Glenveagh Properties plc, a leading Irish homebuilder, reported strong financial results for 2025, marked by record completions, margin expansion, and growth in its Partnerships segment. Here’s a summary of the key highlights
### **Financial Performance**
**Revenue**Increased by 7% to €926 million, driven by continued momentum in Homebuilding and strong growth in Partnerships.
**Gross Profit**Rose by 8% to €198 million, with a gross margin of 21.4%, up 20 basis points from 2024.
**Operating Profit**Grew by 9% to €144 million.
**Profit Before Tax**Increased by 10% to €125 million.
**Earnings Per Share (EPS)**Up 18% to 20.0 cent, ahead of full-year guidance.
### **Operational Highlights**
**Completions**Delivered 2,568 new homes, an 11% increase from 2024, reflecting strong execution across both Homebuilding and Partnerships.
**Partnerships Segment**Scaled revenue to €381 million, a 61% increase, with continued conversion of attractive pipeline opportunities, including the Marina Depot project and additional mandates.
**Landbank**Completed the current phase of the land assembly strategy, resulting in a fully invested 19,000-unit landbank in the Greater Dublin Area, secured at approximately €32k per plot, providing delivery certainty through 2030.
**Planning Visibility**Lodged applications for approximately 5,000 units in 2025, with all 2026 deliveries commenced and 2027 output planned or in progress.
**Manufacturing-Led Model**Expanded the use of timber frame and light gauge steel, with targeted investment in 2026 and 2027 to increase pre-manufactured value, improve cost control, and enhance build certainty.
### **Financial Position**
**Net Debt**Reduced by €11 million to €168 million.
**Forward Order Book**Increased by 15% to €1.3 billion, providing clear visibility into future delivery.
**Share Buyback**Completed a €105 million share buyback program in December 2025 and initiated a further €25 million program in January 2026.
### **Outlook**
**2026 Guidance**EPS of up to 21 cent, supported by growth in completions, steady Partnerships contribution, and disciplined cost control.
**Completions**Expected to reach approximately 2,750 units, including 1,600 Homebuilding units.
**Cash Generation**Anticipated to be highly cash generative in H2 2026, with Homebuilding deliveries, revenue, and profit weighted toward the second half.
### **Strategic Enablers**
**Landbank**A fully assembled, high-quality landbank providing long-term delivery visibility and embedded value.
**Manufacturing-Led Model**Enhances cost certainty and execution capability through Ireland’s largest off-site manufacturing platform.
**Capital Allocation**Disciplined framework balancing reinvestment, balance sheet strength, and shareholder returns.
### **CEO Commentary**
CEO Stephen Garvey highlighted the strong, productive year, emphasizing the market-leading landbank, planning expertise, and improved manufacturing capability. He also stressed the importance of offsite manufacturing and industrialised construction in increasing housing supply and commended the supportive policy environment for housing in Ireland.
### **Conclusion**
Glenveagh Properties plc demonstrated robust financial and operational performance in 2025, underpinned by strategic investments in land, manufacturing, and partnerships. The company is well-positioned for sustained growth and continued contribution to Ireland’s housing needs, with a clear focus on innovation, efficiency, and stakeholder value.
| Metric | 2024 (€m) | 2025 (€m) | Change |
|---|---|---|---|
| Revenue | 869 | 926 | +7% |
| Gross Profit | 184 | 198 | +8% |
| Operating Profit | 132 | 144 | +9% |
| Profit Before Tax | 114 | 125 | +10% |
| Net Debt | 179 | 168 | -€11m |
| Land | 556 | 534 | -€22m |
| Work in Progress (WIP) | 284 | 284 | - |
| Total Equity | 751 | 793 | +€42m |
| Forward Order Book (€bn) | 1.1 | 1.3 | +15% |