of conditional share awards granted under the 2024 award is identical to the first
award. The 2023 grant took place on 8 September 2023 with a grant price of €1.108 per share
equating to 3,158,845 ordinary shares. The 2024 grant took place on 10 April 2024 with a grant
price of €1.108 per share equating to 3,158,845 ordinary shares. Due to the nature of the
awards and given that the performance period for the 2023 and 2024 awards commenced on 1
January 2023, the Group recognised a charge in profit or loss related to the Stretch CEO LTIP
of €0.976 million in the period (period ended 30 June 2024: €0.976 million).
Save as you earn scheme
The Group operates a Revenue approved savings related share option scheme (“save as you earn
scheme”), which was approved at the May 2019 Annual General Meeting, under which the Group
recognised a charge during the period ended 30 June 2025 of €0.138 million (30 June 2024:
€0.015 million) of which €0.043 million (30 June 2024: €0.008 million) was charged to profit or
loss and €0.095 million (30 June 2024: €0.007 million) was included in construction work in
progress within inventories. During the period ended 30 June 2024, the Company issued 200,847
ordinary shares in relation to the vesting of the 2021 option scheme. This resulted in €0.165
million being included in share premium and €0.152 million was transferred from the share-based
payments reserve to retained earnings relating to the 2021 vesting.
9. Loans and borrowings
30 June 2025 31 December 2024
€’000 €’000
Current liabilities
Repayable within one year 14,992 14,992
14,992 14,992
Non-current liabilities
Bank and other loans
Repayable as follows:
Between one and two years 42,499 42,495
Between two and five years 294,088 124,559
Greater than five years - -
336,587 167,054
Total loans and borrowings 351,579 182,046
The Group had a total committed debt facility of €385.0 million at the start of 2025. This
increased to €460.0 million on 26 February 2025, of which €402.5 million was a syndicate
facility comprising a term loan of €102.5 million and revolving credit facility of €300.0
million with Allied Irish Banks, Bank of Ireland, and Home Building Finance Ireland (HBFI),
maturing in June 2029 with a one-year extension option at the discretion of Group. During the
period ended 30 June 2025, the €402.5 million syndicate facility sustainability linked loans
were redesignated to Green Loans1, reflecting the Group’s alignment with globally recognised
best practices in sustainable finance. The drawn revolving credit facility as at 30 June 2025
was €193.0 million (31 December 2024: €182.1 million).
Additionally, at 1 January and 30 June 2025, the Group had €57.5m of committed debt facilities
with PGIM Private Capital (formerly known as Pricoa Capital Group). As referenced in note 20,
the Group completed a refinance of part of the private placement debt in July 2025, increasing
the facility by €40.0 million to €97.5 million, repayable on 31 July 2026 (€42.5 million) and
31 July 2030 (€55.0 million). €15.0 million of the proceeds of the new €55.0 million private
placement facility were used to discharge the €15.0 million July 2025 maturity. The Group now
has access to €500.0 million of committed debt facilities, with an average maturity of nearly
five years.
All debt facilities are secured by a debenture incorporating fixed and floating charges and
assignments over all the assets of the Group. The carrying value of inventories as at 30 June
2025 pledged as security was €1,035.1 million (31 December 2024: €862.1 million). The Group had
drawn revolving credit facilities of €193.0 million as at 30 June 2025 (€35.0 million as at 31
December 2024). The amount presented in the financial statements is net of related unamortised
arrangement fees and transaction costs of €1.3 million (31 December 2024: €1.0 million).
1 Aligned with the Loan Market Association’s Green Loan Principles.
10. Property, Plant and Equipment
Leasehold Improvements Computers, Plant and Equipment 30 June 2025
€’000 €’000 Total
€’000
Cost
At 1 January 2,905 11,028 13,933
Additions in the period - 480 480
Disposals in the period - - -
At end of period 2,905 11,508 14,413
Accumulated depreciation
At 1 January (1,088) (5,675) (6,763)
Depreciation for the period (129) (809) (938)
Disposals in the period - - -
At end of period (1,217) (6,484) (7,701)
Net book value
At end of period 1,688 5,024 6,712
In the period ended 30 June 2025, the Group had additions of €0.48 million (year ended 31
December 2024: €2.59 million). The main additions during the period related to equipment
purchases for construction sites.
31 December
Leasehold Motor Vehicles Computers, Plant and 2024
Improvements Equipment
€’000 Total
€’000 €’000
€’000
Cost
At 1 January 2,905 59 8,436 11,400
Additions in the year - - 2,592 2,592
Disposals (59) - (59)
At end of year 2,905 - 11,028 13,933
Accumulated
depreciation
At 1 January (828) (58) (4,394) (5,280)
Depreciation for the (260) - (1,281) (1,541)
year
Disposals - 58 - 58
At end of year (1,088) - (5,675) (6,763)
Net book value
At end of year 1,817 - 5,353 7,170
11. Leases
The Group leases its central support office property and certain motor vehicles. The office
lease formed the majority of the right of use assets and lease liabilities balance as at 30
June 2025 and 31 December 2024. The discount rate attributed to the office lease is 2.6%.
Right of use assets
Period ended Year ended
30 June 2025 31 December 2024
€’000 €’000
Cost
At 1 January 7,999 7,139
Additions in the period/year 318 1022
Disposals in the period/year - (162)
At end of period/year 8,317 7,999
Accumulated depreciation
At 1 January (2,407) (1,582)
Depreciation in the period/year (711) (987)
Disposal in the period/year - 162
At end of period/year (3,118) (2,407)
Net book value
At end of period/year 5,199 5,592
Lease liabilities
Period ended Year ended
30 June 2025 31 December 2024
€’000 €’000
Current liabilities
Lease liabilities
Repayable within one year 1,309 1,254
Non-current liabilities
Lease liabilities
Repayable as follows:
Between one and two years 1,218 1,194
Between two and five years 2,322 2,427
Greater than five years 1,150 1,570
4,690 5,191
Total lease liabilities 5,999 6,445
The movements in total lease liabilities were as follows:
Period ended 30 June 2025 Year ended 31 December 2024
€’000 €’000
At 1 January 6,445 6,427
Additions in the period/ year 318 1,022
Interest on lease liabilities 110 233
Lease payments (874) (1,237)
At end of period/ year 5,999 6,445
Contractual cash flows
The remaining undiscounted contractual cashflows for leases at 30 June 2025 were as follows:
As at 30 June 2025 Total 6 months or less 6-12 months 1-2 years 2-5 years 5 years+
€’000 €’000 €’000 €’000 €’000 €’000
Lease liability (6,604) (771) (735) (1,350) (2,535) (1,213)
As at 31 December 2024 Total 6 months or less 6-12 months 1-2 years 2-5 years 5 years+
€’000 €’000 €’000 €’000 €’000 €’000
Lease liabilities (7,120) (750) (713) (1,356) (2,683) (1,618)
12. Intangible assets
Software
Period ended Year ended
30 June 2025 31 December 2024
€’000 €’000
Cost
At 1 January 8,374 6,630
Additions in the period/year 562 1,744
At end of the period/year 8,936 8,374
Accumulated amortisation
At 1 January (3,951) (2,419)
Amortisation for the period/year (686) (1,532)
At end of period/year (4,637) (3,951)
Net book value
At end of period/year 4,299 4,423
13. Derivatives and cashflow hedge reserve
Current assets
30 June 2025 31 December 2024
Derivative financial instruments €’000 €’000
Interest rate swaps - cash flow hedges - 105
Non-current liabilities
30 June 2025 31 December 2024
Derivative financial instruments €’000 €’000
Interest rate swaps - cash flow hedges 168 -
Derivative financial instruments
During the period, the Group completed a refinancing of its syndicate facility. As part of
this, the interest rate swap (swap) in respect of €18.75 million of its sustainability linked
syndicate term loan facility was extinguished, and a new interest rate swap was entered into
against €17.8 million of the term loan on the 31 March 2025 at a fixed interest rate of 2.303%
and expiry date of 29 June 2029.
14. Trade and other payables
30 June 2025
31 December 2024
€’000 €’000
Trade payables 73,210 26,896
Deferred consideration 2,000 7,500
Accruals 70,626 52,168
VAT liability - 17,920
Other creditors 1,589 2,969
147,425 107,453
Deferred consideration relates to development land purchased. Other creditors represent amounts
due for payroll taxes and Relevant Contracts Tax. The carrying value of all trade and other
payables is approximate to their fair value.
15. Earnings per share
The basic earnings per share for the period ended 30 June 2025 is based on the earnings
attributable to ordinary shareholders of €31.7 million and the weighted average number of
ordinary shares outstanding for the period.
For six month period ended For six month period ended
30 June 2025 30 June 2024
Profit attributable to owners of the 31,687 46,893
Company (€’000)
Numerator for basic and diluted earnings 31,687 46,893
per share
Weighted average number of ordinary 622,969,935 648,048,840
shares for period (basic)
Dilutive effect of LTIP awards (note 8) - 1,278,976
Dilutive effect of share options (note 8) - 70,466
Denominator for diluted earnings per 622,969,935 649,398,282
share
Earnings per share
Basic 5.1 cent 7.2 cent
Diluted 5.1 cent 7.2 cent
16. Dividends
A final 2024 dividend of 4.4 cent per ordinary share totalling €27.5 million was paid on 16
May 2025.
On 2 September 2025 the Board approved an interim dividend of 4.1 cent per ordinary share. This
interim dividend will be paid on 15 October 2025 to shareholders on the register on the record
date of 19 September 2025. Based on the ordinary shares in issue at 2 September 2025, the
amount of dividends proposed is €25.6 million.
17. Related party transactions
There were no related party transactions during the period ended 30 June 2025 other than
directors’ remuneration.
18. Financial risk management
The Group has exposure to the following risks arising from financial instruments:
• credit risk;
• liquidity risk; and
• market risk.
This note presents information about the Group’s exposure to each of the above risks, and the
Group’s objectives, policies and processes for measuring and managing risk.
a. Risk management framework
The Board of Directors has overall responsibility for the establishment and oversight of the
Group’s risk management framework. Identifying, understanding and managing risk is fundamental
to the delivery of our strategy, our financial performance, and the effectiveness of our
business operations. We continue to improve and refine our risk management controls, ensuring
they are fully integrated into our activities, from the Board and Executive to site
development, whilst informing business improvement plans and our ongoing strategy.
b. Credit risk
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a
financial instrument fails to meet its contractual obligations and arises principally from the
Group’s trade and other receivables and cash and cash equivalents. The carrying amount of
financial assets represents the maximum credit exposure.
Exposure to credit risk
Group management in conjunction with the Board manage risk associated with cash and short-term
deposits by depositing funds with a number of Irish financial institutions and AAA rated
international institutions. As at 30 June 2025, the Group’s cash and cash equivalents were held
in one Irish financial institution with a minimum credit rating of BBB.
Trade and other receivables (excluding prepayments) of €170.6 million at 30 June 2025 were not
past due. The trade and other receivables have been reviewed and considering the nature of the
counterparties which are real estate institutional investors, public sector bodies and State
partners, no credit losses are expected. Included within Trade receivables is a balance of
€74.3 million which relates to funds due from State partners. This was received in full post
period end excluding retention.
The maximum amount of credit exposure is therefore:
30 June 2025 31 December 2024
€’000 €’000
Carrying amount – amortised cost
Trade and other receivables (excluding prepayments) 170,649 151,009
Cash and cash equivalents 44,160 27,623
214,809 178,632
Expected credit losses in relation to all financial assets are immaterial.
c. Liquidity risk
Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations
associated with its financial liabilities that are settled by delivering cash or other
financial assets. The Group’s approach to managing liquidity is to ensure, as far as possible,
that it will always have sufficient liquidity to meet its liabilities when they fall due, under
both normal and stressed conditions, without incurring unacceptable losses or risking damage to
the Group’s reputation.
The Group monitors the level of expected cash inflows from residential property sales, site
sales, income from rental properties, and other receivables together with expected cash
outflows on trade and other payables and commitments. All trade and other payables (excluding
contract liabilities) of €147.4 million at 30 June 2025 are considered current with the
expected cash outflow equivalent to their carrying value.
Management monitors the adequacy of the Group’s liquidity reserves (comprising cash and cash
equivalents as detailed in note 7 and undrawn loan facilities as detailed in note 9) against
rolling cash flow forecasts. In addition, the Group’s liquidity risk management policy involves
regularly monitoring short-term and long-term cash flow forecasts.
The Group had a total committed debt facility of €385.0 million at the start of 2025. This
increased to €460.0 million on 26 February 2025, of which €402.5 million was a syndicate
facility comprising a term loan of €102.5 million and revolving credit facility of €300.0
million with Allied Irish Banks, Bank of Ireland, and Home Building Finance Ireland (HBFI),
maturing in June 2029 with a one-year extension option at the discretion of Group. During the
period ended 30 June 2025, the €402.5 million syndicate facility sustainability linked loans
were redesignated to Green Loans, reflecting the Group’s alignment with globally recognised
best practices in sustainable finance. The drawn revolving credit facility as at 30 June 2025
was €193.0 million (31 December 2024: €182.1 million).
Additionally, at 1 January and 30 June 2025, the Group had €57.5m of committed debt facilities
with PGIM Private Capital (formerly known as Pricoa Capital Group). As referenced in note 20,
in July the Group completed a refinance of part of the private placement debt in July 2025,
increasing the facility by €40.0 million to €97.5 million, repayable on 31 July 2026 (€42.5
million) and 31 July 2030 (€55.0 million). €15.0 million of the proceeds of the new €55.0
million private placement facility were used to discharge the €15.0 million July 2025 maturity.
The Group now has access to €500.0 million of committed debt facilities, with an average
maturity of nearly five years.
The Group had available liquidity (cash and undrawn facilities) at 30 June 2025 of €151.2
million (31 December 2024: €229.6 million).
d. Market risk
Market risk is the risk that changes in market prices, such as foreign exchange rates, interest
rates and equity prices will affect the Group’s income or the value of its holdings of
financial instruments. The objective of market risk management is to manage and control market
risk exposures within acceptable parameters, while optimising the return.
i. Currency risk
The Group is not exposed to significant currency risk. The Group operates solely in the
Republic of Ireland.
ii. Interest rate risk
At 30 June 2025, the Group had the following facilities:
a. €402.5 million syndicate term loan and revolving credit facilities with Allied Irish Bank
plc, Bank of Ireland plc and HBFI all committed until June 2029 with a one-year extension
option, that had principal drawn balances of €102.5 million (term loan) (31 December 2024:
€90.5 million) and €193.0 million (revolving credit facility) (31 December 2024: €35.0
million) at a variable interest rate of three-month Euribor plus a margin of 2.4%. The
Group has an exposure to cash flow interest rate risk where there are changes in Euribor
rates.
€84.7 million of the syndicate term loan facility has a four-year fixed interest rate until 29
June 2029 plus a margin of 2.4%. The balance of €17.8 million of the term loan has a variable
interest rate of three-month Euribor plus a margin of 2.4%. The Group entered into a four-year
interest rate swap during March 2025 (note 13), maturing on 29 June 2029, in relation to the
€17.8 million variable element of its term loan in order to manage its interest rate risk.
b. a €57.5 million private placement of loan notes with PGIM Private Capital (formerly known
as Pricoa Capital) which have a fixed coupon of 3.36% to maturity.
e. Fair value of financial assets and financial liabilities
Fair value is the price that would be received to sell an asset or paid to transfer a liability
in an orderly transaction between market participants at the measurement date. For financial
reporting purposes, fair value measurements are categorised into Level 1, 2 or 3 based on the
degree to which inputs to the fair value measurements are observable and the significance of
the inputs to the fair value measurement in its entirety, which are described as follows:
Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities;
Level 2: valuation techniques for which the lowest level of inputs which have a significant
effect on the recorded fair value are observable, either directly or indirectly; and
Level 3: valuation techniques for which the lowest level of inputs that have a significant
effect on the recorded fair value are not based on observable market data.
The following table shows the Group’s financial assets and liabilities and the methods used to
calculate fair value.
Asset/ Liability Carrying value Level Method Assumptions
Valuation based on future
Borrowings Amortised cost 2 Discounted cash flow repayment and interest cash flows
discounted at a period end market
interest rate.
Valuation based on the present
Interest rate swaps Fair Value 2 Discounted cash flow value of estimated future cash
flows based on observable yield
curves.
The following table shows the carrying values of financial assets and liabilities including
their values in the fair value hierarchy. The table does not include fair value information for
financial assets and liabilities not measured at fair value if the carrying amount is a
reasonable approximation of fair value. There is no transfer between level of fair value
hierarchy used in measuring the fair value of financial instruments during the period.
30 June 2025 Fair Value
Carrying Value Level 1 Level 2 Level 3
€'000 €'000 €'000 €'000
Financial assets measured at fair value
Derivative interest rate swap - -
Financial assets measured at amortised cost
Trade and other receivables (excluding prepayments) 170,649
Cash and cash equivalents 44,160
214,809
Total financial assets 214,809
Financial liabilities measured at fair value
Derivative interest rate swap 168 168
Financial liabilities measured at amortised cost
Trade payables and accruals 143,836
Deferred consideration 2,000
Loans and borrowings 351,579 351,643
497,415
Total financial liabilities 497,583
31 December 2024 Fair Value
Carrying Value Level 1 Level 2 Level 3
€'000 €'000 €'000 €'000
Financial assets measured at fair value
Derivative interest rate swap 105 105
Financial assets measured at amortised cost
Trade and other receivables (excluding 151,009
prepayments)
Cash and cash equivalents 27,623
178,632
Total financial assets 178,737
Financial liabilities measured at amortised
cost
Trade payables and accruals 79,064
Deferred consideration 7,500
Loans and borrowings 182,046 181,912
268,610
19. Other commitments and contingent liabilities
As at 30 June 2025 Cairn Homes Properties Limited had committed to sell c.3,700 new homes for
c.€1.4 billion (excluding VAT).
As at 30 June 2025, the Group had a contingent liability in respect of construction bonds in
the amount of €18.5 million (31 December 2024 €14.5 million).
The Group in the normal course of business has given counter indemnities in respect of
performance bonds relating to the Group’s own contracts. The possibility of any outflow in
settlement for these is remote.
The Group is not aware of any other commitments or contingent liabilities that should be
disclosed in these interim financial statements.
20. Events after the reporting period
The Group completed a refinance of part of the private placement debt in early July 2025,
increasing the facility by €40.0 million to €97.5 million, repayable on 31 July 2026 (€42.5
million) and 31 July 2030 (€55.0 million). €15.0 million of the proceeds of the new €55.0
million private placement facility were used to discharge the €15.0 million July 2025 maturity.
On 2 September 2025 the Board approved an interim dividend of 4.1 cent per ordinary share. This
interim dividend will be paid on 15 October 2025 to shareholders on the register on the record
date of 19 September 2025. Based on the ordinary shares in issue at 2 September 2025, the
amount of dividends proposed is €25.6 million.
21. Approval of financial statements
These interim financial statements were approved by the Board on 2 September 2025.
INDEPENDENT REVIEW REPORT TO CAIRN HOMES PLC
Conclusion
We have been engaged by Cairn Homes plc (“the Company” and/or “the Group”) to review the
condensed set of consolidated financial statements in the half-yearly financial report for the
six months ended 30 June 2025 which comprises the condensed consolidated statement of profit or
loss and other comprehensive income, condensed consolidated statement of financial position,
condensed consolidated statement of changes in equity, condensed consolidated statement of cash
flows and the related explanatory notes. We have read the other information contained in the
half-yearly financial report and considered whether it contains any apparent misstatements or
material inconsistencies with the information in the condensed set of financial statements.
Based on our review, nothing has come to our attention that causes us to believe that the
condensed set of consolidated financial statement in the half-yearly financial report for the
six months ended 30 June 2025 is not prepared, in all material respects, in accordance with
International Accounting Standard (IAS) 34 as adopted by the European Union and the
Transparency (Directive 2004/109/EC) Regulation 2007 and the Central Bank (Investment Market
conduct) Rules 2019.
Basis for Conclusion
We conducted our review in accordance with International Standard on Review Engagements
(Ireland) (ISRE (Ireland)) 2410, “Review of Interim Financial Information Performed by the
Independent Auditor of the Entity” issued for use in Ireland. A review of interim financial
information consists of making inquiries, primarily of persons responsible for financial and
accounting matters, and applying analytical and other review procedures. A review is
substantially less in scope than an audit conducted in accordance with International Standard
on Auditing (Ireland) and consequently does not enable us to obtain assurance that we would
become aware of all significant matters that might be identified in an audit. Accordingly, we
do not express an audit opinion.
As disclosed in Note 1, the annual financial statements of the Group are prepared in accordance
with IFRS as adopted by the European Union. The condensed set of financial statements included
in the half-yearly financial report has been prepared in accordance with International
Accounting Standard 34, “Interim Financial Reporting”, as adopted by the European Union.
Conclusions Relating to Going Concern
Based on our review procedures, which are less extensive than those performed in an audit as
described in the Basis of Conclusion section of this report, nothing has come to our attention
to suggest that management have inappropriately adopted the going concern basis of accounting
or that management have identified material uncertainties relating to going concern that are
not appropriately disclosed.
This conclusion is based on the review procedures performed in accordance with ISRE (Ireland)
2410, “Review of Interim Financial Information Performed by the Independent Auditor of the
Entity”, however future events or condition may cause the entity to cease to continue as a
going concern.
Responsibilities of Directors
The directors are responsible for preparing the half-yearly financial report in accordance with
IAS 34 and the Transparency (Directive 2004/109/EC) Regulation 2007 and the Central Bank
(Investment Market Conduct) Rule 2019.
In preparing the half-yearly financial report, the directors are responsible for assessing the
Group’s ability to continue as a going concern, disclosing as applicable, matters related to
going concern and using the going concern basis of accounting unless the directors either
intend to liquidate the Company and/or the Group or to cease operations, or have no realistic
alternative but to do so.
Auditor’s Responsibility for the review of the financial information
In reviewing the half-yearly report, we are responsible for expressing to the Company a
conclusion on the condensed set of financial statement in the half-yearly financial report.
Our conclusion, including our Conclusion Relating to Going Concern, are based on procedures
that are less extensive that audit procedures, as described in the Basis for Conclusion
paragraph of this report.
Use of our report
This report is made solely to the Company in accordance with guidance contained in ISRE
(Ireland) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of
the Entity" issued for use in Ireland. To the fullest extent permitted by law, we do not accept
or assume responsibility to anyone other than the Company, for our work, for this report, or
for the conclusions we have formed.
Ernst & Young Chartered Accountants
Dublin, Ireland
2 September 2025
CAIRN HOMES PLC
COMPANY INFORMATION
Directors Solicitors
Bernard Byrne (Chairman, appointed Non-Executive Director on 1 A&L Goodbody
January 2025,
IFSC
Chairman from 1 May 2025)
25-28 North Wall Quay
Michael Stanley (Chief Executive Officer)
Richard Ball (Chief Financial Officer) Dublin 1
Giles Davies (Non-Executive)
Linda Hickey (Non-Executive) Eversheds-Sutherland
Orla O’Connor (Non-Executive, appointed on 1 January 2025) One Earlsfort Centre
Orla O’Gorman (Non-Executive) Earlsfort Terrace
Julie Sinnamon (Non-Executive) Dublin 2
John Reynolds (Retired 30 April 2025)
Pinsent Masons LLP
30 Crown Place
Earl Street
Secretary and Registered Office London EC2A 4ES
Tara Grimley
45 Mespil Road Principal Bankers/Lenders
Dublin 4 Allied Irish Banks plc
10 Molesworth St
Registrars Dublin 2
Computershare Investor Services (Ireland) Limited
3100 Lake Drive Bank of Ireland plc
Citywest Business Campus Baggot Plaza
Dublin 24 27-33 Upper Baggot St
Dublin 4
Auditors
Ernst & Young Chartered Accountants PGIM Private Capital
Harcourt Centre 8th Floor
Harcourt Street One London Bridge
Dublin 2 London SE1 9BG
Home Building Finance Ireland
Website Treasury Dock
North Wall Quay
www.cairnhomes.com Dublin 1
D01 A9T8
London SE1 9BG
═══════════════════════════════════════════════════════════════════════════════════════════════
14 1 Basic EPS (Earning per Share) is defined as the earnings attributable to ordinary
shareholders (€31.7 million) divided by the weighted average number of ordinary shares
outstanding for the period (622,969,935 shares).
15 2 Interim DPS (Dividend per Share) is defined as dividends per share that are declared
for the period.
16 3 Represents the total new home sales closings year to date and forward sales agreed as
at the relevant date by number of units, total value (ex. VAT) and average selling price (ex.
VAT).
17 4 This comprises both closed residential sales and equivalent residential units.
Equivalent units relate to forward fund transactions which are calculated on a percentage
completion basis based on the constructed value of work completed divided by total estimated
cost.
18 5 Aligned with the Loan Market Association’s Green Loan Principles.
19 6 Net of cancellations.
20 7 ROE (Return on Equity) is defined as Profit after Tax divided by Total Equity at year
end.
21 8 ROAE (Return on Average Equity) is defined as Profit after Tax divided by the average
of the opening and closing Total Equity in the financial year.
22 9 Forward fund transactions involve Cairn delivering new homes under a contractual
relationship where the land is sold up-front and the cost of delivering the new homes is paid
for on a phased basis.
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Dissemination of a Regulatory Announcement that contains inside information in accordance with
the Market Abuse Regulation (MAR), transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
═══════════════════════════════════════════════════════════════════════════════════════════════
ISIN: IE00BWY4ZF18
Category Code: IR
TIDM: CRN
LEI Code: 635400DPX6WP2KKDOA83
OAM Categories: 1.2. Half yearly financial reports and audit
reports/limited reviews
Sequence No.: 400620
EQS News ID: 2192244
End of Announcement EQS News Service
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