**Glenveagh Properties plc Full Year Trading Statement 2025 Summary**
**Key Highlights**
**Strong 2025 Performance** Glenveagh delivered earnings per share (EPS) of 20.0 cents, exceeding guidance, driven by solid execution, cost control, and disciplined capital allocation.
**Revenue Growth** Revenue increased by 7% to €926 million, with Partnerships revenue surging 60% to €381 million, offsetting a 14% decline in Homebuilding revenue to €545 million.
**Margin Expansion** Gross margin improved to 21.4% (up 20bps), with Homebuilding margin at 23.7% (+150bps) and Partnerships margin at 18.2% (+90bps).
**Completions Increase** Group homes completed rose 11% to 2,568 units, supported by both Homebuilding (1,490 units) and Partnerships.
**Forward Order Book** Strengthened to €1.1 billion (+15%), providing visibility for future delivery.
**Net Debt Reduction** Net debt decreased to €169 million (from €178 million in 2024), reflecting healthy cash generation and prudent capital deployment.
**Shareholder Returns** Completed a €105 million share buyback and initiated a new €25 million buyback program, bringing total shareholder returns to €445 million since 2021.
**Outlook for 2026**
**EPS Guidance:** Up to 21 centsdriven by increased completionsPartnerships growthand cost discipline.
**Completions Target** Approximately 2,750 units, including over 1,600 Homebuilding units and further Partnerships growth.
**Partnerships Pipeline** Expected to contribute at least €60 million in annual gross profit.
**Homebuilding Scaling** Targeted output of 2,000 units by 2027, supported by planning visibility and vertical integration.
**Landbank and Planning** All 2026 units have commenced, and 2027 units are planned or in the planning process, ensuring future growth.
**Strategic Progress**
**Partnerships Segment** Established as a core delivery channel, with Glenveagh as a preferred partner for the State.
**Land Sales** €55 million in 2025, with a pipeline to reach €100 million across 2025-2026, aligned with capital allocation strategy.
**Operational Efficiency** Continued focus on standardisation, scale, and vertical integration to enhance build quality and value.
**CEO Commentary**
Stephen Garvey emphasized Glenveagh’s differentiated position in the market, supported by its landbank, manufacturing capability, and customer-first approach. He highlighted the supportive Irish housing policy environment and the need for consistent implementation to address housing supply challenges.
**Divisional Performance**
**Homebuilding** Delivered 1,490 units with a margin of 23.7%, benefiting from standardisation and land sales.
**Partnerships** Revenue grew 60% to €381 million, with a margin of 18.2%, driven by project progress and land sales.
**Capital Allocation**
Since 2021, Glenveagh has returned €420 million to shareholders through share buybacks, reducing shares outstanding by 40%. The new €25 million buyback program underscores continued commitment to shareholder returns.
**Market Context**
The Irish residential housing market remains supportive, with government policies fostering increased supply. Glenveagh is well-positioned to capitalize on these opportunities, leveraging its integrated model and strategic landbank.
**Conclusion**
Glenveagh’s 2025 performance reflects strong execution and strategic progress, with a positive outlook for 2026 driven by completions growth, Partnerships expansion, and disciplined capital management. The company is poised to play a leading role in addressing Ireland’s housing needs while delivering sustainable value to stakeholders.
