Ireland's Glenveagh Properties misses 2025 revenue estimates on homebuilding decline

Glenveagh Properties

13/03/2026 07:08

Overview

Ireland homebuilder's 2025 revenue grew 7% yr/yr, missing analyst expectations

Adjusted EPS for 2025 rose 18% to 20.0 cent, ahead of company guidance

Company completed €105 mln share buyback in Dec 2025, launched €25 mln buyback in Jan 2026

Outlook

Glenveagh Properties guides 2026 EPS of up to 21 cent

Company expects total 2026 completions of about 2,750 units, including 1,600 Homebuilding units

Homebuilding gross margin expected to remain above 21% in 2026

Result Drivers

PARTNERSHIPS GROWTH - Partnerships revenue rose 61% yr/yr, reflecting progress on large-scale projects and expanded state-sector mandates

HOMEBUILDING DECLINE - Homebuilding revenue fell 14% yr/yr, mainly due to ramp-up of production on sites acquired in late 2024, with completions expected to increase from 2026

MARGIN EXPANSION - Gross margin increased to 21.4%, supported by standardisation, scale, vertical integration, and land sales

Company press release: ID:nRSM4868Wa

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
FY Revenue
Miss
EUR 925.88 mln
EUR 940.78 mln (5 Analysts)
FY Gross Profit
EUR 197.91 mln
FY Operating Income
EUR 144.13 mln
FY Pretax Profit
EUR 125.19 mln


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 5 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

The average consensus recommendation for the homebuilding peer group is "buy"

Wall Street's median 12-month price target for Glenveagh Properties PLC is €2.32, about 9.7% above its March 12 closing price of €2.12

The stock recently traded at 10 times the next 12-month earnings vs. a P/E of 10 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)