REG-Cairn Homes Plc Cairn Homes Plc: H1 2025 Trading Update

Cairn HomesAnnouncement

09/07/2025 07:00

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   Cairn Homes Plc (CRN)
   Cairn Homes Plc: H1 2025 Trading Update

   09-Jul-2025 / 07:00 GMT/BST

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              Trading Update for the Six Months Ended 30 June 2025

                 Strong First Time Buyer Sales Driving Momentum

                                        

   Dublin / London, 9 July 2025: Cairn  Homes plc (‘Cairn’, ‘the Company’  or
   ‘the Group’) (Euronext  Dublin: C5H  / LSE:  CRN) today  issues a  trading
   update for the six months ended 30 June 2025 in advance of interim results
   to be announced on 3 September 2025.

    

   H1 2025 Highlights 1 1

    

     • Generated revenue  of c.€280  million from  c.700 units 2 2 (H1  2024:
       revenue of €366.1 million and 894 units2). H1 2025 performance was  in
       line  with  expectation,  reflecting  the  Company’s  historically  H2
       weighted trading, transaction timing and mix compared to H1 2024.
     • The Company’s significant investment  in scaled construction  activity
       in H1 will support our H2  performance as we continue to maximise  our
       operational competitive advantages into the medium term.
     • Strong private  sales  in the  period  have increased  our  multi-year
       closed and forward order  book to c.3,700 new  homes with a net  sales
       value of c.€1.4 billion (8 May 2025: c.3,250 and c.€1.25 billion).
     • Launched eight new schemes in Dublin, Kildare, Meath, Cork and Galway,
       with strong  demand witnessed  from our  core First  Time Buyer  (FTB)
       market. This includes the successful launch of our first Croí Cónaithe
       approved apartment  development  in  Douglas  (Co.  Cork),  with  this
       positive  Government  initiative   supporting  private  ownership   of
       apartments.
     • Continued to progress our capital efficient land acquisition  strategy
       and agreed to acquire land  which will deliver c.2,000, primarily  FTB
       homes  in  the  medium  term,   and  have  progressed  joint   venture
       arrangements and  option agreements  to secure  an additional  c.1,500
       units.
     • The Board  intends  to announce  a  c.4.1 cent  interim  dividend  per
       ordinary share at interim results on 3 September 2025 (an 8%  increase
       from FY24 interim dividend per ordinary share of 3.8 cent).
     • Redesignation of  our existing  €402.5 million  Sustainability  Linked
       Loans to  Green  Loans 3 3,  reflecting our  alignment  with  globally
       recognised best practices in sustainable finance.
     • In early July,  the Company completed  a refinance of  part of our  US
       Private Placement debt,  increasing our facility  by €40.0 million  to
       €97.5 million. The Company now has access to €500 million of committed
       debt facilities, with an average maturity of nearly five years, adding
       further capital and liquidity to fund continued growth.

    

   Outlook

    

   Supported by the growth in our multi-year closed and forward order book of
   over 1,300 new homes from the beginning of this year, we remain  confident
   in our full year guidance:

    

     • Revenue growth in excess of 10%;
     • Operating profit of c.€160 million; and
     • ROE 4 4 of c.15.5%.

    

   Commenting on the H1 2025 trading update, Michael Stanley, Chief Executive
   Officer, said:

    

   “We have witnessed exceptional  demand in the year  to date, including  in
   our numerous private sales launches in this spring and early  summer sales
   season. We were also encouraged to  see such strong support for our  first
   Croí  Cónaithe development   in  Cork,   from first time  buyers   seeking
   affordable private ownership of apartments. With over 1,300 new homes sale
   agreed this  year across  our developments, the  value of  our closed  and
   forward order book has risen to c.€1.4 billion.

    

   Yesterday, the Government  announced significant  amendments to  apartment
   design guidelines. As Ireland’s most active apartment builder, we  welcome
   this initiative, which will reduce build costs. We plan to submit  revised
   designs and  prioritise projects  for our  Affordable Housing  Body  (AHB)
   customers. When amendments are approved  by planning authorities, we  will
   pass on the significant cost savings to our AHB customers, which should in
   turn reduce  affordable  rents  for  new  Cost  Rental  apartments.  These
   guideline changes will also lower selling prices for future Croí  Cónaithe
   developments and Local Authority Affordable Purchase Schemes.” 

    

   The Company will release 2025 interim results on 3 September 2025.

    

   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

   Gavin McLoughlin

   Claire Fox

   Conor Mulligan

    

   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.15,300  unit  landbank  across  38
   residential development  sites,  over 90%  of  which are  located  in  the
   Greater  Dublin   Area  (GDA)   with   excellent  public   transport   and
   infrastructure links.

    

    

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    5 1 Preparation of 2025 interim results is ongoing and subject to auditor
   review.

    6 2 This comprises both closed sales and equivalent 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 costs.

    7 3 Aligned with the Loan Market Association’s Green Loan Principles.

    8 4 ROE (Return on Equity) is defined as Profit after Tax divided by
   Total Equity at year end.

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   Dissemination of a Regulatory Announcement, transmitted by EQS Group.
   The issuer is solely responsible for the content of this announcement.

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   ISIN:           IE00BWY4ZF18
   Category Code:  TST
   TIDM:           CRN
   LEI Code:       635400DPX6WP2KKDOA83
   OAM Categories: 3.1. Additional regulated information required to be
                   disclosed under the laws of a Member State
   Sequence No.:   395336
   EQS News ID:    2167102


    
   End of Announcement EQS News Service

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