REG-Cairn Homes Plc Cairn Homes Plc: Trading Update for the Year Ended 31 December 2025

Cairn HomesAnnouncement

Today 07:00

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   Cairn Homes Plc (CRN)
   Cairn Homes Plc: Trading Update for the Year Ended 31 December 2025

   20-Jan-2026 / 07:00 GMT/BST

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               Trading Update for the Year Ended 31 December 2025

        Strong 2025 Performance, Ideally Positioned For 2026 And Beyond

    

   Dublin / London, 20 January 2026: Cairn Homes plc (‘Cairn’, ‘the  Company’
   or ‘the Group’) (Euronext Dublin: C5H  / LSE: CRN) today issues a  trading
   update for the year ended 31 December 2025.

    

   The Company again  presents strong  financial results,  delivering on  our
   2025 revenue guidance of c.€945 million, and beating our upgraded c.€160 –
   c.€165 million operating profit and c.16% ROE 1 1 guidance.

    

                                       
                    2025 2 2   2024   Movement
   Revenue           c.€945m   €860m   +c.9.9%
   Operating profit c.€168.5m €150.0m +c.12.3%
   ROE1              c.16.6%   15.1%  +c.150bps
   Gross margin      c.22.1%   21.7%  +c.40bps
   Operating margin  c.17.8%   17.4%  +c.40bps
   Units 3 3         c.2,365   2,241   +c.5.5%

    

    

   Key Highlights

     • Generated c.€168.5 million  in operating profit  with a c.16.6%  ROE¹,
       increased net assets by over €75 million and returned c.€53 million to
       shareholders through dividends.

     • Strong  H2  performance  delivered  revenue  of  c.€660  million   and
       operating  profit  of  c.€126   million  and  with  significant   cash
       generation in the period  net debt reduced to  c.€172 million at  year
       end (30 June 2025: €307.4 million).
     • Our efficient  platform  generated  an improved  operating  margin  of
       c.17.8%, with operating costs c.4.3% of revenue.
     • Build cost inflation of c.1% (c.2% forecast in Q1 2025).
     • Forward order book increased to over 3,000 new homes with a net  sales
       value of c.€1.15 billion, an increase from 2,361 new homes and  c.€910
       million last year.
     • Exceptional sales  environment experienced  throughout 2025,  with  22
       active selling  sites, primarily  addressing demand  within the  First
       Time Buyer market.
     • Over 140 apartments sold to homeowners at our first two Croí  Cónaithe
       apartment  schemes,  with  further  launches  of  this  important  new
       apartment ownership initiative expected in 2026.
     • Acquired land during the  period expected to  deliver 4,500 new  homes
       primarily for  the  private market  in  the medium  term,  while  also
       developing a strategic pipeline of  up to 6,000 new homes,  supporting
       our disciplined capital allocation strategy.
     • Now active on six forward fund  projects, which allows the Company  to
       deploy capital in  a more  efficient manner enabling  the delivery  of
       apartments to our State partners at competitive price points.
     • Recognised as one of  Ireland’s Top 3 Best  Large Workplaces by  Great
       Place to Work.
     • Awarded a CDP score of A, our highest-ever rating.

    

   FY 26 Outlook

   The Company today reaffirms our FY26 guidance:

    

     • Revenue of c.€1.02 – c.€1.05 billion;
     • Operating profit of c.€175 – c.€180 million; and
     • ROE1 of c.16.5%.

    

   With exceptional demand and sales momentum, supportive Government policies
   and initiatives and a strong macro environment, Cairn expects 2026 to be a
   year of continued volume and profit growth. The Company will release  full
   year 2025 results on 4 March 2026.
    

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

    

   “It is  unlikely that  Ireland has  ever witnessed  the current  level  of
   demand for residential homes. This extraordinary demand is the result of a
   decade of  significant  undersupply of  new  housing during  a  period  of
   sustained economic expansion  and continued  population growth,  alongside
   Ireland's working population increasing from  two to almost three  million
   people.

    

   On a positive note, the Government's exchequer surplus has allowed for the
   introduction of  targeted measures  designed  to increase  housing  supply
   across various  tenures. These  measures include  increased investment  in
   social and affordable housing, additional support for homebuyers, and  new
   policies aimed  at  addressing the  urban  apartment shortage.  These  are
   significant steps which will be very impactful.

    

   With this backdrop, Cairn has  made substantial investments in our  growth
   opportunity. In 2025, we incurred our largest ever outlay in  construction
   activities and  new site  commencements. We  also acquired  new  near-term
   development land in  Cork, Galway,  Dublin and  surrounding counties,  and
   entered  into  new  Joint  Ventures  and  Partnerships.  Additionally,  we
   bolstered our supply chain capacity  and, most importantly, welcomed  over
   200 new people to  the Cairn team. We  also delivered another very  strong
   financial performance in 2025 which supports our reinvestment strategy, as
   an enabler to increasing housing output.

    

   Cairn now has developments with over 4,000 apartments under  construction,
   including Cost  Rental, Social,  Affordable Purchase,  Croí Cónaithe,  Age
   Friendly Housing  and  for  other  private  purchasers.  Larger  apartment
   schemes under construction  for our  State funded partners  are now  being
   delivered at VAT inclusive average  selling prices in the low  €400,000’s.
   This clearly proves that apartments built to very high quality and  energy
   efficiency standards can  be constructed  in Ireland at  similar costs  to
   comparable apartments  in  other  European  countries.  In  addition,  our
   housing delivery will  also increase substantially,  particularly for  our
   core First Time Buyer market. As  a result, Cairn's total output will  now
   reach 6,000 new homes between 2026 and 2027.”

    

   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

   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.

    

    

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    4 1 ROE (Return on Equity) is defined as Profit after Tax divided by the
   average of the opening and closing Total Equity in the financial year.

    5 2 Preparation of 2025 full year results is ongoing and subject to
   audit.

    6 3 This comprises both closed 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 the total estimated cost.

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   Dissemination of a Regulatory Announcement, transmitted by  7 EQS Group.
   The issuer is solely responsible for the content of this announcement.

   View original content:  8 EQS News

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   ISIN:          IE00BWY4ZF18
   Category Code: TST
   TIDM:          CRN
   LEI Code:      635400DPX6WP2KKDOA83
   Sequence No.:  415405
   EQS News ID:   2262452


    
   End of Announcement EQS News Service

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