REG - Glenveagh Properties - Final Results 2025
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RNS Number : 4868W Glenveagh Properties plc 13 March 2026
13 March 2026
Glenveagh Properties plc
Final Results 2025
Record completions, margin expansion, and scaled Partnerships growth
Well-invested landbank and integrated platform underpin delivery through 2030
Glenveagh Properties plc ("Glenveagh" or "the Group"), the leading Irish
homebuilder, announces its final results for the year ended 31 December 2025.
2025 Highlights
31 December 31 December Change
2025 2024
(€m) (€m)
Group Homes Completed(1) (units) 2,568 2,309 +11%
Revenue 926 869 +7%
- Homebuilding 545 632 -14%
- Partnerships 381 237 +61%
Gross profit 198 184 +8%
Gross margin (%) 21.4% 21.2% +20bps
- Homebuilding (%) 23.6% 22.5% +110bps
- Partnerships (%) 18.2% 17.3% +90bps
Operating profit 144 132 +9%
Profit before tax 125 114 +10%
Earnings Per Share (EPS) (cent) 20.0 17.0 +18%
Net debt 168 179 -€11m
Land(2) 534 556 -€22m
Work in Progress (WIP) 284 284 -
Total equity 793 751 +€42m
Return on Equity (ROE) (%) 14.4% 14.2% +20bps
Group: forward order book(3) €' bn 1.3 1.1 +15%
Homebuilding: forward order book - (units)(3) 1,252 886 +41%
( )
(1)Group homes completed comprises completions within the Homebuilding
segment as well as equivalent units completed within the Partnerships
segment. Equivalent units include Partnerships revenue recognised on a
percentage-of-completion basis and are calculated by dividing all revenue
(inclusive of land sales) by the site's average selling price (ASP).
(2)Excluding development rights.
(3)As at 10 March 2026. Prior year data as at 10 March 2025. Includes
units closed in YTD 2026.
Key Strategic Highlights
· Delivered 2,568 new homes (2024: 2,309), reflecting strong execution
across both Homebuilding and Partnerships.
· Scaled Partnerships business to €381 million in revenue (2024:
€237 million) and continued to convert on attractive pipeline of
opportunities, including contracting the first 337 apartments at Marina Depot,
securing an additional 350-unit mandate (subject to planning) and progressing
advanced discussions on three further opportunities (approximately 500 units).
· Completed the current phase of the Group's land assembly strategy,
resulting in a fully invested 19,000-unit, Greater Dublin Area-weighted,
own-door landbank, secured at approximately €32k per plot (<10% of NDV),
providing delivery certainty and positioning Glenveagh to scale output in a
market where land capable of delivering units in the near term remains
constrained.
· Strengthened planning visibility and execution certainty, lodging
applications for approximately 5,000 units in 2025, with all 2026 deliveries
commenced and 2027 output either planned or progressing through active
applications.
· Our manufacturing-led, vertically integrated delivery model continues
to differentiate Glenveagh, with timber frame and light gauge steel fully
embedded across the platform. Targeted investment across 2026 and 2027 will
materially increase pre-manufactured value, improve cost control, enhance
build certainty and underpin the next phase of scaled, capital-efficient
growth.
· Reinforced standing as the leading Irish homebuilder, delivering a
95% customer satisfaction rating and winning repeat mandates from State-sector
partners, underscoring the quality, consistency and execution capability of
our platform.
Key Financial Highlights
· Record revenue of €926 million (2024: €869 million), driven by
continued financial and operational momentum in Homebuilding and strong growth
in Partnerships.
· Group gross margin increased to 21.4% (2024: 21.2%), reflecting
disciplined execution, increased standardisation, and scale benefits.
· Completed €55 million of selective land disposals (2024: €23
million), with a further pipeline contracted or under negotiation. On track to
conclude up to €100 million of land sales across 2025 and 2026, further
optimising the Group's land portfolio towards larger, scalable developments.
· EPS of 20.0 cent (+18%), ahead of full-year guidance.
· ROE of 14.4% in 2025 (2024: 14.2%) underpinned by robust performance,
ongoing efficiency gains and disciplined capital management.
· Forward order book of approximately €1.3 billion (2024:
€1.1billion) provides clear visibility into future delivery.
· The €105 million share buyback programme, initiated in September
2024, was completed in December 2025, with a further €25 million programme
commenced on 15 January 2026.
Outlook
· The Group enters 2026 with strong momentum, supported by its fully
invested landbank, scaled Partnerships platform and manufacturing-led delivery
model, positioning it to perform through both supportive and more challenging
conditions.
· For 2026, the Group is guiding EPS of up to 21 cent, underpinned by
growth in completions, steady underlying Partnerships contribution and
disciplined cost control.
· Homebuilding gross margin is expected to remain above 21%, supported
by standardisation, scale benefits and embedded site economics.
· Total Group completions are expected to be approximately 2,750 units
(including approximately 1,600 Homebuilding units).
· The Group expects to be highly cash generative in H2 2026, with
Homebuilding deliveries, revenue and profit more heavily weighted toward the
second half than in a typical year, reflecting the ramp-up profile of sites
acquired in late 2024.
CEO Stephen Garvey commented:
"2025 was a strong, productive year for Glenveagh, with record output enabling
the delivery of affordable, conveniently located homes. Our market-leading
landbank, planning expertise, and improved manufacturing capability
contributed to greater margin resilience and capital efficiency. Furthermore,
disciplined cost control and capital allocation position Glenveagh for
sustained performance in 2026 and beyond.
Throughout the year, we advanced our manufacturing and innovation
capabilities, a core part of our integrated delivery system. By expanding
industrialised construction through precision manufacturing, advanced digital
design, and high-performance materials, we delivered homes with greater
predictability, affordability, and enhanced energy and environmental
performance.
Importantly, as an industry, how we collectively support the increased use of
offsite manufacturing and industrialised construction as a lever to
significantly increase supply should be a key area of focus and collaboration.
Overall, the policy environment for housing is supportive thanks to the
changes that the Government has implemented in its first year. This includes
its focus on apartment viability, zoning of land, critical infrastructure, and
a more efficient planning system, amongst others, which provide greater
certainty for delivery.
Taken together, these measures represent a coherent and credible framework
which, if given time to bed in and be consistently applied, have the potential
to support national housing delivery of more than 50,000 units per annum.
Against that backdrop, with the land, capability and capacity in place, we are
confident that Glenveagh can continue to contribute significantly to
delivering the homes that Ireland needs."
Results Presentation
A webcast presentation of the results for analysts and institutional investors
will take place at 8.30am on 13 March 2026. The presentation slides will be
available on the Investor Relations section on www.glenveagh.ie
(http://www.glenveagh.ie) from 7.00am on 13 March 2026.
This presentation can also be accessed live from the Investor Relations
section on www.glenveagh.ie (http://www.glenveagh.ie) or alternatively via
conference call.
Conference call: Click here to register for the conference call
(https://engagestream.euronext.com/glenveagh/2026-03-13-ut2cljq4h9/dial-in)
Audio webcast: Click here for the webcast
(https://glenveagh.engagestream.euronext.com/2026-03-13-ut2cljq4h9)
Registration and access details are also available at: glenveagh.ie
(https://glenveagh.ie/corporate/investor-centre/investors-events)
For further information please contact:
Investors: Media:
Glenveagh Properties plc Gordon MRM
Conor Murtagh (CFO) Ray Gordon 087 241 7373
Kate Halliday (Investor Relations) Julian Fleming 087 691 5147
investors@glenveagh.ie (mailto:investors@glenveagh.ie) glenveagh@gordonmrm.ie (mailto:glenveagh@gordonmrm.ie)
Notes to Editors
Glenveagh Properties plc, listed on Euronext Dublin and the London Stock
Exchange, is the leading Irish homebuilder.
Supported by innovation and our internal manufacturing capability, Glenveagh
is committed to opening access to sustainable, high-quality homes to as many
people as possible in flourishing communities across Ireland.
We are focused on two core areas to achieve this: Homebuilding and
Partnerships. Our Homebuilding division is the leading provider of own-door
single-family homes in Ireland, primarily in Dublin and the Greater Dublin
Area. Our Partnerships division focuses on creating vibrant communities
nationwide through a mix of suburban single-family and urban multi-family
developments. Often funded or acquired by the state or state entities, these
projects enable us to deliver affordable and high-quality housing options for
everyone.
www.glenveagh.ie (http://www.glenveagh.ie)
Forward-looking statements
This announcement does not constitute or form any part of an invitation to
underwrite, subscribe for or otherwise acquire or dispose of any shares of
Glenveagh Properties plc (the "Company" or "Glenveagh").
This announcement contains statements that are, or may be deemed to be,
forward-looking statements. Forward-looking statements include, but are not
limited to, information concerning the Company's possible or assumed future
results of operations, plans and expectations regarding demand outlook,
business strategies, financing plans, competitive position, potential growth
opportunities, potential operating performance improvements, expectations
regarding inflation, macroeconomic uncertainty, geopolitical tensions, weather
patterns, the effects of competition and the effects of future legislation or
regulations. Forward-looking statements include all statements that are not
historical facts and can be identified by the use of forward-looking
terminology such as "may", "will", "should", "expect", "anticipate",
"project", "estimate", "intend", "continue", "target", "ensure", "arrive",
"achieve", "develop" or "believe" (or the negatives thereof) or other
variations thereon or comparable terminology. Forward-looking statements are
prospective in nature and are based on current expectations of the Company
about future events, and involve risks and uncertainties because they relate
to events and depend on circumstances that will occur in the future. Although
the Company believes that current expectations and assumptions with respect to
these forward-looking statements are reasonable, it can give no assurance that
these expectations will prove to be correct. Due to various risks and
uncertainties, actual events or results or actual performance of the Company
may differ materially from those reflected or contemplated in such
forward-looking statements. You are cautioned not to place undue reliance on
any forward-looking statements.
These forward-looking statements are made as of the date of this document. The
Company expressly disclaims any obligation to update these forward-looking
statements other than as required by law.
The forward-looking statements in this announcement do not constitute reports
or statements published in compliance with any of Regulations 6 to 8 of the
Transparency (Directive 2004/109/EC) Regulations 2007 (as amended).
GLENVEAGH PROPERTIES PLC: BUSINESS AND FINANCIAL REVIEW
1. Strategic enablers
Glenveagh's delivery and growth trajectory continues to be supported by three
structural enablers:
· A fully assembled, high-quality landbank providing long-term delivery
visibility and embedded value;
· A manufacturing-led, vertically integrated delivery model enhancing
cost certainty and execution capability; and
· A disciplined capital allocation framework that balances
reinvestment, balance sheet strength and shareholder returns, while preserving
flexibility to respond to evolving market conditions.
In 2025, these enablers are fully embedded across the platform, positioning
the Group to deliver through to 2030 with enhanced certainty, capital
discipline and strategic flexibility.
A. 19,000-unit strategically located and fully invested landbank now
assembled and underpins business plan
Following the completion of the current phase of a land assembly strategy in
2025, Glenveagh now operates from a high-quality, actionable and low-risk
landbank focused on affordable own-door housing. Approximately 74% of the
portfolio is located in the Greater Dublin Area and 83% comprises own-door
product, targeting the deepest and most resilient demand segments by location
and typology.
The landbank supports delivery capacity of between 2,750 and 3,600 units per
annum through to 2030, without the need for further material land investment.
This level of visibility represents a structural competitive advantage in a
market where the supply of zoned and serviced land suitable for own-door
housing remains constrained.
The portfolio is weighted towards suburban own-door product, with a
significant concentration in Dublin and the Greater Dublin Area, both in terms
of plots and underlying value.
The strength of the landbank is further underpinned by attractive acquisition
economics. The landbank was secured at an average cost of approximately
€32,000 per unit, representing less than 10% of net development value. These
entry points embed spot margins of approximately 21% and support compelling
returns on capital employed.
External demand continues to validate the quality and embedded value of the
portfolio, with third-party appetite for strategically located, near-term
deliverable sites remaining strong. Selective disposals completed during 2025
achieved attractive margins relative to carrying value, reinforcing the
strength of the landbank and the Group's disciplined approach to capital
allocation.
Planning visibility is strong. Approximately 5,000 units were lodged during
2025, supported by a high-performing in-house planning function. All units
scheduled for delivery in 2026 have commenced, and the 2027 programme is
either planned or progressing through active applications. Since 2021, the
Group has achieved a 99% planning success rate, supporting the ambition to
scale Homebuilding output to approximately 2,000 units by 2027.
Furthermore, elements of the strategic landbank offer medium-term rezoning
potential as revisions to the National Planning Framework and associated
development plans are implemented.
B. Manufacturing-led integrated delivery and supply chain
Glenveagh operates Ireland's largest off-site manufacturing platform, with
approximately 400,000 square feet of production capacity across three
facilities. This capability has been assembled for approximately €70 million
of capital investment, representing compelling value for money in establishing
a vertically integrated production footprint of scale. A further €20 million
investment is planned across 2026 and 2027 to expand timber-frame capacity and
embed the external wall system more broadly across the platform.
This manufacturing footprint forms part of an integrated delivery system
spanning land acquisition, planning, standardised design, off-site production
and on-site assembly. The value is created through coordination across the
full system rather than through any single component. As output scales and
higher pre-manufactured value ("PMV") is embedded across a growing delivery
base, the economic benefits are expected to become progressively more visible
in margin resilience, build certainty and capital efficiency.
The innovation roadmap is structured around five sequenced and interdependent
workstreams designed to progressively increase PMV and improve environmental
performance:
1. Off‑site timber frame (complete): reduces on‑site labour, shortens
build cycles and underpins next‑phase PMV initiatives;
2. External wall system (next major step): replaces heavy,
wet‑trade‑dependent construction with a lightweight engineered solution,
maintaining design flexibility and raising productivity;
3. Foundations and floors: rapid‑build systems to reduce concrete usage,
accelerate and de-risk groundworks and lower embodied carbon; and
4. Lightweight roofing: substitutes heavier finishes with modular,
off‑site‑friendly systems, improving weather resilience and consistency;
5. Energy and water reduction: technologies and design measures to reduce
peak energy demand and water use, lower lifetime running costs, and advance
our Net Zero Transition Plan via the "Home for the Future" programme.
Together, these initiatives shorten build cycles, reduce reliance on
labour-intensive wet trades and strengthen cost control. As scale increases,
the cumulative benefits of this integrated system are expected to compound,
reinforcing Glenveagh's structural delivery advantage and enhancing return
predictability over the medium term.
C. Capital Allocation
Glenveagh's disciplined capital allocation framework is designed to optimise
delivery, enhance returns and preserve balance sheet strength. Capital is
prioritised toward maintaining a high-quality landbank, funding
work-in-progress to sustain scale, and investing in the Group's integrated
manufacturing platform, while retaining flexibility to return surplus capital
to shareholders when appropriate.
Since 2021, the Group has returned approximately €425 million to
shareholders through share buybacks, reducing shares outstanding by
approximately 40% at an average price of €1.17. This reflects a consistent
and measured approach to capital deployment alongside disciplined
reinvestment.
In line with this framework, a further €25 million share buyback programme
commenced on 16 January 2026 and is expected to run until at least the Group's
AGM in May. The Group expects to be highly cash generative in H2 2026,
supporting continued reinvestment and providing capacity for further capital
returns, subject to market conditions and Board approval.
2. Group Sales
A. Overview
Glenveagh sustained strong sales momentum throughout 2025, supported by a
robust Irish economic backdrop and a well-positioned and increasingly engaged
buyer cohort.
Against this backdrop, Glenveagh's customer offering continues to stand out,
combining quality, consistency and choice across locations, tenure types and
affordability points. The Group continued to see the strongest demand for Help
to Buy qualifying homes, alongside growing utilisation of the First Home
Scheme. Affordable Homes Scheme homes were also made available across six
developments, broadening access to home ownership.
The Group delivered 2,568 homes in 2025 (2024: 2,309), including equivalent
units within Partnerships, with Homebuilding completions of 1,490 (2024:
1,650). Sales execution and customer engagement strengthened further during
the year, evidenced by robust absorption rates and multiple sell-outs across
developments and phases.
The Group also continued to enhance the customer experience through its Home
Buyer Portal, now embedded across the full customer journey, with over 3,800
registered customers engaging through real-time updates, documentation and
support, underpinned by enhanced user experience, deeper systems integration
and automated communications from deposit to handover.
The Group's forward order book is approximately €1.3 billion, an increase of
15% year-on-year, providing strong visibility into future revenue and
earnings.
Homebuilding has 1,252 units contracted or reserved, while the Partnerships
pipeline of over €800 million continues to underpin an average annual gross
profit contribution of at least €60 million. This order book provides a high
degree of confidence in delivery and earnings progression into 2026 and
beyond.
B. Homebuilding
Sales in Homebuilding remained strong throughout 2025, underpinned by
disciplined execution, a tighter focus on conversion and sustained reservation
momentum across the year.
Homebuilding completed 1,490 units in 2025 (2024: 1,650). The year-on-year
reduction principally reflects the ramp-up in production on sites acquired in
late 2024, which absorbed build activity during the year and are expected to
begin contributing to completions from 2026. Strong market conditions and
operational execution are evidenced by robust absorption rates across all
sites. The Group's first development in Co. Laois of 195 units sold out within
10 months, and demand remained particularly robust for homes priced below
€500,000 in Dublin. Several developments and phases sold out during 2025,
including Hereford Park, Kilmartin Grove, Rath Rua, Silver Banks, Baker Hall,
Shrewsbury Road, Ravens Mill, Foxwood Barn, Foggie Field and Effernock.
Progress also continued under the Croí Cónaithe (Cities) programme at
Blackrock Villas (274 owner-occupier apartments), with development activity
underway and first homes expected in 2026.
The Group also broadened its customer proposition through initiatives such as
the launch of its first over-55s homes, further diversifying and broadening
its customer offering.
Into 2026, Homebuilding will be supported by four new development launches in
Q1 and seven new phases planned across existing developments, underpinning
continued selling momentum and delivery through the year.
C. Partnerships
Partnerships continued to solidify itself as a meaningful and scaled business
segment within the Group, delivering revenue of €380.9 million (2024:
€237.3 million), reflecting strong progress across multiple large-scale
projects and reinforcing Glenveagh's position as the established partner of
choice for the State.
Construction activity advanced across flagship sites including Ballymastone
and Oscar Traynor Road, with continued momentum in the Group's urban delivery
programme. In Cork, the Marina Depot site progressed, supported by the
completion of the transaction with the Land Development Agency (LDA) for 337
apartments.
As State delivery capacity continues to scale, Glenveagh has expanded its
range of Partnership "activation routes" available to public-sector
counterparties, combining State-owned land awards with additional projects
progressed from Glenveagh-controlled sites.
In H2 2025, the Group secured an additional Partnerships mandate
(approximately 350 units, subject to planning) and entered advanced
discussions on three further Partnership opportunities (approximately 500
units), strengthening the medium‑term pipeline and supporting consistent
delivery across cycles.
The Group's Partnerships pipeline provides strong medium‑term visibility and
underpins the next phase of growth. With approximately over 7,000 units and an
estimated €3 billion of NDV, it represents a substantial and attractive
opportunity set, from which Glenveagh can selectively progress schemes where
its platform, expertise and scale can add the greatest value, rather than a
requirement to convert all opportunities. This approach underpins an average
annual gross profit opportunity of at least €60 million in Partnerships.
The pipeline is well phased, with approximately 5% of scheme awards expected
in 2026, rising to around 50% in 2027, and a further 45% from 2028 onwards,
supporting sustained delivery beyond the near term. Opportunities are weighted
toward later‑stage projects, with approximately 49% at feasibility, 25% in
pre‑planning, and a further 26% with either planning lodged, granted,
providing increasing confidence in conversion over time.
The mix remains predominantly State‑led, with approximately 75% of the
pipeline sourced from State / semi-state land, complemented by 25% internal
opportunities. By tenure, the pipeline is well diversified across social
(30%), affordable (31%) and cost‑rental (31%), with the remaining 8%
private.
This depth and diversity provide strong medium‑term visibility while
enabling disciplined, selective growth where Glenveagh can add the greatest
value.
3. Policy environment
Encouragingly, the State's housing delivery system is now moving more
decisively, supported by a strengthening and increasingly aligned policy
backdrop. Constructive steps in improving delivery viability and speed can be
seen as the revised National Planning Framework, the National Development Plan
and the Accelerating Infrastructure Taskforce are implemented. Additional
improvements include updated apartment standards, VAT reductions for apartment
construction and continued infrastructure investment. The Group welcome this
momentum and continue to engage closely with local authorities, utilities and
infrastructure agencies to help translate policy intent into consistent
execution on the ground, particularly around zoning, servicing capacity and
the timely provision of enabling infrastructure.
The progression of nationally important infrastructure projects such as the
Greater Dublin Drainage and Metrolink will unlock substantial new development
capacity across the Greater Dublin area.
4. Financial Review
A. Group performance
2025 marked a further step forward in the quality and sustainability of
Glenveagh's earnings. The Group increased output, expanded margins across both
operating segments and strengthened forward visibility, while continuing to
optimise capital employed and enhance balance sheet efficiency and
flexibility.
Revenue
Group revenue increased to €925.9 million (2024: €869.2 million) with
Homebuilding contributing €545.0 million (2024: €631.9 million), generated
predominantly from 1,490 units (2024: 1,650) closed during the year.
Homebuilding Average Selling Price ("ASP") was approximately €347,000 (2024:
€365,000); this reduction was fully anticipated and reflected site and
product mix in 2025. Looking ahead, Homebuilding ASP is expected to increase
in 2026 to more than €375,000, driven by a higher weighting of non-standard
homes on portions of sites where the pre-existing planning was secured by
previous owners. ASP is expected to normalise to a structural run-rate of
approximately €350,000 per unit thereafter (excluding future house price
inflation), consistent with a return to a more typical mix of standardised
own-door product across sites of scale.
Partnerships delivered revenues of €380.9 million (2024: €237.3 million),
representing 61% year-on-year growth as the segment continued to scale and
increase its contribution to Group performance, with strong momentum during
the year.
Gross Margin and Build Cost Inflation (BCI)
Homebuilding gross margin expanded to 23.6% (2024: 22.5%), underpinned by
standardisation, scale and vertical integration, alongside a continued
contribution from land sales. Partnerships gross margin was 18.2% (2024:
17.3%), which included a positive contribution from land sales of
approximately +190bps; excluding land sales, the underlying Partnerships
margin was approximately 16.3%, ahead of expectations and reflective of
effective site execution. Looking forward, Homebuilding gross margin in 2026
is expected to remain above 21%, with intake margins currently approximately
21%. Partnerships margins are expected to remain structurally in the mid-teens
over the medium term, reflecting the capital-efficient and lower-risk profile
of the segment, with year-to-year performance heavily influenced by project
mix as the platform continues to scale.
Build‑cost inflation remained manageable in 2025, supported by the Group's
standardised product range, scaled delivery model and vertically integrated
manufacturing platform, which continued to drive efficiencies across
procurement and delivery.
Despite ongoing sector‑wide cost and wage pressures, these integrated
capabilities, combined with disciplined cost control and the benefits of our
manufacturing operations, helped mitigate inflationary pressures.
Operating Profit and EPS
Group operating profit increased to €144.1 million (2024: €132.1 million).
Central costs were €50.1 million (2024: €49.0 million), including a
non-cash share-based payment expense of approximately €8.1 million. Total
administrative expenses were €53.8 million including depreciation and
amortisation (2024: €51.8 million). While absolute costs rose modestly as
the Group continued to invest in systems, innovation and talent, overheads
reduced as a proportion of revenue, evidencing improving operational leverage
as the business scales; this dynamic is expected to persist, with overhead
growth expected to materially lag revenue over the medium term.
Net finance costs increased marginally to €18.9 million, driven by higher
average debt balances earlier in the year. Earnings per share increased to
20.0 cent (2024: 17.0 cent), ahead of guidance and representing a 17.6%
year-on-year increase.
ROE increased to 14.4% (2024: 14.2%), underpinned by earnings growth, improved
capital efficiency and a disciplined approach to capital allocation following
the completion of the land assembly strategy
B. Balance sheet
Year-end land investment reduced to approximately €534.0 million (2024:
€556.2 million), driven by unit delivery and land sales following the
completion of the current phase of the Group's land assembly strategy. Our
focus remains on steadily reducing capital employed in land over time while
maintaining output, enhancing returns and improving cash generation, without
compromising delivery certainty.
WIP remained broadly stable at €283.8 million (2024: €283.8 million),
reflecting disciplined production management and efficient capital deployment
as output increased.
Contract assets increased during the year to €141.8 million (2024: €79.3
million), consistent with the phasing of revenue recognition across
Partnerships projects. This investment is expected to materially unwind
through 2026 as contractual milestones are achieved. Looking ahead, a greater
proportion of forward-funded structures within the Partnerships pipeline is
expected to moderate working capital intensity and enhance cash conversion as
the segment scales.
Net assets stood at €792.6 million at 31 December 2025 (2024: €751.2
million), representing continued balance sheet strengthening during the year.
C. Cash Flow
Operating cash inflow was €100.3 million (2024: €93.4 million outflow),
supported by disciplined management of WIP and land investment, with capital
turnover improving as output scales and delivery is accelerated, facilitated
by standardisation of product and processes.
The Group completed its fifth share buyback programme in December 2025 for an
aggregate consideration of €105 million. During the year ended 31 December
2025, the total number of shares purchased was 43,365,410 at a total cost of
€74.9 million. All repurchased shares were cancelled in the year ended 31
December 2025.
Net debt reduced to approximately €168.0 million at year-end (2024: €179.0
million), despite increased production activity and continued capital returns,
illustrating the improving cash profile and increased efficiency of the
business as it scales.
Looking ahead, increasing delivery volumes and disciplined capital deployment
are expected to support continued cash generation. The unwind of contract
assets through 2026, combined with a growing forward-funded component within
Partnerships, is expected to strengthen structural cash conversion as the
platform scales.
Importantly, with the land assembly strategy complete, the fully invested
landbank allows capital to be released progressively as units complete,
without the need for material incremental land investment to sustain output.
This enhances capital turnover and supports improving free cash generation,
while maintaining delivery scale.
ENDS
Glenveagh Properties plc
Consolidated statement of profit or loss and other comprehensive income
For the financial year ended 31 December 2025
2025 2024
Note €'000 €'000
Revenue 10 925,879 869,197
Cost of sales (727,966) (685,278)
Gross profit 197,913 183,919
Administrative expenses (53,785) (51,780)
Operating profit 144,128 132,139
Finance expense 11 (18,940) (18,323)
Profit before tax 12 125,188 113,816
Income tax 16 (17,576) (16,061)
Profit after tax attributable to the owners of the Company
107,612 97,755
Other comprehensive income
Items that are or may be reclassified subsequently to profit or loss:
Fair value movement on cash flow hedges 312 741
Cash flow hedges reclassified to profit or loss 441 (694)
Cash flow hedges - deferred tax (188) 394
Total other comprehensive income 565 441
Total comprehensive income for the year attributable of the owners of the
Company
108,177 98,196
Basic earnings per share (cent) 15 20.0 17.0
Diluted earnings per share (cent) 15 19.7 16.9
Glenveagh Properties plc
Consolidated balance sheet
As at 31 December 2025
Note
2025 2024
€'000 €'000
Assets
Non-current assets
Goodwill 18 5,697 5,697
Property, plant and equipment 17 67,739 62,404
Intangible assets 18 8,592 7,277
Deferred tax asset 16 2,075 1,339
84,103 76,717
Current assets
Inventory 19 837,720 864,353
Trade and other receivables 20 224,924 173,221
Income tax receivable 2,296 -
Restricted cash 23 - 458
Cash and cash equivalents 27 75,196 63,165
1,140,136 1,101,197
Total assets 1,224,239 1,177,914
Equity
Share capital 26 520 642
Share premium 26 179,857 179,788
Undenominated capital 26 543 418
Retained earnings 550,093 517,425
Cash flow hedge reserve 24 (617) (1,182)
Share-based payment reserve 62,171 54,079
Total equity 792,567 751,170
Liabilities
Non-current liabilities
Loans and borrowings 22 236,231 235,039
Lease liabilities 22 2,617 3,136
Derivative contracts 24 823 1,576
Trade and other payables 21 - -
239,671 239,751
Current liabilities
Trade and other payables 21 187,604 181,235
Income tax payable - 1,350
Loans and borrowings 22 2,803 3,129
Lease liabilities 22 1,594 1,279
192,001 186,993
Total liabilities 431,672 426,744
Total liabilities and equity 1,224,239 1,177,914
Conor
Murtagh
Stephen
Garvey
12 March 2026
Director
Director
Glenveagh Properties plc
Consolidated statement of changes in equity
For the financial year ended 31 December 2025
Share capital
Share-based payment
Ordinary Deferred Undenominated Share Cash flow Retained Total
shares shares capital premium reserve hedge reserve earnings equity
€'000 €'000 €'000 €'000 €'000 €'000 €'000 €'000
Balance as at 1 January 2025 561 81 418 179,788 54,079 (1,182) 517,425 751,170
Total comprehensive profit for the year
Income for the year - - - - - - 107,612 107,612
Fair value movement on cash flow hedges - - - - - 312 - 312
Cash flow hedges reclassified to profit and loss
- - - - - 441 - 441
Cash flow hedges - deferred tax - - - - - (188) - (188)
561 81 418 179,788 54,079 (617) 625,037 859,347
Transactions with owners of the Company
Equity-settled share-based payments - - - - 8,092 - - 8,092
Exercise of options 3 - - 69 - - - 72
Cancellation of deferred shares - (81) 81 - - - - -
Purchase of own shares (Note 26) (44) - 44 - - - (74,944) (74,944)
(41) (81) 125 69 8,092 - (74,944) (66,780)
Balance as at 31 December 2025 520 - 543 179,857 62,171 (617) 550,093 792,567
Glenveagh Properties plc
Consolidated statement of changes in equity
For the financial year ended 31 December 2024
Share capital
Share-based payment
Ordinary Deferred Undenominated Share Cash flow Retained Total
shares shares capital premium reserve hedge reserve earnings equity
€'000 €'000 €'000 €'000 €'000 €'000 €'000 €'000
Balance as at 1 January 2024 578 81 399 179,719 48,899 (1,623) 450,103 678,156
Total comprehensive profit for the year
Income for the year - - - - - - 97,755 97,755
Fair value movement on cash flow hedges - - - - - 741 - 741
Cash flow hedges reclassified to profit and loss
- - - - - (694) - (694)
Cash flow hedges - deferred tax - - - - - 394 - 394
578 81 399 179,719 48,899 (1,182) 547,858 776,352
Transactions with owners of the Company
Equity-settled share-based payments - - - - 5,180 - - 5,180
Exercise of options 2 - - 69 - - - 71
Purchase of own shares (Note 26) (19) - 19 - - - (30,433) (30,433)
(17) - 19 69 5,180 - (30,433) (25,182)
Balance as at 31 December 2024 561 81 418 179,788 54,079 (1,182) 517,425 751,170
Glenveagh Properties plc
Consolidated statement of cash flows
For the financial year ended 31 December 2025
2025 2024
Note €'000 €'000
Cash flows from operating activities
Profit for the financial year 107,612 97,755
Adjustments for:
Depreciation and amortisation 3,611 2,774
Finance costs 11 18,940 18,323
Equity-settled share-based payment expense 14 8,092 5,180
Tax expense 16 17,576 16,061
Impairment reversal 19 - (1,991)
Loss on disposal of property, plant and equipment 12 28 8
155,859 138,110
Changes in:
Inventories 29,971 (150,387)
Trade and other receivables (51,703) (95,248)
Trade and other payables 6,369 44,817
Cash from/(used in) operating activities 140,496 (62,708)
Interest paid (18,010) (19,864)
Tax paid (22,147) (10,871)
Net cash from/(used in) operating activities 100,339 (93,443)
Cash flows from investing activities
Acquisition of property, plant and equipment (10,091) (1,835)
Acquisition of intangible assets 18 (2,330) (4,982)
Proceeds from the sale of property, plant and equipment 617 237
Transfer from restricted cash 23 458 -
Net cash used in investing activities (11,346) (6,580)
Cash flows from financing activities
Proceeds from loans and borrowings 22 190,000 268,333
Repayment of loans and borrowings 22 (190,000) (145,000)
Transaction costs related to loans and borrowings 22 - (1,087)
Purchase of own shares 26 (74,944) (30,433)
Proceeds from exercise of share options 26 72 71
(Payments of)/proceeds from derivative settlements 24 (441) 783
Payment of lease liabilities 28 (1,649) (1,342)
Net cash (used in)/from financing activities (76,962) 91,325
Net increase/(decrease) in cash and cash equivalents 12,031 (8,698)
Cash and cash equivalents at the beginning of the year 63,165 71,863
Cash and cash equivalents at the end of the year 75,196 63,165
Glenveagh Properties plc
Notes to the consolidated financial statements
For the financial year ended 31 December 2025
1 Reporting entity
Glenveagh Properties plc ('the Company'), is domiciled in Ireland. The
Company's registered office is Block C, Maynooth Business Campus, Maynooth Co.
Kildare. These consolidated financial statements comprise the Company and its
subsidiaries (together referred to as 'the Group') and cover the financial
year ended 31 December 2025. The Group's principal activities are the
construction and sale of houses and apartments for the private buyer, local
authorities, and the private rental sector.
2 Statement of compliance
The consolidated financial statements have been prepared in accordance with
International Financial Reporting Standards ('IFRS') as adopted by the
European Union which comprise standards and interpretations approved by the
International Accounting Standards Board ('IASB'), and those parts of the
Companies Act 2014, including the Commission Delegated Regulation 2018/815
regarding the single electronic reporting format ('ESEF'), applicable to
companies reporting under IFRS and Article 4 of the IAS Regulation.
The financial information set out in this document does not constitute the
full statutory financial statements but has been derived from the consolidated
financial statements for the year ended 31 December 2025, referred to as the
2025 Financial Statements. The 2025 Financial Statements are prepared in
accordance with IFRS as adopted by the European Union. The 2025 Financial
Statements were authorised for issue by the Board of Directors on 12 March
2026, have been audited and have received an unqualified audit report. The
financial information has been prepared under the historical cost convention
as modified by use of fair values for share-based payments and financial
instruments. The Group's material accounting policies detailed in Note 8 below
are extracted from the 2025 Financial Statements.
3 Functional and presentation currency
These consolidated financial statements are presented in Euro, which is the
Company's functional currency. All amounts have been rounded to the nearest
thousand unless otherwise indicated.
4 Use of judgements and estimates
The preparation of the Group's financial statements under International
Financial Reporting Standards ('IFRS'), as adopted by the European Union,
requires the Directors to make judgements and estimates that affect the
application of policies and the reported amounts of assets, liabilities,
income, expenses and related disclosures. Actual results may differ from these
estimates.
Critical accounting judgements
Management applies the Group's accounting policies as described in Note 8 when
making critical accounting judgements. Material accounting judgements
impacting these financial statements is detailed below:
(a) Classification between IAS 2 Inventories and IAS 40 Investment
Property
The Group has completed a commercial office development in Dublin, the costs
of which associated with developing the asset are held as inventory, which is
in line with the Group's business model of developing and selling units rather
than developing and holding units for capital appreciation or rental income.
The office is currently held for sale and the intention of the Group is to
sell the office. Currently a portion of the office space is being leased out
with the intention to support the sales process which is in the normal
operating cycle. Revenue generated from the leases are not material to the
Group.
Under IAS 40, the office would be classified as an investment property carried
at fair value with any subsequent revaluation being recognised through the
statement of profit and loss and other comprehensive income.
Management has reviewed and considered the relevant scenarios under IAS 2 and
IAS 40 and concluded that the development is appropriately classified as
inventory under IAS 2.
No other individual judgement is deemed to have a significant impact upon the
consolidated financial statements.
Key sources of estimation uncertainty
The key source of significant estimation uncertainty impacting these financial
statements involves assessing the carrying value of inventories as detailed
below.
(a) Carrying value of work-in-progress, estimation of costs to complete
and impact on profit recognition
The Group holds inventories stated at the lower of cost and net realisable
value. Such inventories include land and development rights, work-in-progress,
and completed units. As residential development is largely speculative by
nature, not all inventories are covered by forward sales contracts.
Furthermore, due to the nature of the Group's activity and, in particular, the
scale of its developments and the length of the development cycle, the Group
has to allocate site-wide development costs between units being built and/or
completed in the current year and those for future years. It also has to
forecast the costs to complete on such developments.
These estimates impact management's assessment of the net realisable value of
the Group's inventory balance and also determine the extent of profit or loss
that should be recognised in respect of each development in each reporting
period.
In making such assessments and allocations, there is a degree of inherent
estimation uncertainty. The Group has established internal controls designed
to effectively assess and centrally review inventory carrying values and
ensure the appropriateness of the estimates made. These assessments and
allocations evolve over the life of the development in line with the risk
profile, and accordingly, the margin recognised reflects these evolving
assessments, particularly in relation to the Group's long-term developments.
The impact of sustainability and other macro-economic factors have been
considered in the Group's assessment of the carrying value of its inventories
at 31 December 2025, particularly with regard to the potential implications
for future selling prices, development expenditure, and construction
programming. Management has considered a number of scenarios on each of its
active developments and the consequential impact on future profitability based
on current facts and circumstances together with any implications for future
projects in undertaking its net realisable value calculations.
As part of the assessment, the Group has re-evaluated its most likely exit
strategies on all developments in the context of the current market
environment and reflected these in revenue assumptions within the forecast
models. The results of this exercise determined that the impairment required
for the period was €Nil (2024: €2.0 million net impairment reversal).
5 Measurement of fair values
A number of the Group's accounting policies and disclosures require the
measurement of fair values, both for financial and non-financial assets and
liabilities.
The Group has an established control framework with respect to the measurement
of fair values. This includes a valuation team that has overall responsibility
for overseeing all significant fair value measurements, including Level 3 fair
values and reports directly to the Chief Financial Officer.
The valuation team regularly reviews significant unobservable inputs and
valuation adjustments. If third-party information, such as broker quotes or
pricing services, is used to measure fair values, then the valuation team
assess the evidence obtained from the third parties to support the conclusion
that these valuations meet the requirements of the Standards, including the
level in the fair value hierarchy in which the valuations should be
classified.
Significant valuation issues are reported to the Group's Audit and Risk
Committee.
Fair value is defined in IFRS 13 Fair Value Measurement, as 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. When
measuring the fair value of an asset or liability, the Group uses market
observable data as far as possible. Fair values are categorised into different
levels in a fair value hierarchy based on the inputs used in the valuation
techniques as follows:
Level 1: quoted prices (unadjusted) in active markets for identical assets or
liabilities.
Level 2: inputs other than quoted prices included in Level 1 that are
observable for the asset or liability, either directly (i.e. as prices) or
indirectly (i.e. derived from prices).
Level 3: inputs for the asset or liability that are not based on observable
market data (unobservable inputs).
Further information about the assumptions made in measuring fair values is
included in the following notes:
· Note 14 Share-based payment arrangements;
· Note 21 Trade and other payables;
· Note 24 Derivatives and cash flow hedge reserve; and
· Note 27 Financial instruments and financial risk management.
6 New accounting standards or amendments and forthcoming requirements
(i) New currently effective requirements
Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of
Exchangeability became effective for the Group from 1 January 2025 but does
not have a material effect on the Group's financial statements as all the
operations carried out by the Group are in Euro.
There have been no other changes to accounting policies during the financial
year ended 31 December 2025.
(ii) Forthcoming standards and amendments
The following amendments to standards have been endorsed by the EU and are
effective from 1 January 2026. The Group has not adopted these amendments
early and instead intends to apply them from the effective date. These
amendments are not expected to have a significant impact on the Group's
financial statements:
- Annual Improvements Volume 11
- Amendments to IFRS 7 Financial Instruments: Disclosures and IFRS 9
Financial Instruments: Contracts Referencing Nature-dependent Electricity
- Amendments to IFRS 7 Financial Instruments: Disclosures and IFRS 9
Financial Instruments: Amendments to the Classification and Measurement of
Financial Instruments
The following standards and amendments to standards are not yet endorsed by
the EU. The Group has not adopted these new and amended standards early and
instead intends to apply them from their effective date as determined by the
date of EU endorsement. The potential impact of these standards on the Group
is currently under review:
- IFRS 18 Presentation and Disclosure in Financial Statements
(effective 1 January 2027)
- IFRS 19 Subsidiaries without Public Accountability: Disclosures
(effective 1 January 2027)
- Amendments to IFRS 19 Subsidiaries without Public Accountability:
Disclosures (effective 1 January 2027)
- Amendments to IAS 21 The Effects of Changes in Foreign Exchange
Rates: Translation to a Hyperinflationary Presentation Currency (effective 1
January 2027)
IFRS 18 will replace IAS 1 Presentation of Financial Statements and applies
for annual reporting periods beginning on or after 1 January 2027. The new
standard introduces the following key new requirements:
· Entities are required to classify all income and expenses into
five categories in the statement of profit or loss and other comprehensive
income, namely the operating, investing, financing, discontinued operations,
and income tax categories. Entities are also required to present a newly
defined operating profit subtotal. Entities' net profit will not change.
· Management defined performance measures ('MPMs') are disclosed in
a single note in the financial statements.
· Enhanced guidance is provided on how to group information in the
financial statements.
In addition, all entities are required to use the operating profit subtotal as
the starting point for the statement of cash flows when presenting operating
cash flows under the indirect method.
The Group is in the process of assessing the impact of the new standard,
particularly with respect to the structure of the Group's statement of profit
or loss and other comprehensive income, the statement of cash flows, and the
additional disclosures required for MPMs. The Group is also assessing the
impact on how information is grouped in the financial statements including for
items currently labelled as 'other'.
7 Going concern
The Group has recorded a profit before tax of €125.2 million (2024: €113.8
million). The Group has a cash balance of €75.2 million (31 December 2024:
€63.2 million) inclusive of the minimum cash balance of €25.0 million (31
December 2024: €25.0 million) which the Group is required to maintain under
the terms of its debt facilities. The Group has committed undrawn funds
available of €210.0 million (31 December 2024: €210.0 million).
Management has prepared a detailed cash flow forecast to assess the Group's
ability to continue as a going concern for at least a period of twelve months
from the signing of these financial statements. The preparation of this
forecast considered the principal risks facing the Group, including those
risks that could threaten the Group's business model, future performance,
solvency, or liquidity over the forecast period. These principal risks and
uncertainties and the steps taken by the Group to mitigate them are detailed
in the Risk Management Report of the Annual Report. The Group's business
activities, together with the factors likely to affect its future development
are outlined in the Strategic Report of the Annual Report. Further disclosures
regarding the Group's loans and borrowings are provided in Note 22.
The Group is forecasting compliance with all financial covenant requirements
under the terms of its current debt facilities. Other assumptions within the
Group's forecasts include the Group's expected selling prices and sales
strategies as well as its investment in work in progress which reflect updated
development programmes.
Based on the forecasts modelled, the Directors have assessed the Group's going
concern status for the foreseeable future. Having considered the Group's cash
flow forecasts, the Directors are satisfied that the Group has the appropriate
working capital management strategy, operational flexibility, and resources in
place to continue in operational existence for the foreseeable future.
Accordingly, these consolidated financial statements have been prepared on a
going concern basis.
8 Material accounting policies
The Group has consistently applied the following accounting policies to all
periods presented in these consolidated financial statements, except if
mentioned otherwise.
8.1 Basis of consolidation
(i) Business combinations
The Group accounts for business combinations using the acquisition method when
control is transferred to the Group. The consideration transferred in the
acquisition is generally measured at fair value, as are the identifiable net
assets acquired. Any goodwill that arises is tested annually for impairment.
Any gain on a bargain purchase is recognised in profit or loss immediately.
Transaction costs are expensed as incurred, except if related to the issue of
debt or equity securities.
The consideration transferred does not include amounts related to the
settlement of pre-existing relationships. Such amounts are generally
recognised in profit or loss. Any contingent consideration is measured at fair
value at the date of acquisition. If an obligation to pay contingent
consideration that meets the definition of a financial instrument is
classified as equity, then it is not remeasured, and settlement is accounted
for within equity. Otherwise, other contingent consideration is remeasured at
fair value each reporting date and subsequent changes in the fair value of the
contingent consideration are recognised in profit or loss.
(ii) Subsidiaries
Subsidiaries are entities controlled by the Group. The Group controls an
entity when it is exposed to, or has rights to, variable returns from its
involvement with the entity and has the ability to affect those returns
through its power over the entity. The financial statements of subsidiaries
are included in the consolidated financial statements from the date on which
control commences until the date on which control ceases.
(iii) Joint operations
Joint operations arise where the Group has joint control of an operation with
other parties, in which the parties have direct rights to the assets and
obligations of the operation. The Group accounts for its share of the jointly
controlled assets and liabilities and income and expenditure on a line-by-line
basis in the consolidated financial statements.
(iv) Transactions eliminated on consolidation
Intra-group balances and transactions, and any unrealised income and expenses
arising from intra-group transactions, are eliminated.
8.2 Revenue
The Group develops and sells residential properties and non-core land in
addition to developing land under development agreements with third parties.
(i) Housing and land sales
Revenue is recognised at the point in time when control over the property has
been transferred to the customer, which occurs at legal completion.
(ii) Development revenue
Revenue arising on contracts under a development agreement which give the
customer control over properties as they are constructed, and for which the
Group has a right to payments for work performed, is recognised over time.
Revenue and costs are recognised over time with reference to the stage of
completion of the contract activity at the balance sheet date where the
outcome of a contract can be estimated reliably. This is measured by surveys
of work performed to date.
Variations in contract work, claims and incentive payments are included to the
extent that it is probable that they will result in revenue, and they are
capable of being reliably measured.
An assessment is required to determine whether a land sale is a separate
performance obligation. When land is transferred at the start of a forward
fund contract, revenue is not recognised until control has been transferred to
the customer which includes legal title being passed to them. When the
separate performance obligation is not satisfied, revenue is recognised under
the input method.
Where the outcome of a forward fund contract cannot be estimated reliably,
contract revenue where recoverability is probable is recognised to the extent
of contract costs incurred. The costs associated with fulfilling a contract
are recognised as expenses in the period in which they are incurred. When it
is probable that total contract costs will exceed total contract revenue, the
expected loss is recognised as an expense immediately.
8.3 Expenditure
Expenditure recorded in inventory is expensed through cost of sales at the
time of the related property sale. The amount of cost related to each property
includes its share of the overall site costs. Expenditure related to revenue
recognised over time is expensed through cost of sales on an inputs basis.
Administration expense is recognised in respect of goods and services received
when supplied in accordance with contractual terms.
Expenditure on research activities is recognised in profit or loss as
incurred.
8.4 Taxation
Income tax expense comprises current and deferred tax. It is recognised in
profit or loss except to the extent that it relates to a business combination,
or items recognised directly in equity or in OCI.
To address concerns about uneven profit distribution and tax contributions of
large multinational corporations, various agreements have been reached at a
global level, including an agreement by over 135 jurisdictions to introduce a
global minimum tax rate of 15%. In December 2022, the Organisation for
Economic Co-operation and Development ('OECD') released a draft legislative
framework that is expected to be used by individual jurisdictions that signed
the agreement to amend their local tax laws. Ireland has enacted the new
legislation, however, based on the current criteria there is no current tax
impact in the financial year as the Group is not in scope of the legislation
(2024: €Nil).
(i) Current tax
Current tax comprises the expected tax payable or receivable on the taxable
income or loss for the year and any adjustment to the tax payable or
receivable in respect of previous years. The amount of
current tax payable or receivable is the best estimate of the tax amount
expected to be paid or received that reflects uncertainty related to income
taxes, if any. It is measured using tax rates enacted or substantively enacted
at the reporting date. Current tax also includes any tax arising from
dividends. Current tax assets and liabilities are offset only if certain
criteria are met.
(ii) Deferred tax
Deferred tax is recognised in respect of temporary differences between the
carrying amounts of assets and liabilities for financial reporting purposes
and the amounts used for taxation purposes.
Deferred tax is not recognised for:
- temporary differences on the initial recognition of assets or
liabilities in a transaction that is not a business combination and that
affects neither accounting nor taxable profit or loss and does not give rise
to equal taxable and deductible temporary differences;
- temporary differences related to investments in subsidiaries,
associates, and joint arrangements to the extent that the Group is able to
control the timing of the reversal of the temporary differences and it is
probable that they will not reverse in the foreseeable future; and
- taxable temporary differences arising on the initial recognition
of goodwill.
Deferred tax assets are recognised for unused tax losses, unused tax credits,
and deductible temporary differences to the extent that it is probable that
future taxable profits will be available against which they can be used.
Future taxable profits are determined based on the reversal of relevant
taxable temporary differences.
If the amount of taxable temporary differences is insufficient to recognise a
deferred tax asset in full, then future taxable profits, adjusted for
reversals of existing temporary differences, are considered, based on the
business plans for individual subsidiaries in the Group. Deferred tax assets
are reviewed at each reporting date and are reduced to the extent that it is
no longer probable that the related tax benefit will be realised; such
reductions are reversed when the probability of future taxable profits
improves. Once changes to the tax laws in any jurisdiction in which the Group
operates are enacted or substantively enacted, the Group may be subject to the
top-up tax. Currently, the Group operates solely in Ireland, based on current
criteria there is no current tax impact.
Unrecognised deferred tax assets are reassessed at each reporting date and
recognised to the extent that it has become probable that future taxable
profits will be available against which they can be used.
Deferred tax is measured at the tax rates that are expected to be applied to
temporary difference when they reverse, using tax rates enacted or
substantively enacted at the reporting date, and reflects uncertainty related
to income taxes, if any.
The measurement of deferred tax reflects the tax consequences that would
follow from the manner in which the Group expects, at the reporting date, to
recover or settle the carrying amount of its assets and liabilities.
8.5 Share-based payment arrangements
The grant date fair value of equity-settled share-based payment arrangements
granted to employees is generally recognised as an expense, with a
corresponding increase in equity, over the vesting period of the awards. The
amount recognised as an expense is adjusted to reflect the number of awards
for which the related service and non-market performance conditions are
expected to be met, such that the amount ultimately recognised is based on the
number of awards that meet the related service and non-market performance
conditions at the vesting date. For share-based payment awards with
non-vesting conditions or market conditions, the grant date fair value of the
share-based payment is measured to reflect such conditions and there is no
true-up for differences between expected and actual outcomes.
Certain performance conditions in respect of share-based payment awards can be
subject to adjustment by the Remuneration Committee at its discretion, for
items deemed not reflective of the Group's underlying performance for the
financial year. For these share-based payment arrangements which are based on
non-market conditions, the Group remeasures the fair value and related expense
of the award at the reporting date.
8.6 Exceptional items
Exceptional items are those that are separately disclosed by virtue of their
nature or amount in order to highlight such items within the consolidated
statement of profit or loss for the financial year. Group management exercises
judgement in assessing each particular item which, by virtue of its scale or
nature, should be highlighted as an exceptional item. Exceptional items are
included within the profit or loss caption to which they relate. During the
financial year, there were no income or costs considered exceptional items.
8.7 Property, plant and equipment
Property, plant and equipment is carried at historic purchase cost less
accumulated depreciation. Cost includes the original purchase price of the
asset and the costs attributable to bringing the asset to its working
condition for its intended use. Depreciation is provided to write-off the cost
of the assets on a straight-line basis to their residual value over their
estimated useful lives at the following annual rates:
·
Buildings
2.5%
· Plant and
machinery 14-20%
· Fixtures and
fittings 20%
· Computer
equipment 33%
The assets' residual values, carrying values and useful lives are reviewed on
an annual basis and adjusted if appropriate at each reporting date.
Where an impairment is identified, the recoverable amount of the asset is
identified and an impairment loss, where appropriate, is recognised in the
statement of profit or loss and other comprehensive income.
Gains and losses on disposals are determined by comparing the proceeds with
the carrying amount and are recognised within administration expenses in the
statement of profit or loss and other comprehensive income.
Subsequent expenditure is capitalised only if it is probable that the future
economic benefits associated with the expenditure will flow to the Group.
8.8 Intangible assets
Goodwill arising on the acquisition of subsidiaries is measured at cost less
accumulated impairment losses. Goodwill impairments are not reversed. Goodwill
is not amortised but is subject to impairment testing on an annual basis and
at any time during the year if an indicator of impairment is considered
to exist. The annual goodwill impairment tests are undertaken at a consistent
time in each annual period.
Development expenditure is capitalised only if the expenditure can be measured
reliably, the product or process is technically and commercially feasible,
future economic benefits are probable and the Group intends to and has
sufficient resources to complete development and to use or sell the asset.
Otherwise, it is recognised in profit or loss as incurred. Subsequent to
initial recognition, development expenditure is measured at cost less
accumulated amortisation and any accumulated impairment losses. Capitalised
development expenditure has an indefinite useful life.
Indefinite life intangible assets are those for which there is no foreseeable
limit to their expected useful life. The classification of intangible assets
as indefinite is assessed annually.
Subsequent expenditure is capitalised only if it is probable that the future
economic benefits associated with the expenditure will flow to the Group.
Computer software is capitalised as intangible assets as acquired and
amortised on a straight-line basis over its estimated useful life of three
years, in line with the period over which economic benefit from the software
is expected to be derived.
Licence costs are capitalised as intangible assets as acquired and amortised
on a straight-line basis over their estimated useful life in line with the
period over which economic benefit from the software is expected to be
derived.
The assets' useful lives and residual values are reviewed and adjusted, if
appropriate, at each reporting date.
8.9 Inventory
Inventory comprises property in the course of development, completed units,
land, and land development rights. Inventories are valued at the lower of cost
and net realisable value. Direct cost comprises the cost of land, raw
materials, and development costs but excludes indirect overheads. Land
purchased for development, including land in the course of development, is
initially recorded at cost. Where such land is purchased on deferred
settlement terms, and the cost differs from the amount that will subsequently
be paid in settling the liability, this difference is charged as a finance
cost in the statement of profit or loss and other comprehensive income over
the period to settlement. A provision is made, where appropriate, to reduce
the value of inventories and work-in-progress to their net realisable value.
Raw material and finished good stock are valued at the lower of cost and net
realisable value. Stocks are determined on a first-in first-out basis. Cost
comprises expenditure incurred in the normal course of business in bringing
stocks to their present location and condition. Full provision is made for
obsolete and slow-moving items. Net realisable value comprises actual or
estimated selling price (net of trade discounts) less all further costs to
completion or to be incurred in marketing and selling.
8.10 Financial instruments
Financial assets and financial liabilities
Under IFRS 9, financial assets and financial liabilities are initially
recognised at fair value and are subsequently measured based on their
classification as described below. Their classification depends on the purpose
for which the financial instruments were acquired or issued, their
characteristics and the Group's designation of such instruments. The standards
require that all financial assets and financial liabilities be classified as
fair value through profit or loss ('FVTPL'), amortised cost, or fair value
through other comprehensive income ('FVOCI').
Classification of financial instruments
The following summarises the classification and measurement the Group has
elected to apply to each of its significant categories of financial
instruments:
IFRS 9
Type Classification
Financial assets
Cash and cash equivalents Amortised cost
Trade receivables Amortised cost
Contract assets Amortised cost
Other receivables Amortised cost
Contract receivables Amortised cost
Restricted cash Amortised cost
Deposits for sites Amortised cost
Construction bonds Amortised cost
Financial liabilities
Lease liabilities Amortised cost
Trade payables Amortised cost
Inventory accruals Amortised cost
Other accruals Amortised cost
Loans and borrowings Amortised cost
Derivative contracts Fair value (cash flow hedge accounting)
Contingent consideration Fair value through profit or loss
Cash and cash equivalents
Cash and cash equivalents include cash, short-term investments with an
original maturity of three months or less and minimum cash balances required
under the terms of the debt facilities. Interest earned or accrued on these
financial assets is included in finance income.
Trade and other receivables
Such receivables are included in current assets, except for those with
maturities more than 12 months after the reporting date, which are classified
as non-current assets. Loans and other receivables are included in trade and
other receivables on the balance sheet and are accounted for at amortised
cost. These assets are subsequently measured at amortised cost. The amortised
cost is reduced by impairment losses. The Group recognises impairment losses
on an 'expected credit loss' model ('ECL model') basis in line with the
requirements of IFRS 9. Interest income and impairment are recognised in
profit or loss. Any gain or loss on derecognition is recognised in profit or
loss.
Contract receivables
Contract receivables includes recoverable revenue recognised over time with
reference to the stage of completion arising on contracts under a development
agreement which are receivable within 12 months of the reporting date.
Contract assets
Contract assets are amounts recoverable on long-term contracts where revenue
is recognised over time.
Deposits for sites
Deposits for sites includes a percentage amount paid of the total purchase
price for the acquisition of land intended for development.
Restricted cash
Restricted cash includes cash amounts which are classified as current assets
and held in escrow until the completion of certain criteria.
Construction bonds
Construction bonds includes amounts receivable in relation to the completion
of construction activities on sites. These assets are included in trade and
other receivables on the consolidated balance sheet and are accounted for at
amortised cost.
Derivative contracts
Derivative contracts are contracts for interest rate swaps to manage the
interest rate risk arising from floating rate borrowings. Derivatives are
initially recognised at fair value on the date a derivative contract is
entered into, and they are subsequently remeasured to their fair value at the
end of each reporting period.
Financial liabilities
Financial liabilities such as inventory accruals and other accruals are
recorded at amortised cost and include all liabilities.
Loans and borrowings
Loans and borrowings include debt facilities, interest accrued, and borrowing
costs classified as current and non-current liabilities.
Contingent consideration
Contingent consideration includes amounts payable if conditions relating to a
business combination are satisfied. Contingent consideration is recognised at
fair value on the acquisition date as part of the consideration transferred.
Where the contingent consideration is classified as a financial liability, it
is subsequently measured at fair value through profit or loss (FVTPL) at each
reporting date, with any changes in fair value recognised in profit or loss.
8.11 Provisions
Provisions are recognised when the Group has a present legal or constructive
obligation as a result of past events and it is probable that an outflow of
resources will be required to settle that obligation, and the amount has been
reliably estimated.
Provisions are determined by discounting the expected future cash flows at a
pre-tax rate that reflects current market assessments of the time value of
money and the risks specific to the liability, where the effect of discounting
is considered significant. The unwinding of the discount is recognised as a
finance cost.
8.12 Pensions
The Group operates a defined contribution scheme. The assets of the scheme are
held separately from those of the Group in a separate fund. Obligations for
contributions to defined contribution plans are expensed as the related
service is provided.
8.13 Leases
At the inception of a contract, the Group assess whether a contract is, or
contains, a lease. A contract is, or contains, a lease if the contract conveys
the right to control the use of an identified asset for a period of time in
exchange for consideration.
i. As a lessee
At commencement or on modification of a contract that contains a lease
component, the Group allocates the consideration in the contract to each lease
component and non-lease component on the basis of its relative stand-alone
prices. However, for the leases of property the Group has elected not to
separate non-lease components and account for the lease and non-lease
components as a single lease component.
The Group recognises a right-of-use asset and a lease liability at the lease
commencement date. The right-of-use asset is initially measured at cost, which
comprises the initial amount of the lease liability adjusted for any lease
payments made at or before the commencement date, plus any initial direct
costs incurred and an estimate of costs to dismantle and remove the underlying
asset or to restore the underlying asset or the site on which it is located,
less any lease incentives received.
The right-of-use asset is subsequently depreciated using the straight-line
method from the commencement date to the end of the lease term, unless the
lease transfers ownership of the
underlying asset to the Group by the end of the lease term or the cost of the
right-of-use asset reflects that the Group will exercise a purchase option. In
that case the right-of-use asset will be depreciated over the useful life of
the underlying asset, which is determined on the same basis as those of
property and motor vehicles. In addition, the right-of-use asset is
periodically reduced by impairment losses, if any, and adjusted for certain
remeasurements of the lease liability.
The lease liability is initially measured at the present value of the lease
payments that are not paid at the commencement date, discounted using the
interest rate implicit in the lease, or, if that rate cannot be readily
determined, the Group's incremental borrowing rate. Generally, the Group uses
its incremental borrowing rate as the discount rate.
The Group determines its incremental borrowing rate with reference to its
current financing sources and makes certain adjustments to reflect the terms
of the lease and type of the asset leased.
Lease payments included in the measurement of the lease liability comprise
fixed payments, including in-substance fixed payments.
The lease liability is measured at amortised cost using the effective interest
method. It is remeasured when there is a change in the future lease payments
arising from a change in an index or rate, if there is a change in the Group's
estimate of the amount expected to be payable under a residual value
guarantee, if the Group changes its assessment of whether it will exercise a
purchase, extension or termination option, or if there is a revised
in-substance fixed lease payment.
When the lease liability is remeasured in this way, a corresponding adjustment
is made to the carrying amount of the right-of-use asset or is recorded in
profit or loss if the carrying amount of the right-of-use asset has been
reduced to zero.
The Group presents right-of-use assets that do not meet the definition of
investment property in 'property, plant and equipment' and lease liabilities
in 'lease liability' in the consolidated balance sheet.
Short-term leases and leases of low-value assets
The Group has elected not to recognise right-of-use assets and lease
liabilities for leases of low-value assets and short-term lease. The Group
recognises the lease payments associated with these leases as an expense on a
straight-line basis over the lease term in the income statement.
8.14 Share capital
(i) Ordinary shares
Incremental costs directly attributable to the issue of ordinary shares are
recognised as a deduction from equity (retained earnings).
8.15 Finance income and costs
The Group's finance income and finance costs include:
· Interest income
· Interest expense
· Lease interest
Interest income, interest expense, and lease interest is recognised using the
effective interest method.
8.16 Derivative contracts and hedge accounting
Derivatives are initially recognised at fair value on the date a derivative
contract is entered into, and they are subsequently remeasured to their fair
value at the end of each reporting period. The accounting for subsequent
changes in fair value depends on whether the derivative is designated as a
hedging instrument and, if so, the nature of the item being hedged.
The Group designates certain derivatives as hedges of a particular risk
associated with the cash flows of recognised assets and liabilities and highly
probable forecast transactions (cash flow hedges).
Changes in the fair value of derivative hedging instruments designated as cash
flow hedges are recognised in other comprehensive income to the extent that
the hedge is effective. The gain or loss relating to the ineffective portion
is recognised immediately in profit or loss.
Amounts accumulated in other comprehensive income are reclassified to profit
or loss in the same periods that the hedged items affect profit or loss. The
reclassified gain or loss relating to the effective portion of interest rate
swaps hedging variable rate borrowings is recognised in profit or loss within
finance income or costs respectively.
If the hedging instrument no longer meets the criteria for hedge accounting,
expires or is sold, terminated or exercised, then hedge accounting is
discontinued prospectively. The cumulative gain or loss previously recognised
in other comprehensive income remains there until the forecast transaction
occurs, unless the hedged transaction is no longer expected to occur, in which
case the cumulative gain or loss that was previously recognised in other
comprehensive income is transferred to profit and loss.
At inception of the hedge relationship, the Group documents the economic
relationship between hedging instruments and hedged items, including whether
changes in the cash flows of the hedging instruments are expected to offset
changes in the cash flows of hedged items. The Group documents its risk
management objective and strategy for undertaking its hedge transactions.
The full fair value of a hedging derivative is classified as a non-current
asset or liability when the remaining maturity of the hedged item is more than
12 months; it is classified as a current asset or liability when the remaining
maturity of the hedged item is less than 12 months.
9 Segmental information
The Group has considered the requirements of IFRS 8 Operating Segments in the
context of how the business is managed and resources are allocated.
In 2024 the Group was organised into three key reportable operating segments
being Suburban, Urban, and Partnerships. As noted in the Group's 2024 Annual
Report, the Group's activities and operating segments have been restructured
from 2025 onwards into new operating segments in line with our refined
strategy, being Homebuilding and Partnerships. As a result of this change in
the Group's reportable segments, the Group has restated the previously
reported segment information for the year ended 31 December 2024.
The Group is organised into two key reportable segments, being Homebuilding
and Partnerships. Internal reporting to the Chief Operating Decision Maker
('CODM') is provided on this basis. The CODM has been identified as the
Executive Committee.
The Group currently operates solely in Ireland and therefore no geographically
segmented financial information is provided.
Homebuilding
The Homebuilding segment is primarily focused on delivering high-quality
own-door single-family focused developments, with a particular emphasis on
Dublin, the Greater Dublin Area, and Cork. This segment is driven by strong
demand from both private purchasers, state agencies, and institutional
investors. It also allows for the selective realisation of residential land
opportunities that align with long-term strategic objectives.
Partnerships
The Partnerships segment focuses on the delivery of sustainable communities
across Ireland through a mix of suburban single-family focused and urban
multi-family focused developments. These projects are typically supported by
state agencies and entities with similar funding characteristics. The segment
maintains the flexibility to invest in, develop, or dispose of land assets
where such actions support broader placemaking, delivery, or strategic aims.
Segmental financial results
As restated
2025 2024
€'000 €'000
Revenue
Homebuilding 544,989 631,939
Partnerships 380,890 237,258
Revenue for reportable segments 925,879 869,197
As restated
2025 2024
€'000 €'000
Operating profit/(loss)
Homebuilding 118,063 123,929
Partnerships 61,197 37,658
Operating profit for reportable segments 179,260 161,587
Reconciliation to results for the financial year
Segment results 179,260 161,587
Finance expense (18,940) (18,323)
Directors' remuneration (4,576) (3,492)
Corporate function payroll costs (8,204) (8,358)
Depreciation and amortisation (3,611) (2,774)
Professional fees (4,255) (4,499)
IT costs (3,994) (2,748)
Share-based payment expense (8,092) (5,180)
Loss on sale of property, plant and equipment (28) (8)
Other corporate costs (2,372) (2,389)
Profit before tax 125,188 113,816
Excluding loss on the sale of property, plant and equipment, there are no
individual costs included within other corporate costs that is greater than
the amounts listed in the above table.
Segment assets and
liabilities
31 December 2025 As restated 31 December 2024
Homebuilding Partnerships Total Homebuilding Partnerships Total
€'000 €'000 €'000 €'000 €'000 €'000
Segment assets 700,351 367,087 1,067,438 669,937 372,613 1,042,550
Reconciliation to Consolidated balance sheet
Deferred tax asset 2,075 1,339
Trade and other receivables 903 1,179
Cash and cash equivalents 75,196 63,165
Property, plant and equipment 67,739 62,404
Income tax receivable 2,296 -
Intangible 8,592 7,277
assets
1,224,239 1,177,914
Segment liabilities 129,542 51,087 180,629 135,744 34,084 169,828
Reconciliation to Consolidated balance sheet
Trade and other payables 6,975 11,407
Loans and borrowings 239,034 238,168
Derivative contracts 823 1,576
Lease liabilities 4,211 4,415
Income tax payable - 1,350
431,672 426,744
10 Revenue
As restated
2025 2024
€'000 €'000
Homebuilding
Core 538,387 631,280
Non-core 6,602 659
544,989 631,939
Partnerships
Core 380,890 237,258
Non-core - -
380,890 237,258
Total revenue 925,879 869,197
The Group has presented revenue as a split between core and non-core by
business segment. This split is consistent with internal reporting to the
Chief Operating Decision Maker ('CODM'). As stated in Note 9, the Group's
activities and operating segments have been restructured from 2025 onwards
into new operating segments in line with our refined strategy, being
Homebuilding and Partnerships. As a result of this change in the Group's
reportable segments, the Group has restated the previously reported revenue
disclosures by operating segment for the year ended 31 December 2024.
Core Homebuilding revenue relates to affordable own-door single-family homes
for first-time buyers. Non-core Homebuilding revenue relates to the sale of
high-end, private developments and sites. These revenues are recognised at a
point in time.
Core Partnerships revenue includes income from the sale of units recognised at
a point in time and development revenue from construction contracts that are
recognised over time by reference to the stage of completion of the contract
with the customer. Non-core Partnerships revenue relates to the sale of
high-end, private developments and sites, which are recognised at a point in
time.
All revenue is earned in Ireland.
11 Finance expense
2025 2024
€'000 €'000
Interest on secured bank loans 18,318 18,859
Cash flow hedges reclassified from other comprehensive income 441 (694)
Finance cost on lease liabilities 181 158
18,940 18,323
12 Statutory and other information
2025 2024
€'000 €'000
Amortisation of intangible assets (Note 18) 1,015 522
Depreciation of property, plant and equipment (Note 17)* 5,933 6,587
Employment costs (Note 13) 63,052 60,314
Loss on disposal of property, plant and equipment 28 8
Audit of Group, Company, and subsidiary financial statements** 355 330
Other assurance services 165 218
Tax advisory services 71 103
Tax compliance services 53 39
Other non-audit services 9 13
653 703
Directors' remuneration
Salaries, fees, and other emoluments 4,524 3,440
Pension contributions 52 52
4,576 3,492
*Includes €3.3 million (2024: €4.4 million) capitalised in inventory
during the year ended 31 December 2025.
**Included in the auditor's remuneration for the Group is an amount of €0.02
million (2024: €0.02 million) that relates to the Company financial
statements.
13 Employment costs
The average number of persons employed by the Group (including Executive
Directors) during the financial year was 618 (Executive Committee: 4;
Non-executive Directors: 7; Construction: 402; and Other: 205). (2024: 635
(Executive Committee: 6; Non-executive Directors: 7; Construction: 425; and
Other: 197))
The aggregate payroll costs of these employees for the financial year were:
2025 2024
€'000 €'000
Wages and salaries 47,753 48,533
Social welfare costs 5,411 4,964
Pension costs - defined contribution 1,796 1,637
Share-based payment expense (Note 14) 8,092 5,180
63,052 60,314
€26.7 million (2024: €26.4 million) of employment costs were capitalised
in inventory during the financial year.
14 Share-based payments
The Group operates two equity-settled share-based payment arrangements being
the Long-Term Incentive Plan ('LTIP') and the Savings Related Share Option
Scheme (known as the Save As You Earn or 'SAYE' scheme). As described below,
options were granted under the terms of the LTIP and SAYE schemes during the
financial year.
(a) LTIP
In March 2025, the Remuneration Committee approved the grant of 5,090,826
options to certain members of the management team in accordance with the terms
of the Company's LTIP. These options will vest on completion of a three-year
service period from grant date subject to the achievement of certain
performance condition hurdles based on the Company's Return on Equity ('ROE')
and Earnings per Share ('EPS') across the vesting period. 50% of the awards
will vest based on the Group's ROE* for the financial year ended 31 December
2027. The EPS based options will vest based on the Group's EPS** for the
financial year ended 31 December 2027. 25% of ROE based options vest should
the Group achieve ROE of 11.0% with the remaining options vesting on a pro
rata basis up to 100% if ROE of 16.2% is achieved. 25% of EPS based options
will vest should the Group achieve Group EPS** of 19.0 cents per share with
the remaining options vesting on a pro rata basis up to 100% if Group EPS** of
24.0 cents per share is achieved.
In line with the Group's remuneration policy, LTIP awards granted to Executive
Directors from 2020
onwards include a holding period of at least two years post exercise.
Number of Number of
options options
2025 2024
LTIP options in issue at 1 January 15,972,572 13,960,427
Granted during the financial year 5,090,826 6,037,390
Forfeited during the financial year (268,470) (137,797)
Lapsed during the financial year (1,385,938) (1,897,319)
Exercised during the financial year (3,768,081) (1,990,129)
LTIP options in issue at 31 December 15,640,909 15,972,572
Exercisable at 31 December 389,703 286,856
LTIP options were exercised during the financial year with the average share
price being €1.75 (2024: €1.39). The options outstanding at 31 December
2025 had an exercise price of €0.001 (2024: €0.001) and a weighted-average
contractual life of seven years (2024: seven years).
The EPS and ROE related performance conditions are non-market conditions and
do not impact the fair value of the EPS or ROE based awards at grant date
which is equivalent to the share price at grant date. The fair value of LTIP
options granted in the prior periods which were based on market conditions
were measured using a Monte Carlo simulation. There is no Total Shareholder
Return (TSR) linked performance condition for options granted in the period
and therefore no fair value exercise was performed related to this performance
condition. Service and non-market conditions attached to the arrangements were
not taken into account when measuring fair value. The inputs used in measuring
fair value at the grant date were as follows:
2025 2024
Fair value at grant date €1.49 €1.60
The exercise price of all options granted under the LTIP to date is €0.001
and all options have a seven-year contractual life.
The Group recognised an expense of €7.9 million (2024: €5.1 million) in
the consolidated statement of profit or loss in respect of options granted
under the LTIP.
*Group ROE is defined as Return on Equity that Group management
apply to measure the Group's efficiency of returns generated from shareholder
equity after taxation and is calculated as profit after tax attributable to
shareholders divided by the 12-month average of closing shareholders' funds.
This is subject to adjustment by the Remuneration Committee at its discretion,
for items deemed not reflective of the Group's underlying performance for the
financial year.
**Group EPS is defined as Basic Earnings per Share as calculated in accordance
with IAS 33 Earnings per Share subject to adjustment by the Remuneration
Committee at its discretion, for items deemed not reflective of the Group's
underlying performance for the financial year.
(b) SAYE Scheme
Under the terms of the scheme, employees may save up to €500 per month from
their net salaries for a fixed term of three or five years and at the end of
the savings period they have the option to buy shares in the Company at a
fixed exercise price. On 10 November 2025, the Remuneration and Nomination
Committee approved the grant of 414,007 options to employees of the Group and
a fair value exercise of the scheme was performed.
Details of options outstanding and grant date fair value assumptions
2025 2024
Number of Number of Number of Number of
options options options options
3 Year 5 Year 3 Year 5 Year
SAYE options in issue at 1 January 1,098,019 470,778 66,000 165,000
Granted during the financial year 343,646 70,361 1,098,019 380,571
Forfeited during the financial year (98,531) - - (24,793)
Lapsed during the financial year (16,363) (14,876) - -
Exercised during the financial year - (115,000) (66,000) (50,000)
SAYE options in issue at 31 December 1,326,771 411,263 1,098,019 470,778
Exercisable at 31 December - - - -
The weighted average exercise price of all options granted under the SAYE to
date is €1.24 (2024: €1.17).
The expected share price and TSR volatility was based on the historical
volatility of a comparator group of peer companies over the expected life of
the equity instruments granted together with consideration of the Group's
actual trading volatility to date.
The Group recognised an expense of €0.2 million (2024: €0.03 million) in
the consolidated statement of profit or loss in respect of options granted
under the SAYE scheme.
15 Earnings per share
a) Basic earnings per share
The calculation of basic earnings per share has been based on the profit
attributable to ordinary shareholders and the weighted average numbers of
shares outstanding for the financial year. There were 520,472,536 ordinary
shares in issue at 31 December 2025 (2024: 560,878,503).
2025 2024
Profit for the financial year attributable to ordinary
shareholders (€'000) 107,612 97,755
Weighted average number of shares for
the financial year 538,784,466 576,527,130
Basic earnings per share (cent) 20.0 17.0
2025* 2024
Number of shares Number of shares
Reconciliation of weighted average number of shares
Number of ordinary shares at beginning of financial year 560,878,503 578,049,118
Effect of share buyback (23,744,327) (2,903,732)
Effect of SAYE maturity 84,384 59,863
Effect of LTIP maturity 1,595,906 1,321,881
538,784,466 576,527,130
a) Dilutive earnings per share
Diluted earnings per share
2025 2024
Profit for the financial year attributable to ordinary shareholders (€'000)
107,612 97,755
Weighted average number of shares for the financial year 547,357,362 579,822,418
Diluted earnings per share (cent) 19.7 16.9
2025** 2024
Number of shares Number of shares
Reconciliation of weighted average number of shares (diluted)
Weighted average number of ordinary shares (basic) 538,784,466 576,527,130
Effect of potentially dilutive shares 8,572,896 3,295,288
547,357,362 579,822,418
*The number of potentially issuable shares in the Group held under option
arrangements at 31 December 2025 is 15,640,909 (2024: 15,972,572).
**Under IAS 33, LTIP arrangements have an assumed test period ending on 31
December 2025. Based on the assumed test period only the TSR performance
condition was met related to LTIP options and therefore only ordinary shares
related to this condition would be issued through the conversion of LTIP
options. SAYE options matured in the year with ordinary shares related to this
being issued through the conversation of the SAYE options.
At 31 December 2025 Nil options (2024: Nil options) were excluded from the
diluted weighted average number of ordinary shares because their effect would
have been anti-dilutive.
16 Income tax
2025 2024
€'000 €'000
Current tax charge for the financial year 18,500 16,122
Deferred tax credit for the financial year (924) (61)
Total income tax charge 17,576 16,061
The tax assessed for the financial year differs from the standard rate of tax
in Ireland for the financial year. The differences are explained below.
2025 2024
€'000 €'000
Profit before tax for the financial year 125,188 113,816
Tax charge at standard Irish income tax rate of 12.5% 15,649 14,227
Tax effect of:
Income taxed at the higher rate of corporation tax 2,182 637
Deductible capital items (174) -
Non-deductible expenses - other 39 1,081
Recognition of previously unrecognised taxable temporary differences 80 -
Adjustment in respect of prior year (over)/under accrual (200) 116
Total income tax charge 17,576 16,061
Movement in deferred tax balances
Recognised in
Balance at other comprehensive Balance at
1 January Recognised in 31 December
2025 income profit or loss 2025
€'000 €'000 €'000 €'000
Expenses deductible in future periods 1,339 (188) 924 2,075
1,339 (188) 924 2,075
The expenses deductible in future periods arise in Ireland and have no expiry
date. Based on profitability achieved in the period, the continued forecast
profitability in the Group's strategic plan and the sensitivities that have
been applied therein, management has considered it probable that future
profits will be available against which the above tax expenses can be
recovered and, therefore, the related deferred tax asset can be realised.
17 Property, plant and equipment Land & Fixtures Plant & Computer
buildings & fittings machinery equipment Total
€'000 €'000 €'000 €'000 €'000
Cost
At 1 January 2025 47,877 2,240 27,734 1,845 79,696
Additions 1,857 1,457 7,675 396 11,385
Disposals - - (425) (41) (466)
At 31 December 2025 49,734 3,697 34,984 2,200 90,615
Accumulated depreciation
At 1 January 2025 (4,109) (1,145) (10,861) (1,177) (17,292)
Charge for the financial year (1,920) (258) (3,330) (425) (5,933)
Disposals - - 308 41 349
At 31 December 2025 (6,029) (1,403) (13,883) (1,561) (22,876)
Net book value
At 31 December 2025 43,705 2,294 21,101 639 67,739
Land & Fixtures Plant & Computer
buildings & fittings machinery equipment Total
€'000 €'000 €'000 €'000 €'000
Cost
At 1 January 2024 46,555 2,096 25,660 1,500 75,811
Additions 1,342 153 3,508 345 5,348
Disposals (20) (9) (1,434) - (1,463)
At 31 December 2024 47,877 2,240 27,734 1,845 79,696
Accumulated depreciation
At 1 January 2024 (2,205) (896) (7,701) (825) (11,627)
Charge for the financial year (1,904) (258) (4,073) (352) (6,587)
Disposals - 9 913 - 922
At 31 December 2024 (4,109) (1,145) (10,861) (1,177) (17,292)
Net book value
At 31 December 2024 43,768 1,095 16,873 668 62,404
The depreciation charge for the year includes €3.3 million (2024: €4.4
million) which was capitalised in inventory at 31 December 2025.
Property, plant and equipment includes right of use assets of €3.8 million
(2024: €3.9 million) related to leased properties and motor vehicles.
18 Intangible assets
Capitalised
development Computer
Goodwill expenditure Licence software Total
€'000 €'000 €'000 €'000 €'000
Cost
At 1 January 2025 5,697 1,359 3,882 4,755 15,693
Additions - 639 753 938 2,330
At 31 December 2025 5,697 1,998 4,635 5,693 18,023
Accumulated amortisation
At 1 January 2025 - - - (2,719) (2,719)
Charge for the year - - - (1,015) (1,015)
At 31 December 2025 - - - (3,734) (3,734)
Net book value
At 31 December 2025 5,697 1,998 4,635 1,959 14,289
Capitalised
development Computer
Goodwill expenditure Licence software Total
€'000 €'000 €'000 €'000 €'000
Cost
At 1 January 2024 5,697 719 800 3,459 10,675
Additions - 640 3,082 1,296 5,018
At 31 December 2024 5,697 1,359 3,882 4,755 15,693
Accumulated amortisation
At 1 January 2024 - - (40) (2,157) (2,197)
Charge for the year - - 40 (562) (522)
At 31 December 2024 - - - (2,719) (2,719)
Net book value
At 31 December 2024 5,697 1,359 3,882 2,036 12,974
(i) Impairment of goodwill
Goodwill acquired in business combinations are allocated to the Group's
cash-generating units ('CGUs') that are expected to benefit from the business
acquisition, rather than where the assets are owned. The CGUs represent the
lowest level within the Group at which the associated goodwill is monitored
for internal management purposes and are not larger than the operating
segments determined in accordance with IFRS 8 Operating Segments. CGUs are
kept under review to ensure that they reflect changing interdependencies of
cash inflows within the Group and how management monitors operations. The
goodwill carrying amount is allocated to the Homebuilding operating segment
with the recoverable amount of this CGU being based on value in use. The value
in use was determined by the cash flows to be generated from the continuing
use of the CGU over a three-year period.
a) Key assumptions
The Group has established internal controls designed to effectively assess and
centrally review future cash flows generated from CGUs. The key assumptions on
which management has based its cash flows are revenue and construction costs.
Revenue assumptions relate to unit sales prices for sites delivering over the
period based on prices achieved to date, current market prices, historic
prices, and sales agent reports. Construction cost assumptions are based on
contracted/procured package pricing or where packages are not procured,
historic pricing achieved, or pricing achieved on similar packages in
reference to other sites.
The impact of sustainability and other macroeconomic factors have been
considered in the Group's assessment of these cash flows, particularly with
regard to the potential implications for future selling prices, development
expenditure, and construction programming. Management has considered scenarios
on each of its active developments and the consequential impact on future
profitability based on current facts and circumstances together with any
implications for future projects in undertaking its impairment analysis.
As part of the assessment, the Group has re-evaluated its most likely exit
strategies on all developments in the context of the current market
environment and reflected these in revenue assumptions within the forecast
models. The results of this exercise determined that the no impairment was
required at the reporting date.
The cash flow projections used to determine the value in use of the
Homebuilding CGU are based on three years of cash flows from the Group's
Strategic Plan.
A discount rate based on the Group's incremental borrowing rate and a growth
rate into perpetuity was applied to these cash flows.
A sensitivity analysis on the discount rate has been conducted in respect of
the value in use of the CGU. There is no reasonably possible movement in the
key assumptions that would result in material impairment.
19 Inventory
2025 2024
€'000 €'000
Land 533,965 556,163
Development expenditure work in progress 283,766 283,746
Development rights 19,989 24,444
837,720 864,353
During the year ended 31 December 2025, €718.7 million (2024: €676.7
million) of inventory was recognised in 'cost of sales'. Sustainable materials
such as heat pumps, PV panels, timber frames, light gauge steel frames, and
building expenditure necessary to deliver A1/A2 Building Energy Rating ('BER')
homes are included within development expenditure work in progress.
(i) Impairment of inventories
The Group carried out a net realisable value assessment of its inventories at
the reporting date. This assessment has resulted in a net impairment charge or
reversal of €Nil for the year (2024: €2.0 million net impairment
reversal). An impairment charge or reversal of €Nil was recognised in cost
of sales in the financial year (2024: €1.5 million impairment charge) on
remaining non-core assets.
(ii) Employment cost capitalised
€26.7 million of employment costs incurred in the financial year have been
capitalised in inventory (2024: €26.4 million).
(iii) Development rights
Mooretown, Swords, Co. Dublin
In March 2025, the Group entered into a Development Agreement ('DA') with
Fingal County Council ('FCC'). Under the terms of the DA and following
planning permission being granted, the Group acquired certain development
rights in respect of the site at Mooretown, Swords, Dublin for consideration
of approximately €7.1 million exclusive of stamp duty and acquisition costs.
The development rights will (subject to planning permission) entitle the Group
to develop approximately 350 residential units in accordance with the terms of
the DA.
Oscar Traynor Road, Coolock, Dublin 5
In December 2022, the Group entered into a Development Agreement ('DA') with
Dublin City Council ('DCC'). Under the terms of the DA and following planning
permission being granted in February 2023, the Group acquired certain
development rights in respect of the site at Oscar Traynor Road, Coolock,
Dublin 5 for consideration of approximately €14.0 million exclusive of stamp
duty and acquisition costs. Under the granted planning permission for the
site, the development rights will entitle the Group to develop approximately
850 residential units alongside commercial elements in accordance with the
terms of the DA.
Ballymastone, Donabate, Co.Dublin
In December 2021, the Group entered into a Development Agreement ('DA') with
Fingal County Council ('FCC'). Under the terms of the DA and following
planning permission being granted in March 2023, the Group acquired certain
development rights in respect of the site at Ballymastone, Donabate, Co.
Dublin for consideration of approximately €11.0 million exclusive of stamp
duty and acquisition costs. The development rights will (subject to planning
permission) entitle the Group to develop approximately 1,200 residential units
in accordance with the terms of the DA.
20 Trade and other receivables
2025 2024
€'000 €'000
Trade receivables 23,328 20,617
Contract receivables 27,374 38,522
Contract assets 141,804 79,252
Other receivables 7,264 5,915
Prepayments 1,318 1,287
Construction bonds 19,928 21,086
Deposits for sites 3,908 6,542
224,924 173,221
The carrying value of all financial assets and trade and other receivables is
approximate to their fair value and are short-term in nature with the
exception of construction bonds.
21 Trade and other payables
2025 2024
€'000 €'000
Current
Trade payables 14,115 11,339
Payroll and other taxes 6,492 7,830
Inventory accruals 74,846 66,135
Other accruals 76,407 61,061
VAT payable 15,744 34,870
187,604 181,235
The carrying value of all financial liabilities and trade and other payables
is approximate to their fair value and are repayable under the normal credit
cycle.
2025 2024
€'000 €'000
Non-current - -
Current 187,604 181,235
187,604 181,235
22 Loans and borrowings
(a) Loans and borrowings
The Group has a five-year sustainability linked finance facility of €450.0
million (Term Loan: €150.0 million, Revolving Credit Facility €300.0
million) with a syndicate of domestic and international financial
institutions. The facility commenced in February 2023, with an interest rate
of one-month EURIBOR (subject to a floor of 0%) plus a margin of 2.7-2.8%
during the year ended 31 December 2025 (31 December 2024: margin of
2.65-2.75%). The interest rates are linked to the Group meeting certain
sustainability performance targets aligned to its sustainability strategy. The
loan is repayable in full at the end of the five-year term.
At 31 December 2025, €150.0 million has been drawn on the term loan element
of the debt facility (31 December 2024: €150.0 million). Pursuant to the
debt facility agreement, there are fixed and floating charges and assignments
in place over the total assets of the Group as continuing security for the
discharge of any amounts drawn down. The carrying value of the total assets of
the Group as at 31 December 2025 is €1,224.2 million (31 December 2024:
€1,177.9 million).
31 December 31 December
2025 2024
€'000 €'000
Debt facilities 240,000 240,000
Unamortised borrowing costs (2,581) (3,771)
Interest accrued 1,615 1,939
Total loans and borrowings 239,034 238,168
Loans and borrowings are payable as follows: 31 December 31 December
2025 2024
€'000 €'000
Less than one year 2,803 3,129
Between one and two years 1,191 1,191
More than two years 235,040 233,848
Total loans and borrowings 239,034 238,168
The Group's debt facilities were entered into with AIB, Bank of Ireland,
Barclays, and Home Building Finance Ireland ('HBFI') and are subject to
compliance with financial covenants which are calculated on a quarterly basis.
The financial covenants require the Group to meet certain interest cover,
EBITDA, and total debt requirements, as well as maintaining a minimum cash
balance of €25.0 million throughout the term of the debt facility. All
financial covenants have been complied with during 2025, and the Group
anticipates continued compliance within the next 12 months after the reporting
date.
(b) Reconciliation of movements of liabilities to cash flows arising from
financing activities
2025 Cash flows Non-cash changes
Opening 2025 Credit facility drawdown Credit facility repayment Transaction costs related to loans and borrowings Payment of lease liability Interest received / (paid) Amortisation of transaction costs Interest New hedging instrument New leases Closing 2025
€'000 €'000 €'000 €'000 €'000 €'000 €'000 €'000 €'000 €'000 €'000
Liabilities:
Loans and borrowings
240,000 190,000 (190,000) - - - - - - - 240,000
Unamortised transaction costs
(3,771) - - - - - 1,190 - - - (2,581)
Derivative contracts
1,576 - - - - (441) - - (312) - 823
Lease
liability 4,415 - - - (1,649) - - 152 - 1,293 4,211
Interest
accrual 1,939 - - - - (18,010) - 17,686 - - 1,615
244,159 190,000 (190,000) - (1,649) (18,451) 1,190 17,838 (312) 1,293 244,068
2024 Cash flows Non-cash changes
Opening 2024 Credit facility drawdown Credit facility repayment Transaction costs related to loans and borrowings Payment of lease liability Interest received / (paid) Amortisation of transaction costs Interest New hedging instrument New leases Closing 2024
€'000 €'000 €'000 €'000 €'000 €'000 €'000 €'000 €'000 €'000 €'000
Liabilities:
Loans and borrowings
116,667 268,333 (145,000) - - - - - - - 240,000
Unamortised transaction costs
(3,697) - - (1,087) - - 1,013 - - - (3,771)
Derivative contracts
1,623 - - - - 694 - - (741) - 1,576
Lease
liability 5,449 - - - (1,342) - - 158 - 150 4,415
Interest
accrual 2,675 - - - - (19,595) - 18,859 - - 1,939
122,717 268,333 (145,000) (1,087) (1,342) (18,901) 1,013 19,017 (741) 150 244,159
(c) Net debt reconciliation
2025 2024
€'000 €'000
Cash and cash equivalents 75,196 63,165
Restricted cash - 458
Loans and borrowings (239,034) (238,168)
Lease liabilities (4,211) (4,415)
Total net debt (168,049) (178,960)
(d) Lease liabilities
Lease liabilities are payable as follows:
31 December 2025
Present value Future value
of minimum of minimum
lease lease
payments Interest payments
€'000 €'000 €'000
Less than one year 1,594 98 1,692
Between one and two years 1,223 110 1,333
More than two years 1,394 173 1,567
4,211 381 4,592
23 Restricted cash
2025 2024
€'000 €'000
Current - 458
- 458
During the year, €0.5 million of previously restricted cash was released
following the satisfaction of the relevant contractual conditions and has been
reclassified to cash and cash equivalents (Note 27).
24 Derivatives and cash flow hedge reserve
a) Interest rate swap
In February 2023, the Group entered into an interest rate swap to hedge the
interest rate risk associated with €100.0 million of the term loan element
of our debt facilities (Note 22). The interest rate swap is in place for the
five-year period of the facility agreement. The nominal amount hedged for
years one and two was €100.0 million with this stepping down to €50.0
million for the remaining three years of the facility agreement. The interest
rate swap has a fixed interest rate of 3.035%. During 2025, the nominal amount
hedged reduced to €50.0 million in line with the terms of the interest rate
swap.
Derivative financial instruments 2025 2024
€'000 €'000
Interest rate swaps - cash flow hedges (823) (1,576)
Included in other comprehensive income 2025 2024
€'000 €'000
Fair value movement on cash flow hedges 312 741
Cash flow hedges reclassified to profit or loss 441 (694)
Cash flow hedges - deferred tax (188) 394
565 441
b) Cash flow hedge reserve
The cash flow hedge reserve reflects the effective portion of the cumulative
net change in the fair value of derivatives that are designated and qualify as
cash flow hedges. Amounts accumulated in the hedging reserve are recycled to
the income statement in the periods when the hedged item affects income or
expense, or are included in the initial cost of a hedged non-financial item,
depending on the hedged item.
25 Subsidiaries
The principal subsidiary companies and the percentage shareholdings held by
Glenveagh Properties plc, either directly or indirectly, pursuant to Section
314 of the Companies Act 2014 at 31 December 2025 are as follows:
Company Principal activity % Reg. office
Glenveagh Properties (Holdings) Limited Holding company 100% 1
Glenveagh Treasury DAC Financing activities 100% 1
Glenveagh Contracting Limited Property development 100% 1
Glenveagh Homes Limited Property development 100% 1
Greystones Devco Limited Property development 100% 1
Marina Quarter Limited Property development 100% 1
GLV Bay Lane Limited Property development 100% 1
Glenveagh Living Limited Property development 100% 1
GL Partnership Opportunities DAC Property development 100% 1
Castleforbes Development Company DAC Property development 100% 1
The Freight Building Limited Property development 100% 1
Nua Manufacturing MMC Limited Manufacturing operations 100% 1
Blackrock Villas Holdings Limited Holding company 100% 1
Blackrock Villas Limited Property development 100% 1
GMP Developments Limited Holding company 100% 1
1 Block C, Maynooth Business Campus, Straffan Road, Maynooth, Co.
Kildare.
Pursuant to Section 316 of the Companies Act 2014, a full list of subsidiaries
will be annexed to the Company's Annual Return to be filed in the Companies
Registration Office in Ireland.
Pursuant to Section 316 of the Companies Act 2014, a full list of subsidiaries
will be annexed to the Company's Annual Return to be filed in the Companies
Registration Office in Ireland.26 Capital and reserves
(a) Authorised share capital
2025 2024
Number of Number of
shares €'000 shares €'000
Ordinary shares of €0.001 each 1,000,000,000 1,000 1,000,000,000 1,000
Deferred shares of €0.001 each - - 200,000,000 200
1,000,000,000 1,000 1,200,000,000 1,200
(b) Issued and fully paid share capital and share premium
At 31 December 2025 Share Share
Number of capital premium
shares €'000 €'000
Ordinary shares of €0.001 each 520,472,536 520 179,857
Deferred shares of €0.001 each - - -
520,472,536 520 179,857
At 31 December 2024 Share Share
Number of capital premium
shares €'000 €'000
Ordinary shares of €0.001 each 560,878,504 561 179,788
Deferred shares of €0.001 each 81,453,077 81 -
642,331,581 642 179,788
(c) Reconciliation of shares in issue
In respect of current year Ordinary Deferred Undenominated Share Share
shares shares capital premium capital
'000 '000 €000 €'000
In issue at 1 January 2025 560,878 81,453 418 179,788 642,331,581
Purchase and cancellation of own shares (43,365) - 44 - (43,365,410)
Exercise of options 2,959 - - 69 2,959,443
Cancellation of deferred shares - (81,453) 81 - (81,453,077)
520,472 - 543 179,857 520,472,537
In respect of prior year Ordinary Deferred Undenominated Share Share
shares shares capital premium capital
'000 '000 €000 €'000
In issue at 1 January 2024 578,049 81,453 399 179,719 659,502,196
Purchase and cancellation of own shares (19,138) - 19 - (19,137,925)
Exercise of options 1,967 - - 69 1,967,310
560,878 81,453 418 179,788 642,331,581
(d) Rights of shares in issue
Ordinary shares
The holders of ordinary shares are entitled to one vote per ordinary share at
general meetings of the Company and are entitled to receive dividends as
declared by the Company.
(e) Nature and purpose of reserves
Share-based payment reserve
The share-based payment reserve comprises amounts equivalent to the cumulative
cost of awards by the Group under equity-settled share-based payment
arrangements being the Group's Long-Term Incentive Plan ('LTIP') and the SAYE
scheme. Details of the share awards, in addition to awards which lapsed in the
year, are disclosed in Note 14.
(f) Share buyback programme
First commenced in September 2024, the Group completed its fifth share buyback
programme in December 2025 for a maximum aggregate consideration of €105
million. During the year ended 31 December 2025, the total number of shares
purchased was 43,365,410 at a total cost of €74.9 million. All repurchased
shares were cancelled in the year ended 31 December 2025.
(g) Deferred shares
On 22 May 2025, the shareholders approved the cancellation of the remaining
deferred shares.
27 Financial instruments and financial risk management
(a) Accounting classification and fair value
The Group classifies and discloses the fair value for each class of financial
instrument based on the fair value hierarchy in accordance with IFRS 13. The
fair value hierarchy distinguishes between market value data obtained from
independent sources and the Group's own assumptions about market value. The
hierarchy levels are defined below:
- Level 1 - Inputs based on quoted prices in active markets
for identical assets or liabilities.
- Level 2 - Inputs based on factors other than quoted prices
included in Level 1 and may include quoted prices for similar assets and
liabilities in active markets, as well as inputs that are observable for the
asset or liability (other than quoted prices), such as interest rates and
yield curves that are observable at commonly quoted intervals.
- Level 3 - Inputs which are unobservable for the asset or
liability and are typically based on the Group's own assumptions as there is
little, if any, related market activity. The Group's assessment of the
significance of a particular input to the fair value measurement in its
entirety requires judgement and considers factors specific to the asset or
liability.
The Group's assessment of the significance of a particular input to the fair
value measurement in its entirety requires judgement and considers factors
specific to the asset or liability.
The following table presents the Group's estimates of fair value on a
recurring basis based on information available at 31 December 2025, aggregated
by the level in the fair value hierarchy within which those measurements fall.
31 December 2025 Level 1 Level 2 Level 3
Quoted prices in
active markets for Significant
identical assets & Significant other unobservable
liabilities observable inputs inputs Total
€'000 €'000 €'000 €'000
Recurring Measurement
Liabilities
Derivative contracts - 823 - 823
Total - 823 - 823
31 December 2024 Level 1 Level 2 Level 3
Quoted prices in
active markets for Significant
identical assets & Significant other unobservable
liabilities observable inputs inputs Total
€'000 €'000 €'000 €'000
Recurring Measurement
Liabilities
Derivative contracts - 1,576 - 1,576
Total - 1,576 - 1,576
The consolidated financial assets and financial liabilities are set out below.
While all financial assets and liabilities are measured at amortised cost, the
carrying amounts of the consolidated financial assets and financial
liabilities approximate to fair value. Trade and other receivables and trade
and other payables approximate to their fair value as the transactions which
give rise to these balances arise in the normal course of trade and, where
relevant, with industry standard payment terms and have a short period to
maturity (less than one year) The tables do not include fair value information
for financial assets and financial liabilities not measured at fair value such
as loans and borrowings.
Financial instruments: financial assets
2025 2024
The consolidated financial assets can be summarised as follows: €'000 €'000
Trade receivables 23,328 20,617
Contract receivables 27,374 38,522
Contract assets 141,804 79,252
Other receivables 7,264 5,915
Construction bonds 19,928 21,086
Deposits for sites 3,908 6,542
Cash and cash equivalents 75,196 63,165
Restricted cash (current) - 458
Total financial assets 298,802 235,557
Cash and cash equivalents are short-term deposits held at variable rates.
Financial instruments: financial liabilities
2025 2024
€'000 €'000
Trade payables 14,115 11,339
Lease liabilities 4,211 4,415
Inventory accruals 74,846 66,135
Other accruals 76,407 61,061
Loans and borrowings 239,036 238,168
Total financial liabilities 408,615 381,118
Trade payables and other current liabilities are non-interest-bearing.
*The fair value of the Group's loans and borrowings is €244.4 million at 31
December 2025 (31 December 2024: €235.5 million). The valuation is based on
future repayment and interest cash flows discounted at a period-end market
interest rate.
(a) Financial risk management objectives and policies
As all of the operations carried out by the Group are in Euro there is no
direct currency risk, and therefore the Group's main financial risks are
primarily:
- liquidity risk - the risk that suitable funding for the Group's
activities may not be available;
- credit risk - the risk that a counter-party will default on their
contractual obligations resulting in a financial loss to the Group; and
- market risk - the risk that changes in market prices, such as
interest rates and equity prices will affect the Group's income or the value
of its holdings of financial instruments.
This note presents information and quantitative disclosures about the Group's
exposure to each of the above risks, its objectives, policies, and processes
for measuring and managing risk, and the Group's management of capital.
Liquidity risk
Liquidity risk is the risk that the Group may not be able to generate
sufficient cash reserves to settle its obligations in full as they fall due or
can only do so on terms that are materially disadvantageous. 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 due, under both
normal and stressed conditions, without incurring, unacceptable losses or
risking damage to the Group's reputation. The Group's liquidity forecasts
consider all planned development expenditure.
As disclosed in Note 22, the Group has a five-year sustainability linked
finance facility of €450.0 million (Term Loan: €150.0 million, Revolving
Credit Facility €300.0 million) with a syndicate of domestic and
international financial institutions. The facility commenced in February 2023,
with an interest rate of one-month EURIBOR (subject to a floor of 0%) plus a
margin of 2.7-2.8% during the year ended 31 December 2025 (31 December 2024:
margin of 2.65-2.75%). The interest rates are linked to the Group meeting
certain sustainability performance targets aligned to its sustainability
strategy. The loan is repayable in full at the end of the five-year term. At
31 December 2025, €240.0 million has been drawn on the debt facility (2024:
€240.0 million). The Group has an exposure to cash flow interest rate risk
where there are changes in the EURIBOR rates.
Management monitors the adequacy of the Group's liquidity reserves against
rolling cash flow forecasts. In addition, the Group's liquidity risk
management policy involves monitoring short-term and long-term cash flow
forecasts. Set out below are details of the Group's contractual cash flows
arising from its financial liabilities and funds available to meet these
liabilities.
31 December 2025
Carrying Contractual Less than 1 year More than
amount cash flows 1 year to 2 years 2 years
€'000 €'000 €'000 €'000 €'000
Lease liabilities 4,211 4,592 1,692 1,333 1,567
Trade payables 14,115 14,115 14,115 - -
Inventory accruals 74,846 74,846 74,846 - -
Other accruals 76,407 76,407 76,407 - -
Derivative contracts 823 914 389 359 166
Loans and borrowings 239,034 251,274 11,274 11,274 228,726
409,436 422,148 178,723 12,966 230,459
31 December 2024
Carrying Contractual Less than 1 year More than
amount cash flows 1 year to 2 years 2 years
€'000 €'000 €'000 €'000 €'000
Lease liabilities 4,415 4,885 1,375 1,219 2,291
Trade payables 11,339 11,339 11,339 - -
Inventory accruals 66,135 66,135 66,135 - -
Other accruals 61,061 61,061 61,061 - -
Derivative contracts 1,576 1,653 185 211 1,257
Loans and borrowings 238,168 264,444 18,504 16,565 229,374
382,694 409,517 158,599 17,995 232,922
Funds available
2025 2024
€'000 €'000
Debt facilities (undrawn committed) 210,000 210,000
Cash and cash equivalents 75,196 63,165
Restricted cash - 458
285,196 273,623
As disclosed in Note 22, the Group's debt facilities are subject to various
financial covenants which are calculated on a quarterly basis. A future breach
of any of these covenants may require the Group to repay the related loan
earlier than indicated above. All financial covenants have been complied with
during the year ended 31 December 2025, and the Group anticipates continued
compliance within the next 12 months after the reporting date.
27 Financial instruments and financial risk management (continued)
(b) Financial risk management objectives and policies (continued)
Credit risk
The Group's exposure to credit risk encompasses the financial assets being:
trade and receivables, contract assets, and cash and cash equivalents. Credit
risk is managed by regularly monitoring the Group's credit exposure to each
counter-party to ensure credit quality of customers and financial institutions
in line with internal limits approved by the Board.
There has been no impairment of trade receivables in the year presented. The
impairment loss allowance allocated against trade receivables, contract
assets, cash and cash equivalents, and restricted cash is not material. The
credit risk on cash and cash equivalents is limited because counter-parties
are leading international banks and Home Building Finance Ireland (HBFI), a
private lending company established by the Irish state. The international
banks have minimum long-term BBB+ credit-ratings assigned by international
credit agencies. The maximum amount of credit exposure is the financial assets
in this note.
Market risk
The Group's exposure to market risk relates to changes to interest rates and
stems predominately from its debt obligations. Interest rate risk reflects the
Group's exposure to fluctuations in interest rates in the market. This risk
arises from bank loans that are drawn under the Group's debt facilities with
variable interest rates based upon EURIBOR. At the year ended 31 December 2025
it is estimated that an increase of 100 basis points to EURIBOR would have
decreased the Group's profit before tax by €4.1 million (2024: €3.9
million) assuming all other variables remain constant, and the rate change is
only applied to the loans that are exposed to movements in EURIBOR.
As part of the Group's strategy to manage our interest rate risk, the Group
entered into an interest rate swap in February 2023 to hedge the interest rate
risk associated with €100.0 million of the term loan element of our new debt
facilities. The interest rate swap is in place for the five-year period of the
facility agreement. The nominal amount hedged for years one and two was
€100.0 million with this stepping down to €50.0 million for the remaining
three years of the facility agreement. During 2025, the nominal amount hedged
reduced to €50.0 million in line with the terms of the interest rate swap.
The Group is also exposed to interest rate risk on its cash and cash
equivalents. These balances attract low interest rates and therefore a
reasonably possible change in interest rates would not have a material effect
on the Group's profit.
The amounts relating to items designated as hedging instruments and hedge
ineffectiveness were as follows:
As at 31 December 2025 For the year ended 31 December 2025
Carrying amount Amount reclassed from hedging reserve to profit or loss Line items in profit or loss affected by the reclassification
Changes in the value of hedging instruments recognised in OCI
Line items in profit or loss that includes hedge ineffectiveness
Hedge ineffectiveness recognised in profit or loss
Nominal amount
Assets Liability
€'000 €'000 €'000 €'000 €'000 €'000 €'000
Interest rate swap 50,000 - (823) 312 - Loss on derivative financial instruments 441 Finance expense
As at 31 December 2024 For the year ended 31 December 2024
Carrying amount Amount reclassed from hedging reserve to profit or loss Line items in profit or loss affected by the reclassification
Changes in the value of hedging instruments recognised in OCI
Line items in profit or loss that includes hedge ineffectiveness
Hedge ineffectiveness recognised in profit or loss
Nominal amount
Assets Liability
€'000 €'000 €'000 €'000 €'000 €'000
Interest rate swap 100,000 - (1,576) 714 - Loss on derivative financial instruments (668) Finance expense
The Group held the following instruments to hedge exposures to changes in
interest rates:
Interest rate swaps 2025 2024
Net exposure (€'000) 823 1,576
Average fixed interest rate 3.035% 3.035%
The amounts at the reporting date relating to items designated as hedged items
were as follows:
As at 31 December 2025
Change in
value used for
calculating Cash flow
hedge hedge
ineffectiveness reserve
€'000 €'000
Interest rate swap - (823)
- (823)
As at 31 December 2024
Change in
value used for
calculating Cash flow
hedge hedge
ineffectiveness reserve
€'000 €'000
Interest rate swap - (1,576)
- (1,576)
(b) Capital management
The Group finances its operations through a combination of shareholders'
funds, long-term borrowings, and working capital. The Group's objective when
managing capital is to maintain an appropriate capital structure in the
business to allow management to focus on creating sustainable long-term value
for its shareholders, with flexibility to take advantage of opportunities as
they arise in the short and medium term. The Group's capital allocation policy
is to invest in supply chain, land, and work-in-progress. Once the business
has invested sufficiently in each of these priorities, excess capital is
returned to shareholders.
28 Leases
(a) Leases as lessee (IFRS 16)
The Group leases a property and motor vehicles. Motor vehicle leases typically
run for a period of 1-3 years, with an option to renew the lease after that
date. Lease payments are renegotiated every 1-3 years to reflect market
rentals. The property lease is for 15 years with a break clause after 7 years.
The Group leases certain motor vehicles with contract terms of one year. These
leases are short term and leases of low-value items. The Group has elected not
to recognise right-of-use assets and lease liabilities for these leases.
Information about leases for which the Group is a lessee is presented below.
i. Right-of-use assets
Right-of-use assets related to leased properties (that do not meet the
definition of investment property) and motor vehicles are presented as
property, plant and equipment (see Note 17).
Motor
Property vehicles Total
€'000 €'000 €'000
2025
Balance at 1 January 3,069 858 3,927
Additions to right-of-use assets - 1,281 1,281
Depreciation charge for the year (658) (789) (1,447)
Balance at 31 December 2,411 1,350 3,761
Motor
Property vehicles Total
€'000 €'000 €'000
2024
Balance at 1 January 3,727 1,190 4,917
Additions to right-of-use assets - 150 150
Depreciation charge for the year (658) (482) (1,140)
Balance at 31 December 3,069 858 3,927
ii. Amounts recognised in profit or loss
2025 2024
€'000 €'000
Leases under IFRS 16
Interest on lease liabilities 152 158
Expenses relating to short-term leases 63 83
iii. Amounts recognised in statement of cash flows
2025 2024
€'000 €'000
Total cash outflow on leases 1,649 1,342
(a) Leases as lessor
In certain instances, the Group acts as a lessor in relation to certain
property assets. These arrangements are not material to the Group's
consolidated financial statements.
29 Related party transactions
(i) Key management personnel remuneration
Key management personnel comprise the Non-executive Directors and the
Executive Committee. The aggregate compensation paid or payable to key
management personnel in respect of the financial year was the following:
2025 2024
€'000 €'000
Short-term employee benefits 4,079 5,736
Post-employment benefits 94 240
LTIP and SAYE share-based payment expense 1,461 2,442
5,634 8,418
Compensation of the Group's key management personnel includes salaries,
non-cash benefits, and contributions to a post-employment defined contribution
plan.
(ii) Other related party transactions
Acquisition of site at Gateway Retail Park, Knocknacarra, Co. Galway
During 2025, the Group completed the acquisition of a site at Gateway Retail
Park, Knocknacarra, Co. Galway for consideration of approximately €0.4
million from Targeted Investment Opportunities ICAV ('TIO'), a wholly-owned
subsidiary of OCM Luxembourg EPF III S.a.r.l. ('OCM') (and an entity in which
John Mulcahy is a director).
This transaction terminates the previously held development rights arrangement
in regard to the site at Gateway Retail Park, Knocknacarra, Co. Galway that
was previously disclosed in Note 29 of the 2024 consolidated financial
statements. These development rights were held pursuant to an Acquisition and
Profit Share Agreement ('APSA') with TIO that was originally signed in 2018.
The total aggregate consideration paid for the site, including the €0.4
million paid during 2025, amounted to €3.4 million (excluding stamp duty and
transaction costs). Management considers the terms of the acquisition,
including pricing and termination of the APSA development rights, to be
consistent with market conditions.
30 Commitments and contingent liabilities
(a) Commitments arising from development land acquisitions
The Group had no contingent liabilities at 31 December 2025. The Group had the
following commitments at 31 December 2025 relating to development land
acquisitions:
Hollystown Golf and Leisure Limited ('HGL')
During 2018, the Group acquired 100% of the share capital of HGL. Under the
terms of an overage covenant signed in connection with the acquisition, the
Group has committed to paying the vendor an amount equal to an agreed
percentage of the uplift in market value of the property should any lands
owned by HGL, that are not currently zoned for residential development be
awarded a residential zoning. This commitment has been treated as contingent
consideration and the fair value of the contingent consideration at the
acquisition date was initially recognised at €Nil. At the reporting date,
the fair value of this contingent consideration was considered insignificant.
(b) Contracted acquisitions
At 31 December 2025, the Group had contracted to acquire five development
sites; two in County Westmeath, one in County Galway, one in County Meath, and
one in County Wicklow for aggregate consideration of approximately €30.0
million (excluding stamp duty and legal fees). Deposits totalling €3.9
million were paid pre-year end and are included within trade and other
receivables at 31 December 2025 (Note 20).
31 Subsequent events
On 15 January 2026, the Group announced a sixth share buyback programme for a
maximum aggregate consideration of up to €25 million, which is expected to
run until the Group's AGM in May 2026. On 11 March 2026, the number of shares
repurchased in respect of this buyback programme had reached 2,349,831 shares
for a cost of €4.9 million. All repurchased shares were cancelled.
On 20 February 2026, the Group's subsidiary, Blackrock Villas Limited, entered
into a new debt facility agreement with AIB for up to €57 million, the
proceeds of which will be used to finance the construction of a development at
Blackrock Villas, Blackrock, Co. Cork. On 23 February 2026, the subsidiary
drew down €11.4 million under the new facility. As these transactions
occurred after the reporting date and do not relate to conditions existing at
year end, they are considered non‑adjusting subsequent events in accordance
with IAS 10. Accordingly, no adjustments have been made to the consolidated
financial statements.
32 Profit or loss of the Parent Company
The Parent Company is Glenveagh Properties plc. In accordance with Section 304
of the Companies Act 2014, the Company is availing of the exemption from
presenting its individual statement of profit or loss and other comprehensive
income to the Annual General Meeting and from filing it at the Companies
Registration Office. The Company's loss after tax for the financial year was
€0.035 million (for the year ended 31 December 2024: loss of €0.044
million).
33 Approval of financial statements
The Board of Directors approved the financial statements on 12 March 2026.
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