REG - Glenveagh Properties - Full Year Trading Statement 2025

Glenveagh PropertiesAnnouncement

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RNS Number : 9617O  Glenveagh Properties plc  15 January 2026

15 January 2026

Glenveagh Properties plc

Full Year Trading Statement 2025

Glenveagh delivers 2025 EPS ahead of guidance

 Strong landbank and efficient delivery platform underpin 2026 outlook

Glenveagh Properties plc ("Glenveagh" or the "Group") today issues a trading
update for the year ended 31 December 2025 ahead of the publication of its
full-year 2025 results on 13 March 2026.

2025 Performance highlights

                                                31 December  31 December  Change

                                                2025(1)      2024

                                                (€m)         (€m)
 Revenue                                        926          869          +7%
 -     Homebuilding                             545          631          -14%
 -     Partnerships                             381          238          +60%
 Gross profit                                   198          184          +8%
 Gross margin (%)                               21.4%        21.2%        +20bps
 -     Homebuilding (%)                         23.7%        22.2%        +150bps
 -     Partnerships (%)                         18.2%        17.3%        +90bps
 Operating profit                               144          132          +9%
 Profit before tax                              125          113          +11%
 Earnings Per Share (EPS) (cent)                20.0         17.0         +18%
 Net Debt                                       169          178          -€9m
 Return on Equity (%)                           14.4%        14.2%        +20bps
 Group Homes Completed(2) (units)               2,568        2,309        +11%
 Homebuilding Completions (units)               1,490        1,650        -10%
 Group: forward order book(3) €' bn             1.1          0.95         +15%
 Homebuilding: forward order book - (units)(3)  973          703          +38%

(1)Preliminary unaudited financials.

(2)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).

(3)As at 13 January 2026. Prior year data as at 8 January 2025.

·      Glenveagh delivered a strong performance in 2025, reflecting
continued momentum across both the Homebuilding and Partnerships business
segments, and the benefits of scale, standardisation and vertically integrated
manufacturing which continue to enhance build quality and value for money for
customers.

·      The Group made further progress against its strategic priorities,
increasing output, improving returns and strengthening visibility into future
delivery, while continuing to optimise capital employed across the business.

·      Group completions(2) increased to 2,568 units (2024: 2,309),
reflecting strong execution across both Homebuilding and Partnerships.

·      Homebuilding delivered 1,490 (2024: 1,650) units at a gross
margin of 23.7% (2024: 22.2%), reflecting the benefits of standardisation,
scale and vertical integration, supported by favourable site mix and
disciplined execution of the Group's land sales strategy.

·      Partnerships delivered revenue of €381 million (2024: €238
million), driven by strong progress across all projects, firmly establishing
the segment as a core delivery channel and Glenveagh as an established partner
of choice for the State.

·      Expansion of gross margin in both Homebuilding +150bps and
Partnerships +90bps ensured Group gross margin expanded to approximately 21.4%
(2024: 21.2%), despite divisional mix effects.

·      In H2 the Group secured an additional Partnership mandate subject
to planning on State-owned land (approximately 350 units) and entered advanced
discussions on three further Partnerships opportunities across
Glenveagh-controlled sites totalling approximately 400 units.

·      Planning lodgements in the period totalled approximately 5,000
units. All units delivering in 2026 have commenced, and all units for 2027 are
now planned or have active planning applications, supporting future growth and
delivery.

·      The Group delivered EPS of approximately 20.0 cent in 2025 (2024:
17.0 cent), ahead of guidance, underpinned by solid delivery execution,
disciplined cost control and a consistent approach to capital allocation.

·      Land disposals totalled €55 million in 2025 (2024: €23
million), with a further pipeline of transactions contracted or under
negotiation, leaving the Group on track to deliver €100 million of land
sales across 2025 and 2026. This activity is aligned with the Group's
disciplined capital allocation framework and delivery strategy, with a focus
on ROCE and sites of scale.

·      Net debt declined to approximately €169 million at year end (H1
2025: €230 million), despite higher production levels, reflecting healthy
cash generation in H2 and prudent capital deployment.

·      Successful completion of €105 million share buyback programme
and commencement today of a further €25 million share buyback programme
bringing the total capital returned to shareholders to approximately €445
million since 2021.

Outlook for 2026

·      For 2026, the Group is guiding EPS of up to 21 cent, reflecting
continued growth in completions, the ongoing contribution from Partnerships
and disciplined cost control.

·      The Group enters 2026 with positive operational and financial
momentum, underpinned by a high-quality landbank, a scaled and capital
efficient Partnerships segment, an efficient delivery platform and continued,
encouraging demand for housing across all tenures.

·      The fundamentals of the Irish residential housing market remain
supportive, reflected in the Group's forward order book of approximately
€1.1 billion (2024: €0.95 billion), providing clear visibility into future
delivery.

·      Total Group completions(2) in 2026 are expected to be
approximately 2,750 units, comprising over 1,600 Homebuilding units, alongside
further growth in the Partnerships segment with the Group's identified
Partnerships pipeline underpinning an average annual gross profit contribution
of at least €60 million for the Partnerships business.

·      Looking further ahead, the Group now expects to scale
Homebuilding output to approximately 2,000 units by 2027 (previously 1,900),
supported by planning visibility, standardisation, and the benefits of its
vertically integrated manufacturing capability. This growth trajectory,
combined with a capital-efficient Partnerships model and active landbank
optimisation, positions the Group to continue to deliver sustainable earnings
growth and attractive returns over the medium term.

Capital allocation

Since 2021 the Group has returned approximately €420 million to shareholders
through a series of share buybacks at an average price of €1.16, resulting
in an approximately 40% reduction in shares outstanding.

In line with its capital allocation priorities and supported by strong
operational performance, cash flow generation, and visibility on further land
sales, the Group is pleased to announce the intention to commence a further
€25 million share buyback programme on 15 January 2026.

The programme is expected to run until the Group's AGM in May. Furthermore,
the Group expects to be highly cash generative in the second half of 2026,
which combined with planned land sales, is expected to support continued
returns to shareholders.

CEO Stephen Garvey commented:

"In 2025, Glenveagh delivered on its commitments: scaling delivery and
strengthening our Partnerships platform through our standardised, vertically
integrated model. Our landbank, manufacturing capability and customer-first
approach continue to differentiate us in a market that urgently needs scale,
certainty and delivery. Our focus remains on driving sustainable growth,
leveraging efficiencies across our integrated supply chain, investing in
innovative precision manufacturing and design skills, and expanding our
execution capability to capture long-term value for stakeholders.

The Government has demonstrated a clear commitment to creating a supportive
policy environment for increasing housing supply across multiple tenures. This
is evidenced by the revised National Planning Framework, the introduction of
updated apartment standards and the reduction in VAT on apartment
construction, alongside continued investment in housing-related infrastructure
through the National Development Plan.

The policy framework to support increased housing delivery is now largely in
place. The priority must therefore shift to consistent and timely
implementation, and alignment of standards, across all arms of the State,
including local authorities, utilities and infrastructure agencies. Clear,
coordinated execution (particularly in relation to zoning, servicing and
infrastructure delivery) will be critical to removing remaining structural
barriers and enabling housing supply at scale.

Encouragingly, recent progress on major enabling infrastructure, including
approvals relating to Greater Dublin Drainage and Metro projects, demonstrates
that coordinated action can materially improve the viability and timing of
projects of national importance, providing greater certainty for delivery.

Ireland is at a pivotal moment in addressing its housing needs and supporting
long-term economic competitiveness. Glenveagh has the land, capability and
capital to deliver high-quality homes at scale, and we are ready to play a
leading role."

Divisional commentary

A.   Homebuilding

The Homebuilding segment generated revenue of approximately €545 million
(2024: €631 million), delivering 1,490 completions (2024: 1,650), in line
with guidance. Average Selling Price (ASP) reduced as expected to €347k
(2024: €365k), reflective of site and product mix.

Homebuilding margin improved to 23.7% in 2025 (2024: 22.2%), ahead of
expectations, underpinned by Glenveagh's focus on standardisation, scale and
vertical integration, and further supported by land sales (approximately
+120bps).

Operationally, the segment benefited from substantial completions at Kilmartin
Grove, Hollystown, which has now delivered more than 800 units across 2024 and
2025, and the successful completion of Hereford Park, Leixlip, which commenced
in 2024 and represented 235 units. Construction progressed at new sites, Rath
Rua in Portlaoise and Greville Park in Mullingar. Recently acquired sites at
Oldtown and Mooretown are advancing, supporting future delivery and
reinforcing the Group's scalable growth strategy.

The Group finished the year with 973 Homebuilding units contracted or reserved
(2024: 703), reflecting continued demand for our high-quality homes and
enduring strength of our strategically assembled landbank.

Homebuilding gross margin in 2026 is expected to be above 21%, with land sales
anticipated to continue to provide a supportive tailwind. The Group's
Homebuilding intake margin is approximately 21%. Planning permissions are now
secured for all targeted output in 2026, and all remaining applications for
2027 are lodged and working their way through the system in line with
expectations.

B.   Partnerships

The Partnerships segment continued to scale in 2025, with revenue increasing
by 60% to €381 million (2024: €238 million), driven by strong progress
across multiple large-scale projects.

Partnerships gross margin in 2025 was 18.2% (2024: 17.3%). This reflected
effective execution on sites completed during the year, the availability of
unutilised contingency, and a positive contribution from land sales
(approximately +190bps).

Excluding the impact of land sales, the underlying Partnerships margin was
approximately 16.3%, ahead of expectations for the margin potential of the
segment.

In H2 2025, the Group secured an additional Partnerships award subject to
planning on state-owned land (approximately 350 units) and entered advanced
discussions on three further Partnerships opportunities across
Glenveagh-controlled sites totalling approximately 400 units.

 

ENDS

For further information please contact:

 Investors:                                                  Media:
 Glenveagh Properties plc                                    Gordon MRM

 Conor Murtagh (CFO)                                         Ray Gordon 087 241 7373

 investors@glenveagh.ie (mailto:investors@glenveagh.ie)      Julian Fleming 087 691 5147

                                                             glenveagh@gordonmrm.ie (mailto:glenveagh@gordonmrm.ie)

 

Notes to Editors

Glenveagh Properties plc, listed on Euronext Dublin and the London Stock
Exchange, is a 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).

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