Glenveagh Properties plc (“Glenveagh” or “the Group”), the leading Irish homebuilder, announces its final results for the year ended 31 December 2025.
Key Strategic Highlights
- Delivered 2,568 new homes (2024: 2,309), reflecting strong execution across both Homebuilding and Partnerships.
- Scaled Partnerships business to €381 million in revenue (2024: €237 million) and continued to convert on attractive pipeline of opportunities, including contracting the first 337 apartments at Marina Depot, securing an additional 350-unit mandate (subject to planning) and progressing advanced discussions on three further opportunities (approximately 500 units).
- Completed the current phase of the Group’s land assembly strategy, resulting in a fully invested 19,000-unit, Greater Dublin Area-weighted, own-door landbank, secured at approximately €32k per plot (<10% of NDV), providing delivery certainty and positioning Glenveagh to scale output in a market where land capable of delivering units in the near term remains constrained.
- Strengthened planning visibility and execution certainty, lodging applications for approximately 5,000 units in 2025, with all 2026 deliveries commenced and 2027 output either planned or progressing through active applications.
- Our manufacturing-led, vertically integrated delivery model continues to differentiate Glenveagh, with timber frame and light gauge steel fully embedded across the platform. Targeted investment across 2026 and 2027 will materially increase pre-manufactured value, improve cost control, enhance build certainty and underpin the next phase of scaled, capital-efficient growth.
- Reinforced standing as the leading Irish homebuilder, delivering a 95% customer satisfaction rating and winning repeat mandates from State-sector partners, underscoring the quality, consistency and execution capability of our platform.
Key Financial Highlights
- Record revenue of €926 million (2024: €869 million), driven by continued financial and operational momentum in Homebuilding and strong growth in Partnerships.
- Group gross margin increased to 21.4% (2024: 21.2%), reflecting disciplined execution, increased standardisation, and scale benefits.
- Completed €55 million of selective land disposals (2024: €23 million), with a further pipeline contracted or under negotiation. On track to conclude up to €100 million of land sales across 2025 and 2026, further optimising the Group’s land portfolio towards larger, scalable developments.
- EPS of 20.0 cent (+18%), ahead of full-year guidance.
- ROE of 14.4% in 2025 (2024: 14.2%) underpinned by robust performance, ongoing efficiency gains and disciplined capital management.
- Forward order book of approximately €1.3 billion (2024: €1.1billion) provides clear visibility into future delivery.
- The €105 million share buyback programme, initiated in September 2024, was completed in December 2025, with a further €25 million programme commenced on 15 January 2026.
Outlook
- The Group enters 2026 with strong momentum, supported by its fully invested landbank, scaled Partnerships platform and manufacturing-led delivery model, positioning it to perform through both supportive and more challenging conditions.
- For 2026, the Group is guiding EPS of up to 21 cent, underpinned by growth in completions, steady underlying Partnerships contribution and disciplined cost control.
- Homebuilding gross margin is expected to remain above 21%, supported by standardisation, scale benefits and embedded site economics.
- Total Group completions are expected to be approximately 2,750 units (including approximately 1,600 Homebuilding units).
- The Group expects to be highly cash generative in H2 2026, with Homebuilding deliveries, revenue and profit more heavily weighted toward the second half than in a typical year, reflecting the ramp-up profile of sites acquired in late 2024.
CEO Stephen Garvey commented:
“2025 was a strong, productive year for Glenveagh, with record output enabling the delivery of affordable, conveniently located homes. Our market-leading landbank, planning expertise, and improved manufacturing capability contributed to greater margin resilience and capital efficiency. Furthermore, disciplined cost control and capital allocation position Glenveagh for sustained performance in 2026 and beyond.
Throughout the year, we advanced our manufacturing and innovation capabilities, a core part of our integrated delivery system. By expanding industrialised construction through precision manufacturing, advanced digital design, and high-performance materials, we delivered homes with greater predictability, affordability, and enhanced energy and environmental performance.
Importantly, as an industry, how we collectively support the increased use of offsite manufacturing and industrialised construction as a lever to significantly increase supply should be a key area of focus and collaboration. Overall, the policy environment for housing is supportive thanks to the changes that the Government has implemented in its first year. This includes its focus on apartment viability, zoning of land, critical infrastructure, and a more efficient planning system, amongst others, which provide greater certainty for delivery.
Taken together, these measures represent a coherent and credible framework which, if given time to bed in and be consistently applied, have the potential to support national housing delivery of more than 50,000 units per annum.
Against that backdrop, with the land, capability and capacity in place, we are confident that Glenveagh can continue to contribute significantly to delivering the homes that Ireland needs.”
