Glenveagh Properties plc ("Glenveagh"), the leading Irish homebuilder, has published its interim results for the first six months of 2026.
Note this press release covers the main points of the RNS. The full RNS issued by the company this morning can be accessed from this link.
Key highlights from the results include:
- Increase in the forecast for the number of new homes Glenveagh will complete this year to 2,900 (an increase of 150 on the previous forecast).
- Increase in its guidance on Earnings Per Share (EPS) to at least 21 cent per share, from up to 21 cent per share.
- Increases value of its current share buyback programme to €100m worth of shares (was €50m).
- Confirmation that it has already sold, contracted or reserved all 2,900 homes that it expects to complete this year.
Glenveagh CEO Stephen Garvey commented:
"The first half of 2026 reflects continued disciplined execution of our long-term strategy. Our Homebuilding order book is well-positioned, supported by new site launches delivering impressive sales rates with robust demand across all our existing selling developments. The Partnerships business continues to grow at scale, cementing Glenveagh as the partner of choice for the State in delivering the homes Ireland needs. With the visibility our order book and construction progress provide, we are upgrading full-year deliveries to more than 2,900 equivalent homes and EPS to at least 21 cent, whilst doubling our buyback to €100 million.
During the period, we also strengthened our funding position, completing the refinancing of our debt facilities and increasing total committed funding to €550 million, extending our maturity profile and broadening our lender base.
Ireland’s housing delivery system is beginning to move more decisively, supported by a strengthening policy backdrop. Sustaining that momentum will require continued progress on zoning, servicing capacity and enabling infrastructure, and we will continue to engage constructively to help translate policy intent into homes on the ground.
Looking ahead, our focus is on converting the order book into completed homes at pace. We expect the Group will be highly cash generative in the second half, supporting further returns to shareholders, reflected in the Board’s decision to double our buyback to €100 million. Alongside this, we continue to invest in our manufacturing and innovation capability, sharpening efficiency and affordability so that we keep delivering the best value product for our customers."
Performance Summary
As previously guided, the company’s delivery programme in the Homebuilding division is weighted in favour of H2.In H1, Glenveagh delivered strong sales momentum and accelerated construction activity across active sites. As at 9 September 2026, the Group’s closed and forward order book stands at approximately €1.8 billion, up 29% year-on-year.
Construction activity accelerated materially during H1, with year-to-date construction spend up 34%. This investment supports completions through H2 2026 and into 2027, and is expected to convert materially into closings and cash during the second half.
Strategic Highlights in H1
- Strong growth in closed and forward order book2 to approximately €1.8 billion (H1 2025: approximately €1.4 billion), up 29% year-on-year, reflecting sustained demand across the Group's high-quality, well-located own-door portfolio.
- All units expected to close in 2026 are now sold, contracted or reserved, providing strong visibility on deliveries.
- Continued to scale Partnerships, with a growing share of new schemes being created on Glenveagh's own landbank, accelerating delivery and improving return on capital; the Group is in active discussions on approximately 1,000 units of this pipeline and expects to update on their conversion to order book with the full year results.
- Build cost inflation remained in line with expectations, with more than 90% of costs in 2026 and 55% of costs in 2027 agreed.
- Landbank expanded to approximately 21,000 units (FY 2025: approximately 19,000) at limited incremental cost: the rezoning of the Group's strategic land holdings to residential use added approximately 600 units at no cost, supplemented by planning and design gains (approximately 900 units) and targeted land investment of €33 million, adding approximately 1,100 units. The portfolio has been assembled at an average cost of approximately €27,000 per unit, less than 10% of net development value, an industry-leading position that underpins embedded value and returns.
- Secured planning permission for 1,761 units in H1 and made lodgements for over 2,517 units; approximately 65% of the Group’s landbank now has planning permission, either secured or lodged, providing significant support to the Group's medium term delivery plans.
- Completed debt refinancing, increasing total committed funding to €550 million through a new five-year €450 million Revolving Credit Facility (RCF) and €100 million seven-year private placement notes, broadening the Group's lender base and extending its debt maturity profile.
- Current share buyback programme expanded by €50 million to €100 million; upon completion of the current programme, approximately €520 million will have been returned to shareholders since 2021.
Financial Highlights in H1
- Group revenues of €239.7 million (H1 2025: €341.6 million), with strong Partnerships growth (+43%) partially offsetting the H2-weighted delivery phasing in Homebuilding which delivered revenue of €63.9 million (H1 2025: €218.4 million).
- Strong Partnerships revenue of €175.8 million (H1 2025: €123.2 million), with the segment on track to deliver its guided average annual gross profit of at least €60 million.
- Improved Homebuilding gross margin to 21.9% (H1 2025: 21.4%), reflecting favourable site mix in the period, and Partnerships gross profit grew 16% to €23.2 million.
- Year-to-date construction spend up 34%, with work in progress of €504.7 million (H1 2025: €346.8 million), underpinning the upgraded 2026 delivery guidance and completions into 2027.
- Homebuilding average selling price (ASP) of approximately €402,000 (H1 2025: €377,000), reflecting the higher proportion of non-standard homes on portions of sites acquired in late 2024 where planning was secured by previous owners; ASP is expected to be approximately €380,000 for 2026. Pricing remained firm across all active selling sites, reflecting sustained demand for the Group's product.
- Net debt of €422.7 million at 30 June 2026 (H1 2025: €229.9 million), with operating cash outflow of €209.1 million reflecting accelerated construction investment that is expected to convert materially into cash in H2. Net debt is guided to reduce to approximately €120 million by year-end.
Outlook
- Full-year EPS guidance upgraded to at least 21 cent (previously up to 21 cent), with higher Homebuilding completions and Partnerships income offset by lower land sale revenue and higher interest costs.
- The Group now expects to complete overall total equivalent home deliveries1 of more than 2,900 units in 2026 (previously 2,750). Of these, in excess of 1,700 will be Homebuilding deliveries (previously 1,600). Combined 2026 and 2027 Homebuilding deliveries remains at approximately 3,600 units.
- Homebuilding gross margin is expected to remain at approximately 21%, supported by standardisation, scale benefits and embedded site economics.
- Land sale guidance for 2026 is revised to approximately €20 million (previously €45 million), with a further €25 million of land sales anticipated in 2027. The Group remains on track to reduce its total investment in land by approximately €100 million by December 2027.
- Net debt is expected to reduce materially by year-end to approximately €120 million as H2 completions convert work in progress into cash; with a more balanced delivery profile from 2027, intra-year working capital peaks are expected to moderate significantly, supporting a structurally lower net debt profile through future periods.
