Glenveagh Properties raised its full-year earnings per share forecast on September 10, upgrading guidance to at least €0.21 from previously stating "up to €0.21," citing a record order book and resilient homebuilding demand. The company also lifted its full-year unit delivery target to almost 2,900 equivalent group units from 2,750.
Revenue in the first half fell nearly 30% to €240 million from €342 million a year earlier, as the company shifted planned completions into the second half. Gross profit dropped to €37 million from €72 million, with overall margin slipping to 15.5% from 19.5%. However, homebuilding gross margin rose 50 basis points to 21.9%, reflecting strong pricing power amid a recovering Irish market.
Homebuilding revenue was €64 million from 155 closed units, with an average selling price of approximately €402,000, up from €377,000 in the prior-year period. Partnership revenue climbed 43% to €176 million, including around €10 million of land sales, while partnerships gross profit grew 16% to €23 million at a 13.2% margin.
Profit before tax came in at just €1 million, weighed down by net finance costs of €12.3 million, up from €9.6 million, and heavy investment in work in progress. Operating cash outflow totalled €209 million as the company expanded its pipeline.
Order book reached a record €1.8 billion, up 29% year-over-year. Every home expected to close in 2026 is fully sold, contracted or reserved — nearly 2,400 homebuilding units, up 62%, according to chief executive Stephen Garvey.
"Our house price can trend down from here, not up," Garvey said. "We are one of the only two suppliers of scale in the Irish market, we're the last people that suppliers want to call with price increases."
Glenveagh's land bank expanded to approximately €558–559 million and 21,000 deliverable units, up from 19,000 at year-end, following €33 million in targeted land investments adding 1,100 plots, along with 900 units from planning and design gains and 600 from rezoning. The partnership pipeline encompasses over 7,000 units with an established net developer value of roughly €3 billion.
The company announced it would invest about €75 million across three pre-manufactured value factories in Carlow, Arklow and Dundalk spanning 400,000 sq ft, with approximately €15 million still to deploy. The goal is to lift PMV to 70% by 2030 from around 45% currently.
Net debt rose to €423 million as of June 30 from €168 million at year-end, but management expects year-end net debt to drop sharply to approximately €120 million. Total committed funding now exceeds €600 million, including a new five-year €450 million revolving credit facility, a seven-year €100 million private placement with MetLife, and €57 million in project-level facilities.
The company doubled its share buyback programme to €100 million, with purchases running no later than March 31, 2027. Approximately €520 million will have been returned to shareholders since 2021 upon completion.
Full-year targets include homebuilding units in excess of 1,700 — up from 1,600 — with combined 2026 and 2027 output targeted at 3,600 units. Homebuilding gross margin is expected to hold at approximately 21%, while partnership gross profit should exceed €60 million. Finance costs are anticipated at around €24 million, with land sales of €20 million in 2026 and €25 million in 2027. The company also targets reducing its total land balance sheet value by €100 million by end-2027 to €450 million or below.
