Glenveagh Properties PLC

Glenveagh Properties plc Annual Report and Accounts 2024

Innovation &

collaboration

Glenveagh Properties plc

Annual Report and Accounts 2024

Delivering

homes

We provide homes for our private customers, institutional investors,

and the state in three core markets – suburban housing, Approved

Housing Bodies (AHBs) urban apartments, and partnerships with local

authorities and the government. Each market benefits from our scaled

manufacturing capability, our established sales and delivery platform,

and our industry-leading central resources.

By relentlessly innovating the way we plan, design, and build

our homes, we consistently deliver better quality and improved

accessibility for all.

Using our complete reporting suite

Throughout this report you can find links to our complementary

suite of reporting by following these icons:

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Online at annualreports.glenveagh.ie/2024

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In other Glenveagh publications

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Within another section of this report

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Watch our video online

Strategic Report

Financial and operational highlights

Our integrated approach

Innovation and collaboration

Our investment case

Chair’s letter

Chief Executive Officer’s review

Our market position

Our business model and value chain

Stakeholder engagement

Our strategy

Our performance

Our landbank

Risk management report

Financial review

Corporate Governance

Corporate Governance Report

Nomination Committee Report

Audit and Risk Committee Report

Remuneration Committee Report

Environmental and Social

Responsibility Committee Report

Directors’ Report

Financial Statements

169

Statement of Directors’ responsibilities

170

Independent Auditor’s Report

175

Consolidated statement of profit or loss

and other comprehensive income

176

Consolidated balance sheet

177

Consolidated statement of changes in equity

179

Consolidated statement of cash flows

180

Notes to the consolidated financial statements

205

Company balance sheet

206

Company statement of changes in equity

208

Notes to the company financial statements

210

Supplementary information

212

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The financial highlights benchmark our progress and measure our

performance against our strategy to map our long-term success.

Financial highlights

Operational highlights

The operational highlights play an important role in evaluating the

efficiency and effectiveness of our business.

Revenue

€869.2m

Adjusted operating profit*

€132.1m

EPS

17.0 cent

Carrying value of land**

€556.2m

No. of suburban units sold

1,650

Customer satisfaction

94%

Forward order book*

€1.1bn

H&S audit score

89%

Operating profit has been presented before exceptional items and material impairment reversals/charges.

Excludes development rights.

As at the Annual Report approval date

Glenveag

h Properties plc | Annual Report and Accounts 2024

OUR INTEGRATED APPROACH

We believe everyone

should be able to

access affordable,

high-quality homes in

flourishing communities

across Ireland. In

2024, we delivered

1,650 new suburban

homes and created

new communities

through our Building

Lasting Communities

programme.

We positively impact the

economy, communities, and

the environment through our

strategic activities, creating

value for all our stakeholders.

Glenveagh plays a significant role in

supporting economic strength and promoting

flourishing communities across Ireland.

We are accelerating the provision of new,

high-quality, sustainable homes in strategic

locations that help to address the rising

demand for accommodation and sustained

population growth.

Our Building Better Strategy ensures we

create value for all our stakeholders and is

underpinned by our shared vision, mission,

and culture.

An inclusive and collaborative culture encourages

fresh thinking, teamwork, and trust to challenge

the status quo. We are forging a new path,

relentlessly innovating every stage of the building

process to create homes and communities

that will positively impact Irish society. In 2024,

we provided over 8,300 hours of training and

development (excluding EHS training hours)

across the business and contributed nearly

€500,000 to support community investment.

We are committed to innovation, transforming

how homes are planned, designed, built, and

marketed in Ireland and making the homebuying

journey transparent and accessible for customers.

In 2024, we invested in innovative new materials,

such as lightweight cladding and roofing, that

save costs and cut emissions.

Our vision

Our values

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Hours of training and development

8,300

Our mission

Our culture

Innovative new

materials save costs

and cut emissions.

Safety first

Collaborative

Innovative

Customer-centred

Can-do

In 2024, the Irish Centre for Diversity awarded us

Gold accreditation, making us the first company

in the construction sector in Ireland to achieve

this. The award reflects the progress we have

made in our sustainability journey.

This year, we launched our biodiversity and

circular economy strategies, which support

our transition to Net Zero.

We continue to work towards science-based

targets, verified by the Science Based Targets

initiative (SBTi) earlier this year. Our actions

focus on transitioning our sites to renewable fuel,

driving innovation in our design, and engaging

with our supply chain to drive action.

Our ESG ratings remain positive: our

Sustainalytics rating is 14.7 (Low risk), our CDP

rating is B, and our MSCI rating is AA.

Our sustainability

Creating value, the Glenveagh way

Strategic Report

Sustainability Statement

Governance Report

Financial Statements

ﬁ

Our vision

That everyone should have the

opportunity to access great-value,

high-quality homes in ﬂourishing

communities across Ireland.

OUR INTEGRATED APPROACH

CONTINUED

Our strategic priorities are the foundations

on which we build social and economic

value for our stakeholders.

A clear vision, collaborative culture, and shared values shape

our progress and guide our success. Our operational excellence

and financial strength ensure we generate social and economic

value for our customers, employees, communities, shareholders,

suppliers, and regulators.

This could not be achieved without the contribution of our

colleagues, whose skills and performance underpin our growth.

At the same time, a strategic landbank, excellent and long-

standing partnerships and a robust financial position have made

Glenveagh the trusted partner of choice in Irish housebuilding.

The commitment of all our

employees – on sites, at our

manufacturing facilities, and in

the office – is helping us play

our part in addressing Ireland’s

housing needs.

Meanwhile, our focus on sustainability has contributed to the

environment by cutting emissions and providing better, energy-

efficient housing with a lower carbon footprint. It also adds

financial value by unlocking improvement in margins and returns.

Finally, we enjoy strong stakeholder engagement that

aligns our activities with their environmental, social, and

governance expectations.

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How we deliver value

Glenveagh Properties plc | Annual Report and Accounts 2024

INNOVATION AND COLLABORATION

We believe that everyone

should have the opportunity to

access great-value, high-quality

homes across Ireland

We have a comprehensive understanding of

the housing market and the changes it faces

over the next decade. We also focus on social

change and know firsthand what customers

want from their homes – and how and where

they want to live. At the same time, changing

technology provides new opportunities for

improvements and efficiencies that benefit

both our business and our customers.

This insight allows us to design and build great-

value, energy-efficient homes that people want,

and that help create communities that will

thrive and grow. It enables us to recognise the

skills we need in our workforce, the materials

required, and the best way to make use of our

healthy land portfolio.

We pride ourselves on harnessing innovation

across every touchpoint of the business. We do

this every day in multiple ways – in product and

manufacturing innovation, in the ways we can

make housing more accessible and sustainable

for home ownership, in how we supply our

customers, and in our ability to operate

effectively and efficiently as we grow.

Innovation and standardisation have become

a much larger component of our output in

the coming years. It is also critical in driving

affordability and greater efficiencies.

Housing remains at the top of the political

and social agenda in Ireland, and Glenveagh

is well-placed to make a significant, positive

contribution to the issue. The knowledge and

understanding we have developed over the

years means we continue to work closely with

the government and all key stakeholders to

deliver sustainable, long-term solutions.

We have invested significantly in our business – in our operational efficiencies and our technical

expertise – to deliver the scale and capability required to address Ireland’s housing needs. Our

long-term investment in our off-site manufacturing continues to underpin our operational efficiency

through innovative processes and greater control over our supply chain, enhancing our ability

to deliver high-quality homes at scale. We are well-positioned to make a strong contribution to

Ireland’s housing targets.

We are leveraging

our scale, operational

capabilities, and

technical expertise to

deliver sustainable,

long-term housing

solutions.

Strategic Report

Sustainability Statement

Governance Report

Financial Statements

* Includes sites conditionally contracted and expected to complete in 2025.

INNOVATION AND COLLABORATION

CONTINUED

landbank

Growing our

20,000

Available landbank units

2,487

Units granted planning

permission in 2024

An extensive, high-quality land portfolio in strategic

locations enables Glenveagh to grow its scale and

reach in an undersupplied housing market.

As a major supplier of new homes to first-time buyers, we have targeted

high-demand urban and suburban areas, especially around Dublin and

other key cities, where housing shortages are acute.

In 2024, we moved decisively to expand our land portfolio in strategic

locations and set up the business for further success. Our controlled

landbank is now approximately 20,000 units. This will support the

delivery of over 2,600 equivalent units per annum across our business

segments through to 2029.

In 2024, we moved opportunistically to acquire approximately 9,000

units across 14 sites, principally for use in the Suburban segment.

Approximately 70% of the potential units are attributable to sites in

Dublin. Four sites have suitable existing planning permissions, and

construction has already commenced on two of these. Additionally,

we have identified the potential for at least 2,000 Partnership units

on sites adjacent to these recent acquisitions, 275 of which have been

signed to date.

Our enhanced landbank not only gives greater visibility on future homes

deliveries but, alongside our integrated supply chain, grants a higher level

of certainty and control over our own performance. This investment in

our land portfolio will support us in playing a leading role in increasing

housing supply in Ireland and delivering for our stakeholders.

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Glenveagh Properties plc | Annual Report and Accounts 2024

INNOVATION AND COLLABORATION

CONTINUED

relationships

Strengthening our

The success of our partnerships demonstrates how

much can be achieved when public and private

entities work together to deliver what Ireland needs.

Tackling the demand for high-quality, energy-efficient, mixed-tenure

housing in Ireland is a priority, and we believe that by working in

partnership with others, we can achieve better results.

We collaborate with public sector entities, social housing bodies, and

local communities to deliver sustainable homes for owner occupiers,

the rental market, and people who need affordable housing. Last year,

we established our Partnerships business, which has already generated

growing revenue and profit.

In 2024, we delivered the first tranche of 1,200 A-rated affordable, private,

cost-rental, and social homes at Balmoston in Donabate, where we

work with Fingal County Council. The development includes communal,

sports, and recreational facilities to benefit the local community. We have

already lodged a planning application for the next development phase,

comprising approximately 400 mixed-tenure units.

This year, we began construction on a site adjacent to Balmoston as part

of a third Partnership contract, with a fourth signed in December 2024. At

the same time, we made significant progress in delivering more than 850

new homes and community facilities at Oscar Traynor Woods in Coolock

with Dublin City Council.

We have identified a strong pipeline of medium-term partnership

opportunities, including partnering with local authorities and the

Land Development Agency on other state land developments.

These partnerships have the potential to generate significant and

sustainable incremental revenue, profits, and returns for the Group

over the longer term.

2,415

New homes

delivered

100%

A-rated homes built

in 2024

Strategic Report

Sustainability Statement

Governance Report

Financial Statements

capacity

Expanding our

INNOVATION AND COLLABORATION

CONTINUED

A clear and robust strategy ensured Glenveagh

has cemented its position in Ireland’s housebuilding

sector, expanding its capacity and ability to meet

the needs of a growing population.

Glenveagh has significantly enhanced its position in the Irish

housebuilding market by focusing on growing its Partnerships business,

expanding its landbank, and pursuing sustainable innovation.

In 2024, we continued to build on establishing more and deeper

relationships with a range of strategic private and public partnerships

that have played a critical role in helping to address the country’s housing

shortage. At the same time, they have provided us with the opportunity

to scale our business and deliver high-quality, affordable housing at a

faster rate.

We have strong relationships with local authorities and actively champion

the national affordable housing schemes. This collaboration makes us a

vital partner in the government’s strategy to increase affordable housing

while enhancing our reputation and providing a steady pipeline of new

and critical projects.

By acquiring land near urban centres, such as Dublin and Cork, where

housing demand remains highest, we can move faster to develop more

homes at scale. Our sites offer excellent access to infrastructure and

employment opportunities, making them attractive locations for buyers.

Standardisation and innovation are other ways we enhance our market

position and manage risk. Our approach balances traditional housing

developments with apartments. This mix, supported by our public-private

partnerships, reduces risk by diversifying project types and ensuring a

steady demand across varying economic conditions.

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Glenveagh Properties plc | Annual Report and Accounts 2024

OUR INVESTMENT CASE

A clear strategic focus

and effective business

model make Glenveagh

a compelling investment

We are the leading Irish housebuilder, delivering high-quality

suburban homes and urban apartments with solid partnerships

with local authorities and state agencies. Our vertically integrated

business model and focus on innovation allow for better cost

control and improved efficiency, helping us to mitigate supply

chain risks, manage costs, and optimise margins. As such, we

are well-positioned to capitalise on the growth trends in the Irish

economy today and into the future.

Our business model enables

agility, increased scale, and

standardisation to drive

improved margins and efficiency.

One of the largest developers in an

undersupplied housing market.

High-quality landbank in

exceptional locations.

Targeting product offering at segments

with the most significant demand.

Partnerships business delivering solid

revenue growth and profits.

Scalable

Suburban units completed in 2024

1,650

Total available landbank units

20,000

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Glenveagh Properties plc | Annual Report and Accounts 2024

CHAIR’S LETTER

I am pleased to report that Glenveagh has achieved

remarkable progress and delivered outstanding results in 2024.

Our commitment to excellence, innovation, and sustainability

has driven us to new heights, enabling us to meet and exceed

our strategic goals.

Our Partnerships segment continued to thrive,

generating revenue of €120 million and profit

of €20 million. In addition to Ballymastone

and Oscar Traynor Road, work commenced

at a third site adjacent to Ballymastone. This,

combined with a fourth agreement that we

have secured, added approximately 451 units to

our pipeline for delivery from FY 2025 onwards.

Construction has also commenced on these.

In keeping pace with changing customer

profiles and the state schemes embedded

in the remaining urban assets, our business

segments will be simplified under Homebuilding

and Partnerships from 2025 onwards. This

change also reflects our confidence that

Partnerships will deliver sustained growth

and make a materially higher contribution

to revenues.

Empowering our colleagues

At Glenveagh, we firmly believe that our people

are our greatest asset. By fostering a supportive

and inclusive work environment, we empower

our team to reach their full potential, which

fuels our innovation, productivity, and growth.

Valuing and developing our colleagues is a

core strategic pillar, and we have seen firsthand

how a positive workplace culture leads to

exceptional business outcomes.

Our 2024 performance was delivered with our

usual uncompromising focus on the safety of

our people, partners, and the communities in

which we operate. Health and safety is one

of our core values, and we work tirelessly to

promote a safety-first culture that protects

our people and our partners.

Exceptional performance

This year, we navigated a changing

environment with resilience, determination,

and agility. Our ability to adapt to market

conditions, coupled with our timely

investments in land, technology, and talent,

have positioned us firmly for future growth

and value creation. We have increased

our output to over 2,400 units per annum,

enhanced our operational efficiency and

sustainability practices, and moved decisively

to expand our landbank strategically. These

developments ensure that we will continue to

create value for our shareholders.

The dedication and hard work of our

people, combined with the support of our

shareholders, partners and stakeholders, have

been instrumental in our success.

A record year

In 2024, we secured strong earnings growth.

driving improved profitability. Our business

segments continued to generate robust

revenue and profits. This underscores the

strength of our business model, strategy,

and vertically integrated operations.

Our Suburban segment generated revenue

of €631 million (2023: €470 million) and

completed 1,650 new homes, reflecting

the business’s scale and strong

operational capability.

Urban revenue was €118 million in 2024,

reflecting the completion of 655 units,

including projects at Cluain Mhuire,

Citywest, and Castleknock.

Strong growth and

progress delivered

in 2024

FY 2024 Operating profit

€132m

Strategic Report

Sustainability Statement

Governance Report

Financial Statements

CHAIR’S LETTER

CONTINUED

Overall, our focus on strong corporate

governance continued in 2024. In addition to

the above, the Board continued to support

management in building a culture of innovation,

transparency, and trust and to drive the

continued alignment of Glenveagh’s strategic

decision-making with this culture.

Conclusion and outlook

2024 has been a very strong year for

Glenveagh, defined by record revenue

performance, units completed, and

earnings per share.

Our strategic focus on sustainability, innovation,

and operational excellence has driven our

success and positioned us well for the future.

The dedication and hard work of our people,

our partners’ support, and our shareholders’

trust have been pivotal in achieving our goals.

This year, we were pleased to see our efforts

again recognised at the National Irish Safety

Organisation’s (NISO) awards, where we

retained, for a second year, the ‘House Building’

award in the Construction category and

received the ‘Consistent High Achiever’ award.

We were also honoured to become the first

construction company in Ireland to be awarded

a Gold accreditation from the Irish Centre for

Diversity. Greater diversity and inclusion in our

industry is needed to expand the workforce to

the level necessary to tackle Ireland’s housing

demand into the future.

Enhancing sustainability

Sustainability remains at the heart of

Glenveagh’s operations, driving our

commitment to quality and affordability and

our business success. Integrating sustainability

into our Building Better Strategy means we

can continue to enhance our competitive edge,

meet emerging customer demands, and

reduce operational costs.

This year, we have made significant strides in

our sustainability efforts, gaining verification

of greenhouse gas (GHG) emissions reduction

targets from the Science Based Targets initiative

(SBTi) and recording a significant decrease in

2024 emissions. You can read more about this

in our Sustainability Statement on page 98.

Governance

In February 2024, the Board welcomed two new

Non-executive Directors, Lorna Conn and Max

Steinebach. The addition of Lorna and Max to

the Board has further enhanced our collective

skills and experience that our Directors bring

to the business. A full breakdown of the

composition of the Board can be found in the

Corporate Governance Report on page 60.

As communicated in September 2024, Michael

Rice advised the Board that he was stepping

down from his roles as Executive Director and

CFO of Glenveagh to pursue other interests.

Michael has played a pivotal role in advancing

Glenveagh and we wish him well in his next

endeavour. He has been succeeded by Conor

Murtagh, who was previously Chief Strategy

Officer and a member of the Executive

Committee. Conor assumed the role of CFO

on 1 January 2025, and following a Board

nomination process was appointed as an

Executive Director on 16 January 2025.

The Remuneration Committee undertook a

review of the Directors’ Remuneration Policy

to ensure that it continues to support our

strategy and remains in line with market

and best practice. I’m pleased to share that

the Committee is satisfied the current policy

provides the right overall structure to motivate

our Executive Directors to deliver against

our strategy. Further details on this can be

found in the Remuneration Committee Report

on page 80.

Looking ahead, we are optimistic and confident

for 2025. The demand for high-quality,

affordable housing continues to grow, and

Glenveagh is well-equipped to meet this need.

Our strong landbank, innovative construction

methods, and commitment to sustainability

will enable us to continue delivering value to

our shareholders.

We are confident that our strategic initiatives

and robust business model will drive continued

growth and success in the future.

John Mulcahy

Chairman

Glenveagh Properties plc | Annual Report and Accounts 2024

CHIEF EXECUTIVE OFFICER’S REVIEW

This has been a landmark year for Glenveagh. I am pleased

with the progress we have made on our operational and

financial goals, demonstrating our ability to deliver at an

increased scale.

Driving scale and growth by investing

in our business

The health and safety of the people working

for us and those impacted by what we do will

always be more than a priority for us. Safety

is an enduring core value at Glenveagh,

alongside quality and environmental

considerations.

Operationally, we increased suburban housing

output by 24% from FY 2023 levels. We

maintained positive momentum in planning,

receiving permissions for 2,487 units and

ensuring that all targeted output for 2025 is

fully approved. With recent investments, the

Group’s controlled landbank now contains

approximately 20,000 units, principally for

use in the Suburban segment.

Our Urban segment completed 655 units across

Cluain Mhuire, Citywest, and Castleknock

and announced an additional forward fund

transaction for 139 units (€52 million) with

an Approved Housing Body. Activity has

commenced on our Urban portfolio in Cork

Docklands, following admission to the Land

Development Agency (LDA) framework panel.

With construction underway on more than

2,000 units across the Ballymastone and Oscar

Traynor Road sites, our Partnership segment

is progressing strongly. Development has also

started at a third site adjacent to Ballymastone.

This, along with a fourth agreement secured,

has added approximately 451 units to our

pipeline, and construction is underway at all

four Partnership sites.

Finally, our commitment to standardisation,

manufacturing, and modern construction

methods has given the business greater control

over its supply chain and management of

cost-price inflation (CPI). Investments in these

areas support the business’s scale and growth

sustainably while improving its return on capital.

A year of record output

Glenveagh has been moving at pace to scale

the business and accelerate housing output

with sustainability, quality, and innovation at

our core.

Our positive performance has delivered a

record number of new Glenveagh homes,

a testament to the dedication of our teams,

industry partners, and the culture we have

established. I want to thank everyone for

their contributions.

In 2024, we continued to progress our

Building Better Strategy and developed our

business model to increase productivity and

efficiency. As a result, we are well-positioned

to capitalise on new opportunities.

Our Suburban segment continued to grow

rapidly, completing 1,650 units in 2024 and

providing families with the keys to thousands

of new homes across Ireland.

Our scaled Urban and Partnerships business

segments cemented our position as a

significant partner in forward-funded public-

private developments and illustrated our

ability to deliver attractive and sustainable

homes at volume and increasing efficiency.

Agile decision-making enables us to be

proactively opportunistic. This year, we

strategically expanded our landbank by

acquiring approximately 9,000 units across

14 sites. With an attractive cost and ROCE

profile, these investments will support the

delivery of over 2,600 equivalent units per

annum across our business segments

through to 2029.

The evolution of our business model

and commitment to standardisation,

manufacturing, and modern construction

methods has given us greater control over

our supply chain and cost management,

supporting sustainable growth, improved

profitability and returns on capital.

A profitable

year with good

future prospects

FY 2024 Revenue

€869m

Strategic Report

Sustainability Statement

Governance Report

Financial Statements

CHIEF EXECUTIVE OFFICER’S REVIEW

CONTINUED

A share €50 million buyback programme

initiated in September 2024 was subsequently

increased to €65 million. Upon completion of

this programme, the total amount of capital

returned to shareholders will be approximately

€380 million since the beginning of FY 2021.

Outlook – looking to 2025 with confidence

Looking forward, we begin 2025 with strong

confidence and anticipate continued positive

operational and financial performance. We

expect our business segments to generate

revenue and profit growth, underpinned

by our attractive land portfolio, forward

order book, and proven operational and

manufacturing capabilities.

With the government’s ambitious home building

targets and a supportive planning system in

place, we see an opportunity to become an

essential delivery partner and ensure that

even more people can access high-quality,

affordable homes.

I am excited about the progress made by

the Partnerships segment and recognise its

potential to deliver sustained growth and

account for a materially higher revenue

weighting from 2025 onwards.

Effectively executing our business plan remains

critical to fully realising this potential. We

will continue to scale the business patiently,

drive consistent value generation, and embed

innovation, quality, and sustainability across

all operations.

Finally, I want to thank our senior team

and all our people – across our sites, at our

manufacturing facilities, and in the office, for

their unwavering commitment, enthusiasm, and

professionalism. I am looking forward to the

year ahead and to Glenveagh’s increased role

in helping Ireland meet its housing needs.

Stephen Garvey

Chief Executive Officer

Sustainability – at the core of operations

Glenveagh aims to be a leading player

in transitioning to a low-carbon economy,

leveraging sustainability to drive business

success. Through our Building Better Strategy,

we have ensured that sustainability is a core

aspect of our operations and decision-making,

enhancing our competitive advantage and

operational efficiency.

Our progress is underpinned by strategic

initiatives that deliver tangible business

outcomes. In 2024, we launched our Biodiversity

and Circular Economy strategies, which operate

alongside our Net Zero Transition Plan and

Equity, Diversity, and Inclusion (ED&I) strategies.

These initiatives contribute to environmental

and social goals and position us as industry

leaders, attracting investors and customers

who prioritise sustainability.

With greenhouse gas (GHG) emissions

reduction targets verified by the Science Based

Targets initiative (SBTi), we made substantial

progress towards our goals for Scopes 1, 2,

and 3. In FY 2024, we recorded a reduction

of 47% in absolute Scope 1 and 2 emissions

compared to our 2021 baseline. Meanwhile,

Scope 3 emissions are tracking at 7% below

the 2021 baseline.

This year, we also became the first Irish

homebuilder to report against the Corporate

Sustainability Reporting Directive (CSRD), which

enhanced the rigour and accountability of our

business activities and further strengthened

our position as a market leader.

Planning and policy

Ireland’s population growth, driven by high birth

rates and net migration, has intensified the

need for housing, especially in urban centres

such as Dublin and Cork. The Central Bank of

Ireland projects that approximately 52,000

new homes will be required annually up to

2050, significantly more than the 30,300

homes that were delivered in 2024.

Mortgage approvals remained strong,

particularly for first-time buyers, bolstered

by government initiatives such as the Help

to Buy and First Home Schemes. The

government’s Housing for All plan continues

to increase housing supply, enhance

affordability, and promote sustainable

development across Ireland.

The government’s commitment to addressing

housing challenges is evident in its reinvestment

of substantial tax revenues into the housing

sector. This includes various supply-side

initiatives aimed at delivering over 300,000

homes by 2030, focusing on construction,

infrastructure development, and support for

both public and private housing projects.

Our strategic response includes adapting

our housing designs, enhancing digital

capabilities, and engaging with local

communities. Affordability remains a critical

focus, with new legislation and policy

measures ensuring greater market accessibility.

We are committed to delivering value through

efficiencies and innovation.

The government’s supply-side initiatives have

created new partnership opportunities, driving

market momentum. Our partnership and urban

development model expertise position us well

to participate in these initiatives.

We are focused on leveraging collaborative

opportunities to deliver more high-quality,

energy-efficient homes that can help meet

Ireland’s growing housing needs and contribute

to thriving communities.

Disciplined capital allocation

Glenveagh implements a prudent capital

allocation strategy focused on three priorities:

land, work in progress (WIP), and investment in

the supply chain, with excess capital thereafter

returned to shareholders.

We ended the year with net debt of €179 million

(FY 2023: €48.8 million) following strategic

investments that have expanded our landbank

in desirable locations.

Our Values: We are...

Safety always comes first.

The health and

wellbeing of our people and those we work with

are paramount. That is why health and safety are

a fundamental part of our culture and integrated

into all our decision-making.

Safety first

We believe in the power of teamwork to create

new possibilities.

Building homes at scale

requires the close collaboration of many people

with specialist skills and distinct perspectives.

We respect and trust each other while acting

responsibly and with integrity, believing that

how we get things done is just as important

as our achievements.

Collaborative

Each day, we work to bring new ideas

home.

Innovation fuels customer satisfaction,

sustainability, and efficiencies across the business,

enabling us to deliver more value to stakeholders.

Seeking new ways of solving current and future

challenges helps create flourishing communities

across Ireland.

Innovative

Customers are at the heart of every decision

we make.

We build for the people who call our

developments ‘home’. To do this well, we take the

time to understand them, their lives, and their ever-

changing needs. By putting our customers at the

centre of everything we do, we create homes and

communities that have lasting value.

Customer centred

With the right attitude, we can achieve anything.

Through our dedication, grit, and can-do attitude,

we positively impact each other, our partners, and

our customers. We continuously learn and grow our

skills to ensure we realise our vision.

Can-do

Glenveagh Properties plc | Annual Report and Accounts 2024

2022

2021

2019

2020

2017

2018

2016

2015

Average weekly earnings

Employment

2024

2023

-0.04

-0.02

0.02

0.04

0.06

0.08

0.1

The housing market in Ireland continued to see strong demand,

driven by population growth, a robust economy, and government

support. As one of the country’s leading housebuilders, Glenveagh

is well-placed to capitalise on the opportunities that lie ahead

as a result.

A strong economy and intense demand

for new housing pave the way for growth

Employment/wage inflation

In 2024, Ireland’s population continued to rise

to more than 5.3 million – an increase of more

than 14% over the past decade. This growth,

driven by relatively high birth rates and net

migration, has added urgency to the demand

for more housing, particularly in urban areas

such as Dublin, Cork, and nearby communities.

The increase has led the Central Bank of

Ireland to estimate that around 52,000 new

homes could be needed annually up to 2050

– or over 20,000 more houses than the 30,330

that were delivered in 2024.

Meanwhile, a strong and growing economy

has kept unemployment levels low

(approximately 4.6%) and wages competitive,

with an average increase of 5.6% in 2024. GDP

growth remained among the fastest in the

EU and underpinned domestic demand and

robust consumer spending.

OUR MARKET POSITION

Mortgage approval activity remained strong

in 2024, particularly for first-time buyers (FTB),

whose volume increased by 3.4% annually.

Banking & Payments Federation Ireland (BPFI)

figures show that almost 31,500 FTB mortgages

valued at €9.6 billion were approved in 2024.

In addition, FTB mortgage drawdowns hit

their highest levels in both volume and value

since 2007.

The government remained a significant

influence on the market, supporting

homebuyers with its Housing for All plan to

increase housing supply, promote affordability,

and support sustainable development

across Ireland. This plan includes the Help

to Buy (HTB) and First Home Schemes. The

government is also in the process of updating

the National Planning Framework (NPF).

The economy’s strength has provided the

government with significant cash surpluses from

tax revenues and corporate taxes, which it has

used to fund its Housing for All programme.

It has also implemented several supply-side

initiatives to address housing development

challenges and support the delivery of over

300,000 homes by 2030. These measures

target increased construction, infrastructure

development, and support for public and

private housing projects.

Strategic Report

Sustainability Statement

Governance Report

Financial Statements

Trends

Demographics

Affordability

Supply-side initiatives

Sustainability

Ireland’s population is on the rise, and

its demographics are shifting. Birth

rates are still relatively high (but are

likely to fall), the country is experiencing

increased net migration, while the

proportion of people over 65 is rising.

These demographic dynamics combine

to put even greater pressure on an

already stretched housing market

suffering years of undersupply.

Affordability is a crucial plank in the

government’s target to deliver 300,000

new homes by 2030. New legislation and

updated policy measures introduced by

the government, supported by institutions

such as the Central Bank of Ireland (CBI),

have ensured greater market affordability.

Glenveagh is playing its part in delivering

value for our customers, underpinned by

greater efficiencies and innovation.

The government’s supply-side housing

initiatives have created new opportunities

and partnerships to help meet Ireland’s

increased demand for homes. Investments

in the Affordable Housing Fund (AHF),

Land Development Agency (LDA), Croí

Cónaithe (Cities) Fund, and Project Tosaigh

have driven momentum in the market.

These initiatives include reforms that have

streamlined planning and regulation to

simplify the planning process and reduce

delays for housing projects. It has also

modernised building control processes.

Our scale, operational capability, and

established expertise in partnership

and urban development models ensure

we are well-positioned to participate in

such initiatives.

Sustainability is a critical component of

improving energy efficiency standards

and long-term affordability in Ireland’s

housing sector, not least to help achieve

the country’s climate goals. ESG is also

an increasingly important topic for our

stakeholders. As the construction and

built environment sectors generate over

a third of Ireland’s carbon emissions,

it is vital that we play a prominent role

in tackling the issue. That means

developing more sustainable products,

manufacturing solutions, and responsible

supply chain practices.

Our

strategic

response

Adjusting and adapting our range

of house typologies to reflect family

sizes, individual circumstances, and

life stages.

Enhancing digital capabilities to

make planning, purchasing and

day-to-day living more accessible

for customers whose purchasing

behaviours and decisions are

increasingly technology-based.

Collaborating with and contributing

to local communities to develop great

places for people to work and live.

Considering the needs of the customer

at every stage of the development

process, with a focus on best practice

innovation, Design for Manufacturing

Assembly (DfMA) and standardisation

design principles to drive efficiencies.

Taking a mixed tenure approach, with

developments comprising affordable,

private and social housing.

Providing homes that are A-rated for

energy efficiency to reduce utility

and energy costs over the life cycle

of a property.

Develop a pipeline of new partnership

schemes across our sites.

Being approved under the Croí

Cónaithe (Cities) scheme for the

development of one of our urban

schemes in Cork.

Align with other state agencies,

including the Land Development

Agency and Approved Housing Bodies,

to accelerate the provision of housing

supply via our partnership and urban

development models.

Deliver on our Net Zero Transition

Plan, which includes near-term GHG

emissions reduction targets and long-

term net zero GHG emissions targets

for Scopes 1, 2, and 3, as validated by

the SBTi.

Build our new Biodiversity strategy

to manage our impacts, risks, and

opportunities across our value chain

and manage biodiversity effectively.

Engage with our supply chain to deliver

more robust sustainability targets and

strengthen collaboration with the Irish

Supply Chain Sustainability School.

Four key trends have shaped the market and helped us to guide the execution of our strategic priorities to deliver our long-term vision.

OUR MARKET POSITION

CONTINUED

Glenveagh Properties plc | Annual Report and Accounts 2024

OUR BUSINESS MODEL AND VALUE CHAIN

ideas home

Bringing new

With a clear strategy focused on innovation, we continuously

improve our planning, design, and construction processes, bringing

new ideas that will help to shape the future of homebuilding.

Glenveagh is renowned nationally for delivering

high-quality, affordable homes to a diverse

customer base, including private, institutional,

and state customers. Our vertically integrated

business model and focus on innovation enable

us to operate with greater efficiency, mitigating

supply chain risks, managing costs, and

optimising margins.

Our three business segments – Suburban,

Urban, and Partnerships – benefit from our

scaled manufacturing capability, established

sales and delivery platform, and industry-

leading central resources.

We have the largest off-site manufacturing

capability in the country and benefit from a

robust economic environment and supportive

state policies.

Our business model is driven by land

acquisition, submitting and obtaining planning

permission, and building homes to sell

to customers.

Our scale gives us greater access to financial

capital and the best talent to support the

creation of large-scale development projects.

Our established relationships with key

stakeholders in the industry such as local

authorities, suppliers, and contractors, can also

help to streamline the development process.

The total number of employees at the end of

2024 was 641.

Our drivers of success



READ MORE: PG 19

Strategic Report

Sustainability Statement

Governance Report

Financial Statements

OUR BUSINESS MODEL AND VALUE CHAIN

CONTINUED

Our drivers of success

Glenveagh harnesses a variety of commercial inputs that not only fuel our business growth but also deliver immense value to our

stakeholders. By addressing housing needs, enhancing job security, and strengthening local and national economies, we are making

an impact and shaping a brighter future for all.

Talented and dedicated individuals

A strategic landbank

A trusted brand

A solid financial position

Strong relationships

Local and national sporting partnerships

Increase in gross profit

63%

Customer satisfaction

94%

Employees

641

Approximate number of landbank units

20,000

Our collaborative approach has produced a strong track record

of building deep relationships with our partners, communities,

suppliers, and customers. The strength of these relationships

enhances trust and provides us access to the resources and

materials to deliver high-quality, sustainable housing. These

relationships also help ensure that projects are completed on time,

which is critical for maintaining a good reputation and attracting

new customers.

Our robust balance sheet demonstrates our financial strength,

stability, and potential for growth. In 2024, revenue rose by 43%,

and gross profit increased by 63%. This was bolstered by a strategic

emphasis on innovation, operational efficiency, and the expansion

of our Partnerships business. A 77% rise in new homes delivered,

totalling 1,650 units in the Suburban segment, helped to secure

continued growth and financial resilience.

As one of Ireland’s leading housebuilders, we have established

a strong, highly trusted brand. As a result, we attract top talent

and have high customer satisfaction, which supports new business

growth. Our reputation is based on a customer-centric strategy

and our commitment to high-quality, innovative products and

services. We continue cultivating this trust by executing our strategy,

strengthening investor confidence, and enhancing resilience.

We attract high-performing professionals and graduates whose

work is vital in ensuring we plan and deliver our projects on

schedule and within budget. Their capabilities and commitment are

key enablers to our success. We support our people’s personal and

professional growth through a tailored performance management

system and learning and development programmes that help them

enhance their skills and capabilities. With an inclusive workplace

culture and competitive salaries and benefits, engagement and

motivation remain high, encouraging greater efficiency and retention.

Our landbank can accommodate approximately 20,000 units,

or between 2,600 and 3,600 units annually, across our business

segments until 2029. This enables us to meet housing demand

for first-time buyers, downsizers, and the rental market. Securing

land early, often at better prices, reduces rising cost risks, ensures

scalable developments, and maintains a steady project pipeline.

Average reduction in upfront embodied carbon of

standardised designs compared to previous typologies

44%

The products and raw materials we use in construction add

significant value to the Company by impacting our housing

developments’ cost, quality, sustainability, and overall

competitiveness. We have embarked on a journey to implement

best-practice innovation, DfMA and standardisation design

principles. The aim is to ensure greater predictability of outcome

and ultimately improve the Company’s competitiveness for the

long-term.

Products and raw materials

SBM-1

1. Disclosure point incorporated by reference in this section: ESRS2 SBM-1 42(a)

* Includes sites conditionally contracted and expected to complete in 2025.

Glenveagh Properties plc | Annual Report and Accounts 2024

OUR BUSINESS MODEL AND VALUE CHAIN

CONTINUED

Suburban

Our suburban business is focused on delivering

affordable, high-quality homes in locations of

choice. We focus on providing affordable starter

homes in the Greater Dublin Area and Cork,

which represents the most significant demand

segment of the Irish market. The portfolio also

has other potential sites nationally.

Urban

Urban product consists of apartments to be

delivered to institutional investors and state

agencies primarily in Dublin and Cork, but

also on sites adjacent to significant rail

transportation hubs.

Product

Houses and apartments

End market

State/private/institutions

Locations

Ireland

Exit

Traditional/FF/FS

Revenue

€120m

€17m revenue (2023)

Product

Houses and low-rise apartments

End market

State/private/institutions

Locations

Ireland

Exit

Traditional/forward sale (FS)

Revenue

€631m

€471m revenue (2023)

Product

Apartments

End market

State/private/institutions

Locations

Dublin City/Cork City

Exit

FS/forward fund (FF)

Revenue

€118m

€120m revenue (2023)

Partnerships

A partnership typically involves the government,

local authority, or state agency contributing their

land on a reduced-cost or phased basis to a

development agreement with Glenveagh.

Business segments

SBM-1

1. Disclosure points incorporated by reference in this section: ESRS2 SBM-1 40(a) i-ii

Disclosure points incorporated by reference on pages 18-19: ESRS2 SBM-1 42(b)

Strategic Report

Sustainability Statement

Governance Report

Financial Statements

OUR BUSINESS MODEL AND VALUE CHAIN

CONTINUED

Value creation for stakeholders

Customers

By concentrating on affordability, efficiency, and

customer-centric service, we provide significant value to

customers, ensuring they enjoy safe, high-quality, and

energy-efficient homes.

Majority of units sold below the national market mean

price of €400,000.

Average selling price (ASP) of €365,000.

Customers benefit from lower energy bills, a reduced

carbon footprint, and homes that meet or exceed current

Building Energy Rating (BER) standards.

Delivered sustainable homes with 100% A-rated.

Strong and consistent customer satisfaction.

A new interactive and responsive digital platform to

support customers with information and advice in their

homebuying journey, from design choices to financing.

Employees

We are committed to supporting and engaging our

employees in a workplace that values professional growth,

wellbeing, and inclusivity.

Employment and competitive salaries and benefits for

employees at locations across Ireland.

A diverse and inclusive workplace.

Initiatives supporting physical and mental wellbeing

include wellness programmes, health insurance, and

work-life balance measures.

A strong employee value proposition and culture

where employees feel valued, supported, and

encouraged to grow.

Regular and transparent performance reviews and clear

pathways to advancement.

Training and development programmes, mentorship

and coaching opportunities, and access to industry-

leading resources.

Certified as a Great Place to Work (GPTW).

Communities

We create value for communities across Ireland by focusing

on more than just building homes – we foster vibrant,

sustainable neighbourhoods that contribute positively to the

local area.

Multiple local and national partnerships across Ireland,

including collaborations with ALONE, the Jack & Jill

Foundation, and the National College of Ireland’s Early

Learning Initiative.

Donations to charitable causes nationwide.

Supported thousands of students in educational

partnerships in dozens of schools.

Hosted biodiversity boot camps for schoolchildren as

part of the nationwide Nature Hero Award.

Increased Build Communities, not just Homes

brand score.

Employee volunteering across our communities.

Government

and regulators

Our contribution to national housing goals, support for

local economies, and alignment of operations with

environmental and regulatory standards added value for

government and regulators.

Active members of the Irish Home Builders Association,

Construction Industry Federation, Irish Institutional Property

and Irish Green Building Council industry groups.

Founding members of Modern Methods of Construction

(MMC) Ireland.

Our construction projects supported local economies

by creating jobs and partnering with Irish suppliers

and subcontractors.

Our projects generated tax revenue and contributed to

broader economic stability, helping the government fund

public services and infrastructure projects.

Suppliers and

subcontractors

We generate value for suppliers and subcontractors by

cultivating dependable, long-term partnerships, prioritising

efficiency, and ensuring stable workflows.

All subcontractors registered with and trained on

common data environment software.

Achieved a strong Site Safety Audit score average.

Supported a growing network of subcontractors and

materials suppliers.

Shareholders

With a strong focus on operational efficiency, innovation,

and solid financial performance, we continued to deliver

significant long-term value for shareholders.

Gross profit increased by 63% to €184 million.

Revenue grew by 43% to approximately €869 million.

Gross margin of 21.2%.

Partnerships recorded revenue of approximately

€120 million.

77% increase in new homes delivered to customers.

Over €200 million land investment to support

future growth.

€65 million share buyback programme.

SBM-1

1. ESRS disclosure points incorporated by reference in this section: SBM-1 42(b)

Glenveagh Properties plc | Annual Report and Accounts 2024

OUR BUSINESS MODEL AND VALUE CHAIN

CONTINUED

Our value

chain

We plan, design, and build high-quality homes

to create thriving communities in sought-

after locations across Ireland. That begins

with a carefully developed land acquisition

and management strategy underpinned by

extensive planning knowledge, strong supply

chain relationships, a highly experienced

leadership team, innovative designers, and a

skilled workforce with diverse talents.

Our reputation is built on our attention to detail,

commitment to quality standards, and laser-like

focus on customer-centricity. These principles

are applied at every point in our value chain,

from upstream, where we source material, to

operations, where we create and build, and

downstream, where we market and sell.

Location in value chain

Upstream

Operations

Downstream

Land acquisition,

planning and design

Raw materials

extraction

Processing, manufacturing

and distribution

Glenveagh manufacturing (NUA)

Glenveagh head office

SBM-1

1. Disclosure point incorporated by reference on pages 20-25: ESRS2 SBM-1 42(c)

Strategic Report

Sustainability Statement

Governance Report

Financial Statements

OUR BUSINESS MODEL AND VALUE CHAIN

CONTINUED

Sales and marketing

Product use

End of life

Construction

Glenveagh Properties plc | Annual Report and Accounts 2024

Features of our

value chain

We rely on a network of activities, resources, and relationships

within our complex value chain to create the homes that we

deliver to our customers and end-users.

We rely on both human and natural resources, as well as a

range of business relationships with suppliers, partners, and

state entities, among others, right along our value chain.

OUR BUSINESS MODEL AND VALUE CHAIN

CONTINUED

OUR RESPONSIBLE APPROACH

Raw material extraction

Description

Raw materials extraction refers to the removal of

resources from the earth’s natural reserves. In the

context of the construction industry, the majority

of construction raw materials can be typically

classified into two categories: mined raw materials,

such as minerals and fossil fuels, and plant-based

raw materials derived from forestry and bio-based

materials, such as trees and plants. Raw materials

are typically used in the primary production of

construction products.

At Glenveagh, we rely on many raw materials to

produce the products that we need to build our

homes. These include sand and gravel, limestone,

wood, gypsum, oil, and metallic and non-metallic

minerals among others. In some cases, we have

a direct relationship with a supplier engaged in

these activities, e.g. those who supply us with

timber and aggregates, while in other cases the

extraction of raw materials is several layers down

our supply chain and we do not have a direct

relationship with them, e.g. heatpump or PV

suppliers. The raw materials used in our processes

are primarily sourced in Ireland or the broader EU,

while a small number are sourced further afield.

Actors

The main actors involved in this aspect of our

value chain are our suppliers (and their supply

chain), those employed by those suppliers,

manufacturers, and producers, and affected

communities in the areas where our raw materials

are sourced.

As part of our supply chain engagement

programme, we are working with suppliers to

better understand where our materials are

sourced, the various layers of our supply chain,

and where the biggest environmental and social

impacts, risks, and opportunities arise.

Strategic Report

Sustainability Statement

Governance Report

Financial Statements

OUR BUSINESS MODEL AND VALUE CHAIN

CONTINUED

OUR RESPONSIBLE APPROACH

CONTINUED

Processing, manufacturing, and distribution

Description

The majority of the raw materials used in the

construction sector must be processed and

manufactured into construction material products.

They play a pivotal role in Glenveagh as we ultimately

use them to build our homes. These construction

materials and products must be robust, reliable,

and meet stringent safety standards to ensure

the durability of built structures. The construction

materials industry is known for its high-temperature

operations, use of large-scale processing and

manufacturing plant and machinery, as well as its

energy consumption. This industry relies on its supply

chain to ensure it not only procures raw materials

to create the products, but also ensures the delivery

of its products to the likes of Glenveagh and our

sub-contractors.

At Glenveagh, the types of construction materials and

products we use includes concrete, steel, insulation,

timber, and bricks as well as windows, doors, tiles,

and paint. Given the number of different construction

materials and products required to build a house, this

aspect of our value chain is a critical cog in the wheel.

As with the sourcing of raw materials, production and

manufacturing is typically done within the EU and in

Ireland, where possible, while some is also carried out

in Asia. The manufacturing of such a large number of

components for each of the homes we build means

that a complex logistics and distribution ecosystem

also exists. The majority of this takes place either via

sea or road transport.

Actors

The main actors involved in this aspect of our

value chain are our suppliers, manufacturers,

freight transport, and our employees.

Our supply chain engagement programme will

ensure that we also understand more about

this aspect of our supply chain, in particular the

environmental and social aspects associated with

the processing, manufacturing, and distribution of

the materials required to build our homes.

Land acquisition, planning, and design

Description

Land acquisition is one of the first steps within

the direct control of Glenveagh and is critical in

developing new communities across Ireland. This

step requires significant due diligence to ensure,

for example, that the land is viable, that the area

is not subject to flooding or other environmental

risks, and the appropriate zoning is in place.

This due diligence is led by our experienced

Land Acquisition Team, who liaise with the

landowners. We also work in partnership with

local authorities and state agencies to develop

social and affordable housing on land which

remains in their ownership. Once the land has

been acquired or the partnership model agreed

upon, we collaborate with a variety of professional

services, including architects, planners, ecologists,

and engineers, to plan and design developments

which align with the national and relevant local

planning requirements and building regulations.

This is followed by a rigorous planning process

involving the relevant local authorities and/or An

Bord Pleanála, Ireland’s national independent

planning body. Any community that is impacted

by the plans are involved through the statutory

consultation process as well as through our

broader community engagement activities.

Actors

The main actors involved here are landowners,

government agencies, local authorities,

professional services firms, our employees,

and affected communities.

Glenveagh Properties plc | Annual Report and Accounts 2024

OUR BUSINESS MODEL AND VALUE CHAIN

CONTINUED

OUR RESPONSIBLE APPROACH

Glenveagh manufacturing (NUA)

Description

NUA, the manufacturing arm of Glenveagh, was

established in 2023 and comprises three factories

based in Carlow, Arklow, and Dundalk. These

factories employ over 100 people and support

regional businesses by sourcing materials from

local suppliers. The factories use industry-leading

technology to produce high-quality timber frames

and light gauge steel (LGS) frames used in our

homebuilding process. The process includes a

type of 3D printing to produce steel parts for the

houses, using computer-generated 3D design

models, as well as pre-programmed sawing

technology to cut timber into the required

shapes and sizes.

Off-site manufacturing capabilities are fostered

at NUA to create production efficiencies, promote

standardised design, and adopt Modern Methods

of Construction, which will ultimately support our

Net Zero Transition Plan and make a positive

contribution to society and the environment.

Actors

The main actors involved are our suppliers

and employees.

Construction

Description

Construction is a core element of our business

and sits within the operations section of our value

chain. This is where the various materials which

have been extracted, processed, and manufactured

are used to construct high-quality, energy-efficient

homes for our end-users. This is done in compliance

with planning and building regulations in place in

Ireland and the EU. This element of our value chain

requires a large skilled workforce comprising both

directly employed colleagues as well as a significant

involvement of subcontractors across an array of

trades. These include groundworks contractors, crane

operators, block layers, plasterers, painters, tilers, and

landscapers among others.

It also requires the ongoing involvement of

professional services such as architects, engineers,

and ecologists. In addition, significant interaction

with utility providers, such as Irish Water and ESB, is

required for the successful completion of projects.

On a daily basis a large number of people access

our sites, working in often physically demanding

situations, which requires a significant focus on health

and safety. Community engagement is also of high

importance given the presence of sites in already

established communities around the country.

Actors

The main actors involved are our employees,

subcontractors, utility providers, affected

communities, local authorities, and

professional services.

Strategic Report

Sustainability Statement

Governance Report

Financial Statements

Sales and marketing

Description

Glenveagh interacts with our potential customers through our internal

sales and marketing functions as well as third-party selling agents. Our

marketing strategy raises awareness of our offering through a variety of

media including TV, radio, social media, websites, and events. We also

make potential customers aware of the affordability of housing through

a variety of government schemes and initiatives to ensure inclusiveness of

our product. We are investing in technology to further improve our online

customer portal and increase its accessibility.

Actors

The main actors involved are our potential customers, employees, third-

party agents, and affected communities.

Product use

Description

The houses and apartments we create provide a home for our

customers for many years. During the lifetime of these products,

residents consume water, energy, and other materials. They also

produce outputs such as waste, carbon emissions, and wastewater.

Elements of the house will also come to the end of their useful life or

become redundant and require replacement. The houses we produce

are highly energy-efficient and we are developing a more circular

approach that will facilitate easier disassembly and reuse. We also

provide our customers with valuable information on the efficient

operation of all aspects of their homes.

Actors

The main actors involved are customers and affected communities.

End of life

Description

At the end of its useful life, the house or apartment can be

deconstructed. Certain components of the house can already be

reused and/or recycled and we aim to increase this through the

adoption of more circular principles in our design, through

such initiatives as design for disassembly. These activities

can transform waste management into sustainable materials

management and drive new patterns of production and

consumption. Inevitably, at the moment, the deconstruction is

likely to have certain environmental impacts including the

production of waste and carbon emissions.

Actors

The main actors involved are customers, affected communities,

and local authorities.

OUR BUSINESS MODEL AND VALUE CHAIN

CONTINUED

OUR RESPONSIBLE APPROACH

CONTINUED

Glenveagh Properties plc | Annual Report and Accounts 2024

STAKEHOLDER ENGAGEMENT

Our engagement with stakeholders

Customers

Why we engage

We are dedicated to enhancing our reputation as

the leading provider of high-quality, affordable

homes in Ireland. This reputation is fuelled by

our relationships with our customers and our

commitment to delivering exceptional service at

every stage of the customer journey. By engaging

with our customers, we can better understand

their evolving needs and preferences, ensuring

that we provide sustainable, high-quality homes

that exceed their expectations.

How we engage

Our new interactive online platform provides

another way for us to interact with customers in

real-time and listen to their feedback. We also

proactively respond to their needs and concerns to

make homebuying with us as seamless as possible.

Doing so builds trust, loyalty, and a positive

reputation in the market. We connect with

customers through our website, which provides

advice and tips for each step of the home-buying

journey, along with a best-in-class digital home

viewing platform. Additionally, we keep our buyers

informed from the moment of purchase through

automated site updates and the latest news from

their communities. Our sales and customer care

departments are also on hand to provide support

throughout the customer journey and have

developed a homeowner’s guide as a reference

point for clients. We conduct monthly customer

satisfaction and bi-annual brand surveys to

gather customer feedback.

Outcome from engagement

Enhanced customer journey and

better connectivity through improved

digital presence.

Issues are rapidly identified and

resolved faster.

Improved customer contact through our

dedicated customer care team.

Introduction of improved homebuyers guides

and financial information.

Launch of new virtual reality

home walkthroughs.

Increased brand awareness.

Strong customer satisfaction rating.

Customer interests and views

Regular and consistent communication

throughout the many steps of the home

buying process.

The capability to conduct a virtual

home-buying journey.

Clarity on moving dates.

How to operate the features of the home.

Information on the local area and the features

of the community.

The quality, energy efficiency, and affordability

of the house.

How engagement is measured and reported.

Customer satisfaction and brand

awareness surveys.

Reservations and enquiries from our customer

website, calls, and emails.

Performance versus budget, forecast and

market data.

Resident surveys.

Customer care reporting and metrics.

Employees

Why we engage

Our employees ensure we can plan, build, and

deliver our projects on schedule and within

budget. Their capabilities and commitment are

essential to our success. We are dedicated to

fostering a positive, inclusive workplace culture

that encourages teamwork, collaboration,

and innovation. By actively engaging with our

employees, we can ensure their needs are

addressed and they feel valued and motivated

to contribute to the Company’s success.

How we engage

We consistently engage with our employees

through one-to-one meetings, team meetings,

online training platforms, performance reviews,

employee recognition awards, town halls,

leadership correspondence, our employee

suggestion scheme, surveys, and site visits.

Our Corporate Affairs team provides regular

internal communication through our dedicated

employee app.

Outcome from engagement

Clear and comprehensive Equity, Diversity and

Inclusion (ED&I) strategy and Gender Pay Gap

reporting embedded across the business.

Enhancing staff engagement through

platforms such as a dedicated ‘ideas forum’

and ‘breakfast with ExCo’ events.

Investment in and expansion of the Internal

Communications function.

Implementing family-friendly policies, including

maternity, flexible parental, and fertility leave.

Creation and senior leadership sponsorship of

Employee Network Groups (ENG).

Employee interests and views

Employee engagement.

Workplace culture and Employer Value

Proposition, including benefits.

Opportunities for training, development, and

career progression.

Health, safety, and wellbeing in the

work environment.

Clear understanding of personal and

corporate performance and processes.

ED&I.

How engagement is measured and reported.

Feedback and scoring from the Great Place to

Work culture and engagement survey.

Feedback from employee network groups.

Monthly reporting including health and

safety audits, turnover rates, and training and

development levels.

Feedback from the Workforce

Engagement Director.

Engagement with staff email communications

and surveys.

Collaborative, regular, and transparent engagement with stakeholders is central to our responsible

business model. Insights we gain from these interactions support us in building trust and long-term

relationships, in addition to identifying opportunities for improvement.

SBM-2

1. Disclosure points incorporated by reference on pages 26-28: ESRS2 SBM-2 45(a)

Strategic Report

Sustainability Statement

Governance Report

Financial Statements

STAKEHOLDER ENGAGEMENT

CONTINUED

Communities

Why we engage

Social engagement is a central component of our

positive contribution to the social, economic, and

environmental wellbeing of our communities. We

engage with those communities collaboratively

and transparently to build trust, enhance our

reputation, and create sustainable, thriving

communities. This engagement is a central aspect

of our responsible business model that benefits

our stakeholders.

How we engage

We engage with our communities across six

community pillars – Education, Sports and Fitness,

Health and Wellbeing, Sustainability, Local

Economy, and Charity. We also work closely

with local authorities and community groups to

ensure that our projects are designed and built

to benefit the wider community. We host events

and community hubs and produce cross-platform

informative content for families. We take a

multi-disciplinary approach that involves our

land acquisitions, sales, planning, and design

teams, and that allows us to identify the needs

of local community groups and, in partnership

with community groups and local authorities,

decide on the best way to meet these needs.

Outcome from engagement

Launch of online community hubs.

Increased brand score from ‘Building

Communities, not just Homes’.

Sponsorship of national and local

organisations, including Nature Hero Awards,

ALONE, the Jack & Jill Foundation, and

the National College of Ireland’s Early

Learning Initiative.

Support community infrastructure creation

including cycleways, parks, and green spaces.

Employee volunteering.

Positive sentiment rating in resident surveys.

Community interests and views

Efficient use of land and sustainable

place-making.

Protection of biodiversity, investment in

local infrastructure, restoration of listed and

protected features.

Promoting wellbeing and the creation of safe

public spaces.

Support for local sports clubs, schools, and

community groups.

How engagement is measured and

reported

Regular resident surveys and research.

Progress against our Community Engagement

Strategy objectives.

Independent stakeholder research.

Shareholders

Why we engage

We focus on building long-term

relationships with our shareholders based

on transparency, trust, and mutual benefit.

Engagement with shareholders is an integral

part of our strategy, and we provide regular

updates about our business performance,

financial results, and progress against our

strategic initiatives.

How we engage

We maintain an active dialogue with our

shareholders through various channels,

such as regular meetings, shareholder

presentations, investor conferences, and

online updates. We also engage with

shareholders on specific topics and, where

relevant, provide feedback to the Board,

which we consider part of our decision-

making processes. We will continue to

work closely and consistently with our

shareholders to ensure we optimise

their value.

Outcome from engagement

Frequent investor meetings

and conferences.

Shareholder consent for our capital

returns programme.

Share register activity and

trading volumes.

Interest from new investors.

Shareholder interests and views

The impact of planning challenges on

Glenveagh’s performance and outlook.

The Irish political landscape and its

potential impact on our engagement

with the state.

Build quality and customer

satisfaction levels.

Capital allocation policy.

ESG-related risks and opportunities.

Progress updates on both the short-

and long-term targets of the business.

Board composition and governance.

How engagement is measured

and reported

Feedback received from

investor meetings.

Analyst reports.

Participation at AGM and EGMs.

Weekly and monthly investor relations.

Internal reporting.

Monthly updates on

institutional shareholdings.

Glenveagh Properties plc | Annual Report and Accounts 2024

Suppliers and contractors

Why we engage

Our relationships with suppliers and sub-

contractors play a vital role in our success.

We believe in strong and mutually beneficial

partnerships that enable us to deliver high-quality

projects exceeding our customers’ expectations.

By fostering open communication, promoting fair

and ethical practices, and collaborating towards

shared goals, we can create a sustainable and

responsible supply chain that provides value for

all parties. We aim to create a supply chain that is

resilient, efficient, and effective, delivering quality

projects that meet or exceed our customers’

expectations and benefit all parties involved.

How we engage

We promote communication, collaboration, and

trust with our suppliers and sub-contractors

through regular site meetings and workshops to

share best practices, address challenges, and

identify opportunities for improvement on topics

such as health and safety, project performance,

and upcoming work. We also promote fair and

ethical practices and encourage our partners to

adopt sustainable and responsible practices that

align with our values and strategic priorities.

Outcome from engagement

Developed a Supply Chain Sustainability

Strategy to support environmental and

social goals.

Access to Quality Management System to

improve efficiency and reduce downtime.

Improved performance and measurement.

STAKEHOLDER ENGAGEMENT

CONTINUED

Suppliers’ and sub-contractors’ interests

and views

Visibility of future projects and workloads.

Delivery of an energy-efficient and low-carbon

supply chain.

Ethical business practices.

Prompt payment of invoices.

Safety practices and business conduct.

Impact of global supply-chain challenges on

the availability and cost of materials.

How engagement is measured and

reported

Regular audits and inspections.

Quality Management System data.

Customer and supplier satisfaction survey.

Government and

regulators

Why we engage

Engaging with the government and

regulatory bodies enables us to contribute to

various policy and regulatory developments

that affect our industry. We can also utilise

this engagement to advocate for sustainable

and responsible practices that benefit the

wider community. In doing so, we ensure our

capacity to continue delivering high-quality

homes that meet our customers’ needs.

How we engage

We engage regularly with government

departments, state agencies, and local

authorities, both directly and through

our membership in trade associations.

Additionally, we attend and contribute

to webinars and policy consultation

events. When applicable, we host visits

to selected sites and manufacturing

facilities to highlight the challenges and

opportunities faced by our business and

the industry. Our environmental health and

safety teams collaborate closely with state

agencies through health and safety and

environmental audits, while our human

resources teams participate in labour

industry surveys and consultations to ensure

that critical skills areas are sufficiently

supplied. Furthermore, our planning

teams engage with local authorities in

line with statutory provisions through

the statutory plan-making and planning

application processes.

Outcome from engagement

Social, cost rental, and affordable

housing deliveries pipeline.

Improved compact growth guidance.

Increased awareness of the importance

of public-private partnerships to increase

housing supply.

Contribution to the review of the National

Planning Framework and new Planning

and Development Bill.

Shareholder interests and views

Planning policies.

Building and environmental regulations.

Health and safety matters.

Social and community issues.

Affordability.

Economic policy to underpin a

sustainable housebuilding industry

in Ireland.

How engagement is measured

and reported

Social, cost rental, and affordable

housing deliveries.

Outcomes of statutory policy

consultation processes.

Implementation and application of

legislative amendments.

Strategic Report

Sustainability Statement

Governance Report

Financial Statements

STAKEHOLDER ENGAGEMENT

CONTINUED

Understanding interests of key stakeholders

Glenveagh conducted a comprehensive

stakeholder engagement process as part of

its double materiality assessment (DMA). This

allowed us to understand the interests and

views of stakeholders specifically regarding

matters that were assessed as material or

not material in the context of our business

model and strategy. Engagement included

stakeholders from the six key groupings

outlined previously as well as other stakeholders

representing the environment or experts in a

particular area pertinent to sustainability. This

engagement is described in greater detail

under IRO-1 (page 108).

Amendments to strategy

Glenveagh continuously keeps stakeholder

interests and views under review in the

context of its strategy and business model

and integrates changes to address these as

necessary. At this time there are no specific

amendments to report or planned.

Keeping the Board informed

Both the Audit and Risk Committee (ARC) and

the Environmental and Social Responsibility

(ESR) Committee were informed about the

stakeholder engagement process and outcome

as part of the DMA.

The Board is informed about a range of

stakeholder interests throughout the year. Some

of these include sustainability-related matters.

For a full overview of Board stakeholder

engagement please see page 69.

The ESR Committee is informed about a

number of stakeholder views on specific

sustainability matters throughout the year.

For more information, please see the ESR

Committee Report on page 94.

SBM-2

Disclosure points incorporated by reference in this section:

1. ESRS2 SBM-2 45(b)

2. ESRS2 SBM-2 45(c)

3. ESRS2 SBM-2 45(d)

Glenveagh Properties plc | Annual Report and Accounts 2024

ﬁ

Our Building

Better Strategy

Our Building Better Strategy is designed to carry Glenveagh into a

new chapter of growth and to cement our position as the leading

provider of great value, high-quality homes in Ireland.

This strategy underpins our drive to bring

greater value to all our stakeholders. We want

to provide even more high-calibre housing that

helps families and communities to flourish. We

want to use innovative ideas and technology

to fuel greater returns, improved sustainability,

and operational efficiencies. We also want to

ensure we continue to deliver an outstanding

level of choice and personal service to every

one of our customers.

Each of our five strategic priorities is supported

by action-oriented pillars, which in turn are

underpinned by key projects. Progress against

these pillars is measured by a clear set of key

performance indicators.

Our commitment to environmental and social

issues is also embedded in the strategy with

sustainability and business priorities firmly

identified and integrated into decision-making.

Our Net Zero Transition Plan, published in 2023,

sets out our short- and long-term approach

to climate change, which includes demanding

science-based ambitions and targets.



READ MORE: PG 34

Strategic Report

Sustainability Statement

Governance Report

Financial Statements

OUR STRATEGY

CONTINUED

Placing the

customer first

We will be acknowledged as providing an outstanding

customer experience, offering the high-calibre service

excellence expected from the leading provider of

affordable, high-quality homes for all tenures.

Sustainability

The success of our business is dependent on the

satisfaction of our consumers and end-users.

Our environmental sustainability goals around climate,

resources, and biodiversity help to ensure that our

customers have access to high-quality, efficient, durable

homes in communities that thrive as well as the guidance

to reduce their own environmental impact.

On an ongoing basis, we are working to advance our

communication channels, the quality of our homes, and

our partnerships to address material social considerations.

Material sustainability matters: information-related

impacts, personal safety, social inclusion, climate change,

resource use and circular economy, biodiversity.

To find out more, read our Sustainability Statement on

page 98.

Pillars

Customer journey

Transform our customer journey into a

best-in-class experience.

Affordability

Ensure that we focus on affordability in everything that

we do.

Position ourselves as the partner of choice for affordable,

high-quality housing, appealing to private, institutional,

and state-supported customers.

Build quality

Deliver high-quality homes across all our developments.

Embed a quality-first approach in our workmanship,

materials, and products.

Extend our quality culture across the value chain, including

subcontractors and professional teams.

Links to risks

SBM-1

1. Disclosure points incorporated by reference in this section:

ESRS2 SBM-1 40(e)-(g)

Glenveagh Properties plc | Annual Report and Accounts 2024

We are proud to be recognised as the leading provider of high-quality, affordable

homes in Ireland. This national reputation reflects our passion for our business and

is built on our belief in placing the customer first.

By understanding our customers’ needs, we can

offer the best help and advice to support them

at every step along the home-buying journey.

This is one way we create lasting relationships

built on partnership and trust.

We remain committed to building better and

continuously enhancing our service to deliver

customer excellence at every touchpoint. To

do so, we focus on three critical areas for

continual development: the customer journey,

affordability, and build quality. To measure our

progress, we consider our customer satisfaction

rating, the average selling price (ASP), the

number of homes sold below ASP, and the

number of sites operating under our Quality

Management System (QMS).

Our work has made Glenveagh the partner

of choice for a diverse range of private,

institutional, and state-supported customers.

We do not compromise on quality. We build

homes that last, are energy-efficient, and

are designed for today’s lifestyles.

Customer journey

We want to ensure all our customers experience

the highest level of service and make the

buying process as straightforward as possible.

That means working side-by-side with them

at every step, offering help and advice – from

the first thought of buying a property to after

they’ve moved into their new home.

The customer journey begins long before our

homes are built as we embark on creating new

and vibrant communities. We offer detailed

information at every point of the journey,

including the types of homes we provide, the

variety of financial options available, and how

to operate the hot water.

This year, we continued to invest in enhancing

our digital presence to provide even more

information and practical advice. For example,

our first-time buyer hub offers a step-by-step

guide to purchasing a new home, explaining

how to navigate each stage.

In 2024, we rolled out a new interactive online

platform dedicated to providing customers with

more immediate answers to their questions and

faster resolutions to potential issues. Creating

an increasingly digital marketplace allows

buyers to engage more seamlessly with the

housebuilding process, from design choices to

financing, making the experience smoother

and more transparent.

In addition to capturing a wealth of additional

insight, the platform enables regular feedback

and updates to customers to ensure they

are kept fully informed and up to date on

the progress of their queries. Enhanced

service level agreements also significantly

reduced turnaround times for resolving

outstanding issues.

We also enhanced the homeowner

walkthrough guide we give to all our buyers

when they move into their new property. As well

as providing a physical tour of the house and a

guide to its key features and controls, we have

created new video guides on our website and a

comprehensive range of answers to frequently

asked questions about our homes. We also

provide printed guides that are customised for

each development.

As a result, customer satisfaction remains

high, with an approval rating of 94%, and

our brand awareness continues to rise. This

year, a survey by Ipsos/Behaviour & Attitudes

confirmed our position as the most recognised

Irish homebuilding company with a total brand

awareness score of 54%.

Affordability

Helping young people and first-time buyers

own their homes is at the heart of our business,

so promoting affordability is a priority. First-time

buyers continued to drive mortgage activity and

accounted for over 60% of the market.

This year, we continued to work on promoting

affordability schemes, such as the Help to Buy

and the First Home Schemes (FHS), which

help first-time buyers with up to 30% of the

market value of their newly-built home in

a private development anywhere in the

Republic of Ireland.

Our reputation is based on deep

and lasting relationships

OUR STRATEGY

CONTINUED

In progress

94%

Customer satisfaction rating

€365,000

Average Selling Price 2024

100%

of sites operating under our

construction QMS

Strategic Report

Sustainability Statement

Governance Report

Financial Statements

OUR STRATEGY

CONTINUED

Meanwhile, we have created new and tailored

content across our digital platforms to increase

awareness of and access to the available

financial options. Community events support

this, where representatives from banks,

mortgage brokers, and affordability schemes

are on hand to offer independent advice to

prospective buyers.

In 2024, our homes’ ASP was €365,000,

reflecting underlying house price inflation

and changes in our product and site mix.

Approximately 70% fell within the eligibility

criteria of the FHS.

Build quality

Glenveagh customers can count on quality.

It is integral to our culture, evident in every

touchpoint across the business, and embedded

in the DNA of our sub-contractors and

consultants. Our homes are built to last, using

high-quality materials and designs that reflect

the demands of our changing lifestyles. We

take a quality-first approach in everything we

do, from expert design and workmanship to

the materials and products we use.

That means our houses have the highest

building energy ratings, making them among

the most energy-efficient and with the lowest

energy bills.

A continued focus on standardising our

products, materials, and processes has

significantly improved quality. In 2024, we more

than doubled our output of standardised units,

and customers benefited from better-quality

housing built faster with fewer issues and

lower costs.

Our QMS rollout has allowed us to capture rich,

real-time data across all our sites. As a result,

response times are faster, and construction

processes are more efficient with improved

quality measurements. The annual audit of

our ISO 9001: 2015 certification awarded by

NSAI confirmed our compliance with the

international standard.

Looking ahead

Continuous improvement across all three pillars

of our customer strategy is a priority. Innovation

and cutting-edge construction technology,

combined with a customer-centric approach

and unrivalled commitment to quality, are the

critical components in our ability to provide

premium-quality, low-environmental-impact

homes at affordable prices.

We will continue enhancing the customer

journey by investing additional money in our

digital platforms and creating practical content

about the planning, design, and construction

processes and available financial options.

Meanwhile, we will continue championing

affordability by delivering high-quality

housing with greater efficiency and

improved sustainability.

Glenveagh customers can count on quality.

It is integral to our culture, evident in every

touchpoint across the business, and

embedded in our DNA.

Glenveagh Properties plc | Annual Report and Accounts 2024

OUR STRATEGY

CONTINUED

Valuing and

developing our

colleagues

We will be an employer of choice and the best place to work in

our sector. We will attract and retain a diverse, high-performance

workforce in a safe and inclusive environment.

Sustainability

The delivery of our homes is dependent on the expertise

of our workforce and workers in our value chain.

Our goals around social sustainability matters such as

Equity, Diversity and Inclusion (ED&I) and health and

safety are an integral part of this strategic priority. We

invest in our colleagues with the goal to enhance their

capabilities and secure our talent pipeline.

Continuing to evolve, we are working to improve our

leadership skills, increase our diversity, and continue to

provide a safe workplace.

Material sustainability matters: working conditions, equal

treatment and opportunities, corporate culture, health and

safety.

To find out more, read our Sustainability Statement on

page 98.

Pillars

Talent

Attract and retain high-calibre talent, ensuring we have a

high-performance organisation that is fit for the future.

Culture

Create a strong culture centred on our values, with an

equity, diversity, and inclusion ethos.

Safety

Foster a safety culture for all employed and affected by

what we do.

Links to risks

SBM-1

1. Disclosure points incorporated by reference in this section:

ESRS2 SBM-1 40(e) - (g)

Strategic Report

Sustainability Statement

Governance Report

Financial Statements

Our people are at the very heart of our success. Attracting, retaining, and developing high-

calibre talent makes us competitive and allows us to deliver solid results and outstanding customer

satisfaction. Meanwhile, having a vibrant, inclusive workplace means people in Glenveagh are highly

motivated and feel valued, supported, and able to be themselves.

We have cultivated a collaborative culture,

shared values, and a strong sense of

engagement at every level of the organisation.

In other words, Glenveagh is a great place to

work. To keep it that way, we actively engage

with all our employees – including contractors

and sub-contractors – to fully understand the

demands of their roles and what they need to

succeed. We believe in focusing on the person,

not just the job, so we design and deliver

training and learning opportunities so that

everyone can develop the right personal and

professional skills to flourish.

At the same time, we are committed to

protecting the health, safety, and wellbeing

of everyone we engage and work with. That

is why we go above and beyond health and

safety standards and requirements to keep

our workers and the public safe.

These are some of the ways we are building a

better workplace.

Talent

We look for and develop talent at every level

throughout the organisation – and even outside

it. We engage with schools, universities,

and youth centres, offering knowledge and

insight into careers in the construction industry.

This includes offering work placements

and scholarships.

Our graduate programmes and internal

training opportunities focus on a grow-your-

own approach. In 2024, we expanded our

graduate programme, doubling the number

of participants from 20 to 42. We continue to

invest time, money, and resources in developing

a pipeline of future talent that can grow with

and through the organisation. It is another

way we are winning the war for talent and

mitigating a skills shortage that has impacted

parts of the industry. For example, Construction

Academy provides a blend of on-the-job

training, coaching, mentoring, and classroom

learning for future leaders within

the organisation.

Across the Group, over 8,300 hours (excluding

EHS training hours) were delivered in 2024,

resulting in 13.6 hours of professional

development focused training per employee.

This reflects a shift to microlearning content

available, with more learners engaging in

shorter learning content.

The company has continued building a new

learning management system, Learning

Hub. This tracks employee training and

development and provides a library of

self-directed learning, with a focus on

building key skills across the organisation

in areas such as project management and

continuous improvement.

The company has built out a Key Skills

framework that has 15 key skills tied to

strategic objectives. This enables us to

focus on driving strategic development by

integrating the key skills into our leadership

programmes and creating learning

opportunities with insights directly from

individuals’ development goals and key skills.

The company is also looking to provide

more coaching and mentoring by upskilling

our internal coaches and mentors and

incorporating coaching and mentoring

resources and support into more of our

leadership development programmes.

It is important that we all understand the

strategy underpinning our success as Ireland’s

leading homebuilder. Performance development

directly links to our strategic objectives, and

we set clear, attainable goals that align our

business priorities with our values.

Our online performance management system

ensures we have the workforce and skills to

keep us competitive and ahead of the market.

The individual role goals in the G.R.I.T. (Goals,

Reflection, Impact, Talent) programme are

set and cascaded from the leadership team

across the organisation. A total of 1,889

goals have been included in G.R.I.T. – 75%

aligning to Building Better priorities and 25%

linked to individual development goals. It

closely connects managers and their teams,

encourages regular feedback through

conversations, highlights areas for development,

and gives employees greater control of their

training and development needs.

We have also implemented new training

opportunities at our NUA manufacturing plant

to provide new starters with the foundations

on how to work the machines before going

out onto the floor. We have enhanced our

manufacturing induction, leadership and tech

skills development while also offering ‘train the

trainer’ sessions and coaching to leaders.

Culture

Our culture is the driving force behind our

employee value proposition. It is part of what

attracts people to Glenveagh and why many

recognise the business as an employer of

choice. The actions of our senior leadership set

the tone for the entire organisation, while our

colleagues’ participation and engagement at

Building a better workplace

OUR STRATEGY

CONTINUED

In progress

20%

Turnover rate (Glenveagh and

NUA combined)

78%

Great Place to Work

survey score

3.45

Total Recordable Incident

Rate (TRIR)

Glenveagh Properties plc | Annual Report and Accounts 2024

OUR STRATEGY

CONTINUED

every level bring our culture to life. We promote

open dialogue and transparency to build

trust and mutual respect, and employees feel

informed, valued, and heard. This is done

through forums, network groups, surveys,

coaching, and mentoring, supported by our

collaborative all-hands spaces, where these

events and panel discussions are hosted for

both in-person and hybrid.

Our performance management, learning,

and development programmes encourage

continuous growth and are underpinned

by G.R.I.T. Our performance management

system builds the skills and values that

align with organisational goals and support

employees’ well-being and growth. We also

track absenteeism and turnover rates and

collect feedback from our onboarding and exit

interviews. We also review our internal mobility

rate and engagement in training. These

metrics and insights give us a clear view of our

organisational culture to help us continuously

align it with organisational goals.

We ensure that we maintain open and

transparent employee communications across

the business through various forums and

communication applications. Furthermore,

a quarterly employee recognition programme

allows employees to nominate colleagues

whose behaviours align with the

company values.

HR Business Partners collaborate with

managers across the business and are regularly

present on-site and in our offices, ensuring

that the company values are communicated

and embedded.

Wellbeing

Wellbeing is another crucial ingredient in

shaping our culture. Employee wellbeing

improves personal, physical, financial, and

mental health and increases productivity.

In 2024, we continued to promote a healthier

workplace and employees’ physical and

mental wellbeing through various initiatives

that contributed to a better work-life balance.

Strategy in action:

The future of construction

The best way to prepare for the future is to help shape it. To meet the

evolving demands of the construction sector, particularly in sustainability,

digital technologies, and leadership, Glenveagh has refreshed and

enhanced its graduate programme.

Working with the Irish Management Institute

(IMI), our Learning and Organisational

Development (L&OD) team designed

a comprehensive experiential learning

programme tailored to our strategic goals

and values.

The construction industry has seen

significant shifts in recent years. Traditionally,

leaders progressed from trade roles

to leadership positions through on-site

experience. Today, we are developing our

own talent by targeting graduates from

engineering, construction management,

quantity surveying, and other third-level

backgrounds and putting them on a fast-

track to success.

As well as practical exercises, the expanded

programme incorporates our Building Better

Strategy and the G.R.I.T. performance

development process. It includes coaching

as well as an array of expert guest

speakers, and workshops aimed at fostering

leadership, self-awareness, and innovation.

The course provides future leaders with

a comprehensive learning experience,

focusing on communication, teamwork, and

understanding Glenveagh’s vision, values,

and culture.

As a result, their success is our success.

Last year, over 75% of participants were

promoted following the programme and

demand for graduate roles surged.

These included developing our Mental Health

First Aiders cadre, publicising the Employee

Assistance Programme, and supporting greater

flexible working. We also have a variety of

wellbeing learning supports available in the

Learning Hub library.

We offer eight collaboration areas, a large

town hall/training space, an on-site restaurant,

changing room facilities, and a dedicated

wellbeing area in our head office.

Equity, diversity and inclusion

We are committed to creating a workplace

that thrives on a culture of equity, diversity

and inclusion (ED&I). Doing so is vital to

our business’s success, providing a richer

understanding of those we work with.

In 2024, we became the first company in the

construction sector in Ireland to be awarded

Gold accreditation by the Irish Centre for

Diversity. Our inclusion score – a measure of

how included people feel at Glenveagh – is

now 73%. This is an important milestone for

the business and the industry as we continue

implementing our ED&I Strategy, ‘Building a

Better Workplace’. The strategy outlines

our goals to achieve better representation,

nurture an inclusive environment, and use

our influence to support others in promoting

diversity in society.

This year, we completed the creation of a solid

governance structure to support the delivery of

this strategy. Five Employee Network Groups

(ENG) lead our activities and are accountable

to a cross-functional steering group. Each ENG

has a dedicated sponsor on the Executive

Committee, and the five groups focus on

Parents/Carers, Disability, LGBTQIA+, Ethnicity,

and Women. One of the actions this year was

participating in the fiftieth anniversary of the

Dublin LGBTQ+ Pride parade with our House

of Love float.

In 2024, we also achieved positive results

against our targets for better representation

in the business. In 2024, women comprised

44% of the Glenveagh Board (target: 40%

Walk the talk

Challenge those who do not

wear 5 points of PPE on site

Challenge unsafe

behaviours & situations

Acknowledge positive

behaviour & practices

Actively promote the

importance of EHS &

actively engage with all

our stakeholders

Accept colleagues

holding me accountable

I Will...

Strategic Report

Sustainability Statement

Governance Report

Financial Statements

OUR STRATEGY

CONTINUED

by 2027) and 14% of the senior management

team (target: 28% by 2025), while 38% of our

graduate programme are female (target: 30%).

In the GPTW survey, we improved our Diversity

& Inclusion rating to 89%—up from a baseline

of 84%—and increased our score for Culture to

80% from a base of 75%.

We are also on course to provide all employees

awareness training in ED&I in 2025. To date,

82% of our Glenveagh workforce have

completed the ED&I Training course.

Elsewhere, we have engaged with our supply

chain to understand and promote ED&I and

share best practices about ED&I policies and

commitments. Expectations around diversity

also form part of our Supplier Code of

Conduct. Partnerships with schools, universities,

and organisations such as Business in the

Community Ireland (BITCI) will also help to

ensure a more diverse pool of candidates

throughout the recruitment process.

Safety

The health and wellbeing of our people and

those we work with is paramount. We are

committed to the highest industry standards of

health and safety for our people and recognise

it is an area for which we are all responsible.

We have a robust Safety Culture strategy with

three objectives: to develop a culture of safety,

move from ‘what’ to ‘how’, and build safety

leadership skills at all organisational levels.

Results from the latest Safety Climate Tool

Surveys reflect a positive shift in our approach

to creating a safer working environment. This

year, participation increased by 19%, with 212

people providing feedback on H&S issues.

Scores for organisational commitment, resources

for health and safety, and trust all improved

from last year. The results show our collective

efforts are driving lasting change and illustrate

a safety culture where safety happens because

‘we want to’ and not because ‘we have to’.

In 2024, we rolled out the second phase of our

Safety Leadership Skills programme, which 84

supervisors, managers, and site administrators

across the business completed. This brings the

total number of senior leaders and managers

who have completed the training to 159, and

this will continue into 2025. In addition to

Strategy in action:

A new gold standard for Ireland

Glenveagh has made history by becoming the first construction company

in Ireland to receive the prestigious Gold accreditation for Diversity from

the Irish Centre for Diversity (ICD).

This accolade, the highest offered by the

ICD, reflects Glenveagh’s comprehensive

approach to managing diversity within its

workforce and promoting inclusivity. It is a

testament to its commitment to fostering an

inclusive and diverse workplace.

The Company’s Building Better Strategy

incorporates a robust ED&I framework

supported by five Employee Network

Groups and an ED&I Steering Group. This

has helped promote gender diversity in the

Glenveagh workforce of almost 450, where

33% are female – significantly higher than

the industry average of 9%.

Meanwhile, inclusive policies such as

maternity leave, flexible parental leave, and

fertility leave have helped boost employee

engagement and nurture cultural diversity

in a business that employs more than 20

nationalities. Initiatives such as an ‘ideas

forum’, ‘breakfast with ExCo’ events, and

providing quiet, nursing, and multi-faith

rooms at the Maynooth Head Office

enhance staff involvement and inclusion.

Glenveagh also actively gathers data from

its gender pay gap reports to drive progress

in reducing and eliminating the gap.

specific safety training focused on individual

topics, all employees must complete the

e-training module ‘Safety Culture Awareness

and The Glenveagh Safety Commitment’

and pledge to practise and demonstrate

the I-Wills daily.

Our safety management system, which is

accredited to ISO 45001 (Occupational Health

& Safety), sets out a robust framework for

our approach supported by a dedicated

environmental health and safety department

focused on risk management throughout the

business. Monthly in-house and externally

facilitated health and safety audits are carried

out across all sites. In 2024, we completed 149

audits across 20 Glenveagh sites and had our

ISO re-certified.

Every year, we run a week-long campaign

highlighting the importance of safe working.

This year’s focus was on mental health and

wellbeing, including critical risks such as lifting

and working at height. We hosted various

expert speakers and health specialists at

events across our sites.

We were one of the winners at the NISO

All-Ireland Occupational Safety Awards

2024, where we were picked up the

Construction House Building Award. We

were also recognised with a Consistent High

Achiever Award, having achieved a Higher

Distinction level or above for the past five

consecutive years.

Looking ahead

Our focus in the year ahead will be to build

on our achievements. There are always things

we can do better to improve how we work,

attract, and develop our people, and deliver

on our ED&I objectives. These will be some of

the priorities for 2025 as we continue to ensure

Glenveagh remains a great place to work.

The Glenveagh Safety Commitment

Glenveagh Properties plc | Annual Report and Accounts 2024

OUR STRATEGY

CONTINUED

Driving

operational

excellence

We plan, design, and assemble superior products using best-in-class

processes across the build life cycle. Clear accountability will enable

us to make operational choices rapidly and decisively and to allocate

resources as efficiently as possible.

Sustainability

The development and use of our homes is currently reliant

on processes and resources that produce GHG emissions.

Our goals around climate change and resource use in

particular drive efficiencies in our operations to help

reduce both our impacts and risks and take advantage

of any opportunities.

We are currently in the process of implementing our

Net Zero Transition Plan and Circular Economy strategy,

working to transition to renewable fuel, increase

electrification, and more efficiently use and reuse the

resources we need to deliver high-quality homes.

Material sustainability matters: climate change

mitigation, resource use and circular economy, energy,

pollution, water.

To find out more, read our Sustainability Statement on

page 98.

Pillars

Efficiency

Establish an end-to-end, time-bound process for the build

cycle, with clear accountability at each element, supported

by appropriate oversight. Enhance efficiency and use

fewer resources (time, money, materials, energy, natural

resources) to create a high-quality product.

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Financial Statements

Pioneering modern construction methods and our focus on standardisation and innovation are central

to our growth strategy and empower our operational excellence. As we continue to expand, our

commitment to sustainability, efficiency, and affordability remains at the core of our operations.

With enhanced technology, increased

standardisation of products and processes, and

better expertise at our three manufacturing

facilities, we significantly increased the

production of timber and light gauge steel

frames in 2024.

Focusing on innovation and standardisation

has transformed how we design, produce, and

deliver units. Where once it might have taken

up to two years to go from design table to

completed home, today it can be done in just

20 weeks.

In 2024, we strengthened our Innovation

Team, whose work covers everything from

sustainability to materials and processes,

modern methods of construction, and

the design for manufacturing assembly.

The team has also been driving the

standardisation process.

The focus on standardising house types and

investing in off-site manufacturing has been

instrumental in ensuring effective delivery and

high build quality. It is part of a strategy that

drives operational excellence and efficiency

across design and house type layouts,

mechanical and electrical layouts, and other

processes. This attention to detail ensures

consistency and quality across all projects,

helping us to manage costs and reduce our

environmental impact.

The combination of NUA and the increasing

standardisation of our product and process

means that we can plan, design, and build

houses more effectively, with greater efficiency

and speed, and in greater numbers than ever

before while managing our resources more

efficiently. This, in turn, supports an improved

margin and return profile for the Group overall.

Standardisation begins with land acquisition

and drives our approach to each project’s

planning, design, and construction phases. We

design and submit planning applications based

on our standardised typologies. Only a small

number of units produced by our three facilities

are non-standard.

As a result, we have seen a substantial

increase in efficiency. Our most recent design

was developed over the past two years.

These units are more efficient than those of

previous designs, meaning they are faster to

manufacture and have led to a more efficient

design approval process. We will continue to

evolve our designs to drive additional efficiency.

By introducing standard components, detailing,

heights, and dimensions, we have optimised

manufacturing and construction processes

to create highly desirable homes faster, more

efficiently, and for less cost. This has led to

an average reduction of 44% in the upfront

embodied carbon (kgCO

e/sqm) of the

standardised designs compared to the

previous design typologies used in our

baseline assessment.

Our standardisation model is underpinned by

the government’s enhanced compact growth

guidelines, published in 2024. The guidelines

champion sustainable residential development

and more compact settlements in rural and

urban locations. The aim is to restrict urban

sprawl and make greater use of existing

buildings, brownfields, and infill sites.

As a result, we are focused on achieving higher

housing densities (circa 45 units per hectare)

without compromising quality, increasing own-

door housing to enhance community and place,

and prioritising viability and affordability.

We have already seen an improvement in gross

margin growth. In 2024, the suburban gross

margin increased to 22.2% (2023: 20.2%).

Standardisation and sites of scale drive

higher margins and improved returns

In progress

15.2%

Operating margin

47%

Reduction in Scope 1 and 2 greenhouse

gas emissions compared to base

year (2021)

18%

Reduction in operational energy intensity

(mWh/net revenue) compared to 2023

The focus on standardising

house types and investing

in off-site manufacturing

has been instrumental in

ensuring effective delivery

and high build quality.

OUR STRATEGY

CONTINUED

Glenveagh Properties plc | Annual Report and Accounts 2024

Our ability to consistently deliver high-quality,

sustainable homes at scale reflects the strength

of our approach and the skill and dedication

of our people. We delivered more than 2,400

homes in 2024, a critical objective in our role

in the sector responding to Ireland’s housing

needs. All of the units sold in 2024 had an A

BER rating.

In 2024, we significantly expanded our

landbank, adding over 9,000 units across

multiple tenures in strategic locations. These

acquisitions provide us with scope to secure

partnerships on adjacent sites for 2,000 units,

further enhancing the growth and returns

profile of the partnership segment of the

overall Group.

Meanwhile, our Quality Management System

is operational at every site. This sophisticated

data tracking and analysis system has already

driven significant operational improvements.

Data-rich dashboards give us a complete

and precise overview of every part of the

construction process, detailing information

on time, quality, costs, design, and

construction issues.

It has also improved transparency and

accountability, with performance metrics

available to all teams and subcontractors,

reinforcing our collaborative, solution-

oriented approach.

Available across multiple platforms and with

inputs from our teams, contractors, and

subcontractors, it has transformed our business

and enabled us to work faster with fewer

issues. It has enhanced our ability to forecast

and balance resource requirements, reducing

inefficiencies and ensuring steady workflow.

Strategy in action:

Home of the future. Today.

The county town of Navan sits within reach of some of Ireland’s most

remarkable archaeological sites, but it is also at the very heart of cutting-

edge innovation in today’s housing revolution.

Just minutes from the town centre,

Glenveagh has created Belmont House,

a set of new homes using state-of-the-art

sustainable technologies designed to help

support carbon reduction and provide better

customer value.

The 19 properties, located around 50

kilometres northwest of Dublin, may look

like ordinary houses, but they incorporate

innovative technology to be among the

most sustainable in the country. In addition

to having fast electric vehicle chargers, each

home has integrated solar roof tiles that

use embedded photovoltaic cells to convert

solar energy into electricity.

Meanwhile, high-quality, durable, lightweight

rain-screen cladding on the back of the

homes makes it easier to cool the homes in

summer and provide warmth in the winter,

enhancing comfort and saving energy.

Various heating and hot water technologies,

including ceiling heating panels and air-

source heat pumps and cylinders, promote

sustainable energy efficiencies inside.

This innovative approach is part of

Glenveagh’s drive to use more sustainable

and versatile building materials and

processes. Underpinned by its Net Zero,

Biodiversity and Circular Economy strategies,

harnessing such innovation, including

greater standardisation, will safeguard

against future risks such as a diminishing

labour workforce and adverse climate

conditions. It will also pave the way to

greater scalability and economic growth

while providing more control of the

delivery process.

By harnessing our data in this way, we have

improved our agility and the quality of our

decision-making. The information we now have

at our fingertips allows us to assign or divert

resources to the right place at the right time

and for the right duration, reducing downtime

and driving efficiency.

While the full impact of the system is still

to be determined, we have already seen

tangible results, such as reduced build times

and increased productivity, that support the

business’s scalability.

Looking ahead

In the year ahead, we will further align our

three manufacturing facilities so that they

produce near-identical products. At the

same time, we will increase the preparation

of each unit before it leaves the factory to

reduce installation time on site. Prefabricated

components speed up construction and

significantly save costs by reducing material

waste and labour.

Innovation will remain a significant focus as we

explore new types of durable cladding, roof

design, and foundations that will reduce costs

and carbon emissions.

We will also accelerate our future land

investment plans and significantly expand our

landbank in the near term.

OUR STRATEGY

CONTINUED

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Sustainability Statement

Governance Report

Financial Statements

Sustainability Statement

Governance Report

Strategic Report

Embracing

innovation

We will be at the cutting edge of innovation in the homebuilding

sector, allowing us to transition to a low-carbon economy with the

best value, circular construction.

OUR STRATEGY

CONTINUED

Sustainability

Improvements to the design, manufacturing, and

construction of our homes can help us to achieve our

climate and resource use goals.

Our goal is to innovate impactful solutions incorporating

low embodied carbon components and circular principles.

Our goal is to apply innovative techniques to mitigate the

emerging challenges of our industry.

As a part of environmental sustainability goals, we are

currently focussed on advancing standardisation and

material solutions and implementing a supply chain

strategy to engage our upstream value chain.

Material sustainability matters: climate change mitigation

and adaption, energy, resource use, and circular economy.

To find out more, read our Sustainability Statement on

page 98.

Pillars

Scalability

Continued pioneering advancements and optimisation,

offering superior potential to accommodate growth and

de-risk our delivery model.

Efficient, low-carbon, circular construction

Develop innovative solutions throughout the project

lifecycle to reduce costs and whole-life carbon from

our buildings.

Incorporate circularity to support our Net Zero ambition.

Research and development hub

Foster a culture of research, innovation, and

entrepreneurship within the organisation and be

recognised in the industry.

Formidable brand presence, established

best-in-class reputation

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1. Disclosure points incorporated by reference in this section:

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Glenveagh Properties plc | Annual Report and Accounts 2024

Innovation plays a crucial role in enabling us to create a sustainable future for housing in Ireland. It

helps overcome resource constraints, aligns with environmental goals, and improves the quality of life

for homeowners while making construction processes more productive and cost-effective. Critically, it

also supports our ability to scale the business while at the same time reducing risk.

As a result, we are perfectly positioned to

increase our market leadership and drive

significant growth.

We have strengthened our research and

development capabilities and introduced

new manufacturing methods for better, more

efficient, low-carbon circular construction. As a

result, we have improved operational efficiency,

reduced margins, and grown revenue.

For example, our standardised house model

can be efficiently manufactured and adapted

to different densities and demographics,

improving operational excellence. It has

significantly reduced construction time,

enhanced quality control, and minimised waste.

At the same time, we piloted new heating

solutions, including infrared ceiling panels and

electric heating, to optimise energy efficiency

in smaller, affordable homes. Integrating

intelligent technologies in homes, including

smart heating systems, lighting, and security

systems, is another way to provide homeowners

with better energy management and comfort.

In 2024, we increased our off-site

manufacturing capacity and introduced

high-quality, lightweight materials that have

considerably reduced carbon and concrete use.

NUA has the capacity to deliver frames

for approximately 2,500 homes per year,

working on a single shift. We focus on off-site

manufacturing using timber frames and light

gauge steel and have invested in enhancing

the premanufactured value of our products

to speed up construction and reduce material

waste and labour costs.

Efficient, low-carbon, circular construction

Today’s homes are designed to be highly

energy efficient, using renewable materials

such as light gauge steel, timber, and recycled

materials to reduce our carbon footprint.

Our focus is increasingly on incorporating

low-embodied carbon components and circular

principles. With more durable materials and

advanced building techniques, such as airtight

building envelopes, our homes offer significant

benefits such as improved versatility, quality,

recyclability, and a reduction in waste.

Since 99% of our GHG emissions are in Scope

3—indirect emissions from upstream and

downstream activities in our value chain—we

are working closely with suppliers to navigate

our decarbonisation more effectively.

In 2024, we launched our Circular

Economy strategy to support a reduction

in the environmental impact of buildings,

infrastructure, and other elements of urban

space.

Our objective is to cut our material footprint by

incorporating circular design principles into our

design activities.

The benefits of embracing circular economy

principles in construction include reduced GHG

emissions, ongoing maintenance of natural

ecosystems services, reduced exposure to raw

material price volatility, and the development of

urban areas that are more liveable, productive,

and convenient.

Our focus on innovation in this area has

already helped us to reduce the use of

carbon-intensive materials and embed new

construction methods that reduce waste. At the

same time, by enhancing collaboration with

suppliers and integrating more data, we are

also driving circular innovation to reduce the

supply chain’s environmental impact.

This approach demonstrates our commitment

to ecological stewardship, responsibly using

and protecting the environment within which

we operate and delivering it transparently and

collaboratively with our partners across our

value chain.

It will also enable us to meet the requirements

of the EU Taxonomy, EU Circular Economy

Action Plan, and Ireland’s National Climate

Action Plan, which emphasise the role of

circularity and decarbonisation.

In tandem, we have developed our Supply

Chain Sustainability Programme to integrate

our sustainability ambitions into the

procurement and supply chain process. The

strategy aligns with current and upcoming legal

and industry requirements and is integral to

helping us achieve our Science Based Targets

(SBTs) and Net Zero Transition Plan. We aim to

reduce Scope 3 emissions to 55% by 2031 and

Net Zero by 2050.

How innovation is driving our future

OUR STRATEGY

CONTINUED

Sustainability targets

Glenveagh has responded to the urgent

call from the Science Based Target

initiative (SBTi) for corporate climate

action by committing to near-term and

long-term carbon reductions:

By 2031:

46.2%

reduction in absolute Scope 1 and 2

emissions from a 2021 base year

55%

reduction in Scope 3 emissions intensity

(tCO

e/100 sq m of completed floor

area) from a 2021 base year

By 2050:

90%

reduction in absolute Scope 1 and 2

emissions from a 2021 base year

97%

reduction in Scope 3 emissions intensity

(tCO

e/100 sq m of completed floor

area) from a 2021 base year

Strategic Report

Sustainability Statement

Governance Report

Financial Statements

OUR STRATEGY

CONTINUED

Research and development

The design and innovation department was

strengthened in 2024 and continues to take the

lead in futureproofing the business. Its primary

focus is to introduce and embed innovative

new ways to enhance our design-and-build

capabilities, including the use of new designs,

materials, and processes.

It also considers consumer behaviour and

market trends to ensure we meet the evolving

needs of homeowners.

By improving digital construction technologies,

such as Building Information Modelling (BIM),

we continued to enhance collaboration

between architects, engineers, and contractors,

reducing errors and ensuring more efficient

project delivery. It also streamlines workflows,

reduces costs, and improves the precision of

projects.

Leveraging NUA’s expertise, we have

significantly increased the proportion of our

off-site construction and the premanufactured

build value of our products. This has

streamlined processes and reduced duplication,

and Glenveagh is now well-positioned to

increase production to meet the government’s

targets and customer demands.

Our objective is to cut

our material footprint by

incorporating circular

design principles into

our design activities.

Looking ahead

To future proof the business against an ever-

changing market, we have embarked on a

journey to implement best-practise innovation,

DfMA and standardisation design principles.

The aim is to ensure greater predictability of

outcome and ultimately improve the company’s

long term profitability.

Our innovation strategy across construction,

sustainability, digitalisation, and affordability

has helped to cement our position as the key

player in Ireland’s evolving housing market.

We continue to help address the immediate

housing shortage and the longer-term need for

more energy-efficient, affordable homes.

This work will support us in reducing

manufacturing costs, driving faster production

and assembly, improving product quality and

reliability, and reducing development time.

Glenveagh Properties plc | Annual Report and Accounts 2024

OUR STRATEGY

CONTINUED

Creating sustainable

and thriving places to live

We will establish and develop great places for people to

live, where communities and nature can flourish.

Sustainability

The construction and use of our homes has the potential

to affect surrounding communities and biodiversity.

Our goals around health and safety, biodiversity, and

community engagement are an integral part of our

priority to create sustainable and thriving places to live.

We are currently implementing our biodiversity strategy

and continuing our work providing long-term support to

local initiatives, working in close collaboration with our

partners and community leaders.

Material sustainability matters: biodiversity,

communities’ economic, social and cultural rights,

health and safety, pollution.

To find out more, read our Sustainability Statement on

page 98.

Pillars

Social impact

Create places where people love to live, ensuring

connectivity to the things that matter to them.

Land use and biodiversity

Use land in the most efficient way while protecting and

ultimately contributing positively to biodiversity and nature.

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1. Disclosure points incorporated by reference in this section:

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Governance Report

Financial Statements

Our homes are just part of the value we create. Part of our strategic focus is to make a positive

social impact and promote sustainable land use and biodiversity conservation. That means helping

to establish new communities where we can enrich the lives of those living in them and nurture the

environment surrounding them.

Before work begins, we collaborate with the

local community and its leaders to understand

their needs and concerns and develop an

overall vision for the spaces we create.

We support the community economy

by working with local organisations and

businesses, helping them to grow along with

the neighbourhood. At the same time, we are

active in supporting a range of charities, sport

and fitness initiatives, health and wellbeing

programmes, and educational schemes, all of

which help foster a flourishing community.

Social impact

High-quality, sustainable homes in strategic

locations provide the foundation for new

communities and a better, brighter future for

homeowners. We take a local approach to

our developments, promoting best-in-class

engagement that supports the economy and

helps people flourish.

We seek the additional labour and skills we

need from local suppliers across the county

while working with the regional supply chain

wherever possible. From day one, we require

site services such as waste management and

fuel suppliers, and these services and many

more are sourced locally to the scheme.

All our projects are designed to create

attractive streets and public spaces

that promote healthy lifestyles and

community interaction.

Meanwhile, our ‘Building Lasting Communities’

programme is designed to enhance people’s

lives within our communities long after the

building works are completed. It outlines

six pillars guiding our community activities:

Education, Sustainability, Health and Wellbeing,

Sports and Fitness, Local Economy, and Charity,

and partnering with local organisations.

Our community and sponsorship funds have

provided invaluable support to local initiatives.

These range from grassroots sponsorships

to sports facility upgrades, donations to

schools, and other important initiatives for

our communities. In total, we support over

a thousand community initiatives, including

the creation of cycleways, parks, and

community infrastructure.

This year, we launched our community hubs

initiative, the first of its kind in the country and

another step towards deeper engagement

with our communities. The online hubs offer the

latest updates on construction timelines, local

community activity and contact details

for our community team, helping to foster

greater engagement with local residents

and the broader community. It is another

communication channel offering immediate

real-time feedback on issues.

We also hosted four community events in 2024,

including two planting mornings. Focusing on

family fun and activities, the community events

attracted on average 200 people and provided

a good opportunity to meet with neighbours.

Our employees are also committed to

supporting their local communities. This year,

employees volunteered over 400 hours and

raised €26,895 for various projects to benefit

charitable projects.

In 2024, we continued to build on our national-

level partnerships, including our longstanding

collaborations with ALONE, the Jack & Jill

Foundation, and the National College of

Ireland’s Early Learning Initiative. This year, we

donated a total of €73,256 to 18 charitable

causes nationwide.

We also have several local and two national

sports partnerships across Ireland and

supported initiatives such as the LGFA’s

Gaelic4Girls programme and Co-operation

Ireland’s cross-border youth programme.

Meanwhile, we donated €30,000 to 12

TidyTowns groups and volunteers to support the

planting programme for the green spaces and

landscaping initiatives.

This year, our educational partnerships,

including the Nature Hero Awards, supported

80,000 students across more than 40 schools.

Our school outreach programme provided

work experience and mentoring to second-

and third-level students and offered a range

of apprenticeships and placements.

How we build the foundations

for successful communities

OUR STRATEGY

CONTINUED

In progress

25%

Build Communities, not just Homes

brand score

€496,565

Total contributions, sponsorship and

donations to charities/local communities

in 2024

55%

Percentage of closed land acquisition

deals which had biodiversity feasibility

reports completed in 2024

Glenveagh Properties plc | Annual Report and Accounts 2024

OUR STRATEGY

CONTINUED

We also strongly focus on safety and share our

expertise with local schools. In 2024, we hosted

20 construction safety talks for more than 1,000

pupils in areas where we have a presence.

As a result of our efforts, we increased our

Build Communities, not just Homes brand

score to 25%.

Social value

Social value is central to our strategy, guiding

how we engage with customers, suppliers,

and partners. We create social value primarily

through the homes and communities we

develop, prioritising customer needs to ensure

lasting value.

In 2024, we commenced a pilot social value

measurement project in partnership with

Simetrica-Jacobs, using rigorous methods

aligned with best practices. Over 600

households across 23 developments have

started to share their experiences, evaluating

factors like homes, local amenities, and

infrastructure. At the time of the survey, many

residents had been in their homes for less than

two years, and some developments were still

under construction. The survey work is ongoing

and to gain a further understanding, we intend

to survey respondents again to see how and

if responses change as customers live in the

developments for longer. This will also enable

us to measure, track, and report on our social

value over time and use these insights to help

shape our priorities going forward.

Land use and biodiversity

Land is a critical resource and using it efficiently

and sustainably is a priority. We pre-plan

to protect sensitive ecosystems, design in

collaboration with local authorities, and create life

cycle schemes to cater to every consumer group.

Strategy in action:

Helping out our heroes

Through our educational partnerships, we

support more than 80,000 students across

Ireland. One of our partnerships helps them

achieve their biodiversity goals and boost

their love for nature. By backing the Nature

Hero Awards, Ireland’s first standalone

outdoor learning award, we are helping to

highlight some of the exceptional efforts by

schools in biodiversity conservation.

Facilitated by our schools’ partner Biodiversity

in Schools, over 300 schools have registered

for this year’s awards, reflecting the strong

interest and participation from schools

nationwide. The awards recognise the

efforts of students and staff and encourage

schools to create educational spaces that

nurture a love for nature and promote local

environmental action.

Supporting the Nature Hero Awards remains

vital to Glenveagh’s Building Lasting

Communities educational programme.

The campaign has garnered positive media

coverage, including national press, TV, and

social media, amplifying its reach and impact.

Glenveagh’s sponsorship of the Nature Hero

Awards underscores its commitment to fostering

sustainable communities and supporting

educational initiatives across Ireland.

We understand that the local environment

significantly impacts health and wellbeing,

so cycle paths and walkways are important

features in our developments where possible.

At the same time, we nurture nature through

various planting initiatives.

In 2024, we implemented our new biodiversity

strategy focused on managing and conserving

biodiversity across the value chain. We have

already dedicated considerable effort to

improving our baseline knowledge of our

environmental impact and will continue to refine

this understanding with more accurate data.

We are committed to exploring sustainable

practices and technologies and will collaborate

with industry partners, suppliers, sub-

contractors, and other relevant stakeholders

to enhance our biodiversity initiatives. We

will evolve and improve our approach to

biodiversity impacts and dependencies

with input from our supply chain and have

embarked on a comprehensive engagement

programme with them.

We have started to manage biodiversity

conservation throughout every project’s life

cycle, from land acquisition to sales and

marketing and the transfer of developments to

the new owners. This year, following the launch

of our biodiversity strategy, we completed a

biodiversity baseline assessment of our NUA

locations. The result will allow us to develop

appropriate biodiversity management plans

around these locations and help shape our

approach in our communities.

For example, biodiversity is a theme at our

community and resident days, where, in addition

to getting to know each other and promoting

social inclusion, we encourage residents to plant

a selection of flowers, trees, and bushes.

We proudly sponsor The Nature Hero Award,

Ireland’s first standalone outdoor learning

award, to help schools achieve their biodiversity

goals. In 2024, as part of our support, we

delivered 90 biodiversity boot camps to 1,360

schoolchildren nationwide.

The award recognises exceptional work

by pupils and staff to support nature and

encourages a deeper understanding of

biodiversity. It covers many topics, such as

school gardening, biodiversity conservation,

ecological literacy, responsible citizenship, and

physical and mental wellbeing.

The Nature Hero Award is delivered together

with our schools’ partner, Biodiversity in Schools,

Ireland’s biodiversity education organisation for

young people.

Looking ahead

We are developing circular and biodiversity

design guidelines to outline our goals and help

create a standard for our architects at the

design stage. Meanwhile, we have developed a

Supply Chain Sustainability Strategy to engage

suppliers and subcontractors with respect to

impacts, risks, and opportunities across the

supply chain on biodiversity and dependencies

on ecosystem services.

At the same time, we will build on our internal

training around biodiversity, circularity,

and sustainability issues and increase staff

communication on these key subjects.

We understand that when companies come

together, ideas flourish, so we will continue to

collaborate with external stakeholders, such

as the Supply Chain Sustainability School, the

Irish Green Building Council, Business in the

Community Ireland and other businesses, to

share best and develop practice.

All our projects are

designed to create

attractive streets and

public spaces that promote

healthy lifestyles and

community interaction.

Strategic Report

Sustainability Statement

Governance Report

Financial Statements

91%

94%

024

023

022

0.00

15.25

30.50

45.75

61.00

76.25

91.50

106.75

122.

€63.0m

€55.1m

€113.8m

024

023

022

88%

90%

89%

024

023

022

0.000

2.375

4.750

7.125

9.500

11.875

14.250

16.625

19.0

7.6 cent

8.0 cent

17.0 cent

024

023

022

10.9%

11.7%

15.2%

024

023

022

7.1%

6.9%

14.2%

024

023

022

Our indicators and metrics

OUR PERFORMANCE

How we measure performance

and determine our key performance

indicators (KPIs)

To provide stakeholders with transparency into

the Group’s operational efficiency, financial

health, and commitment to sustainable

practices, a comprehensive outline of the KPIs

that are crucial to performance and to measure

progress against the strategic priorities of our

Building Better Strategy are outlined.

Strategic priorities linkage

Embracing

innovation

Placing the

customer first

Creating

sustainable and

thriving places

Valuing and

developing our

colleagues

Driving operational

excellence

Link between indicators and

Executive Director remunerations

The performance of KPIs, upon which the

variable remuneration of Executive Directors is

based, are outlined.



READ MORE: PG 50

Remuneration-based KPIs

Customer satisfaction

Definition

Glenveagh engages an independent external firm to

survey our customers on topics linked to their experience

with us.

Why we measure

Exceeding customer expectations is central to

Glenveagh’s strategy and a key indicator of performance

linked to variable remuneration.

Health and safety audit score

Definition

Glenveagh engages an external consultant and internal

safety specialists to complete safety audits monthly.

Why we measure

The health and safety audit score is an indicator of

the ability of the business to provide a safe working

environment for our people. Among other things, this

ensures we operate as a responsible employer.

Profit before tax

Definition

Total profit before income tax is applied. It takes into

account the various revenue sources and operating

expenses including depreciation, amortisation and

interest on debt, and overall financing.

Why we measure

Considered to be the best overall profit measure

of the business.

EPS

Definition

Basic earnings per share as calculated in accordance

with IAS 33 earnings per share subject to adjustment by

the Remuneration Committee at its discretion, for items

deemed not reflective of the Group’s underlying

performance for the period.

Why we measure

Indicates to shareholders how much each ordinary share

they have invested is earning.

ROE

Definition

Efficiency of returns generated from shareholder equity.

Why we measure

A key indicator into gauging Glenveagh’s profitability

and how efficiently profits are generated.

Operating margin

Definition

Margin before exceptional items and impairment

reversals/charges.

Why we measure

An indicator of revenue growth, this metric is an

important profitability ratio measuring revenue after the

deduction of operating expenses.

Glenveagh Properties plc | Annual Report and Accounts 2024

210

420

630

840

105

€473m

€805m

€1.1bn

024

023

022

0.0

4.6

9.2

13.8

18.4

23.

16.8%

18.5%

21.2%

024

023

022

450

900

1350

180

1,354

1,328

1,650

024

023

022

0.000000

10.333333

20.666667

31.000000

41.333333

51.666667

62.000

34%

60%

57%

024

023

022

1000

2000

3000

4000

500

4,616

4,108

1,942

024

023

022

120

150

142.9

139.1

141.1

024

023

022

OUR PERFORMANCE

CONTINUED

Performance metrics

Gross margin

Definition

Total sales revenue after incurring the direct costs

associated with producing the product after impairment

reversals/charges.

Why we measure

Indicates on a percentage basis the margin earned on

revenue generated in the financial year.

No. of suburban units sold

Definition

The number of houses and apartments sold in the

financial year.

Why we measure

Metric is a key indicator of operational performance in

the financial year.

Definition

Glenveagh’s direct carbon emissions measured in tonnes

of carbon dioxide equivalent (tCO

e).

Why we measure

Measures progress against near-term and long-term

GHG emissions science-based targets (‘SBTs’) for Scopes

1 and 2.

Definition

Glenveagh’s indirect carbon emissions measured in

tonnes of carbon dioxide equivalent per 100 sq m of

completed floor area.

Why we measure

Measures progress against near-term and long-term

GHG emissions science-based targets (SBTs) for Scope

3 emissions.

Forward order book*

Definition

Buyers who are contracted to buy units from Glenveagh

in the future.

Why we measure

Metric is a key indicator of future operational

performance.

*As at the Annual Report approval date.

Definition

Measurement of a company’s management of financially

relevant ESG risks and opportunities.

Why we measure

Key indicator of how Glenveagh is performing to

material ESG risks and opportunities.

*Correct as at 4 March 2025.

% of landbank planned

Definition

The percentage of land that we own or have

development rights that has approved planning

permission for development.

Why we measure

Metric is a key indicator of future operational

performance.

Definition

Measures a company’s exposure to industry-specific

material ESG risks and how well a company is managing

those risks.

Why we measure

To provide our current and prospective investors with a

rating on how Glenveagh is managing industry-specific

material ESG risks.

*Correct as at 4 March 2025.

Sustainalytics ESG rating

14.7 Low risk

2023: 16.4 Low risk

2022: 19.3 Low risk

Scope 1 & 2 emissions (absolute) (tCO

Scope 3 emissions (intensity) (tCO

e/100 sq m)

MSCI ESG rating

2023: AA rating achieved

2022: AA rating achieved

Strategic Report

Sustainability Statement

Governance Report

Financial Statements

OUR LANDBANK

Total units

20,000

Dublin and GDA focused by units

73%

Suburban by units

71%

Landbank units with planning

57%

Landbank highlights

Our active portfolio

The Group continues to create a more active land portfolio to support continued growth and remains focused on

managing a four to five-year land portfolio at scale.

Site schedule

* Includes sites conditionally contracted and expected to complete in 2025.

Active Suburban

Baker Hall/Academy Street

Belcamp

Bellingsmore

Citywest

Cluain Adain

Drumaconn

Foggie Field

Greville Wood

Leixlip Demesne

Maple Woods

Mooretown

Mount Woods

Oldtown

Port Laoise

Semple Woods

Folkstown Park

Effernock, Trim

Stamullen

Future Suburban

Dunboyne

Old Conna

Moygaddy

Donabate East

Balheary, Swords

Clonmagadden

Gorey

Blackrock – Dundalk

Blessington

Mungret – Limerick

Oldbridge Manor

Partnerships

Ballymastone

Oscar Traynor Road

Mooretown

New Road

Cork Docklands

Brownsbarn

Blackrock Villas

Tyrellstown Town Centre

Non-core sites

Howth

Ennis

Castleredmond

The Paddocks – Waterford

Great Connell Abbey –

Newbridge

Castleforbes Office

Completed Suburban

Hollystown

Cluain Glaisin

Barnoaks

Blackcastle

Donabate South

Citywest Apartments

Grey Abbey

Ushers Glen – Ashford

Completed Urban

Barnoaks Apartments

Carpenterstown

Cluain Mhuire

Marina Village

The Collection

Glenveagh Properties plc | Annual Report and Accounts 2024

RISK MANAGEMENT REPORT

The Board and senior management set the

tone for risk management in the business

through regular interaction, review and

ownership of key risks.

The Board is responsible for ensuring

Glenveagh maintains the appropriate level of

risk to achieve its strategic objectives, while

also ensuring good corporate governance and

prudent risk management is implemented. The

Board has approved our risk management

framework which provides a common risk

management process to identify, assess,

mitigate, monitor and report risks which impact

the business. Our risk management process is

an integrated approach with input across all

levels of the Group. This process supports us to

identify all risks to which Glenveagh is exposed,

and that they are understood, and appropriate

mitigating controls are implemented to manage

the risks effectively and protect the business.

As part of its oversight responsibilities, the Audit

and Risk Committee is responsible for reviewing

the adequacy and effectiveness of Glenveagh’s

internal controls and risk management process

(page 76). Our risk register and principal risks

are a standing agenda item for each Audit and

Risk Committee meeting.

Risk management report

Our approach to risk management is embedded across all

levels and departments of our business to ensure that barriers

to achieving strategic objectives are identified and mitigated.

The risk register is used to support the risk

management process and document risks,

controls and their approved ratings based on

likelihood and impact from both an inherent

and residual risk perspective. The risk register

is not a static list, but a dynamic process

to ensure risk is managed and mitigated

effectively. The Board formally reviews and

approves the risk register on at least a bi-

annual basis.

Risk management framework

Top-down

risk

Bottom-up

risk

Level 1

Board of Directors

Overall responsibility for determining the nature and extent of the significant risks

it is willing to take in achieving the Group’s strategic objectives and for setting

the Group’s risk appetite.

Level 2

Committees have responsibility for risk monitoring and, ensuring policies are

implemented throughout the business.

Internal audit provides risk assurance within the business, with responsibility for

providing additional assurance on the effectiveness of risk management and

internal controls, to the Executive Committee and the Audit and Risk Committee.

Audit and Risk Committee, Environmental and Social Responsibility (ESR)

Committee, Executive Committee, Internal Audit Function

Level 3

Risk owners within the business with responsibility for ensuring risk management

is embedded in day-to-day activities and taking a proactive approach to risk

identification and mitigation.

Department heads, senior leadership team, site leadership

Level 4

Identify risks within the business with responsibility for implementing mitigation

plans. Take a proactive approach to identifying, assessing and mitigating risk.

Site, non-corporate departments, corporate departments

Key to risk management

Identify

Assess

Mitigate

Monitor

Report

Strategic Report

Sustainability Statement

Governance Report

Financial Statements

RISK MANAGEMENT REPORT

CONTINUED

Impact

Very high

Likelihood

Very high

Very low

Principal risks and uncertainties

The Board has carried out a robust assessment of the principal risks facing the business. Arising from the risk management process,

principal risks and uncertainties have been identified which could have a material impact on the business in achieving our strategic

objectives. The Board and Audit and Risk Committee have reviewed the principal risks and have considered emerging risks and the

need to include new risks in 2024.

Principal risks

Adverse changes to government policy & regulations

(external risk)

Climate change

(external risk)

Adverse macroeconomic conditions

(external risk)

Mortgage availability and affordability

(external risk)

Availability and increased cost of materials and labour

(operational risk)

Inadequate project management

(operational risk)

Attracting, retaining and developing people

(operational risk)

Failure to obtain expected planning permission

(operational risk)

Insufficient health and safety procedures

(operational risk)

Information Security & Cyber Risk

(operational risk)

Decline in product quality

(reputational risk)

Risk appetite

Averse

Minimal

Cautious

Open

Positive

Glenveagh Properties plc | Annual Report and Accounts 2024

Adverse change to government

policy and regulations

Risk description

A change in the domestic political environment

and/or government policy (including tax

legislation, support of the housebuilding

sector, Part V allowance and first-time buyer

assistance) could adversely affect Glenveagh’s

financial performance.

Changes to zoning rules as a result of the

National Planning Framework (NPF’) could result

in sites being dezoned, rezoned or phased which

would adversely impact the carrying value of

land, units available within our land portfolio

and ultimately diminish Glenveagh’s ability to

achieve financial targets.

Risk owner

CEO

Risk impact

Increased cost of construction.

Reduced profitability.

Reduced unit sales.

Risk appetite

Positive

Mitigation

Monitor government policy and political

developments on an ongoing basis.

Conservative site forecasts.

Capability to redesign developments

as appropriate.

Flexibility in strategies to align with changes in

the domestic political environment.

Affordability focused landbank in attractive

locations aligned with government

support schemes.

Impact

Severe

Likelihood rating

Highly likely

Change

Emerging factors

The current government has implemented or

committed to policies which provide significant

tailwinds to the construction industry.

Our view is that the NPF’s population growth

assumption is inadequate, and the allocation

of zoned units is disproportionately weighted

in favour of cities in Ireland.

Relevant KPIs

Profit before tax.

Operating margin.

Gross margin.

ROE.

EPS.

No. of units sold.

Forward order book.

Link to strategy



READ MORE: PG 30

Climate

change

Risk description

Changes in climate could impact on Glenveagh

either through the physical impacts of climate

change or the risks and opportunities associated

with the transition to a net zero economy. Failure

to meet evolving stakeholder and legislative

requirements could adversely affect our ability

to raise capital, financial performance, our

reputation and lead to litigation and fines.

Risk owner

Chief Financial Officer (CFO)

Risk impact

Reduced profitability.

Increased cost of construction.

Reduced brand reputation.

Risk appetite

Averse

Mitigation

Strong governance in place through scaling

our Sustainability department and supported

by the ESR Committee.

Net Zero Transition Plan published with

science-based targets set.

On-going projects to support the transition

to net zero including within the innovation

department to assist in decarbonisation.

Supplier engagement strategy commenced to

assist and encourage suppliers with their own

decarbonisation journey.

Biodiversity Strategy published with actions

and commitments outlined.

Climate scenario analysis completed to further

understand financial impact of climate risks

and opportunities.

Climate change a key focus area for the

overarching Group Strategy.

Providing sector leading A-rated homes.

Impact

Severe

Likelihood rating

Highly likely

Change

Emerging factors

With the onset of CSRD reporting

requirements, there is a progressive focus on

disclosing our policies, actions and targets

which is in turn driving action to reduce both

transition and physical climate risks.

The EU Omnibus package of proposals to

reduce EU sustainability reporting and due

diligence burden, boost competitiveness and

unlock additional investment capacity was

adopted by the European Commission on

26 February 2025.

Relevant KPIs

Profit before tax.

Operating margin.

EPS.

Science-based targets.

CPD score.

MSCI rating.

Sustainalytics rating.

Link to strategy



READ MORE: PG 98

RISK MANAGEMENT REPORT

CONTINUED

Strategic Report

Sustainability Statement

Governance Report

Financial Statements

RISK MANAGEMENT REPORT

CONTINUED

Adverse macroeconomic

conditions

Risk description

Glenveagh operates in a property market that

is cyclical by nature, which can lead to volatility

of property values and market conditions.

Geopolitical uncertainty can lead to a potential

adverse impact on Glenveagh’s asset valuations

and financial performance factors such as a

slowdown in economic growth, increased interest

rates and a decline in consumer confidence.

Changing Government Policy can have positive

and negative impacts upon the value and viability

of the landbank.

Risk owner

CEO

Risk impact

Increased cost of construction.

Reduced profitability.

Reduced unit sales.

Risk appetite

Positive

Mitigation

We maintain a reasonable but limited

stock of land.

We have a robust acquisition policy and

approval process in place to ensure the best

value is achieved on assets and that they are

aligned to our strategic objectives.

Urban and Partnerships segments assist in

reducing the cyclical nature of the business

through the delivery of apartments and

houses for the rental market as well as

schemes with local authorities or other

government bodies.

Actively monitor political and geopolitical

risks and seek expert industry advice

where required.

Impact

Severe

Likelihood rating

Highly likely

Change

Emerging factors

The Irish housing market remains

materially undersupplied.

Market sentiment and transaction levels can

change quickly, requiring us to adopt a flexible

approach to our investment decisions.

Geopolitical risks remain elevated following the

change in administration in the United States,

management continue to monitor the potential

impact tariff changes and trade agendas will

have on the Irish economy in future periods.

Relevant KPIs

Gross margin.

Profit before tax.

Operating margin.

ROE.

EPS.

No. of units sold.

Forward order book.

Link to strategy



READ MORE: PG 14

Mortgage availability

and affordability

Risk description

We understand that affordable mortgage finance

is a crucial funding source for buyers in the

residential housing market in Ireland. Constraints

on the availability and costs of mortgage

financing and any adverse impact on this may

have a negative impact on sales of our products

and ultimately our profitability, due to a potential

decline in customer demand.

Risk owner

Sales Director

Risk impact

Reduced profitability.

Reduced suburban unit sales.

Reduced forward order book.

Risk appetite

Positive

Mitigation

Government support initiatives such as

the extension of the Help to Buy Scheme to

2025 and continued commitment to the First

Home Scheme.

Budgetary measures such as the introduction

of mortgage interest relief, increase in the

rent relief credit and positive personal

taxation measures.

The Central Bank of Ireland adjusted

their macro-prudential framework to allow

first-time buyers to borrow up to four times

their gross income.

Impact

Severe

Likelihood rating

Likely

Change

Emerging factors

In 2024, the European Central Bank began

to cut interest rates but the prolonged period

of higher interest rates has had an impact on

mortgage affordability.

Inflation returned to more moderate levels

in 2024.

First time buyer mortgage demand remained

strong in 2024, data from the Banking and

Payments Federation Ireland shows that

first time buyer mortgage approval volume

increased by 3.4% in 2024.

Relevant KPIs

Profit before tax.

Operating margin.

ROE.

EPS.

No. of units sold.

Forward order book.

Link to strategy



READ MORE: PG 14

Glenveagh Properties plc | Annual Report and Accounts 2024

RISK MANAGEMENT REPORT

CONTINUED

Availability and increased cost

of materials and labour

Risk description

Shortages, increased costs of materials and

labour and the low availability/higher cost of

more sustainable materials could lead to an

increase in construction costs and delays in

the completion of units. If the Group is unable

to control its costs or pass on any increase in

costs to the purchasers of the Group’s product,

appropriately source the requisite labour, and/

or renegotiate improved terms with suppliers

and contractors, the Group’s margins may

reduce which could have an adverse impact on

the Group’s business operations and financial

condition. In addition, if ethical or responsible

procurement procedures are not being

implemented and followed this could lead to

reputational damage and/or litigation.

Risk owner

Construction Operations Director

Risk impact

Increased cost of construction.

Reduced profitability.

Reduced unit sales.

Risk appetite

Positive

Mitigation

We continue to leverage our purchasing

power and scale to negotiate strong terms

with both domestic and international suppliers

allowing us to purchase more competitively.

Our Supply Chain Integration Strategy

primarily from investment in NUA

manufacturing provides greater control over

input costs.

Through recruitment and training initiatives

we continue to attract and retain a high

performing workforce.

Increased standardisation of housing

typologies and construction methodology will

further de-risk the business from shortages or

increased costs of materials and labour.

NUA manufacturing investment helps protects

business from any longer-term structural

labour shortages in the industry.

We continue to transition towards modular

build and off-site construction.

Impact

Severe

Likelihood rating

Highly likely

Change

Emerging factors

Demand and supply chains trending towards

pre-pandemic levels.

Industry transitioning to modular build and

off-site construction.

Long term on-site labour availability as

the industry continues to experience

skill shortages.

Relevant KPIs

Gross margin.

Profit before tax.

Operating margin.

ROE.

EPS.

Link to strategy



READ MORE: PG 30

Inadequate project management

Risk description

Inadequate oversight of the cost and delivery of

development projects adversely affects expected

return on investment.

Risk owner

Commercial Director

Risk impact

Increased cost of construction.

Reduced profitability.

Reduced unit sales.

Risk appetite

Positive

Mitigation

Introduction of commercial risk registers and

their integration into the construction and

project review process.

The commercial department organisational

structure ensures oversight of all costs as

the business matures in line with the

business plan.

We have a formal budget sign-off procedure

in place for each site.

We have developed and implemented a

project management office to centralise

processes, reporting, communication

across departments and improve our

end-to-end processes.

We have a dedicated estimating team to

assist with budgeting and value engineering.

They are also responsible for the preparation

of site development, curtilage & sub-structure

build of quantities to secure subcontractors

based on a detailed scope, which facilitates

thorough cost management and forecasting.

We have in place a dedicated services and

utilities department with responsibility for

ensuring timely connection to the water and

electric grids.

Impact

Severe

Likelihood rating

Highly likely

Change

Emerging factors

Inflation returned to more moderate levels

in 2024.

Industry transitioning to modular build and

off-site construction.

Relevant KPIs

Gross margin.

Profit before tax.

Operating margin.

ROE.

EPS.

Customer satisfaction.

H&S audit score.

No. of units sold.

Forward order book.

Link to strategy



READ MORE: PG 30

Strategic Report

Sustainability Statement

Governance Report

Financial Statements

RISK MANAGEMENT REPORT

CONTINUED

Attracting, retaining and

developing people

Risk description

The success of the Group is dependent on

recruiting, retaining and developing highly skilled,

diverse and competent people. The Group is

aware that we need to have an inclusive and

equitable working environment and ensure that

we engage and challenge our employees so that

they can positively impact the business. The loss

of key personnel and/or the inability to attract/

retain adequately skilled and qualified people

could adversely impact business performance.

Risk owner

Chief Financial Officer (CFO)

Risk impact

Increased cost of construction.

Reduced profitability.

Risk appetite

Positive

Mitigation

We have a dedicated learning and

development team with a focus on developing

and deploying continuous professional

development and upskilling of staff.

We have a corporate affairs team that

is responsible for enhancing internal and

external communications.

We have put in place various initiatives at

senior and middle management levels to

address the greater need to recruit and

maintain existing skilled staff, to ensure the

site and head office employee headcount

keeps pace with the continued growth of

the business.

We are committed to the GPTW credentials

to further improve our internal and external

culture and reputation.

We have a graduate programme across

all departments to develop and ensure

progression within the business.

Impact

Severe

Likelihood rating

Likely

Change

Emerging factors

Continued on-site skill shortages in the

industry.

Investment in learning and development

required to nurture graduates and retain

key personnel.

Relevant KPIs

H&S audit score.

Gross margin.

Profit before tax.

Operating margin.

Link to strategy



READ MORE: PG 34

Failure to obtain expected

planning permission

Risk description

Failure to obtain expected planning permission

on sites delivering in our one to three year sales

pipeline or renew existing planning permission

without significant changes could result in failure

to meet unit delivery and return on investment

targets. The Planning and Development Bill (2023)

is not as yet enacted or implemented creating

further delays in the planning process and

prolonged periods of litigation.

Risk owner

Managing Director of Planning, Design,

Manufacturing, and Operations (‘PDMO’)

Risk impact

Reduced profitability.

Reduced % of landbank planned.

Reduced unit sales.

Risk appetite

Positive

Mitigation

We have planning permission for all our

expected deliveries in 2025.

Approximately 60% of our entire land portfolio

is planned and approximately 2,500 planning

lodgements completed in FY 2024.

We have put in place the appropriate

organisational structure within the planning

department to achieve our strategic goals.

Obtaining the necessary planning permission

on sites to materially de-risk our medium to

long -term unit delivery targets and building

flexibility into our landbank is a key

strategic objective.

Impact

Severe

Likelihood rating

Likely

Change

Emerging factors

Appropriate implementation of the new

Planning and Development Act is required

in order to obtain medium to long term

planning permissions.

Continued pressures from groups opposed

to the current draft of the Bill creates the

potential for further uncertainty in the

planning process and prolonged litigation.

Relevant KPIs

Profit before tax.

Operating margin.

ROE.

EPS.

% of landbank planned.

Forward order book.

Link to strategy



READ MORE: PG 05

Glenveagh Properties plc | Annual Report and Accounts 2024

RISK MANAGEMENT REPORT

CONTINUED

Insufficient health and

safety procedures

Risk description

We are focused on the wellbeing of our

employees, contractors, subcontractors and the

general public. We understand that failure to

implement and adhere to the highest standard

of health and safety practices could lead to a

significant risk to health, safety, and welfare of

staff and other parties, resulting in increased costs

and negatively impact the timely and safe delivery

of a project. Additionally, any failure in health

or safety performance or compliance, including

delays in responding to changes in health and

safety regulations may result in financial

and/or other penalties.

Risk owner

Head of Health and Safety

Risk impact

Reputational damage.

Reduced profitability.

Increased cost of construction.

Risk appetite

Positive

Mitigation

We have an experienced health and safety

team in place with a specific health and safety

plan for each site.

We have developed an accredited health and

safety management system that is certified to

ISO 45001 by the National Standards Authority

of Ireland.

We hold a Grade A Safe-T certificate

which is the industry health and safety

auditing standard.

We undertake monthly health and

safety audits through both internal and

external parties.

There is adequate insurance cover in place

to deal with any claims that may arise due

to injury.

Impact

Severe

Likelihood rating

Likely

Change

Emerging factors

Requirement to continuously improve and

enhance our health and safety system.

Ensuring our response to health and safety

risks remains robust and effective in the

context of scaling operations.

Relevant KPIs

H&S audit score.

Profit before tax.

Operating margin.

ROE.

EPS.

Link to strategy



READ MORE: PG 34

Information security

and cyber risk

Risk description

We use information technology to perform

operational and marketing activities and to

maintain business records. A cyber attack could

lead to potential breaches or disruption to our

systems and operations, which in turn could lead

to damage to our reputation and potential loss of

customers and profitability. Any security breach

of the information technology systems may also

expose us to liability and regulatory scrutiny.

Risk owner

IT Director

Risk impact

Reputational damage.

Reduced profitability.

Loss of data.

Risk appetite

Positive

Mitigation

Information security and IT risks are managed

within an information security framework

aligned to established standards.

We engage a third party to assist and ensure

that best practices are implemented to identify

and remediate any potential weaknesses or

control gaps.

We introduced a Security Information

and Event Management (SIEM) service to

proactively monitor our endpoints and servers.

Deployment of the Glenveagh App store for

all permitted application downloads.

Mandated cyber and information security

training for all staff.

Multi-factor authentication for all users.

Impact

Severe

Likelihood rating

Highly likely

Change

Emerging factors

Globally, information and cyber security threat

levels remain high.

Constant requirement to continuously improve

and enhance our IT security.

Relevant KPIs

Profit before tax.

Operating margin.

ROE.

EPS.

Link to strategy



READ MORE: PG 30

Strategic Report

Sustainability Statement

Governance Report

Financial Statements

RISK MANAGEMENT REPORT

CONTINUED

Decline in

product quality

Risk description

Our brand and customer satisfaction are

crucial to our performance and any negative

incidents including construction defects, material

environmental liabilities (including hazardous

or toxic substances), quality deficiencies or

perceptions thereof could adversely impact

sales, and possibly result in litigation cases

against the business.

Risk owner

Head of Construction

Risk impact

Increased cost of construction.

Reduced profitability.

Reputational damage.

Risk appetite

Positive

Mitigation

We have in place robust quality-control

procedures and strictly adhere to Building

Control (Amendment) Regulations requiring

(among other stipulations) the appointment of

suitably qualified engineers and architects.

We have an ISO 9001 certified Quality

Management System to monitor product

quality and drive continuous improvement.

We have a dedicated environmental officer

to advise on the business challenges, from an

environmental perspective, on a daily basis.

We have a dedicated customer care team

in place.

Impact

Severe

Likelihood rating

Likely

Change

Emerging factors

A better understand the needs of

our customers.

Industry leader in quality standards.

Continued improvement and development

of our processes and systems for identifying,

managing and preventing quality issues.

Relevant KPIs

Profit before tax.

Operating margin.

ROE.

EPS.

Customer satisfaction.

Link to strategy



READ MORE: PG 30

Glenveagh Properties plc | Annual Report and Accounts 2024

FINANCIAL REVIEW

Glenveagh achieved record revenue and profits in 2024, and

laid the groundwork for sustained long-term growth.

The Urban business segment generated

revenue of €118 million, including the completion

of key projects such as Cluain Mhuire, Citywest,

and Castleknock. The Urban gross margin

improved to 19.7% in FY 2024, up from 12.8%

in FY 2023, due to efficient project execution,

favourable site mix and the benefit of a net

impairment reversal of €2 million.

The Partnerships business segment recorded

revenue of approximately €120 million,

reflecting significant construction progress

on multiple sites, and gross margin was

approximately 16.9%. This segment’s growth

underscores our ability to leverage public-

private collaborations effectively and deliver

at scale. Two new transactions in 2024 have

added approximately 451 units to our pipeline,

highlighting our capability to deliver large-scale

projects efficiently. With construction underway

on four sites, the Partnerships segment is

progressing strongly.

As noted in the 10 January 2024 Trading

Statement, the Group intends to simplify its

segmental reporting under Homebuilding

and Partnerships (formerly Suburban, Urban

and Partnerships) in future reporting periods

commencing with the H1 2025 results.

In addition to the continued strong

performance of our Suburban business

segment, our Partnerships business has

significantly increased its contribution

to revenues. We are also realising

greater efficiencies through product

standardisation and our vertically

integrated manufacturing operations.

Our strategic approach and proactive

decision-making have enabled the Group to

act swiftly and opportunistically throughout

the year. This has allowed us to strategically

expand our landbank and provide greater

certainty to our future delivery pipeline.

Group performance

The Group’s total revenue for the year

reached €869 million (FY 2023: €608 million)

from our three business segments;

€631 million in our Suburban business,

which predominantly relates to the 1,650

suburban units closed in the year.

€118 million from our Urban business,

which includes the completion of key

projects such as Cluain Mhuire, Citywest,

and Castleknock.

€120 million from our Partnerships

business, which is progressing strongly

with construction underway on more

than 2,000 units.

In Glenveagh’s Suburban business segment,

revenue amounted to €631 million, marking

a 34.2% increase from 2023. The Group

completed 1,650 suburban units, with an

Average Selling Price (ASP) of approximately

€365,000 (FY 2023: €336,000). The ASP

rose by 8.6% due to changes in the site

and product mix and is expected to normalise

in 2025. The Suburban segment experienced

a notable margin improvement, with a

gross margin of 22.2% (FY 2023: 20.2%).

This improvement was driven by

operational efficiencies, increased

product standardisation, strong market

conditions, and benefits derived from our

manufacturing capabilities. It was further

enhanced by land sales.

EPS growth in FY 2024

112%

Suburban units delivered in FY 2024

1,650

FY 2024 Revenue

€869m

Maintaining

momentum,

positioned

for growth

Strategic Report

Sustainability Statement

Governance Report

Financial Statements

FINANCIAL REVIEW

CONTINUED

Outlook

The outlook for Glenveagh remains

exceptionally strong, underpinned by a resilient

demand environment, clear policy visibility for

the next five years, and our ability to deliver

the right product – principally high-quality,

own-door housing – on the right land.

We have continued confidence for FY

2025, with EPS of approximately 19.5 cent

underpinned by a strong forward order

book, required planning permissions in place,

continued standardisation, and demand

for smaller non-core land parcels.

We expect to exceed 1,500 Homebuilding

unit deliveries in 2025, setting the business

on a trajectory for incremental year-on-year

increases, with 1,900 Homebuilding units

anticipated in 2027.

Further projects with the public sector are

also anticipated for the Partnerships business

segment, given Glenveagh’s proven experience

and ability to deliver at scale.

Conor Murtagh

Chief Financial Officer

Group operating profit was €132.1 million (FY

2023: €70.9 million). The Group’s central costs

for the year were €49.0 million (FY 2023: €39.4

million), which, along with €2.8 million (FY 2023:

€2.4 million) of depreciation and amortisation,

gives total administrative expenses of €51.8

million (FY 2023: €41.8 million). The increase in

central costs reflects investment in innovation,

systems, and people, in addition to an increase

in the share-based payment expense partly as

a result of a significant increase in share price

during the period.

Net finance costs for the year increased to

€18.3 million (FY 2023: €15.8 million), primarily

due to increased investment in land and WIP

to support business growth.

Overall, the Group delivered an improved

Earnings Per Share (EPS) of 17 cent (FY 2023:

8 cent), in line with market guidance.

Balance sheet

The Group’s net assets stood at €751.2

million as of 31 December 2024 (FY 2023:

€678.2 million).

In line with our strategic focus on growth,

we made significant investments in our land

portfolio to support future development.

The year-end balance for land investment

was €556.2 million (FY 2023: €403.8 million),

excluding development rights.

To support our growth trajectory into FY 2025,

we grew investment in work-in-progress, with a

year-end balance standing at €283.8 million

(FY 2023: €274.6 million).

In FY 2024, a total of 19 million shares were

repurchased at a cost of €30.4 million. On

completion of the current programme, the

Group will have returned more than €380

million to shareholders since the inception

of our first share buyback programme in

May 2021.

Cash flow

Operating cash outflow amounting to €93.4

million (FY 2023: inflow of €50.9 million) reflects

the conscious decision to invest in line with our

capital allocation priorities, focusing on our

landbank in order to underpin the growth of

the business into the future.

The Group had an increased net debt position

of €179 million at year-end (FY 2023: €48.8

million), reflecting the strategic land investment

and increase in work in progress investment.

This remains a prudently managed debt level,

considering the overall scale of the business,

the investments made in FY 2024, and visibility

on unit deliveries in H1 2025. The expansion

of net debt in H1 2025 is expected to be

less pronounced than in H1 2024 given the

improvement in the H1 2025 revenue profile

versus 2024.

Investor relations and share price

Glenveagh is committed to interacting with the

international financial community to ensure

a full understanding of the Group’s strategic

plans and targets and its performance against

these plans and targets. During the year, the

executive management and investor relations

team presented at three capital market

conferences and conducted a significant

number of one-on-one and group meetings

with investors and analysts.

The Group delivered a strong share price

performance over the last 12 months. Shares

traded between €1.13 and €1.64 during the year

(FY 2023: €0.846 to €1.232). The share price

at 31 December 2024 was €1.60 (31 December

2023: €1.22) giving a market capitalisation of

€897.4 million (2023: €705.2 million).

Glenveagh Properties plc | Annual Report and Accounts 2024

56%

44%

22%

67%

11%

33.5%

44.5%

22%

CORPORATE GOVERNANCE AT A GLANCE

UK Corporate Governance Code

The Board is committed to the highest standards of corporate

governance and, for the year ended 31 December 2024, the

Corporate Governance Report, in conjunction with the Audit and

Risk Committee Report, the Remuneration Committee Report,

the Nomination Committee Report, and the Environmental and

Social Responsibility Committee Report, describes how the

Company has applied the principles and followed the provisions

of the 2018 UK Corporate Governance Code (the ‘Code’) and the

Irish Corporate Governance Annex (the ‘Annex’) and details any

departures from the specific provisions.

The Code can be found at www.frc.org.uk

The Annex can be found at www.euronext.com

Non-executive

Executive

Chair

Balance of male and female Directors

Board composition

Male 56%

Female 44%

Balance of Executive and Non-executive Directors

Tenure

During 2024, Glenveagh complied fully with the Code and the

Annex, with the following exceptions:

Provision 9, in relation to the appointment of an Executive

Chairman at IPO; and

Provision 41, workforce engagement on executive pay.

Further details in relation to these matters are provided on

pages 70 and 82 respectively, and the Board will keep them

under review during 2024.

Corporate Governance Reporting

62 and 63

Board leadership

64 to 66

Board leadership and Company purpose

67 to 70

Division of responsibilities

71 to 75

Composition, succession, and evaluation

76 to 79

Audit, risk, and internal control

80 to 93

Remuneration

94 and 95

Environmental and social responsibility

96 and 97

Directors’ Report

0-3 years

3-6 years

6+ years

GOV-1

1. Disclosure points incorporated by reference: ESRS2 GOV-1 21(a)

Strategic Report

Sustainability Statement

Governance Report

Financial Statements

Dear shareholders

INTRODUCTION FROM CHAIRMAN

On behalf of the Board, I am pleased to present the Corporate

Governance Report for the year ended 31 December 2024.

Remuneration

During 2024, the Remuneration Committee

undertook a review of the Directors’

Remuneration Policy to ensure that it

continues to support Glenveagh’s strategy

and remains in line with market and best

practice. Following detailed reflection, the

Remuneration Committee remains satisfied with

the appropriateness of the current policy and

believe that it continues to provide Glenveagh

with the right overall structure to motivate

Executive Directors to deliver against our short-

and longer-term strategy. Based on this review,

the Board intends to re-submit the current

policy to shareholders for re-approval at the

2025 AGM with only one minor change. Further

details in relation to the policy review process

and the proposed policy change are provided

in the Remuneration Committee Report on

page 80.

Annual General Meeting

The 2025 Annual General Meeting (AGM) will

be held on Thursday 22 May at the Westbury

Hotel in Dublin. Together with my Board

colleagues, I look forward to this annual

opportunity to engage with our shareholders in

person, the full details of which are available in

the Notice of AGM.

John Mulcahy

Chairman

pivotal role in Glenveagh’s progress from

our initial public offering in 2017 to its current

position and we wish him the very best in his

future endeavours.

As a Board, we are committed to continuing

to develop and foster talent in our

Executive Committee and across our senior

management team. Following Michael’s

decision to step down from his position, we

announced that he would be succeeded in the

role of CFO by Conor Murtagh, Chief Strategy

Officer, and a member of the Executive

Committee. As part of the CFO transition

period, the Board undertook a nomination

process in respect of Conor’s potential

appointment as an Executive Director, which

resulted in Conor’s appointment to the Board

on 16 January 2025. Full details in relation to

the Nomination Committee’s activities are set

out on page 72.

Sustainability

Glenveagh’s commitment to building better

is central to the way we do business. As one

of the largest homebuilders in Ireland, the

Board considers it to be our responsibility to

build strong, strategic foundations for a future

where great quality, sustainable homes are

accessible to all.

2024 marked a significant evolution for

Glenveagh in the way in which we report

sustainability information to our stakeholders.

During the year, a substantial volume of work

was completed across the entire organisation

to ensure that Glenveagh was in a position

to report against the EU’s Corporate

Sustainability Reporting Directive for the

year ended 31 December 2024. The Board

was assisted in its oversight of the Group’s

approach to sustainability through the

ongoing activities of the ESR Committee and

full details can be found in the committee’s

report at page 94.

Board and Executive Management changes

As announced at the outset of the year, the

Board was joined in February 2024 by two

new Non-executive Directors, Lorna Conn and

Max Steinebach. The addition of Lorna and

Max to the Board has further enhanced our

diversity and expanded the collective skills

and experience that our Directors bring to

the business. Further details in relation to the

Board’s composition, skills, and experience can

be found on page 72.

In September 2024, we announced that Michael

Rice intended to step down from his role as

CFO of the Company and as Executive Director

of the Board with effect from 31 December

2024. Michael remains an employee of the

Group into 2025 to ensure a smooth transition

of his CFO role within the business. On behalf

of the Board, I would like to thank Michael for

his hard work and dedication to Glenveagh

throughout his tenure as CFO. He played a

Glenveagh Properties plc | Annual Report and Accounts 2024

CODE PRINCIPLE: BOARD LEADERSHIP

Board of Directors

Audit and Risk Committee

Environmental and Social Responsibility

Committee

Remuneration Committee

Nomination Committee

Chair of Committee

Committee Key

Strategic Report

Sustainability Statement

Governance Report

Financial Statements

CODE PRINCIPLE: BOARD LEADERSHIP

CONTINUED

John Mulcahy (76)

Chairman

Irish

Appointed to the Board on 11 August 2017 and

as Chair of the Nomination Committee on

28 April 2022.

John is a chartered surveyor with over 40

years’ experience in the Irish real estate

sector. Previously, he was a member of the

board (from 2012 to 2014), and head of asset

management (from 2011 to 2014), at National

Asset Management Agency and, prior to that,

was chairman and CEO of JLL’s operations in

Ireland from 2002 to 2010. John was also a

founding member of the RICS Asset Valuations

Standards Committee and the Property

Advisory Committee of the National Pension

Reserve Fund.

John is the chairman of IPUT plc and a board

member of Targeted Investment Opportunities

ICAV, and Quinta do Lago S.A., a Portuguese

resort developer.

Cara Ryan (52)

Independent Non-executive Director

Irish

Appointed to the Board on 1 September 2019

and as Chair of the Audit and Risk Committee

on 3 September 2020. Cara is also Glenveagh’s

Workforce Engagement Director.

Cara is a non-executive director, with over 25

years’ experience at board level in publicly

listed and private companies, in both regulated

and non-regulated entities. Cara was the

finance director of Manor Park Homebuilders,

she was formerly a non-executive director of

IFG Group plc, a listed financial services group

in Dublin and London, and was the managing

director of IFG Investment Managers until 2006.

Cara holds a BA in Economics from University

College Dublin and a MSc in Investment &

Treasury from Dublin City University.

Cara is currently the chair of Mercer Ireland

Limited and a member of its board risk

committee and remuneration committee, the

chair of Mercer Ireland Holdings Limited,

the chair of Pershing Securities International

Limited, a subsidiary of BNY, a non-executive

director of Stonebond Properties, a non-

executive director and chair of the audit

committee of BNP Fund Administration Services

in Ireland, and a non-executive director and

chair of the audit committee of Marsh Ireland

Brokers Limited.

Stephen Garvey (45)

Chief Executive Officer

Irish

Appointed to the Board on 9 August 2017.

Stephen was appointed Chief Executive

Officer in August 2019. Stephen is responsible

for delivering on Glenveagh’s vision that

everyone should have the opportunity to access

great-value, high-quality homes in flourishing

communities across Ireland. Stephen has over

20 years’ experience in the construction and

property industry in Ireland. Prior to founding

his own successful residential development

business, Bridgedale Homes, Stephen worked

with a number of Ireland’s largest property

developers.

Pat McCann (73)

Senior Independent Director

Irish

Appointed to the Board on 1 September 2019

and as Chair of the Remuneration Committee

on 28 April 2022.

Pat has 50 years’ experience in the hotel

industry, having begun his career in 1969 with

Ryan Hotels plc. He joined Jurys Hotel Group

plc in 1989 and became chief executive of Jurys

Doyle Hotel Group plc in 2000. Pat founded

Dalata Hotel Group plc in 2007 and acted as

CEO until 31 October 2021.

Pat is the deputy chairman at The National

Maternity Hospital and a non-executive

director of Ibec and Croke Park Stadium.

Camilla Hughes (55)

Independent Non-executive Director

British

Appointed to the Board and as Chair of

the Environmental and Social Responsibility

Committee on 1 July 2021.

Camilla is highly experienced in capital

markets and ESG advisory, having spent over

30 years working in Investment Banking and

Fintech. Formerly, she lead the ESG advisory

work for Rothschild & Co’s investment banking

business, and prior to this she worked at Credit

Suisse and UBS in Equity Capital Markets and

Corporate Broking. Camilla also spent almost

a decade working in-house in Fintech, leading

on strategy and the sale of Market Pipe, an

early-stage SaaS company providing digital

solutions to investment banks. Currently, she

sits on the remuneration committee of Lincoln

College Oxford University and is a founding

partner of Gara Strategic Advisory. Camilla

holds a degree and masters in Philosophy,

Politics and Economics from Oxford University

and is an alumna of the Cambridge Institute

for Sustainability Leadership and its centre for

sustainable finance.

Chloe McCarthy (40)

Company Secretary

Irish

Chloe is an ICSA-qualified Company

Secretary and a Barrister-at-Law in

Ireland. Chloe was called to the Bar of

Ireland in 2008 and was a member of the

Law Library for a number of years before

gaining experience at international law

firms including Taylor Wessing in London,

Allens Linklaters in Sydney, and A&L

Goodbody in Dublin. Prior to joining

Glenveagh at IPO in 2017, Chloe was the

assistant company secretary at Aegon

Ireland plc.

Emer Finnan (56)

Independent Non-executive Director

Irish

Appointed to the Board on 1 July 2023.

Emer is a qualified accountant, having qualified

with KPMG, and has worked both as an

investment banker and a group CFO. She is

currently President, Europe of Kildare Partners,

a private equity firm based in London and

Dublin, where she is responsible for investment

origination in Europe. After qualifying as a

Chartered Accountant with KPMG, she worked in

investment banking at Citibank and ABN AMRO

in London and then NCB Stockbrokers in Dublin.

Emer holds a Bachelor of Commerce degree

from University College Dublin and has over

20 years’ experience as a non-executive director

in a number of companies. Most recently,

Emer was a non-executive director of Britvic plc,

where she also served as chair of the

audit committee.

Lorna Conn (45)

Independent Non-executive Director

Irish

Appointed 1 February 2024.

Lorna is CEO of Cpl, part of Tokyo-headquartered

Outsourcing Inc. and an independent non-

executive director of Bord na Móna plc

. Lorna

is also an Advisory Board member of Ireland’s

30% Club and UCD Michael Smurfit Graduate

Business School. Lorna is a Chartered Director

and a qualified Chartered Accountant, having

trained with Deloitte.

Lorna holds a Bachelor of Commerce degree

from University College Dublin and a Masters in

Accounting from the Michael Smurfit Business

School. Lorna has previously held senior roles in

a number of public companies, residing in both

Ireland and America during this time.

Max Steinebach (37)

Independent Non-executive Director

German

Appointed 1 February 2024.

Max is a Partner at Teleios Capital Partners,

an investment firm operating from offices

in Switzerland and the UK. Max previously

served at Charterhouse Capital Partners and

The Blackstone Group, where he worked on

investments across a variety of sectors, having

begun his career in investment banking with

Morgan Stanley.

Company Secretary

GOV-1

Disclosure point incorporated by reference: ESRS2 GOV-1 21(c)

1. Position held in the two years preceding appointment at Glenveagh. ESRS disclosure point incorporated by reference: G1-5 30

Glenveagh Properties plc | Annual Report and Accounts 2024

CODE PRINCIPLE: BOARD LEADERSHIP AND COMPANY PURPOSE

Board meetings

The Board convenes with sufficient frequency to ensure the

effective discharge of its duties during the year and holds

additional meetings when required. The Board met for seven

meetings during the year.

In addition to formal Board meetings, the Board also convened

for site and factory tours as well as strategy and training

sessions in 2024.

Time commitment

The time commitment required of Directors is considered on

appointment, and on an annual basis by the Board. All Directors

are expected to allocate sufficient time to discharge their

duties effectively and confirm this as part of the annual Board

evaluation. Each year, the schedule of regular meetings to be held

in the following calendar year is agreed with each of the Directors.

If a Director is unable to attend a scheduled meeting, they are

encouraged to communicate their views on the relevant agenda

items in advance to the Chairman or the Company Secretary for

noting at the Board meeting.

Culture and values

The Board assesses and monitors culture, and ensures that

workforce policies, practices, and behaviours are aligned with

Glenveagh’s purpose, values, and strategy.

Glenveagh’s vision is that everyone should have the opportunity

to access great-value, high-quality homes in flourishing

communities across Ireland. The Board believes that building

homes and communities is a worthy cause and will positively

impact Irish society.

Role of the Board

The Board is responsible for setting the Company’s purpose,

strategy, and values, promoting the long-term sustainable

success of the Group while generating shareholder value and

contributing to the society in which it operates. The Board

provides effective leadership by developing and guiding the

strategic direction of the Group, understanding the key risks

faced by the Group, determining the risk appetite of the Group,

and ensuring that a robust internal control environment and risk

management framework are in place.

The Board has overall responsibility for the management of

the Group’s activities and has put in place a framework of

controls and delegated authorities, which enables the Group to

appraise and manage risk effectively. To assist in discharging

its responsibilities, the Board has established an Audit and Risk

Committee, a Remuneration Committee, a Nomination Committee,

and an Environmental and Social Responsibility (ESR) Committee.

A high-level overview of the delegated authority flow from the

Board is shown in the diagram on page 67.

The composition of each of the Board committees is fully aligned

with the provisions of the Code and is detailed in the reports of

the relevant committees on pages 71 to 95.

The terms of reference for each of the Board committees and

the schedule of matters reserved for the Board are reviewed on

an annual basis and made available on the Group’s website,

www.glenveagh.ie.

Details of the activities of the Board during the year can be

found on the next page.

Attendance at Board and committee meetings

Board

Nomination

Committee

Remuneration

Committee

Audit and Risk

Committee

ESR

Committee

John Mulcahy

7/7

4/4

n/a

Stephen Garvey

7/7

n/a

2/4

Michael Rice

7/7

n/a

Cara Ryan

7/7

n/a

10/10

5/5

n/a

Pat McCann

7/7

4/4

10/10

5/5

2/2

Camilla Hughes

7/7

4/4

10/10

n/a

4/4

Emer Finnan

7/7

2/2

5/5

n/a

Lorna Conn

7/7

n/a

5/5

3/3

2/2

Max Steinebach

7/7

n/a

Pat McCann stepped down from the ESR Committee on 1 July 2024.

Emer Finnan was appointed to the Remuneration and Nomination Committees on 1 July 2024.

Lorna Conn was appointed to the Audit and Risk, Remuneration, and ESR Committee on 1 July 2024.

January

Nomination Committee

AGM

Board meeting

Committee meeting

Training days

February

Audit & Risk Committee

Board Meeting

2x Remuneration Committee

April

Remuneration Committee

March

2x Remuneration Committee

Board Meeting

ESR Committee

May

Board Meeting

AGM

ESR Committee

June

Audit & Risk Committee

Nomination Committee

Board Meeting

October

Remuneration Committee

Board Training/Strategy Day

Audit & Risk Committee

Board Meeting

September

Audit & Risk Committee

ESR Committee

3x Remuneration Committee

Nomination Committee Meeting

Board Meeting

December

Audit & Risk Committee

ESR Committee

Nomination Committee

Board Meeting

Remuneration Committee

2024 Board and committee

meeting calendar

Strategic Report

Sustainability Statement

Governance Report

Financial Statements

CODE PRINCIPLE: BOARD LEADERSHIP AND COMPANY PURPOSE

CONTINUED

What the Board did

Activity

Description

Strategy and

management

Engaged with senior management in detailed strategic planning sessions and received reporting on strategy implementation

throughout the year, as part of the annual strategic planning cycle.

Reviewed and challenged operational and financial reporting from the Chief Executive Officer and the Chief Financial Officer.

Received monthly management reporting including analysis of the Group’s performance against KPIs and updates in relation

to health and safety, planning, construction, sales, customer satisfaction, investment, operations, finance, HR, and

investor relations.

Reviewed progression of the Group’s manufacturing strategy.

Considered and approved debt refinancing for the Group.

Reviewed and approved the Group capital allocation policy.

Continued to assess the capital allocation priorities of the Group and identified excess capital for return to shareholders

through the initiation of a fifth buyback programme.

Environmental

and social

Reviewed quarterly management reporting in relation to the Group’s environmental and social responsibilities.

Considered updates on the Corporate Sustainability Reporting Directive (CSRD) and EU Taxonomy requirements

and progress.

Financial reporting

Reviewed and approved Budget 2025.

Reviewed and approved the 2024 Annual Report and Audited Financial Statements, on the recommendation of the

Audit and Risk Committee.

Reviewed and approved the 2024 Interim Financial Statements, on the recommendation of the Audit and Risk Committee.

Reviewed and approved the Group’s full-year and half-year financial results announcements.

Governance

Undertook a formal and rigorous internal review of Board performance and effectiveness during the year.

Considered Board members’ potential conflicts of interests.

Received updates from the chairs of the Board committees at each scheduled Board meeting.

Reviewed and approved the 2024 Notice of Annual General Meeting for circulation to shareholders.

Reviewed and approved the schedule of matters reserved for the Board, the division of responsibilities and the terms of

reference for each of the Board committees and for the Executive Committee.

Received and considered legal and regulatory updates from the Company Secretary and the Group’s external legal advisors,

A&L Goodbody.

Investments/

acquisitions

Reviewed and approved land investment of approximately €215million in 2024.

Reviewed all site acquisitions approved by the Executive Committee under its delegated authority from the Board.

Reviewed management updates in relation to pipeline sites and the progression of existing landbank assets.

Reviewed and challenged post-acquisition investment performance against management models.

The Board continues to support management in forging a new

path, innovating at every stage of the homebuilding process. To

do this, the Board fosters a culture of fresh thinking, teamwork,

and trust to challenge the status quo. The Board is committed

to ensuring the continued alignment of Glenveagh’s strategic

decisions with its purpose and culture, through both the setting

of non-financial KPIs in health and safety and customer

satisfaction, and through its regular assessment of policies

and practices across the business.

The Board assesses and monitors Glenveagh’s culture through

a number of employee engagement measures including the

workforce engagement forum, which is attended by Cara

Ryan as the Board’s Workforce Engagement Director, regular

employee engagement surveys, and the Group’s whistleblowing

reporting channels. The Board promotes open dialogue and

transparency to create a culture of trust and mutual respect.

2024 Board activity in numbers

Board and Committee meetings

Sites and facilities visited

€215m

Deployed in land investment

€50m

Share buyback programme announced

The Board recognises the significant role the people of

Glenveagh have played in delivering our success to date

and strives to continue to be a great place to work for every

single employee.

Further details in relation to the role of the Workforce

Engagement Director can be found on page 70.

Glenveagh Properties plc | Annual Report and Accounts 2024

CODE PRINCIPLE: BOARD LEADERSHIP AND COMPANY PURPOSE

CONTINUED

Our values

Our values encompass the culture and conduct we expect from all our employees in the day-to-day

operations of our business.

Examples of ways that the Board and its committees monitor and assess culture

Who

What

The Board

The Board receives updates from management in relation to culture, both existing and aspirational, and the ways in

which the business measures it.

The operational and financial reporting presented at every scheduled Board meeting contains detailed people

updates covering health and safety, recruitment and retention, and learning and development.

The Board reviews customer satisfaction survey scores monthly.

Board members

The Workforce Engagement Director regularly meets with employee representatives to facilitate direct feedback to

the Board on culture and the working environment.

Board training days and site and factory visits provide opportunities for the Non-executive Directors to engage with

employees of all levels across the Group’s operations.

ESR Committee

The committee receives regular updates on equity, diversity, and inclusion, health and safety, and culture within the

Group, with progress in these areas measured and assessed through employee survey results.

The committee reviewed the progress on the Group’s Equity, Diversity, and Inclusion (ED&I) Strategy implementation.

The committee reviewed the CSRD reporting progress including reviewing and discussing the scoring matrix for the

double materiality assessment.

The committee received updates on the Group’s ESG ratings, awards, certifications, and memberships.

Audit and Risk Committee

The committee receives and considers regular internal audit reports, covering a wide range of the Group’s operations

and providing insight into the operational culture of the business.

The committee receives updates in relation to any reports raised under the Whistleblowing Policy.

The committee undertakes annual reviews of policies governing business conduct, including the Anti-bribery and

Corruption Policy, the Conflict of Interest Policy, the Whistleblowing Policy, and the Securities Dealing Code.

Remuneration Committee

The committee evaluates the Group’s non-financial performance against defined safety and customer satisfaction measures,

assessed through externally managed customer surveys and site audits. These non-financial KPIs account for 30% of the

annual bonus.

In addition to setting the pay for the Executive Directors and members of the Executive Committee (including the

Company Secretary), the committee also considers matters relating to pay across the Group as a whole, including workforce

remuneration policies and incentives for the wider employee population.

Nomination Committee

The committee recognises that succession planning is key to maintaining the Group’s culture. It focuses on developing

people internally and having a promising pipeline of talent to fill key senior management positions.

The committee regularly considers the optimum Board and committee composition, assisting in the Group’s continued

progression towards meeting diversity targets and goals set both internally and externally.

Safety first

Collaborative

Innovative

Customer-centred

Can-do

Board site and factory tours

As part of the Board’s annual calendar of

activities, the Directors convene for a full day

touring Glenveagh sites, outside the formal

schedule of Board and Committee meetings.

The itinerary for the 2024 Board site tour focused on

early construction activities at Glenveagh’s large-scale

Partnership sites in Ballymastone and Oscar Traynor Road,

and on completed units and showhouses in Kilruddery.

At each location the Directors were met by site teams,

including representatives from utilities, construction, and

sales. During the site tour, the Directors also accompanied

senior members of the investment team to walk a number

of key sites identified by the business for potential

acquisition in 2024.

In addition to the annual Board site tour, the Directors

also visited the NUA manufacturing facility in Carlow,

which hosted the 2024 Board strategy and training day.

The Directors met with employees engaged across the

Group’s innovation and manufacturing operations.

Strategic Report

Sustainability Statement

Governance Report

Financial Statements

CODE PRINCIPLE: DIVISION OF RESPONSIBILITIES

Position

Description

Chair

The Chairman is responsible for leadership of the Board, promoting its effectiveness in all

aspects of its role and ensuring its key duties are discharged to an acceptable degree. The

Chairman ensures that the Board members receive accurate and timely information, enabling

them to play a full and constructive role in the development and determination of the

Company’s strategy. He is responsible for creating an environment which encourages open

dialogue and constructive challenge, and he ensures that there is effective communication

with the shareholders.

Chief Executive Officer

(CEO)

The CEO is accountable to and reports to the Board and is responsible for running the

Group’s business. He is charged with the execution of agreed strategy and implementation

of the decisions of the Board, with a view to creating value for shareholders and the

wider stakeholder base. The CEO is ultimately responsible for all day-to-day management

decisions, acting as a direct liaison between the Board and management, and

communicating to the Board on behalf of the Group’s external stakeholders. The CEO also

chairs the Executive Committee.

Chief Financial Officer

(CFO)

The CFO is responsible for managing the financial affairs of the Group. His areas of

responsibility include finance, treasury, corporate governance, IT, corporate affairs, and

investor relations and he works closely with the CEO to manage the Group’s operations. The

CFO is a member of the Executive Committee.

Senior Independent

Director

The Senior Independent Director is available to shareholders who have concerns that

cannot be addressed through the Chairman or CEO and will attend meetings with major

shareholders as necessary. The Senior Independent Director acts as a sounding board for

the Chairman and serves as an intermediary for the other Directors as necessary. He is also

responsible for leading the annual performance review of the Chairman.

Non-executive Directors

Of the nine Board members, seven are Non-executive Directors. The Company’s Non-executive

Directors have a key role in the appointment and removal of Executive Directors, and the

assessment of their performance. The Non-executive Directors constructively challenge and

debate management proposals and hold to account the performance of management and of

individual Executive Directors against the agreed performance objectives. The Non-executive

Directors have direct access to the senior management team within the Group and contact with

the business is encouraged by the Board, and assists the Non-executive Directors in constructively

challenging management and offering advice and guidance on strategic decisions.

Company Secretary

The Company Secretary supports the Chairman and the Executive Directors in fulfilling their

duties and is available to all Directors for advice and support. She is responsible for ensuring

compliance with Board procedures and for the Group’s commitment to best practice in

corporate governance. The Company Secretary is also responsible for ensuring compliance

with the Group’s legal and regulatory obligations.

There is a clear division of responsibilities within the Group between the Board and executive management. Responsibility for day-to-day running of the Group’s

operations is delegated by the Board to the Executive Committee, with the Board reserving to itself a formal schedule of matters over which it retains control.

The roles of the Chairman and the Chief Executive Officer are clearly segregated and the division of responsibilities between them is set out in writing and reviewed by the Board on an annual basis.

The table below summarises how there is a clear division of responsibilities between the leadership of the Board and the executive leadership of the business.

Board

Nomination

Committee



READ MORE: PG 94

Board committees

Executive Committee

Glenveagh Properties plc | Annual Report and Accounts 2024

CODE PRINCIPLE: DIVISION OF RESPONSIBILITIES

CONTINUED

Shareholder and stakeholder engagement

The Code provides that the Board should ensure effective

engagement with, and encourage participation from,

shareholders and stakeholders. Further details regarding the

Board’s engagement with key stakeholders can be found on the

next page.

Shareholders

The Board recognises the importance of engaging with

shareholders and values regular dialogue. The Group prioritises

effective dialogue with shareholders to ensure that we capture

and embrace feedback relating to areas of interest and

areas of concern. This commitment is formalised through the

Group’s comprehensive Investor Relations programme. The

views of shareholders are communicated to the Board through

the Executive Directors and they receive monthly updates

on institutional shareholder meetings, broker reporting and

general market commentary, all of which assists the Board in

understanding and taking account of the view of shareholders.

In addition, the Chairman and Senior Independent Director

regularly engage with major shareholders in order to understand

their views and they remain available should they have any

issues or concerns that cannot be resolved through the usual

investor relations channels. Up-to-date contact details are

available to shareholders on the Group’s website,

www.glenveagh.ie.

Investors and analysts

In addition to the detailed presentations and roadshows

conducted after the announcement of interim and full-year

results, the Group runs an active investor relations programme

that includes all financial announcements, presentations, and

regular ongoing dialogue with the investment community, apart

from when the Group is in a closed period. The CEO, CFO,

and Head of Investor Relations regularly meet with institutional

investors and analysts throughout the year and participate in a

number of industry conferences. This year, the investor relations

team attended in-person conferences, roadshows, and investor

meetings as outlined in the timeline of shareholder engagement.

Further detail in relation to the Group’s investor engagement

during 2024 is provided in the stakeholder engagement section

on page 27.

Annual General Meeting

The AGM gives shareholders an opportunity to receive a

presentation on the Group’s activities and performance during

the year, to ask questions of the Chairman and, through him,

the Board committee chairs and members, and to vote on

each resolution put to the meeting. The AGM also provides

the Board with a valuable opportunity to communicate with

private investors and the Board encourages all shareholders to

attend the meeting each year and to put forward any questions

they may have to the Directors at the conclusion of the formal

business of the meeting.

The Board was delighted to once again meet with shareholders

in person at the 2024 AGM. Shareholders who were unable to

attend the AGM in person were invited to lodge questions in

advance of the meeting.

The 2025 AGM will be held on 22 May 2025 at the Westbury

Hotel, Dublin.

Private shareholders

The Company Secretary oversees communication with private

shareholders, and ensures direct responses as appropriate in

respect of any matters raised by shareholders.

Website

Glenveagh’s website is an important channel for interacting with

all stakeholders, including shareholders, and it provides a library

of all relevant shareholder communications, financial results and

updates, and a history of our share price performance.

All material information reported to the Regulatory News Service

is published at www.glenveagh.ie/corporate/investor-centre.

January

10 January: Fireside chat hosted by Davy (Virtual)

Roadshow

Conference

AGM

February/March

28 February – 5 March: FY23 Results Roadshow – Dublin/London/

EU & N. America (Virtual)

13 March: Davy Equities Conference – New York

21 March: Jefferies Pan-European Mid Cap Conference – London

May

2 May: AGM – Dublin

September

9 – 14 September: H1 results roadshow – Dublin/London

/E & N. America (Virtual)

November

26 November: Goodbody Equities Conference – Dublin

2024 Timeline of shareholder

engagement

July

July 8: Fireside chat with Davy following H1 trading update (Virtual)

Strategic Report

Sustainability Statement

Governance Report

Financial Statements

CODE PRINCIPLE: DIVISION OF RESPONSIBILITIES

CONTINUED

Other stakeholders

It is critical for the success of the Group that it engages with all of its key stakeholders, seeks their views, and takes into consideration their interests as part of its decision-making process.

Board engagement with other key stakeholders during 2024 is summarised in the table below.

Further detail in relation to the wider Group’s engagement with key stakeholders is provided on pages 26 to 29.

Stakeholder

How the Board engages

Activity during 2024

Customers

Externally facilitated customer satisfaction surveys.

Customer Care department reporting and metrics.

Monthly reporting of customer satisfaction survey results.

Regular review of customer care data and issue tracking.

Continued recognition of the importance of customer satisfaction, maintaining it as one of the

Group’s two non-financial annual bonus metrics.

Employees

Monthly in-house and externally facilitated health and safety audits

of all Group sites.

Board visits to sites, manufacturing facilities, and head office.

Employee engagement surveys.

Designated Non-executive Director with responsibility for

workforce engagement.

Monthly reporting of health and safety audit results.

Continued recognition of the importance of health and safety, maintaining it as one of the

Group’s two non-financial annual bonus metrics.

Reviewed the progress made on the Group’s ED&I Strategy implementation.

Received and considered feedback from the 2024 Great Place to Work (GPTW) employee

engagement survey.

Regular visits to sites, facilities, and head office by the Workforce Engagement Director.

Ongoing review of leading employee satisfaction indicators, including turnover rates, training

and development levels, and benefits available to staff.

Communities

Consultation with communities throughout the site planning process.

Support of local community initiatives and Group charity partners.

Regular review of housing need in the communities in which the Group operates.

Reviewed the Group’s community engagement and community investment guidelines.

Received updates on local community initiatives and sports partnerships for 2024.

Suppliers &

subcontractors

Board visits to manufacturing facilities and development sites.

Oversight of the Group’s approach to supply chain sustainability.

Monthly reporting from construction operations and procurement departments.

Reviewed the progression of the Group’s manufacturing strategy during 2024.

Received and considered updates on the Group’s supply chain sustainability strategy

and action plans.

Government

& regulators

Regular communication with industry bodies, planning authorities,

and government representatives.

Communication with regulators including the London Stock

Exchange, Euronext Dublin, the Financial Conduct Authority, and the

Central Bank of Ireland.

Direct engagement through the Executive Directors with housebuilding bodies, local and

national planning authorities, and government representatives.

Engagement with regulatory authorities through the Company Secretary.

Glenveagh Properties plc | Annual Report and Accounts 2024

CODE PRINCIPLE: DIVISION OF RESPONSIBILITIES

CONTINUED

Workforce engagement

The Board is committed to meeting its responsibilities to all

stakeholders in the business, and places significant value on the

maintenance of successful relationships with the Group’s workforce,

suppliers, customers, and the communities in which it operates.

In order to effectively gather and fully appreciate the views

of the workforce, the Board has designated a Non-executive

Director with responsibility for direct employee engagement

on its behalf. Further information in relation to the Workforce

Engagement Director’s activity during 2024 is set out later on

this page. The Board recognises the importance of ongoing

communication and ‘reporting back’ to the workforce, to

demonstrate that it has listened to and acted upon feedback

received, and the Board remains committed to continuing to

enhance and strengthen its relationship with the workforce.

Through the ESR Committee, the Board receives updates on the

feedback provided in the annual GPTW employee engagement

survey, and the key concerns and priorities of Glenveagh’s

workforce. The Board was delighted that Glenveagh was once

again certified as a Great Place to Work in 2024, marking

the fourth year that the Group has received this honour, and

demonstrating the ongoing commitment to cultivating a positive

and supportive workplace for all our employees.

A key focus for the Board’s Remuneration Committee over the

last number of years has been the revival of the Save as You

Earn Scheme, which the committee was very pleased to be in

a position to re-launch for all Group employees in 2024. More

details in relation to the first grant of new share options under

the re-established employee share scheme are set out in the

Remuneration Committee Report on page 80.

Board information

Each month, the Directors receive financial and operational

reporting to help them discharge their duties. In order to allow

sufficient time to review, Board papers are circulated digitally

at least one week before each Board meeting. Directors have

access to independent professional advice at the Company’s

expense, if they consider it appropriate.

Independence

The independence of each of the Non-executive Directors is

considered on appointment, and on an annual basis by the Board.

The Board has reviewed the independence of the Non-executive

Directors and determined that they continue to be independent

within the provisions of the Code, with the exception of John

Mulcahy who previously served as an Executive Director and

Max Steinebach who is a Partner at Teleios Capital Partners,

a substantial shareholder of the Group.

While Provision 9 of the Code prescribes that the Chairman

should be independent on appointment, the Board is of the

collective belief that John Mulcahy’s extensive knowledge and

experience of the Irish residential housing market, together with

his commitment and contribution as Chairman during the period

since IPO, remains essential to the continued effective leadership

of the Board and the Group.

Given John’s prior Executive role within the Company, the Senior

Independent Director remains willing and available to assume any

additional responsibilities, as required. There is also a clear division

of responsibilities between the Chairman and the CEO. As such,

the Board remains satisfied that no one individual or group has

dominated its decision-making and that there has been sufficient

challenge of management in meetings of the Board.

Conflicts of interest

The Board considers potential conflicts of interest as a standing

agenda item at each meeting and a Group Register of Interests

is maintained by the Company Secretary, setting out any

conflicts of interest that a Director has disclosed to the Board in

line with their statutory duty.

The Company has established a comprehensive conflict of

interest policy and, in line with that policy, each Director reviews

the Group Register of Interests and provides an updated

declaration of interests form to the Company Secretary on

an annual basis.

Workforce Engagement Director

Cara Ryan is designated as the Non-executive Director

with responsibility for employee engagement on

behalf of the Board. In her position as the Workforce

Engagement Director, Cara regularly meets with employee

representatives appointed from each department in the

business and provides them with an opportunity for to ask

questions of, and provide feedback directly to, the Board.

During 2024, Cara met with the following employee

representatives from across the business:

Senior Business Partner, HR

Assistant Site Manager, Construction

Construction Director, Construction

Finishing Foreman, Construction

Procurement Supervisor, Procurement

Senior Quantity Surveyor, Commercial

Director & Design Manager, Design and Innovation

Finance Manager, Group Finance

Sales Manager, Sales

Cara Ryan

Independent Non-Executive Director

GOV-1

1. Disclosure point incorporated by reference: ESRS2 GOV-1 21(b)

2. Disclosure point incorporated by reference: ESRS2 GOV-1 21(e)

Strategic Report

Sustainability Statement

Governance Report

Financial Statements

CODE PRINCIPLE: COMPOSITION, SUCCESSION AND EVALUATION

NOMINATION COMMITTEE REPORT

Nomination

Committee

John Mulcahy

Chairman

Committee members and attendance

Name

Position

Attendance (100%)

John Mulcahy

Chair

Pat McCann

Member

Camilla Hughes

Member

Emer Finnan*

Member

Emer Finnan was appointed to the Committee on 1 July 2024, and attended all meetings for the duration of her membership of

the Committee.

Quick facts

John Mulcahy has chaired the Nomination Committee since April 2022.

A majority of committee members are Independent Non-executive Directors,

in line with the Code.

The committee met four times during the year ended 31 December 2024.

Link to terms of reference

nomination-committee-terms-of-reference (glenveagh.ie)

The committee began 2024 with the

continuation of nomination activities initiated in

the previous year. These activities culminated

in the committee’s decision to recommend

the appointment of two new Non-executive

Directors and we were delighted to welcome

Lorna Conn and Max Steinebach to the Board

with effect from 1 February 2024. Lorna and

Max bring a wealth of executive and non-

executive experience to their roles and have

proven to be a valuable addition to the Board.

A key focus for the committee in the first half

of the year was the review and refreshment of

the composition of the Board’s key committees.

Further to our recommendations to the Board,

a number of changes to committee composition

were announced with effect from 1 July 2024 to

ensure that we were fully utilising the skills and

experience of our newer Directors while also

ensuring orderly succession at committee-level

into the future.

As announced by the Company in September

2024, Michael Rice advised the Board of his

intention to step down from his role as Executive

Director and CFO of Glenveagh to pursue

other interests. Michael stepped down from the

Board on 31 December 2024 but he remains

with Glenveagh into 2025 in order to facilitate

a smooth transition. On behalf of the Board,

I would like to express our appreciation for

Michael’s hard work, dedication, and expertise

from our IPO in 2017 and throughout his seven-

and-a-half years as CFO. Michael played a

pivotal role in advancing the Company to its

current position and we wish him the very best

in his next endeavour.

On behalf of the committee, I am pleased to present the Nomination

Committee Report for the financial year ended 31 December 2024.

It was announced that Michael would be

succeeded in the role of CFO by Conor

Murtagh, the Chief Strategy Officer and a

member of the Executive Committee. Conor

assumed the role of CFO on 1 January

2025. As part of the CFO transition period,

the committee led a nomination process in

respect of Conor’s potential appointment as

an Executive Director and on 16 January 2025,

Conor was appointed to the Board.

As a Board, we are delighted that Conor will

continue to work with the Company in his

new capacity as CFO and Executive Director.

Since joining Glenveagh in 2018, Conor has

demonstrated his leadership, dedication, and

deep understanding of our business and its

success drivers, and we are confident that he

will continue to play a key role in driving our

future success.

Glenveagh Properties plc | Annual Report and Accounts 2024

CODE PRINCIPLE: COMPOSITION, SUCCESSION AND EVALUATION

CONTINUED

NOMINATION COMMITTEE REPORT

CONTINUED

Committee’s key roles and responsibilities

As a committee our responsibilities include:

regularly reviewing the structure, size, and

composition (including skills, experience,

and knowledge) of the Board and other

senior management positions and making

recommendations to the Board with regard

to any proposed changes;

leading the process for appointments

and ensuring that a formal, rigorous and

transparent procedure is undertaken for

effective and orderly succession to both

Board and senior management positions;

promoting the development of diversity

at Board-level and reviewing the Board

Diversity Policy on an annual basis; and

reviewing the results of the annual Board

performance evaluation process that relate

to the composition of the Board and the

time commitment required from Non-

executive Directors.

Board composition

As at 31 December 2024, the Board comprised

nine Directors: the Non-executive Chairman,

two Executive Directors and six Non-executive

Directors, five of whom are independent.

As previously announced, Michael Rice stepped

down from his position as Executive Director

of the Company on 31 December 2024. From

1 January 2025 to 16 January 2025, the Board

was comprised of eight Directors, with only one

Executive Director during that period.

Following the appointment of Conor Murtagh

as Executive Director on 16 January 2025,

the Board is once again comprised of nine

Directors: the Non-executive Chairman, two

Executive Directors and six Non-executive

Directors, five of whom are independent.

As part of the year-end evaluation process,

the Board reviewed the overall balance of skill,

experience, knowledge, and independence of

the Board and its committees. Looking ahead

to 2025, the Board is satisfied that it is of an

appropriate size for the requirements of the

business and that its composition provides a

suitable balance of skills and experience to

effectively discharge its duties to the Company

and its shareholders. The Board is also

satisfied that the balance of Executive

and Non-executive Directors is suitable

to facilitate constructive and effective

challenge and debate.

Board skills and experience

Capital markets

Construction

Manufacturing/large projects

PLC NED experience

Property

Tax, accounting and audit

Sustainability

CEO experience

General management & business operations

Corporate governance, compliance and risk management

Legal and regulatory

January 2024

Discussed and assessed the potential

recommendation of new Non-executive

Directors for appointment to the Board.

Agreed to recommend the appointment

of Lorna Conn and Max Steinebach to

the Board.

Committee activities in 2024

June 2024

Developed the Board Succession Plan,

documenting succession planning for the

Board, its committees, its key roles, and

for executive management.

Reviewed the composition of Board

committees and agreed to recommend

changes to the composition of

committees.

September 2024

Considered Michael Rice’s intention to

step down from his position as Executive

Director and CFO of the Company.

Approved the proposal that Conor

Murtagh succeed Michael Rice as CFO of

the Company and agreed to undertake

a nomination process in respect of a

potential Board appointment as part of

the CFO transition period.

December 2024

Discussed the progression of a

nomination process for Conor Murtagh’s

potential appointment as an

Executive Director.

Reviewed and updated the Board

Succession Plan.

Undertook the annual review of the

committee’s terms of reference.

GOV-1

1. Disclosure points incorporated by reference in this section: ESRS2 GOV-1 21(c) and 23(a)

1. Disclosure point incorporated by reference in this section: ESRS2 G1 GOV-1 5(b)

Strategic Report

Sustainability Statement

Governance Report

Financial Statements

Process for Board appointments

Step 01

The committee reviews and approves an outline brief and role specification. The committee may appoint

an external search agent to assist with the process.

Step 02

The committee, together with the external search agent where appointed, prepares an initial long list of

candidates for consideration.

Step 03

Working from the initial long list of candidates, the committee selects a shortlist for interview.

Step 04

The committee meets with shortlisted candidates and, where a suitable candidate is identified, makes a

recommendation to the Board for its consideration.

Step 05

Following Board approval, the appointment of a new Director is announced in line with the requirements

of the FCA and Euronext Dublin listing rules.

CODE PRINCIPLE: COMPOSITION, SUCCESSION AND EVALUATION

CONTINUED

NOMINATION COMMITTEE REPORT

CONTINUED

Director induction, training, and development

The Board has established a formal induction

process for new Non-executive Directors,

providing them with a comprehensive

understanding of their role and

responsibilities as Directors, the business of

the Group, and the operations of the Board.

The induction of Non-executive Directors

is overseen by the Chairman with the

assistance of the Company Secretary and

includes meetings with management in

each of the Group’s business lines and

site tours of live construction projects and

manufacturing facilities. Newly-appointed

Directors have access to the Company

Secretary’s assistance and guidance around

the workings of the Board, in addition to

the experience gained with attendance at

regular meetings.

During 2024, the Board welcomed two new

Non-executive Directors, Lorna Conn and

Max Steinebach. As part of their induction

ahead of their first Board meeting, Lorna

and Max met individually with members of

senior management and toured a number of

sites and facilities with the CEO and CFO.

The Board is committed to a culture of

continuous training and development, and

all Directors receive regular updates on the

Group’s projects and activities. Directors

also receive updates from the Company

Secretary on legal and regulatory matters.

Directors are encouraged to attend the

Board’s annual site and factory tours,

facilitated by the relevant site teams.

The Board also convenes annually,

outside of formal meetings, for a full day

of strategy and training sessions with

senior management.

In 2024, the Board site tour focused on

early construction activities at our large

Partnership sites in Ballymastone and

Oscar Traynor Road, completed units

and showhouses on site in Killruddery,

as well as walking some key sites identified

by management for potential acquisition

in 2024.

The Board strategy and training day in

2024 was held at our NUA manufacturing

facility in Carlow, with a focus on innovation,

manufacturing progress, and modern

methods of construction.

Lorna Conn

Independent

Non-executive Director

Max Steinebach

Independent

Non-executive Director

Appointments to the Board

The Nomination Committee is responsible

for leading the process for new Director

appointments and has established a formal,

rigorous, and transparent procedure for the

selection and nomination of candidates to

the Board.

At the beginning of 2024, the committee

concluded nomination activities initiated in

the previous year, culminating in the Board’s

appointment of two new Non-executive

Directors, Lorna Conn and Max Steinebach,

with effect from 1 February 2024.

Following Michael Rice’s decision to step down

from his role as Executive Director and CFO of

Glenveagh, and the announcement that Conor

Murtagh would succeed Michael as CFO, the

committee undertook a nomination process

in respect of Conor’s potential appointment

as an Executive Director during the CFO

transition period.

Shortly after year-end, the committee confirmed

its nomination of Conor Murtagh for the

position of Executive Director and, following

the committee’s recommendation, the Board

announced Conor’s appointment with effect

from 16 January 2025.

Glenveagh Properties plc | Annual Report and Accounts 2024

CODE PRINCIPLE: COMPOSITION, SUCCESSION AND EVALUATION

CONTINUED

NOMINATION COMMITTEE REPORT

CONTINUED

Re-election

All Directors submit themselves for re-election

at the Company’s AGM.

Board diversity

The Board has adopted a Board Diversity

Policy, intended to assist it, through the

Nomination Committee, in achieving optimum

Board and committee composition. The Board

recognises the clear benefits of a diverse

Board including diversity of experience, skills,

background, and gender and agrees that these

differences should be considered in determining

the optimum Board composition.

While all Board appointments are made

on merit and with regard to the skills and

experience that the Board requires to be

effective, it is the Company’s policy to develop

over time the diversity of its Board without

compromising the calibre of new Directors.

Through the ESR Committee, the Board

has approved targets for diversity. As at

31 December 2024, female Directors accounted

for 44% of the Board. There are currently

no Directors who self-disclose as being from

minority ethnic groups. The Board aims to

appoint at least one Director from a minority

ethnic group.

Below Board level, female employees

accounted for 14% of the senior management,

as defined by the Code, and 31% of senior

management direct reports.

Numerical diversity data, in the format required

by the UK Listing Rules, is outlined below as at

31 December 2024.

Sex/gender representation

Number of

Board members

Percentage of

the Board

Number of senior

positions on the Board

(CEO, CFO, SID,

and Chair)

Number in

Executive

management

Percentage

of Executive

management

Men

56%

86%

Women

44%

14%

Not specified/prefer not to say

–

Ethnicity representation

Number of

Board members

Percentage of

the Board

Number of senior

positions on the Board

(CEO, CFO, SID,

and Chair)

Number in

Executive

management

Percentage

of Executive

management

White British or other white

(including minority white groups)

100%

Mixed/multiple ethnic groups

–

Asian/Asian British

–

Black/African/Caribbean/Black British

–

Other ethnic group including Arab

–

Not specified/prefer not to say

–

Defined as the Executive Committee and the Company Secretary, in accordance with the UK Listing Rules.

GOV-1

1. Disclosure points incorporated by reference in this section: ESRS2 GOV-1 21(d)

Strategic Report

Sustainability Statement

Governance Report

Financial Statements

CODE PRINCIPLE: COMPOSITION, SUCCESSION AND EVALUATION

CONTINUED

NOMINATION COMMITTEE REPORT

CONTINUED

Board evaluation

Evaluation by

external facilitator.

Internal review against

detailed Year 1 evaluation.

Questionnaire-based

internal evaluation.

Year 1

2023

Year 2

2024

Year 3

2025

Annual Board evaluation

The Code specifies that the Board should

undertake a formal and rigorous annual

evaluation of its own performance and that of its

committees and individual Directors, and that the

Board should also have an externally facilitated

evaluation at least once every three years.

2023 was the first year in the Board’s current

three-year review cycle and an external

effectiveness review was undertaken, facilitated

by Deloitte. In 2024, the Board undertook

an internally facilitated review to assess its

performance and effectiveness during the year,

and to measure its progress in those areas

identified for improvement in the 2023

external evaluation.

The 2024 Board evaluation took the form of

an anonymous survey, with each individual

Director answering questions and providing

their feedback on the Board’s performance,

composition, engagement, governance

structure, forward planning, reporting,

expectations, and dynamics, as well as

the Chairman’s leadership.

The recommendations arising from the 2023

external review and the actions taken by

the Board during 2024 to address them are

summarised in the adjacent table, together

with an overview of the areas identified

for further focus in the results of the 2024

Board evaluation.

The results of the 2024 evaluation confirmed

a consensus among the Directors that the

Board, its committees, the Chairman, and the

individual Directors continue to perform their

duties effectively.

John Mulcahy

Chair, Nomination Committee

Recommendations arising from 2023 review

Succession planning

– additional documentation was recommended to be put in place covering

individual Board positions and key senior management roles.

Board agenda

– a standard agenda template was recommended to be put in place across all Board

and committee meetings.

Board reporting

– a standard document format was recommended to be put in place for all reports

across the Board and all committees.

Process documents

– documented Board and committee forward plans were recommended to be

put in place, with additional formal documentation also suggested in relation to the Non-executive

Director induction plan.

Progress made during 2024

Succession planning

– a formal Board Succession Plan was documented and approved in 2024.

Board agenda

– standard agenda templates were rolled out across all Board and Committee

meetings during 2024.

Board reporting

– management reporting continues to develop in-line with feedback from the Board.

Process documents

– the induction programme for new Non-executive Directors was formally

documented in 2024. The development of Board and Committee forward plans is in progress.

Focus areas identified in 2024 review

Board meetings

– further refine meeting agendas and papers in 2025 to focus on strategic priorities.

Succession planning

– continue to develop succession plans for Board and senior management in

line with the growth and maturity of the business.

Board review

– schedule more routine opportunities for the Board to discuss its own effectiveness

throughout the annual Board calendar.

Glenveagh Properties plc | Annual Report and Accounts 2024

CODE PRINCIPLE: AUDIT, RISK AND INTERNAL CONTROL

AUDIT AND RISK COMMITTEE REPORT

Audit and Risk

Committee

Cara Ryan

Chair, Audit and Risk Committee

Committee members and attendance

Name

Position

Attendance (100%)

Cara Ryan

Chair

Emer Finnan

Member

Pat McCann

Member

Lorna Conn*

Member

Lorna Conn was appointed to the committee on 1 July 2024, and attended all meetings for the duration of her membership of

the committee.

Quick facts

Cara Ryan has chaired the Audit and Risk Committee since September 2020 and is an Independent Non-executive

Director and chair of Mercer Ireland Limited, Mercer Ireland Holdings Limited and Pershing Securities International

Limited.

All committee members are Independent Non-executive Directors in line with the Code.

The Board is satisfied that at least one committee member has recent and relevant financial experience, as

required by the Code. Director biographies can be found on pages 62 and 63.

The committee met five times during the year ended 31 December 2024.

Regular attendees at committee meetings include the Executive Directors, the Head of Finance and representatives

from KPMG (the ‘External Auditor’) and Deloitte (the ‘Internal Auditor’).

The committee meets with the Internal and External Auditors without management being present, on an annual

basis in order to discuss any issues which may have arisen during the financial year.

Link to terms of reference

audit-and-risk-committee-terms-of-reference (glenveagh.ie)

This committee continues to fulfil a vital role

in the Company’s governance framework,

providing independent challenge and oversight

across the Company’s financial reporting, risk

management, and internal controls and cyber

security. The composition of the committee is

outlined in the table to the left; all committee

members are Independent Non-executive

Directors in line with the Code.

The committee continues to focus its efforts on

assisting the Board by proactively managing its

core areas of responsibility: the integrity of the

Group’s financial reporting, risk management

and internal control, and assurance processes.

The principal duties and responsibilities of the

committee are detailed below, and an overview

of its activities for the year are outlined in the

table on page 77.

Committee’s key roles and responsibilities

The Board believes the Audit and Risk

Committee to be a central pillar for effective

corporate governance by providing independent

and impartial oversight of the Company’s

relevant functions. As a committee, our

responsibilities include:

monitoring the integrity of the Group’s

Financial Statements including reviewing

significant financial reporting issues,

judgements, and other supplementary

financial information contained in formal

announcements and communications;

On behalf of the committee, I am pleased to present the Audit and

Risk Committee Report for the financial year ended 31 December 2024.

providing advice on whether the Annual

Report and Financial Statements, taken as a

whole, is fair, balanced and understandable

and provides the necessary information for

shareholders to assess the Group’s position

and performance, business model,

and strategy;

reviewing internal financial controls and

the Group’s internal control and risk

management systems;

reviewing the effectiveness of the audit

process and the independence and

objectivity of the External Auditor;

monitoring and reviewing the effectiveness

of the Group’s Internal and External Auditors;

developing and implementing policy on

engaging the External Auditor to supply

non-audit services, taking into account

relevant guidance;

approving the External Auditor’s

remuneration and terms of engagement,

and making recommendations about

its reappointment;

receiving updates on the work undertaken

to improve the Group IT and cyber security

capabilities; and

reporting to the Board on how the

committee has discharged its responsibilities.

Strategic Report

Sustainability Statement

Governance Report

Financial Statements

CODE PRINCIPLE: AUDIT, RISK AND INTERNAL CONTROL

AUDIT AND RISK COMMITTEE REPORT

CONTINUED

Financial reporting and compliance

The committee reviewed, prior to their publication, the Group’s

Annual Report and Financial Statements, half-year, and year-end

results announcements issued during the year. The committee

assessed whether suitable accounting policies had been adopted

in the preparation of the results for the relevant period and

whether management had made appropriate estimates and

judgements. In particular, the committee focused on areas that

involved a significant level of judgement or complexity. The

committee also considered the view expressed by the External

Auditor, KPMG, in making these assessments.

The primary issue considered by the committee in relation to the

Financial Statements for the financial year ended 31 December

2024 was the Group’s assessment of the carrying value of

inventory at the reporting date, and profit recognised on

completed units during the year.

The committee assessed the Group’s ability to continue as a

going concern and its viability statement prior to recommending

both for approval by the Board. The committee considered

the actual and potential implications on the Group’s financial

performance and position against the macro-economic

environment and because of environmental or sustainability

risks. These considerations included but were not limited to the

impact on selling prices and strategies, development costs, and

construction programmes and put a focus on the adequacy of

liquidity when reaching its conclusion.

During the financial year, the committee reviewed and

recommended the Group’s 2024 Annual Report and the

condensed Financial Statements for the half-year ended 30 June

2024 to the Board for approval. The committee’s review of the

Annual Report and Financial Statements considered whether,

taken as a whole, it was fair, balanced, and understandable and

provided the information necessary for shareholders to assess the

Group’s position and performance, business model, and strategy.

Having considered this, the committee confirmed to the Board its

approval of the Annual Report and Financial Statements.

The committee considered the requirements of the Irish

Companies Act 2014 in relation to the Directors’ Compliance

Statement and is satisfied that appropriate steps were taken to

ensure compliance by the Group with these requirements.

Each scheduled meeting considered Directors’ interests and reviewed risk register updates.

February 2024

Received and considered the

internal audit update.

Reviewed the Annual Report

to ensure it was fair, balanced,

and understandable and

provided information enabling

an assessment.

Reviewed the external auditor’s

year-end report, including

independence considerations.

Review of Internal financial

controls.

Review of IT Access

Management controls

Reviewed the risk register.

Considered the net realisable

value (NRV) of inventories.

Reviewed the full-year financial

report announcement, the

Annual Report; and papers in

relation to:

–

year-end accounting

matters.

–

The preparation of the

Financial Statements on the

going-concern basis (see

also note 7 to the Group

Financial Statements).

–

The making of a going

concern and viability

statement recommendation

to the Board.

–

The making of the Director’s

Compliance Statement

recommendation to

the Board.

–

The making of management

representations.

Committee activities in 2024

June 2024

Received and considered the

internal audit update.

Review of sales.

Received and considered the risk

of principal risks.

Reviewed the CSRD Assurance

Rediness update and CSRD

Limited Assurance.

September 2024

Reviewed and considered the

internal audit update.

Received and considered

the KPMG interim review

findings report.

Review of IT Cyber Security Policy.

Considered the NRV

of inventories.

Discussed in detail the 2024

interim financial results.

Considered and approved the

2024 interim Financial Statements

and letter of representation.

Review of going concern memo.

Reviewed and approved an

update to the committee terms

of reference.

December 2024

Received and considered a

review of capital expenditure.

Reviewed and considered

the internal audit update and

plan for 2024-2026.

Received and considered

KPMG’s audit plan and

strategy 2024.

Reviewed KPMG CSRD

audit and discussed

materiality assessment.

Reviewed and considered the

plc obligations register.

Received cofirmation from

the external manager of

the Company’s protected

disclosure reporting channels

that no reports were received

in 2024.

Undertook the annual

review of Board-level

Company policies.

October 2024

Received and considered

a review of the risk

management process.

Review of sustainability reporting

audit plan presented by KPMG.

Challenge and approval of

double materiality review for

CSRD reporting.

Received and considered the

principal risks to the business

which included external and

operational risks.

Received and considered the risk

Glenveagh Properties plc | Annual Report and Accounts 2024

CODE PRINCIPLE: AUDIT, RISK AND INTERNAL CONTROL

AUDIT AND RISK COMMITTEE REPORT

CONTINUED

Risk management and internal controls

The committee acknowledges its role to oversee the Group’s risk

management framework and internal control processes. This

framework has been in place from the start of the financial

year to the approval date of the 2024 Annual Report and

Financial Statements and is set out on pages 50 to 57 of

the Strategic Report.

The Group’s internal controls manage risk and provide

reasonable assurance against events or conditions that may

result in material misstatement or loss to the Group. Internal

control processes are regularly reviewed by the committee

including an annual review by the Board of Directors through the

Directors’ Compliance Statement process. Throughout the year,

the committee continued to engage with Group management

to ensure that robust internal controls and risk management

systems continue to apply.

The committee undertook an annual review of the Group’s risk

management and internal controls framework in October. The

review focused on the strategic risks and internal controls to

address these risks inclusive of our climate risks and opportunities.

This included:

assessment of the principal and emerging strategic risks faced

by the Group;

the key internal controls in place and their effectiveness to

mitigate and manage these risks; and

determining scoring thresholds and risk ratings.

The risk register and the principal risks and uncertainties faced

by the Group are outlined on pages 50 to 57 of this report. We

have also discussed with Group management the additional

work completed in respect of the viability and going concern

statements to seek to assess the impact, in the short-to medium-

term, of environmental and sustainability risks on the prospects of

the Group.

The committee’s key priorities for the year ahead will include

a continued focus on assisting the Group with cyber security,

evolving environmental and sustainability considerations

related to Impacts, Risk and Opportunity (IRO) disclosures,

and the Group’s double materiality assessment and ensuring

recommendations from Group internal audit reviews are

implemented on time, and giving effect to the actions from

the reviews of the Group internal audit function.

Assurance oversight

Internal audit

The committee is responsible for the scope and operation

of the internal audit function. The committee approves and

monitors the planned work of internal audit which is informed

by the strategic risk areas for the business and considers any

identified ineffective controls and findings. The committee places

a particular focus on control weaknesses identified by internal

audit and the remediation plans put in place by management. A

bi-annual update is provided to the committee by internal audit

on the remediation plan progress made by management.

Significant issue considered

Committee activity

Carrying value of inventory

The carrying value of the Group’s inventory was €864.4 million at 31 December 2024 which comprises the cost of

development land and development rights acquired, and the costs of the work completed thereon to date. Inventory

is required to be carried at the lower of cost and NRV.

At 30 June and 31 December 2024, management undertook an exercise to assess the NRV of the inventory balance in

order to assess the carrying value at that date. There is a significant level of estimation involved in this exercise which

includes a review of future cash flows associated with each individual site in order to validate current profitability

projections which are also the key determinants of profit recognition as sales complete. As part of the assessment,

the Group has re-evaluated its most likely exit strategies on all developments in the context of the current market

environment and reflected these in revenue assumptions within the forecast models. The results of the exercises

determined that no net adjustment to the carrying value was required at 30 June 2024 and 31 December 2024.

Management presented a summary of its review to the committee which included information in relation to the cross-

functional approach taken to the net realisable value calculations, its policy for profit recognition on completed units, as

well as the review process undertaken by senior management. Management’s presentation included a summary of the

results of the review for each development site with key assumptions highlighted for discussion.

The committee robustly challenged management on the additional work completed in respect of the carrying value of

inventory both at 30 June 2024 and 31 December 2024, to seek to assess the impact of the macro-economic environment

and sustainability and environmental issues on the profitability of the Group’s development sites and to understand the

different scenario analysis completed.

The committee considered the six-month interim approach and financial year-end approach to the net realisable carrying

value of the inventory balance. It also considered the External Auditor’s conclusion regarding management’s assessment

that has resulted in a net impairment reversal of €2.0 million for 2024.

Based on the results of the process undertaken by management, the committee was satisfied with the carrying value of

inventory at year-end and the profit recognised in the Consolidated Statement of Profit or Loss on units closed in 2024.

Strategic Report

Sustainability Statement

Governance Report

Financial Statements

CODE PRINCIPLE: AUDIT, RISK AND INTERNAL CONTROL

AUDIT AND RISK COMMITTEE REPORT

CONTINUED

The committee met representatives from the Internal Auditor on

four occasions during the financial year and considered the

findings from their reviews of health and safety, governance,

sustainability, management of contractors, internal financial

controls, and IT general controls.

External auditor

Audit effectiveness

KPMG were appointed as the Group’s External Auditors in 2017.

During 2024, the committee reviewed KPMG’s reports on its 2023

audit and interim review for the six months ended 30 June 2024.

It also reviewed and approved KPMG’s audit plan in respect of

the audit for the year ended 31 December 2024.

The effectiveness of the external audit process is assessed by

the committee, which meets regularly throughout the financial

year with the audit partner, with and without management. In

conducting this review, the committee concluded that the audit

process as a whole had been conducted robustly and that the

team selected to undertake the audit had done so thoroughly

and professionally.

The committee considers and makes recommendations to the

Board, to be put to shareholders for approval at the AGM, in

relation to the appointment, reappointment, or removal of the

External Auditor. KPMG attended four committee meetings

in 2024.

In assessing the independence and objectivity of the External

Auditor, the committee considered the internal processes which

the External Auditor has in place to ensure their independence

and objectivity is monitored and reviewed sufficiently. The

committee considered senior management’s satisfaction

with KPMG.

Auditor independence and non-audit services

KPMG has formally confirmed its independence to the

committee. To further ensure independence, the committee

has a policy on the provision of non-audit services by the

External Auditor that seeks to ensure services provided by the

External Auditor are not, or are not perceived to be, in conflict

with auditor independence. Analysis of fees paid or payable in

respect of services provided by KPMG in the financial year are

analysed in the table below:

€000

Audit fees

330

Non-audit fees

198

Interim review fees

Tax services fees

142

Other non-audit services

Total

703

At the end of the financial year, non-audit fees paid to KPMG

represented 51% of total audit fees.

It is the Group’s practice to engage KPMG on assignments in

addition to its statutory audit duties where its expertise and

experience with the Group is important. KPMG provided certain

tax services in the financial year which were considered and

deemed appropriate by the committee.

The committee has approved a policy on the use of the External

Auditor for non-audit services and continually monitors the

ratio of audit to non-audit fees, acknowledging the legislation

requiring fees for non-audit services to be capped at 70% of the

average statutory audit fee over the previous three-year period.

Further, in reviewing non-audit services provided by the External

Auditor, the committee considers whether the non-audit service is

a permissible service under the relevant legislation, and any real

or perceived threat to the External Auditor’s independence and

objectivity to include, among other considerations, a review of:

the nature of the non-audit services; whether the experience and

knowledge of the external auditor makes it the most suitable

supplier of the non-audit services; and the economic importance

of the Group to the External Auditor. The policy on the supply

of non-audit services includes a case-by-case assessment of

the services to be provided and the costs of the services by the

External Auditor considering any relevant ethical guidance on

the matter.

Whistleblowing, anti-bribery and corruption

The Group has whistleblowing, and anti-bribery and corruption

policies and reporting procedures in place that have been

reviewed and approved by the Board. The policies are detailed

in the employee handbook and published on the Group’s

intranet. All employees are required to acknowledge and confirm

that they have read and understand these policies. Any reported

cases of whistleblowing, bribery, or corruption or any alleged

breach of these policies are appropriately investigated, with the

results reported to the committee.

I am pleased to conclude that the committee has met its

obligations for 2024 and is looking forward to further adapting

the Group’s risk management framework to respond to the

opportunities and challenges that 2025 will bring as the Group

continues to deliver on its strategic objectives.

Cara Ryan

Chair, Audit and Risk Committee

Glenveagh Properties plc | Annual Report and Accounts 2024

CODE PRINCIPLE: REMUNERATION

REMUNERATION COMMITTEE REPORT

Remuneration

Committee

Pat McCann

Chair, Remuneration

Committee

Committee members and attendance

Name

Position

Attendance (100%)

Pat McCann

Chair

Cara Ryan

Member

Camilla Hughes

Member

Emer Finnan*

Member

Lorna Conn*

Member

Emer Finnan and Lorna Conn were appointed to the committee on 1 July 2024, and attended all meetings for the duration of

their membership of the committee.

Quick facts

Pat McCann has chaired the Remuneration Committee since April 2022.

All committee members are Independent Non-executive Directors,

in line with the Code.

The committee met ten times during the year ended 31 December 2024.

Link to terms of reference

remuneration-committee-terms-of-reference (glenveagh.ie)

On behalf of the committee, I am pleased to

present our Remuneration Committee Report

for the financial year ended 31 December 2024,

which contains:

the Directors’ Remuneration Policy, which will

be put to shareholders for re-approval at the

2025 AGM; and

the annual Remuneration Report, describing

how the previous policy was implemented

in 2024.

Committee’s key roles and responsibilities

The principal responsibilities and duties of the

Remuneration Committee include:

setting the Remuneration Policy for the

Executive Directors including pension rights

and any other compensation payments;

recommending and monitoring the

level and structure of remuneration for

senior management;

reviewing the ongoing appropriateness

and relevance of the Remuneration Policy,

taking into account all factors which it deems

necessary, including the risk appetite of the

Group and alignment to the Group’s long-

term strategic goals and culture;

reviewing the total individual remuneration

package of each Executive Director and

other designated members of senior

management including any bonuses,

incentive payments, and share options or

other share awards; and

overseeing any major changes in employee

benefits structures throughout the Group.

On behalf of the committee, I am pleased to present the Remuneration

Committee Report for the financial year ended 31 December 2024.

2024 performance and remuneration outcomes

2024 was a year of record output for

Glenveagh, with significant progress made in

meeting our operational and financial goals and

demonstrating our ability to deliver at increased

scale. Total revenue for the year grew by 43% to

€869million, with gross profit increasing by 63%

to €184million. Earnings per share (EPS) rose

to 17 cents in 2024 from 8 cents in 2023, with

a 13.7% ROE.

2024 annual bonus outcome

Given this remarkable year for the business,

bonuses for 2024 were payable to the

Executive Directors at 100% of maximum. The

level of payout is reflective of the Company’s

achievement against its wide range of financial

and non-financial performance measures.

Full details of the specific bonus targets, the

outcomes achieved, and the resulting level of

bonus payments are provided on page 89 of

this report. In line with the Remuneration Policy

requirements introduced in 2022, the 2024

annual bonus payments to Executive Directors

were subject to one-third deferral into shares,

which must be held for a minimum of two years.

2022 LTIP outcome

The performance period for the 2022 LTIP, in

which both Stephen Garvey and Michael Rice

were participants, ended on 31 December 2024.

Following assessment of performance against

the 2022 LTIP targets, the formulaic vesting

outcome for the awards is 68%. The vesting

date for the 2022 LTIP awards is 28 April 2025.

Full details in relation to this vesting outcome

are set out on page 91.

Strategic Report

Sustainability Statement

Governance Report

Financial Statements

CODE PRINCIPLE: REMUNERATION

CONTINUED

REMUNERATION COMMITTEE REPORT

CONTINUED

Executive Director departure

Michael Rice stepped down from his role as Executive Director

and CFO of Glenveagh on 31 December 2024. Michael remains

an employee of the Group into 2025 to facilitate a smooth

handover. Taking into account his contribution to Glenveagh

over the last seven-and-a-half years, and his commitment to

a successful transition of the CFO role within the business, the

Committee elected to treat him as a good leaver in relation to

any LTIP awards that remain outstanding on his cessation of

employment with the Group. The LTIP awards will continue to

vest on the normal vesting date, subject to performance and time

pro-rating over the performance period. The post-vesting holding

requirement and post-employment shareholding requirement will

also continue to apply in line with our policy.

Revival of the Save As You Earn Scheme

During 2024 we were delighted to grant new share options under

our re-established SAYE Scheme, following AIB’s entry into the

market as a licensed savings carrier supporting SAYE plans in

Ireland. The SAYE Scheme offers all Group employees a risk-free

savings method with the option to purchase Company shares in

a tax efficient manner. 2024 marked the first new grant of share

options under the SAYE Scheme following the exit from the Irish

market of the only approved savings carrier post-Brexit.

Remuneration Policy review

Background and context

During 2024, the committee undertook a thorough review of

the Directors’ Remuneration Policy to ensure that it continues

to support the Group’s strategy and remains in line with market

and best practice. Following detailed reflection, the committee

remains satisfied with the appropriateness of the current policy

(detailed in this report) and believes that it continues to provide

Glenveagh with the right overall structure to motivate Executive

Directors to deliver against the Group’s short- and longer-term

strategy. Based on the review undertaken in 2024, we intend to

re-submit the current policy to shareholders for re-approval at the

2025 AGM with only one minor change as summarised below.

Summary of proposal

The existing Remuneration Policy mandates that one-third of any

bonus paid is deferred into shares for a minimum of two years.

Under the new policy, the committee proposes reducing this

requirement to 20% deferral for those Executive Directors whose

shareholdings are in excess of Glenveagh’s minimum expectations

(set at 300% of salary for the CEO and 200% of salary for the

CFO). Malus and clawback provisions will continue to apply to the

cash and deferred elements of annual bonus. It is proposed that

this change will first apply for the bonus earned in 2025.

February 2024

Approved the final 2023 bonus outcome.

Considered and discussed the continued

appropriateness of the existing LTIP scheme.

Committee activities in 2024

March 2024

Oversaw the ‘clogging’ of the deferred share element

of the Executive Directors’ 2023 Bonus in the Company’s

Restricted Share Trust.

Finalised the 2021 LTIP vesting outcome.

Considered the appropriateness of the proposed

2024 LTIP metrics and performance measures.

Approved the 2024 LTIP awards to participants.

Approved necessary amendment to the LTIP Rules to take

account of changes in Revenue tax collection method.

Authorised the issue and allotment of shares to satisfy the

exercise of vested LTIP option awards and approved the

related block listing applications.

Oversaw the ‘clogging’ of the share awards vesting to

the CFO under the 2021 LTIP in the Company’s Restricted

Share Trust.

April 2024

Approved the 2024 LTIP metrics and performance targets.

September 2024

Considered and approved the remuneration

arrangements for the departing CFO.

Commenced a thorough review of the Directors’

Remuneration Policy.

October 2024

Completed the review of the Directors’

Remuneration Policy.

Commenced shareholder engagement process.

Approved the launch of a new SAYE scheme for

all employees.

Authorised the issue and allotment of shares to satisfy the

exercise of vested SAYE option awards and approved the

related block listing application.

December 2024

Finalised the Directors’ Remuneration Policy to be put to

shareholder vote at the 2025 AGM.

Reviewed current progress of 2024 bonus metrics.

Considered the projected vesting outcome of the

2022 LTIP based on the performance period ending

31 December 2024.

Considered the proposed annual bonus and LTIP

performance targets for 2025.

Approved the remuneration arrangements for the

new CFO.

Reviewed and approved the remuneration of the

Executive Committee and Company Secretary.

Reviewed and considered management’s approach to

wider workforce pay for 2025.

Annual review of committee terms of reference.

GOV-3

1. Disclosure point incorporated by reference in this section: ESRS2 GOV-3 29(e)

Glenveagh Properties plc | Annual Report and Accounts 2024

CODE PRINCIPLE: REMUNERATION

CONTINUED

REMUNERATION COMMITTEE REPORT

CONTINUED

Performance measures

The committee gave a great deal of consideration to the

appropriate performance measures for Glenveagh’s incentives.

Of particular discussion was the extent to which our incentives

place a weighting on ESG metrics. Noting that we already

capture health and safety and customer satisfaction measures in

the annual bonus, our discussions focused on whether additional

measures around sustainability should be included.

The committee is of the opinion, shared by management, that

sustainability is an integral part of Glenveagh’s day-to-day

operations. The business continues to hold itself to an incredibly

high standard of sustainability through its Building Better business

strategy. The committee is of the view that there is currently no

need to add a specific environmental metric to either the annual

bonus or LTIP over the term of the next Remuneration Policy, but

will continue to keep the matter under review in the future.

Engagement with shareholders

During 2024, the committee wrote to Glenveagh’s largest

shareholders, covering 67% of issued share capital in total,

advising them of our work and our thinking around the

Remuneration Policy. In my role as chair of the committee, I held

a number of informative conversations with investors as part of

this process and I was grateful for their engagement. In light of

the supportive feedback the committee received, no changes

were made to the proposed policy.

Remuneration for 2025

Base salaries

The Executive Directors will receive base salary increases of 3% in

2025, which is in line with the general workforce increases of 3%.

The committee considers that the 3% increase awarded to the

Executive Directors is appropriate in the context of the Group’s

continued growth and strong performance.

Annual bonus

The Executive Directors will continue to participate in the annual

bonus scheme. For 2025 the annual bonus will continue to be

based 70% on financial performance and 30% on non-financial

measures of health and safety (15%) and customer satisfaction

(15%). In 2025, it is proposed that operating margin is replaced

with EBIT (20%), while profit before tax remains unchanged (50%).

All the bonus measures selected are critical indicators of

Glenveagh’s ability to meet its strategic objectives over the

short-term. The specific targets have been set in the context of

the business environment for the year and will be disclosed in the

2025 Remuneration Report.

For 2025 the annual bonus opportunity will remain unchanged

from 2024, at 150% and 125% of base salary for the CEO and the

CFO respectively, in line with the Remuneration Policy which will

be put to shareholders for re-approval at the 2025 AGM. Two-

thirds of the annual bonus will continue to be paid in cash with

the remainder deferred into shares for a minimum of two years.

For Executive Directors that have met their minimum shareholding

requirement, the proportion of bonus deferred into shares will be

reduced to 20%.

LTIP

The Executive Directors will continue to participate in the LTIP,

with award levels for 2025 unchanged from 2024 at 200% and

175% of salary for the CEO and CFO, respectively.

Pension contributions

Pension contributions for the Executive Directors are set at 5% of

salary, in line with the wider workforce level.

Remuneration arrangements for new Executive Director

As part of the CFO transition period, the Board undertook

a nomination process that resulted in the appointment of

Conor Murtagh as an Executive Director on 16 January 2025.

Conor’s remuneration arrangements, in accordance with our

Remuneration Policy, are:

a base salary of €424,360 per annum;

a bonus opportunity of up to 125% of base salary, of which

one-third will be paid in shares deferred for a minimum of two

years until such time as he meets the minimum shareholding

requirement, when the deferred element will reduce to 20%;

a maximum LTIP award level of 175% of base salary;

pension contributions of 5% of salary per annum;

requirement to build a shareholding of 200% base salary;

two-year post-cessation shareholding requirement; and

nine-month notice period.

Wider workforce

The committee recognises the importance of rewarding our

employees fairly and competitively to ensure the incentivisation

of the people we need to attract and to retain across our

business segments. The committee reviews the reward and career

framework in place for the wider workforce, which is comprised of

remuneration packages, career paths, training and development,

performance management, succession planning, and recognition

initiatives. The committee is confident that the business has

aligned compensation and benefits packages with performance,

while promoting diversity and inclusion and preparing for the

future needs of the Company.

The committee continues to monitor the Company’s gender

pay gap, in conjunction with the work of the ESR Committee,

and receives updates on future legislative changes including to

pensions and the national minimum wage.

Non-executive Director remuneration

In recognition of the additional time commitment required of

Non-executive Directors sitting on a number of committees,

a €10,000 fee was introduced during 2024 for Non-executive

Directors sitting on two or more committees where they are not

already receiving a fee to act as a committee chair.

No increase to Non-executive Director fee levels is proposed

for 2025.

UK Corporate Governance Code

Glenveagh continues to support the principles and provisions of

the Code, though the committee and the Board acknowledge

Glenveagh’s departure from Provision 41 of the Code concerning

engagement with the workforce in relation to executive

remuneration.

As recommended by the Code, Glenveagh’s Remuneration Policy

and its implementation are designed to support the strategy of

the business and promote long-term sustainable success.

This report explains the policy in a transparent and

straightforward manner, with sufficient detail provided to give

shareholders a clear understanding of how the policy operates

and the potential reward opportunities available to the Executive

Directors. There is a clear link between the performance of the

Group and the rewards available to individual Directors. The

policy has a relatively conventional structure and unnecessary

complexity has been avoided. There is consistency with

Glenveagh’s broader culture of rewarding excellent performance

across the organisation, and strong alignment with the interests

of shareholders and wider stakeholders.

GOV-3

1. Disclosure point incorporated by reference in this section: ESRS2 GOV-3 29(a)

Strategic Report

Sustainability Statement

Governance Report

Financial Statements

CODE PRINCIPLE: REMUNERATION

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REMUNERATION COMMITTEE REPORT

CONTINUED

Directors’ Remuneration Policy

The following table outlines the key elements of Glenveagh’s Remuneration Policy and will be put to shareholders for re-approval at

the 2025 AGM. The only substantive change from the previous policy is an amendment to the bonus deferral, reducing the deferral

amount for any executive who has achieved their shareholding requirement. Other minor wording changes have been made to

improve clarity and informational content.

Fixed remuneration

Element/purpose

Operation

Maximum opportunity

Base salary

To attract and retain high-

calibre individuals.

Base salaries are normally reviewed by the

committee annually in the last quarter of the

year with any adjustments to take effect from

1 January of the following year.

Factors taken into account in the review include

the individual’s role and level of responsibility,

personal performance, and developments in

pay in the market generally and across

the Group.

Base salary for Executive Directors is inclusive

of fees receivable by the Executive as a

Director of the Group.

There are no prescribed maximum salaries

or maximum increases. Increases normally

reflect increases across the Group and in the

market generally.

However, increases may be higher or lower to

reflect certain circumstances (whether temporary

or permanent) such as changes in responsibility

or in the case of newly-appointed individuals to

progressively align salary with market norms. In

line with good practice, market movements will

not be considered in isolation but in conjunction

with other factors.

Benefits

To be competitive with

the market.

In addition to their base salaries, Executive

Directors’ benefits currently include life and

health insurance and a car allowance in line

with typical market practice. Other benefits

may be provided if considered appropriate.

No maximum levels are prescribed as benefits

relate to each individual’s circumstances.

Retirement benefits

To attract and retain high-

calibre individuals as part of

competitive package.

The Group operates a defined contribution

pension scheme for Executive Directors.

Pension contributions are calculated on base

salary only.

Maximum contribution rate is set in line with

the rate attributable to a majority of the wider

workforce (currently 5%).

External advisers

The committee obtained advice during the year from

independent remuneration consultants Ellason. Ellason are

members of the Remuneration Consultants Group and signatories

to its code of conduct, and all advice is provided in accordance

with this code. The committee is satisfied that the advice provided

by Ellason was robust and independent.

2025 AGM

As noted above, shareholder re-approval of the Directors’

Remuneration Policy will be sought at the 2025 AGM, which as

in previous years is presented as an advisory vote. Shareholder

approval will also be sought at the AGM for the usual separate

advisory vote on this Remuneration Report.

I hope you will support both resolutions and, ahead of the AGM,

I welcome any comments or feedback you may have on the

committee’s activities in 2024, our plans for remuneration in 2025,

or any other relevant matters.

Pat McCann

Chair, Remuneration Committe

Glenveagh Properties plc | Annual Report and Accounts 2024

CODE PRINCIPLE: REMUNERATION

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REMUNERATION COMMITTEE REPORT

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Variable remuneration

Element/purpose

Operation

Maximum opportunity

Annual bonus

To reward the achievement of

annual performance targets.

Individuals receive annual bonus awards based on the achievement of financial

and/or non-financial targets.

Threshold, target, and maximum performance levels will be set, with pro-rata

payments between the points based on relative achievement levels against the

agreed targets.

The financial KPIs ensure that employees are aligned with shareholders’ interests

and the parameters that the Group will be assessed on by the market in the

long-term. The financial KPI targets will be set annually for the year ahead, based

on the budget and strategic plan process normally carried out in Q3/Q4 of the

preceding year. Appropriate details of the specific targets will be included on a

retrospective basis in the Remuneration Committee report each year.

The committee retains discretion to adjust any award to reflect the underlying

financial position of the Group.

The maximum award for Executive Directors is 150% of base salary.

For 2025, the committee intends to apply the following maximum opportunities

as a percentage of base salary:

CEO

150%

CFO

125%

The amount payable for target performance is limited to 50% of the relevant

maximum award opportunity.

Two-thirds of the annual bonus will be paid in cash, while one-third will be

delivered in shares deferred for at least two years. For Executive Directors who

have met their minimum shareholding requirement, the proportion of the bonus

deferred in shares will be reduced to 20%. No further performance targets apply

to the deferred shares but malus and clawback will apply to the shares during the

deferral period.

Long-term incentive plan (LTIP)

To incentivise long-term

sustainable performance by

granting shares which vest

subject to the achievement

of targets that are linked

to Glenveagh’s business

strategy and central to its

long-term success.

The LTIP also contributes to

Glenveagh’s long-term interests

by ensuring alignment between

participants and the interests

of shareholders.

Executive Directors are eligible to participate in the LTIP, and receive annual

awards of nil-cost options over ordinary shares based on a percentage of their

gross base salary.

LTIP awards vest subject to the satisfaction of performance conditions over a

three-year period. The committee selects the performance conditions ahead of

each grant, taking into account Glenveagh’s strategic priorities and business

circumstances. A majority of the metrics chosen will be financial metrics.

The vesting of any award is subject to committee discretion that it is satisfied with

the Group’s underlying performance over the relevant performance period.

LTIP awards are subject to a holding period of at least two years following the

date of exercise of their options. Shares that are subject to a holding period

post-exercise may be placed in a restricted share trust for the duration of the

restricted period.

The LTIP rules permit awards to be granted up to 200% of base salary.

The committee intends to make grants at the following levels in 2025

(as a percentage of base salary):

CEO

200%

CFO

175%

GOV-3

1. Disclosure point incorporated by reference in this section: ESRS2 GOV-3 29(a)

Strategic Report

Sustainability Statement

Governance Report

Financial Statements

Relative proportion of fixed and variable remuneration

As indicated in the table above, the remuneration of

the Executive Directors includes both fixed and variable

remuneration. The charts below indicate the relative

proportion of the fixed and variable remuneration for

each Executive Director.

CEO

Max variable pay

Target variable pay

No variable pay

Salary

Pension

Bonus

LTIP

100

CFO

Max variable pay

Target variable pay

No variable pay

Salary

Pension

Bonus

LTIP

100

Notes:

Max variable pay assumes a full annual bonus payout and the vesting of

LTIP awards at the maximum level. No account has been taken of share price

appreciation since the date of grant.

Target variable pay assumes a bonus pay-out at a target level of 50% of the

maximum and LTIP vesting at a target level of 50% of the maximum.

No variable pay assumes no annual bonus pay-out and no LTIP vesting.

The value of benefits will fluctuate and therefore for simplicity have not been

included in the charts.

Performance conditions

For both the annual bonus scheme and the LTIP, the committee

sets performance conditions based on business circumstances

and the key strategic priorities of the business at the time

the targets are set. Specific targets are chosen based on

the business plan and budget, the Board’s expectations of

performance and external market estimates (where relevant).

The performance conditions are designed to be relevant to

achieving Glenveagh’s vision that everyone should have the

opportunity to access great-value, high-quality homes in

flourishing communities across Ireland.

The performance conditions which apply to the annual bonus

scheme to operate in 2025 are based on a mix of financial and

non-financial criteria as set out below:

Profit before tax:

This is considered to be the best profit

measure to use for the bonus scheme as it takes into account

depreciation, amortisation, and interest on debt, and

overall financing.

EBIT:

Earnings Before Interest and Taxes (EBIT) aligns

executive incentives with core operational performance,

profitability, and shareholder value creation. It isolates

operating results from financing and tax decisions, ensuring

management is rewarded based on business execution

rather than external market factors. EBIT encourages cost

control, margin discipline, and scalable growth, reflecting

how efficiently the business converts land and construction

investments into profit.

Health and safety:

Glenveagh’s health and safety audit

score is an indicator of the ability of the business to provide

a safe working environment for our people. Among other

things, this ensures we operate as a responsible employer

and can attract and retain the best people in the industry.

Safety audits are completed on a monthly basis by an

external consultant and by internal safety specialists.

Customer satisfaction:

Customers are central to the success

of the business. An independent external firm is used to

survey customers on topics linked to their experience with

Glenveagh. Annual bonuses are based on the survey results.

Ultimately, Glenveagh’s long-term success will depend upon

its ability to meet and exceed customer expectations.

For the LTIP awards to be granted in 2025, the following

performance conditions have been chosen:

Earnings per share:

This is a key measure of profitability.

Growth in EPS over time reflects our ability to grow earnings

responsibly while having due regards to the interests

of shareholders.

Return on equity:

This is the best measure of the Group’s

ability to generate profits from its asset base in a capital-

efficient manner and to create sustainable shareholder value.

Further details on the performance ranges applying to the 2025

LTIP grants are set on page 90.

The committee is responsible for assessing the extent of the

achievement of the performance conditions for both the bonus

scheme and the LTIP. In the case of the financial metrics this

involves reviewing Glenveagh’s financial performance as

determined by its audited results and comparing the specific

targets against the performance achieved. Health and safety is

measured by considering the result of internal and external site

safety audits. Customer satisfaction is determined through the

results of the surveys conducted on Glenveagh’s behalf by an

independent external firm.

Malus and clawback

For both the annual bonus scheme and the LTIP, recovery

provisions are in place which permit the committee to claw

back awards if certain trigger events occur within two years of

the payment or vesting date, reflecting a period over which the

trigger events below could reasonably be identified:

if the award was determined on the basis of materially

incorrect information, including as a result of any material

misstatement of the financial results;

if the participant has engaged in any wilful misconduct,

recklessness, fraud, and/or criminal activity which reflects

negatively on Glenveagh or otherwise impairs or impedes

its operations and/or which has caused serious injury to the

financial condition and/or business reputation of Glenveagh;

if a participant behaves in a manner which fails to reflect

Glenveagh’s governance and business values and/or which

has the effect of causing, or is likely to result in, serious

reputational damage to Glenveagh;

if there is an incidence of corporate failure (including but not

limited to Glenveagh being placed into administration); or

if the participant commits an act which constitutes a material

breach of his/her contract, restrictive covenants and/or any

confidentiality obligations.

Shareholding guidelines

The CEO is required to build a shareholding equivalent in value

to 300% of his base salary, while all other Executive Directors

must build a shareholding equivalent in value to 200% of base

salary. Until this guideline is met, individuals will be required to

retain at least 50% of any shares which vest following the end of

the performance and holding periods for the LTIP (excluding any

shares which are required to be sold to pay tax due at vesting).

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REMUNERATION COMMITTEE REPORT

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GOV-3

1. Disclosure points incorporated by reference in this section: ESRS2 GOV-3 29(b) and 29(c)

Glenveagh Properties plc | Annual Report and Accounts 2024

For a minimum period of two years after the cessation of their

employment, the Executive Directors are required to hold shares

at a level of the lower of (i) the in-employment shareholding

requirement in place at the time, and (ii) their actual

shareholding at the time of departure. These requirements apply

to any shares which vest from incentive awards granted from

2022 onwards (when this requirement was introduced). Shares

which have been purchased by an Executive Director from their

own resources will not be covered by this arrangement.

Approach to recruitment remuneration

The package for any new Executive Director would be based

on the elements set out in the Remuneration Policy table above.

For certain elements of the package, the following approach

would apply:

Base salary:

The salary offered to a new Executive Director

would take into account a number of relevant factors

including the individual’s background and experience, the

responsibilities of the role, and wider market practice. The

committee has the discretion to appoint a new Executive

Director on a salary below the prevailing market rate, with

a view to increasing the salary over time depending on

performance and development in the role. Such increases

may be at a level higher than would otherwise apply.

Benefits:

The benefits package will be consistent with that

provided to existing Executive Directors. The committee may

provide other benefits (e.g. a relocation package in the event

of a new Executive Director being required to relocate in

order to join Glenveagh).

Retirement benefits:

As stated in the Remuneration Policy

table, any new Executive Director will have their pension

contribution rate set in line with the rate attributable to

the majority of the wider workforce. This is currently 5% of

base salary.

Annual bonus:

A new Executive Director will normally be

eligible to participate in the annual bonus scheme, on the

same basis as the other Executive Directors. Participation will

normally be pro-rated to reflect the period of service during

the financial year. The maximum bonus opportunity for a new

Executive Director is 150% of base salary.

LTIP:

A new Executive Director will normally be eligible

to participate in the LTIP on the same basis as the other

Executive Directors. An LTIP award may be granted as part

of the arrangements agreed on appointment. In line with the

Remuneration Policy, any LTIP award will be limited in size to

a maximum of 200% of base salary.

Buyout awards:

In certain circumstances, for example to

attract an external candidate of exceptional calibre, the

committee may consider providing a buyout award as

compensation for incentives provided by the candidate’s

previous employer which will lapse as a result of the individual

joining Glenveagh. The value of any buyout award will take

into account the performance conditions attached to the

forfeited incentives, the likelihood of them being satisfied, the

proportion of the performance period completed as at the

date of cessation of employment, the mechanism of delivery

(e.g. in cash or equity), and any other relevant factors.

The committee may grant a buyout award under

Glenveagh’s existing incentive plans or, if necessary,

may use a bespoke arrangement.

The committee reserves the right to appoint a new Executive

Director on a service agreement with a 12-month notice period,

in line with standard market practice.

Service agreements

The current Executive Directors have service agreements with

Glenveagh of no fixed term. The agreements are terminable on

nine months’ notice from both the Group and the Executive. The

agreements do not provide for any additional compensation to

be paid in the event of a change of control of Glenveagh.

Policy for leavers

Salary and benefits

For leavers, any termination payments are made only in respect

of annual salary excluding benefits for the relevant notice period.

Annual bonus

In order for annual bonus payments to be made, Executive

Directors must normally be employed by the Group on the

bonus payment date. However, payments may be made to a

good leaver, subject to satisfaction of the relevant performance

conditions and a pro-rata reduction to reflect the proportion of

the relevant performance period served.

Long-term incentive plan

Under the rules of the LTIP, the vesting of awards for good

leavers depends on the satisfaction of the relevant performance

conditions. Awards are reduced on a pro rata basis to reflect the

proportion of the vesting period which has not elapsed at the

date of cessation. Post-vesting holding periods continue to apply.

For other leavers, unvested awards lapse on cessation. In the

event of a change of control, the committee has discretion under

the LTIP rules to determine the extent of vesting of outstanding

awards, having regard to the extent that performance conditions

have been met and the length of the performance period which

has elapsed.

Wider executive/employee remuneration considerations

In addition to setting the pay for the Executive Directors, the

committee has responsibility for setting the pay of members of

senior management immediately below Board level (including

the Company Secretary). The committee also considers

matters relating to pay across the Group as a whole, including

workforce remuneration policies and incentives for the wider

employee population. The committee has not engaged directly

with employees on executive remuneration matters but has

considered in detail the issue of alignment between Executive

Director remuneration and the pay for the employee population

more broadly. In designing the Directors’ Remuneration Policy the

committee has been cognisant of pay arrangements across the

Group and has sought to ensure consistency where appropriate.

For example, senior managers participate in a bonus scheme

which has a similar structure to that of the Executive Directors.

A number of senior managers below the Board participate in

the LTIP, with the same performance conditions applying to

all awards granted under the plan. A separate bonus scheme

applies for the main employee group, under which the majority

of bonus payments are subject to the achievement of targets

linked to personal performance.

Further detail in relation to the Board’s engagement with, and

consideration of, its employees is set out on pages 69 and 70 of

the Corporate Governance Report.

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REMUNERATION COMMITTEE REPORT

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Strategic Report

Sustainability Statement

Governance Report

Financial Statements

Engaging with shareholders

The committee is committed to an open line of communication

with shareholders and will seek the views of major investors

when considering significant changes to remuneration practices

or policies. The committee has engaged with major shareholders

in late 2024 in relation to the review and renewal of the

Remuneration Policy.

Committee discretions

The committee retains discretion to make any payments,

notwithstanding that they are not in line with the policy set out

above, where the terms of the payment were agreed (i) before

the policy came into effect, or (ii) at a time when the relevant

individual was not a director of the Company and, in the opinion

of the committee, the payment was not in consideration of

the individual becoming a Director of the Company. For these

purposes ‘payments’ includes the committee satisfying awards of

variable remuneration and, in relation to an award over shares,

the terms of the payment are determined at the time the award

is granted. Details of any such payments will be disclosed in the

Remuneration Report for the relevant year.

The committee also has the discretion to amend the policy with

regard to minor or administrative matters where it would, in the

opinion of the committee, be disproportionate to seek or await

shareholder approval.

The committee will operate the annual bonus and long-term

incentive arrangements according to their respective rules.

Consistent with market practice the committee retains certain

discretions in respect of the operation and administration of

these arrangements.

External appointments

The Board recognises the benefit which the Company can obtain

if Executive Directors serve as non-executive directors of other

companies. Subject to review in each case, the Board’s general

policy is that an Executive Director can accept non-executive

directorships of other companies (provide this does not prejudice

the individual’s ability to undertake their duties at Glenveagh)

and can retain the fees in respect of such appointment.

Remuneration policy for Non-executive Directors

Non-executive Directors have letters of appointment which

set out their duties and responsibilities. The appointments

are initially for a three-year term but are terminable on one

month’s notice.

The Non-executive Directors each receive a fee which is set by

the Board on advice from the independent professional advisers.

For FY 2025, the Non-executive Directors will be paid a base

fee of €70,000 per annum with additional fees payable to the

Senior Independent Director of €30,000 per annum and to the

Workforce Engagement Director of €15,000 per annum.

Non-executive Directors receive a fee of €15,000 for chairing the

Audit and Risk, Remuneration, Nomination and ESR Committees.

Non-Executive Directors sitting on two or more committees

receive a €10,000 fee where they are not already receiving a fee

to act as a committee chair.

The Non-executive Chairman receives a total fee of €205,000.

Accordingly, the Non-executive Director fees for 2025 are:

John Mulcahy

Company Chairman, and Chair

of the Nomination Committee

€205,000

Pat McCann

Senior Independent

Director and Chair of the

Remuneration Committee

€115,000

Cara Ryan

Workforce Engagement Director

and Chair of the Audit and

Risk Committee

€100,000

Camilla Hughes

Chair of the ESR Committee

€85,000

Emer Finnan

Non-executive Director

€80,000

Lorna Conn

Non-executive Director

€80,000

Max

Steinebach

Non-executive Director

€70,000

Non-executive Directors are not eligible to participate in any

Group pension plan. The Non-executive Directors do not have

service contracts and do not participate in any bonus or share

option schemes. Non-executive Directors may receive benefits if

considered appropriate. All remuneration received by the Non-

executive Directors is fixed remuneration.

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Glenveagh Properties plc | Annual Report and Accounts 2024

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Annual Remuneration Report for 2024

The following table illustrates remuneration awarded to Directors for the financial year ended 31 December 2024:

Name

2024

Salary/fees

(€)

2023

2024

Benefits

(€)

2023

2024

Employer

pension

contribution (€)

2023

2024

Total fixed

(€)

2023

2024

Annual

bonuses

(€)

2023

2024

LTIP

2023

2024

Total

variable

(€)

2023

2024

Total

(€)

2023

Executive

Directors

Stephen Garvey

618,000

600,000

25,185

24,595

30,900

30,000

674,085

654,595

927,000

855,000

1,118,483

–

2,045,483

855,000

2,719,568

1,509,595

Michael Rice

412,000

400,000

17,895

17,301

20,600

20,000

450,495

437,301

515,000

475,000

652,448

228,191

1,167,448

703,191

1,617,943

1,140,492

Non-executive

Directors

John Mulcahy

205,000

200,000

–

205,000

200,000

–

205,000

200,000

Pat McCann

115,000

96,333

–

115,000

96,333

–

115,000

96,333

Cara Ryan

100,000

95,000

–

100,000

95,000

–

100,000

95,000

Camilla Hughes

85,000

80,000

–

85,000

80,000

–

85,000

80,000

Emer Finnan

75,000

32,500

–

75,000

32,500

–

75,000

32,500

Lorna Conn

69,167

–

69,167

–

69,167

–

Max Steinebach

64,167

–

64,167

–

64,167

–

Total

1,743,334

1,545,527

43,080

41,896

51,500

50,000

1,837,914

1,637,423

1,442,000

1,330,000

1,770,931

228,191

3,212,931

1,558,191

5,050,845

3,195,614

Amounts reflect salaries in respect of Executive Directors and Directors’ fees in respect of Chairman and other Non-executive Directors.

Benefits largely relate to car allowances and healthcare provided to Executive Directors in accordance with their employment contracts.

Only Executive Directors are eligible to receive pension contributions. Non-executive Directors do not receive pension contributions.

Emer Finnan was appointed to the Board on 1 July 2023.

Lorna Conn was appointed to the Board on 1 February 2024.

Max Steinebach was appointed to the Board on 1 February 2024.

Amounts reflect the estimated gain on options vesting in 2025 for the performance period ending 31 December 2024.

Strategic Report

Sustainability Statement

Governance Report

Financial Statements

CODE PRINCIPLE: REMUNERATION

CONTINUED

REMUNERATION COMMITTEE REPORT

CONTINUED

Total remuneration received for 2024

All elements of the remuneration received by the Directors for

2024 were consistent with the Directors’ Remuneration Policy

approved by shareholders at the AGM in 2022. The salaries

received by the Executive Directors and the fees received by

the Non-executive Directors were as disclosed in the 2023

Remuneration Report. The bonus payments received by the

Executive Directors in respect of 2024 reflected the achievement

of the performance targets, as explained further below.

During the financial year ended 31 December 2024:

the committee deviated from the Remuneration Policy in

relation to Michael Rice’s inflight LTIP awards, which were

pro-rated over the performance period of the awards and

not the vesting period, to reflect his contribution to the

performance of the business; and

there were no circumstances that warranted the reclaiming

of variable remuneration during the year, as such no use was

made of the malus and clawback mechanisms described in

the Remuneration Policy.

Base salary

The actual salaries paid to the Executive Directors for the

financial year ended 31 December 2024 are set out in the table

on page 88.

The base salaries for the CEO and CFO will be subject to a 3%

increase for the 2025 financial year.

Annual bonus

2024 Bonus outcome

The Executive Directors participated in an annual bonus scheme

for 2024 with performance measured against a mix of financial

(70%) and non-financial (30%) performance conditions.

The specific targets that were set for the bonus scheme in 2024

are set out in the table below:

The Remuneration Committee reviewed the outcome of the formulaic bonus calculations and was satisfied that they were a fair

reflection of the overall performance of the business. As a result, the Executive Directors received €1,442,000, being 150% of base salary

for the CEO and 125% of base salary for the CFO.

Metric

Weight

% Payable

Target

Performance achieved

Profit before tax

50%

Threshold 25%

€45,000,000

€113.8m

Target 50%

€55,000,000

Max 100%

€95,000,000

Operating margin

20%

Threshold 25%

9.5%

15.2%

Target 50%

10%

Max 100%

11%

Health and safety

15%

Threshold 25%

70% audit score

89%

Target 50%

75% audit score

Max 100%

85%+ audit score

Customer satisfaction

15%

Threshold 25%

75% survey score

94%

Target 50%

80% survey score

Max 100%

90%+ survey score

GOV-3

1. Disclosure points incorporated by reference in this section: ESRS2 GOV-3 29(a), 29(b) and 29(d)

Glenveagh Properties plc | Annual Report and Accounts 2024

CODE PRINCIPLE: REMUNERATION

CONTINUED

REMUNERATION COMMITTEE REPORT

CONTINUED

2025 bonus arrangements

For 2025, the annual bonus scheme will continue to operate in

the same manner as in 2024, with a 70%/30% split between

financial and non-financial metrics. The performance metrics

and associated weightings for 2025 will be as follows:

Financial metrics

Weighting

Profit before tax

50%

EBIT

20%

Non-financial metrics

Weighting

Health and safety

15%

Customer satisfaction

15%

Full details of the targets including information on the extent of

achievement against them will be included in next year’s report.

The maximum annual bonus opportunity for 2025 will be 150%

of base salary for the CEO and 125% for the CFO. The amount

payable for target performance will continue to be 50% of the

maximum opportunity.

In line with the Directors’ Remuneration Policy that will be put

to shareholders for re-approval at the 2025 AGM, two-thirds

of the annual bonus will be paid in cash while one-third will

be delivered in shares deferred for at least two years. For

Executive Directors who have met their minimum shareholding

requirement, the proportion of the bonus deferred in shares will

be reduced to 20%.

Long-term incentive plan (LTIP) awards granted in 2024

The table below provides details of the LTIP awards made during the year to the Executive Directors.

Director

Award date

% of salary

award

Grant date

share price

Face value

of award

Number of

Performance period

Date

of vesting

Stephen Garvey

28 March

2024

200%

€1.25

€1,236,000

987,220

1 January 2024 to

31 December 2026

27 March

2027

Michael Rice

28 March

2024

175%

€1.25

€721,000

575,879

1 January 2024 to

31 December 2026

27 March

2027

The performance conditions for this award are set out below:

EPS performance

(applies to 50% of the award) – adjusted EPS

to be achieved in FY 2026

Level of vesting

23.0 cents

100%

14.0 cents

25%

Less than 14.0 cents

Nil

Awards vest on a straight-line basis for performance between

14.0 cents and 23.0 cents

ROE performance

(applies to 50% of the award) – ROE to be achieved in

FY 2026

Level of vesting

16.2%

100%

11%

25%

Less than 11%

Nil

Awards vest on a straight-line basis for performance between

11% and 16.2%

In addition, the vesting of the awards is subject to committee

discretion that it is satisfied the Group’s underlying performance

has shown a sustained improvement in the period since the date

of grant.

Awards to be granted in 2025

The CEO and CFO will participate in the LTIP, with award levels

for 2025 unchanged from 2024 at 200% and 175% of salary for the

CEO and CFO, respectively.

The performance measures and targets applying to the 2025 LTIP

awards will be as follows:

EPS performance

(applies to 50% of the award) – adjusted EPS

to be achieved in FY 2027

Level of vesting

24.0 cents

100%

19.0 cents

25%

Less than 19.0 cents

Nil

Awards vest on a straight-line basis for performance between

19.0 cents and 24.0 cents

ROE performance

(applies to 50% of the award) – ROE to be achieved in

FY 2027

Level of vesting

16.2%

100%

11%

25%

Less than 11%

Nil

Awards vest on a straight-line basis for performance between

11% and 16.2%

The committee will have the flexibility to make adjustments to

the targets and/or the determination of performance against the

targets and vesting outcome to reflect the impact of material

events during the performance period. Any such adjustment will

be explained in the relevant Directors’ Remuneration Report.

Strategic Report

Sustainability Statement

Governance Report

Financial Statements

CODE PRINCIPLE: REMUNERATION

CONTINUED

REMUNERATION COMMITTEE REPORT

CONTINUED

LTIP awards held by Directors

Details of all LTIP awards held by Directors are set out in the table below:

Director

Award date*

price used

Share awards held

at 1 January 2024

Awarded during

the year

Vested during

the year

Lapsed during

the year

Share awards held

at 31 December 2024

Vesting date

Stephen Garvey

29 April 2022

€1.16

1,034,483

–

1,034,483

28 April 2025

23 March 2023

€1.02

1,174,168

–

1,174,168

22 March 2026

28 March 2024

€1.25

–

987,220

–

987,220

27 March 2027

Michael Rice

1 April 2021

€0.91

399,493

–

191,757

207,736

–

31 March 2024

29 April 2022

€1.16

603,448

–

603,448

28 April 2025

23 March 2023

€1.02

684,932

–

684,932

22 March 2026

28 March 2024

€1.25

–

575,879

–

575,879

27 March 2027

* The awards are granted as options with an exercise price of nil.

The vesting of the award granted in April 2022 was subject to performance conditions based on EPS and ROE performance (equally weighted on a 50/50 basis) detailed in the table below:

LTIP award

Performance

condition

Performance

Period

Threshold

(25% vesting)

Maximum

(100% vesting)

Actual

% Vesting

April 2022

EPS

1 January 2022 – 31 December 2024

12.0c

20.0c

17.0c

72%

ROE

1 January 2022 – 31 December 2024

11%

16.2%

13.7%

64%

The 2022 LTIP award was granted in April 2022 and has a

three-year vesting period. The award was subject to two equally

weighted performance conditions: 50% of the award was based

on EPS and the other 50% of the award was based on ROE. The

EPS performance condition required EPS of 12 to 20 cents and

the ROE performance condition required ROE of 11% to 16.2% for

FY 2024.

The committee reviewed the extent to which the vesting targets

in respect of the 2022 LTIP were met by reference to the EPS and

ROE performance over the three-year period to 31 December

2024. EPS performance over the period was 17 cents, resulting

in 72% of this element of the award becoming due to vest. ROE

performance over the period was 13.7%, resulting in 64% of this

element of the award becoming due to vest.

Overall, 68% of the 2022 LTIP award will vest based on the

assessment of the EPS and ROE performance targets.

The vesting of the award granted in March 2023 is subject to

performance conditions based on EPS and ROE performance

(equally weighted on a 50/50 basis) over the three years to

the end of December 2025. The specific targets were disclosed

in the 2023 Remuneration Report. The performance outcome

and subsequent level of vesting will be disclosed in next year’s

Remuneration Report.

In addition to performance conditions set out above, the vesting

of any LTIP award is subject to committee discretion that it is

satisfied with the Group’s underlying performance over the

relevant performance period.

LTIP awards granted to Executive Directors include a holding

period of at least two years post-exercise. Shares that are

subject to a post-exercise holding period may be placed in a

restricted share trust.

Glenveagh Properties plc | Annual Report and Accounts 2024

CODE PRINCIPLE: REMUNERATION

CONTINUED

REMUNERATION COMMITTEE REPORT

CONTINUED

Change in remuneration of all directors and all employees

As required by the European Union (Shareholders’ Rights) Regulations 2020, the table below sets out the annual change of remuneration for each Director compared with the performance of Glenveagh.

2024

2023

2022

2021

2020

% Change 2024 vs 2023

Executive Directors

Stephen Garvey

1,580,844

€1,509,595

€1,614,801

€988,213

€541,821

Michael Rice

1,193,372

€1,140,492

€1,521,764

€690,370

€378,176

Non-executive Directors

John Mulcahy

205,000

€200,000

€541,250

€318,500

Pat McCann

115,000

€96,333

€80,000

€75,000

€63,427

19%

Cara Ryan

100,000

€95,000

€78,750

€64,875

Camilla Hughes

85,000

€80,000

€37,500

–

Emer Finnan

75,000

€32,500

–

131%

Lorna Conn

69,167

–

100%

Max Steinebach

64,167

–

100%

Company performance

Adjusted EBITDA

132.9m

€73.3m

€72.2m

€48.8m

€9.6m

81%

Health and safety

89%

90%

88%

89%

88.0%

-1%

Customer satisfaction

94%

91%

89%

83.0%

–

Emer Finnan was appointed to the Board on 1 July 2023.

Lorna Conn was appointed to the Board on 1 February 2024.

Max Steinebach was appointed to the Board on 1 February 2024.

The table below sets out the change in average remuneration (on a full-time equivalent basis) of Glenveagh employees (other than the Directors).

Average full-time employee

remuneration

2024

2023

2022

2021

2020

% Change 2024 vs 2023

Average remuneration for

employees of the Group

€87,333

€86,705

€92,745

€98,350

€73,610

Strategic Report

Sustainability Statement

Governance Report

Financial Statements

CODE PRINCIPLE: REMUNERATION

CONTINUED

REMUNERATION COMMITTEE REPORT

CONTINUED

Directors’ and secretary’s interest in shares

The biographical information for the Directors and the Company

Secretary at the time of this report can be found on page 63 of

the Corporate Governance Report. The table below sets out the

interests of the Directors and Company Secretary in

ordinary shares of the Company as at 31 December 2024.

Under the Remuneration Policy, the CEO is required to build a

shareholding equivalent in value to 300% of his base salary.

Other Executive Directors are required to build a holding of

200% of base salary. Until this guideline is met, individuals will be

required to retain at least 50% of any shares which vest following

the end of the performance and holding periods for the LTIP

(excluding any shares which are required to be sold to pay tax

due at vesting).

Ordinary shares

Ordinary shares under option

†

Name

2024

2023

2024

2023

Stephen Garvey

10,277,967

9,803,558

3,195,871

2,208,651*

Michael Rice

838,002

579,684

1,864,259

1,687,873*

John Mulcahy

3,092,766

–

Cara Ryan

53,681

–

Pat McCann

70,000

–

Camilla Hughes

–

Emer Finnan

–

Lorna Conn

–

Max Steinebach

–

Chloe McCarthy

–

496,628

380,710*

The exercise price of the ordinary shares under options detailed above is €nil. The expiry date for options granted during 2023 and 2024 is the seventh anniversary of the

award date.

†

Shares under option include options from both LTIP and SAYE schemes.

Glenveagh Properties plc | Annual Report and Accounts 2024

CORPORATE GOVERNANCE

ENVIRONMENTAL AND SOCIAL RESPONSIBILITY COMMITTEE REPORT

Committee members and attendance

Name

Position

Attendance

Camilla Hughes

Chair

100%

Stephen Garvey

Member

50%

Pat McCann*

Member

100%

Lorna Conn**

Member

100%

Pat McCann stepped down from the committee on 1 July 2024, and attended all meetings for the duration of his membership

of the committee.

Lorna Conn was appointed to the committee on 1 July 2024, and attended all meetings for the duration of her membership of

the committee.

Quick facts

Camilla Hughes has chaired the committee since it was established.

All committee members but one are Independent Non-executive Directors.

The committee met four times during the year ended 31 December 2024.

The Chief Strategy Officer and Head of Sustainability were invited to all meetings.

Link to terms of reference

environmental-and-social-responsibility-committee-terms-of- reference (glenveagh.ie)

Environmental

and Social

Responsibility

Committee

On behalf of the committee, I am pleased to present the ESR

Committee Report for the financial year ended 31 December 2024.

The committee focuses its efforts on assisting

the Board by proactively managing its core

areas of responsibility: overseeing the Group’s

approach to sustainability.

The principal duties and responsibilities of the

committee together with an overview of its

activities for the year have been outlined below.

Committee’s key roles and responsibilities

Sustainability is integral to our business strategy.

As a Group, we are committed to playing a

leading role in achieving a sustainable future.

As a committee, our responsibilities include:

overseeing the Group’s approach to

sustainability and its integration into the

business strategy ensuring it addresses

its most material impacts, risks, and

opportunities (IROs);

approving policies set out by management

to prevent, mitigate, and remediate actual

and potential material impacts, to address

material risks and opportunities;

ensuring appropriate action plans are in

place and resources allocated to manage

material sustainability matters; and

monitoring the performance and

effectiveness of policies and actions, with

regard to material sustainability matters,

through agreed metrics.

Material IROs

As the Board committee with primary

responsibility for sustainability, material IROs

form part of the agenda of all four ESR

Committee meetings in 2024. Typically the

Head of Sustainability and the Chief Strategy

Officer provide this update. When dealing

with specific issues, additional subject matter

experts from the management team may

provide the update. In 2024, these included the

Head of EHS and the Head of HR.

Updates typically cover the following

progress against targets;

updates on actions to achieve policy

objectives and targets;

strategies to manage material IROs;

policy updates; and

updates on reporting requirements.

Camilla Hughes

Chair, Environmental and

Social Responsibility Committee

GOV-2

1. Disclosure point incorporated by reference in this section: ESRS2 GOV-2 26(a)

Strategic Report

Sustainability Statement

Governance Report

Financial Statements

CORPORATE GOVERNANCE

CONTINUED

ENVIRONMENTAL AND SOCIAL RESPONSIBILITY COMMITTEE REPORT

CONTINUED

Areas of focus for the committee in 2024

The committee continued to oversee the Group’s approach to

sustainability, its environmental and social responsibility targets,

and the progress being made against these. The main areas of

focus in 2024 were as follows:

approval of the Group’s Circular Economy Strategy;

monitoring progress of the Net Zero, biodiversity, and circular

economy action plans;

preparation for the CSRD; and

social workplan including ED&I and health and safety.

The beginning of 2024 saw two key milestones with the

publication of the Group’s biodiversity and circular economy

strategies. Progress on the implementation of the action

plans supporting these as well as the Net Zero action plan

was monitored throughout the year through the sustainability

dashboards and ongoing updates from management.

Social aspects of sustainability continued to form a key part of

our agenda in 2024. This included understanding staff priorities

through our GPTW survey results, our evolving approach to

health and safety culture as well as an ongoing focus on the

implementation of our ED&I Strategy.

The Group’s approach to supply chain engagement will support

both our environmental and social workplans and the committee

reviewed the approach to this and the strategy which was

finalised in November 2024.

As this is the Group’s first year to report under the CSRD, the

committee focused significantly on management’s preparation

for this. The ESR Committee and the Audit and Risk Committee

work collaboratively in this regard and to that end, as Chair of

the ESR committee, I was invited to attend the ARC committee

meeting which approved the DMA assessment and discussed

progress against CSRD disclosure.

I am pleased to conclude that the ESR Committee has made

continued progress throughout 2024 and is looking forward

to evolving and developing the Group’s sustainability

approach to respond to the needs of our stakeholders

and regulatory requirements.

Camilla Hughes

Chair, Environmental and

Social Responsibility Committee

GOV-2

1. Disclosure point incorporated by reference in this section: ESRS2 GOV-2 26(c)

Committee activities in 2024

March 2024

Received an update on EHS Culture strategy.

Discussed the results of the GPTW Survey

FY 2023.

Received on overview of the Circular

Economy Strategy.

May 2024

Received an overview of the key priorities

FY 2024.

Received update on the Net Zero, biodiveristy,

circular economy, and supply chain sustainability

action plans.

Reviewed progress against the

sustainability dashboards.

Received an update on CSRD preparation.

Received an update on EU Taxonomy.

September 2024

Reviewed progress against the

sustainability dashboards.

Reviewed draft outcome of the DMA and

provided input.

Received an update on the ED&I

Strategy implementation.

Received an update on the EHS culture survey.

December 2024

Reviewed progress against the

sustainability dashboards.

Received an update on the supply chain

sustainability strategy.

Approved the following policies: climate change,

resource use and circular economy, sustainable

procurement, and environment.

Material IROs addressed

circular economy and resource use, health and safety,

diversity, and corporate culture.

climate change mitigation, biodiversity, circular

economy and resource use.

climate change mitigation, biodiversity, circular

economy and resource use, health and safety,

and diversity.

climate change mitigation, biodiversity,

circular economy and resource use,

and pollution.

Glenveagh Properties plc | Annual Report and Accounts 2024

CORPORATE GOVERNANCE

CONTINUED

DIRECTORS’ REPORT

The Directors present their report and the

Consolidated Financial Statements of Glenveagh

Properties plc (‘Glenveagh’ or the ‘Company’) and

its subsidiaries (the ‘Group’) for the year ended

31 December 2024.

Principal activities and business review

Glenveagh is a leading Irish homebuilder listed on Euronext

Dublin and the London Stock Exchange. Supported by innovation

and supply chain integration, Glenveagh is committed to opening

up access to sustainable high-quality homes to as many people

as possible in flourishing communities across Ireland. Glenveagh

is focused on two core areas to achieve this: Homebuilding and

Partnerships. Our Homebuilding division is the leading provider of

own-door single-family homes primarily in Dublin and the Greater

Dublin Area. Our Partnerships division focuses on creating vibrant

communities nationwide through a mix of suburban single-family

and urban multi-family developments. Often funded or acquired

by the state or state entities, these projects enable us to deliver

affordable and high-quality housing options for everyone.

Shareholders are referred to the Chair’s letter, the CEO’s review

and the CFO’s Review on pages 10, 12 and 58, respectively, which

set out management’s review of the Group’s operations and

financial performance in 2024 and the outlook for 2025. These

are deemed to be incorporated into the Directors’ Report.

Results and dividends

Group revenue for the year ended 31 December 2024 was

€869.2 million (2023: €607.9 million), gross profit was €183.9

million (2023: €112.7 million), profit after tax was €97.8 million

(2023: €47.1 million), and basic EPS was 17.0 cents (2023: 8.0

cents). The Company did not pay a dividend during the financial

year ended 31 December 2024 (2023: €nil).

Key performance indicators

Group performance against 2024 key performance indicators is

outlined in the table below. The key performance indicators upon

which particular emphasis is placed are as follows:

2024

2023

% change

KPIs financial

Profit before tax

€113.8m

€55.1m

107%

Operating margin

15.2%

11.7%

30%

KPIs non-financial

Customer satisfaction

94%

Health and safety

89%

90%

-1%

Group strategy

A review of the Group’s strategic priorities is set out in the

Strategic Report, which is deemed to be incorporated into

the Directors’ Report.

Principal risks and uncertainties

In accordance with Section 327(1)(b) of the Companies Act 2014,

the Company is required to give a description of the principal

risks and uncertainties faced by the Group. These principal risks

and uncertainties, and the steps taken to mitigate them, are

detailed on pages 50 to 57 of the Risk Management Report

and deemed to be incorporated into the Directors’ Report.

Directors and Company Secretary

The names of the Directors and Company Secretary, and a

biographical note on each, appear on page 63.

In accordance with the provisions contained in the Code, all

Directors will voluntarily retire and be subject to election by

shareholders at the 2025 AGM.

Directors’ and Secretary’s interests in shares

Details of the Directors’ and Company Secretary’s share interests

and interests in unvested share awards of the Company are set

out in the Remuneration Committee Report on page 93.

Share capital

The issued share capital of the Company as at 12 March 2025

consists of 550,530,557 ordinary shares. Each share class has

a nominal value of €0.001. Holders of ordinary shares are

entitled to one vote per ordinary share at general meetings of

the Company, while no voting rights are conferred on holders of

deferred shares.

Further information on the Company’s share capital and the

rights attaching to the different classes of shares is set out in

note 26 to the Consolidated Financial Statements.

The Group has a long-term incentive plan in place, the details

of which are set out at page 84 of the Remuneration Committee

Report and in note 14 to the Consolidated Financial Statements.

Significant shareholdings

As at 31 December 2024 and 12 March 2025, the Company has

been notified of interests of 3% or more in its ordinary share

capital as detailed in the table below.

Accounting records

The Directors believe that they have complied with the

requirements of Sections 281 to 285 of the Companies Act 2014

with regard to maintaining adequate accounting records through

the implementation and maintenance of appropriate accounting

systems and resources, including the employment of suitably

qualified accounting personnel and the provision of adequate

resources to the Group finance department. The accounting

records of the Company are maintained at Block C, Maynooth

Business Campus, Straffan Road, Maynooth, Co. Kildare.

Takeover Regulations 2006

For the purposes of Regulation 21 of Statutory Instrument

255/2006 ‘European Communities (Takeover Bids (Directive

2004/25/EC)) Regulations 2006’, the details provided on share

capital and substantial shareholdings herein, and the disclosures

in relation to Directors’ remuneration and interests in the

Remuneration Committee Report are deemed to be incorporated

in this section of the Directors’ Report.

Long-term incentive plan

The Remuneration Committee will determine the level at which

any outstanding awards will vest with regard to the extent that

the applicable performance condition has been satisfied up to

the date of the change of control event.

31 December 2024

12 March 2025

Shareholders

Ordinary

shares held

Ordinary

shares held

Teleios Capital Partners

127,867,234

22.8

127,867,234

23.16

FIL Investment International

74,404,839

13.27

74,404,839

13.47

Artisan Partners

22,794,947

4.06

36,447,472

6.60

Helikon Investments

28,242,809

5.04

28,242,809

5.11

PM Capital

19,213,324

3.43

19,513,324

3.53

Schooner Investment Group

19,982,695

3.56

16,368,695

2.96

Strategic Report

Sustainability Statement

Governance Report

Financial Statements

CORPORATE GOVERNANCE

CONTINUED

DIRECTORS’ REPORT

CONTINUED

Transparency Regulations 2007

For the purposes of information required by Statutory Instrument

277/2007 ‘Transparency (Directive 2004/109/EC) Regulations

2007’ concerning the development and performance of the

Group, and the principal risks and uncertainties faced, the

Chair’s letter on pages 10 and 11, the CEO’s review on pages

12 and 13, the financial review on pages 58 and 59 and the

principal risks and uncertainties detailed in the Risk Management

Report on pages 50 to 57 are deemed to be incorporated in this

part of the Directors’ Report.

Sustainability reporting

In accordance with Part 28 of the Companies Acts 2014, the

Group has prepared a Sustainability Statement for the year

ended 31 December 2024. This Sustainability Statement is set out

on pages 98 to 168 and represents a dedicated section of the

Directors’ Report.

The Group’s intangible resources, which it depends on and are

a source of value creation, are detailed in note 8.8 Intangible

assets on page 184, and note 18 Intangible assets on page 193.

Corporate governance

The Directors are committed to achieving the highest standards

of corporate governance. The Directors have prepared a

Corporate Governance Report, which is set out on pages 60 to

97 and, for the purposes of s1373 of the Companies Act 2014,

is deemed to be incorporated into the Directors’ Report. The

Corporate Governance Report includes a detailed description

of the way in which the Company has applied the principles of

good governance set out in the Code and the Annex.

Directors’ compliance statement

The Directors acknowledge their responsibility for securing

the Company’s compliance with its relevant obligations under

Section 225(2)(a) of the Companies Act 2014, (the ‘Relevant

Obligations’). In accordance with Section 225 (2) (b) of the

Companies Act 2014, the Directors confirm that they have:

drawn up a compliance policy statement setting out the

Company’s policies (that are, in the opinion of the Directors,

appropriate to the Company) in respect of compliance with

the Relevant Obligations;

put in place appropriate arrangements or structures that, in

the opinion of the Directors, provide a reasonable assurance

of compliance in all material respects with the Company’s

Relevant Obligations; and

conducted a review of the arrangements or structures that

the Directors have put in place to ensure material compliance

with the Company’s Relevant Obligations during the financial

year to which this report relates.

Going concern

The Directors have assessed the financial position of the Group

in light of the principal business risks facing the construction

industry as a whole and the Group’s strategic plan. A number of

considerations have been assessed as outlined in note 7 of the

Consolidated Financial Statements. The Directors believe that

the Group is well-placed to manage and mitigate these risks.

Thus, they have a reasonable expectation that the Company

and the Group have adequate resources to continue in

operational existence for 12 months from the date of approval of

the Financial Statements. For this reason, the Directors consider

it appropriate to adopt the going concern basis in preparing the

Financial Statements.

Viability statement

In accordance with the provisions of the Code, the Directors are

required to assess the prospects of the Company, explain the

period over which they have done so and state whether they

have a reasonable expectation that the Company will be able

to continue in operation and meet liabilities as they fall due over

this period of assessment.

The Directors assessed the prospects of the Group over the

three-year period to March 2028. The Directors concluded that

three years was an appropriate period for the assessment,

having regard to the following:

The Group’s strategic plan is predominantly based on a

three-year horizon with longer-term strategic forecasting and

any statement with foresight greater than three years having

to be made with a considerable level of estimation.

In general, the inherent short cycle nature of the residential

market in Ireland, including the Group’s forward sales and

project pipeline, does not lend itself to making long-term

projection statements greater than three years.

It is recognised that such future assessments are subject to a

level of uncertainty that increases with time, and therefore future

outcomes cannot be guaranteed or predicted with certainty.

The Group’s strategic plan is based on forecasts undertaken by

management of the relevant business functions. The plan reflects

construction cost and house price inflationary assumptions

which were reviewed at Board and management level. The

underlying assumptions of the Group’s strategic plan are

subject to sensitivity analysis for scenarios that could reasonably

materialise. The risk factors outlined in the Risk Management

Report on pages 50 to 57 were also considered in the strategic

plan process.

Based on the above assessment the Directors have a reasonable

expectation that the Company and the Group will be able to

continue in operation and meet liabilities as they fall due over

the three-year period.

Political donations

No political donations were made during the year that require

disclosure under the Electoral Act 1997.

Subsidiary companies

Information in relation to the Group’s subsidiaries is set out in

note 25 to the Financial Statements. The Group does not have

any branches outside of Ireland.

Subsequent events

Information in respect of events since the year end is contained

in note 31 to the Consolidated Financial Statements.

Audit and Risk Committee

The Company has an established Audit and Risk Committee

comprising four independent Non-executive Directors. Details of

the committee and its activities are set out on pages 76 to 79.

Auditor

KPMG, chartered accountants, were appointed statutory auditor

on 21 August 2017 and have been reappointed annually since

that date. Pursuant to section 383(2) KPMG will continue in office

and a resolution authorising the Directors to fix the auditor’s

remuneration will be proposed at the AGM.

Relevant audit information

The Directors confirm that so far as they are each aware, there

is no relevant audit information of which the Company’s auditors

are unaware and that each Director has taken all the steps

that they ought to have taken as a Director to make themselves

aware of any relevant audit information and to establish that the

Company’s auditors are aware of that information.

Approval of Financial Statements

The Financial Statements were approved by the Board on

12 March 2025.

On behalf of the Board

Stephen Garvey

Conor Murtagh

Director

Glenveagh Properties plc | Annual Report and Accounts 2024

SUSTAINABILITY STATEMENT

INTRODUCTION

This Sustainability Statement has

been prepared in accordance

with Part 28 of the Companies

Act 2014. This Sustainability

Statement on pages 98-168

is a dedicated section of the

Directors’ Report.

Sustainability is at the core of our business. We

understand our responsibility to provide access

to high-quality, sustainable homes in a manner

that delivers the maximum possible social

benefit at the lowest possible environmental

cost. The progress we have made in 2024 in

delivering against our sustainability objectives

is underpinned by strategic initiatives that

not only contribute to environmental and

social goals but also position the business

to meet emerging customer demands and

reduce operational costs. Glenveagh is the

first Irish homebuilder to report against the EU

Corporate Sustainability Reporting Directive

(CSRD). This reflects our commitment to our

sustainability agenda and to delivering for our

customers, our employees, and for communities.

sustainable future

Shaping a

In this section

100 General information

112

Environmental information

146 Social information

153 Governance information

162 Appendices

166

Independent practitioner’s limited assurance report

Strategic Report

Sustainability Statement

Governance Report

Financial Statements

We have ensured that sustainability is a core aspect of our

business and decision-making, enhancing our competitive

advantage and operational efficiency.

Stephen Garvey

Chief Executive Officer

SUSTAINABILITY STATEMENT

CONTINUED

INTRODUCTION

CONTINUED

The integration of sustainability into our

Building Better Strategy, and continued focus

on our five strategic priorities, means we can

deliver progress against our sustainability

objectives and address the issues most relevant

to our stakeholders.

Highlights of our achievements in 2024 include

gaining verification of greenhouse gas (GHG)

emissions reduction targets from the Science

Based Targets initiative (SBTi) and recording a

significant decrease in Scope 1 and 2 emissions.

FY 2024 also marked the first full year in which

we used HVO (hydrotreated vegetable oil)

rather than diesel across all sites.

We also launched our Biodiversity Strategy

and Circular Economy Strategy, which operate

alongside our Net Zero Transition Plan and

Equity, Diversity, and Inclusion (ED&I) Strategy.

We continued to make strides in promoting

ED&I. In 2024, our efforts earned recognition

from the Irish Centre for Diversity, awarding it

Gold accreditation and making Glenveagh the

first construction company in Ireland to achieve

this accolade.

Through our Sustainability Statement in the

following pages, we are pleased to share

how we are meeting our requirements and

obligations under the Corporate Sustainability

Reporting Directive.

How to read this report

This Sustainability Statement is structured as prescribed by the European

Sustainability Reporting Standards (ESRS).

In the General Information section,

we set out how we have prepared our

Sustainability Statement, provide insights

to our governance processes, controls and

procedures relating to sustainability matters,

and describe how our strategy relates to

sustainability matters, our business model

and value chain. We also provide insights on

how we completed our double materiality

assessment (DMA). Certain information

relating to strategy and governance is

included in other chapters of this report,

and this is indicated in our Incorporation by

Reference table (see page 102).

In the Environmental, Social and

Governance Information sections, we

provide deeper insights for each of the

topics that were deemed material as a result

of our DMA, particularly how they interact

with our strategy and how we are managing

these matters and measuring our progress.

In relation to the Biodiversity and Social

related topics, our reporting reflects the

phase-in provisions of which we availed in

our FY 2024 reporting.

An easy-reference index is included in the

Appendices, mapping the location of our

disclosures against the ESRS requirements

(see page 164).

100

Glenveagh Properties plc | Annual Report and Accounts 2024

100

General

information

Our first double materiality assessment,

which included significant consultation with

key stakeholders and affected communities,

identified material impacts, risks, and

opportunities (IROs), and their interaction

with our strategy and business model. It

also included financial materiality and

the full requirements of ESRS. How we

implemented this double materiality

assessment, and its findings, are presented

in this Sustainability Statement.

Our governance processes are critical to ensuring that our

approach to sustainability is holistic, integrated, and remains

at the core of our operations. Our governance and risk

management systems support us in monitoring and challenging

our strategies and plans, in addition to providing oversight on

how we report our sustainability data.

In this section

101

ESRS2 General Disclosures

SUSTAINABILITY STATEMENT

CONTINUED

GENERAL INFORMATION

101

Strategic Report

Sustainability Statement

Governance Report

Financial Statements

ESRS2 General

disclosures

This section introduces our approach to reporting in

our Sustainability Statement, including the basis for

preparation, value chain estimations, and disclosures

required under other sustainability frameworks.

SUSTAINABILITY STATEMENT

CONTINUED

GENERAL INFORMATION

CONTINUED

Basis for preparation

BP-1

General basis for preparation

of the Sustainability Statement

The Sustainability Statement has been prepared

on a consolidated basis, according to the

‘Basis of consolidation’ set out on page 182

of this report.

The consolidated sustainability-related data

comprises the parent company Glenveagh

Properties plc. and subsidiaries controlled

by Glenveagh Properties plc. While an

arrangement that is accounted for as ‘joint

operations’ is in place, there have been no

activities in relation to this arrangement that

impact on sustainability reporting for FY 2024.

Consolidation of sustainability-related data

follows the principles above, unless otherwise

specified in the relevant topic-specific Basis

for preparation.

No information corresponding to intellectual

property, know-how, or the results of innovation

has been omitted from the sustainability

statement. Glenveagh has not used any

exemption from disclosure of impending

developments or matters in the course

of negotiation.

The double materiality assessment process

described in IRO-1 includes impacts, risks,

and opportunities (IROs) that extend to our

upstream and downstream value chain.

The extent to which our policies, actions,

targets, and metrics extend to our value chain

varies with each respective element of IRO

management. They are, therefore, set out in

our reporting on each topic.

BP-2

Disclosures in relation to

specific circumstances

Value chain estimations

Metrics within E1 and E5, specifically in areas

of Scope 3 Greenhouse Gas (GHG) emissions

as outlined in the E1 Climate Change, as well

as Resource Inflows and Resource Outflows (in

E5), include value chain data estimated using

indirect sources, which are identified in the

Basis for Preparation within each topic.

The data for these metrics is a combination

of actual figures, sector-average data

from recognised industry reports, and

proxy data from comparable organisations

within our sector. Additionally, metrics are

derived through extrapolation based on

actual data and assumptions grounded

in professional judgement. Specifically, for

Scope 3 GHG emissions, we utilised the

GHG Protocol guidelines to ensure alignment

with internationally accepted standards. The

Resource Inflows and Outflows data was

prepared using industry benchmarks, averages,

and other assumptions.

Glenveagh has categorised data accuracy

as follows:

High: Based on actual data.

Medium: Derived through extrapolation

based on actual data and assumptions

grounded in professional judgement.

Low: Utilises industry proxies.

We are committed to enhancing our value

chain estimations. Our planned actions include

engaging directly with key suppliers to obtain

primary data, collaborating with industry

bodies, and enhancing the robustness of our

Scope 3 GHG emissions data collection and

reporting processes.

Preparation and presentation of

sustainability information

This Sustainability Statement has been

prepared in accordance with Part 28 of

the Companies Act 2014 and is prepared

and structured in line with the European

Sustainability Reporting Standards (ESRS)

issued by the European Financial Reporting

Advisory Group.

In this section

101

Basis for preparation

103 Governance

105 Strategy

108 Double materiality assessment

102

Glenveagh Properties plc | Annual Report and Accounts 2024

Changes since our last Annual Report include:

the inclusion of a Sustainability Statement,

subject to limited assurance;

the inclusion of outcomes from our first

double materiality assessment to identify

material impacts, risks, and opportunities

across our value chain (upstream,

operations, and downstream) as well as new

disclosures and metrics as required by the

ESRS; and

in previous years, Glenveagh reported

using the SASB’s Homebuilders standard.

In 2024, with an increased focus on ESRS

compliance, we have directed our resources

towards our double materiality assessment

and aligning our reporting with the ESRS.

For FY 2024, we availed of phase-in provisions

to omit the information prescribed by:

ESRS 2 SBM-1 – 40 (b) and (c);

ESRS 2 SBM-3 – paragraph 48 (e);

ESRS E1-9, E3-5, E5-6;

ESRS E2-6 (except for the information

prescribed by paragraph 40 (b)); and

ESRS E4, S1, S2, S3 and S4 –

all disclosure requirements.

As an undertaking not exceeding the average

number of 750 employees during the financial

year, Glenveagh has also availed of the option

to omit information required by ESRS E4, ESRS

S1, ESRS S2, ESRS S3, or ESRS S4. However, as

these topics have been assessed to be material,

certain disclosures on them are set out in

the Environmental and Social sections of the

Sustainability Statement.

Events after the end of the reporting period

On 26 February 2025, the European

Commission released an Omnibus package

of proposals to reduce CSRD sustainability

reporting requirements. The proposals will need

to be approved by the European Parliament

and the Council of the EU. Furthermore, a

number of the proposals will need to be

transposed into national law to become

effective. Glenveagh will monitor these

developments as they emerge in order to

determine what the final impact will be

on the Group.

Disclosures from other legislation, sustainability reporting

standards, and frameworks

Being listed on the London Stock Exchange, Glenveagh is

subject to listing rules including disclosures against TCFD. We

have mapped our ESRS disclosures to TCFD as follows:

Recommended disclosure

Location

Governance

a) Board oversight

GOV-1, page 103

b) Management’s role

GOV-1, page 103

Strategy

a) Short-, medium- and long-term

risks and opportunities

E-1 SBM-3, pages 115-117

b) Impact on businesses, strategy,

and financial planning

E-1 SBM-3, pages 115-117

c) Resilience of strategy

E-1 SBM-3, page 117

Risk management

a) Identifying and assessing risks

IRO-1 pages 108-111

b) Managing risks

E1-2, pages 117-120

c) Integration into risk management

Risk Management Report, page 52

Metrics and targets

a) Metrics

E1-5 and E1-6, pages 121-122

b) Scope 1, 2 and 3 GHG emissions

and risks

E1-6, page 121

c) Targets

E1-4, pages 118-120

SUSTAINABILITY STATEMENT

CONTINUED

GENERAL INFORMATION

CONTINUED

Incorporation by reference

Disclosure requirements of ESRS, or the specific datapoints mandated by

a disclosure requirement, that have been incorporated by reference are

listed below.

Disclosure

requirement/

datapoint

Paragraph

Incorporated by reference

GOV-1

21(a)

See Corporate Governance Report, page 60

GOV-1

21(b), 21(e)

See Corporate Governance Report, page 70

GOV-1

21(c)

See Corporate Governance Report, page 63 and

Nomination Committee Report page 72

GOV-1

21(d)

See Nomination Committee Report, page 74

GOV-1

23(a)

See Nomination Committee Report, page 72

GOV-2

26(a)

See Environmental and Social Responsibility Committee

Report, page 94

GOV-2

26(c)

See Environmental and Social Responsibility Committee

Report, page 95

GOV-3

29(a)

See Remuneration Committee Report,

pages 82, 84 and 89

GOV-3

29(b)

See Remuneration Committee Report, pages 85 and 89

GOV-3

29(c)

See Remuneration Committee Report, page 85

GOV-3

29(d)

See Remuneration Committee Report, page 89

GOV-3

29(e)

See Remuneration Committee Report, page 81

SBM-1

40(a) i-ii

See Strategic Report, page 18

SBM-1

40(a) iii

See Notes to the Consolidated Financial statements

(note 13), page 190

SBM-1

40(e)-(g)

See Strategic Report pages 31, 34, 38, 41 and 44

SBM-1

42(a)

See Strategic Report page 17

SBM-1

42(b)

See Strategic Report pages 18-19

SBM-1

42(c)

See Strategic Report pages 20 -25

SBM-2

45(a)

See Strategic Report pages 26-28

SBM-2

45(b)-(d)

See Strategic Report page 29

G1 GOV-1

5(b)

See Nomination Committee Report page 72

G1-5

See Corporate Governance Report, page 63

103

Strategic Report

Sustainability Statement

Governance Report

Financial Statements

SUSTAINABILITY STATEMENT

CONTINUED

GENERAL INFORMATION

CONTINUED

Board

The Board has ultimate responsibility and

oversight of sustainability matters and related

IROs in Glenveagh. It receives regular reports

throughout the year on this agenda, including

progress against targets. In addition, annual

training is provided to the Board to augment

understanding and expertise on sustainability

matters. 2024 Board training included CSRD-

related training, delivered by our third-party

sustainability advisors.

The Corporate Governance Report contains

further information with respect to the Board’s

role can be found on page 64.

Governance

Audit and Risk Committee (ARC)

The ARC oversees sustainability IROs as part of

its wider responsibility for the risk management

of the business. It ensures that our controls

and mitigants are adequate and effective.

In addition, the ARC annually reviews and

approves, on behalf of the Board, our business

conduct policies – Anti Bribery and Corruption,

Conflicts of Interest, Group Securities Dealing

Code and Whistleblowing. The committee

reports to the Board after every meeting. A

full report of the ARC’s activities for the year,

including its key roles and responsibilities

with respect to IRO oversight, can be found

on page 77.

Executive Committee

Sustainability team

Department leads

Board of Directors

Board committees

(Sustainability relevant)

Environmental and Social

Responsibility (ESR) Committee

Audit and Risk Committee

(ARC)

Environmental Sustainability

Working Group

Management level

working groups

Environmental and Social Responsibility

(ESR) Committee

The ESR Committee is responsible for

overseeing the Group’s approach to

sustainability and its integration into the

Group’s business strategy, ensuring it addresses

its most material IROs. Strategies, policies

and targets to manage IROs are approved

by the committee. Management report to

this committee on a quarterly basis providing

an update on progress against targets and

actions. The committee reports to the Board

after every meeting. A full report of the ESR

Committee’s activities for the year, including

its key roles and responsibilities with respect to

IRO oversight, can be found on page 95.

Executive Committee

The Executive Committee has overall executive

responsibility for sustainability including

the management and oversight of IROs.

Sustainability issues are a frequent agenda

item, including reviewing performance and

progress against targets, and discussing the

sustainability aspects of business decisions. As

of January 2025, the CFO has specific Executive

responsibility for sustainability.

Sustainability team

The Sustainability team is responsible for the

day-to-day leadership of sustainability including

identifying and coordinating the management

of IROs. It provides a framework within which all

parts of the business can work to manage IROs.

During 2024, the team reported to the Chief

Strategy Officer (CSO). As of January 2025, it

reports to the CFO.

Department leads

Relevant department leads are responsible for

the management of IROs, or aspects thereof,

through operations, activities and projects.

Environmental Sustainability Working Group

The Environmental Sustainability Working

Group comprises senior leadership

representatives from across the Group. It

oversees and coordinates the implementation

of environmental sustainability actions and

action plans to address material IROs across

the Group.

Roles and responsibilities of the administrative, management,

and supervisory bodies with respect to sustainability

GOV-1

The role of the administrative,

management and supervisory bodies

104

Glenveagh Properties plc | Annual Report and Accounts 2024

SUSTAINABILITY STATEMENT

CONTINUED

GENERAL INFORMATION

CONTINUED

Glenveagh performs due diligence activities relating to people and the environment. The table

below outlines the processes and their location in the Sustainability Statement:

Core elements of

due diligence

Location

a) Embedding due diligence in governance,

strategy and business model

Pages 81-82, 84-85, 89, 94-95, 105-107, 115-117, 126-127, 130-131, 132,

133-135, 147, 149, 151, 152, 154-156

b) Engaging with affected stakeholders in all

key steps of the due diligence

Pages 108-111

c) Identifying and assessing adverse impacts

Pages 108-111

d) Taking actions to address those

adverse impacts

Pages 118-120, 128-129, 131, 132, 136-137, 148, 150, 151, 152, 157-160

e) Tracking effectiveness of these efforts

and communicating

Pages 118-123, 129, 132, 138-139, 147-148, 150, 151, 152, 161

Review and formal documentation of the

processes and controls that underpin the

sustainability-related data collection and

reporting.

Some of the most complex sustainability-related

data that we report on is our GHG emissions,

which is coordinated by the Sustainability team,

with inputs sourced from across the business.

To enable the team to review and check the

data more frequently, in the course of FY 2024

we transitioned to collecting GHG emissions

data on a quarterly basis (recognising that a

small number of data points are only available

on an annual basis). This change enables us

to check data completeness and accuracy

more frequently than heretofore. It also has

the added benefit of enabling us to provide

our ESR Committee and the Environmental

Sustainability Working Group with quarterly

oversight of our progress towards our SBTi-

validated GHG emissions targets. In addition,

we commenced work on utilising functionality

within our existing financial reporting system to

capture key sustainability points.

Glenveagh’s Head of Sustainability regularly

informs the ESR Committee and the ARC about

sustainability reporting matters, including:

the double materiality exercise;

progress on CSRD reporting; and

readiness for CSRD assurance.

Sustainability reporting updates were provided

to the ESR and the ARC in FY 2024 (see

the Environmental and Social Responsibility

Committee Report and the Audit and Risk

Committee Report on page 94 and 76 for

more detail). Our DMA, which underpins our

reporting, and our Sustainability Statement,

were approved by the ARC.

The ARC oversees the Group’s risk

management framework and internal controls

processes. The Board and senior management

set the tone for risk management in the

business through regular interaction, review

and ownership of key risks in Glenveagh.

Since 1 January 2025, Glenveagh’s Sustainability

team is located within the Finance function,

and reports to the CFO. The Sustainability

team is tasked with the coordination of the

Group’s reporting on sustainability matters and

ESG metrics. This responsibility encompasses

organising and leading essential activities,

including the consolidated double materiality

assessment (DMA), evaluating climate risks, and

managing data collection for reporting against

sustainability metrics and monitoring progress

against our targets.

The gathering of relevant sustainability-related

data and information for annual reporting is

completed on an ongoing basis. A centralised

approach to sustainability reporting enables

the team to function as an information hub,

identifying and rectifying inconsistencies or

errors in data submitted by business units.

The primary challenges in creating unified

sustainability disclosures across multiple units

include data completeness and data accuracy.

In FY 2024, to mitigate both these risks, the

team engaged independent external services

to complete:

CSRD assurance readiness review.

The programme of work involved a review

and challenge of a sample of the KPIs

being reported in our FY2024 Sustainability

Statement, to test our assurance readiness

and identify areas for improvement in our

processes and/or controls; and

GOV-5

Risk management and internal

controls over sustainability

reporting

GOV-4

Statement on due diligence

105

Strategic Report

Sustainability Statement

Governance Report

Financial Statements

SUSTAINABILITY STATEMENT

CONTINUED

GENERAL INFORMATION

CONTINUED

Strategy

SBM-3

Material impacts, risks and opportunities (IROs) and

their interaction with strategy and the business model

The double materiality assessment described in ESRS 2 IRO-1 identified

the following material IROs, summarised below:

Time horizon

IROs

Value chain

Contribution to climate change from greenhouse gas emissions and associated risk from carbon price increases

The greenhouse gas emissions (GHGs) from across Glenveagh’s value chain (Scopes 1, 2 and 3) have a material negative impact on climate change. As carbon taxes increase, this impact

could result in a financial risk for Glenveagh through pass through from suppliers who are paying these taxes.

Strengthening energy efficiency regulations

The requirement to comply with new and evolving climate and energy efficiency regulations e.g., the recast Energy Performance of Buildings Directive (EPBD), has the potential to

impose additional costs in the construction of our homes.

Solar panels reduce exposure to electricity price fluctuations

The installation of on-site solar panels has the potential to reduce costs in comparison to procured electricity and could reduce Glenveagh’s exposure to energy price fluctuations.

Failure to reach Net Zero targets due to slow supplier transition

If critical suppliers in the construction sector don’t switch to clean or low-carbon production technologies at a fast enough rate, this could present a long-term risk for Glenveagh to

achieve its Net Zero targets/milestones.

Failure to develop low carbon production processes

If Glenveagh fails to implement opportunities to develop low carbon production technologies and incorporate them into planning, design and off-site manufacturing this could

result in a loss of potential competitive advantage and higher operating costs in the long term.

Severe weather events

Severe weather events have the potential to impact suppliers upstream causing delivery delays which in turn impact Glenveagh’s planning schedule leading to increased costs.

Unsatisfactory homes for consumers due to climate change

As the climate changes, if Glenveagh homes are not able to cope with these changes, they may not be satisfactory for consumers and may cause discomfort (e.g. overheating or

may be damaged due to more severe weather events) leading to a financial impact on people who bought them. This may also lead to a financial risk as increasing costs may be

incurred to adapt homes to the changing climate.

Air pollution from processes/activities

Activities upstream in our value chain to make construction materials, including raw material mining, minerals extraction and production processes, may emit non-GHG air pollutants.

Soil pollution from processes/activities

Activities upstream in our value chain to make construction materials, including raw material mining, minerals extraction and production processes, may emit soil pollutants.

Water pollution from processes/activities

Activities upstream in our value chain to make construction materials, including raw material mining, minerals extraction and production processes, may emit water pollutants.

Within our own operations, water pollution could occur if soil or cement accidentally enters and silts waterways. If pollution occurs in our own activities, the Company could be

subjected to litigation risk and to reputation risk.

Pollutants from use and disposal of toxic/hazardous materials (substances of concern)

Activities upstream in our value chain, from vendors based outside the European Union, may have less stringent requirements for the use and disposal of toxic/hazardous materials

within their own operations which may result in negative impacts for the environment.

Pollution of living organisms/food resources from processes/activities

Activities upstream in our value chain to make construction materials, including raw material mining, minerals extraction and production processes, may emit pollutants which impact

living organisms/food resources.

E1: Climate change

E2: Pollution

IRO type

Impact materiality

Positive

Negative

Financial materiality

Opportunity

Risk

Value chain

Location

Upstream

Operations

Downstream

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Time horizon

IROs

Value chain

Water withdrawal/use impacting water basins, scarcity, availability and quality

Processes/activities could have detrimental impacts on water basins, water scarcity, availability and quality of water resulting in areas of water risk, including areas of high-water stress.

Water consumption impacting water basins, scarcity, availability and quality

Water consumption in processes/activities (e.g. extraction of raw materials and cement and concrete production) could have detrimental impacts on water basins, water scarcity and

deplete the availability and quality of water resulting in areas of water risk, including areas of high-water stress.

Availability of surface water and groundwater

Glenveagh relies on the availability of a safe and reliable supply of water to continue developing homes as per its business model.

Use of, and contribution to depletion of non-renewable resources/materials

Glenveagh uses a range of non-renewable resources including metals, fossil fuels, minerals and plastics which contributes to their depletion both in the upstream and operations parts

of our value chain. This may pose a potential financial risk in the long term if resources continue to deplete and/or policy and pricing mechanisms change.

Use of renewable resources/materials

Glenveagh uses a range of renewable resources including timber and renewable fuel which could cause environmental impacts, particularly if not properly managed. The impact

is both in the upstream and operations parts of our value chain. This may pose a potential financial risk in the medium to long term as more companies turn towards renewable

resources impacting cost and availability.

Land as a key natural resource for construction

Land is a critical natural resource for Glenveagh as it is always required for construction. This impacts on the environment by essentially ‘locking away’ this resource from other uses.

In the long term, this could pose a financial risk if the impact resulted in significantly increased costs and/or scarcity.

Impact on resources from using/not using circular principles

The use of circular principles by Glenveagh when designing the end-product could have a positive environmental impact if it occurs, or a negative environmental impact if it does not

occur. The positive impact is not likely to become material until the long-term horizon. Either the positive or negative impact could give rise to a potential financial risk in the medium to

long term due to changing regulatory requirements, or cost increases/availability.

Resources from products/materials recirculated after first use or waste from products/materials not recirculated after first use

The extent to which products and materials used in Glenveagh’s homes are recirculated in practice after first use in downstream activities could either be a potential negative or

positive environmental impact in the long term. However, the financial risk has the potential to arise in the medium to long term as the policy framework evolves, meaning this will need

to be built into the design process in the coming years which may incur costs.

Waste from processes/activities

Waste produced as a result of our own operations in construction and manufacturing has a negative environmental impact across all time horizons. This could result in a

corresponding financial risk associated with costs of dealing with this. Waste produced at the end of life of our homes also has the potential to impact negatively on the environment

in the long term.

Creation of circular systems

The creation of circular systems (including cross value chain initiatives) e.g. forest to factory and innovative re-use of materials, has the potential to have a positive environmental

impact in the long term in the upstream part of our value chain.

Dependency on natural resources

Glenveagh depends on the availability of a wide range of natural resources including minerals, metals, fossil and non-fossil fuels, timber and land to do business. If the cost or

availability of these were to be significantly affected, this could cause a potential financial risk to our operations in the medium and long term.

E3: Water

E5: Resource Use and Circular Economy

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FY 2024 reporting reflects Glenveagh’s first

double materiality assessment. Previous

materiality assessments undertaken by the

Company did not include financial materiality

or the full requirements of the ESRS and were

not subject to external assurance.

At this time, we are not aware of any current

financial effects on our financial position,

financial performance and cashflows from the

material risks and opportunities identified.

With the exception of E1 Climate Change (see

pages 113 to 125), resilience analysis has not

been carried out with respect to the material

IROs. This will be reviewed during 2025.

The material IROs are covered by ESRS

Disclosure Requirements, with some entity

specific metrics used (see E2, E4, S1, S2, S3,

and S4). We intend to review our approach to

reporting against entity specific metrics as our

reporting evolves.

Time horizon

IROs

Value chain

Late payment practices for suppliers/subcontractors, in particular SMEs, could result in financial hardship or contributing to insolvencies

A lack of appropriate payment practices for suppliers and subcontractors, in particular SMEs, could lead to late payment of invoices and result in financial hardship or contributing to

insolvencies for SMEs. If ethical and responsible procurement procedures are not being implemented and followed by Glenveagh, this could lead to litigation and/or reputation risk.

Poor supplier/subcontractor relationships could lead to negative economic impacts on suppliers

A lack of appropriate supplier/subcontractor engagement and management practices could lead to poor relationships and/or negative economic impacts on suppliers (e.g. non-

inclusion of local suppliers, no consideration for vulnerable suppliers, no social and environmental screening criteria, etc.).

Negative outcomes for people and environment if lobbying activities are not carried out transparently

Lobbying activities could negatively impact our stakeholders and/or environmental matters if not carried out in a transparent and appropriate manner. If lobbying activities are not

carried out transparently, Glenveagh could be subject to litigation risk and to reputation risk.

Negative impact on whistleblowers if protections are not in place

A lack of appropriate mechanisms to raise valid concerns could lead to negative impacts on whistleblowers.

An irresponsible/unethical working environment

A lack of fostering, development and promotion of a responsible and ethical corporate culture could lead to negative impacts on our workers and other stakeholders.

Incidents of corruption and bribery

Incidents of corruption/bribery could represent a material financial effect due to potential reputational damage, litigation and secondary effects which result in a loss of confidence of

wider stakeholders. This risk could also come from our upstream vendors.

Anti-competitive practices

Inappropriate anti-competitive practices including collusion and price-fixing could impact our stakeholders, in particular our customers.

IRO type

Impact materiality

Positive

Negative

Financial materiality

Opportunity

Risk

Value chain

Location

Upstream

Operations

Downstream

G1: Business Conduct

More detailed information on our IROs is set out

in each of the relevant topic-specific disclosures

in the Environmental information (see pages 112

to 145, Social information (see pages 146 to 152)

and Governance information (see pages 153 to

161) sections of this report.

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the context of

the business

impacts and

dependencies,

risks, and

opportunities

impact risks and

opportunities, applying

materiality thresholds

and stakeholder

engagement

on the double

materiality process

and outcomes

aligned with the

ESRS

Double

Materiality

Assessment

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Glenveagh conducted a thorough

double materiality assessment (DMA)

that considered its IROs related

to the topics, sub-topics, and sub-

sub-topics in the ESRS 1 General

Requirements, and whether there

were any entity specific matters. We

utilised the services of an independent

third-party sustainability advisory

company, to support us to complete

the assessment.

Glenveagh’s DMA process was conducted

at the consolidated level, consistent with

our Financial statements, and includes the

Company and its subsidiaries, collectively

referred to as ‘the Group’. While Glenveagh has

completed materiality assessments previously,

this is the first double materiality assessment

completed by the Group.

Step 1: Understanding

We began the process by understanding the

business context through determining our

boundaries and analysing all our activities,

business model, business relationships and

value chain through a sustainability lens.

We took the locations of our operations

into consideration, and recognised that our

own activities and our business relationships

across our value chain can be associated

with potential impacts for people and the

environment, as well as financial risks and

opportunities. Our process considered these

aspects across the three time horizons set out

in the ESRS – short- (the reporting period, i.e.

FY 2024), medium- (from end of the reporting

Double materiality

assessment

IRO-1

Description of the process to

identify and assess material

impacts, risks and opportunities

(IROs)

period and up to five years), and long-term

(more than five years). For more information on

our value chain see page 20.

Step 2: Identifying

Building on the work completed in the

‘Understanding’ step, a range of sources was

used to develop a ‘long-list’ of potential IROs

and to assist with determining their materiality.

These included extensive desktop research on

sustainability issues relevant to the construction

industry, applicable current and expected

legislation, engagement with industry partners,

peer analysis, external experts’ reports (e.g.

climate risk reports), CSRD (topics and sub-

topics), and intrinsic knowledge within the

Company including via the corporate risk

amongst others.

In identifying IROs, we also considered:

the impacts with which Glenveagh is

involved through its own operations or as a

result of its business relationships; and

where in Glenveagh’s operations and its

upstream and downstream value chain the

interface with nature takes place.

In identifying positive impacts, we took our

guidance from EFRAG and from the GRI that

suggest that a positive impact would need to

be more than ‘business as usual’ for a company

(i.e. job creation), and should illustrate a positive

contribution to sustainable development, in line

with the Brundtland Report definition.

Some impacts could be identified/framed

in either a positive or a negative manner.

Based on our review of the evolution of the

ESRS standards, the UN Guiding Principles on

Business and Human Rights, OECD Guidelines

for Multinational Enterprises on Responsible

Business Conduct, and the GRI materiality

standard, all E, S and G impacts are identified

through a negative/adverse lens first.

We also considered what dependencies the

Group has on the availability of natural,

human, and social resources, which can arise in

the absence of material impacts connected to

the Company, and assessed the dependencies

for financial materiality based on:

impact on resource availability, quality, and

cost; and

effect on maintaining necessary business

relationships on acceptable terms.

For further details on topic-specific

considerations in identifying IROs see

pages 109 to 111.

Over the coming years, as we implement our

Supply Chain Sustainability Strategy, which

we finalised in November 2024, and as other

companies disclose more information about

their impacts, we can refine our knowledge

of these impacts to get a better informed

understanding of how they relate specifically to

the process and activities of our main suppliers.

Step 3: Assessing

For our DMA, we engaged internal subject-

matter experts from across our business to

assess and score a long list of impacts, risks

and opportunities. Our colleagues, through

their dialogue during their day-to-day activities

with many of our stakeholders, have a good

overview of the impacts of our activities, and

Our approach to completing Glenveagh’s first double materiality assessment

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the risks and opportunities represented by

those impacts. Impacts were reviewed to assess

whether they:

were positive or negative in nature;

were actual or potential; and

had a human rights impact.

Impacts were assessed pre-mitigants and

controls, and taking the Group’s context into

consideration, and scored to determine their

impact materiality and financial materiality.

Risks and opportunities were reviewed to assess

whether they had a material financial effect.

We also assessed dependencies for financial

materiality. These assessments considered the

short-, medium- and long-term term horizons.

For further details on topic-specific

considerations in assessing IROs see pages 109

to 111.

Scoring Impacts

Negative impacts were scored considering the

severity of the impact, which encompasses three

key parameters: scale, scope, and irremediability,

and the likelihood of the potential impact

occurring. ‘Scale’, ‘Scope’, ‘Irremediable

character’, and ‘Likelihood’ were each

assessed using a six-point scale (0 to 5, with 5

representing the highest score).

When scoring ‘Scale’, we assessed

how grave the impact could be on the

environment or people pre-mitigation.

When scoring ‘Scope’, we assessed how

widespread the impact could be, based

on parameters such as quantum of sites

impacted or employees in scope.

When scoring ‘Irremediable character’, we

assessed how difficult it could be to reverse

the damage in terms of cost and time.

‘Scale’, ‘Scope’ and ‘Irremediable character’

were scored and weighted equally

for Severity.

Positive impacts were scored by assessing scale,

scope and likelihood of the impact. We reduced

the materiality threshold score to reflect that

no consideration is given to ‘Irremediable

character’ in scoring our positive impacts.

The scoring of potential and actual impacts

differed in how we scored ‘Likelihood’. Potential

impacts could be scored from 0 to 5, with

5 representing the highest likelihood. The

maximum score of 5 was applied for actual

impacts in the short-term time horizon.

In relation to potential negative human rights

impacts, the severity of the impact takes

precedence over likelihood. On this basis,

any potential negative human rights impact

was allocated the highest score in all three

parameters of which Severity is comprised.

Scoring risks and opportunities

The financial effect of risks and opportunities

was considered through assessing whether

the impact or dependency potentially gives

rise to an increase or decrease in, for example,

cash flows, development, performance (P&L

– income or expenses), position (balance

sheet – assets, liabilities or equity), and cost of

capital or access to finance. Risks were mapped

to and considered in the context of our risk

management register.

To score risks and opportunities, we used

an approach based on ESRS guidance.

Risks and opportunities were scored taking

into consideration the size of the potential

financial effect from the risk or opportunity.

The likelihood scale used is the scale employed

in Glenveagh’s enterprise risk management

process. ‘Size’ and ‘Likelihood’ were each

assessed using a six-point scale (0 to 5, with

5 representing the highest score).

Materiality thresholds

The materiality thresholds adopted by Glenveagh

are based on the thresholds as set out in the

conceptual guidelines prepared by EFRAG for

the standard-setters.

Our scoring groups the IROs into the following

categories:

Critical

Significant

Important

Informative

Minimal

We set our materiality thresholds at ‘Important’

for all impacts. This means that IROs with

scores equating to ‘Important’, ‘Significant’ or

‘Critical’ were deemed to be material.

Stakeholder consultation

After the IROs were scored, we then completed

a validation process with internal and

external stakeholders to check our IROs for

completeness and accuracy – both in terms

of the IROs covered and our assessment of

whether they were deemed to be material.

The validation process comprised the following

five key initiatives:

Financial materiality check by our Chief

Strategy Officer and our Head of Finance;

2. Employee workshop;

3. Environmental workshop;

4. Social and Governance workshop; and

5. Interviews with investors, banks

and suppliers.

Numbers 2-5 above were facilitated by an

independent third-party sustainability advisory

company. Participants were selected based on

the relevant knowledge, their relationship with

Glenveagh and/or experience they had related

to the topic(s). We shared pre-reading material

with them in advance to ensure they had a

clear understanding of what they would be

discussing at the workshop/interview.

In addition, as part of the planning permission

process in Ireland, affected communities have

the opportunity to raise any concerns, including

potential negative impacts on the environment/

people which, if upheld by the planning

authority, can be reflected in the final planning

permission decisions granted and with which

our projects must comply. This is particularly

relevant for the environmental topics E2

Pollution and E3 Water and marine resources.

Based on the feedback collated from the

validation exercise third-party sustainability

advisors made recommendations to the

Glenveagh Sustainability team regarding

challenges to the materiality of some IROs.

These recommendations were reviewed by

the Sustainability team, and an ultimate

recommendation made to the Executive

Committee for their review and consideration.

Approval of the DMA

Final review and approval of the DMA:

the Executive Committee and the

Environmental and Social Responsibility

Committee reviewed the material IROs;

our Audit and Risk Committee

recommended the DMA to the Board for

approval; and

the Board of Directors approved the DMA.

Step 4: Reporting

The outputs from the DMA have been used

to underpin the first iteration of Glenveagh’s

sustainability reporting under the Corporate

Sustainability Reporting Directive.

Topic-specific considerations in identifying

and assessing IROs

E1 Climate change

Impacts

In relation to impact on climate change, we

calculated our GHG emissions across Scopes 1,

2 and 3 to understand our direct and indirect

contribution towards climate change. From this

data, we determined where in the value chain

the impact was arising and across which time

horizons in the absence of mitigants. We have

determined that impacts on climate change

arise right across our value chain.

We considered the various research available

which sets out the impact that climate change

is likely to have on the environment and society.

We have set science-based targets to focus

our actions and reduce our emissions, and

therefore our impact, against which we

monitor our progress (see E1 on page 113

for more details).

Risks and opportunities

Firstly, Glenveagh considered the risks that may

arise from the impacts identified. For example,

as a result of our GHG emissions, we identified

that we are likely to have carbon pricing risks.

We also considered that we have physical

assets, so these may be exposed to physical

climate change risks.

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Physical climate risks

Glenveagh assessed physical climate risks for

all its current assets including developments

which have already been developed, those

under development, land acquired for future

development, offices and factories. We used

an external physical risk assessment tool to

perform the analysis. The tool extracts relevant

climate scenario data for a variety of physical

risks on the coordinates of each asset. It uses

the following climate scenarios to assess risk.

a) NGFS RCP 8.5 (all physical risks)

NGFS RCP 8.5 represents a worst-case

scenario, where climate change is not

mitigated and the impact of extreme

weather is highest. Global average

temperatures rise to over 4°C. This scenario

was used to evaluate Glenveagh’s risk

exposure under extreme circumstances and

allow us to prepare for the highest potential

impact of climate change.

b) NGFS RCP 4.5 (flooding only)

NGFS RCP 4.5 represents a current policies

scenario, where currently implemented

climate policies are successful and nothing

more, therefore some of the impacts of

climate change are mitigated. Global

average temperatures rise to about 3°C.

NGFS RCP 4.5 was used to evaluate

Glenveagh’s risk exposure under a middle-

of-the-road scenario. It was applied to flood

risk – our largest risk – to compare outcomes

against RCP 8.5 and allow us to evaluate

the full range of potential impacts.

Data is extracted from scenario databases

including World Resources Institute (WRI),

Climate Analytics Climate Impact Explorer

among others and each climate data projection

measures a specific physical risk. The risks

assessed were as follows:

Chronic

Changing precipitation

Sea level rise

Changing temperature

Acute

Cold wave frost

Heat wave

Heat stress

Drought

Coastal flooding

River flooding

The tool translated the outputs into high,

medium and low scores, for each location and

for each risk. We then shortlisted the risks with

a high score for the highest number of sites.

The gross value at stake (VaS) (i.e. the total,

unmitigated, financial impact of the risk) was

calculated for the shortlisted physical risks

with respect to development sites currently

under construction. We measured the financial

impact as the total losses arising from delays

in construction from flooding for the affected

sites. This was calculated through considering

daily construction costs, number of days of

flooding, number of sites at risk and the

chance of very high flood risk. The gross VaS

under the various scenarios were assessed

against the financial risk thresholds used to

determine materiality.

Physical risks along Glenveagh’s upstream

and downstream value chain have not yet

been assessed.

Transition climate risks and opportunities

We identified transition climate risks and

opportunities in our operations and along our

upstream and downstream value chain against

the following transition categories as defined

under the TCFD recommendations:

Transition risks

Policy and legal

Technology

Market

Reputation

Opportunities

Resource efficiency

Energy source

Products and services

Markets

Resilience

Each of the risks and opportunities were given

an initial score (as per our overall approach to

materiality). They were also scored in terms of

their feasibility of modelling – an assessment of

whether scenario analysis can be carried out for

each risk or opportunity, based on availability

of scenario data and robust underlying

assumptions. Risks and opportunities that were

deemed feasible to model were then modelled

under the following climate scenarios.

a) NGFS Net Zero 2050

NGFS Net Zero 2050 represents an

ambitious scenario that limits global

warming below 1.5°C through stringent

climate policies and innovation, giving rise

to higher transition risks. This scenario was

used to evaluate Glenveagh’s risk exposure

under extreme circumstances and allow us

to prepare for Net Zero.

b) NGFS Current Policies

NGFS Current Policies, like RCP 4.5,

represents a scenario where currently

implemented climate policies are successful

and nothing more, therefore some of the

impacts of climate change are mitigated but

some transition risks arise. Global average

temperatures rise to about 3°C. It was

used to evaluate Glenveagh’s risk exposure

under a middle-of-the-road scenario, and to

compare outcomes against NGFS Net Zero

2050 to allow us to evaluate the full range

of potential impacts.

Transition risks

The gross VaS was calculated as follows:

For risk in relation to direct carbon prices

– the potential financial impact is calculated

by multiplying Glenveagh’s projected

unmitigated Scope 1 emissions by projected

carbon price. Carbon prices are projected

by growing 2024 Irish carbon taxes on

fuel by carbon prices growth rates under

the NGFS Current Policies and Net Zero

2050 scenarios.

For risk in relation to carbon prices

passed on by suppliers

– The potential

financial impact is calculated by multiplying

projected unmitigated Scope 3 emissions

from construction materials by projected

carbon price. Carbon prices are projected

by growing the 2024 Irish carbon taxes on

fuel by carbon prices growth rates under

the NGFS Current Policies and Net Zero

2050 scenario. A sensitivity analysis was also

carried out to look at various pass-through

rates from supplier to Glenveagh and

Glenveagh to customer and these scenarios

were applied to assess the financial impact

under each. There is a very high level of

uncertainty inherent in this calculation and

will require ongoing evaluation as more

information becomes available.

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There is a large degree of uncertainty in these

calculations, mainly due to inevitable limitations

and unknowns within the models underlying

the NGFS scenarios, the assumptions required

and the long-term nature of the analysis.

We therefore will keep monitoring this risk

and refining the analysis as new data

becomes available.

Opportunities

The gross savings was calculated as follows:

For the opportunity in relation to the

installation of PV panels

– The projected

savings are equal to the avoided financial

spend on procured electricity from 2024

to 2050, as Glenveagh would no longer

need to procure electricity for its factories.

This is calculated by considering projected

electricity prices and Glenveagh’s projected

electricity consumption. Gross savings are

gains excluding PV installation costs.

The gross VaS and gross savings of transition

risks and opportunities under the various

scenarios were assessed against the financial

risk thresholds used to determine materiality.

E2 Pollution

In relation to our operations, we considered

all of our sites including active construction

sites as well as future and strategic sites in

our land bank. We also considered our head

office and our manufacturing factories. All our

sites are based in Ireland. In FY 2024, 20 sites

were under construction by Glenveagh. When

considering water pollution specifically, the

potential for impacts on our sites is driven by

having a water course (a flowing tributary to

any existing river) on the site. In FY 2024, one

of our sites under construction by Glenveagh

featured a water course. We determined if

Glenveagh’s material impacts arising from

our operations were actual or potential based

on whether enforcement notices of incidents

of pollution were received in the current

financial year.

From our assessment, we determined that

most of the material IROs come from activities

upstream in our value chain. To understand

the type of impacts we availed of insights

from our third-party sustainability advisor in

our double materiality process, our internal

expert on supply chain and publicly available

external information relating to pollution in the

construction industry. Since the industrial era,

the mining, extraction and processing of raw

materials required by the construction industry

has gained a reputation for emitting pollutants,

which have a negative impact on people and

the environment.

E3 Water and marine resources

We used the WRI’s Aqueduct’s Water Risk Atlas,

a publicly available tool, to confirm whether

site in our own operations are located in areas

considered at water stress or water depletion.

The tool uses open-source, peer reviewed data

to map water risks such as floods, droughts and

stress. Water stress is an indicator of competition

for water resources and is defined informally

as the ratio of demand for water by human

society divided by available water. The tool

considers current water stress and future water

stress under optimistic, business as usual and

pessimistic scenarios for 2030, 2050 and 2080.

Water stress is assessed as being low (<10%),

low-medium (10-20%), medium to high (20-40%),

high (40-80%), or extremely high (>80%). Overall

for Ireland, water stress in the Water Risk Atlas

baseline and future scenarios are estimated

as low risk. Areas on the East coast, including

the Greater Dublin Area, where we build most

of our homes, and where our head office and

manufacturing operations are located, are in

areas currently with low-medium overall water

risk. Further information on the Water Risk

Atlas tool is available at (https://www.wri.org/

applications/aqueduct/water-risk-atlas/)

Separate to the Water Risk Atlas insights, we

recognise that water supply in the eastern and

midlands regions faces serious challenges,

notably over-reliance on the river Liffey,

to supply the increasing volume of people

expected to be living in the Greater Dublin

Area in the future. A significant infrastructure

project, the Water Supply Project, Eastern

and Midlands Regions, is being proposed to

address this challenge.

E5 Resource use and circular economy IROs

In relation to our operations, we considered

all of our sites including active construction

sites as well as future and strategic sites in our

landbank. We also considered our head office

and our manufacturing facilities. All our sites

are based in Ireland. In FY 2024, 20 sites were

under construction by Glenveagh.

We also considered our broader value chain

both upstream and downstream. To inform the

identification of IROs across the value chain we

used the following tools, methodologies, reports

and data:

SBTN Sector Materiality Tool (Construction)

ENCORE

OnePlanet Natural Resources Report

Irish Green Building Council Whole-Life

Carbon Report 2022

LIFE levels report

Glenveagh Environmental

Impact Assessments

Glenveagh Environmental Impacts Register

To determine whether impacts are actual or

potential we availed of internal data (waste and

procurement), insights from our sustainability

advisory in our double materiality process, our

internal expert on supply chain and publicly

available information on resource use and

circular economy within the supply chain.

G1 Business conduct-related IROs

Our operations are based in Ireland, and all

locations were considered. Our assessment was

completed at a Group level.

In identifying material IROs we considered

the context within which we operate, which

is ranked positively in terms of corruption.

Transparency International’s 2023 Corruption

Perceptions Index (CPI) ranked 180 countries

and territories around the globe by their

perceived levels of public sector corruption,

scoring on a scale of 0 (highly corrupt) to 100

(very clean). Ireland, scoring 77/100, ranked 11th

in the world in the CPI. However, we recognise

that the construction industry in Ireland has

historically faced issues relating to bribery,

lobbying and unethical practices, including the

use of low-grade materials.

Integration with risk management

and overall management

In FY 2024, the DMA process was stand-alone,

with some key connections made to the overall

risk management process. The scoring adopted

for assessing financial risks and opportunities is

the same at that used as part of the enterprise

risk assessment. Material financial risks

identified as part of the DMA were mapped

to risks identified as part of the overall process

to understand which are already captured.

Climate change risks feed into the scoring of

the overall climate change risk which is one of

Glenveagh’s top risks. This approach will be

reviewed further in 2025.

At this point, the relatively small number of

opportunities have not been integrated with

the overall management process. This will be

reviewed in 2025.

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Environmental

information

SUSTAINABILITY STATEMENT

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ENVIRONMENTAL INFORMATION

In this section

113

E1 Climate change

126 E2 Pollution

130

E3 Water and marine resources

132

E4 Biodiversity and ecosystems

133

E5 Circular economy and resource use

141

EU Taxonomy

At Glenveagh, we are acutely aware of

the potential impact that we have on the

environment and also the risks that these

impacts may pose. We also see many

opportunities to improve our operational

efficiency and create ways for our

customers and communities to lead more

environmentally sustainable lives.

In the context of evolving stakeholder expectations, we view

the environment through a very broad lens – the value chain.

This technique allows us to understand our impacts, risks

and dependencies not only in our operations, but also in our

upstream and downstream activities. It creates some interesting

challenges and opportunities. Our holistic approach ensures that

we are not only addressing immediate environmental concerns

but also driving positive change across our entire value chain.

The following pages detail our work in this area across

climate, pollution, water and marine resources, biodiversity, and

circular economy and resource use.

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Financial Statements

Glenveagh published its first Net Zero Transition

Plan (referred to as 'transition plan') in March

2023. The plan supports our Building Better

Strategy and sets out both our near- and long-

term approach to climate change. As part of

this plan, we have set targets that are aligned

with the latest climate science and that will

ultimately put us on a pathway aligned with

the goals of the Paris Climate Agreement. We

have developed both near-term and long-term

net zero GHG emissions targets for Scopes 1,

2 and 3. Our targets have been approved by

the Science Based Targets initiative (SBTi). Our

overall Net Zero target states that 'Glenveagh

Properties plc commits to reach net-zero

greenhouse gas emissions across the value

chain by 2050 from a 2021 base year'. Further

details on these targets can be found in E1-4

Metrics and Targets section.

Near-term carbon target

46.2%

reduction in absolute Scope 1 and 2

emissions by 2031 from a 2021 base year

Near-term carbon target

55%

reduction in Scope 3 emissions intensity

(tCO

e/100sqm of completed floor area)

by 2031 from a 2021 base year

E1 Climate

change

At Glenveagh, we have placed sustainability, and

climate change in particular, at the heart of our

Building Better Strategy. This allows us to respond

effectively to climate risks and opportunities

through each of our five strategic priorities,

ensuring action on climate change is at the heart

of how we innovate, the places we create, and the

skills we nurture in our people.

SUSTAINABILITY STATEMENT

CONTINUED

ENVIRONMENTAL INFORMATION

CONTINUED

Long-term carbon target

90%

reduction in absolute Scope 1 and 2

emissions by 2050 from a 2021 base year

Long-term carbon target

97%

reduction in Scope 3 emissions intensity

(tCO

e/100sqm of completed floor area)

by 2050 from a 2021 base year

The transition plan sets out the key actions

we plan to take to achieve our science-based

targets including the following decarbonisation

levers, which are outlined in further detail

in E1-3:

Transition sites to renewable fuel.

Electrification.

Grid decarbonisation.

Renewable electricity.

Innovation and standardisation.

Supply chain engagement.

Strategy

E1-1

Transition plan for

climate change mitigation

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Strategic

priorities

How our approach to

Net Zero is embedded

ﬁ

ﬃ

ﬀ

SUSTAINABILITY STATEMENT

CONTINUED

ENVIRONMENTAL INFORMATION

CONTINUED

Many of the actions under our decarbonisation

levers do not require CapEx, while additional

OpEx has not been significant. CapEx linked to

our transition plan is primarily in respect of our

manufacturing facilities and the development

and implementation of innovation and

standardisation projects. Decarbonisation is

not the sole purpose of this investment. More

information on this can be found under E1-3, on

pages 119 and 120.

Our EU Taxonomy disclosures on pages 141-145

show a very high share of eligibility with respect

to both CapEx and OpEx, however we have

not yet fully aligned our activities with the EU

Taxonomy criteria. We are currently exploring

a plan to align our activities with these criteria.

Glenveagh already meets the substantial

contribution criteria for climate mitigation

across many projects. Additional alignment

criteria relate to the minimum safeguards and

a number of areas under the do no significant

harm (DNSH) criteria.

Glenveagh has placed climate change at the

heart of its Building Better business strategy.

The transition plan supports this with key

actions embedded throughout our strategic

priorities. Business units must consider relevant

actions under the transition plan when

engaging in financial planning.

The transition plan, including the

science-based targets (SBTs), was approved by

our Executive Committee and Board of

Directors in February 2023.

Progress

Following the publication of our transition

plan, we developed an internal action plan

to drive implementation progress and ensure

accountability. Responsibility for implementing

the plan rests with the Environmental

Sustainability Working Group.

In the initial two years since the transition plan

was published, we have placed significant

emphasis on reducing the emissions that we are

directly responsible for. The key action has been

the transitioning of our construction sites to

renewable fuel namely Hydrotreated Vegetable

Oil (HVO). This has led to a 47% reduction in

our absolute Scope 1 and 2 emissions by year-

end 2024, compared to a 2021 baseline.

Our Scope 3 target is an intensity target based

on tCO

e/100sqm of completed floor area.

Our Scope 3 emissions, as measured on this

intensity basis, are tracking at 7% below our

2021 baseline at the end of 2024. This is a

slight rise compared to FY 2023, when Scope

3 emissions were tracking at 9% below our

baseline. The increase in 2024 compared

to 2023 is due to the increased proportion

of apartments included in the unit mix. As

expected, our absolute Scope 3 emissions

have increased in line with increased business

activity and are now just 66% greater than

our baseline.

The progress against our Scope 3 target has

been achieved primarily due to our focus on the

energy efficiency of our homes as well as the

increased focus on standardisation.

The introduction of our standardised

house typologies will further contribute to

the reduction in carbon emissions, as it is

significantly lower than typologies used to date

(see further information on page 120). Our focus

is now primarily on innovating and working with

our suppliers to reduce the embodied carbon of

our homes.

We have not yet carried out an assessment

of the potential locked-in GHG emissions

from our key assets and products.

Glenveagh is not excluded from the

EU Paris-aligned Benchmarks.

Embedding our Net Zero Transition Plan into our Building Better Strategy

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Financial Statements

Contribution to climate change from

greenhouse gas emissions and associated

risk from carbon price increases

Impact: The GHG emissions from Glenveagh

have a material actual negative impact

on climate. The impact occurs across

all parts of the value chain – upstream,

operations and downstream over the short,

medium and long term. 1% of our emissions

in 2024 come from our operations i.e.

Scopes 1 and 2.

Scope 1 emissions come from fossil fuels

primarily from the operation of our fleet of

vans and cars as well as a small amount

used on construction sites to run generators,

plant, and machinery where HVO may

not be available. Scope 2 emissions arise

from electricity used in our offices, factories

and sites.

The remaining 99% of emissions sit within

Scope 3. The most significant sources of

these emissions include the embodied

carbon within the homes that we build

(i.e. the extraction and production of the

materials with which we build), fuel used by

our subcontractors on-site and occupant

energy (i.e. energy used over a 50-year

period, by those that live in the homes

that we build). Smaller contributions

to Scope 3 emissions come from the

transportation of construction materials,

the end-of-life treatment of the homes,

business travel, employee commuting,

treatment of waste and losses relating

to electricity and fuel consumption.

SUSTAINABILITY STATEMENT

CONTINUED

ENVIRONMENTAL INFORMATION

CONTINUED

The impacts, risks and opportunities (IROs) from our double materiality

assessment (DMA) are summarised below:

This impact is embedded into our Building

Better business strategy through each of

our strategic priorities (see page 30). It has

influenced decisions, and will continue to do

so, regarding our business model, for example,

with respect to off-site manufacturing and

our approach to innovation and design. We

manage this impact primarily through our

transition plan which sets out our pathway

to become net zero by 2050.

GHG emissions contribute to climate change

which can cause a range of impacts for the

environment and people including temperature

increase, sea level rise, more frequent and

intense storms, water stress as well as negative

impacts on human health and wellbeing.

This impact originates and is connected to

our business model and strategy as we are

currently reliant on processes and resources

that produce GHG emissions to deliver

our homes. We are involved in this impact

both directly through our own activities of

construction and manufacturing as well as

through our business relationships, both

in the upstream through our supply chain

partners and in the downstream through our

relationships with our customers and end-users.

Risk: Our contribution to climate change

through our Scope 3 GHG emissions gives rise

to a transition risk which is that higher carbon

prices on suppliers are passed on to Glenveagh

increasing procurement costs. This risk is

concentrated in the upstream part of our

value chain and occurs across the medium

and long term.

SBM-3

Material IROs and their

interaction with strategy

and the business model

IRO type

Impact materiality

Positive

Negative

Financial materiality

Opportunity

Risk

Upstream

Contribution to climate change from greenhouse gas

emissions and associated risk from carbon price increases

Failure to reach Net Zero targets due to slow supplier transition

Severe weather events

Operations

Contribution to climate change from greenhouse gas

emissions and associated risk from carbon price increases

Strengthening energy efficiency regulations

Solar panels reduce exposure to electricity price fluctuations

Failure to develop low carbon production processes

Downstream

Contribution to climate change from greenhouse gas

emissions and associated risk from carbon price increases

Unsatisfactory homes for consumers due to climate change

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SUSTAINABILITY STATEMENT

CONTINUED

ENVIRONMENTAL INFORMATION

CONTINUED

This risk was modelled under two scenarios

– NGFS Current Policies and NGFS Net Zero

2050. The modelling specifically focused

on the emissions arising from construction

materials. The financial impact was calculated

by multiplying projected unmitigated Scope

3 emissions from construction materials by

projected carbon price. Carbon prices are

projected by growing the 2024 Irish carbon taxes

on fuel by carbon prices growth rates under

the NGFS Current Policies and Net Zero 2050

scenario. A sensitivity analysis was performed

which looked at a number of scenarios in

terms of pass-through rate of supplier tax to

Glenveagh and of subsequent pass-through to

Glenveagh customers. Assuming a worst case

scenario of 100% pass-through from suppliers

and 0% pass-through to customers, this risk

is material under both NGFS scenarios in the

medium and long term. The gross 'Value at

Stake' (VaS) is the same under both scenarios

in the medium term and is considered a

medium exposure. Longer term, the VaS is

high under the current policies scenario

and very high under the Net Zero scenario.

However, there is a very high level of

uncertainty inherent in this calculation

and it will require ongoing evaluation as

more information becomes available.

This impact may affect decisions around

innovation particularly with respect to how we

design and build our homes. We manage this

impact primarily through our transition plan

which sets out our pathway to become net zero

by 2050.

Strengthening energy efficiency regulations

Risk: The requirement to comply with new

and evolving climate and energy efficiency

regulations, e.g. the recast Energy Performance

of Buildings Directive (EPBD), as well as

regulations to deal with climate change

adaptation has the potential to impose

additional costs in the construction of our

homes in the medium to long term. This risk

is a transition risk and is concentrated in the

operations part of our value chain. It was not

modelled under any climate scenarios.

This risk will require us to consider any

additional requirements to the design and build

of our homes, the cost of these, the implications

for how and what we build and how our off-site

manufacturing capabilities can play a role. As

a business that deals with evolving building

regulations on a constant basis, we are well-

placed to manage these. We also manage this

through our transition plan which sets out our

pathway to become net zero by 2050.

Solar panels reduce exposure to electricity

price fluctuations

Opportunity: The installation of on-site solar

panels has the potential to reduce costs in

comparison to procured electricity and can

reduce Glenveagh’s exposure to energy price

fluctuations. This opportunity is concentrated

in the operations part of our value chain and

occurs in the long term.

This opportunity was modelled under two

scenarios – NGFS Current Policies and NGFS

Net Zero 2050. The projected savings are equal

to the avoided financial spend on procured

electricity from 2024 to 2050, as Glenveagh

would no longer need to procure electricity

for factories from an external provider. This is

calculated by considering projected electricity

prices and Glenveagh’s projected electricity

consumption. Gross savings are gains excluding

PV installation costs and are material in the

longer term only under both scenarios. The

cumulative savings across the longer term

period are just similar under both scenarios and

represent an medium saving opportunity. These

rely on optimistic assumptions.

This opportunity may impact our decisions

around procurement of electricity.

Failure to reach Net Zero targets due to slow

supplier transition

Risk: If critical suppliers in the construction sector

do not switch to clean or low-carbon production

technologies at a fast enough rate, this could

present a long-term risk for Glenveagh to

achieve its net zero targets/milestones. This is

a transition risk and arises in the upstream part

of our value chain. This risk was not modelled

under any climate scenarios.

This risk could influence decisions regarding the

materials used to build our homes, the suppliers

we use, and how we design our homes. We

have responded to this risk by developing our

supply chain sustainability strategy to engage

with our supply chain partners and bring them

on the journey with us. This will also give us an

early view of how this risk is evolving over the

coming years.

Failure to develop low carbon

production processes

Risk: If Glenveagh fails to implement

opportunities to develop low carbon production

technologies and incorporate them into

planning, design and off-site manufacturing this

could result in a loss of potential competitive

advantage and higher operating costs in

the long term. This is a transition risk and is

concentrated in the operations part of our

value chain.

This risk will require us to consider how we

design and build our homes, the materials

we use and how our off-site manufacturing

capabilities can play an increasing role. We

manage this through our transition plan which

sets out our pathway to become net zero

by 2050.

Severe weather events

Risk: Severe weather events have the potential

to impact suppliers upstream causing delivery

delays which in turn impact Glenveagh’s

planning schedule leading to increased costs.

This is a physical risk and is concentrated in the

upstream part of our value chain.

This risk could influence decisions regarding

the suppliers we use, where they are located

and the logistics they use. We manage this

risk through our Supply Chain Sustainability

Strategy which allows us to engage with our

supply chain partners to understand their risk

and their readiness to respond to them.

Unsatisfactory homes for consumers due to

climate change

Impact: As the climate changes, if Glenveagh

homes are not able to cope with these

changes, they may not be satisfactory for

consumers and may cause discomfort e.g.

overheating or may be damaged due to more

severe weather events leading to a financial

impact on people who bought them.

This impact may affect decisions around

innovation particularly with respect to how we

design and build our homes. We manage this

impact primarily through our transition plan

which sets out our pathway to become net zero

by 2050.

The impact originates from our business model

as we have control over how we design the

homes we build. This is a potential impact in

the long term, and it is concentrated in the

downstream part of our value chain.

Glenveagh is involved in this material impact

through our activities, specifically the design

and construction of homes.

Risk: This impact may give rise to a financial risk

as increasing costs may be incurred to adapt

houses to the changing climate. This is a

transition risk and occurs in the downstream

part of our value chain.

This risk will require us to consider how we

design and build of our homes to ensure they

take account of the changing climate and are

suitable for customers in the long term. We

manage this risk through our transition plan

which sets out our pathway to become net zero

by 2050.

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Financial Statements

SUSTAINABILITY STATEMENT

CONTINUED

ENVIRONMENTAL INFORMATION

CONTINUED

Resilience analysis

Resilience analysis was carried out in November

2024. The methodology of the resilience analysis

including the scenarios used can be found in

IRO-1 (pages 110-111).

The scope of the analysis was limited due to

availability of data. Analysis was also carried out

on risks which are not material for the purposes

of further understanding. These included an

increase in direct carbon prices payable and

severe weather events at constructions site.

The resilience of the business to the upstream

transition risk that higher carbon prices

on suppliers are passed on to Glenveagh

increasing procurement cost was tested. This

was limited to assessing the carbon tax savings

from switching to lightweight cladding. The

total emissions saved by using lightweight

cladding in housing units was calculated and

multiplied by a projected carbon price under

the NGFS Current Policies and NGFS Net Zero

2050 scenarios to understand the savings. The

cost of the mitigation was also included using

the following calculation: Additional €/m² *

average dwelling size * projected housing

units. In the medium term, this represents

a cost, however, over the longer term this

action reduces the VaS of the gross risk

under both scenarios.

A number of other innovation projects are

under way, however, they are not at a point

where they can be modelled under the various

scenarios. We will continue to explore the

resilience of these approaches. In addition,

as part of our supply chain sustainability

strategy, data will become available from our

supply chain partners and also from industry

research which we can include in further

resilience analysis.

The other aspect included in our resilience

analysis was the opportunity presented by the

installation of on-site solar panels to reduce

costs in comparison to procured electricity

and Glenveagh’s exposure to energy price

fluctuations. This was calculated by applying

the upfront PV installations costs to the gross

savings identified under the opportunity. This

did not significantly reduce the size of the

savings in the long term under either scenario.

We will continue to evolve our resilience

analysis to include additional risks and parts of

our business as better data becomes available.

Impact, risk, and opportunity management

E1-2

Policies related to climate change

mitigation and adaptation

Climate Change Policy

Glenveagh’s Climate Change Policy sets out

our approach to climate change to ensure

alignment with the Paris Climate Agreement and

our contribution towards limiting global warming

to 1.5°C as well as preparing for the risks (both

physical and transition) and opportunities of

climate change. The policy addresses both

climate change mitigation and adaptation and

also covers energy efficiency and renewable

energy deployment as key actions to address

climate change mitigation. The policy addresses all

of the IROs which have been identified under E1.

The process for monitoring the implementation

of the policy is set out in the policy and includes

our sustainability dashboard which is reviewed at

our Environmental Sustainability Working Group

and our Environmental and Social Responsibility

(ESR) Committee. It is also monitored through

disclosure in our Annual Report. The IROs, which

the policy addresses, are reviewed annually by

the ARC.

The policy applies to all of the Group’s activities

and locations, and applies to the upstream,

operations and downstream aspects of our

value chain.

The CEO has overall accountability for the

implementation of the policy, which is reviewed

on an annual basis and is approved by our

ESR Committee.

The policy commits Glenveagh to the following

third-party standards/initiatives:

Science-based targets (SBTs) verified by the

Science Based Targets initiative (SBTi).

Stakeholder views gathered as part of our

double materiality assessment and other

interactions are reflected in this policy.

The policy is available internally to our

employees via our intranet. It is also available

externally to stakeholders via our website.

Sustainable Procurement Policy

The purpose of Glenveagh’s Sustainable

Procurement Policy is to provide a framework for

our procurement activities with our supply chain

partners (including but not limited to suppliers,

sub-contractors and manufacturers), enabling

us to make responsible choices that support our

sustainability goals. The policy addresses our

commitment to responsible sourcing.

The policy addresses the climate change IROs

which occur in the upstream part of our value

chain, as well as those in our operations which

come from our sub-contractors.

The process for monitoring the implementation

of the policy is set out in the policy and includes

our sustainability dashboard which is reviewed

at our Environmental Sustainability Working

Group and our ESR Committee.

This policy is applicable to all the Group’s

activities, locations, employees and third

parties procuring on behalf of the Group and

covers the Group’s activities, resources and

business relationships in the upstream and

own operations value chain.

The CEO has overall accountability for the

implementation of the policy, which is reviewed

on an annual basis and approved by our

ESR Committee.

Stakeholder views gathered as part of our

double materiality assessment and other

interactions are reflected in this policy. The

policy is available internally to our employees

via our intranet. It is also available externally to

stakeholders via our website.

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-10

-11

-46

-21

-64

151

2021 Baseline

Emissions

reduction to date

Projected

growth

Grid

decarbonisation

Near-term

SBT (2031)

Further reduction

opportunities

(including grid

decarbonisation)

Net Zero

target (2050)

tCO

e/100m

Supply chain

engagement

Standardisation

and innovation

100

150

200

-55%

-97%

1,738

1,038

6-57

-489

-47

-102

3,680

1,980

368

-1,612

2021 Baseline

Emissions

reduction to date

Projected

growth

Grid

decarbonisation

Switch from

gas oil to

HVO on site

Switch diesel

ﬂeet to HVO

Switch

remaining diesel

ﬂeet to EV

Near-term

SBT (2031)

Further reduction

opportunities

(including grid

decarbonisation)

Net Zero

target (2050)

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

tCO

-46.2%

-90%

SUSTAINABILITY STATEMENT

CONTINUED

ENVIRONMENTAL INFORMATION

CONTINUED

E1-3

Actions and resources in relation

to climate change policies

E1-4

Targets related to climate change

mitigation and adaptation

Glenveagh has set science-based GHG

emissions reduction targets. These targets,

which are detailed below, fully support our

policy objective of ensuring alignment with the

Paris Climate Agreement and our contribution

towards limiting global warming to 1.5°C.

Near-term targets

46.2% absolute reduction in Scopes 1 and 2

by 2031 from a 2021 base year.

55.0% reduction in Scope 3 emissions

intensity (tCO

e/100sqm of completed floor

area) by 2031 from a 2021 base year.

Long-term targets

90% absolute reduction in Scopes 1 and 2 by

2050 from a 2021 base year.

97% reduction in Scope 3 emissions intensity

(tCO

e/100sqm of completed floor area) by

2050 from a 2021 base year.

The targets are science-based, compatible

with limiting global warming to 1.5°C and have

been set following the SBTi Corporate Net Zero

Standard 1.0 using the absolute contraction

method and 1.5°C pathway as per the SBTi

criteria V5.0. The targets have been externally

verified by the SBTi.

Scope 2 GHG emissions included in the target

are location-based. The share between Scope 1

and 2 emissions in the baseline year is 83% –

Scope 1 vs 17% Scope 2. Progress against the

target is measured on the total combined

Scope 1 and 2 emissions and a distinction is not

made, nor are separate targets in place.

The absolute value of the Scope 3 target for

2031 is 256,590 tCO

e. This represents an

overall increase in absolute emissions.

Scope 1 and 2 near-term (2031) and net zero (2050) absolute targets, and main decarbonisations levers

Scope 3 near-term (2031) and net zero (2050) intensity targets, and main decarbonisations levers

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SUSTAINABILITY STATEMENT

CONTINUED

ENVIRONMENTAL INFORMATION

CONTINUED

The baseline year used to set our targets

is 2021. This is considered representative of

Glenveagh's business activities in terms of the

types of units delivered as well as the inclusion

of manufacturing facilities.

Internal stakeholders were involved in setting

these targets through workshops as part of the

development of the transition plan. The process

for monitoring progress against the targets

includes our sustainability dashboard which is

reviewed at our Environmental Sustainability

Working Group and our ESR Committee. It is

also monitored through disclosure in our

Annual Report.

Actions

To support its transition plan, Glenveagh

develops action plans which set out the key

actions for the year, assign responsibility and

milestones, and establish KPIs. The plan is

prepared by the Sustainability team working

in collaboration with action owner across the

business. The implementation of this action

plan is overseen and coordinated by the

Environmental Sustainability Working Group.

The actions are presented below as per the

appropriate decarbonisation levers, while the

charts on the previous page demonstrate

the pathway towards our targets using these

decarbonisation levers. The implementation of

all of the actions directly contribute toward the

achievement of our SBTs as well as reducing

our exposure to risks and taking advantage of

opportunities, the core purpose of our Climate

Change Policy.

Scope 1 and 2 decarbonisation lever: transition

to renewable fuel

In 2023, we began the transition of the fuel used

on our construction sites from gas oil (diesel) to

HVO, a low-carbon liquid drop-in biofuel, that

works as a direct replacement for conventional

diesel. In 2024, this transition continued and

HVO was used across all construction sites for

the first time. It is used to power generators,

plant and non-road mobile machinery on-site

i.e. our operations. HVO is also used for any

non-electric plant and machinery at our

Arklow facility.

This transition to HVO is now essentially

complete for our sites and factories; however,

it will be an ongoing action to ensure HVO

remains the fuel of choice going forward. In

parallel, we will continue to explore other low-

carbon alternatives to power this infrastructure

on-site. This action has led to a GHG reduction

of 47% against our baseline which represents

1,738tCO

e. Between now and 2031, we

anticipate that this will lead to further reduction

of approximately 489tCO

e taking into account

projected growth.

There is no CapEx required for this action,

given that HVO is used as a direct replacement

for diesel and gas oil and does not require

specialist plant or machinery. The action has

resulted in a small increase in OpEx due to

the price differential with gas oil, however,

this is not significant.

In addition to using HVO in our sites, we are

exploring the opportunity of switching some

of our fleet from diesel to HVO as it becomes

available on forecourts around the country.

This would allow flexibility where EVs are not

available to the specification required for some

of our vehicles. We estimate that this could result

in a saving of approximately 47tCO

e between

now and 2031.

Scope 1 and 2 decarbonisation lever:

electrification

We started the transition of our fleet vehicles

from diesel to electric vehicles (EVs) in 2021. In

2024, we maintained our proportion of EVs at

19% of the overall fleet. We will continue to add

additional vehicles to our fleet in line with lease

renewals to achieve a fully electric fleet.

This action applies to our own fleet of vehicles,

i.e. Scope 1 emissions. We plan to have this

action fully complete by 2031.

This action did not result in any decrease in

carbon emissions in 2024, as the proportion

of EVs remained static. This is not where we

want to be, however, challenges remain in

procuring EVs that match our requirements and

in range reliability for vans. We expect that on

completion, this action will result in reduction of

approximately 102tCO

Scope 1 and 2 decarbonisation lever:

renewable electricity

We have identified renewable electricity in the

form of PVs as a potential action at our NUA

manufacturing facilities. As of end of year 2024,

this action has not been implemented due to

the lack of commercial payback currently.

However, we will continue to investigate its

viability as it has been identified as a long-term

opportunity. The timeline for this action

is currently not determined.

Scope 1 and 2 decarbonisation lever:

grid decarbonisation

The decarbonisation of the grid is outside of

the control of Glenveagh, however, given the

current projections we expect this to have a

significant impact on both our Scope 1 and 2

and Scope 3 targets. By 2031, we expect the grid

decarbonisation would result in a reduction of

approximately 657tCO

e in our Scope 1 and 2

emissions and approximately 11tCO

e/100sqm in

our Scope 3 emissions.

Progress against target

At year end 2024, Scope 1 and 2 emissions

had reduced by 47% against our baseline.

This reduction was due to the introduction of

HVO across our construction sites. This reduction

was in line with our plans, which were to see

a sharp drop in one year once HVO had been

executed across all sites. See E1-6 page 122 for

more details.

Scope 1 and 2: (absolute)

1000

2000

3000

4000

5000

2021

Baseline

2022

Actual

2023

Actual

2024

Actual

2031

Near-term

target

tCO

120

Glenveagh Properties plc | Annual Report and Accounts 2024

Scope 3 decarbonisation lever: supply

chain engagement

Engagement with our supply chain partners is

a critical decarbonisation lever to drive Scope

3 emissions reductions in our upstream value

chain and meet our SBTs. Affected stakeholders

here include suppliers, sub-contractors and

manufacturers.

In 2024, we concentrated on developing a supply

chain sustainability strategy to set ourselves up

for success across all of the environmental and

social areas that require collaboration in this

area including climate change. This strategy

has five key areas:

1. Strengthening governance and

supplier requirements.

2. Engaging and influencing.

3. Risk assessment.

4. Education and training.

5. Reviewing and upgrading.

The roll out of this will commence in 2025 and

these actions will be ongoing.

In 2024, a key action was the launch in Ireland of

the Supply Chain Sustainability School (SCSS), of

which we are a founding member. This supports

our actions under ‘education and training’ and

enables a collaborative approach to skills and

knowledge across the sector.

There are no achieved emissions reductions

to report at this time. Taking into account

projections around the decarbonisation of

different parts of the materials supply chain and

opportunities for sub-contractors to switch to

alternative fuels, we estimate this action has the

potential to achieve GHG emissions reductions

of up to 46tCO

e/100sqm by 2031.

There was no CapEx spend associated with

this action in 2024 and none planned at

present. OpEx spend primarily relates to staff

time, consultancy support and contribution to

the foundation of the SCSS. The spend is not

restricted to decarbonisation and supports

actions across environmental, social and

governance topics.

Scope 3 decarbonisation lever: innovation

and standardisation

Innovation is one of the key levers we are

employing to tackle our Scope 3 emissions.

Central to this is how we deliver innovative

solutions around design, manufacturing and

construction to reduce the embodied carbon

in Glenveagh homes.

Over the last few years, we have worked to bring

a more standardised approach to our house

designs. This has led to an average reduction of

44% in the upfront embodied carbon (kgCO

sqm) of the standardised designs compared

to the previous design typologies used in

our baseline assessment. Our standardised

house model can be efficiently manufactured

and adapted to different densities and

demographics, improving operational excellence.

Due to the large number of apartments and

the small number of these house types within

the mix for 2024, this shift did not result in any

reduction in overall Scope 3 emissions during

2024. However, we expect this to change as

the these standard house type are rolled out

further. This action specifically tackles Scope 3 –

category 1 (purchased goods and services) in

our upstream value chain.

We continued to investigate lightweight

low-carbon façade options as an alternative

to bricks. We have completed a robust due

diligence process, initially reviewing a database

of 50 lightweight cladding options available

on the market. Each material was subjected to

a scoring metric assessment, that considered

such items as scalability, carbon, compliance,

cost, supply chain availability and labour

requirements. We have identified four to five

suitable products to substitute the traditional

façade materials. As part of this research we

have built a number of sample wall 'build-ups'

in our NUA factory in Carlow as well as a full

house model. As part of our trial, we have rolled

this out in practice on 19 houses at our Belmont

scheme. We have also carried out research on

alternative and innovative floor, foundation and

roof solutions, which can contribute towards

reducing GHG emissions. This action also tackles

Scope 3 – category 1 (purchased goods and

services) in our upstream value chain.

SUSTAINABILITY STATEMENT

CONTINUED

ENVIRONMENTAL INFORMATION

CONTINUED

To address Scope 3 – category 11 (use of sold

products), in our downstream value chain, we

have continued to focus on the efficiency of

the homes we build. This has resulted in an

emissions reduction to date of 10 tCO

e/100sqm.

In 2024 we began piloting new heating solutions

in our Belmont scheme in 2024. These include

infrared ceiling panels and electric heating.

Energy monitors have been installed into all

units involved in the trial, along with broadband

routers to ensure undisrupted monitoring of

the units. As this particular action affects our

customers, we have developed an agreement

with them that allows access to energy usage

data and inspection of the energy monitor and

hub at regular intervals. The information from

this pilot will assist us in calculating expected

emissions reductions.

All of our actions with respect to innovation and

standarisation are ongoing. We estimate that

overall, these actions will result in a reduction

of 21 tCO

e/100sqm.

CapEx has been invested and is planned

to support these actions; however, this

is not specific to decarbonisation. This

investment supports our broad innovation and

operational excellence strategic priorities, of

which responding to climate change is a key

element. In 2024, CapEx associated with this

decarbonisation lever included €3.1 million with

respect to licensing for proprietary cladding

technology and €0.64 million for capitalised

innovation development during year. (See

note 18 to Consolidated Financial statements

– Intangible assets). Planned CapEx of

€18 million over the next two years with

respect to our manufacturing facilities will

support this decarbonisation lever as well

as other aspects of our strategic priorities.

Progress against target

At year end 2024, our Scope 3 emissions

intensity is tracking at 7% below our baseline.

This reduction was due to the continued focus

on standardised design and on building high

energy efficient homes. This reduction was

in line with our plans. See E1-6 page 122 for

more details.

Scope 3: (intensity)

100

120

140

160

2021

Baseline

2022

Actual

2023

Actual

2024

Actual

2031

Near-term

target

tCO

e/100sqm of completed ﬂoor area

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SUSTAINABILITY STATEMENT

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ENVIRONMENTAL INFORMATION

CONTINUED

Energy consumption and mix

Unit

2022

2023

2024

Fuel consumption from coal and coal products

MWh

Fuel consumption from crude oil and petroleum products

MWh

14,800

11,870

4,171

Fuel consumption from natural gas

MWh

Fuel consumption from other fossil sources

MWh

Consumption of purchased or acquired electricity, heat, steam and cooling from fossil sources

MWh

949

2,480

2,885

Total fossil energy consumption

MWh

15,761

14,355

7,056

Share of fossil sources in total energy consumption

Consumption from nuclear sources

MWh

Share of consumption from nuclear sources in total energy consumption

MWh

Fuel consumption for renewable sources, including biomass (also comprising industrial and municipal waste of biologic origin, biogas, renewable hydrogen)

MWh

4,898

15,216

Consumption of purchased or acquired electricity, heat steam and cooling from renewable sources

MWh

1,436

194

558

The consumption of self-generated non-fuel renewable energy

MWh

Total renewable energy consumption

MWh

1,436

5102

15,783

Share of renewable sources in total energy consumption

Total energy consumption

MWh

17,197

19,456

22,839

Energy intensity

Unit

2022

2023

2024

% N/N-1

(% change

between 2023

and 2024)

Total energy consumption from activities in high climate impact sectors per net revenue* from activities in high climate impact sectors

MWh/€'000s

0.027

0.0320

0.026*

-18%

* See Note 10 in the Financial statements (page 189)

Metrics and targets

E1-5

Energy consumption and mix

122

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SUSTAINABILITY STATEMENT

CONTINUED

ENVIRONMENTAL INFORMATION

CONTINUED

Retrospective

Unit

2021

(Base year)

2022

2023

2024

%N/N-1

Scope 1 GHG emissions

Gross Scope 1 GHG emissions

tCO

3,048

3,803

3,234

1,074

-67%

Percentage of Scope 1 GHG emissions from regulated emission trading schemes

Scope 2 GHG emissions

Gross location-based Scope 2 GHG emissions

tCO

632

813

873

868

-1%

Gross market-based Scope 2 GHG emissions

tCO

272

205

350

403

15%

Gross location-based Scope 1 and 2 GHG emissions (combined)

tCO

3,680

4,616

4,108

1,942

-53%

Significant Scope 3 GHG emissions

Total gross indirect (Scope 3) GHG emissions (absolute)

tCO

189,848

223,325

206,213

315,993

53%

1. Purchased goods and services

tCO

124,652

157,563

150,958

234,184

55%

2. Capital goods

tCO

769

824

767

149

-81%

3. Fuel and energy-related activities (not included in Scope 1 or 2)

tCO

907

1,128

1,114

1,458

31%

4. Upstream transportation and distribution

tCO

6,494

7,143

8,141

13,587

67%

5. Waste generated in operations

tCO

120

195

281

-66%

6. Business travelling

tCO

18%

7. Employee commuting

tCO

908

1,093

1,303

1,142

-12%

8. Use of sold products

tCO

52,015

49,912

38,393

57,454

50%

9. End-of-life treatment of sold products

tCO

3,965

5,423

5,191

7,846

51%

Total Scope 3 GHG emissions (intensity)

tCO

e/100sqm

151.2

142.9

137

141.1

Total GHG emissions

Total GHG emissions (location-based)

tCO

193,528

227,941

210,321

317,935

51%

Total GHG emissions (market-based)

tCO

193,168

227,332

209,798

317,470

51%

GHG intensity

2021 (baseline)

2022

2023

2024

% N/N-1

Total GHG emissions (location-based) per net revenue*

tCO

e/€'000s

0.406

0.354

0.346

0.366

Total GHG emissions (market-based) per net revenue*

tCO

e/€'000s

0.405

0.353

0.345

0.365

* See Note 10 in the Financial statements (page 189)

E1-6

Gross Scopes 1, 2, 3 and

Total GHG emissions

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SUSTAINABILITY STATEMENT

CONTINUED

ENVIRONMENTAL INFORMATION

CONTINUED

E1-7

GHG removals and GHG

mitigation projects financed

through carbon credits

Glenveagh Properties plc has not acquired any

carbon credits in 2024 (nor in previous years).

In February 2023, Glenveagh set net zero

targets using the SBTi Corporate Net-Zero

Standard, absolute contraction method and

following a 1.5°C pathway as per the SBTi

criteria V5.0. These net zero targets have been

validated by the SBTi and are in line with the

latest science from the Intergovernmental

Panel on Climate Change, which aligns with

the science to limit global temperature rise to

1.5°C above pre-industrial levels. The scopes of

emissions to which the target relates include

Scopes 1, 2 and 3. The target coverage is

organisation wide. The objectives of this long

term net zero target are to reduce our Scope 1

and 2 absolute emissions 90% by 2050 and our

Scope 3 intensity 97% by 2050.

We intend to neutralise any residual emissions

with permanent carbon removals at the

end of the target. We plan to develop our

neutralisation target in the medium term.

We do not plan to mitigate emissions beyond

our value chain within the next two years as

Glenveagh wants to prioritise climate action

within its own value chain first.

E1-8

Internal carbon pricing

Glenveagh Properties plc has not applied an

internal carbon pricing scheme.

GOV-3

Integration of sustainability-

related performance in

incentive schemes

Climate-related considerations are not

currently factored into the remuneration of

members our administrative, management and

supervisory bodies.

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SUSTAINABILITY STATEMENT

CONTINUED

ENVIRONMENTAL INFORMATION

CONTINUED

Boundary for reporting

Glenveagh’s calculations and reporting of GHG

emissions have been prepared in accordance

with the Greenhouse Gas Protocol, following the

‘operational control’ consolidation approach where

the Company accounts for 100% of the GHG

emissions from operations over which it has control.

The environmental performance data has been

prepared on a consolidated basis which follows the

scope of the Company‘s Financial statements and

other wider sustainability reporting. The rationale

for choosing a consolidation approach is that

Glenveagh has the full authority to introduce and

implement operating policies across the Company’s

operations to manage environmental dependencies,

impacts, risks and opportunities. Please refer to note

25 in the Financial statements for the list of entities

within our operational control (see page 198).

Methodology

E1-3 Achieved and expected GHG reductions

Data is calculated in our GHG carbon inventory

model ('the model').

E1-4 Targets related to climate change mitigation

and adaptation

Scope 1 and 2 (absolute) and Scope 3 (intensity)

targets were set referencing the GHG Protocol

Standards: GHG Protocol Corporate Accounting

and Reporting Standard (2004) and its supplement

GHG Protocol Corporate Value Chain (Scope 3)

Accounting and Reporting Standard. We also used

the SBTi Corporate Net Zero Standard 1.0, and we

applied the all-sectoral decarbonisation pathways

to set the targets. The targets were reviewed and

validated by the SBTi and compatible with limiting

global warming to 1.5°C.

Quantitative contributions to achieve the GHG

emission reductions target were calculated in the

model using an ambition calculator for Scopes 1,

2 and 3, by using project growth, reductions from

external factors, Glenveagh driven carbon reduction

and climate targets.

Our target dates are 2031 and 2050 respectively.

Target coverage is Company-wide for the Scope 1, 2

and 3 targets.

E1-5 Energy consumption and mix

Includes consumption of:

fuel from renewable and non-renewable sources –

HVO, Gas Oil, Petrol, Diesel, Kerosene.

purchased electricity from renewable and non-

renewable sources.

electricity from self-generated renewable

sources – photovoltaics.

When calculating our market-based renewable purchased

electricity consumption, we source the emission factors

from supplier invoices where it states a 0gCO

e/kWh

carbon intensity value.

E1-6 Gross Scopes 1, 2 and 3 and total GHG emissions

The assessment of our GHG emissions footprint has

been carried out in line with the principles and guidelines

provided by the two relevant GHG protocol standards

– GHG Protocol Corporate Accounting and Reporting

Standard (2004), and its supplement GHG Protocol

Corporate Value Chain (Scope 3) Accounting and

Reporting Standard. The calculation of the embodied

carbon of the construction materials is aligned with

Level(s) – European framework for sustainable buildings,

and follows the Royal Institute of Chartered Surveyors

(RICS) professional standards and guidance for the whole

life carbon assessment for the built environment (2017).

Note that under the methodology for setting and

reporting progress against our Scope 3 SBTs we are

required to include “Construction materials” in Category

1 – Purchased goods and services.

Our assessment considers the six greenhouse gases

covered by the Kyoto and Montreal Protocols: carbon

dioxide (CO

), methane (CH₄), nitrous oxide (N₂O),

sulphur hexafluoride (SF₆), perfluorocarbons (PFCs)

and hydrofluorocarbons (HFCs). The total footprint is

expressed as carbon dioxide equivalent (CO

e) applying

the Global Warming Potential values provided by

IPCC (2007).

Scope 3 category exclusions include Upstream leased

assets, Downstream transportation and distribution,

Processing of sold products, Downstream leased assets,

Franchises and investments. Glenveagh does not have

any emissions related to these categories.

Data is sourced from our external suppliers and internal

systems and provided to Verco, an independent third

party to calculate our emissions in our GHG carbon

inventory model.

E1 Basis for preparation

The following table sets out the emission factors used and the methodologies employed in our GHG

emissions calculations.

Category

Emission factor

Emissions calculation

methodology

Scope 1

DEFRA

Fuel-based method

Scope 2

Average Irish Grid Factor

(SEAI)

Supplier specific emission

factors from invoices

Location-based method

Market-based method

Scope 3

Purchased goods and services:

Construction materials, sub-

contractor fuel use and Other*

DEFRA

One Click LCA

EEIO factors

Average product method

Spend-based method

Fuel-based method

Capital goods

EEIO factors

Spend-based method

Fuel and energy-related

activities

DEFRA

Fuel-based method

Upstream transport and

distribution

One Click LCA

EU PV EPD

Average product method

Distance-based method

Waste

DEFRA

Waste-type-specific method

Business travel

DEFRA

EEIO factors

Distance-based method

Employee commuting

DEFRA

Distance-based method

Use of sold products

Grid projection emission factor

DEFRA

Methodology for direct use

phase emissions: BER dataset

End-of-life

One Click LCA

EU PV EPD

Average product method

Waste-type-specific method

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CONTINUED

ENVIRONMENTAL INFORMATION

CONTINUED

GHG Intensity based on net revenue

Glenveagh understands the ESRS’s 'net revenue'

requirement to be Revenue net of VAT. Glenveagh’s

total revenue net of VAT is reported as 'Total

Revenue'. Glenveagh reports Total Revenue

in €’000s.

For 2024, Total Revenue (in €'000s) is 869,197 –

see note 10 page 189.

For 2023 Total Revenue (in €’000s) is 607,938

and 2022 Total Revenue 644,706 (see FY 2023

Annual Report, note 10 Revenue, page 159).

For 2021 Total Revenue (in €’000s) is 476,807

(see FY 2022 Annual Report, note 10, page 129).

Estimates and judgements

E1-6 Gross Scopes 1, 2 and 3 and total

GHG emissions

Scope 1: All actual data is used, and relevant

emission factors are applied in the model.

Scope 2 data:

Electricity data sourced from meter readings,

where the capture date does not align with the

reporting period, is calculated using a daily

weighted average based on previous

meter readings.

Where billing cycles do not align with the

calendar year end, an adjustment to electricity

consumption data is required to ensure a

more accurate consumption reading.

This adjustment, typically relates to our

manufacturing operations.

All other data is actual. Relevant emissions

factors are applied in the model.

Scope 3 GHG emissions:

Scope 3 emissions, representing indirect GHG

emissions from Glenveagh's value chain, are

inherently subject to uncertainty. These emissions

include those from sources not directly controlled by

us. Approximately 57% of Scope 3 emissions were

calculated using primary data during FY 2024.

Purchased Goods and Services:

Sub-contractor fuel data is estimated by using a

benchmark project that represents typical projects.

The estimation involves developing a Bill of Quantities

(BOQ) for the benchmarked project and deriving fuel

volume from BOQ quantities and industry metrics. The

fuel usage is then calculated based on litres per acre,

litres per unit, and litres per square foot, allowing for

pro-rata calculation across all existing projects.

Construction materials emissions are calculated using

actual source data to which industry proxies are

applied within our Whole Life Carbon model.

Other purchased goods and services: This includes

all other purchases excluding sub-contractor fuel and

construction materials. All data provided is actual.

Relevant emission factors are applied in the model.

Other fuel and energy-related activities: Calculated using

Scope 1 and 2 energy data. Relevant emission factors are

applied in the model.

Upstream transportation and distribution: Calculated

using actual source data to which industry proxies relating

to construction materials and relevant emission factors are

applied in the model.

Waste generated during operations: Please refer to E5

Basis for preparation.

Employee commuting: Calculated using data from the

Glenveagh Employee commuting Survey 2024, this data is

an estimate given:

It was completed at a point in time during the year –

between 23 October and 06 November 2024.

Employees estimate the mileage they travel.

The survey will not always have 100% participation (in

FY 2024 survey 169 employees completed the survey.

Relevant emissions factor is applied in the model.

Use of sold products: This calculation uses the BER

dataset for all homes and projected grid emissions factors

are applied for electricity consumption looking forward 50

years. It considers both regulated and unregulated loads.

Regulated loads are aligned with Level(s) – European

framework for sustainable buildings. Unregulated loads

are calculated as per RICS 2017 recommendation. As a

result the degree of estimation uncertainty is considered

to be high.

E1 Basis for preparation

continued

For the 50-year look ahead, we calculate the average

grid emission factor across the next 50 years and account

for the in-use regulated and unregulated emissions for

the 50-years in the year the home is sold. However,

EU grid intensity trends only extend to 2050 and in the

absence of future trends beyond 2050, we apply an Irish

grid intensity factor of 0 kgCO

e/kWh beyond 2050. This

approach follows the Climate Change Advisory Council’s

recommendation that the government must deliver a

reliable and zero-carbon electricity system in advance of

2050. This is in line with Ireland’s commitment to the Paris

Agreement and the legally binding 5-year carbon budgets

to 2050 (Climate Action and Low Carbon Development

(Amendment) Act 2021).

We also report emissions from refrigerant use in

heatpumps and our reporting reflects assumptions such

as leak rates. Relevant emission factors are applied in

the model.

End of life: The calculation uses actual source data (units

sold) to which industry proxies relating to construction

materials and relevant emission factors are applied in

the model.

Updates to prior period statements

Following an intensive review of our GHG emissions

inventory model in 2024, some of the environmental

performance data related to our gross Scopes 1, 2 and 3

emissions in previous years have been updated as follows:

2021: We have restated our 2021 emissions figures

across Scopes 1, 2 and 3, which reflect an overall

0.7% increase in emissions. This increase was due

to a combination of emission factor updates and

improved calculation and data integrity checks. From

a SBTi perspective, the combined 2021 Scope 1 and

2 (location-based) baseline data has been restated

from 3,566 tCO

e to 3,680 tCO

e (3.2% increase) due

to a discrepancy in the model's calculation, and the

scope 3 emissions intensity data has been restated

from 150.2tCO

e,/100m2 to 151.2tCO

e/100m2 (0.7%

increase). We do not need to recalculate our SBTi

targets as we are within the 5% significance threshold

for emissions recalculations set out in the SBTi Near-

Term Targets guidance. The variation in the baseline

figures has caused a change to the 2031 and 2050

target values as follows: the Scope 1 and 2 target

emissions have moved from 1,919 tCO

e to 1,980 tCO

in 2031, and from 357 tCO

e to 368 tCO

e in 2050.

The Scope 3 intensity targets for 2031 and 2050

remain unchanged.

2022: The restatement of 2022 figures across

Scope 1, 2 and 3 accounts for a 0.1% emissions

increase, which is primarily driven by a

reassessment of emission factors across some

categories, specifically in Scope 1 and Scope 3.

2023: In Scope 3 emissions there was a

reduction of 1.5%, from 209,364 tCO

e to 206,213

tCO

e, following an emission factor review and

improved calculation and data integrity checks.

In 2023, we reported that our Scope 1 and 2

absolute emissions were 15% above the baseline

and that we made a 3.9% Scope 1 and 2 intensity

reduction against the baseline. However, we need

to restate these results given the new baseline

adjustment. The new 2023 Scope 1 and 2 absolute

emissions increase is 12% and we made a 7%

reduction against our baseline in relation to our

Scope 1 and 2 intensity metric.

Third party verification

A third-party verification (ISO 14064-3:2019) was

completed for reported emissions. This was carried

out for FY 2024 GHG emissions by an independent

third party. A copy of their GHG verification

statement is available at https://glenveagh.ie/

corporate/sustainability.

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126

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CONTINUED

ENVIRONMENTAL INFORMATION

CONTINUED

E2 Pollution

Processes and activities to make construction materials can impact

water, air, and soil quality. To mitigate these potential pollutants,

careful management and sustainable practices are essential.

Strategy

SBM-3

Material IROs and their

interaction with strategy

and the business model

Air, soil and water pollution, and pollution

of living organisms/food resources from

processes/activities – upstream

Impact: We are involved in these impacts

through our business relationships. They are

concentrated upstream in our value chain

as processes/activities to make construction

materials, including raw material mining,

minerals extraction and production processes,

can emit non-GHG air pollutants, soil and

water pollutants, and have the potential to

have a knock-on effect of polluting living

organisms or food resources.

Glenveagh relies on upstream suppliers to

provide the necessary materials to enable us

to build. It is recognised that certain activities

upstream in our value chain, including stone

extraction, as well as brick, aggregate and

cement production may emit air pollutants

which cause negative impacts for the

environment including reducing air quality.

When considering water pollution from these

processes, suspended solids from stone

extraction and brick production could enter

water bodies, and heavy metals can be

released from raw materials and fuels used

in cement production. Crushing and screen

operations in aggregate production can result

in sedimentation. These pollutants could

significantly impact aquatic life and make

drinking water unsafe.

Pollutants could be introduced to soil because

of these processes/activities. Examples include

stone extraction and cement production

contaminating soil with heavy metals, and

dust from aggregate or cement production.

Soil pollutants can affect soil quality and

potentially harm plant life.

Activities upstream in our value chain to make

construction materials, including raw material

mining, minerals extraction and production

processes, which may emit water and soil

pollutants could have a knock-on effect and

pollute living organisms or food resources. For

example:

heavy metals that contaminate soil

could affect plant growth and leach

into groundwater/surface water, further

spreading contamination; and

suspended solids in water could harm fish

and other aquatic organisms that rely on

clear water, affecting fish populations.

IRO type

Impact materiality

Positive

Negative

Financial materiality

Opportunity

Risk

Upstream

Air pollution from processes/activities

Soil pollution from processes/activities

Water pollution from processes/activities

Pollution from use and disposal of toxic/hazardous materials

(substances of concern)

Pollution of living organisms/food resources from processes/

activities

Operations

Water pollution from processes/activities

Downstream

The impacts, risks and opportunities (IROs) from our double materiality

assessment (DMA) are summarised below:

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It is possible that these impacts are occurring

currently and may continue over the short-,

medium- and long-term for raw materials

extraction and for processing, manufacturing

and distribution in relation to soil pollution. For

processing, manufacturing and distribution we

expect all other impacts may continue over

the short- and medium-term but anticipate

a lessening of these in the long term, driven

by strengthening environmental regulations,

particularly in Europe in support of the EU

Action Plan: Towards a Zero Pollution for Air,

Water and Soil, which is part of the European

Green Deal, and is focused on reducing

pollution to levels no longer harmful by

2050. Most of our top suppliers involved in

processing-related activities operate in Europe.

We manage this impact through our Supply

Chain Sustainability Strategy and our Vendor

Code of Conduct where we set out our

expectations with respect to effective pollution

control measures and regular monitoring

to mitigate these impacts, and protect the

environment and nature.

Water pollution from processes/

activities – operations

Impact: We are involved in this impact through

our activities. While our construction processes

and activities do not generate non-GHG, water

or soil pollutants, poor management practices

on construction sites could result in soil, silt, fuel,

waste or contaminated materials accidentally

being discharged into local water courses. Such

incidents could result in water that is polluted

and unsafe for local communities and nature.

This potential negative impact is concentrated

in the construction part of our operations and

is limited to construction sites being built by

Glenveagh that have a water course. During

2024, Glenveagh built on 20 construction sites,

one of which featured a water course.

This impact could occur in the short-, medium-

and long-term. The potential impact of pollution

on our sites is actively managed within the

framework of our Environmental Management

System (EMS), which is accredited to ISO 14001,

and supported by robust controls including

any required in specific conditions outlined in

planning permission granted.

Risk: Accidental discharges to water

courses on construction sites being built

by Glenveagh could result in fines, litigation

costs from potential enforcement proceedings

and remediation costs, as well as

reputation damage.

This risk is concentrated in the construction part

of our operations, and could occur in the

short-, medium- and long-term. We mitigate

this risk within the framework of our EMS,

which is accredited to ISO 14001, and which

is supported by robust controls including

any required in specific conditions outlined

in planning permission granted. In 2024,

Glenveagh received zero fines for incidents

of water pollution.

Pollutants from use and disposal of toxic/

hazardous materials (substances of concern)

Impact: We are involved in this impact through

our business relationships. It is possible that

upstream in our value chain the processes

and activities involved in the extraction of

raw materials and the production of cement,

aggregates, and bricks may involve the use

and disposal of toxic and hazardous materials

including explosives, heavy metals released

from ore and machinery, hydrocarbons (from

diesel and other fuels), acids and alkalis (such

as sulphuric acid), and chemical additives.

Hazardous waste generated from these

processes includes tailings, waste rock, sludges,

and spent solvents.

The production of cement, aggregates, and

bricks could also involve the use and disposal

of toxic and hazardous materials. In cement

production, heavy metals as well as dioxins

and furans from combustion processes, can

contaminate soil and water, affecting plant

and animal health. Chemical additives used in

aggregate and brick production can leach into

soil and water, causing contamination. These

substances can contaminate soil and water,

leading to long-term environmental damage

and health risks for people and wildlife.

These potential negative impacts could

occur over the short-, medium- and long-

term. Effective management and disposal of

hazardous materials requires proper waste

treatment, recycling, and adherence to

environmental regulations is crucial to mitigate

their impacts. We manage this impact through

our Supply Chain Sustainability Strategy and

our Vendor Code of Conduct where we set

out our expectations with respect to effective

pollution control measures and regular

monitoring to mitigate these impacts, and

protect the environment and nature.

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E2-1

Policies related to pollution

Key Glenveagh policies related to managing

pollution impacts and risks in our operations

include our Environmental Policy, which sets

out the Group’s commitment to environmental

stewardship. For processes/activities upstream

in our value chain, our key policy is the

Sustainable Procurement Policy which guides

our decision-making to ensure we make

responsible procurement choices aligned

with our environmental commitments.

Environmental Policy

The Environmental Policy is a key part of

Glenveagh’s EMS, which includes procedures

for monitoring and mitigating pollution risks.

The policy’s objective is to manage our

environmental performance and sets out key

areas of focus which includes the prevention

of pollution and protection of the natural

environment. The policy therefore addresses

the material IRO relevant to our operations,

i.e. water pollution from processes/activities.

Implementation of this policy is monitored

by our Environmental Health and Safety

(EHS) team, through the measurement of

our environmental performance and level of

compliance by conducting self-monitoring,

regular inspections, audits and reviews.

E2-2

Actions and resources

related to pollution

Supply chain engagement

We understand the importance of using our

influence to drive positive change with our

supply chain partners including suppliers, sub-

contractors and manufacturers to manage our

upstream impacts on pollution.

In 2024, our key action with respect to managing

our upstream pollution IROs concentrated

on developing a Supply Chain Sustainability

Strategy. This strategy will contribute to the

achievement of the objective set our in our

Sustainable Procurement Policy, i.e. to enable

us to make responsible choices that support

our sustainability goals. It will also set us up

for success across all of the environmental

and social areas that require collaboration in

this area including pollution prevention and

management. This framework has five key areas:

1. Strengthening governance and

supplier requirements;

2. Engaging and influencing;

3. Risk assessment;

4. Education and training; and

5. Reviewing and upgrading

The strategy was completed in late 2024. The

roll out of this will commence in 2025 and the

actions set out under the five areas will

be ongoing.

In 2024, another action was the launch in Ireland

of the Supply Chain Sustainability School (SCSS),

of which we are a founding member. This aligns

with our commitment under ‘education and

training’ and enables a collaborative approach

to skills and knowledge across the sector.

The policy applies to all of the Group’s

activities, locations, employees and third parties

working on behalf of the Group, and covers

activities, resources and business relationships

in the upstream, operations and downstream

aspects of our value chain. The CEO has

overall accountability for the implementation

of the policy.

As part of our double materiality assessment,

we engage with internal and external

stakeholders to ensure we are addressing the

most material IROs for our business context,

including the material IROs related to pollution

that are incorporated into our policy. We

are members of a range of industry groups

that drive forward the sustainability and

environmental agenda. We aim to reflect these

broad stakeholder interests in our policy.

The policy is available to all employees on the

Group intranet. It is also publicly available on

our website.

Sustainable Procurement Policy

The policy addresses all of the pollution-related

IROs which occur in the upstream part of our

value chain. The full disclosure on this policy

can be found in section E1-2, page 117.

These actions affect the procurement and

commercial activities within Glenveagh but

primarily impact our upstream value chain.

There was no CapEx spend associated with

this action in 2024 and none planned at

present. OpEx spend primarily relates to staff

time, consultancy support and contribution

to the foundation of the SCSS. The spend

is not restricted to pollution and supports

actions across environmental, social and

governance topics.

Environmental management

The potential impact of pollution on our

construction sites is actively managed on a

day-to-day basis within the framework of our

EMS which is accredited to ISO 14001. Specific

conditions may also be outlined in the planning

permission granted, which may require us to put

certain controls in place to prevent pollution.

The key actions taken in 2024 to achieve our

policy objectives include the following:

1. Implemented an Environmental

Management Plan and Emergency

Response Plan for each construction site;

and

2. Monitored pollution prevention controls for

water courses on our construction sites.

Impact, risk and opportunity management

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2. Monitor water pollution prevention controls

on our construction sites

Monthly EHS audits are completed on our

construction sites on which Glenveagh was

active. These audits include checks to ensure

that any on-site water course is secured

appropriately to prevent pollution. This aligns

with our Environmental Policy objective to

prevent pollution. It is an ongoing key action,

and we will continue to take this action in 2025.

In FY 2024, Glenveagh completed the

monthly EHS audit for 100% of the sites

with a water course.

No key action was required in our

operations, as there was no harm by

actual material impacts.

The implementation of these actions does not

require significant Opex or CapEx.

Metrics and targets

E2-3

Targets related to pollution

Upstream IROs

We have not yet put targets in place in relation

to material pollution-related IROs arising from

upstream processes/activities. However, as part

of our Supply Chain Sustainability Strategy in

2025 we will consider setting targets regarding

engagement with our supply chain partners

on a range of sustainability matters including

understanding the pollution impacts from

their processes and activities regarding this in

2025. We intend to use the outputs we glean

from these engagements to better understand

their approach to managing them, including

preventing, mitigating and remedying them.

1. Environmental Management Plan and

Emergency Response Plan

All construction sites on which Glenveagh

was active in FY 2024 have an Environmental

Management Plan and Emergency Response

Plan in place. Environmental Management

Plans, and control measures are put in place

to manage the construction programme for

the site, including managing and protecting

the water resources. The plan ensures all site

managers are aware of key environmental

considerations for the site and their

environmental responsibilities, in line with the

objectives of our Environmental Plan.

To manage water pollution impacts on our

construction sites, the controls set out in the

Environmental Management Plan typically

include but are not limited to the following:

Washout from concrete trucks to be

contained/prohibited on-site.

Fill areas for construction vehicles to be

located away from water courses.

Designated areas on-site for the storage of

fuels and chemicals.

Chemicals (such as fuels and water-based

paint) stored in accordance with their safety

data sheets and assessments.

Fuels stored in bunded/certified fuel tanks/

bowsers or small amounts of fuel stored in

metal Jeri cans with lockable lids.

While our primary focus is on preventing

pollution, we are mindful of the impact that

could result from actual accidental discharges/

spills. To mitigate same, an Emergency

Response Plan is in place for each of our

active construction sites. The plan outlines the

steps to be taken in the event of accidental

discharges or spills, with the aim of minimising

environmental damage and ensuring

compliance with regulatory requirements.

This key action is an ongoing action – a

new Environmental Management Plan and

Emergency Response Plan is put in place

before each of our construction sites are

operationalised, therefore we intend to continue

to take this action into the future for each new

construction site as it becomes active.

Operations IROs

While we do not have any formal targets in

place in relation to material pollution-related

IROs arising from operations process/activities,

we strive for zero incidents of significant water

pollution from accidental discharges or spills.

We measure our broader environmental

management performance through our

monthly EHS audits, 20% (minimum) of which

are completed for us by an independent

external consultant.

We also use the following entity specific

metric to monitor our operations IROs:

Entity specific – Total amount of

monetary losses as a result of

legal proceedings associated with

environmental regulations

In FY 2024, Glenveagh incurred no monetary

losses as a result of legal proceedings

associated with environmental regulations.

E2-6

40 (b) Operating and capital

expenditures incurred from major

incidents and deposits opportunities

In 2024 Glenveagh had no major incidents and

deposits, and therefore no related OpEx or

CapEx was incurred in the reporting period.

E2 Basis for

preparation

Boundary for reporting

The organisational boundary for reporting on

this topic is operational control.

Methodology

Entity specific – Total amount of monetary

losses as a result of legal proceedings

associated with environmental regulations

This metric has been sourced from SASB

Standards – Home Builders Sustainability

Accounting Standard (version 2023-21)

Code IF-HB-160a-3, which sets out that:

the disclosure includes the total amount of

monetary losses incurred during the reporting

period resulting from legal proceedings

associated with environmental regulations,

such as those related to:

enforcement of laws and regulations on

ground- and surface-water contamination;

hazardous waste transport, containment,

or disposal;

air emissions; and

public disclosure of contamination events.

SASB Standards are publicly available at

https://sasb.ifrs.org/standards

Data on legal proceedings is sourced from

our internal systems and processes, including

our EMS.

E2-6 40 (b) Operating and capital

expenditures incurred from major incidents

and deposits

Data on major incidents and deposits is

compiled with reference to our EMS.

Were major incidents and deposits to occur,

data on OpEx and CapEx related to them

would be sourced from internal systems and

processes in Finance.

Estimates and judgements

None.

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E3 Water and

marine resources

Sustainable water management is critical to mitigating

water-related impacts and risks throughout the value

chain, ensuring the preservation of this vital resource for

future generations.

The impacts, risks and opportunities (IROs) from our double materiality

assessment (DMA) are summarised below:

Strategy

SBM-3

Material IROs and their

interaction with strategy

and the business model

Water withdrawal/use and consumption

impacting water basins, scarcity,

availability and quality

Impact: We are involved with these impacts

through our business relationships. They are

concentrated upstream in our value chain.

Glenveagh relies on upstream suppliers to

provide the necessary materials to enable

us to build. It is recognised that certain

processes/activities upstream in our value

chain, including stone extraction, as well as

aggregate and cement production, could

withdraw, use and consume significant

volumes of water.

In raw materials extraction processes/

activities, water is primarily used for dust

suppression, cooling equipment, and washing

materials. For example, in the extraction of

aggregates, limestone, and other minerals,

water is often sprayed to control dust and to

wash the extracted materials. The water used

can be sourced from public mains, directly

abstracted from rivers or groundwater, or

collected as rainwater.

In processing activities, water is used in the

production of aggregates and cement. Water

is used to wash aggregates such as sand and

gravel to remove impurities. It is also used in

cement production and to make concrete. The

volume of water used to make cement and

concrete can be significant.

Poor water management practices in raw

material extraction and processing could

result in extensive water withdrawal, use

and consumption. In regions where water is

scarce, such practices could be detrimental,

exacerbating water scarcity and affecting

availability and access to water for local

communities.

We assess these impacts as likely to occur

over the long term, however we recognise

that we need to understand them better. We

manage this impact through our Supply Chain

Sustainability Strategy and our Vendor Code

of Conduct where we set out our expectations

with respect to protecting the environment

and nature.

IRO type

Impact materiality

Positive

Negative

Financial materiality

Opportunity

Risk

Upstream

Water withdrawal/use impacting water basins, scarcity,

availability and quality

Water consumption impacting water basins, scarcity,

availability and quality

Operations

Downstream

Availability of surface water and groundwater

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Availability of surface water and

groundwater

Risk: Glenveagh has a dependency on a

safe and reliable supply of water to continue

developing homes as per its business model.

This is a systemic risk for the industry.

The Greater Dublin Area is where most of our

homes are located, and where we plan to build

more homes in the future. The water supply in

the Greater Dublin Area is already under stress

and is expected to face increasing challenges in

the near future, as a result of growing demand.

If a safe and reliable supply of water becomes

scarce or not available, this could affect the

cost of development land, the location where

development land is available and the amount

of land available. All of these factors could

have an impact on decisions related to our

business model and strategy.

E3-1

Policies related to water use and

marine resources

Sustainable Procurement Policy

The policy addresses all of the water-related

impacts which occur in the upstream part of

our value chain. The full disclosure on this policy

can be found in section E1-2, page 117.

At the current time, the risk related to our

dependency on water is not covered by a

particular policy. This will be reviewed.

E3-2

Actions and resources related to

water use and marine resources

Supply chain engagement

We understand the importance of using our

influence to drive positive change with our

supply chain partners including suppliers, sub-

contractors and manufacturers to manage our

upstream impacts on water.

In 2024, our key action with respect to managing

our upstream water IROs concentrated on

developing a Supply Chain Sustainability

Strategy. This strategy will contribute to the

achievement of the objective set our in our

Sustainable Procurement Policy i.e. to enable

us to make responsible choices that support

our sustainability goals. It will also set us up

for success across all of the environmental

and social areas that require collaboration

in this area including the management of

water withdrawal, use and management. This

framework has five key areas:

1. Strengthening governance and

supplier requirements;

2. Engaging and influencing;

3. Risk assessment;

4. Education and training; and

5. Reviewing and upgrading.

The strategy was completed in late 2024.

The roll out of this will commence in 2025

and the actions set out under the five areas

will be ongoing.

In 2024, another action was the launch in

Ireland of the Supply Chain Sustainability School

(SCSS), of which we are a founding member.

This support aligns with our commitment

under ‘education and training’ and enables a

collaborative approach to skills and knowledge

across the sector. These actions affect the

procurement and commercial activities within

Glenveagh but primarily impact our upstream

value chain.

There was no CapEx spend associated with

this

action in 2024 and none planned at

present. OpEx spend primarily relates to staff

time, consultancy support and contribution to

the foundation of the SCSS. The spend is not

restricted to water and supports actions across

environmental, social and governance topics.

We have no specific action in place with

respect to the risk identified at the moment.

However, the due diligence as part of our land

acquisition strategy takes this into account.

Metrics and targets

E3-3

Targets related to water use

and marine resources

As per the transitional provisions regarding

value chain set out in ESRS 1 chapter 10, we

have not set metrics or targets at this time. Our

Supply Chain Sustainability Strategy sets out

our efforts for future engagement with respect

to obtaining the necessary information.

This risk is concentrated downstream in our

value chain, and could occur in the medium to

longer term.

At a national level, efforts are being made to

mitigate this risk, such as the proposed Water

Supply Project to pipe water from the River

Shannon to Dublin.

We manage this risk through robust due

diligence when acquiring land, ensuring land

which we acquire is already serviced, or by

entering into acquisitions that are subject to

becoming zoned appropriately.

Impact, risk and opportunity management

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E4 Biodiversity

and ecosystems

Glenveagh recognises the material impact

its operations and supply chain can have on

biodiversity and ecosystems services. By taking

action to protect and enhance biodiversity

and nature, we are investing in the long-term

sustainability of our operations, effectively

managing risks and ensuring a robust

foundation for our business’s future.

Impact, risk and

opportunity

management

Policies

We do not currently have a biodiversity

policy. Our Environmental Policy covers

our commitment to protecting the natural

environment. Our Sustainable Procurement

Policy, as described in section E1-2 (page 117)

sets out our approach with respect to IROs in

the upstream part of our value chain.

Actions

In 2024, commenced the roll out of our

biodiversity feasibility reports. Once they are

reviewed and assessed, learnings from their

completion will be considered internally and

next steps agreed.

Commenced a baseline survey at two of our

manufacturing facilities to better understand

the biodiversity value and opportunities

present at those sites.

Completed a resident planting day in two of

our new communities.

Metrics

E4 Entity specific – Biodiversity feasibility

reports completed on 55% of land acquisition

deals closed in the reporting period.

The matters related to E4 Biodiversity which

have been assessed to be material as a result

of our double materiality assessment are:

land use change as a direct impact driver of

biodiversity loss;

impact on the state of species;

impact on extent and condition

of ecosystems;

inability to develop land due to sensitive

ecology of land; and

dependency on water supply

Strategy

In FY 2024, Glenveagh published a Biodiversity

Strategy, which integrates biodiversity

conservation into the core of our Building

Better Strategy and signifies our commitment

to harmonise our business operations with the

natural world. Our strategy sets out impacts

and dependencies across our value chain

and aligns biodiversity considerations with

our five strategic priorities. The primary pillars

of our strategy are to protect and enhance

biodiversity on our sites and in our supply chain,

and to collaborate for biodiversity.

We aim to design each development scheme

to minimise biodiversity loss, to deliver

enhancements within the site and to ensure

that, at the end of each construction project,

the biodiversity created and retained will be

protected into the future.

Targets

None set currently.

Basis for preparation

Boundary for reporting

The organisational boundary for reporting on this

topic is operational control.

Estimates and judgements

None.

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Resources from products/materials recirculated after

first use or waste from products/materials not recirculated

after first use

Waste from processes/activities

E5 Resource

use and circular

economy

At Glenveagh, we integrate circular principles across our operations,

to drive sustainable resource management and foster innovation in

our supply chain.

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Strategy

SBM-3

Material IROs and their

interaction with strategy

and the business model

Use of, and contribution to, depletion of

non-renewable resources/materials

Impact: Glenveagh uses a range of non-

renewable resources including metals, fossil

fuels, minerals and plastics as part of our core

business model to provide sustainable high-

quality homes to as many people as possible.

The use of these resources has an actual

negative impact on the environment as

it contributes to their depletion as these

are ‘non-renewable’ resources. The impact

originates from our business model as we

are reliant on these resources to deliver

our homes.

The impact is concentrated in the upstream

part of the value chain, i.e. where the

extraction, processing and manufacturing of

materials occurs as well as in our operations

– construction and manufacturing – and

it occurs over the short-, medium- and

long-term. Glenveagh is involved in this

material impact through our relationship

with our suppliers and manufacturers of the

materials we used in our construction and

manufacturing processes.

This impact may affect the materials we

use to build our homes, and contributes

to decision-making with respect to off-site

manufacturing and innovation. We manage

this impact through our Circular Economy

Strategy which has set out a roadmap for

us to manage resources in a more efficient,

circular way.

Risk: This impact may result in a potential

financial risk in the long term if resources

continue to deplete and/or policy and pricing

mechanisms change. These risks occur in both

the upstream and in the operations parts of

our value chain.

The anticipated effects of this risk are similar

to that of the impact and may contribute to

our decision-making with respect to off-site

manufacturing and innovation. This risk is

also managed through our Circular

Economy Strategy.

IRO type

Impact materiality

Positive

Negative

Financial materiality

Opportunity

Risk

Upstream

Use of, and contribution to depletion of non-renewable

resources/materials

Use of renewable resources/materials

Creation of circular systems

Operations

Use of, and contribution to depletion of non-renewable

resources/materials

Use of renewable resources/materials

Land as a key natural resource for construction

Impact on resources from using/not

using circular principles

Waste from processes/activities

Dependency on natural resources

Downstream

The impacts, risks and opportunities (IROs) from our double materiality

assessment (DMA) are summarised below:

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Use of renewable resources/materials

Impact: Glenveagh uses a range of renewable

resources including timber and renewable fuel

as part of our core business model to provide

sustainable high-quality homes to as many

people as possible.

The use of these resources has an actual

negative impact on the environment depleting

these natural resources, if not managed

properly. The impact originates from our

business model as we are reliant on these

resources to deliver our homes.

The impact is concentrated in the upstream

part of the value chain, i.e. where the

extraction, processing and manufacturing of

materials occurs as well as in our operations

– construction and manufacturing – and it

occurs over the short, medium and long term.

Glenveagh is involved in this material impact

through our relationship with our suppliers and

manufacturers of the materials we use in our

construction and manufacturing processes.

This impact may affect the materials we use to

build our homes and contributes to decision-

making with respect to off-site manufacturing

and innovation. We manage this impact

through our Circular Economy Strategy which

has set out a roadmap for us to manage

resources in a more efficient, circular way.

Risk: This impact may pose a potential financial

risk in the medium to long term as more

companies turn towards renewable resources

impacting cost and availability. These risks

occur in the operations parts of our value chain.

The anticipated effects of this risk are similar

to that of the impact and may contribute to

our decision-making with respect to off-site

manufacturing and innovation. This risk is

also managed through our Circular

Economy Strategy.

Land as a key natural resource

for construction

Impact: Land is a critical natural resource for

Glenveagh as it is always required for the

construction of our homes, which is our core

business. The use of this resource has an

actual negative impact on the environment

by essentially locking away this resource from

other uses.

This impact originates from our business model

as we are reliant on land to deliver our homes.

This impact is concentrated in the operations

part of our value chain and it occurs in the

short-, medium- and long-term. Glenveagh is

involved in this material impact through our

activities, specifically the construction of homes.

This impact may contribute to the decision-

making process with respect to how we acquire

land, and the due diligence process around this.

We manage this impact through our Compact

Growth Strategy.

Risk: This impact may pose a potential

financial risk in the long term in the operations

part of our value chain if policy and/or

legislation places restrictions on land that can

be purchased for development, leading to

increased costs.

The anticipated effects of this risk are similar to

that of the impact and may contribute to our

decision making with respect to how we acquire

land, and the due diligence process around this.

Impact on resources from using/not using

circular principles

Impact: The use of circular principles by

Glenveagh when designing the end-product

(i.e. a home) can have a potential positive

environmental impact if it occurs, or a negative

environmental impact if it does not occur.

The positive impact, which would see a

reduction in the requirement for virgin raw

materials, is not likely to become material until

the long-term horizon. On the other hand, the

negative impact is an actual impact across

the short, medium and long term as it leads

to the requirement for the continued use of

virgin raw materials, thereby contributing to

their depletion.

This impact may affect the materials we use to

build our homes and influence decision-making

with respect to off-site manufacturing and

innovation. We manage this impact through our

Circular Economy Strategy which has set out a

roadmap for us to manage resources in a more

efficient, circular way.

The impact originates from our business model

as we are responsible for the integration of

circular principles into our designs and ways

of working. This impact is concentrated in the

operations (planning and design) part of our

value chain, however, it is linked to the impacts

on the use of non-renewable and renewable

materials outlined above. Glenveagh is involved

in this material impact through our activities,

specifically through the design of our homes.

Risk: Either the positive or negative impact

could give rise to a potential financial risk in

the medium to long term due to changing

regulatory requirements, or cost increases/

availability. These risks occur in the operations

parts of our value chain.

The anticipated effects of this risk are similar

to that of the impact and may contribute to

our decision-making with respect to off-site

manufacturing and innovation. This risk is

also managed through our Circular

Economy Strategy.

Resources from products/materials

recirculated after first use or waste from

products/materials not recirculated after first

use

Impact: Glenveagh uses a range of products

and materials to build homes as part of its core

business model. These products and materials

have varying lifespans and may be replaced at

intervals throughout the home’s life. The extent

to which these are recirculated in practice after

first use in downstream activities could either be

a potential negative or positive environmental

impact in the long term. The positive impact

would see a reduction in the requirement

for virgin raw materials within the overall

construction system. On the other hand, the

negative impact leads to the loss of valuable

materials as they are sent for disposal. This

maintains or increases the use of virgin raw

materials within the system thereby contributing

to their depletion.

The impact originates from our business model,

as we are responsible for the integration of

circularity into our products. This impact is

concentrated in the downstream. Glenveagh

is involved in this material impact through our

activities, specifically through the design of

our homes.

This impact may contribute to our strategy

and decision-making with respect to design,

innovation and material specification to allow

for recirculation of materials after first use by

our customers. We manage this impact through

our Circular Economy Strategy which has set

out a roadmap for us to manage resources in a

more efficient, circular way.

Risk: Either the positive or negative impact

could give rise to a potential financial risk

in the medium to long term due to evolving

regulatory requirements to ensure circularity is

built into the design process thereby enabling

recirculation at a later date. This could lead to

cost increases or challenges in the availability

of materials. These risks arise from an impact

in the downstream but would ultimately impact

on operations.

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The anticipated effects of this risk are similar

to that of the impact and may contribute to our

strategy and decision-making with respect to

design, innovation and material specification

to allow for recirculation of materials after first

use by our customers. This risk is also managed

through our Circular Economy Strategy.

Waste from processes/activities

Impact: Glenveagh produces waste material as

a result of our construction and manufacturing

activities. This has an actual negative

environmental impact across the short-,

medium- and long-term time horizons as this

waste needs to be treated appropriately. This

impact is concentrated in the operations part

of our value chain. Waste produced at the end

of life of our homes also has the potential to

impact negatively on the environment in the

long term. This occurs in the downstream part

of our value chain.

The impact originates from our business

model as we are directly responsible for the

management of waste on our sites and in our

manufacturing facilities. Glenveagh is involved

in this material impact through our activities,

specifically the construction of homes and

manufacture of timber-frame and light-gauge

steel (LGS) frames.

This impact may affect our strategy and

decision-making with respect to how we

procure certain materials. We manage this

impact through our Circular Economy Strategy

which has set out a roadmap for us to manage

resources in a more efficient, circular way as

well as through our ISO 14001 accredited EMS.

Risk: This impact results in a corresponding

financial risk associated with costs of

dealing with the waste that is produced in

our operations, in that costs may fluctuate

based on waste volume and the methods

used to dispose of it and Glenveagh may be

exposed to increased waste levies. This risk is

concentrated in our operations and occurs in

the short, medium and long term. It is

also managed through our Circular

Economy strategy.

Creation of circular systems

Impact: The creation of circular systems

(including cross-value chain initiatives), e.g.

forest to factory and innovative re-use of

materials, has the potential to have a positive

environmental impact in the long term in

the upstream part of our value chain. This

potential impact would see a reduction in

the requirement for virgin raw materials, as

materials are kept in use within a closed loop

for longer throughout the system.

This impact is connected to our strategy and

business model as it will require a systems

approach across the industry for the positive

impact to materialise. Glenveagh is involved in

this material impact through our relationship

with our suppliers and manufacturers of the

materials we use in our construction and

manufacturing processes.

This impact may affect our strategy and

decision-making with respect to how we

engage with supply chain partners, investment

decisions that we make and how we innovate.

We manage this impact through our Circular

Economy Strategy which has set out a roadmap

for us to manage resources in a more efficient,

circular way.

Dependency on natural resources

Risk: Glenveagh depends on the availability

of a wide range of natural resources including

minerals, metals, fossil and non-fossil fuels,

timber and land to do business. If the cost or

availability of these were to be significantly

affected, this could cause a potential financial

risk to our operations in the medium and

long term.

This risk may affect the materials we use to

build our homes and contributes to decision-

making with respect to off-site manufacturing

and innovation. We manage this in a number

of ways including: leveraging our purchasing

power and scale to negotiate strong terms

with suppliers, our Supply Chain Sustainability

Strategy, investment in NUA manufacturing,

which provides greater control over inputs

including costs. Increased standardisation

of housing typologies and construction

methodology will further de-risk the business

from shortages or increased costs of materials.

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Glenveagh’s

circular

ambition

Building on our strategic and sustainability

priorities, our circular ambition is

underpinned by our culture

and values.

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E5-1

Policies related to resource use

and circular economy

Resource use and Circular Economy Policy

This policy sets out our commitment to

sustainable resource use management and

defines the principles that govern our transition

to a circular economy business model utilising

materials with more recycled content and away

from the use of virgin resources. The policy also

sets out our commitments to applying the waste

hierarchy approach. It addresses all of the IROs

which have been identified under E5 with the

exception of 'land as a key natural resource'.

The process for monitoring the implementation

of the policy is set out in the policy and includes

our sustainability dashboard which is reviewed

at our Environmental Sustainability Working

Group and our ESR Committee. It is also

monitored through disclosure in our Annual

Report. The IROs, which the policy addresses,

are reviewed annually by the Audit and

Risk Committee.

This policy is applicable to all the Group’s

activities, locations, employees and third parties

working on behalf of the Group and covers

the Group’s activities, resources and business

relationships in the upstream, operations and

downstream value chain. The CEO has overall

accountability for the implementation of the

policy, which is reviewed on an annual basis

and is approved by our ESR Committee.

Stakeholder views gathered as part of our

double materiality assessment and other

interactions are reflected in this policy.

The policy is available internally to our

employees via our intranet. It is also available

externally to stakeholders via our website.

Sustainable Procurement Policy

This policy addresses all of the resource use

and circular economy-related IROs which occur

in the upstream part of our value chain. The full

disclosure on this policy can be found in section

E1-2, page 117.

At the current time, the IRO ‘land as a key

natural resource' is not covered by a particular

policy. This will be kept under review.

E5-2

Actions and resources in relation to

resource use and circular economy

In 2024, we published our Circular Economy

Strategy which sets out how we plan to take

action to move towards a circular economy.

Actions under this strategy are set out under

four pillars and are linked to targets (as set

out under E5-3). We are in the early stages of

implementation of this strategy. At this time,

the actions do not require significant CapEx

or OpEx.

1. Circular design

Under circular design we are focusing on three

key areas:

Incorporating circular principles into our

designs to minimise the environmental

footprint of our projects.

Standardisation – maximising the efficiency

of materials going into each building by

designing for standard product dimensions.

Low impact materials – reducing the impact

of materials by incorporating products with

recycled content.

Throughout 2024, we concentrated primarily

on standardisation, utilising our off-site

manufacturing facilities to drive this forward.

While these actions are primarily driven through

our innovation and design teams, they are

delivered through our manufacturing facilities

and our construction activities. They also

impact our upstream stakeholders including

architects, manufacturers and suppliers.

These actions will be ongoing; however, we

aim to have a circular design metric in place by

2026 to measure improvements with respect to

these actions.

2. Waste reduction

Our waste reduction action sees us focus on:

Waste management at our manufacturing

facilities and construction sites by capturing

materials for recycling and reuse.

Behaviour change – working with our

employees and sub-contractors to

promote cultural change with respect

to waste management.

Our primary action in 2024 was the re-

negotiation of our waste management contract

to support our ambitions in this area and to

ensure that the necessary data was collected

to allow for robust management of the

waste programme. This has been achieved.

Further actions included the piloting of new

infrastructure on-site and the refinement

of construction waste plans in line with

our strategy.

To support behaviour change, we have

developed a Circular Economy training

module which we intend to roll out to

employees in 2025.

Impact, risk and opportunity management

Circular design

Waste reduction

Measurement

Supply chain

engagement

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These actions take place across our

construction and manufacturing activities and

impact our sub-contractors who operate on our

sites as well as Glenveagh employees. These

actions are ongoing.

3. Supply chain engagement

It is critical to use our influence to drive positive

change with our supply chain partners including

suppliers, sub-contractors and manufacturers to

deliver on our circular ambitions. Collaboration

with these partners is therefore a key action

under our strategy.

In 2024, we concentrated on developing a

Supply Chain Sustainability Strategy to set

ourselves up for success across all of the

environmental and social areas that require

collaboration in this area including resource use

and circular economy. This framework has five

key areas:

1. Strengthening governance and

supplier requirements;

2. Engaging and influencing;

3. Risk assessment;

4. Education and training; and

5. Reviewing and upgrading.

The roll out of this will commence in 2025 and

these actions will be ongoing. In 2024, a key

action was the launch in Ireland of the Supply

Chain Sustainability School, of which we are

a founding member. This supports our actions

under ‘education and training’ and enables a

collaborative approach to improve sustainability

skills and knowledge across the sector.

These actions affect the procurement and

commercial activities within Glenveagh but

primarily impact our upstream value chain.

There was no CapEx spend associated with this

action in 2024 and none planned at present.

OpEx spend primarily relates to staff time,

consultancy support and contribution to the

foundation of the SCSS. The spend is not

restricted to resource use and circular economy

and supports actions across environmental,

social and governance topics.

4. Measurement

The final key action under our strategy is

measurement with two focus areas:

Data collection.

Tracking system development.

Both of these areas will facilitate a better

understanding of material flows across

the organisation and will enable improved

reporting. Some preliminary work has taken

place, however, as these actions are heavily

dependent on engagement with our supply

chain partners, they will commence in 2025

in line with the actions outlined under 'supply

chain engagement'.

These actions will be ongoing, however, our aim

is to have material inflows and outflows logged

and tracked digitally by 2026.

These actions affect the procurement and

commercial activities within Glenveagh, but

primarily impact our upstream value chain.

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Metrics and targets

E5-3

Targets related to resource use

and circular economy

As part of our Circular Economy Strategy,

published in 2024, we have set a number of

targets which correspond to the four pillars set

out under 'actions and resources'. These targets

are commitments aimed at setting us up for

future success. They are not yet fully defined

which makes it challenging to track their

effectiveness. The targets also fully align with

our Resource Use and Circular Economy Policy.

Internal stakeholders were involved in setting

these targets through workshops as part of the

development of the Circular Economy Strategy.

The process for monitoring progress against the

targets includes our sustainability dashboard

which is reviewed at our Environmental

Sustainability Working Group and our

ESR Committee.

These targets are voluntary in nature and are

not validated by an external body.

Circular design – By 2026, a circular

design metric will be set to measure

circularity improvement

This target relates to resource inflows and

outflows (with respect to products), specifically

the increase of circular product design. It

supports the commitment to sustainable

resource use set out in our Resource Use and

Circular Economy Policy. The activities in scope

are design and innovation. There is no baseline

in relation to this target. Once we understand

our baseline, we will set a target with respect

to circular design. No specific methodology or

significant assumptions were used to define

this target, and it is not based on conclusive

scientific evidence. Progress against this target

is in its very early stages.

Waste reduction – Prepare 70% of

construction and demolition (non-hazardous)

waste for reuse, recycling and other

material recovery

This target relates to resource outflows –

waste management. It supports our policy

commitments with respect to adopting the

waste hierarchy principles and is relative.

The activities in scope are construction and

manufacturing. At present, a base year has not

been agreed. This is not a time-bound target,

however, we will examine this further. This target

is in line with EU and National policy and as

such is based on conclusive scientific evidence.

Progress against this target is in its early

stages as the waste management programme

commenced in the second half of 2024. During

this time, we successfully renegotiated our

waste management contract with a focus on

data management and waste infrastructure,

both of which lay a strong foundation for

accelerated progress in the coming years. We

have a clear roadmap and are committed

to building on this momentum to meet our

target. In 2025, Glenveagh prepared 12% of

construction and demolition (non-hazardous)

waste (excluding soil and stone) for reuse,

recycling and other material recovery, while

88% of waste was directed to disposal. A more

detailed results analysis can be seen in E5-5

(resource outflows).

Supply chain engagement – By 2025, engage

50% of our suppliers by spend to increase

circular sourcing

This target supports the commitment to

sustainable resource use set out in our Resource

Use and Circular Economy Policy. It also

supports our commitment to make responsible

choices with respect to procurement as part of

our Sustainable Procurement Policy. This target

is relative. There is no baseline in relation to this

target. No specific methodology or significant

assumptions were used to define this target,

and it is not based on conclusive scientific

evidence. To achieve our target by end 2025,

actions are just commencing as outlined under

'actions and resources'.

Measurement – By 2026, material inflows

and outflows by weight will be logged and

tracked digitally.

This target supports the commitment set out in

our Resource Use and Circular Economy Policy

to sustainable resource use. The activities in

scope are construction and manufacturing.

There is no baseline in relation to this target.

However, once we understand our baseline, we

will set a target with respect to the circularity of

the materials we use. No specific methodology

or significant assumptions were used to define

this target, and it is not based on conclusive

scientific evidence. Progress against this target

is in its very early stages with a test project

initiated in the latter part of 2024 on select

materials. We plan to expand the scope to

include additional materials and go live across

the business in 2025.

E5-4

Resource inflows

During 2024, resource inflows at Glenveagh

included a wide range of products and

materials necessary to deliver our housing units

during the year. These products and materials

included, but were not limited to: brick, concrete

blocks, structural concrete, plasterboard,

mortar, timber, sand, soil and gravel, metal,

plastic, insulation, paint, mesh, MEP materials,

structural steel, and tiles.

Our material inflows also included certain

critical raw materials, such as aluminium,

copper and silicone, but further engagement

with our supply chain is required to understand

the extent to which critical raw materials are

used in the products we procure.

Metrics in 2024

The overall total weight of products and

technical and biological materials used during

reporting period was 613,352 tonnes.

The percentage of biological materials (and

biofuels used for non-energy purposes) used to

manufacture the undertaking’s products and

services (including packaging) that is sustainably

sourced, with the information on the certification

scheme used and on the application of the

cascading principle was 4.8%.

The absolute weight of secondary reused or

recycled components, secondary intermediary

products and secondary materials used to

manufacture Glenveagh’s products and services

(including packaging) was 665 tonnes.

The percentage of secondary reused or recycled

components, secondary intermediary products

and secondary materials used to manufacture

Glenveagh’s products and services (including

packaging) was 0.1%.

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E5-5

Resource outflows

Products and materials

At Glenveagh, we produce homes for private,

institutional and state customers via three

business segments – Suburban, Urban and

Partnerships. There is a mix of home types in

each segment:

Suburban – Houses and

low-rise apartments.

Urban – Apartments.

Partnerships – Houses and apartments.

All of these home types are within the scope of

the 2024 Circular Economy Strategy.

During the design process of these home types,

the following circular economy principles

are considered:

Durability

Glenveagh homes are products with a

regulated durability. In Ireland, the Building

Regulations set out minimum performance

requirements that buildings must achieve. These

regulations specify a minimum design life for

both structural and non-structural components.

Typically, within Irish Standards, there is a

requirement for buildings to have a minimum

service life in the order of 50 to 60 years, taking

into account the type of building, climatic

and site conditions, the expected level of

maintenance and the durability of the materials

used (see table 'Expected durability').

Reusability

Glenveagh homes are reusable. They can be

resold with or without modifications and remain

as a high-value product for reuse.

Repairability

Glenveagh homes are designed with

repairability in mind. While there is an

expectation that the working life (durability) of

the loadbearing structure achieves a minimum

of 50 to 60 years (non-accessible components

and materials), our houses have been designed

to ensure that all non-structural components

and materials such as claddings, roofing

materials, exterior trims and windows/doors

are both repairable and replaceable.

To support this principle, Glenveagh has

developed a Homeowner’s Guide, which

is made available to our customers upon

possession of their new home. The guide

outlines how to maintain systems, equipment,

windows and doors in the home as well as how

to maintain certain areas in the home, such as

the kitchen.

While there is no known rating system to assess

and monitor the repairability of homes in

Ireland, Glenveagh has started to explore ways

to make it easier to repair components within

the home, by considering repairability in the

application of secondary finishes and through

the development of lightweight façade systems.

Disassembly

We design our homes based on standardised

typologies and use off-site construction

processes to deliver them. NUA, our

manufacturing arm, applies efficient, precision,

low-waste manufacturing processes. Design

standardisation and off-site construction

support design for disassembly by creating

uniform, high-quality components that can

be easily assembled, disassembled, and

repurposed, such as the use of reversible

connections and modular elements that can be

easily taken apart and reused. With that said,

Glenveagh has identified an opportunity for

design for disassembly in these two approaches

and in the short term the Innovation team

intend to explore options related to this.

As part of the implementation of the Circular

Economy Strategy, Glenveagh will take a more

granular view of the home and commence

an assessment, using circular principles, on

the materials and components that constitute

our homes. We will consider how they can be

reused, repaired and disassembled in the future

to ensure materials and resources are kept in

use at their highest value for as long as possible.

Furthermore, our construction process produces

a material outflow of soil and stone. Our

management of this material aligns with circular

economy principles, in that we aim to focus on

the reuse of soil and stone by either:

a) moving it from one site to another under

Article 27 by-product notifications and

reusing it for landscaping, backfilling and/or

soil stabilisation, or

b) keeping it within sites for the same

reuse purposes.

Recyclable content

The rate of recyclable content in our homes is

currently 25%.

Waste

At Glenveagh, we generate waste from our construction, manufacturing and office activities The

main types of waste streams in our company include: construction & demolition, wood, gypsum,

metal, concrete and masonry mixed packaging. Please refer to E5 Basis for Preparation for a more

comprehensive list of waste streams.

Unit

Hazardous

waste

Non-hazardous

waste

2024

Waste diverted from disposal

tonnes

1,915

Preparation for reuse

tonnes

Recycling

tonnes

1,908

Other recovery operations

tonnes

Waste directed to disposal

tonnes

13,547

13,549

Incineration

tonnes

13,547

13,549

Landfill

tonnes

Other disposal operations

tonnes

Total waste generated*

tonnes

15,462

15,464

Total non-recycled waste

tonnes

13,547

13,549

Total non-recycled waste/Total waste generated

Total waste diverted from disposal

These waste results exclude soil and stone weights managed by our subcontractors where this material is not reused. Please refer

to the E5 Basis for Preparation for further details.

Expected durability

Product

Product group

Industry average/standard

durability

Glenveagh product

durability

Houses

Suburban and Partnerships

50 to 60 years min.

Apartments

Urban and Partnerships

50 to 60 years min.

Low-rise apartments

Suburban

50 to 60 years min.

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E5 Basis for preparation

Boundary for reporting

The environmental data forming part of E5 has

been prepared on an operational control

consolidated basis which follows the scope of

the Company‘s Financial statements and other

wider sustainability reporting.

Methodology

E5-3 Targets related to resource use and

circular economy

The targets were set following a study which

identified key intervention points that could drive

meaningful change in the area of resource use

and circular economy. To establish the targets,

Glenveagh reviewed circular economy and

waste legislation and policies and also

conducted site visits, interviews and

workshops with key stakeholders.

The Glenveagh waste reduction target is based

on the target set out in the EU Waste Directive for

Construction and Demolition (C&D) waste as well

as on the target for C&D waste in Ireland’s National

Waste Management Plan.

We have not used guidance from the Science

Based Target for Nature or any other scientifically

acknowledged methodologies to set the targets and

as a result no ecological thresholds were identified

in the target setting.

E5-4 Resource inflows

Materials used in the construction of our homes

were quantified using typical bills of quantities

'BoQs' for the appropriate construction method. The

total weight of materials was calculated through

OneClick LCA, which is a cloud-based software

designed to help construction and manufacturing

industries to calculate and minimise environmental

impacts of projects and products, by using their

reporting conversion factors for each material to

convert to kilograms, which were then converted to

tonnes for reporting purposes. The total number of

homes sold was used to scale individual BoQs to

give total material use for the year.

No other materials flowing into Glenveagh for

purposes other than the production of homes have

been included in the material inflow calculation.

E5-5 Resource outflows

Products and materials:

The resource outflows products and materials metric

for the rate of recyclable content in a Glenveagh home

was calculated using industry standard recycling rates

of materials in Ireland, sourced from the Environmental

Protection Agency's work on Construction and Demolition

waste statistics in Ireland.

All recyclable materials are clearly defined and

categorised in the calculation with data verification carried

out by both the data owner and sustainability team. This

process prevents the double counting of weights.

Waste:

Resource outflows waste data is collected from waste

management providers in the form of monthly reports

with the following information:

Monthly and Year to Date Quantities.

Types of waste collected.

Waste streams include:

Bulky;

Construction and Demolition (C&D);

Metals;

Soil and Stone;

Concrete, Bricks, Tiles and Ceramics;

Mixed Packaging;

Wood;

Cardboard;

Plastic

Gypsum;

Pallets

Electronic waste

Paper

Municipal Mixed Waste; and

Compost

The data is then consolidated into a proprietary waste

inventory model ('the waste model') which aggregates

the waste data from several suppliers by locations, by

hazardous and non-hazardous waste types and by whether

the waste is diverted from disposal or directed to it.

All waste outflow data is provided in either tonnes

or kilograms. To create consistency, the waste model

standardises all weights by converting them to tonnes.

Waste categories are clearly labelled in supplier reports

which prevents double counting of weights.

Estimates and judgements

E5-4 – Resource inflows

Using extrapolation, the total number of homes

sold in 2024 was used to estimate the overall

material usage for the year based on individual

BoQs. Uplifts for wastage was incorporated using

Glenveagh's waste percentage uplifts or, where

no Glenveagh percentage is available, a standard

industry assumption is used. Where information was

available, specific packaging weights were included,

otherwise industry standard assumptions were used.

All biobased materials were categorised within the

BoQ line items and reported separately as a % of

overall materials.

E5-5 Resource outflows

Products and materials:

To calculate the rate of recyclable content of

Glenveagh homes, industry standard recycling

rates of materials in Ireland were used to estimate

rates of recyclable content in % by weight. The

composition of packaging waste is not yet known

so zero recyclable content for these materials has

been assumed. The resulting degree of estimation

uncertainty is considered high given that the

estimation relies on industry standard rates and

assumes zero recyclable content for unknown

packaging materials.

Waste:

Glenveagh’s Head Office is located at Block C in

Maynooth Business Campus, however, Glenveagh is

not the sole occupant of Block C. Our Head Office

waste is calculated by prorating the total waste f

or the Block C building based on Glenveagh’s

square footage.

Aggregated waste data for all other locations is

calculated using actual weights provided to us by

our waste management providers.

The waste metric does not include weights related

to soil and stone managed by subcontractors

(where the material is not reused) due to

challenges associated with data collection and

the uncertainties in the calculation process with

limited data. We will engage our subcontractors to

enhance data collection and calculation accuracy of

this category and begin reporting thereafter. Small

quantities of soil and stone, however, are placed in

site bins at times, and this material is processed for

recycling by the waste service provider and included

in the E5-5 waste results.

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https://www.epa.ie/our-services/monitoring--assessment/

waste/national-waste-statistics/construction--demolition/

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Taxonomy

The EU Taxonomy for sustainability activities is

a classification system of economic activities to

determine which are environmentally sustainable.

Glenveagh is required to disclose on how and

to what extent its activities are associated with

environmentally sustainable economic activities,

pursuant to Article 8 of Regulation 2020/852/EU

('Taxonomy Regulation').

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Eligibility Screening

To determine our taxonomy-eligible activities,

we assessed our economic activities against the

taxonomy-eligible activities as set out in Annex

I and II of the Climate Delegated Act. We have

identified that our construction activities are

eligible under Activity 7.1 Construction of new

buildings, while our manufacturing activities

are eligible under Activity 3.5 Manufacture of

energy efficiency equipment for buildings.

Our construction activities are eligible under

three of the environmental objectives: climate

change mitigation, climate change adaptation

and circular economy, while our manufacturing

activities are eligible under the two climate

change objectives.

We have no exposure to nuclear energy or

fossil fuel-related activities.

For FY 2024, 96.9% of our revenue, 99.5%

of our CapEx and 100% of our OpEx is

Taxonomy-eligible.

Alignment screening

To evaluate whether an economic activity is

aligned under EU Taxonomy, they need to

comply with all of the technical screening

criteria under substantial contribution, do

no significant harm (DNSH) and minimum

safeguards. We have only assessed our

core economic activity 7.1. As contribution to

climate change mitigation supports our current

commitments, we have assessed alignment

using this as the significant contribution criteria.

Using the technical screening criteria under 7.1,

we have established that none of our revenue,

CapEx or Opex fully satisfies the requirements.

While a significant proportion of our activity

meets the substantial contribution requirement,

work remains to fully align on a number of the

DNSH and minimum safeguards criteria.

Looking ahead

Work is underway to align with the various

DNSH criteria and to comply with the minimum

safeguards, as set out below:

DNSH Climate Change Adaptation –

Glenveagh assesses physical risks as part

of its climate-related risks assessments and

scenario analysis (see page 110). We are

exploring how this can be further integrated

at project level.

DNSH Water – We have installed flow

restrictors in our homes and we are currently

assessing the alignment with technical

specifications. Environmental Impact

Assessments (EIA) are carried out on a

significant proportion of our projects.

DNSH Circular Economy – Glenveagh

published its Circular Economy Strategy in

February 2024, which aims to address the

EU Taxonomy requirements.

DNSH Pollution Prevention – Pollution

prevention on site is managed through our

EMS, accredited to ISO 14001. Through our

Supply Chain Sustainability Strategy, we will

work with our suppliers to ensure compliance

with criteria set out in relation to building

components and materials, however, this is

challenging due the limited availability of

products meeting these standards in Europe.

DNSH Biodiversity – Glenveagh carries our

Environmental Impact Assessment (EIA) or

Ecological assessments on sites. The recent

publication of our Biodiversity Strategy

will also contribute to addressing the

requirements with respect to EU Taxonomy.

Glenveagh is committed to high standards

in relation to human and labour rights,

anti-bribery, taxation and fair competition.

Throughout 2024, we focused on developing

our Supply Chain Sustainability Strategy,

through which we will incorporate due diligence

in our supply chain as part of the roll-out.

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SUSTAINABILITY STATEMENT

CONTINUED

ENVIRONMENTAL INFORMATION

CONTINUED

Turnover disclosure

96.9% of our revenue is eligible for 2024. 96.7% of eligible revenue is related to Construction of new buildings and 0.2% related to the Manufacture of energy efficiency equipment for buildings.

For Taxonomy reporting, the revenue derived from sales of completed homes, development services and rental income are included under Activity 7.1 Construction of new buildings. Sales of timber

frames to third parties are included under Activity 3.5 Manufacture of energy efficiency equipment for buildings.

3.1% of our revenue is not eligible for 2024. Based on our assessment, we have concluded that land sales where no development work has been completed is not eligible under Activity 7.1 Construction of

new buildings.

Substantial contribution criteria

DNSH criteria

Economic Activities (1)

Code

(2)

Turnover

(€'000s)

(3)

Proportion

of Turnover

2024

(4)

Climate

Change

Mitigation

(5)

Climate

Change

Adaptation

(6)

Water

(7)

Pollution

(8)

Circular

Economy

(9)

Biodiversity

(10)

Climate

Change

Mitigation

(11)

Climate

Change

Adaptation

(12)

Water

(13)

Pollution

(14)

Circular

Economy

(15)

Biodiversity

(16)

Minimum

Safeguards

(17)

Proportion

of Taxonomy-

aligned

or eligible

turnover

2023

(18)

Category

enabling

activity

(19)

Category

transitional

activity

(20)

A. Taxonomy-eligible activities

A.1. Environmentally sustainable activities (Taxonomy-aligned)

Turnover of environmentally

sustainable activities

(Taxonomy-aligned) (A.1)

0.0%

Of which enabling

0.0%

Of which transitional

0.0%

A.2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)

Construction of new buildings

CCM

7.1

840,586

96.7%

N/EL

96.0%

Manufacture of energy

efficiency equipment for

buildings

CCM

3.5

2,005

0.2%

N/EL

0.4%

Turnover of Taxonomy-eligible

but not environmentally

sustainable activities (not

Taxonomy-aligned activities)

(A.2)

842,591

96.9%

96.4%

Turnover of Taxonomy-

eligible activities (A.1+A.2)

842,591

96.9%

96.4%

B. Taxonomy-non-eligible activities

Turnover of Taxonomy-non-

eligible activities

26,606

3.1%

Total

869,197

100.0%

Key: CCM – Climate Change Mitigation, N – No, Taxonomy-eligible but not Taxonomy-aligned activity with the relevant environmental objective, EL – Taxonomy-eligible activity for the relevant environmental objective,

N/EL – Not eligible, Taxonomy-non-eligible activity for the relevant environmental objective, E – Enabling, T – Transitional

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Financial Statements

SUSTAINABILITY STATEMENT

CONTINUED

ENVIRONMENTAL INFORMATION

CONTINUED

CapEx disclosure

99.5% of our CapEx is Taxonomy-eligible for 2024. 99.5% of eligible CapEx is related to construction of new buildings. For Taxonomy reporting, CapEx related to manufacturing facilities and construction

equipment plant and machinery are included under Activity 7.1 Construction of new buildings. CapEx related to our head office was split between activities under 3.5 Manufacture of energy efficiency

equipment for buildings and 7.1 Construction of new buildings on the same basis as revenue.

0.5% of our CapEx is not eligible for 2024. Based on our assessment, we have concluded that CapEx split on the basis of revenue related to our head office split between activities under 3.5

Manufacture of energy efficiency equipment for buildings and 7.1 Construction of new buildings is not eligible under Activity 3.5 Manufacture of energy efficiency equipment for buildings and 7.1

Construction of new buildings.

Substantial contribution criteria

DNSH criteria

Economic Activities (1)

Code

(2)

CapEx

(€'000s)

(3)

Proportion

of CapEx

2024

(4)

Climate

Change

Mitigation

(5)

Climate

Change

Adaptation

(6)

Water

(7)

Pollution

(8)

Circular

Economy

(9)

Biodiversity

(10)

Climate

Change

Mitigation

(11)

Climate

Change

Adaptation

(12)

Water

(13)

Pollution

(14)

Circular

Economy

(15)

Biodiversity

(16)

Minimum

Safeguards

(17)

Proportion

of Taxonomy-

aligned or

eligible CapEx

2023

(18)

Category

enabling

activity)

(19)

Category

transitional

activity

(20)

A. Taxonomy-eligible activities

A.1. Environmentally sustainable activities (Taxonomy-aligned)

CapEx of environmentally

sustainable activities

(Taxonomy-aligned) (A.1)

0.0

0.0%

Of which enabling

0.0

0.0%

Of which transitional

0.0

0.0%

A.2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)

Construction of new buildings

CCM

7.1

10,159

99.5%

N/EL

99.2%

Manufacture of energy

efficiency equipment for

buildings

CCM

3.5

0.0%

N/EL

0.1%

CapEx of Taxonomy-eligible

but not environmentally

sustainable activities (not

Taxonomy-aligned activities)

(A.2)

10,163

99.5%

99.3%

CapEx of Taxonomy-eligible

activities (A.1+A.2)

10,163

99.5%

99.3%

B. Taxonomy-non-eligible activities

CapEx of Taxonomy-non-

eligible activities

0.5%

Total

10,213

100.0%

N/EL – Not eligible, Taxonomy-non-eligible activity for the relevant environmental objective, E – Enabling, T – Transitional

144

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SUSTAINABILITY STATEMENT

CONTINUED

ENVIRONMENTAL INFORMATION

CONTINUED

OpEx disclosure

100% of our OpEx is Taxonomy-eligible for 2024 with all expenditure being related to the construction of new buildings. The eligible expenditure relates to research and development, building renovation

measures, short term leases and maintenance, repair and other direct expenditures relating to the day-to-day servicing of assets of property, plant and equipment.

OpEx derived from sales of completed homes, development services and rental income is included under Activity 7.1 Construction of new buildings. Sales of timber frames sold to third parties are

included under Activity 3.5 Manufacture of energy efficiency equipment for buildings.

Substantial contribution criteria

DNSH criteria

Economic Activities (1)

Code

(2)

OpEx

(€'000s)

(3)

Proportion

of OpEx

2024

(4)

Climate

Change

Mitigation

(5)

Climate

Change

Adaptation

(6)

Water

(7)

Pollution

(8)

Circular

Economy

(9)

Biodiversity

(10)

Climate

Change

Mitigation

(11)

Climate

Change

Adaptation

(12)

Water

(13)

Pollution

(14)

Circular

Economy

(15)

Biodiversity

(16)

Minimum

Safeguards

(17)

Proportion

of Taxonomy-

aligned or

eligible OpEx

2023

(18)

Category

enabling

activity

(19)

Category

transitional

activity

(20)

A. Taxonomy-eligible activities

A.1. Environmentally sustainable activities (Taxonomy-aligned)

OpEx of environmentally

sustainable activities

(Taxonomy-aligned) (A.1)

0.0%

Of which enabling

0.0%

Of which transitional

0.0%

A.2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)

Construction of new buildings

CCM

7.1

1,173

100.0%

N/EL

100.0%

Manufacture of energy

efficiency equipment for

buildings

CCM

3.5

0.0%

N/EL

0.0%

OpEx of Taxonomy-eligible

but not environmentally

sustainable activities (not

Taxonomy-aligned activities)

(A.2)

1,173

100.0%

OpEx of Taxonomy eligible

activities (A.1+A.2)

1,173

100.0%

B. Taxonomy-non-eligible activities

OpEx of Taxonomy-non-

eligible activities

0.00

0.0%

Total

1,173

100.0%

N/EL – Not eligible, Taxonomy-non-eligible activity for the relevant environmental objective, E – Enabling, T – Transitional

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Governance Report

Financial Statements

SUSTAINABILITY STATEMENT

CONTINUED

ENVIRONMENTAL INFORMATION

CONTINUED

EU Taxonomy basis for preparation

Taxonomy-eligible OpEx

The relevant accounting policies for

Glenveagh’s OpEx are outlined at note 8.3

Expenditure, 8.7 Property, plant and equipment,

8.8 Intangible assets and 8.13 Leases.

The definition of OpEx in the Taxonomy is different

from the one used at Glenveagh. Following the

definition of OpEx in Article 8(2) of the Delegated

Act, we have included all expenditures relating

to research and development not capitalised,

building renovation measures, short-term leases and

maintenance, repair and other direct expenditures

relating to the day-to-day servicing of assets of

property, plant and equipment in our calculation

of operational expenditure.

Numerator:

Included in the numerator for

taxonomy-eligible activities are activities under 3.5

Manufacture of energy efficiency equipment for

buildings and 7.1 Construction of new buildings.

Denominator:

Glenveagh’s total OpEx relating to

eligible activities as per the definition of operational

expenditure in Article 8(2) of the Delegated Act.

Double counting

In calculating the denominator of the revenue,

CapEx and OpEx, the figures have come from our

financial reporting system and are reconciled to

audited financial statements. This process ensures

that no figures have been double counted in the

disclosures that have been made.

Taxonomy-eligible revenue

Glenveagh recognises revenue in compliance with

IFRS 15 Revenue from contracts with customers.

Please see note 8.2 to the Financial statements for

more information on our revenue recognition policy.

Additionally, the split of Revenue between activities

and segments is outlined in note 9 Segmental

Information and note 10 Revenue.

Numerator:

Included in the numerator for

taxonomy-eligible activities are activities under 3.5

Manufacture of energy efficiency equipment for

buildings and 7.1 Construction of new buildings.

Denominator:

Glenveagh’s total revenue as

disclosed in note 10 of our 2024 Annual Report.

Taxonomy-eligible CapEx

The relevant accounting policies for Glenveagh’s

CapEx are outlined at note 8.7 Property, plant and

equipment and 8.8 Intangible assets. Glenveagh

presents property, plant and equipment and

intangible assets in note 17 and 18 in the Financial

statements. Innovation development expenditure

is included as part of intangible assets. Any

additions to these as set categories are

considered capital expenditure.

Numerator:

Included in the numerator for

taxonomy-eligible activities are activities under 3.5

Manufacture of energy efficiency equipment for

buildings and 7.1 Construction of new buildings.

Denominator:

Glenveagh’s total additions in

2024 for property, plant and equipment and

intangible assets.

146

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Social

information

SUSTAINABILITY STATEMENT

CONTINUED

SOCIAL INFORMATION

Our success is driven by our highly skilled,

diverse and competent colleagues. We

invest in creating a workplace that provides

meaningful careers that deliver impact.

Safety is an enduring core value at Glenveagh and we are

committed to providing for the health, safety and wellbeing of

our employees. We are also committed to creating a workplace

that thrives on a culture of equity, diversity and inclusion. In 2024,

our efforts were recognised by the Irish Centre for Diversity,

through its Gold accreditation.

Similarly, we recognise the value that workers right throughout

our value chain contribute to our business. Their health and

safety and ensuring they are up to date in all necessary training

is a fundamental part of how we operate.

Aligned to our strategic priorities, by placing the customer

first, we aim to provide a best-in-class customer experience.

Our customers and end-users are supported by a dedicated

Customer Care team. We greatly value feedback from our

customers, and the insights we glean from them is regularly fed

back into our Quality Management System.

In this section

147

S1 Own workforce

149

S2 Workers in the value chain

151

S3 Affected communities

152

S4 Consumers and end-users

147

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Sustainability Statement

Governance Report

Financial Statements

S1 Own

workforce

We are committed to attracting and supporting

a diverse workforce and to developing, cultivating

and preserving a culture of equity, diversity and

inclusion. Health and safety is one of our core

values, and we work tirelessly to promote a

safety-first culture that protects our people

and our partners.

SUSTAINABILITY STATEMENT

CONTINUED

SOCIAL INFORMATION

CONTINUED

The matters related to S1 Own workforce which

have been assessed to be material as a result

of our double materiality assessment are:

working conditions;

equal treatment and opportunities;

other work-related rights; and

dependency on human resources at

appropriate price and quality.

Strategy

The success of the Group is dependent on

recruiting, retaining and developing highly

skilled, diverse and competent people and

providing a safe working environment for them.

The health, safety and wellbeing of our people

and those we work with is a fundamental

part of our culture and integrated into all

our decision-making. Improving our safety

leadership skills, continuing to embed day-

to-day safety behaviours and systemic

management of health and safety processes

contribute to how we manage the IROs relating

to this topic.

We are committed to creating a workplace

that thrives on a culture of Equity, Diversity

and Inclusion (ED&I). We launched our ED&I

Strategy in December 2022 and continue to

implement our commitments in line with our

three objectives of better representation, an

inclusive environment, and using our influence.

Under Ireland’s Gender Pay Gap Information

Act 2021 we are required to report annually on

our Gender Pay Gap.

Ensuring the privacy of our employee’s personal

data is a priority, and we require that all

personal data be processed in accordance with

our policy and the Data Protection Principles

set out therein.

Targets

Maintain number of female graduates at

30% of intake.

By 2025, 28% of Glenveagh Senior

Management

will be women.

Our progress against these targets is set out

under 'Metrics' on the following page.

Impact, risk and

opportunity

management

Policies

Glenveagh’s Health and Safety Policy highlights

the importance of managing safety, health,

and welfare. It commits to legal compliance,

preventing injury and ill health, and ensuring

a safe workplace. It applies to employees

and requires that contractors, sub-contractors

and service providers comply with our

safety requirements.

Glenveagh’s ED&I Policy aims to ensure that no

employees are disadvantaged by conditions

or requirements which cannot be shown to be

relevant to performance.

Our Human Rights, Anti-slavery and Human

Trafficking Policy sets out that Glenveagh

strictly prohibits the use of child labour,

modern slavery, and human trafficking in our

operations, along with other abuses of human

rights as outlined in the European Convention

on Human Rights.

Our Data Protection Policy sets out how

Glenveagh meets its obligations to individuals

with legal and regulatory requirements

regarding the safeguarding of personal data,

as well as the risks for the Group and impacts

for employees of non-compliance.

Defined as the Executive Committee and the

Company Secretary

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SUSTAINABILITY STATEMENT

CONTINUED

SOCIAL INFORMATION

CONTINUED

S1 Basis for preparation

Entity specific – Diversity targets graduates and

senior management

Information is collected on employees through our internal

HR systems.

Estimates and judgements

Entity specific – TRIR and Fatalities

If our Time and Attendance recording system is out

of operation on our sites, we assume a full eight-hour

working day for those working there.

Entity specific – Diversity targets graduates and

senior management

None.

Boundary for reporting

The organisational boundary for reporting on this

topic is operational control.

Methodology

Entity specific – TRIR and Fatalities

TRIR: Data is calculated based on recordable

incidents, including fatalities. It represents total

incidents (including fatalities) for employees and

other value chain workers working on our sites (i.e.

where Glenveagh is building, in our factories and

in our office). The TRIR represents the number of

respective cases per 200,000 hours worked, and

is calculated as follows: (number of recordable

incidents x 200,000)/total number of hours worked

in the year reported. (Note: This approach differs to

that set out in S1-14. Under phase-in provisions, we

are not required to disclose on S1-14 for FY 2024).

Recordable incident: An injury or illness that results

in death, days away from work, restricted work or

transfer to another job, medical treatment beyond

first aid, or loss of consciousness. Additionally, a

significant injury or illness diagnosed by a physician

or other licensed health care professional is

considered a recordable incident, even if it does

not result in death, days away from work, restricted

work or job transfer, medical treatment beyond first

aid, or loss of consciousness.

Fatalities: The data reflects the absolute number

of fatalities.

Actions

Our EHS team continued to embed day-

to-day safety behaviours and systemic

management of health and safety processes

across our activities.

The team also continued the roll out of

our ongoing health and safety training

including Safety Leadership Skills for

people managers, site foremen and

site administrators.

EHS site audits were completed monthly.

Our Annual Online Safety Culture

assessment was completed.

We achieved the Investors in Diversity

Gold Mark.

We advocated for greater female

representation in the construction industry.

These actions contribute to management of the

matters assessed to be material for this topic.

Metrics

S1 Entity specific: 3.45 Total Recordable

Incident Rate (TRIR) and 0 Fatalities.

S1 Entity specific: 38% Females in graduate

in-take and 14% of senior management

are women.

Defined as the Executive Committee and the

Company Secretary

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Governance Report

Financial Statements

SUSTAINABILITY STATEMENT

CONTINUED

SOCIAL

CONTINUED

SUSTAINABILITY STATEMENT

CONTINUED

SOCIAL INFORMATION

CONTINUED

S2 Workers in

the value chain

We rely on workers in our value chain to enable us

to deliver homes, and are committed to protecting

the health, safety, and wellbeing of everyone we

engage and work with.

The matters related to S2 Workers in the

value chain which have been assessed to be

material as a result of our double materiality

assessment are:

working conditions;

equal treatment and opportunities

other work-related rights; and

dependency on human resources at

appropriate price and quality.

Strategy

The success of the Group is dependent on

recruiting, retaining and developing highly

skilled, diverse and competent people and

providing a safe working environment for them.

Ensuring the privacy of workers personal data is

a priority, and we require that all personal data

be processed in accordance with our policy.

We rely heavily on workers in our value chain to

enable us to deliver homes, particularly those

who work in our construction processes and

activities. They bring with them expertise

to handle specific tasks, including but not

limited to:

building expertise on our construction

sites, including electrical work, plumbing

and roofing;

catering and cleaning services that ensure

a healthy, pleasant and efficient work

environment; and

advisory services that provide us with

objective insights and specialised

expertise that helps us to make better

informed decisions.

Furthermore, we also rely on value chain

workers who work for our suppliers upstream

in the raw materials extraction and processing,

and manufacturing and distribution parts of our

value chain.

The health and wellbeing of our people and

those we work with is a fundamental part of

our culture and integrated into all our decision-

making. Day-to-day safety behaviours and

systemic management of health and safety

processes are paramount and contribute to

how we manage our Total Recordable Incident

Rate (TRIR). All health and safety training

(including Safe Pass) must be up-to-date for

upstream workers to be able to access our

construction sites.

Targets

None set at this time.

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SUSTAINABILITY STATEMENT

CONTINUED

SOCIAL INFORMATION

CONTINUED

Policies

Glenveagh’s Health and Safety Policy highlights

the importance of managing safety, health,

and welfare. It commits to legal compliance,

preventing injury and ill health, and ensuring

a safe workplace. It applies to employees

and requires that contractors, sub-contractors

and service providers comply with our

safety requirements.

Our Sustainable Procurement Policy recognises

that our demand for services from our upstream

value chain could give rise to social impacts

including poor working conditions and risk or

injury/death on the job or from inadequate

training. The policy sets out our commitment to

source services in a manner that is sustainable

and ethical.

Our Human Rights, Anti-slavery and Human

Trafficking Policy sets out that Glenveagh

strictly prohibits the use of child labour, modern

slavery, and human trafficking in our supply

chain, along with other abuses of human rights

as outlined in the European Convention on

Human Rights.

Impact, risk and

opportunity management

S2 Basis for preparation

Boundary for reporting

The organisational boundary for reporting on this

topic is operational control.

Methodology, estimates and judgements

Entity specific – TRIR and Fatalities

Refer to S1 Basis for preparation on page 148.

Actions

Our EHS team continued to embed day-

to-day safety behaviours and systemic

management of health and safety processes

across our activities.

We developed a Supply Chain Sustainability

Strategy, which will set us up for success

across all of the environmental and social

areas that require collaboration in this

area including the various social issues

that impact or may impact workers in our

value chain.

These actions contribute to management of the

matters assessed to be material for this topic.

Metrics

S2 Entity specific: 3.45 Total Recordable

Incident Rate (TRIR) and 0 Fatalities.

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Governance Report

Financial Statements

SUSTAINABILITY STATEMENT

CONTINUED

SOCIAL

CONTINUED

SUSTAINABILITY STATEMENT

CONTINUED

SOCIAL INFORMATION

CONTINUED

S3 Affected

communities

The construction and use of our homes has the

potential to affect surrounding communities. High-

quality, sustainable homes in strategic locations

provide the foundation for new communities and a

better, brighter future for homeowners.

The matters related to S3 Affected communities

which have been assessed to be material as a

result of our double materiality assessment are:

communities’ economic, social and cultural

rights; and

other – Health & safety

(not listed in AR 16 ESRS 1 Appendix A, but

included as it is relevant for our business).

Strategy

Creating sustainable and thriving places

is the strategic priority related to affected

communities. Under this priority, we also have

a key focus on Biodiversity (which we address

within topic E4: Biodiversity).

Targets

None set at this time.

Impact, risk and

opportunity

management

Policies

Our Environmental Policy is a key part of

Glenveagh’s EMS, which includes procedures

for preventing, monitoring and mitigating

pollution risks. For the communities located

around our developments that feature a water

course, water pollution incidents, were they to

occur, could have a material impact.

Glenveagh’s Health and Safety Policy highlights

the importance of managing safety, health,

and welfare and commits to protect, as far as is

reasonably practicable, persons not employed

by the Company who may be affected by our

activities which would include the communities

where are our construction sites are located.

Our Sustainable Procurement Policy recognises

that our demand for services from our upstream

value chain can give rise to impacts on the

communities surrounding our supply chain

partners. The policy sets out our commitment to

source services in a manner that is sustainable

and ethical.

Actions

Implemented an Environmental

Management Plan and Emergency

Response Plan for each construction site

that became active in 2024.

Monitored pollution prevention controls on

construction sites featuring a water course.

Continued to embed day-to-day safety

behaviours and systemic management of

health and safety processes.

Continued to roll out our ongoing health

and safety training, Safety Leadership Skills

for people managers, site foremen and site

administrators, and our site audits.

Developed a Supply Chain Sustainability

Strategy, which will set us up for success

across all of the environmental and social

areas that require collaboration in this

area, including the various social issues that

impact or may impact affected communities

in our supply chain.

These actions contribute to management of the

matters assessed to be material for this topic.

Metrics

S3 Entity specific: Total amount of monetary

losses as a result of legal proceedings

associated with environmental regulations

€0 (see also E2 Entity Specific: page 129).

S3 Basis for

preparation

Boundary for reporting

The organisational boundary for reporting on this

topic is operational control.

Methodology, estimates and judgements

Entity specific – Total amount of monetary losses

as a result of legal proceedings associated with

environmental regulations

See E2 Basis for preparation, page 129

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152

SUSTAINABILITY STATEMENT

CONTINUED

SOCIAL

CONTINUED

SUSTAINABILITY STATEMENT

CONTINUED

SOCIAL

CONTINUED

SUSTAINABILITY STATEMENT

CONTINUED

SOCIAL INFORMATION

CONTINUED

S4 Consumers

and end-users

Our sustainability goals help to ensure that our

customers have access to high-quality, efficient,

durable homes in communities that thrive, and

on an ongoing basis, we are working to advance

our communication channels, the quality of our

homes, and our partnerships to address material

social considerations.

The matters related to S4 Consumers and end-

users which have been assessed to be material as

a result of our double materiality assessment are:

information-related impacts;

personal safety; and

social inclusion.

Strategy

Placing the customer first is one of our key

strategic priorities, the pillars of which focus

on three key areas for continual development

which align with the matters assessed to be

material for this topic:

Customer journey: Deliver a best-in-class

customer experience.

Affordability: Deliver affordable homes to

the market.

Build quality: Embed a quality-first approach

in the workmanship, materials and products

we use to deliver high-quality homes and

keep consumers and end-users safe.

A dedicated Customer Care team supports our

consumers and end-users, and insights gleaned

from their experiences feed into our Quality

Management System (QMS) in a virtuous circle.

Targets

None set at this time.

Impact, risk and

opportunity

management

Policies

Glenveagh’s Customer Service Policy sets out

our approach to customer service, privacy

and complaints, and includes our commitment

on the following, relevant to the sustainability

matters assessed to be material for this topic:

clear, honest and truthful advertising;

collecting and processing personal data

in accordance with all relevant legislation

(aligned with our Data Protection Policy);

and

delivering high-quality, energy-efficient homes

in flourishing communities across Ireland.

In our Quality Policy Statement we have set out

Glenveagh’s commitment to the principles and

practice of excellence, and conforming with ISO

9001:2015. It incorporates commitments aligned

with the matters assessed to be material for

this topic, including ensuring that our customer

journey is as seamless as possible and that our

build quality and customer services are second

to none.

Actions

Continued to measure and monitor customer

satisfaction (via an external survey process).

Completed annual surveillance audit of

ISO 9001:2015.

Increased our focus on benchmarking and a

‘First Time Right’ approach to enhance our

build quality management.

Launched new quarterly Project

Quality Awards.

Held our first CQI World Quality Week

in November.

Continued to manage customer data in line

with GDPR requirements.

These actions contribute to management of the

matters assessed to be material for this topic.

Metrics

S4 Entity specific: 94% Customer satisfaction

score for FY 2024.

S4 Basis for

preparation

Boundary for reporting

The organisational boundary for reporting on this

topic is operational control.

Methodology, estimates and judgements

Entity specific – Customer satisfaction rating

Glenveagh engages an independent external firm

to survey our customers on topics linked to their

experience with us. The scope of the survey includes

homes built by and for Glenveagh.

The data is based on actual survey feedback from

customers. As this is a survey, it may not always

have 100% participation. 1,019 customers completed

our FY 2024 survey.

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information

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In this section

154 G1 Business conduct

At Glenveagh, we recognise the importance

of integrity in all of our interactions –

with our employees, our customers,

and with wider external stakeholders

within our industry.

We invest in strong governance processes

in order to build and maintain this culture

of integrity, in addition to ensuring we meet

our regulatory responsibilities.

Our strategy aligns all employees towards

common goals and provides a clear vision

of the values that form the foundation

of how we operate. We promote open

dialogue and transparency to build trust

and mutual respect and to ensure that

employees feel informed, valued and heard.

Our key mechanism for evaluating corporate

culture is the Trust Index survey, an annual

survey that we invite employees to complete.

Coordinated by Great Place to Work, the

results of the survey help us to measure

how effective our actions year to year are

in helping us to foster, develop and promote

a responsible and ethical corporate culture.

In 2024, Glenveagh was recognised by

Great Place to Work as one of Ireland’s

Best Workplaces.

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Glenveagh Properties plc | Annual Report and Accounts 2024

154

Late payment practices for suppliers/subcontractors,

in particular SMEs could result in financial hardship or

contributing to insolvencies

Incidents of corruption and bribery

Late payment practices for suppliers/subcontractors,

in particular SMEs, could result in financial hardship or

contributing to insolvencies

Poor supplier/subcontractor relationships could lead to

negative economic impacts on suppliers

Negative outcomes for people and environment if lobbying

activities are not carried out transparently

Negative impact on whistleblowers if protections are

not in place

An irresponsible/unethical working environment

Incidents of corruption and bribery

Anti-competitive practices

Downstream

At Glenveagh, we are committed to conducting business with

integrity in all aspects of our operations and to complying with

the laws and regulations where we operate.

Strong governance is the key stone for ensuring our stakeholders

have confidence in our ability to deliver on our strategic objectives.

We aim to control and manage our business responsibly and

sustainably, and embed a strong compliance culture.

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G1 Business

Conduct

IRO type

Impact materiality

Positive

Negative

Financial materiality

Opportunity

Risk

Upstream

Operations

The impacts, risks and opportunities (IROs) from our double materiality

assessment (DMA) are summarised below:

Strategy

SBM-3

Material IROs and their

interaction with strategy and

the business model

Late payment practices for suppliers/

subcontractors, in particular SMEs, could

result in financial hardship or contributing

to insolvencies

Impact:

We are involved in this potential impact

through our activities. A lack of appropriate

payment practices in our operations could

potentially lead to negative outcomes for our

suppliers and sub-contractors (in the upstream),

such as financial hardship or insolvencies, and

this could be particularly challenging for small-

and medium-sized enterprises (SMEs).

Glenveagh relies heavily on our upstream

suppliers and sub-contractors in our supply

chain to provide high-quality materials and

services in a timely manner to support us in

building, and in turn they rely on us to operate

appropriate payment practices to ensure they

are paid promptly for the products and/or

services they supply.

This potential negative impact is concentrated

in the Procurement, Commercial and Finance

areas of our operations as well as upstream

and could occur in the short-, medium- or

long-term. We manage this impact by clearly

communicating our approach to payments to

our suppliers and sub-contractors, and having

regular payment runs in place.

Risk:

This impact could lead to litigation and/

or reputational damage. Damage to our

reputation may adversely affect our ability to

source supplies from vendors at an appropriate

price – an aspect of one of our principal risks

'Availability and increased cost of materials and

labour (operational risk)'.

This risk is concentrated in the Procurement,

Commercial and Finance areas of our

operations – areas of our business that are

heavily involved in vendor engagement and

payment as well as upstream – and pre-

mitigation it could occur in the short-, medium-

and long-term. We mitigate this risk by

fostering and maintaining strong relationships

with our suppliers and by adhering to our

payment terms.

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Low availability/higher cost of supplies could

lead to an increase in construction costs and

delays in the completion of units. If the Group

is unable to control its costs or pass on any

increase in costs to the purchasers of the

Group’s product, appropriately source the

requisite labour, and/or renegotiate improved

terms with suppliers and contractors, the

Group’s margins may reduce which could have

an adverse impact on the Group’s business

operations and financial condition.

Poor supplier/subcontractor relationships

could lead to negative economic impacts

on suppliers

Impact: We are involved in this potential

impact through our activities. To enable us to

deliver new homes, we rely on a wide range

of upstream suppliers and sub-contractors in

our supply chain, and strong relationships with

them is critical from day one.

A lack of appropriate supplier and sub-

contractor engagement and management

practices could lead to non-inclusion of local

suppliers, no consideration for vulnerable

suppliers and/or no social and environmental

screening, culminating in poor relationships.

This could potentially result in negative impacts

for suppliers and/or sub-contractors, from

inability to deliver contracted products/services,

for example, sub-contractor’s employees not

having the required training completed to work

on our construction sites.

This potential negative impact is concentrated

in the Procurement and Commercial areas of

our operations and can occur in the short-,

medium- and long-term. We manage this

impact by having in place a robust programme

for supplier and sub-contractor relationship

management, which is implemented from our

initial engagement with them and throughout

our day-to-day interactions.

Negative outcomes for people and

environment resulting if lobbying activities

are not carried out transparently

Impact: We are involved in this potential

impact through our activities

From time to

time, employees of Glenveagh Properties plc

engage with Designated Public Officials (DPOs)

for specific activities such as to influence the

development of public policy or the drafting/

amending of law.

In the past, the construction industry in Ireland

has faced scrutiny due to opaque lobbying

practices, which involved efforts to influence

planning and zoning laws, sometimes leading

to controversial changes that favoured industry

interests over public transparency. Opaque

lobbying practices could also create mistrust

across our wider stakeholders including the

people we rely upon to work for our Company

and to buy the homes we build. Hence

carrying out lobbying activities transparently

is paramount.

This potential negative impact is concentrated

in certain areas of our operations, particularly

in the planning-related aspects of our business,

and could occur in the short-, medium-

and long-term. We manage this impact by

having in place a robust programme for our

lobbying activities.

Risk: This impact could lead to fines and

reputational risk if lobbying activities are

not carried out transparently. To ensure

transparency, the Group is required by Irish

law to register with the Lobbying Register

and reports every four months confirming

any lobbying activity for that period.

We recognise that failure to conduct these

lobbying activities transparently could result in

financial penalties and harm our reputation,

impacting stakeholder trust and our long-term

business sustainability.

This risk is concentrated in certain areas of

our operations, particularly in the Planning-

related aspects of our business. In our

operations we have interactions with public

officials and regulatory bodies, and it could

occur in the short-, medium- and long-term.

We are committed to full compliance with

the Regulation of Lobbying Act 2015 and the

Lobbying Amendment Act 2023, ensuring all

lobbying activities are registered and reported

accurately to mitigate these risks.

Negative impact on whistleblowers if

protections are not in place

Impact: By reporting of wrongdoing such as tax

fraud, money laundering or offences related

to public procurement, product and transport

safety, environmental protection, public

health and consumer and data protection,

whistleblowers help businesses by exposing

unethical practices, fostering transparency

and trust.

We are involved in this potential impact through

our activities

If there is a lack of appropriate

mechanisms to protect whistleblowers, this

could lead to negative impacts for employees,

such as a lack of job progression, reduced

wellbeing or isolation, causing emotional

trauma and loss of earning for the

individual whistleblower, and

discouraging future whistleblowing.

This potential negative impact is concentrated

in our operations and occurs in the short-,

medium- and long-term. We manage this

impact by having in place mechanisms to

protect whistleblowers. In addition, we are

required by law to protect whistleblowers.

An irresponsible/unethical

working environment

Impact: A positive corporate culture creates

a supportive and ethical work environment

for employees.

We are involved in this potential impact

through our activities. A lack of fostering,

development and promotion of a responsible

and ethical corporate culture could lead to

negative impacts on our employees reducing

job satisfaction and productivity, creating

distrust, eroding wellbeing and encouraging

unsustainable business practices. Poor

corporate culture can have potential negative

impacts for our investors, eroding confidence

and resulting in decreased returns on their

investments in our business.

This potential negative impact is concentrated

in our operations and occurs in the short-,

medium- and long-term. We manage this

impact through communicating our vision,

mission and values and operating an active

employee engagement programme.

Incidents of corruption and bribery

Risk: Corruption issues associated with planning

and zoning decisions have arisen in the Irish

construction industry in the past. Corruption

erodes trust in both private and public

institutions, undermining social cohesion. A

lack of appropriate training, prevention and

detection processes could lead to incidents of

corruption and bribery.

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GOVERNANCE INFORMATION

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This risk is concentrated across our operations,

particularly our Procurement and Commercial

functions which awards contracts to suppliers

and sub-contractors, as well as the functions

involved in design standards and planning

applications which may be involved in lobbying

activities associated with those areas. It could

occur in the short-, medium- and long-term. We

mitigate this risk through policy familiarisation in

our induction training, our external engagement

protocol and through our gifts and hospitality

familiarise themselves with our policies and to

raise any concerns about wrongdoing through

our Whistleblowing programme.

In addition, as corruption and bribery are a

global challenge that spans all industries, this risk

could also arise from our business relationships

upstream in our value chain, occurring in the

short-, medium- and long-term.

Anti-competitive practices

Risk: Anti-competitive practices could include

collusion with potential competitors to limit the

effects of market competition and fixing the

prices at which we sell our homes.

This risk is concentrated in certain areas of our

operations, particularly our Sales team which is

involved in selling our homes.

It could occur in the short-, medium- and

long-term. We manage this risk through our

Whistleblowing programme which provides

a mechanism for raising a concern about

any wrongdoing.

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Business conduct policies

and corporate culture

Glenveagh’s Building Better Strategy and values

are the organisational foundations for driving

positive corporate culture in the Group.

Our strategic priorities are developed through

a broad development process with input

from across the business. Our strategy aligns

all employees towards common goals and

provides a clear vision of capabilities we aim

to develop. It fosters a sense of purpose and

belonging among our employees.

When consistently implemented and lived

by, our values promote and create a strong,

positive, and cohesive organisational culture

that can significantly influence employee

satisfaction, performance, and overall

Company success:

Safety first: Ensures well-being and safety of

employees are prioritised.

Collaborative: Promotes teamwork and

mutual assistance.

Can-do: Instils a positive, solution-

oriented mindset.

Innovative: Fosters a culture of creativity and

forward-thinking.

Customer-centred: Drives a culture where

satisfaction is paramount.

Other drivers of positive corporate culture in

Glenveagh include:

our operational framework;

employee growth and development;

inclusion and wellbeing; and

work environment and resources.

Bringing our values to life

Our values are brought to life through many

employee engagement initiatives including

G.R.I.T. (Goals, Reflection, Impact, Talent) our

digitally-focused performance management

programme and ongoing training and

development. G.R.I.T. is the framework through

which employees’ goals, development, and

performance are managed and evaluated.

Within our strategic priorities, specific projects

compliment broad goals with relevance across

the workforce. Key initiatives are embedded

into G.R.I.T.

Executive Committee members and managers

collaborate to define goals. Our performance

management coupled with our learning

and development programmes encourage

continuous learning and growth. Key areas

of focus for our training in 2024 included

dedicated programmes for both graduates and

future site leaders, in addition to a focus on

team-building and building critical skills.

We promote open dialogue and transparency

to build trust and mutual respect, and to ensure

that employees feel informed, valued, and

heard. This is done through training, mentoring,

network groups and surveys.

We encourage self-reflection through our

G.R.I.T. process and having leaders engage

in open conversations with individual team

members quarterly. We provide tips and

tools through our internal learning platform

('the Learning HUB') and our safety culture

leadership training on how to give constructive

feedback. Teams can avail of coaches or

facilitators and psychometric assessments to

deepen self-reflection and help to identify

opportunities to improve ways of working as

a team. We are part of the IMI Mentorship

programme, where our senior leaders mentor

external senior leaders, and our senior leaders

receive mentoring from executives in other

companies. We offer face-to-face executive

coaching and a coaching platform for leaders

to work through their own development goals.

Our Employee Network Groups help to foster

inclusivity across our business. Our Great Place

To Work Committee encourages open feedback

to the business and to drive change.

Impact, risk and opportunity management

SUSTAINABILITY STATEMENT

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GOVERNANCE INFORMATION

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Glenveagh Properties plc | Annual Report and Accounts 2024

that Glenveagh does not make contributions

to political parties and that facilitation

payments are not permitted. We recognise

our responsibility to ensure that third parties

engaged by Glenveagh do not engage in

bribery or other forms of corrupt practices

on our behalf, and the policy details our

responsibilities in this regard.

The Irish Government ratified the United

Nations (UN) Convention Against Corruption on

9 November 2011. The policy complies with the

requirements of applicable Irish law and good

practice on the prevention of bribery and other

corrupt practices.

2. Conflicts of Interest Policy

This policy covers the IROs with respect to

lobbying activities and incidents of corruption

and bribery. Glenveagh details its principles

for preventing or avoiding situations of actual

or perceived conflicts of interest and how

they should be implemented in its Conflicts

of Interest Policy. This policy prescribes the

conflict of interest requirements that apply to

Directors and those that apply to all employees.

It sets out requirements for reporting lobbying

activities, as well as methods for raising a

concern in relation to a breach of the policy.

For lobbying activities specifically, this policy

is supported by our External Engagement

Protocol. The Protocol defines lobbying

and sets out guidance on the requirements

for people in our organisation engaging

with Designated Public Officials, which

includes filing returns every four months for

engagements and adhering to guidelines in

place relating to development and zoning of

land. It also explains the consequences for

the Group and for the industry of breaching

lobbying legislation. The protocol is emailed

to employees annually, and is available on our

Group intranet.

Evaluating corporate culture

Our key mechanism for evaluating corporate

culture in Glenveagh is the Trust Index survey,

an annual survey that we invite employees to

complete. The survey, which is coordinated on

our behalf by Great Place To Work, quantifies

an organisation’s culture and measures the

extent to which an organisation is considered

to be a great workplace by its people. It

gathers qualitative and quantitative data on the

employee’s perception of their work experience

across 17 categories, providing the Group

with essential information to understand the

workplace environment.

The scores help us to measure how effective

our actions year-to-year are in helping us to

foster, develop and promote a responsible and

ethical corporate culture. We use the outputs

to identify high-priority objectives, focusing

especially on areas where we want to

make improvements.

We received the results of the FY 2023 survey in

Q1 2024. In FY 2024, Glenveagh was recognised

by Great Place to Work as one of Ireland’s Best

Workplaces 2024.

Using the outputs from our FY 2024 employee

survey, the result of which we received

in January 2025, we can identify that the

actions we took in relation to our ED&I work,

embedding our performance development

process, and in ensuring our internal mobility

process was fully transparent, has helped

to maintain the high scoring in relation to

ED&I, Talent Management and Career and

Development, and that there is opportunity

for further improvements in the area of

communication around decision-making, an

area we plan to implement further actions on,

in 2025.

The Board assesses and monitors Glenveagh’s

culture and ensures that workforce policies,

practices and behaviours are aligned with

Group’s purpose, values and strategy. Examples

of ways in which the Board and its committees

monitor and assess culture include an annual

update on our Trust Index survey score and

regular Board committee meetings including:

ESR Committee – safety, people and

sustainability matters; and

Remuneration Committee – reward and

career framework matters.

Our Employee Engagement forum is attended

on a regular basis by the Board’s Workforce

Engagement Director who presents her findings

back to the Board.

Further details on how the Board assesses and

monitors culture are set out on page 64 of the

Corporate Governance Report.

Business conduct policies

Glenveagh has four key policies in respect of

business conduct matters. They are collectively

referred to as our 'Group Compliance Policies'.

1. Anti-Bribery and Corruption Policy

This policy covers the material IRO in relation

to incidents of corruption and bribery. It is

Glenveagh’s policy to conduct all our business

in an honest and ethical manner. We take

a zero-tolerance approach to bribery and

corruption and are committed to acting

professionally, fairly and with integrity in all

our business dealings and relationships. This

policy defines bribery and corruption and sets

out general requirements for all Directors and

employees of Glenveagh, as well as specific

requirements in relation to the offering and

acceptance of gifts and hospitality and the

making of charitable donations that are

legal and ethical. The policy makes clear

3. Group Securities Dealing Code

Glenveagh’s Group Securities Dealing Code

addresses the IRO regarding incidents of

corruption and bribery and is designed to

ensure that employees do not abuse, and

do not place themselves under suspicion of

abusing, information about Glenveagh which

is not publicly available. The Code also details

certain additional requirements applying to

persons discharging managerial responsibility

(PDMRs).

4. Whistleblowing Policy

This policy covers the IROs in relation to

whistleblowing and incidents of corruption and

bribery and describes what whistleblowing is,

the protection and support the Group provides

for whistleblowers, the confidentiality of

concerns raised and the ability to anonymously

report. It also provides details on internal

reporting channels and procedures, as well as

external reporting channels.

The Board is responsible for implementing our

Group Compliance Policies. They:

apply to all current workers

associated with

the Group;

are included in our Employee Handbook,

available on our Group intranet and, with

the exception of our Group Securities

Dealing Code, are also publicly available to

all stakeholders on our website; and

are subject to regular monitoring and

annual review by the Audit and Risk

Committee, on behalf of the Board.

New hires (excluding Glenveagh general

operatives and NUA new hires prior to

September 2024) were made aware of our

Group Compliance Policies as part of our new

hire induction training.

SUSTAINABILITY STATEMENT

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1. Our Whistleblowing Policy also applies to former workers.

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Concerns about unlawful behaviour

All current and former workers who wish to

make a protected disclosure can do so either

orally or in writing, via the Group’s protected

disclosure reporting channels.

In January 2024, through our internal corporate

communications channel, we notified

employees about our updated Whistleblowing

Policy, and highlighted Glenveagh’s protected

disclosures reporting channels, managed

externally by BDO Ireland. Workers can make

reports:

in writing, through Glenveagh’s secure

and independent online reporting

platform, Whistlelink;

orally, by phoning a prescribed reporting

phoneline; or

by requesting a virtual or in-person meeting,

using either of the above methods.

Under our Whistleblowing Policy we encourage

workers to make reports on a non-anonymous

basis, as it makes it easier to fully assess

concerns raised and to take appropriate action,

including conducting an effective investigation if

necessary. Nonetheless, anonymous disclosures

can be raised through the reporting channels.

Protection of whistleblowers

In each of the Anti-Bribery and Corruption

Policy, the Conflicts of Interest Policy and the

Group Securities Dealing Code, Glenveagh

provides that employees that become aware

of or suspect that a breach may have occurred

must notify their manager or raise a report

in accordance with our Whistleblowing

Policy as soon as possible. If an employee is

uncomfortable or reluctant to raise a concern

to their direct manager, they can notify any

member of the Executive Committee instead.

Glenveagh recognises the importance of

workers feeling able to raise concerns openly

under the Whistleblowing Policy. The policy

explicitly provides for the protection and

support of whistleblowers and confirms that a

worker who raises a concern under the policy

will not be subject to any penalisation or

threat of penalisation by Glenveagh due to the

making of a report.

Glenveagh takes its obligations under the

Whistleblowing Policy, including its obligations

to protect workers who make a protected

disclosure, very seriously. Any penalisation by

Glenveagh employees of a worker who makes

a protected disclosure will result in disciplinary

action. The policy provides reporting channels

for any worker who believes they have

been subject to penalisation, and they are

encouraged to bring this to attention.

The Whistleblowing Policy details Glenveagh’s

commitment to protecting the identity of a

worker raising a concern and any third party

mentioned in the report where possible, and in

line with the training statutory obligations. In

addition, while Glenveagh is not obliged under

relevant legislation to accept and follow-up

on anonymous reports, due to the practical

difficulties that can arise, the policy nonetheless

provides procedures for anonymous disclosures

by workers.

SUSTAINABILITY STATEMENT

CONTINUED

GOVERNANCE INFORMATION

CONTINUED

Glenveagh’s protected disclosure reporting

channels are designed, established and

operated in a secure manner which ensures the

protection of the confidentiality of the identity

of the reporting worker and any third party

mentioned in a report and the prevention of

access by non-authorised persons.

Investigation of business conduct incidents

Glenveagh’s Whistleblowing Policy details

the working of its protected disclosure

reporting channels. Once a worker raises a

concern under the policy, they will receive an

acknowledgement in writing within seven days

of receipt.

Once a report has been received, the next

steps include the appointment of a designated

impartial person, who is competent to follow up

on concerns raised. The designated person will

be responsible for maintaining communication

with, and providing feedback to, the worker

who raised the concern.

The Whistleblowing Policy prescribes that the

designated person will conduct diligent follow

up in relation to a concern raised and will

provide feedback to the worker who raised

the concern within a reasonable period, being

not more than three months from the date the

acknowledgement of receipt of the protected

disclosure was sent to the worker.

G1-2

Management of relationships

with suppliers

We recognise that the success of our business is

dependent on our relationships with suppliers.

We believe in creating strong and mutually

beneficial partnerships that enable us to deliver

high-quality projects that exceed our customers’

expectations. By fostering open communication,

promoting fair and ethical practices, and

working together towards shared goals, we can

create a sustainable and responsible supply

chain that delivers value for all parties.

Procurement for construction and

manufacturing activities is centralised, which

enables us to ensure a consistent approach is

taken in assessing tenders/proposals and in

monitoring our base of suppliers of labour

and materials.

We have implemented various initiatives to

promote communication, collaboration, and

trust between our Company and our suppliers

and subcontractors. These include regular

site meetings and workshops to share best

practices, address challenges, and identify

opportunities for improvement on topics such

as health and safety, project performance and

upcoming work.

We also promote fair and ethical practices and

encourage our partners to adopt sustainable

and responsible practices that align with our

values and strategic priorities. Our aim is to

create a supply chain that is resilient, efficient,

and effective, delivering quality projects that

meet or exceed our customers’ expectations

which benefits all parties involved.

We are mindful of the negative impact that

late payments can have on suppliers, especially

SMEs. For more details on our payment

practices, see page 161.

To date, specific social and environmental

criteria have not been considered in selecting

supply chain partners. However, in 2024,

we developed a supply chain sustainability

strategy, which has five key areas:

Strengthening governance and supplier

requirements;

2. Engaging and influencing;

3. Risk assessment;

4. Education and training; and

5. Reviewing and upgrading

The roll out of this will commence in 2025, and

will allow us to build in consideration of social

and environmental criteria into the selection of

supply chain partners.

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G1-3

Prevention and detection of

corruption or bribery

Glenveagh is committed to doing business with

our suppliers, customers and other third parties

in a way that is fair, transparent and benefits

everyone involved. It is our policy to conduct

all of our business in an honest and ethical

manner, and all forms of bribery and other

corrupt practices are strictly prohibited.

Glenveagh’s approach to preventing, detecting

and addressing allegations or incidents of

corruption is set out in our Anti-Bribery and

Corruption Policy, Conflicts of Interest Policy

and Group Securities Dealing Code (collectively

referred to as our Group Compliance Policies).

In each, Glenveagh provides that employees

that become aware of or suspect that a breach

may have occurred must notify their manager

or raise a report in accordance with our

Whistleblowing Policy as soon as possible. If

an employee is uncomfortable or reluctant

to raise a concern to their direct manager,

they can notify any member of the Executive

Committee instead.

Glenveagh’s protected disclosure reporting

channels are designed, established and

operated in a secure manner which ensures the

protection of the confidentiality of the identity

of the reporting worker and any third party

mentioned in a report and the prevention of

access by non-authorised persons.

based, depending on where in the business

the employee is based. The table below sets

out the training completed in FY 2024. No

specific training in relation to the prevention

and detection of corruption and bribery was

provided to the Board in FY 2024.

Functions at risk have yet to be determined by

the Group.

Once a report has been received under the

Whistleblowing Policy, the next steps include

the appointment of a designated impartial

person, who is competent to follow up on

concerns raised. The designated person will

be responsible for maintaining communication

with, and providing feedback to, the worker

who raised the concern. If, arising out of

the designated impartial person’s initial

assessment a decision is made to conduct

an investigation into the concerns raised, the

policy provides that it will be conducted fairly

and objectively and with due regard to the

rights of the participants in the investigation. In

certain cases, where considered necessary or

appropriate, an external investigator may be

appointed to conduct the investigation.

Glenveagh’s Whistleblowing Policy provides

that the Group will keep a record of all reports

raised under it and any follow up conducted,

findings and/or outcomes and/or any

recommendations and/or next steps. Where

reports are made orally, accurate minutes will

be kept depending on the manner in which the

oral report is made. The Company Secretary

provides an update to the Board on an annual

basis in relation to reports made under the

Whistleblowing Policy.

Training

Training on our Anti-Bribery and Corruption

Policy is part of our Group Compliance Policies

training. It includes the general requirements

for all employees of Glenveagh, as well as

the specific requirements in relation to the

offering and acceptance of gifts and hospitality.

This training, which takes approximately 15

minutes, is part of new hire induction training,

and delivery is computer-based or classroom-

Anti-corruption and anti-bribery training FY 2024

Unit

Managers

Other own workers

Employees offered training

Number

233

Employees completed training

Number

222

161

Strategic Report

Sustainability Statement

Governance Report

Financial Statements

SUSTAINABILITY STATEMENT

CONTINUED

GOVERNANCE INFORMATION

CONTINUED

Metrics and targets

G1-4

Incidents of corruption

or bribery

For FY 2024, Glenveagh has not been the

subject of convictions and fines for violation of

anti-corruption and bribery laws and has no

confirmed incidents of corruption or bribery.

No breaches in procedures and standards

were identified, and therefore no action was

required in this respect. No public legal cases

regarding corruption or bribery were brought

against Glenveagh and its workers during the

reporting period.

G1-5

Political influence and

lobbying activities

Glenveagh Properties plc is registered in

the Irish Lobbying Register, in line with the

Regulation of Lobbying Act 2015. All of our

lobbying returns can be searched and viewed

online via the Lobbying register – see https://

www.lobbying.ie/

Glenveagh's lobbying activity is focused on

accelerating the supply of new housing to meet

the demand estimated in the Irish government's

Housing for All plan to 2030. In FY 2024, the

main topics covered by our lobbying activities

and our main positions on these topics were:

1 January to 30 April – Update stakeholders

on ongoing commercial operations within

local authorities;

1 May to 31 August – Advocate for progress

on key actions for Housing For All; and

1 September to 31 December – Advocate for

progress on key actions from Housing for All.

The topics on which we lobbied do not interact

with our material IROs.

The Investor Relations and Corporate Affairs

team is responsible for oversight of political

influence and lobbying activities. The Head of

Investor Relations and Corporate Affairs

is directly accountable to the Chief

Financial Officer.

In FY 2024, financial political contributions

and in-kind political contributions totalled €0.

Political contributions are prohibited under

Glenveagh's Anti-Bribery and Corruption Policy.

G1-6

Payment practices

Glenveagh makes payments to two distinct

types of suppliers: vendors and sub-contractors.

Glenveagh takes an average of 60 days and

27 days for vendors and sub-contractors

respectively to pay an invoice from the date

when the contractual or statutory term of

payment starts to be calculated.

Payments to sub-contractors are governed

by the Construction Contracts Act 2013 which

dictates that sub-contractors are entitled to

be paid the full value of work completed every

30 days. The paying party must respond to a

payment claim within 21 days of the payment

claim date.

Credit terms with vendors are agreed in

advance of supply of goods or services and

usually range from 30 to 60 days depending on

the nature of the supplier.

Below are the categories of payment terms and

the percentage of payments made that aligned

with the terms in each category.

Vendors 60 days end of month

85%

Vendors 30 days end of month

79%

Vendors 30 days

58%

Sub-contractors

88%

Delays in matching invoices to POs can occur

due to legitimate business reasons, such as

price changes or unreceipted goods, which may

result in a delay to payments. However, they

are an important part of our controls process

and represent good business practice.

The Group always aims to be flexible when it

comes to payment terms for smaller suppliers.

SMEs will often be paid immediately or in

advance depending on the nature of the goods

or services provided. In almost all instances

suppliers of this nature are paid within 30 days.

There are no outstanding legal proceedings for

late payments.

Boundary for reporting

The organisational boundary for reporting on this

topic is operational control.

Methodology

G1-3 Prevention and detection of corruption

or bribery

Data is compiled on an annual basis through a

review of the learning and employee data on our

internal HR systems.

Training is offered as part of the six-month

probationary period for new hires. It excludes

Glenveagh general operative new hires and, prior to

September 2024, NUA new hires.

The data covers training completed between

1 January and 31 December 2024.

G1-4 Incidents of corruption or bribery

Data on convictions and fines for violation of anti-

corruption and anti-bribery law, and on confirmed

corruption and bribery-related incidents is

compiled referencing:

results of Irish Courts Service searches;

reports from online reporting system,

Whistlelink; and

confirmations from the Group

Company Secretary.

G1-5 Lobbying

Data is compiled through a review of our internal

financial cost centres on an annual basis and,

more generally, it is managed through the approval/

sign-off processes in place in the business

for expenditure.

G1-6 Payment practices

Data is compiled through a review of our internal

financial systems on an annual basis.

All invoices paid during the period from 1 January to

31 December 2024 were reviewed with the following

items excluded:

intercompany payments to group entities which

are settled based on the group’s internal policies

and do not have set credit terms; and

payments made by direct debit which are taken

directly from our bank accounts, limiting our

control over the timing. These payments are

infrequent and small in value.

Estimates and judgements

None.

G1 Basis for preparation

162

Glenveagh Properties plc | Annual Report and Accounts 2024

SUSTAINABILITY STATEMENT

CONTINUED

APPENDICES

Datapoints in cross-cutting and topical standards that derive from other EU legislation

Disclosure requirement

Related datapoint

Legislation

Page

ESRS 2 GOV-1

Board’s gender diversity, paragraph 21 (d)

SFDR, BR

ESRS 2 GOV-1

Percentage of Board members who are independent, paragraph 21 (e)

ESRS 2 GOV-4

Statement on due diligence, paragraph 30

SFDR

104

ESRS 2 SBM-1

Involvement in activities related to fossil fuel activities, paragraph 40 (d) i

SFDR, P3, BR

Not applicable

ESRS 2 SBM-1

Involvement in activities related to chemical production, paragraph 40 (d) ii

SFDR, BR

Not applicable

ESRS 2 SBM-1

Involvement in activities related to controversial weapons, paragraph 40 (d) iii

SFDR, BR

Not applicable

ESRS 2 SBM-1

Involvement in activities related to cultivation and production of tobacco, paragraph 40 (d) iv

Not applicable

ESRS E1-1

Transition plan to reach climate neutrality by 2050, paragraph 14

EUCL

113-114

ESRS E1-1

Undertakings excluded from Paris-aligned benchmarks, paragraph 16 (g)

P3, BR,

144

ESRS E1-4

GHG emission reduction targets, paragraph 34

SFDR, P3, BR

118-120

ESRS E1-5

Energy consumption from fossil sources disaggregated by sources (only high climate impact sectors), paragraph 38

SFDR

121

ESRS E1-5

Energy consumption and mix, paragraph 37

SFDR

121

ESRS E1-5

Energy intensity associated with activities in high climate impact sectors, paragraphs 40 to 43

SFDR

121

ESRS E1-6

Gross Scope 1, 2, 3 and total GHG emissions, paragraph 44

SFDR, P3, BR

122

ESRS E1-6

Gross GHG emissions intensity, paragraphs 53 to 55

SFDR, P3, BR

122

ESRS E1-7

GHG removals and carbon credits, paragraph 56

EUCL

123

ESRS E1-9

Exposure of the benchmark portfolio to climate-related physical risks, paragraph 66

Within phase-in provisions and not disclosed

ESRS E1-9

Disaggregation of monetary amounts by acute and chronic physical risk, paragraph 66 (a)

Location of significant assets at material physical risk, paragraph 66 (c)

Within phase-in provisions and not disclosed

ESRS E1-9

Breakdown of the carrying value of its real estate assets by energy-efficiency classes, paragraph 67 (c)

Within phase-in provisions and not disclosed

ESRS E1-9

Degree of exposure of the portfolio to climate-related opportunities, paragraph 69

Within phase-in provisions and not disclosed

ESRS E2-4

Amount of each pollutant listed in Annex II of the E-PRTR Regulation (European Pollutant Release and Transfer Register)

emitted to air, water and soil, paragraph 28

SFDR

Not material

ESRS E3-1

Water and marine resources, paragraph 9

SFDR

131

ESRS E3-1

Dedicated policy, paragraph 13

SFDR

Not applicable

ESRS E3-1

Sustainable oceans and seas, paragraph 14

SFDR

Not material

ESRS E3-4

Total water recycled and reused, paragraph 28 (c)

SFDR

Not material

ESRS E3-4

Total water consumption in m3 per net revenue on operations, paragraph 29

SFDR

Not material

ESRS 2 – IRO 1 – E4

Paragraph 16 (a) i

SFDR

Within phase-in provisions and not disclosed

ESRS 2 – IRO 1 – E4

Paragraph 16 (b)

SFDR

Within phase-in provisions and not disclosed

ESRS 2 – IRO 1 – E4

Paragraph 16 (c)

SFDR

Within phase-in provisions and not disclosed

ESRS E4-2

Sustainable land/agriculture practices or policies, paragraph 24 (b)

SFDR

Within phase-in provisions and not disclosed

SFDR – Sustainable Finance Disclosure Regulation

BR – Benchmark Regulation

P3 – Pillar 3

EUCL – EU Climate Law

IRO-2

Disclosure requirements in ESRS covered by

the undertaking’s sustainability statement

163

Strategic Report

Sustainability Statement

Governance Report

Financial Statements

SUSTAINABILITY STATEMENT

CONTINUED

APPENDICES

CONTINUED

Disclosure requirement

Related datapoint

Legislation

Page

ESRS E4-2

Sustainable oceans/seas practices or policies, paragraph 24 (c)

SFDR

Within phase-in provisions and not disclosed

ESRS E4-2

Policies to address deforestation, paragraph 24 (d)

SFDR

Within phase-in provisions and not disclosed

ESRS E5-5

Non-recycled waste, paragraph 37 (d)

SFDR

139

ESRS E5-5

Hazardous waste and radioactive waste, paragraph 39

SFDR

139

ESRS 2 – SBM3 – S1

Risk of incidents of forced labour, paragraph 14 (f)

SFDR

Within phase-in provisions and not disclosed

ESRS 2 – SBM3 – S1

Risk of incidents of child labour, paragraph 14 (g)

SFDR

Within phase-in provisions and not disclosed

ESRS S1-1

Human rights policy commitments, paragraph 20

SFDR

Within phase-in provisions. Brief description on page 147

ESRS S1-1

Due diligence policies on issues addressed by the fundamental International Labor Organisation Conventions 1 to 8,

paragraph 21

Within phase-in provisions and not disclosed

ESRS S1-1

Processes and measures for preventing trafficking in human beings, paragraph 22

SFDR

Within phase-in provisions and not disclosed

ESRS S1-1

Workplace accident prevention policy or management system, paragraph 23

SFDR

Within phase-in provisions. Brief description on page 147

ESRS S1-3

Grievance/complaints handling mechanisms, paragraph 32 (c)

SFDR

Within phase-in provisions and not disclosed

ESRS S1-14

Number of fatalities and number and rate of work-related accidents, paragraph 88 (b) and (c)

SFDR, BR

Within phase-in provisions. For entity specific TRIR and

fatalies disclosure see page 148

ESRS S1-14

Number of days lost to injuries, accidents, fatalities or illness, paragraph 88 (e)

SFDR

Within phase-in provisions and not disclosed

ESRS S1-16

Unadjusted gender pay gap, paragraph 97 (a)

SFDR, BR

Within phase-in provisions and not disclosed. In Ireland,

gender pay gap is subject to separate mandatory reporting

ESRS S1-16

Excessive CEO pay ratio, paragraph 97 (b)

SFDR

Within phase-in provisions and not disclosed

ESRS S1-17

Incidents of discrimination, paragraph 103 (a)

SFDR

Within phase-in provisions and not disclosed

ESRS S1-17

Non-respect of UNGPs on Business and Human Rights and OECD Guidelines, paragraph 104 (a)

SFDR, BR

Within phase-in provisions and not disclosed

ESRS 2 – SBM3 – S2

Significant risk of child labour or forced labour in the value chain, paragraph 11 (b)

SFDR

Within phase-in provisions and not disclosed

ESRS S2-1

Human rights policy commitments, paragraph 17

SFDR

Within phase-in provisions and not disclosed

ESRS S2-1

Policies related to value chain workers, paragraph 18

SFDR

Within phase-in provisions and not disclosed

ESRS S2-1

Non-respect of UNGPs on Business and Human Rights principles and OECD guidelines, paragraph 19

SFDR, BR

Within phase-in provisions and not disclosed

ESRS S2-1

Due diligence policies on issues addressed by the fundamental International Labor Organisation Conventions 1 to 8,

paragraph 19

Within phase-in provisions and not disclosed

ESRS S2-4

Human rights issues and incidents connected to its upstream and downstream value chain, paragraph 36

SFDR

Within phase-in provisions and not disclosed

ESRS S3-1

Human rights policy commitments, paragraph 16

SFDR

Within phase-in provisions and not disclosed

ESRS S3-1

Non-respect of UNGPs on Business and Human Rights, ILO principles or OECD guidelines, paragraph 17

SFDR, BR

Within phase-in provisions and not disclosed

ESRS S3-4

Human rights issues and incidents, paragraph 36

SFDR

Within phase-in provisions and not disclosed

ESRS S4-1

Policies related to consumers and end-users, paragraph 16

SFDR

Within phase-in provisions. Brief description on page 152

ESRS S4-1

Non-respect of UNGPs on Business and Human Rights and OECD guidelines, paragraph 17

SFDR, BR

Within phase-in provisions and not disclosed

ESRS S4-4

Human rights issues and incidents, paragraph 35

SFDR

Within phase-in provisions and not disclosed

ESRS G1-1

United Nations Convention against Corruption, paragraph 10 (b)

SFDR

Not applicable

ESRS G1-1

Protection of whistleblowers, paragraph 10 (d)

SFDR

Not applicable

ESRS G1-4

Fines for violation of anti-corruption and anti-bribery laws, paragraph 24 (a)

SFDR, BR

161

ESRS G1-4

Standards of anti-corruption and anti- bribery, paragraph 24 (b)

SFDR

161

164

Glenveagh Properties plc | Annual Report and Accounts 2024

SUSTAINABILITY STATEMENT

CONTINUED

APPENDICES

CONTINUED

Disclosure requirements complied with

Disclosure requirement

Page

ESRS 2

BP-1

General basis for preparation of sustainability statement

101

BP-2

Disclosures in relation to specific circumstances

101-102

GOV-1

The role of administrative, management and supervisory bodies

103

GOV-2

Information provided to and sustainability matters addressed by administrative, management and supervisory bodies

94-95

GOV-3

Integration of sustainability-related performance in incentive schemes

81, 82, 84, 85, 89

GOV-4

Statement on due diligence

104

GOV-5

Risk management and internal control processes over sustainability reporting

104

SBM-1

Strategy, business model and value chain

17-29, 31, 34, 38, 41, 44

SBM-2

Interests and views of stakeholders

26-29

SBM-3

Material Impacts, Risks and Opportunities (IROs) and their interaction with strategy and business model

105-107, 115-117, 126-127,

130-131, 133-135, 154-156

IRO-1

Description of process to identify and assess material IROs

108-111

IRO-2

Disclosure requirements in ESRS covered by the undertaking’s sustainability statement

162-163

ESRS E1

ESRS 2 GOV-3

Integration of sustainability-related performance in incentive schemes

123

E1-1

(MDR-P)

Transition plan for climate change mitigation

113-114

ESRS 2 SBM-3

Material impacts, risks and opportunities and their interaction with strategy and business model

115-117

ESRS 2 IRO-1

Description of the processes to identify and assess material climate-related IROs

108-111

E1-2

Policies related to climate change mitigation and adaptation

117

E1-3

(MDR-A)

Actions and resources in relation to climate change policies

118-120

E1-4

(MDR-T)

Targets related to climate change mitigation and adaptation

118-120

E1-5

Energy consumption and mix

121

E1-6

Gross Scopes 1, 2, 3 and total GHG emissions

122

E1-7

GHG removals and GHG mitigation projects financed through carbon credits

123

E1-8

Internal carbon pricing

123

ESRS E2

ESRS 2 IRO-1

Description of the processes to identify and assess material pollution-related IROs

108-111

E2-1

(MDR-P)

Policies related to pollution

128

E2-2

(MDR-A)

Actions and resources related to pollution

128-129

E2-3

(MDR-T)

Targets related to pollution

129

E2-6

40 (b) Operating and capital expenditures incurred from major incidents and deposits

129

E2 Entity specific

Total amount of monetary losses as a result of legal proceedings associated with environmental regulations

129

ESRS E3

E3 IRO-1

Description of the processes to identify and assess material water and marine resources-related IROs

108-111

E3-1

(MDR-P)

Policies related to water and marine resources

131

E3-2

(MDR-A)

Actions and resources related to water and marine resources

131

E3-3

(MDR-T)

Targets related to water and marine resources

131

165

Strategic Report

Sustainability Statement

Governance Report

Financial Statements

SUSTAINABILITY STATEMENT

CONTINUED

APPENDICES

CONTINUED

Disclosure requirement

Page

ESRS E4

ESRS 2 BP-2

List of matters in AR 16 ESRS 1 Appendix A that are assessed to be material and brief description of how the business model and strategy take account of

the impacts, the timebound targets (including whether they are based on conclusive scientific evidence), policies, actions and metrics related to them

132

E4 Entity specific

Percentage of land acquisitions closed in the reporting period, for which biodiveristy feasibility reports were completed

132

ESRS E5

ESRS 2 IRO-1

Description of the processes to identify and assess material resource use and circular economy-related IROs

108-111

E5-1

(MDR-P)

Policies related to resource use and circular economy

136

E5-2

(MDR-A)

Actions and resources related to resource use and circular economy

136-137

E5-3

(MDR-T)

Targets related to resource use and circular economy

138

E5-4

Resource inflows

138

E5-5

Resource outflows

139

ESRS S1

ESRS 2 BP-2

List of matters in AR 16 ESRS 1 Appendix A that are assessed to be material and brief description of how the business model and strategy take

account of the impacts, the timebound targets, policies, actions and metrics related to them

147-148

S1 Entity specific

Total Recordable Incident Rate (TRIR) and Fatalities

148

S1 Entity specific

Female representation in graduate intake and senior management

148

ESRS S2

ESRS 2 BP-2

List of matters in AR 16 ESRS 1 Appendix A that are assessed to be material and brief description of how the business model and strategy take

account of the impacts, the timebound targets, policies, actions and metrics related to them

149-150

S2 Entity specific

Total Recordable Incident Rate (TRIR) and Fatalities

150

ESRS S3

ESRS 2 BP-2

List of matters in AR 16 ESRS 1 Appendix A that are assessed to be material and brief description of how the business model and strategy take

account of the impacts, the timebound targets, policies, actions and metrics related to them

151

S3 Entity specific

Total amount of monetary losses as a result of legal proceedings associated with environmental regulations

151

ESRS S4

ESRS 2 BP-2

List of matters in AR 16 ESRS 1 Appendix A that are assessed to be material and brief description of how the business model and strategy take

account of the impacts, the timebound targets, policies, actions and metrics related to them

152

S4 Entity specific

Customer satisfaction metric

152

ESRS G1

ESRS 2 GOV-1

The role of administrative, management and supervisory bodies related to business conduct

103

ESRS 2 IRO-1

Description of the processes to identify and assess material IROs

108-111

G1-1

(MDR-P)

Business conduct policies and corporate culture

157-159

G1-2

Management of relationships with suppliers

159

G1-3

Prevention and detection of corruption and bribery

160

G1-4

(MDR-A)

Incidents of corruption or bribery

161

G1-5

Political influence and lobbying activities

161

G1-6

Payment practices

161

166

Glenveagh Properties plc | Annual Report and Accounts 2024

SUSTAINABILITY STATEMENT

CONTINUED

INDEPENDENT PRACTITIONER’S LIMITED ASSURANCE REPORT TO THE DIRECTORS OF GLENVEAGH PROPERTIES PLC

Limited Assurance Report on the Sustainability Statement

Our limited assurance conclusion

We have performed a limited assurance engagement on the sustainability reporting included in the

consolidated Sustainability Statement (the ‘Sustainability Statement’) of Glenveagh Properties plc

and its consolidated undertakings (“the Entity”), for the year ended 31 December 2024, prepared

in accordance with Part 28 of the Companies Act 2014 and set out on pages 98 to 168, which is a

dedicated section of the Directors’ Report.

Based on the procedures performed and evidence obtained, nothing has come to our attention to

cause us to believe that the Entity’s Sustainability Statement for the year ended is not prepared, in

all material respects, in accordance with Part 28 of the Companies Act 2014, including:

the compliance of the Sustainability Statement with the European Sustainability Reporting

Standards (ESRS);

the process carried out by the Entity to identify material sustainability related impacts, risks, and

opportunities in accordance with ESRS;

the compliance with the reporting requirements of Article 8 of Regulation (EU) 2020/852 (the

“Taxonomy Regulations”); and

the compliance with the requirement to mark up the Sustainability Statement in accordance with

Section 1600 of the Companies Act 2014.

Basis for our conclusion

We conducted our limited assurance engagement in accordance with International Standard on

Assurance Engagements (ISAE) (Ireland) 3000, as adopted by the Irish Auditing and Accounting

Supervisory Authority (IAASA). Our responsibilities under this standard are further described in the

section titled ‘Our responsibilities’ in this report.

The procedures in a limited assurance engagement vary in nature and timing from, and are less

in extent than for, a reasonable assurance engagement. Consequently, the level of assurance

obtained in a limited assurance engagement is substantially lower than the assurance that would

have been obtained had a reasonable assurance engagement been performed.

Any internal control structure, no matter how effective, cannot eliminate the possibility that fraud,

errors or irregularities may occur and remain undetected and because we use selective testing in

our engagement, we cannot guarantee that all errors or irregularities, if present, will be detected.

The Sustainability Statement includes prospective information such as ambitions, strategy, plans,

expectations and estimates. Prospective information relates to events and actions that have not

yet occurred and may never occur. We do not provide any assurance on the assumptions and

achievability of this prospective information.

Our responsibilities under this standard are further described in the section titled ‘Our

responsibilities’ in this report.

We have fulfilled our ethical responsibilities under, and we remained independent of the Entity

in accordance with, ethical requirements applicable in Ireland, including the International Code

of Ethics for Professional Accountants (including International Independence Standards) issued

by the International Ethics Standards Board for Accountants (IESBA Code), the independence

requirements of the Companies Act 2014 and the Code of Ethics issued by Chartered Accountants

Ireland that are relevant to our limited assurance engagement of the Sustainability Statement

in Ireland.

Our firm applies International Standard on Quality Management (ISQM) (Ireland) 1,

Quality

Management for Firms that Perform Audits or Reviews of Financial Statements, or Other

Assurance or Related Services Engagements

, issued by the IAASA. This standard requires the

firm to design, implement and operate a system of quality management, including policies or

procedures regarding compliance with ethical requirements, professional standards and applicable

legal and regulatory requirements.

We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for

our conclusion.

Other matter – Compliance with the requirement to mark-up the Sustainability Statement

We note that Section 1613(3)(c) of the Companies Act 2014 requires us to report on the compliance

by the Entity with the requirement to mark-up the Sustainability Statement in accordance with

Section 1600 of that Act. Section 1600 of the Companies Act 2014 requires that the Directors’

Report is prepared in the electronic reporting format specified in Article 3 of Delegated Regulation

(EU) 2019/815 and shall mark-up the Sustainability Statement.

However, at the time of issuing our limited assurance report, the electronic reporting format has

not been specified nor become effective by Delegated Regulation. Consequently, the Entity is not

required to mark-up the Sustainability Statement. Our conclusion is not modified in respect of

this matter.

Other information

The directors are responsible for the other information. The other information comprises the

Strategic Report, Corporate Governance (which also includes Directors’ Report) and Supplementary

Information included in the Entity’s Annual Report but does not include the Sustainability Statement

and our Limited Assurance Report thereon.

Our limited assurance conclusion on the Sustainability Statement does not cover the other

information and we do not express any form of assurance conclusion thereon.

The comparative sustainability reporting in the Sustainability Statement included in the Directors’

Report for the period from 1 January 2023 to 31 December 2023 has not been part of the

assurance engagement. Consequently, the comparative sustainability reporting and thereto related

disclosures in the Sustainability Statement for this period are not assured.

167

Strategic Report

Sustainability Statement

Governance Report

Financial Statements

SUSTAINABILITY STATEMENT

CONTINUED

INDEPENDENT PRACTITIONER’S LIMITED ASSURANCE REPORT TO THE DIRECTORS OF GLENVEAGH PROPERTIES PLC

CONTINUED

Responsibilities for the Sustainability Statement

The Directors of the Entity are responsible for: preparing the Sustainability Statement in accordance

with the relevant criteria, contained in the applicable sustainability reporting framework being Part

28 of the Companies Act 2014, the ESRS; the Taxonomy Regulations; any additional criteria used

by the Entity to supplement and/or interpret the sustainability reporting framework criteria; and

including the Sustainability Statement in a clearly identifiable dedicated section of the Directors’

Report. This responsibility includes:

appropriately referring to and describing the applicable criteria used;

understanding the context in which the Entity’s activities and business relationships take place

and developing an understanding of its affected stakeholders;

the identification of the actual and potential impacts (both negative and positive) related to

sustainability matters, as well as risks and opportunities that affect, or could reasonably be

expected to affect, the entity’s financial position, financial performance, cash flows, access to

finance or cost of capital over the short, medium, or long-term;

the assessment of the materiality of the identified impacts, risks and opportunities related to

sustainability matters by selecting and applying appropriate thresholds;

disclosing and reporting our double materiality assessment process in the Sustainability

Statement in accordance with ESRS;

disclosing that the scope of consolidation for the Sustainability Statement is the same as for

the financial statements and disclosed to what extent the Sustainability Statement covers the

Company’s upstream and downstream value chain (“the reporting boundary”);

including material value chain information that meets the qualitative characteristics set out in

ESRS in the Sustainability Statement when required by ESRS;

identifying the quantitative metrics and monetary amounts disclosed in the Sustainability

Statement that are subject to a high level of measurement uncertainty;

disclosing established targets, goals and other performance measures, and implementing

actions to achieve such targets, goals and performance measures;

describing the implemented due diligence process in respect of sustainability matters of

the Entity;

when relevant, using reasonable assumptions and estimates in preparing the Sustainability

Statement. This includes the selection of different but acceptable estimation, approximation or

forecasting techniques about forward-looking information;

reporting and preparing forward-looking information, when applicable, on the basis of

disclosed assumptions about events that may occur in the future and possible future actions by

the Entity;

ensuring the Entity maintains adequate records in relation to the preparation of the

Sustainability Statement.

The Directors are also responsible for designing, implementing and maintaining such internal

controls that they determine are relevant to enable the preparation of the Sustainability Statement

in accordance with Part 28 of the Companies Act 2014 that is free from material misstatement,

whether due to fraud or error.

Inherent limitations in preparing the Sustainability Statement

We obtained limited assurance over the preparation of the Sustainability Statement in accordance

with the Companies Act 2014. Inherent limitations exist in all assurance engagements.

There are inherent limitations regarding the measurement or evaluation of the Sustainability

Statement subject to limited assurance, which have been set out below:

Estimates, approximations and/ or forecasts used by the Entity in preparing and presenting

their Sustainability Statement are subject to significant inherent uncertainty. The extent to which

the Sustainability Statement contains, qualitative, quantitative, objective, subjective, historical

and prospective disclosures, also represents a significant degree of uncertainty. The selection by

management of different but acceptable estimation, approximation or forecasting techniques,

could have resulted in materially different amounts or disclosures being reported. For the

avoidance of doubt, the scope of our engagement and our responsibilities did not involve us

performing work necessary for any assurance on the reliability, proper compilation, or accuracy

of the prospective information.

In determining the disclosures in the Sustainability Statement, management of the Entity

interprets undefined legal and other terms. Undefined legal and other terms may be interpreted

differently, including the legal conformity of their interpretation and, accordingly, are subject

to uncertainties.

Certain metrics reported within the Sustainability Statement may be subject to inherent

limitations, for example, value chain information relating to emissions data provided by

third parties. Where estimated, approximated and/ or forecast information is provided by

management in respect of value chain information, the verification or benchmarking of this

information is subject to a high degree of uncertainty and the actual value chain information

may be different to the estimated, approximated or forecast value chain information provided

by management.

When applicable, as described in your disclosures relating to ESRS E1 Climate Change, GHG

emissions quantification is subject to significant inherent measurement uncertainty because of

incomplete scientific knowledge used to determine emissions factors and the values to combine

emissions of different gases. Greenhouse gas quantification is unavoidably subject to significant

inherent uncertainty as a result of both scientific and estimation uncertainty. Estimation

uncertainty can arise because of:

The inherent uncertainty in quantifying inputs, such as activity data and emission factors,

that are used in mathematical models to estimate emissions (measurement uncertainty);

ii.

the inability of such models to precisely and accurately characterise under all circumstances

the relationships between various inputs and the resultant emissions (model uncertainty); and

iii. the fact that uncertainty can increase as emission quantities with different levels of

measurement and calculation uncertainty are aggregated (aggregation uncertainty).

The Entity developed additional criteria used to supplement and/or interpret the sustainability

reporting framework criteria set out in the Basis of Preparation, the nature of the sustainability

matters, and absence of consistent external standards allow for different, but acceptable,

measurement methodologies to be adopted which may result in variances between entities.

The adopted measurement methodologies may also impact the comparability of sustainability

matters reported by different organisations and from year to year within an organisation as

methodologies develop.

In reporting forward-looking information in accordance with ESRS, management of the Entity

is required to prepare the forward-looking information on the basis of disclosed assumptions

about events that may occur in the future and possible future actions by the Entity. This includes

the selection of different but acceptable estimation, approximation or forecasting techniques,

which could have resulted in materially different amounts or disclosures being reported.

168

Glenveagh Properties plc | Annual Report and Accounts 2024

SUSTAINABILITY STATEMENT

CONTINUED

INDEPENDENT PRACTITIONER’S LIMITED ASSURANCE REPORT TO THE DIRECTORS OF GLENVEAGH PROPERTIES PLC

CONTINUED

Our responsibilities

Our objectives are to plan and perform the assurance engagement to obtain limited assurance

about whether the Sustainability Statement in scope of our conclusion, is free from material

misstatement, whether due to fraud or error, and to issue a Limited Assurance Report that includes

our conclusion. Misstatements can arise from fraud or error and are considered material if,

individually or in the aggregate, they could reasonably be expected to influence decisions of users

on the basis of the Sustainability Statement.

As part of a limited assurance engagement in accordance with ISAE (Ireland) 3000, we exercise

professional judgment and maintain professional skepticism throughout the engagement. We also:

Perform risk assessment procedures, including obtaining an understanding of internal controls

relevant to the engagement, to identify disclosures where material misstatements are likely to

arise, whether due to fraud or error, but not for the purpose of providing a conclusion on the

effectiveness of the Entity’s internal control.

Design and perform procedures responsive to where material misstatements are likely to arise

in the Sustainability Statement. The risk of not detecting a material misstatement resulting

from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery,

intentional omissions, misrepresentations, or the override of internal control.

Design and perform procedures to evaluate whether the Sustainability Statement has been

prepared in accordance with the ESRS, which includes the process carried out by the Entity to

identify material sustainability related impacts, risks and opportunities.

Design and perform procedures to evaluate whether the Sustainability Statement has been

prepared in compliance with the Taxonomy Regulations.

With respect to our conclusion in respect to the Entity’s reporting obligations and responsibility

to mark up the Sustainability Statement in accordance with Section 1600 of the Companies Act

2014, we assess whether we have become aware of anything to suggest that the Sustainability

Statement has not been prepared, in all material respects in this specified format. However, as

explained in the ‘Other matter- Compliance with the requirement to mark-up the Sustainability

Statement’ section of our assurance report, the Entity is not currently required to mark-up the

Sustainability Statement.

Summary of the work performed

A limited assurance engagement involves performing procedures to obtain evidence about

the Sustainability Statement. The nature, timing and extent of procedures selected depend on

professional judgment, including the identification of disclosures where material misstatements are

likely to arise, whether due to fraud or error, in the Sustainability Statement.

The procedures in a limited assurance engagement vary in nature and timing from, and are less

in extent than for, a reasonable assurance engagement and depend on professional judgment,

including the identification of disclosures where material misstatements are likely to arise, whether

due to fraud or error, in the Sustainability Statement. Consequently, the level of assurance obtained

in a limited assurance engagement is substantially lower than the assurance that would have been

obtained had a reasonable assurance engagement been performed.

In conducting our limited assurance engagement, the procedures we have performed included

the following:

Obtaining an understanding of the Sustainability Statement reporting process performed by the

Entity, including the preparation of the Sustainability Statement.

Obtaining an understanding of the Entity’s double materiality assessment process by performing

inquiries to understand the sources of the information used by management and reviewing the

Entity’s internal documentation of this process; and evaluating whether the evidence obtained

from our procedures about the Entity’s process is consistent with the description of the process

set out in the Sustainability Statement;

Performing risk assessment procedures to understand the Entity and its environment,

including the Entity’s reporting boundary, its value chain information and identify risks of

material misstatement;

Designing and performing further assurance procedures (which included inquiries and analytical

procedures) to respond to the identified risks of material misstatement; and

Evaluating the overall presentation of the Sustainability Statement, and considered whether

the Sustainability Statement as a whole, including the sustainability matters and disclosures, is

disclosed in accordance with the applicable criteria.

The purpose of our limited assurance work and to whom we owe our responsibilities.

Our report is made solely in accordance with Section 1613 of the Companies Act 2014 to the

Directors of the Entity.

Our assurance work has been undertaken so that we might state to the Directors those matters we

are required to state to them in a limited assurance report and for no other purpose. To the fullest

extent permitted by law, we do not accept or assume responsibility to anyone other than the Entity

and its Directors, as a body, for our limited assurance work, for this report, or for the conclusions

we have formed.

Conor Holland

12 March 2025

For and on behalf of

KPMG

Chartered Accountants, Statutory Audit Firm

1 Harbourmaster Place

IFSC

Dublin 1

D01 F6F5

Ireland

169

Strategic Report

Sustainability Statement

Governance Report

Financial Statements

STATEMENT OF DIRECTORS’ RESPONSIBILITIES

IN RESPECT OF THE ANNUAL REPORT AND THE FINANCIAL STATEMENTS

The Directors are responsible for preparing the Annual Report and the Financial Statements in

accordance with applicable law and regulations.

Company law requires the directors to prepare Group and Company Financial Statements for each

financial year. Under that law, the Directors are required to prepare the Group Financial Statements

in accordance with IFRS as adopted by the European Union and applicable law the Commission

Delegated Regulation 2018/815 regarding the single electronic reporting format (ESEF) and Article 4

of the IAS Regulation. The Directors have elected to prepare the Company Financial Statements in

accordance with FRS 101 Reduced Disclosure Framework as applied in accordance with the provisions

of Companies Act 2014.

Under company law the directors must not approve the Group and Company Financial Statements

unless they are satisfied that they give a true and fair view of the assets, liabilities and financial

position of the Group and Company and of the Group’s profit or loss for that year.

In preparing the Group and Company Financial Statements, the Directors are required to:

select suitable accounting policies and then apply them consistently;

make judgements and estimates that are reasonable and prudent;

state whether applicable Accounting Standards have been followed, subject to any material

departures disclosed and explained in the Financial Statements;

assess the Group and Company’s ability to continue as a going concern, disclosing, as applicable,

matters related to going concern; and

use the going concern basis of accounting unless they either intend to liquidate the Group or

Company or to cease operations, or have no realistic alternative but to do so.

The Directors are also required by the Transparency (Directive 2004/109/EC) Regulations 2007 and

the Transparency Rules of the Central Bank of Ireland to include a management report containing a

fair review of the business and a description of the principal risks and uncertainties facing the Group.

The Directors are responsible for keeping adequate accounting records which disclose with

reasonable accuracy at any time the assets, liabilities, financial position and profit or loss of the

Company and which enable them to ensure that the Financial Statements comply with the provision

of the Companies Act 2014. The Directors are also responsible for taking all reasonable steps to

ensure such records are kept by its subsidiaries which enable them to ensure that the Financial

Statements of the Group comply with the provisions of the Companies Act 2014 including Article 4

of the IAS Regulation. They are responsible for such internal controls as they determine is necessary

to enable the preparation of Financial Statements that are free from material misstatement,

whether due to fraud or error, and have general responsibility for safeguarding the assets of the

Group, and hence for taking reasonable steps for the prevention and detection of fraud and other

irregularities. The directors are also responsible for preparing a Directors’ Report that complies with

the requirements of the Companies Act 2014.

The Directors are responsible for the maintenance and integrity of the corporate and financial

information included on the Group’s and Company’s website www.glenveagh.ie. Legislation in the

Republic of Ireland concerning the preparation and dissemination of Financial Statements may differ

from legislation in other jurisdictions.

Sustainability Statement

The Sustainability Statement contained in the Directors’ report is prepared in accordance with ESRS

and Article 8(4) of Regulation (EU) 2020/852.

Responsibility statement as required by the Transparency Directive and UK Corporate

Governance Code

Each of the Directors, whose names and functions are listed on page 63 of this Annual Report,

confirm that, to the best of each person’s knowledge and belief:

The Group Financial Statements, prepared in accordance with IFRS as adopted by the European

Union and the Company Financial Statements prepared in accordance with FRS 101 Reduced

Disclosure Framework, give a true and fair view of the assets, liabilities, and financial position of

the Group and Company at 31 December 2024 and of the profit or loss of the Group for the year

then ended;

The Directors’ Report contained in the annual report includes a fair review of the development

and performance of the business and the position of the Group and Company, together with a

description of the principal risk and uncertainties that they face;

The Sustainability Statement contained in the Directors’ report is prepared in accordance with

ESRS and Article 8(4) of Regulation (EU) 2020/852 and our responsibilities for the sustainability

statement are discussed in full in our statement of directors’ responsibilities for the sustainability

statement in the annual report on pages 98 to 168; and

The Annual Report and Financial Statements, taken as a whole, provides the information

necessary to assess the Group’s performance, business model and strategy and is fair, balanced

and understandable and provides the information necessary for shareholders to assess the

Company’s position and performance, business model and strategy.

On behalf of the board

Stephen Garvey

Conor Murtagh

Director

12 March 2025

170

Glenveagh Properties plc | Annual Report and Accounts 2024

Report on the audit of the financial statements

Opinion

We have audited the financial statements of Glenveagh Properties plc (‘the Company’) and its

consolidated undertakings (‘the Group’) for the year ended 31 December 2024, contained within the

reporting package 635400QUQ2YYGMOAK834-2024-12-31-0-en.zip, which comprise the Consolidated

statement of profit or loss and other comprehensive income, the Consolidated and Company

Balance Sheets, the Consolidated and Company Statements of Changes in Equity, the Consolidated

Statement of Cash Flows and related notes, including the material accounting policies set out in

Note 8.

The financial reporting framework that has been applied in the preparation of the Group financial

statements is Irish Law, including the Commission Delegated Regulation 2019/815 regarding the single

electronic reporting format (ESEF) and IFRS(‘s) as adopted by the European Union and, as regards

the Company financial statements, Irish Law and FRS 101

Reduced Disclosure Framework

issued in

the United Kingdom by the Financial Reporting Council.

In our opinion:

the financial statements give a true and fair view of the assets, liabilities and financial position

of the Group and Company as at December 31, 2024 and of the Group’s profit for the year

then ended;

the Group financial statements have been properly prepared in accordance with IFRS as adopted

by the European Union;

the Company financial statements have been properly prepared in accordance with FRS 101

Reduced Disclosure Framework

issued by the UK’s Financial Reporting Council; and

the Group and Company financial statements have been properly prepared in accordance with

the requirements of the Companies Act 2014 and, as regards the Group financial statements,

Article 4 of the IAS Regulation.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (Ireland) (ISAs

(Ireland)) and applicable law. Our responsibilities under those standards are further described in the

Auditor’s Responsibilities section of our report. We believe that the audit evidence we have obtained

is a sufficient and appropriate basis for our opinion. Our audit opinion is consistent with our report to

the audit committee.

We were appointed as auditor by the directors on 17 August 2017. The period of total uninterrupted

engagement is the eight years ended 31 December 2024. We have fulfilled our ethical responsibilities

under, and we remained independent of the Group in accordance with, ethical requirements

applicable in Ireland, including the Ethical Standard issued by the Irish Auditing and Accounting

Supervisory Authority (IAASA) as applied to public interest entities. No non-audit services prohibited

by that standard were provided.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director’s use of the going concern

basis of accounting in the preparation of the financial statements is appropriate. Our evaluation

of the director’s assessment of the Group’s and Company’s ability to continue to adopt the going

concern basis of accounting included:

The risk that the Group’s and Company’s available financial resources was adversely affected

over this period was the impact of construction cost inflation and/or a reduction in the volume of

units sold.

As this was the risk that could potentially cast significant doubt on the Group’s and the Company’s

ability to continue as a going concern, we considered sensitivities over the level of available financial

resources indicated by the Group’s financial forecasts taking account of reasonably possible (but not

unrealistic) adverse effects that could arise from these risks individually and collectively and evaluated

the achievability of the actions the Directors consider they would take to improve the position should

the risks materialise.

Based on the work we have performed, we have not identified any material uncertainties relating to

events or conditions that, individually or collectively, may cast significant doubt on the Group or the

Company’s ability to continue as a going concern for a period of at least twelve months from the

date when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are

described in the relevant sections of this report.

In relation to the Group and the Company’s reporting on how they have applied the UK Corporate

Governance Code and the Irish Corporate Governance Annex, we have nothing material to add or

draw attention to in relation to the directors’ statement in the financial statements about whether the

directors considered it appropriate to adopt the going concern basis of accounting.

Detecting irregularities including fraud

We identified the areas of laws and regulations that could reasonably be expected to have a

material effect on the financial statements and risks of material misstatement due to fraud, using our

understanding of the entity’s industry, regulatory environment and other external factors and inquiry

with the directors. In addition, our risk assessment procedures included:

Inquiring with the directors as to the Group’s policies and procedures regarding compliance with

laws and regulations, identifying, evaluating and accounting for litigation and claims, as well as

whether they have knowledge of non-compliance or instances of litigation or claims.

Inquiring of directors, the audit committee and internal audit as to the Group’s policies and

procedures to prevent and detect fraud, as well as whether they have knowledge of any actual,

suspected or alleged fraud.

Inquiring of directors, the audit committee and internal audit regarding their assessment of the risk

that the financial statements may be materially misstated due to irregularities, including fraud.

Inspecting the Group’s regulatory and legal correspondence.

Reading Board minutes.

Considering remuneration incentive schemes and performance targets including the EPS target for

management remuneration.

Performing planning analytical procedures to identify any usual or unexpected relationships.

We discussed identified laws and regulations, fraud risk factors and the need to remain alert among

the audit team.

INDEPENDENT AUDITOR’S REPORT

TO THE MEMBERS OF GLENVEAGH PROPERTIES PLC

171

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Sustainability Statement

Governance Report

Financial Statements

Firstly, the Group is subject to laws and regulations that directly affect the financial statements

including companies and financial reporting legislation. We assessed the extent of compliance

with these laws and regulations as part of our procedures on the related financial statement

items, including assessing the financial statement disclosures and agreeing them to supporting

documentation when necessary.

Secondly, the Group is subject to many other laws and regulations where the consequences of non-

compliance could have a material effect on amounts or disclosures in the financial statements, for

instance through the imposition of fines or litigation. We identified the following areas as those most

likely to have such an effect: health and safety, anti-bribery, employment law, environmental law,

regulatory capital and liquidity and certain aspects of company legislation recognising the financial

and regulated nature of the Group’s activities and its legal form.

Auditing standards limit the required audit procedures to identify non-compliance with these

non-direct laws and regulations to inquiry of the directors and inspection of regulatory and legal

correspondence, if any. These limited procedures did not identify actual or suspected non-compliance.

We assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide

an opportunity to commit fraud. As required by auditing standards, we performed procedures to address

the risk of management override of controls and the risk of fraudulent revenue recognition. We identified a

fraud risk in relation to the Group revenue. We did not identify any additional fraud risks.

In response to the fraud risks, we also performed procedures including:

Identifying journal entries and other adjustments to test based on risk criteria and comparing the

identified entries to supporting documentation.

Assessing significant accounting estimates for bias.

Assessing the disclosures in the financial statements.

As the Group is regulated, our assessment of risks involved obtaining an understanding of the legal

and regulatory framework that the Group operates and gaining an understanding of the control

environment including the entity’s procedures for complying with regulatory requirements.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have

detected some material misstatements in the financial statements, even though we have properly

planned and performed our audit in accordance with auditing standards. For example, the further

removed non-compliance with laws and regulations (irregularities) is from the events and transactions

reflected in the financial statements, the less likely the inherently limited procedures required by

auditing standards would identify it.

In addition, as with any audit, there remains a higher risk of non-detection of irregularities, as these

may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal

controls. We are not responsible for preventing non-compliance and cannot be expected to detect

non-compliance with all laws and regulations.

Key audit matters: our assessment of risks of material misstatement

Key audit matters are those matters that, in our professional judgement, were of most significance

in the audit of the financial statements and include the most significant assessed risks of material

misstatement (whether or not due to fraud) identified by us, including those which had the greatest

effect on: the overall audit strategy; the allocation of resources in the audit; and directing the efforts

of the engagement team. These matters were addressed in the context of our audit of the financial

statements as a whole, and in forming our opinion thereon, and we do not provide a separate

opinion on these matters.

INDEPENDENT AUDITOR’S REPORT

CONTINUED

TO THE MEMBERS OF GLENVEAGH PROPERTIES PLC

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Glenveagh Properties plc | Annual Report and Accounts 2024

In arriving at our audit opinion above, the key audit matter was as follows (unchanged from 2023):

Group key audit matter

Carrying value of inventory €864.4m (2023: €707.6m) and profit recognition

Refer to pages 182 and 184 (accounting policy) and page 194 (financial disclosures)

The key audit matter

How the matter was addressed in our audit

Inventories, relating to work-in-progress on sites under

development and land yet to be developed, represent a significant

asset of the Group.

Work-in-progress comprises of the costs of the land being built on,

direct materials and direct labour costs that have been incurred in

bringing the inventories to their present location and condition.

Work-in-progress per site is stated at the lower of cost and net

realisable value (“NRV”), NRV being the estimated net selling

price less costs to sell and management’s estimated total costs of

completion. The forecasting of selling prices and costs to complete

is inherently judgemental and may be subject to estimation error.

For each development project, site-wide residential development

costs are allocated between units built in the current period and

units to be built in future years, which requires further judgement.

The Group recognises profit on each unit sale by reference to the

overall expected margin to be achieved on the site.

There is a risk that the assumptions of such forecasts and

estimations may be inaccurate with a resulting impact on the

carrying value of inventory. As the profit margin realised is

dependent on the forecasts contained within the NRV models,

which can be subject to estimation error, there is a risk that

the amount of profit recognised in a reporting period may

be inaccurate.

For the reasons outlined above the engagement team determine

this matter to be a key audit matter.

Our audit procedures included amongst others:

We obtained and documented our understanding of the process to determine the NRV of the Group’s work-in-progress and tested

the design and implementation of the key controls therein.

For all new land acquisitions, we inspected purchase contracts and agreed the costs of acquisition including related purchase costs.

We agreed a sample of costs incurred and included in inventory in the year such as direct materials and direct labour costs to

supporting documentary evidence, which included checking that they were allocated to the appropriate site.

We inspected the Group’s NRV reports on a sample basis using audit judgement and challenged the key inputs and assumptions in

the following ways:

(a) We agreed a sample of forecast costs to purchase contracts, supplier agreements or tenders and other relevant documentation.

(b) We compared the forecast sales prices against recent prices achieved for similar properties and properties that were reserved/

contracted to support the validity of the estimated sales price in the forecast.

(c) We enquired as to whether there were any site-specific factors which may indicate that an individual site could be impaired.

(d) Using auditor judgement, we evaluated the sensitivity of the certain forecast development margin to a change in sales prices

and costs and considered whether this indicated a risk of impairment of the inventory balance.

(e) For sites in development, we compared actual unit sales and costs incurred to NRV estimates to assess that NRV estimates were

updated and that the overall expected site margin was adjusted accordingly.

For completed sales, we tested the accuracy of the release from inventory to cost of sales recorded in the general ledger for

consistency with the NRV reports for the relevant sites.

We considered the adequacy of the Group’s disclosures regarding the carrying value of inventory.

We found that the profit margins recognised on completed sales during the year accurately reflected the attributable costs of the

units sold.

Based on evidence obtained, we found that the key assumptions used in the calculations of NRV were within a reasonable range

and supported the carrying value of inventory as at 31 December 2024, and the related disclosures in respect of work-in-progress to

be appropriate.

Due to the nature of the Company’s activities, there are no key audit matters that we are required to communicate in accordance with ISAs (Ireland).

INDEPENDENT AUDITOR’S REPORT

CONTINUED

TO THE MEMBERS OF GLENVEAGH PROPERTIES PLC

173

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Sustainability Statement

Governance Report

Financial Statements

Our application of materiality and an overview of the scope of our audit

Materiality for the Group financial statements and Company financial statements as a whole was

set at €4.7m

(2023: €3.1m)

and €2.7m

(2023: €2.7m)

respectively, determined with reference to

benchmarks of total revenues and total assets (of which it represents 0.5%

(2023: 0.5%)

and 0.5%

(2023: 0.5%)

respectively.

We consider total revenues as we consider to be one of the principal considerations for members of

the Group in assessing its financial performance for the year.

Performance materiality for the Group financial statements and Company financial statements as

a whole was set at €3.5m

(2023: €2.3m)

and €2.0m

(

2023: €2.0m) respectively, determined with

reference to benchmarks of total revenues and total assets.

In applying our judgement in determining performance materiality, we considered a number of

factors including; the low number and value of misstatements detected and the low number and

severity of deficiencies in control activities identified in the prior year financial statement audit.

We applied materiality to assist us determine what risks were significant risks and the procedures to

be performed. We applied materiality to assist us planning and performing the audit, determining

what risks were significant risks and the procedures to be, in evaluating the effect of identified

misstatements on the audit and in forming our audit opinion.

We reported to the Audit and Risk Committee any corrected or uncorrected identified misstatements

exceeding €0.2m

(2023: €0.2m)

, in addition to other identified misstatements that warranted

reporting on qualitative grounds.

Our audit of the Group and Company was undertaken to the materiality and performance

materiality level specified above and was all performed by a single engagement team in Dublin. In

total, we identified 13 (2023: 13) components, having considered the Group’s legal and operational

structure and all components were subject to audit procedures.

Other information

The directors are responsible for the preparation of the other information presented in the Annual

Report together with the financial statements. The other information comprises the information

included in the Directors’ Report, the Strategic Report, the Sustainability Statement, the Corporate

Governance Report, the Audit and Risk Committee Report, the Remuneration Committee Report, the

Nomination Committee Report and the Environmental and Social Responsibility Committee Report.

The financial statements and our auditor’s report thereon do not comprise part of the other

information. Our opinion on the financial statements does not cover the other information and,

accordingly, we do not express an audit opinion or, except as explicitly stated below, any form of

assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether, based on our

financial statements audit work, the information therein is materially misstated or inconsistent with

the financial statements or our audit knowledge. Based solely on that work we have not identified

material misstatements in the other information.

Based solely on our work on the other information undertaken during the course of the audit we

report that, in those parts of the directors’ report specified for our consideration:

we have not identified material misstatements in the directors’ report;

in our opinion, the information given in the directors’ report is consistent with the financial

statements; and

in our opinion, the directors’ report has been prepared in accordance with the Companies

Act 2014.

Corporate governance statement

We have reviewed the directors’ statement in relation to going concern, longer-term viability, that part

of the Corporate Governance Statement relating to the Company’s compliance with the provisions of

the UK Corporate Governance Code and the Irish Corporate Governance Annex.

Based on the work undertaken as part of our audit, we have concluded that each of the following

elements of the Corporate Governance Statement is materially consistent with the financial

statements and our knowledge obtained during the audit:

Directors’ statement with regards the appropriateness of adopting the going concern basis of

accounting and any material uncertainties identified;

Directors’ explanation as to their assessment of the Group’s prospects, the period this assessment

covers and why the period is appropriate;

Director’s statement on whether it has a reasonable expectation that the Group will be able to

continue in operation and meets its liabilities;

Directors’ statement on fair, balanced and understandable and the information necessary for

shareholders to assess the Group’s position and performance, business model and strategy;

Board’s confirmation that it has carried out a robust assessment of the emerging and principal

risks and the disclosures in the annual report that describe the principal risks and the procedures

in place to identify emerging risks and explain how they are being managed or mitigated;

Section of the annual report that describes the review of effectiveness of risk management and

internal control systems; and;

Section describing the work of the audit committee.

The Listing Rules of Euronext Dublin also requires us to review certain elements of disclosures in the

report to shareholders by the Board of Directors’ remuneration committee.

We have nothing to report in this regard.

INDEPENDENT AUDITOR’S REPORT

CONTINUED

TO THE MEMBERS OF GLENVEAGH PROPERTIES PLC

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Glenveagh Properties plc | Annual Report and Accounts 2024

In addition as required by the Companies Act 2014, we report, in relation to information given in the

Corporate Governance Statement on pages 60 to 70, that:

based on the work undertaken for our audit, in our opinion, the description of the main features

of internal control and risk management systems in relation to the financial reporting process, and

information relating to voting rights and other matters required by the European Communities

(Takeover Bids (Directive 2004/EC) Regulations 2006 and specified for our consideration, is

consistent with the financial statements and has been prepared in accordance with the Act;

based on our knowledge and understanding of the Company and its environment obtained in the

course of our audit, we have not identified any material misstatements in that information; and

the Corporate Governance Statement contains the information required by the European Union

(Disclosure of Non-Financial and Diversity Information by certain large undertakings and groups)

Regulations 2017.

We also report that, based on work undertaken for our audit, the information required by the Act is

contained in the Corporate Governance Statement.

Our opinions on other matters prescribed by the Companies Act 2014 are unmodified

We have obtained all the information and explanations which we consider necessary for the

purposes of our audit.

In our opinion the accounting records of the Company were sufficient to permit the financial

statements to be readily and properly audited and the financial statements are in agreement with the

accounting records.

We have nothing to report on other matters on which we are required to report by exception

The Companies Act 2014 requires us to report to you if, in our opinion:

the disclosures of directors’ remuneration and transactions required by Sections 305 to 312 of the

Act are not made;

the Company has not provided the information required by Section 1110N in relation to its

remuneration report for the financial year 31 December 2023;

the Company has not provided the information required by section 5 (2) to (7) of the European

Union (Disclosure of Non-Financial and Diversity Information by certain large undertakings and

groups) Regulations 2017 for the year ended 31 December 2023 as required by the European

Union (Disclosure of Non-Financial and Diversity Information by certain large undertakings and

groups) (amendment) Regulations 2018.

We have nothing to report in this regard.

Respective responsibilities and restrictions on use

Responsibilities of directors for the financial statements

As explained more fully in the directors’ responsibilities statement set out on page 169, the directors

are responsible for: the preparation of the financial statements including being satisfied that

they give a true and fair view; such internal control as they determine is necessary to enable the

preparation of financial statements that are free from material misstatement, whether due to fraud

or error; assessing the Group and Company’s ability to continue as a going concern, disclosing, as

applicable, matters related to going concern; and using the going concern basis of accounting unless

they either intend to liquidate the Group or the Company or to cease operations, or have no realistic

alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a

whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s

report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a

guarantee that an audit conducted in accordance with ISAs (Ireland) will always detect a material

misstatement when it exists. Misstatements can arise from fraud or error and are considered material

if, individually or in the aggregate, they could reasonably be expected to influence the economic

decisions of users taken on the basis of these financial statements.

A fuller description of our responsibilities is provided on IAASA’s website at

https://iaasa.ie/publications/description-of-the-auditors-responsibilities-for-the-audit-of-the-financial-

statements/.

The purpose of our audit work and to whom we owe our responsibilities

Our report is made solely to the Company’s members, as a body, in accordance with Section 391

of the Companies Act 2014. Our audit work has been undertaken so that we might state to the

Company’s members those matters we are required to state to them in an auditor’s report and for no

other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to

anyone other than the Company and the Company’s members, as a body, for our audit work, for this

report, or for the opinions we have formed.

Caroline Flynn

12 March 2025

for and on behalf of

KPMG

Chartered Accountants, Statutory Audit Firm

1 Stokes Place

St. Stephen’s Green

Dublin 2

D02 DE03

INDEPENDENT AUDITOR’S REPORT

CONTINUED

TO THE MEMBERS OF GLENVEAGH PROPERTIES PLC

175

Strategic Report

Sustainability Statement

Governance Report

Financial Statements

Note

2024

€’000

2023

€’000

Revenue

869,197

607,938

Cost of sales

(685,278)

(495,207)

Gross profit

183,919

112,731

Administrative expenses

(51,780)

(41,782)

Operating profit

132,139

70,949

Finance expense

(18,323)

(15,839)

Profit before tax

113,816

55,110

Income tax

(16,061)

(8,002)

Profit after tax attributable to the owners of the Company

97,755

47,108

Items that are or may be reclassified subsequently to profit or loss:

Fair value movement on cashflow hedges

741

(1,240)

Cash flow hedges reclassified to profit or loss

(694)

(383)

Cash flow hedges – deferred tax

394

–

Total other comprehensive income/(loss)

441

(1,623)

Total comprehensive profit for the year attributable of the owners of the Company

98,196

45,485

Basic earnings per share (cents)

17.0

8.0

Diluted earnings per share (cents)

16.9

8.0

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024

176

Glenveagh Properties plc | Annual Report and Accounts 2024

Note

2024

€’000

2023

€’000

Assets

Non-current assets

Goodwill

5,697

Property, plant and equipment

62,404

64,184

Intangible assets

7,277

2,781

Deferred tax asset

1,339

884

76,717

73,546

Current assets

Inventory

864,353

707,600

Trade and other receivables

173,221

77,974

Income tax receivable

–

3,901

Restricted cash

458

Cash and cash equivalents

63,165

71,863

1,101,197

861,796

Total assets

1,177,914

935,342

Equity

Share capital

642

659

Share premium

179,788

179,719

Undenominated capital

418

399

Retained earnings

517,425

450,103

Cashflow hedge reserve

(1,182)

(1,623)

Share-based payment reserve

54,079

48,899

Total equity

751,170

678,156

Liabilities

Non-current liabilities

Loans and borrowings

235,039

112,083

Lease liabilities

3,136

4,230

Derivative contracts

1,576

1,623

Trade and other payables

–

1,750

239,751

119,686

Current liabilities

Trade and other payables

181,235

132,719

Income tax payable

1,350

–

Loans and borrowings

3,129

3,562

Lease liabilities

1,279

1,219

186,993

137,500

Total liabilities

426,744

257,186

Total liabilities and equity

1,177,914

935,342

Conor Murtagh

Stephen Garvey

Director

12 March 2025

CONSOLIDATED BALANCE SHEET

AS AT 31 DECEMBER 2024

177

Strategic Report

Sustainability Statement

Governance Report

Financial Statements

Share Capital

premium

€’000

Share-based

payment

reserve

€’000

Cashflow

hedge reserve

€’000

Retained

earnings

€’000

Total

equity

€’000

Ordinary

€’000

Deferred

€’000

Undenominated

capital

€’000

Balance as at 1 January 2024

578

399

179,719

48,899

(1,623)

450,103

678,156

Total comprehensive profit for the year

Income for the year

–

97,755

Fair value movement on cash flow hedges

–

741

–

741

Cash flow hedges reclassified to profit and loss

–

(694)

–

(694)

Cash flow hedges – deferred tax

–

394

–

394

578

399

179,719

48,899

(1,182)

547,858

776,352

Transactions with owners of the Company

Equity-settled share-based payments

–

5,180

–

5,180

Exercise of options

–

Purchase of own shares (Note 26)

(19)

–

(30,433)

(17)

–

5,180

–

(30,433)

(25,182)

Balance as at 31 December 2024

561

418

179,788

54,079

(1,182)

517,425

751,170

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024

178

Glenveagh Properties plc | Annual Report and Accounts 2024

Share Capital

premium

€’000

Share-based

payment

reserve

€’000

Cashflow

hedge reserve

€’000

Retained

earnings

€’000

Total

equity

€’000

Ordinary

€’000

Deferred

€’000

Undenominated

capital

€’000

Balance as at 1 January 2023

638

335

179,416

46,968

–

465,680

693,118

Total comprehensive profit for the year

Income for the year

–

47,108

Fair value movement on cash flow hedges

–

(1,240)

–

(1,240)

Cash flow hedges reclassified to profit and loss

–

(383)

–

(383)

638

335

179,416

46,968

(1,623)

512,788

738,603

Transactions with owners of the Company

Equity-settled share-based payments

–

2,137

–

2,137

Lapsed share options (Note 14)

–

(206)

–

206

–

Cancellation of deferred shares (Note 26)

–

303

–

303

Exercise of options

–

Purchase of own shares (Note 26)

(64)

–

(62,891)

(60)

–

303

1,931

–

(62,685)

(60,447)

Balance as at 31 December 2023

578

399

179,719

48,899

(1,623)

450,103

678,156

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

CONTINUED

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023

179

Strategic Report

Sustainability Statement

Governance Report

Financial Statements

Note

2024

€’000

2023

€’000

Cash flows from operating activities

Profit for the financial year

97,755

47,108

Adjustments for:

Depreciation and amortisation

2,774

2,373

Finance costs

18,323

15,839

Equity-settled share-based payment expense

5,180

2,137

Tax expense

16,061

8,002

Impairment reversal

(1,991)

–

Loss/(profit) on disposal of property, plant and equipment

(214)

138,110

75,245

Changes in:

Inventories

(150,387)

(18,529)

Trade and other receivables

(95,248)

(19,217)

Trade and other payables

44,817

38,100

Cash (used in)/from operating activities

(62,708)

75,599

Interest paid

(19,864)

(12,009)

Tax paid

(10,871)

(12,732)

Net cash (used in)/from operating activities

(93,443)

50,858

Cash flows from investing activities

Acquisition of property, plant and equipment

(1,835)

(16,361)

Acquisition of intangible assets

(4,982)

(1,477)

Proceeds from the sale of property, plant and equipment

237

959

Net cash used in investing activities

(6,580)

(16,879)

Cash flows from financing activities

Proceeds from loans and borrowings

268,333

381,667

Repayment of loans and borrowings

(145,000)

(347,500)

Transaction costs related to loans and borrowings

(1,087)

(4,318)

Purchase of own shares

(30,433)

(62,891)

Proceeds from exercise of share options

307

Proceeds from derivative settlements

783

295

Payment of lease liabilities

(1,342)

(761)

Net cash from/(used in) financing activities

91,325

(33,201)

Net (decrease)/increase in cash and cash equivalents

(8,698)

778

Cash and cash equivalents at the beginning of the year

71,863

71,085

Cash and cash equivalents at the end of the year

63,165

71,863

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024

Glenveagh Properties plc | Annual Report and Accounts 2024

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024

180

1 Reporting entity

Glenveagh Properties plc (“the Company) is domiciled in the Republic of Ireland. The Company’s

registered office is Block C, Maynooth Business Campus, Maynooth Co. Kildare. These consolidated

financial statements comprise the Company and its subsidiaries (together referred to as “the Group”)

and cover the financial year ended 31 December 2024. The Group’s principal activities are the

construction and sale of houses and apartments for the private buyer, local authorities and the

private rental sector.

2 Statement of compliance

The consolidated financial statements have been prepared in accordance with IFRS(‘s) as adopted

by the European Union which comprise standards and interpretations approved by the International

Accounting Standards Board (IASB), and those parts of the Companies Act 2014, including the

Commission Delegated Regulation 2018/815 regarding the single electronic reporting format (ESEF),

applicable to companies reporting under IFRS and Article 4 of the IAS regulation.

3 Functional and presentation currency

These consolidated financial statements are presented in Euro which is the Company’s functional

currency. All amounts have been rounded to the nearest thousand unless otherwise indicated.

4 Use of judgements and estimates

The preparation of the Group’s financial statements under IFRS(‘s), as adopted by the European

Union, requires the Directors to make judgments and estimates that affect the application of policies

and the reported amounts of assets, liabilities, income, expenses and related disclosures. Actual

results may differ from these estimates.

Critical accounting judgements

Management applies the Group’s accounting policies as described in Note 8 when making critical

accounting judgements. Material accounting judgements impacting these financial statements is

detailed below:

(a) Classification between IAS 2 Inventories and IAS 40 Investment Property

The Group has practically completed an office development in Dublin, costs associated with developing

the asset are held as inventory which is in line with the Group’s business model of developing and selling

units rather than developing and holding units for capital appreciation or rental income. The office is

currently held for sale and the intention of the Group is to sell the office. Currently a small portion of the

office space is being leased out with the intention to support the sales process which is in the normal

operating cycle. Revenue generated from the leases are not material to the Group.

Under IAS 40, the office would be classified as an investment property carried at fair value with

any subsequent revaluation being recognised through the statement of profit and loss and other

comprehensive income.

Management has reviewed and considered the relevant scenarios under IAS 2 and IAS 40 and

concluded that the development is appropriately classified as inventory under IAS 2.

No other individual judgement is deemed to have a significant impact upon the financial statements.

Key sources of estimation uncertainty

The key source of significant estimation uncertainty impacting these financial statements involves

assessing the carrying value of inventories as detailed below.

(a) Carrying value of work-in-progress, estimation of costs to complete and impact on

profit recognition

The Group holds inventories stated at the lower of cost and net realisable value. Such inventories

include land and development rights, work-in-progress and completed units. As residential

development is largely speculative by nature, not all inventories are covered by forward sales

contracts. Furthermore, due to the nature of the Group’s activity and, in particular the scale of

its developments and the length of the development cycle, the Group has to allocate site-wide

development costs between units being built and/or completed in the current year and those for

future years. It also has to forecast the costs to complete on such developments.

These estimates impact management’s assessment of the net realisable value of the Group’s

inventory balance and also determine the extent of profit or loss that should be recognised in respect

of each development in each reporting period.

In making such assessments and allocations, there is a degree of inherent estimation uncertainty. The

Group has established internal controls designed to effectively assess and centrally review inventory

carrying values and ensure the appropriateness of the estimates made. These assessments and

allocations evolve over the life of the development in line with the risk profile, and accordingly, the

margin recognised reflects these evolving assessments, particularly in relation to the Group’s long-term

developments. The impact of sustainability and other macroeconomic factors have been considered in

the Group’s assessment of the carrying value of its inventories at 31 December 2024, particularly with

regard to the potential implications for future selling prices, development expenditure and construction

programming. Management has considered a number of scenarios on each of its active developments

and the consequential impact on future profitability based on current facts and circumstances together

with any implications for future projects in undertaking its net realisable value calculations.

As part of the assessment, the Group has re-evaluated its most likely exit strategies on all

developments in the context of the current market environment and reflected these in revenue

assumptions within the forecast models. The results of this exercise determined that the net

impairment reversal required for the period was €2.0 million (

2023: Nil

) in respect of its previously

impaired non-core sites. Further detail in respect of the reversal of impairment for the year is included

in Note 19.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

CONTINUED

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024

Strategic Report

Governance Report

Sustainability Statement

Financial Statements

181

5 Measurement of fair values

A number of the Group’s accounting policies and disclosures require the measurement of fair values,

both for financial and non-financial assets and liabilities.

The Group has an established control framework with respect to the measurement of fair values.

This includes a valuation team that has overall responsibility for overseeing all significant fair value

measurements, including Level 3 fair values and reports directly to the chief financial officer.

The valuation team regularly reviews significant unobservable inputs and valuation adjustments. If

third party information, such as broker quotes or pricing services, is used to measure fair values, then

the valuation team assess the evidence obtained from the third parties to support the conclusion that

these valuations meet the requirements of the Standards, including the level in the fair value hierarchy

in which the valuations should be classified.

Significant valuation issues are reported to the Group’s Audit and Risk committee.

Fair value is defined in IFRS 13, Fair Value Measurement, as the price that would be received to sell

an asset or paid to transfer a liability in an orderly transaction between market participants at the

measurement date. When measuring the fair value of an asset or liability, the Group uses market

observable data as far as possible. Fair values are categorised into different levels in a fair value

hierarchy based on the inputs used in the valuation techniques as follows:

Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability,

either directly (i.e. as prices) or indirectly (i.e. derived from prices).

Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).

Further information about the assumptions made in measuring fair values is included in the following notes:

Note 14 Share-based payments arrangements;

Note 21 Trade and other payables;

Note 24 Derivatives and cashflow hedge reserve; and

Note 27 Financial instruments and financial risk management.

6 Changes in material accounting policies

Amendments to standard IFRS 16 Leases: amendments to Lease Liability in a Sale and Leaseback,

IAS 7 Statement of cash flows and IFRS 7 Financial Instruments: Disclosures: amendments to Supplier

Finance Arrangements are effective from 1 January 2024 but they do not have a material effect on

the Group’s financial statements.

(i) New material accounting policies

New and amended standards adopted by the Group

(a) IAS 1 – Classification of Liabilities as Current and Non-Current Liabilities with Covenants

The Group has adopted

Classification of Liabilities as Current and Non-Current Liabilities with

Covenants – Amendments to IAS 1

, from 1 January 2024. The amendments apply retrospectively for

annual reporting periods beginning on or after 1 January 2024. They clarify certain requirements

for determining whether a liability should be classified as current or non-current and require new

disclosures for non-current liabilities that are subject to covenants within 12 months after the reporting

period. The Group’s liabilities were not impacted by the amendments in the current and comparative

financial years.

(b) IFRS 18 – Presentation and Disclosure in Financial Statements

IFRS 18 will replace IAS 1 Presentation of Financial Statements and applies for annual reporting

periods beginning on or after 1 January 2027. The new standard introduces the following key

new requirements:

Entities re required to classify all income and expenses into five categories in the statement

of profit or loss and other comprehensive income, namely the operating, investing, financing,

discontinued operations and income tax categories. Entities are also required to present a newly

defined operating profit subtotal. Entities’ net profit will not change.

Management defined performance measures (MPMs) are disclosed in a single note in the

financial statements.

Enhanced guidance is provided on how to group information in the financial statements.

In addition, all entities are required to use the operating profit subtotal as the starting point for the

statement of cash flows when presenting operating cash flows under the indirect method.

The Group is still in the process of assessing the impact of the new standard, particularly with

respect to the structure of the Group’s statement of profit or loss and other comprehensive income,

the statement of cash flows and the additional disclosures required for MPM’s. The Group is also

assessing the impact on how information is grouped in the financial statements including for items

currently labelled as ‘other’.

There have been no other changes to material accounting policies during the financial year ended to

31 December 2024.

(ii) Other standards

The Group has not adopted the following new and amended standards early, and instead intends

to apply them from their effective date as determined by the date of EU endorsement. The potential

impact of these amendments to standards on the Group is under review:

IAS 21 The Effects of Changes in Foreign Exchange Rates:

Lack of exchangeability (amendment)

IFRS 10 Consolidated Financial Statements and IAS 28 Investments in Associates and

Joint Ventures:

Sale or contribution of assets between an investor and its associate or joint

venture (amendment)

IFRS 19 Subsidiaries without Public Accountability

(disclosures)

IFRS 7 Financial Instruments: Disclosures and IFRS 9 Financial Instruments:

Contracts Referencing

Nature-dependent Electricity (amendment)

IFRS 7 Financial Instruments: Disclosures and IFRS 9 Financial Instruments:

Amendments to the

Classification and Measurement of Financial Instruments (amendment)

7 Going concern

The Group has recorded a profit before tax of €113.8 million (2023: €55.1 million). The Group has an

unrestricted cash balance of €38.2 million

(31 December 2023: €46.9 million)

exclusive of the minimum

cash balance of €25.0 million which the Group is required to maintain under the terms of its debt

facilities. The Group has committed undrawn funds available of €190.0 million

(31 December 2023:

€233.3 million).

7 Going concern continued

Glenveagh Properties plc | Annual Report and Accounts 2024

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

CONTINUED

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024

182

Management has prepared a detailed cash flow forecast to assess the Group’s ability to continue as a

going concern for at least a period of twelve months from the signing of these financial statements. The

preparation of this forecast considered the principal risks facing the Group, including those risks that could

threaten the Group’s business model, future performance, solvency or liquidity over the forecast period.

These principal risks and uncertainties and the steps taken by the Group to mitigate them are detailed

on pages 51 to 57 of the Risk Management Report. The Group’s business activities, together with the

factors likely to affect its future development are outlined on pages 3 to 49 of the Strategic Report. Further

disclosures regarding the Group’s loans and borrowings are provided in Note 22.

The Group is forecasting compliance with all covenant requirements under the current facilities including

the interest cover covenant which is based on earnings before interest, tax, depreciation and amortisation

(EBITDA) excluding any non-cash impairment charges or reversals. Total debt must not exceed adjusted

EBITDA by a minimum of 4 times, this is calculated on both a forward and trailing twelve-month basis.

Other assumptions within the forecast include the Group’s expected selling prices and sales strategies as

well as its investment in work in progress which reflect updated development programmes.

Based on the forecasts modelled, the Directors have assessed the Group’s going concern status for

the foreseeable future. Having considered the Group’s cash flow forecasts, the Directors are satisfied

that the Group has the appropriate working capital management strategy, operational flexibility, and

resources in place to continue in operational existence for the foreseeable future. Accordingly, these

consolidated financial statements have been prepared on a going concern basis.

8 Material accounting policies

The Group has consistently applied the following accounting policies to all periods presented in these

consolidated financial statements, except if mentioned otherwise.

8.1 Basis of consolidation

(i) Business combinations

The Group accounts for business combinations using the acquisition method when control is

transferred to the Group. The consideration transferred in the acquisition is generally measured at

fair value, as are the identifiable net assets acquired. Any goodwill that arises is tested annually for

impairment. Any gain on a bargain purchase is recognised in profit or loss immediately. Transaction

costs are expensed as incurred, except if related to the issue of debt or equity securities.

The consideration transferred does not include amounts related to the settlement of pre-existing

relationships. Such amounts are generally recognised in profit or loss. Any contingent consideration

is measured at fair value at the date of acquisition. If an obligation to pay contingent consideration

that meets the definition of a financial instrument is classified as equity, then it is not remeasured,

and settlement is accounted for within equity. Otherwise, other contingent consideration is

remeasured at fair value each reporting date and subsequent changes in the fair value of the

contingent consideration are recognised in profit or loss.

(ii) Subsidiaries

Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or

has rights to, variable returns from its involvement with the entity and has the ability to affect those returns

through its power over the entity. The financial statements of subsidiaries are included in the consolidated

financial statements from the date on which control commences until the date on which control ceases.

(iii) Joint operations

Joint operations arise where the Group has joint control of an operation with other parties, in which

the parties have direct rights to the assets and obligations of the operation. The Group accounts for

its share of the jointly controlled assets and liabilities and income and expenditure on a line by line

basis in the consolidated financial statements.

(iv) Transactions eliminated on consolidation

Intra-group balances and transactions, and any unrealised income and expenses arising from intra-

group transactions, are eliminated.

8.2 Revenue

The Group develops and sells residential properties and non-core land in addition to developing land

under development agreements with third parties.

(i) Housing and land sales

Revenue is recognised at the point in time when control over the property has been transferred to the

customer, which occurs at legal completion.

(ii) Development revenue

Revenue arising on contracts under a development agreement which give the customer control

over properties as they are constructed, and for which the Group has a right to payments for work

performed, is recognised over time. Revenue and costs are recognised over time with reference to

the stage of completion of the contract activity at the balance sheet date where the outcome of a

contract can be estimated reliably. This is measured by surveys of work performed to date.

Variations in contract work, claims and incentive payments are included to the extent that it is

probable that they will result in revenue, and they are capable of being reliably measured.

An assessment is required to determine whether a land sale is a separate performance obligation.

When land is transferred at the start of a forward fund contract, revenue is not recognised until

control has been transferred to the customer which includes legal title being passed to them. When

the separate performance obligation is not satisfied, revenue is recognised under the input method.

Where the outcome of a forward fund contract cannot be estimated reliably, contract revenue where

recoverability is probable is recognised to the extent of contract costs incurred. The costs associated

with fulfilling a contract are recognised as expenses in the period in which they are incurred. When it

is probable that total contract costs will exceed total contract revenue, the expected loss is recognised

as an expense immediately.

8.3 Expenditure

Expenditure recorded in inventory is expensed through cost of sales at the time of the related

property sale. The amount of cost related to each property includes its share of the overall site costs.

Expenditure related to revenue recognised over time is expensed through cost of sales on an inputs

basis. Administration expense is recognised in respect of goods and services received when supplied

in accordance with contractual terms.

Expenditure on research activities is recognised in profit or loss as incurred.

8 Material accounting policies

continued

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

CONTINUED

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024

Strategic Report

Governance Report

Sustainability Statement

Financial Statements

183

8.4 Taxation

Income tax expense comprises current and deferred tax. It is recognised in profit or loss except to the

extent that it relates to a business combination, or items recognised directly in equity or in OCI.

To address concerns about uneven profit distribution and tax contributions of large multinational

corporations, various agreements have been reached at a global level, including an agreement

by over 135 jurisdictions to introduce a global minimum tax rate of 15%. In December 2022, the

Organisation for Economic Co-operation and Development (“OCED”) released a draft legislative

framework that is expected to be used by individual jurisdictions that signed the agreement to

amend their local tax laws. The Republic of Ireland has enacted the new legislation, however, based

on the current criteria there is no current tax impact in the financial year as the Group is not in scope

of the legislation (

2023: €Nil

(i) Current tax

Current tax comprises the expected tax payable or receivable on the taxable income or loss for the

year and any adjustment to the tax payable or receivable in respect of previous years. The amount of

current tax payable or receivable is the best estimate of the tax amount expected to be paid or

received that reflects uncertainty related to income taxes, if any. It is measured using tax rates

enacted or substantively enacted at the reporting date. Current tax also includes any tax arising from

dividends. Current tax assets and liabilities are offset only if certain criteria are met.

(ii) Deferred tax

Deferred tax is recognised in respect of temporary differences between the carrying amounts of

assets and liabilities for financial reporting purposes and the amounts used for taxation purposes.

Deferred tax is not recognised for:

temporary differences on the initial recognition of assets or liabilities in a transaction that is not a

business combination and that affects neither accounting nor taxable profit or loss and does not

give rise to equal taxable and deductible temporary differences;

temporary differences related to investments in subsidiaries, associates and joint arrangements to

the extent that the Group is able to control the timing of the reversal of the temporary differences

and it is probable that they will not reverse in the foreseeable future; and

taxable temporary differences arising on the initial recognition of goodwill.

Deferred tax assets are recognised for unused tax losses, unused tax credits and deductible

temporary differences to the extent that it is probable that future taxable profits will be available

against which they can be used. Future taxable profits are determined based on the reversal of

relevant taxable temporary differences.

If the amount of taxable temporary differences is insufficient to recognise a deferred tax asset in full,

then future taxable profits, adjusted for reversals of existing temporary differences, are considered,

based on the business plans for individual subsidiaries in the Group. Deferred tax assets are reviewed

at each reporting date and are reduced to the extent that it is no longer probable that the related

tax benefit will be realised; such reductions are reversed when the probability of future taxable profits

improves. Once changes to the tax laws in any jurisdiction in which the Group operates are enacted

or substantively enacted, the Group may be subject to the top-up tax. Currently, the Group operates

solely in the Republic of Ireland, based on current criteria there is no current tax impact.

Unrecognised deferred tax assets are reassessed at each reporting date and recognised to the

extent that it has become probable that future taxable profits will be available against which they

can be used.

Deferred tax is measured at the tax rates that are expected to be applied to temporary difference

when they reverse, using tax rates enacted or substantively enacted at the reporting date, and

reflects uncertainty related to income taxes, if any.

The measurement of deferred tax reflects the tax consequences that would follow from the manner in

which the Group expects, at the reporting date, to recover or settle the carrying amount of its assets

and liabilities.

8.5 Share-based payment arrangements

The grant date fair value of equity-settled share-based payment arrangements granted to employees

is generally recognised as an expense, with a corresponding increase in equity, over the vesting

period of the awards. The amount recognised as an expense is adjusted to reflect the number

of awards for which the related service and non-market performance conditions are expected to

be met, such that the amount ultimately recognised is based on the number of awards that meet

the related service and non-market performance conditions at the vesting date. For share-based

payment awards with non-vesting conditions or market conditions, the grant date fair value of the

share-based payment is measured to reflect such conditions and there is no true-up for differences

between expected and actual outcomes.

Certain performance conditions in respect of share-based payment awards can be subject to

adjustment by the Remuneration Committee at its discretion, for items deemed not reflective of the

Group’s underlying performance for the financial year. For these share-based payment arrangements

which are based on non-market conditions, the Group remeasures the fair value and related expense

of the award at the reporting date.

8.6 Exceptional items

Exceptional items are those that are separately disclosed by virtue of their nature or amount in order

to highlight such items within the consolidated statement of profit or loss for the financial year. Group

management exercises judgement in assessing each particular item which, by virtue of its scale

or nature, should be highlighted as an exceptional item. Exceptional items are included within the

profit or loss caption to which they relate. During the financial year, there were no income or costs

considered exceptional items.

8.7 Property, plant and equipment

Property, plant and equipment is carried at historic purchase cost less accumulated depreciation.

Cost includes the original purchase price of the asset and the costs attributable to bringing the asset

to its working condition for its intended use. Depreciation is provided to write off the cost of the

assets on a straight-line basis to their residual value over their estimated useful lives at the following

annual rates:

>	Buildings	2.5%
>	Plant and machinery	14-20%
>	Fixtures and fittings	20%
>	Computer Equipment	33%

8 Material accounting policies

continued

8.7 Property, plant and equipment

continued

Glenveagh Properties plc | Annual Report and Accounts 2024

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

CONTINUED

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024

184

The assets’ residual values, carrying values and useful lives are reviewed on an annual basis and

adjusted if appropriate at each reporting date.

Where an impairment is identified, the recoverable amount of the asset is identified and an

impairment loss, where appropriate, is recognised in the statement of profit or loss and other

comprehensive income.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount

and are recognised within administration expenses in the statement of profit or loss and other

comprehensive income.

Subsequent expenditure is capitalised only if it is probable that the future economic benefits

associated with the expenditure will flow to the Group.

8.8 Intangible assets

Goodwill arising on the acquisition of subsidiaries is measured at cost less accumulated impairment losses.

Goodwill impairments are not reversed. Goodwill is not amortised but is subject to impairment testing on

an annual basis and at any time during the year if an indicator of impairment is considered to exist. The

annual goodwill impairment tests are undertaken at a consistent time in each annual period.

Development expenditure is capitalised only if the expenditure can be measured reliably, the product

or process is technically and commercially feasible, future economic benefits are probable and the

Group intends to and has sufficient resources to complete development and to use or sell the asset.

Otherwise, it is recognised in profit or loss as incurred. Subsequent to initial recognition, development

expenditure is measured at cost less accumulated amortisation and any accumulated impairment

losses. Capitalised development expenditure has an indefinite useful life.

Indefinite life intangible assets are those for which there is no foreseeable limit to their expected

useful life. The classification of intangible assets as indefinite is assessed annually.

Subsequent expenditure is capitalised only if it is probable that the future economic benefits

associated with the expenditure will flow to the Group.

Computer software is capitalised as intangible assets as acquired and amortised on a straight-line

basis over its estimated useful life of 3 years, in line with the period over which economic benefit from

the software is expected to be derived.

Licence costs are capitalised as intangible assets as acquired and amortised on a straight-line basis

over their estimated useful life in line with the period over which economic benefit from the software

is expected to be derived.

The assets’ useful lives and residual values are reviewed and adjusted, if appropriate, at each

reporting date.

8.9 Inventory

Inventory comprises property in the course of development, completed units, land and land development

rights. Inventories are valued at the lower of cost and net realisable value. Direct cost comprises the

cost of land, raw materials and development costs but excludes indirect overheads. Land purchased for

development, including land in the course of development, is initially recorded at cost. Where such land is

purchased on deferred settlement terms, and the cost differs from the amount that will subsequently be

paid in settling the liability, this difference is charged as a finance cost in the statement of profit or loss

and other comprehensive income over the period to settlement. A provision is made, where appropriate, to

reduce the value of inventories and work-in-progress to their net realisable value.

Raw material and finished good stock are valued at the lower of cost and net realisable value.

Stocks are determined on a first-in first-out basis. Cost comprises expenditure incurred in the normal

course of business in bringing stocks to their present location and condition. Full provision is made for

obsolete and slow-moving items. Net realisable value comprises actual or estimated selling price (net

of trade discounts) less all further costs to completion or to be incurred in marketing and selling.

8.10 Financial instruments

Financial assets and financial liabilities

Under IFRS 9, financial assets and financial liabilities are initially recognised at fair value and are

subsequently measured based on their classification as described below. Their classification depends

on the purpose for which the financial instruments were acquired or issued, their characteristics and

the Group’s designation of such instruments. The standards require that all financial assets and

financial liabilities be classified as fair value through profit or loss (“FVTPL”), amortised cost, or fair

value through other comprehensive income (“FVOCI”).

Classification of financial instruments

The following summarises the classification and measurement the Group has elected to apply to

each of its significant categories of financial instruments:

Type	IFRS 9 Classification
Financial assets
Cash and cash equivalents	Amortised cost
Trade receivables	Amortised cost
Contract assets	Amortised cost
Other receivables	Amortised cost
Amounts recoverable on construction contracts	Amortised cost
Restricted cash	Amortised cost
Deposits for sites	Amortised cost
Construction bonds	Amortised cost
Financial liabilities
Lease liabilities	Amortised cost
Trade payables	Amortised cost
Inventory accruals	Amortised cost
Other accruals	Amortised cost
Loans and borrowings	Amortised cost
Derivative contracts	Fair value (cash flow hedge accounting)
Contingent consideration	Fair value through profit or loss

8 Material accounting policies

continued

8.10 Financial instruments

continued

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

CONTINUED

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024

Strategic Report

Governance Report

Sustainability Statement

Financial Statements

185

Cash and cash equivalents

Cash and cash equivalents include cash, short-term investments with an original maturity of three

months or less and minimum cash balances required under the terms of the debt facilities. Interest

earned or accrued on these financial assets is included in finance income.

Trade and other receivables

Such receivables are included in current assets, except for those with maturities more than 12 months

after the reporting date, which are classified as non-current assets. Loans and other receivables are

included in trade and other receivables on the statement of financial position and are accounted for

at amortised cost. These assets are subsequently measured at amortised cost. The amortised cost is

reduced by impairment losses. The Group recognises impairment losses on an ‘expected credit loss’

model (ECL model) basis in line with the requirements of IFRS 9. Interest income and impairment are

recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss.

Amounts recoverable on construction contracts

Amounts recoverable on construction contracts includes recoverable revenue recognised over time

with reference to the stage of completion arising on contracts under a development agreement which

are receivable within 12 months of the reporting date.

Contract assets

Contract assets are amounts recoverable on long-term contracts where revenue is recognised

over time.

Deposits for sites

Deposits for sites includes a percentage amount paid of the total purchase price for the acquisition of

land intended for development.

Restricted cash

Restricted cash includes cash amounts which are classified as current assets and held in escrow until

the completion of certain criteria.

Construction bonds

Construction bonds includes amounts receivable in relation to the completion of construction

activities on sites. These assets are included in trade and other receivables on the consolidated

balance sheets and are accounted for at amortised cost.

Derivative contracts

Derivative contracts are contracts for interest rate swaps to manage the interest rate risk arising from

floating rate borrowings. Derivatives are initially recognised at fair value on the date a derivative

contract is entered into, and they are subsequently remeasured to their fair value at the end of each

reporting period.

Financial liabilities

Financial liabilities such as inventory accruals and other accruals are recorded at amortised cost and

include all liabilities.

Loans and borrowings

Loans and borrowings include debt facilities, interest accrued and borrowing costs classified as

current and non-current liabilities.

Contingent consideration

Contingent consideration includes amounts payable if conditions pertaining to the business

combination are satisfied.

8.11 Provisions

Provisions are recognised when the Group has a present legal or constructive obligation as a result of

past events and it is probable that an outflow of resources will be required to settle that obligation,

and the amount has been reliably estimated.

Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects

current market assessments of the time value of money and the risks specific to the liability, where the effect

of discounting is considered significant. The unwinding of the discount is recognised as a finance cost.

8.12 Pensions

The Group operates a defined contribution scheme. The assets of the scheme are held separately

from those of the Group in a separate fund. Obligations for contributions to defined contribution

plans are expensed as the related service is provided.

8.13 Leases

At the inception of a contract, the Group assess whether a contract is, or contains, a lease. A contract

is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a

period of time in exchange for consideration.

(i) As a lessee

At commencement or on modification of a contract that contains a lease component, the Group

allocates the consideration in the contract to each lease component and non-lease component on

the basis of its relative stand-alone prices. However, for the leases of property the Group has elected

not to separate non-lease components and account for the lease and non-lease components as a

single lease component.

The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The

right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability

adjusted for any lease payments made at or before the commencement date, plus any initial direct

costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore

the underlying asset or the site on which it is located, less any lease incentives received.

8 Material accounting policies

continued

8.13 Leases

continued

(i) As a lessee continued

Glenveagh Properties plc | Annual Report and Accounts 2024

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

CONTINUED

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024

186

The right-of-use asset is subsequently depreciated using the straight-line method from the

commencement date to the end of the lease term, unless the lease transfers ownership of the

underlying asset to the Group by the end of the lease term or the cost of the right-of-use asset

reflects that the Group will exercise a purchase option. In that case the right-of-use asset will be

depreciated over the useful life of the underlying asset, which is determined on the same basis as

those of property and motor vehicles. In addition, the right-of-use asset is periodically reduced by

impairment losses, if any, and adjusted for certain remeasurements of the lease liability.

The lease liability is initially measured at the present value of the lease payments that are not paid

at the commencement date, discounted using the interest rate implicit in the lease, or, if that rate

cannot be readily determined, the Group’s incremental borrowing rate. Generally, the Group uses its

incremental borrowing rate as the discount rate.

The Group determines its incremental borrowing rate with reference to its current financing sources

and makes certain adjustments to reflect the terms of the lease and type of the asset leased.

Lease payments included in the measurement of the lease liability comprise fixed payments, including

in-substance fixed payments;

The lease liability is measured at amortised cost using the effective interest method. It is remeasured

when there is a change in the future lease payments arising from a change in an index or rate, if

there is a change in the Group’s estimate of the amount expected to be payable under a residual

value guarantee, if the Group changes its assessment of whether it will exercise a purchase, extension

or termination option or if there is a revised in-substance fixed lease payment.

When the lease liability is remeasured in this way, a corresponding adjustment is made to the

carrying amount of the right-of-use asset or is recorded in profit or loss if the carrying amount of the

right-of-use asset has been reduced to zero.

The Group presents right-of-use assets that do not meet the definition of investment property

in ‘property, plant and equipment’ and lease liabilities in ‘lease liability’ in the statement of

financial position.

Short-term leases and leases of low-value assets

The Group has elected not to recognise right-of-use assets and lease liabilities for leases of low-value

assets and short-term lease. The Group recognises the lease payments associated with these leases

as an expense on a straight-line basis over the lease term in the income statement.

8.14 Share capital

(i) Ordinary shares

Incremental costs directly attributable to the issue of ordinary shares are recognised as a deduction

from equity (retained earnings).

8.15 Finance income and costs

The Group’s finance income and finance costs include:

Interest income

Interest expense

Lease interest

Interest income, interest expense and lease interest is recognised using the effective interest method.

8.16 Derivative contracts and hedge accounting

Derivatives are initially recognised at fair value on the date a derivative contract is entered into,

and they are subsequently remeasured to their fair value at the end of each reporting period. The

accounting for subsequent changes in fair value depends on whether the derivative is designated as

a hedging instrument and, if so, the nature of the item being hedged.

The group designates certain derivatives as hedges of a particular risk associated with the cash flows

of recognised assets and liabilities and highly probable forecast transactions (cash flow hedges).

Changes in the fair value of derivative hedging instruments designated as cash flow hedges are

recognised in other comprehensive income to the extent that the hedge is effective. The gain or loss

relating to the ineffective portion is recognised immediately in profit or loss.

Amounts accumulated in other comprehensive income are reclassified to profit or loss in the same

periods that the hedged items affect profit or loss. The reclassified gain or loss relating to the

effective portion of interest rate swaps hedging variable rate borrowings is recognised in profit or loss

within finance income or costs respectively.

If the hedging instrument no longer meets the criteria for hedge accounting, expires or is sold,

terminated or exercised, then hedge accounting is discontinued prospectively. The cumulative gain or

loss previously recognised in other comprehensive income remains there until the forecast transaction

occurs, unless the hedged transaction is no longer expected to occur, in which case the cumulative

gain or loss that was previously recognised in other comprehensive income is transferred to profit

and loss.

At inception of the hedge relationship, the group documents the economic relationship between

hedging instruments and hedged items, including whether changes in the cash flows of the hedging

instruments are expected to offset changes in the cash flows of hedged items. The group documents

its risk management objective and strategy for undertaking its hedge transactions.

The full fair value of a hedging derivative is classified as a non-current asset or liability when the

remaining maturity of the hedged item is more than 12 months; it is classified as a current asset or

liability when the remaining maturity of the hedged item is less than 12 months.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

CONTINUED

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024

Strategic Report

Governance Report

Sustainability Statement

Financial Statements

187

9 Segmental information

The Group has considered the requirements of IFRS 8

Operating Segment

s in the context of how the

business is managed and resources are allocated.

The Group is organised into three key reportable segments, being Suburban, Urban and Partnerships.

Internal reporting to the Chief Operating Decision Maker (“CODM”) is provided on this basis. The

CODM has been identified as the Executive Committee.

The Group currently operates solely in the Republic of Ireland and therefore no geographically

segmented financial information is provided.

Suburban

The Suburban segment is focussed primarily on high quality housing (with some low rise apartments)

with demand coming from private buyers and institutions. Our core Suburban product is affordable

and located in well serviced communities predominantly in the Greater Dublin Area and Cork.

Urban

Urban’s strategic focus is developing apartments to deliver to institutional investors and state

agencies. The apartments are located primarily in Dublin and Cork, but also on sites adjacent to

significant rail transportation hubs. Urban’s strategy is to deliver the product to institutional investors

through a forward sale, or forward fund transaction providing longer term earnings visibility.

Partnerships

A Partnership will typically involve the Government, local authorities, or state agencies contributing

their land on a reduced cost, or phased basis into a development agreement with Glenveagh. A

significant portion of the product is delivered back to the government or local authority via social and

affordable homes. This provides longer term access to both land and unit deliveries for the business

and provides financial incentive by reducing risk from a sales perspective.

As outlined in the Group Trading Statement on 10 January 2025, the Group’s activities have been

restructured from 2025 onwards into new operating segments being Homebuilding and Partnerships

with internal reporting to the CODM being modified to reflect this new structure. As such, segmental

information will be presented in line with this new structure and the requirements of IFRS 8 Operating

Segments in future reporting periods.

Segmental financial results

	2024	2023
	€’000	€’000
Revenue
Suburban	631,280	470,820
Urban	117,906	120,122
Partnerships	120,011	16,996
Revenue for reportable segments	869,197	607,938

	2024	2023
	€’000	€’000
Operating profit/(loss)
Suburban	123,929	79,872
Urban	19,780	12,367
Partnerships	17,878	513
Operating profit for reportable segments	161,587	92,752
Reconciliation to results for the financial year
Segment results	161,587	92,752
Finance expense	(18,323)	(15,839)
Directors’ remuneration	(3,492)	(3,488)
Corporate function payroll costs	(8,358)	(5,871)
Depreciation and amortisation	(2,774)	(2,449)
Professional fees	(4,499)	(3,075)
IT costs	(2,748)	(2,060)
Share-based payment expense	(5,180)	(2,137)
(Loss)/profit on sale of property, plant and equipment	(8)	214
Other corporate costs	(2,389)	(2,937)
Profit before tax	113,816	55,110

Excluding profit on the sale of property, plant and equipment, there are no individual costs included

within other corporate costs that is greater than the amounts listed in the above table.

9 Segmental information

continued

Glenveagh Properties plc | Annual Report and Accounts 2024

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

CONTINUED

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024

188

Segment assets and liabilities

	31 December 2024				31 December 2023
	Suburban	Urban	Partnerships	Total	Suburban	Urban	Partnerships	Total
	€’000	€’000	€’000	€’000	€’000	€’000	€’000	€’000
Segment assets	672,292	240,012	130,245	1,042,549	555,329	185,525	49,865	790,719
Reconciliation to Consolidated Balance Sheet
Deferred tax asset	–	–	–	1,339	–	–	–	884
Trade and other receivables	–	–	–	1,180	–	–	–	1,010
Cash and cash equivalents	–	–	–	63,165	–	–	–	71,863
Property, plant and equipment	–	–	–	62,404	–	–	–	64,184
Income tax receivable	–	–	–	–	–	–	–	3,901
Intangible assets	–	–	–	7,277	–	–	–	2,781
	–	–	–	1,177,914	–	–	–	935,342
Segment liabilities	135,287	9,764	24,778	169,829	92,520	15,191	19,395	127,106
Reconciliation to Consolidated Balance Sheet
Trade and other payables	–	–	–	11,406	–	–	–	7,363
Loans and Borrowings	–	–	–	238,168	–	–	–	115,645
Derivative contracts	–	–	–	1,576	–	–	–	1,623
Lease liabilities	–	–	–	4,415	–	–	–	5,449
Income tax payable	–	–	–	1,350	–	–	–	–
	–	–	–	426,744	–	–	–	257,186

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

CONTINUED

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024

Strategic Report

Governance Report

Sustainability Statement

Financial Statements

189

10 Revenue

	2024	2023
	€’000	€’000
Suburban
Core	631,280	470,820
Non-core	–	–
	631,280	470,820
Urban
Core	117,247	95,561
Non-core	659	24,561
	117,906	120,122
Partnerships
Core	120,011	16,996
	120,011	16,996
Total Revenue	869,197	607,938

The Group has presented revenue as a split between core and non-core by business segment. This

split is consistent with internal reporting to the Chief Operating Decision Maker (“CODM”).

Core suburban product relates to starter homes for first time buyers. Core urban product relates

primarily to apartments suitable for institutional investors. Non-core suburban and urban product

relates to high-end, private developments and sites. These revenues are recognised at a point in time.

Suburban core revenue includes development revenue recognised in the financial year related to the

development of the site at Mount Woods and amounted to €7.5 million (

2023: €Nil

) with €6.3 million

(

2023: €Nil

) outstanding in contract receivables (Note 20) at the year end.

Urban core revenue includes income from the sale of land and development revenue from

construction contracts that are recognised over time by reference to the stage of completion of the

contract with the customer. Development revenue recognised in the financial year related to the

development of the sites at Barn Oaks Apartments, Castleforbes, Carpenterstown, and Foxwood

Barn Apartments and amounted to €42.6 million (

2023: €95.6 million

) with €32.3 million (

2023:

€25.5 million

) outstanding in contract receivables (Note 20) at the year end. Land revenue associated

with forward fund construction contracts amounted to €3.7 million (

2023: €Nil

) in the financial year,

revenue from land sales generated an immaterial profit in the financial year. The payment terms for

these contracts are between 30 and 90 days.

Partnerships core revenue includes income from the sale of units recognised at a point in time and

development revenue from construction contracts that are recognised over time by reference to the stage

of completion of the contract with the customer. Development revenue recognised in the financial year

related to the development of the sites at Ballymastone and Oscar Traynor Road and amounted to €92.9

million (

2023: €17.0 million

) with €79.2 million (

2023: €17.0 million

) outstanding in contract assets (Note

20) at the year end. Land revenue associated with construction contracts amounted to €0.9 million (

2023:

€Nil

) in the financial year, revenue from land sales generated an immaterial profit in the financial year.

All revenue is earned in the Republic of Ireland.

11 Finance Expense

	2024	2023
	€’000	€’000
Interest on secured bank loans	18,859	16,084
Cash flow hedges-reclassified from other comprehensive income	(694)	(383)
Finance cost on lease liabilities	158	138
	18,323	15,839

12 Statutory and other information

	2024	2023
	€’000	€’000
Amortisation of intangible assets (Note 18)	522	534
Depreciation of property, plant and equipment (Note 17)*	6,587	5,159
Employment costs (Note 13)	60,314	46,264
Loss/(profit) on disposal of property, plant and equipment	8	(214)
Audit of Group, Company and subsidiary financial statements	330	280
Other assurance services	218	20
Tax advisory services	103	67
Tax compliance services	39	36
Other non-audit services	13	25
	703	428
Directors’ remuneration
Salaries, fees and other emoluments	3,440	3,438
Pension contributions	52	50
	3,492	3,488

Includes €4.4 million (

2023: €3.3 million

) capitalised in inventory during the year ended 31 December 2024.

Included in the auditor’s remuneration for the Group is an amount of €0.02 million (

2023: €0.025 million

) that relates to the

Company’s financial statements.

SBM-1

1 Disclosure point incorporated by reference in this section: SBM-1 40(a) iii

Glenveagh Properties plc | Annual Report and Accounts 2024

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

CONTINUED

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024

190

13 Employment costs

The average number of persons employed by the Group (including executive directors) during the

financial year was 635

(

Executive Committee: 6; Non-executive Directors: 7; Construction: 425; and

Other: 197). (2023: 513 (Executive Committee: 6; Non-executive Directors: 5; Construction: 301; and

Other: 201

)).

The aggregate payroll costs of these employees for the financial year were:

	2024	2023
	Total	Total
	€’000	€’000
Wages and salaries	48,533	38,550
Social welfare costs	4,964	4,126
Pension costs – defined contribution	1,637	1,451
Share-based payment expense (Note 14)	5,180	2,137
	60,314	46,264

€26.4 million (

2023: €18.9 million

) of employment costs were capitalised in inventory during the

financial year.

14 Share-based payment arrangements

The Group operates two equity-settled share-based payment arrangements being the Long-Term

Incentive Plan (“LTIP”) and the Savings Related Share Option Scheme (known as the Save As You Earn

or “SAYE” scheme). As described below, options were granted under the terms of the LTIP and SAYE

schemes during the financial year.

(a) LTIP

In March 2024, the Remuneration Committee approved the grant of 6,037,390 options to certain

members of the management team in accordance with the terms of the Company’s LTIP. These

options will vest on completion of a three-year service period from grant date subject to the

achievement of certain performance condition hurdles based on the Company’s Return on Equity

(ROE) and Earnings per Share (EPS) across the vesting period. 50% of the awards will vest based

on the Group’s ROE for the financial year ended 31 December 2026. The EPS based options will

vest based on the Group’s EPS* for the financial year ended 31 December 2026. 25% of ROE based

options vest should the Group achieve ROE of 11.0% with the remaining options vesting on a pro rata

basis up to 100% if ROE of 16.2% is achieved. 25% of EPS based options will vest should the Group

achieve Group EPS* of 14.0 cents per share with the remaining options vesting on a pro rata basis up

to 100% if Group EPS* of 23.0 cents per share is achieved.

In line with the Group’s remuneration policy, LTIP awards granted to Executive Directors from 2020

onwards include a holding period of at least two years post exercise.

	Number of	Number of
	Options	Options
	2024	2023
LTIP options in issue at 1 January	13,960,427	13,022,830
Granted during the financial year	6,037,390	5,515,311
Forfeited during the financial year	(137,797)	(284,403)
Lapsed during the financial year	(1,897,319)	(1,067,076)
Exercised during the financial year	(1,990,129)	(3,226,235)
LTIP options in issue at 31 December	15,972,572	13,960,427
Exercisable at 31 December	286,856	388,859

LTIP options were exercised during the financial year with the average share price being €1.39 (

2023:

€1.00

). The options outstanding at 31 December 2024 had an exercise price €0.001 (

2023: €0.001

) and

a weighted-average contractual life of 7 years (

2023: 7 years

The EPS and ROE related performance conditions are non-market conditions and do not impact the

fair value of the EPS or ROE based awards at grant date which is equivalent to the share price at

grant date. The fair value of LTIP options granted in the prior periods which were based on market

conditions were measured using a Monte Carlo simulation. There is no Total Shareholder Return (TSR)

linked performance condition for options granted in the period and therefore no fair value exercise

was performed related to this performance condition. Service and non-market conditions attached

to the arrangements were not taken into account when measuring fair value. The inputs used in

measuring fair value at the reporting date were as follows:

	31 December	31 December
	2024	2023
Fair value at reporting date	€1.60	€1.21

The exercise price of all options granted under the LTIP to date is €0.001 and all options have a 7- year

contractual life.

The Group recognised an expense of €5.1 million (

2023: €2.1 million

) in the consolidated statement of

profit or loss in respect of options granted under the LTIP.

(*Group EPS is defined as Basic Earnings Per Share as calculated in accordance with IAS 33 Earnings Per Share subject to adjustment

by the Remuneration Committee at its discretion, for items deemed not reflective of the Group’s underlying performance for the

financial year.)

(*Group ROE is defined as Return on Equity that Group management apply to measure of the Group’s efficiency of returns generated

from shareholder equity after taxation and is calculated as profit after tax attributable to shareholders divided by the 12-month

average of closing shareholders’ funds. This is subject to adjustment by the Remuneration Committee at its discretion, for items deemed

not reflective of the Group’s underlying performance for the financial year.)

14 Share-based payment arrangements

continued

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

CONTINUED

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024

Strategic Report

Governance Report

Sustainability Statement

Financial Statements

191

(b) SAYE Scheme

Under the terms of the scheme, employees may save up to €500 per month from their net salaries

for a fixed term of three or five years and at the end of the savings period they have the option to

buy shares in the Company at a fixed exercise price. On 11 November 2024, the Remuneration and

Nomination Committee approved the grant of 1,478,590 options to employees of the Group and a

fair value exercise of the scheme was performed.

Details of options outstanding and grant date fair value assumptions

	2024		2023
	Number of	Number of	Number of	Number of
	Options	Options	Options	Options
	3 Year	5 Year	3 Year	5 Year
SAYE options in issue at 1 January	66,000	165,000	590,220	165,000
Granted during the financial year	1,098,019	380,571	–	–
Forfeited during the financial year	–	(24,793)	(19,167)	–
Lapsed during the financial year	–	–	(720)	–
Exercised during the financial year	(66,000)	(50,000)	(504,333)	–
SAYE options in issue at 31 December	1,098,019	470,778	66,000	165,000
Exercisable at 31 December	–	–	–	–

The weighted average exercise price of all options granted under the SAYE to date is €1.17

(

2023: €0.99

The expected share price and TSR volatility was based on the historical volatility of a comparator

group of peer companies over the expected life of the equity instruments granted together with

consideration of the Group’s actual trading volatility to date.

The Group recognised an expense of €0.03 million (

2023: €0.03 million

) in the consolidated

statement of profit or loss in respect of options granted under the SAYE scheme.

15 Earnings per share

(a) Basic earnings per share

The calculation of basic earnings per share has been based on the profit attributable to ordinary

shareholders and the weighted average numbers of shares outstanding for the financial year. There

were 560,878,503 ordinary shares in issue at 31 December 2024 (

2023: 578,049,118

	2024	2023
Profit for the financial year attributable to ordinary
shareholders (€’000)	97,755	47,108
Weighted average number of shares for the financial year	576,527,130	588,951,593
Basic earnings per share (cents)	17.0	8.0

	2024	2023*
	No. of shares	No. of shares
Reconciliation of weighted average number of shares
Number of ordinary shares at beginning of financial year	578,049,118	638,131,722
Effect of share buyback	(2,903,732)	(52,032,676)
Effect of SAYE maturity	59,863	255,980
Effect of LTIP maturity	1,321,881	2,596,567
	576,527,130	588,951,593

(b) Dilutive earnings per share

Diluted earnings per share

	2024	2023
Profit for the financial year attributable to ordinary
shareholders (€’000)	97,755	47,108
Weighted average number of shares for the financial year	579,822,418	590,114,076
Diluted earnings per share (cents)	16.9	8.0

	2024	2023
	No. of shares	No. of shares
Reconciliation of weighted average number of shares (diluted)
Weighted average number of ordinary shares (basic)	576,527,130	588,951,593
Effect of potentially dilutive shares	3,295,288	1,162,483
	579,822,418	590,114,076

The number of potentially issuable shares in the Group held under option arrangements at 31 December 2024 is 15,972,572

(

2023: 13,960,427

Under IAS 33, LTIP arrangements have an assumed test period ending on 31 December 2024. Based on the assumed test period

only the TSR performance condition was met related to LTIP options and therefore only ordinary shares related to this condition

would be issued through the conversion of LTIP options. SAYE options matured in the year with ordinary shares related to this

being issued through the conversation of the SAYE options.

At 31 December 2024 Nil options (

2023: Nil options

) were excluded from the diluted weighted average

number of ordinary shares because their effect would have been anti-dilutive.

Glenveagh Properties plc | Annual Report and Accounts 2024

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

CONTINUED

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024

192

16 Income tax

	2024	2023
	€’000	€’000
Current tax charge for the financial year	16,122	8,148
Deferred tax credit for the financial year	(61)	(146)
Total income tax charge	16,061	8,002

The tax assessed for the financial year differs from the standard rate of tax in Ireland for the financial

year. The differences are explained below.

	2024	2023
	€’000	€’000
Profit before tax for the financial year	113,816	55,110
Tax charge at standard Irish income tax rate of 12.5%	14,227	6,889
Tax effect of:
Income taxed at the higher rate of corporation tax	637	949
Non-deductible expenses – other	1,081	30
Adjustment in respect of prior year under accrual	116	134
Total income tax charge	16,061	8,002

Movement in deferred tax balances

		Recognised
	Balance at	in other		Balance at
	1 January	comprehensive	Recognised in	31 December
	2024	income	profit or loss	2024
	€’000	€’000	€’000	€’000
Expenses deductible in future
periods	884	394	61	1,339
	884	394	61	1,339

The expenses deductible in future periods arise in Ireland and have no expiry date. Based on

profitability achieved in the period, the continued forecast profitability in the Group’s strategic plan

and the sensitivities that have been applied therein, management has considered it probable that

future profits will be available against which the above tax expenses can be recovered and, therefore,

the related deferred tax asset can be realised.

17 Property, plant and equipment

	Land &	Fixtures	Plant &	Computer
	buildings	& fittings	machinery	equipment	Total
	€’000	€’000	€’000	€’000	€’000
Cost
At 1 January 2024	46,555	2,096	25,660	1,500	75,811
Additions	1,342	153	3,508	345	5,348
Disposals	(20)	(9)	(1,434)	–	(1,463)
At 31 December 2024	47,877	2,240	27,734	1,845	79,696
Accumulated depreciation
At 1 January 2024	(2,205)	(896)	(7,701)	(825)	(11,627)
Charge for the financial year	(1,904)	(258)	(4,073)	(352)	(6,587)
Disposals	–	9	913	–	922
At 31 December 2024	(4,109)	(1,145)	(10,861)	(1,177)	(17,292)
Net book value
At 31 December 2024	43,768	1,095	16,873	668	62,404

	Land &	Fixtures	Plant &	Computer
	buildings	& fittings	machinery	equipment	Total
	€’000	€’000	€’000	€’000	€’000
Cost
At 1 January 2023	36,322	2,096	22,495	950	61,863
Additions	12,584	–	5,015	550	18,149
Disposals	(2,351)	–	(1,850)	–	(4,201)
At 31 December 2023	46,555	2,096	25,660	1,500	75,811
Accumulated depreciation
At 1 January 2023	(2,964)	(654)	(5,868)	(627)	(10,113)
Charge for the financial year	(1,592)	(242)	(3,127)	(198)	(5,159)
Disposals	2,351	–	1,294	–	3,645
At 31 December 2023	(2,205)	(896)	(7,701)	(825)	(11,627)
Net book value
At 31 December 2023	44,350	1,200	17,959	675	64,184

The depreciation charge for the year includes €4.4 million (

2023: €3.3 million

) which was capitalised

in inventory at 31 December 2024.

Property plant and equipment includes right of use assets of €3.9 million (

2023: €4.9 million

) related

to leased properties and motor vehicles.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

CONTINUED

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024

Strategic Report

Governance Report

Sustainability Statement

Financial Statements

193

18 Intangible assets

		Capitalised
		Development		Computer
	Goodwill	Expenditure	Licence	Software	Total
	€’000	€’000	€’000	€’000	€’000
Cost
At 1 January 2024	5,697	719	800	3,459	10,675
Additions	–	640	3,082	1,296	5,018
At 31 December 2024	5,697	1,359	3,882	4,755	15,693
Accumulated amortisation
At 1 January 2024	–	–	(40)	(2,157)	(2,197)
Charge for the year	–	–	40	(562)	(522)
At 31 December 2024	–	–	–	(2,719)	(2,719)
Net book value
At 31 December 2024	5,697	1,359	3,882	2,036	12,974

		Capitalised
		Development		Computer
	Goodwill	Expenditure	Licence	Software	Total
	€’000	€’000	€’000	€’000	€’000
Cost
At 1 January 2023	5,697	–	300	3,133	9,130
Additions	–	719	500	326	1,545
At 31 December 2023	5,697	719	800	3,459	10,675
Accumulated amortisation
At 1 January 2023	–	–	–	(1,663)	(1,663)
Charge for the year	–	–	(40)	(494)	(534)
At 31 December 2023	–	–	(40)	(2,157)	(2,197)
Net book value
At 31 December 2023	5,697	719	760	1,302	8,478

(i) Impairment of goodwill

Goodwill acquired in business combinations are allocated to the Group’s cash generating units

(“CGUs”) that are expected to benefit from the business acquisition, rather than where the assets

are owned. The CGUs represent the lowest level within the Group at which the associated goodwill

is monitored for internal management purposes and are not larger than the operating segments

determined in accordance with IFRS 8 ‘Operating Segments’. CGUs are kept under review to ensure

that they reflect changing interdependencies of cash inflows within the Group and how management

monitors operations. The goodwill carrying amount is allocated to the suburban segment with the

recoverable amount of this CGU being based on value in use. The value in use was determined by

the cash flows to be generated from the continuing use of the CGU over a three year period.

(a) Key assumptions

The Group has established internal controls designed to effectively assess and centrally review future

cash flows generated from CGUs. The key assumptions on which management has based its cash

flows are revenue and construction costs. Revenue assumptions relate to unit sales prices for sites

delivering over the period based on prices achieved to date, current market prices, historic prices,

and sales agent reports. Construction cost assumptions are based on contracted/procured package

pricing or where packages are not procured, historic pricing achieved, or pricing achieved on similar

packages in reference to other sites.

The impact of sustainability and other macroeconomic factors have been considered in the Group’s

assessment of these cash flows, particularly with regard to the potential implications for future selling

prices, development expenditure and construction programming. Management has considered

scenarios on each of its active developments and the consequential impact on future profitability

based on current facts and circumstances together with any implications for future projects in

undertaking its impairment analysis.

As part of the assessment, the Group has re-evaluated its most likely exit strategies on all

developments in the context of the current market environment and reflected these in revenue

assumptions within the forecast models. The results of this exercise determined that the no

impairment was required at the reporting date.

The cash flow projections used to determine the value in use of the Suburban CGU are based on

three years of cash flows from the Group’s Strategic Plan.

A discount rate based on the Group’s incremental borrowing rate and a growth rate into perpetuity

was applied to these cash flows.

A sensitivity analysis on the discount rate has been conducted in respect of the value in use of the CGU.

There were no CGU impairments as a result of the applied sensitivity analysis in the financial year.

Glenveagh Properties plc | Annual Report and Accounts 2024

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

CONTINUED

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024

194

19 Inventory

	2024	2023
	€’000	€’000
Land	556,163	403,756
Development expenditure work in progress	283,746	274,592
Development rights	24,444	29,252
	864,353	707,600

€676.7 million (

2023: €488.4 million

) of inventory was recognised in ‘cost of sales’ during the year

ended 31 December 2024. Sustainable materials such as heat pumps, PV panels, timber frames,

light gauge steel frames and building expenditure necessary to deliver A1/A2 Building Energy Rating

(“BER”) homes are included within development expenditure work in progress.

(i) Impairment of inventories

The Group carried out a net realisable value assessment of its inventories at the reporting date.

This assessment has resulted in a net impairment reversal of €2.0 million for the year (

2023: €Nil

€3.5 million of this adjustment relates to the reclassification of a previously impaired non-core site,

now classified as a commercially viable core site. An impairment charge of €1.5m was recognised in

cost of sales in the financial year (

2023: €Nil

) on remaining non-core assets.

(ii) Employment cost capitalised

€26.4 million of employment costs incurred in the financial year have been capitalised in inventory

(

2023: €18.9 million

(iii) Development right

Oscar Traynor Road, Coolock, Dublin 5

In December 2022, the Group entered into a Development Agreement (“DA”) with Dublin City Council

(“DCC”). Under the terms of the DA and following planning permission being granted in February

2023, the Group acquired certain development rights in respect of the site at Oscar Traynor Road,

Coolock, Dublin 5 for consideration of approximately €14.0 million exclusive of stamp duty and

acquisition costs. Under the granted planning permission for the site, the development rights will

entitle the Group to develop approximately 850 residential units alongside commercial elements in

accordance with the terms of the DA.

Ballymastone, Donabate, Dublin

In December 2021, the Group entered into a Development Agreement (“DA”) with Fingal County

Council (“FCC”). Under the terms of the DA and following planning permission being granted in

March 2023, the Group acquired certain development rights in respect of the site at Ballymastone,

Donabate, Dublin for consideration of approximately €11.0 million exclusive of stamp duty and

acquisition costs. The development rights will (subject to planning permission) entitle the Group to

develop approximately 1,200 residential units in accordance with the terms of the DA.

Gateway Retail Park, Co. Galway

In March 2018, the Group entered into an Acquisition and Profit Share Agreement (“APSA”) with

Targeted Investment Opportunities ICAV (“TIO”), a wholly owned subsidiary of OCM Luxembourg

EPF III S.a.r.l. Under the terms of the APSA, the Group acquired certain development rights in respect

of the site at Gateway Retail Park, Knocknacarra, Co. Galway for consideration of approximately

€3.2 million (including stamp duty and acquisition costs). The development rights will (subject to

planning) entitle the Group to develop at least 250 residential units under a joint business plan to

be undertaken with Sigma Retail Partners (on behalf of TIO) which will also entitle TIO to control and

benefit from any retail development at the site. The Directors have determined that joint control of

the site exists and the arrangement has been accounted for as a joint operation in accordance with

IFRS 11 Joint Arrangements. For further information regarding the APSA, see Note 29 of these

financial statements.

20 Trade and other receivables

	2024	2023
	€’000	€’000
Trade receivables	20,617	9,765
Contract receivables	38,522	25,540
Contract assets	79,252	16,996
Other receivables	5,915	3,475
Prepayments	1,287	1,106
Construction bonds	21,086	15,924
Deposits for sites	6,542	5,168
	173,221	77,974

The carrying value of all financial assets and trade and other receivables is approximate to their fair

value and are short term in nature with the exception of construction bonds.

21 Trade and other payables

	2024	2023
	€’000	€’000
Current
Trade payables	11,339	7,875
Payroll and other taxes	7,830	5,741
Inventory accruals	66,135	64,921
Contingent consideration	–	1,750
Other accruals	61,061	26,651
VAT payable	34,870	25,781
	181,235	132,719

21 Trade and other payables

continued

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

CONTINUED

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024

Strategic Report

Governance Report

Sustainability Statement

Financial Statements

195

The carrying value of all financial liabilities and trade and other payables is approximate to their fair

value and are repayable under the normal credit cycle.

In December 2024, the Group acquired various lands for development, costs associated with the land

acquisitions in the financial year including deferred payments of €17.5 million and stamp duty of €15.7

million are included in the other accruals balance.

	2024	2023
	€’000	€’000
Non-current
Contingent consideration	–	1,750
Non-current	–	1,750
Current	181,235	132,719
	181,235	134,469

22 Loans and Borrowings

(a) Loans and borrowings

In August 2024, the Group finalised an expansion of the existing five-year sustainability linked

finance facility to €450.0m (Term Loan: €150.0m, Revolving Credit Facility €300.0m) with the existing

syndicate of domestic and international financial institutions, at an interest rate of one-month

EURIBOR (subject to a floor of 0 per cent) plus a margin of 2.65–2.75% (

31 December 2023: 2.7–2.8%

All other terms and conditions agreed at the commencement of the facility remain the same as at

the commencement in February 2023. The debt facility interest rates are linked to the Group meeting

certain sustainability performance targets aligned to its sustainability strategy. The sustainability

performance targets are in respect of decarbonisation and the Group’s Equity, Diversity and Inclusion

strategy. The term loan is repayable in full at the end of the five years. At 31 December 2024, €150.0

million has been drawn on the term loan element of the new debt facility (

31 December 2023: €116.7

million

). Pursuant to the debt facility agreement, there is fixed and floating charges and assignments

in place over all the assets of the Group as continuing security for the discharge of any amounts

drawn down. The assets carrying value at 31 December 2024 is €1,177.9 million (

31 December 2023:

€935.3 million

	31 December	31 December
	2024	2023
	€’000	€’000
Debt facilities	240,000	116,667
Unamortised borrowing costs	(3,771)	(3,697)
Interest accrued	1,939	2,675
Total loans and borrowings	238,168	115,645

Loans and borrowings are payable as follows:

	31 December	31 December
	2024	2023
	€’000	€’000
Less than one year	3,129	3,562
Between one and two years	1,191	888
More than two years	233,848	111,195
Total loans and borrowings	238,168	115,645

The Group’s debt facilities were entered into with AIB, Bank of Ireland, Barclays and Home Building

Finance Ireland and are subject to primary financial covenants calculated on a bi-annual basis:

A maximum total debt to gross asset value ratio of 40%;

Loans to eligible assets value does not equal or exceed 65%;

The Group is required to maintain a minimum cash balance of €25.0 million throughout the term

of the debt facility;

EBITDA must exceed net interest costs by a minimum of 3 times and is calculated on a trailing

twelve-month basis.

Total debt must not exceed adjusted EBITDA by a minimum of 4 times, this is calculated on a

trailing twelve-month basis, and;

Total debt must not exceed projected adjusted EBITDA by a minimum of 4 times, this is calculated

on a forward twelve-month basis.

All covenants have been complied with in 2024 and 2023.

Debt facilities are secured by a debenture incorporating fixed and floating charges and assignments

over all the assets of the Group. The carrying value of the total assets of the Group as at

31 December 2024 is €1,177.9 million (

31 December 2023: €935.3 million

22 Loans and Borrowings

continued

Glenveagh Properties plc | Annual Report and Accounts 2024

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

CONTINUED

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024

196

(b) Reconciliation of movements of liabilities to cash flows arising from financing activities

	Cash flows						Non-cash changes
				Transaction
		Credit	Credit	costs related	Payment	Interest	Amortisation		Mark to
	Opening	facility	facility	to loans and	of lease	received/	of transaction		market	New	Closing
	2024	drawdown	repayment	borrowings	liability	(paid)	costs	Interest	adjustment	leases	2024
2024	€’000	€’000	€’000	€’000	€’000	€’000	€’000	€’000	€’000	€’000	€’000
Liabilities:
Loans and borrowings	116,667	268,333	(145,000)	–	–	–	–	–	–	–	240,000
Unamortised transaction costs	(3,697)	–	–	(1,087)	–	–	1,013	–	–	–	(3,771)
Derivative contracts	1,623	–	–	–	–	694	–	–	(741)	–	1,576
Lease liability	5,449	–	–	–	(1,342)	–	–	158	–	150	4,415
Interest accrual	2,675	–	–	–	–	(19,595)	–	18,859	–	–	1,939
	122,717	268,333	(145,000)	(1,087)	(1,342)	(18,901)	1,013	19,017	(741)	150	244,159

	Cash flows						Non-cash changes
				Transaction
				costs
				related to	Payment of	Interest	Amortisation		New
	Opening	Credit facility	Credit facility	loans and	lease	received/	of transaction		hedging	New	Closing
	2023	drawdown	repayment	borrowings	liability	(paid)	costs	Interest	instrument	leases	2023
2023	€’000	€’000	€’000	€’000	€’000	€’000	€’000	€’000	€’000	€’000	€’000
Liabilities:
Loans and borrowings	82,500	381,667	(347,500)	–	–	–	–	–	–	–	116,667
Unamortised transaction costs	(1,877)	–	–	(4,318)	–	–	2,498	–	–	–	(3,697)
Derivative contracts	–	–	–	–	–	–	–	–	1,623	–	1,623
Lease liability	4,744	–	–	–	(761)	–	–	138	–	1,328	5,449
Interest accrual	17	–	–	–	–	(12,009)	–	14,667	–	–	2,675
	85,384	381,667	(347,500)	(4,318)	(761)	(12,009)	2,498	14,805	1,623	1,328	122,717

22 Loans and Borrowings

continued

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

CONTINUED

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024

Strategic Report

Governance Report

Sustainability Statement

Financial Statements

197

	2024	2023
	€’000	€’000
Restricted Cash	458	458
Cash and cash equivalents	63,165	71,863
Loans and borrowings	(238,168)	(115,645)
Lease liabilities	(4,415)	(5,449)
Total net debt	(178,960)	(48,773)

(d) Lease Liabilities

Lease liabilities are payable as follows:

	31 December 2024
	Present value		Future value
	of minimum		of minimum
	lease		lease
	payments	Interest	payments
	€’000	€’000	€’000
Less than one year	1,278	96	1,374
Between one and two years	1,115	105	1,220
More than two years	2,022	270	2,292
	4,415	471	4,886

23 Restricted cash

	2024	2023
	€’000	€’000
Current	458	458
	458	458

The restricted cash balance relates to €0.5 million held in escrow for the completion of certain

infrastructural works relating to the Group’s residential development at Balbriggan, Co. Dublin.

24 Derivatives and cashflow hedge reserve

(a) Interest rate swap

In February 2023, the Group entered into an interest rate swap to hedge the interest rate risk

associated with €100.0 million of the term loan element of our debt facilities. The interest rate swap

is in place for the 5-year period of the facility agreement. The nominal amount hedged for years one

and two is €100.0 million with this stepping down to €50.0 million for the remaining three years of the

facility agreement. The interest rate swap has a fixed interest rate of 3.035%.

Derivative Financial Instruments

	2024	2023
	€’000	€’000
Interest rate swaps – cash flow hedges	(1,576)	(1,623)

Included in other comprehensive income

	2024	2023
	€’000	€’000
Fair value movement on cash flow hedges	741	(1,240)
Cash flow hedges reclassified to profit or loss	(694)	(383)
Cash flow hedges – deferred tax	394	–
	441	(1,623)

(b) Cash flow hedge reserve

The cash flow hedge reserve reflects the effective portion of the cumulative net change in the fair

value of derivatives that are designated and qualify as cash flow hedges. Amounts accumulated

in the hedging reserve are recycled to the income statement in the periods when the hedged

item affects income or expense, or are included in the initial cost of a hedged non-financial item,

depending on the hedged item.

Glenveagh Properties plc | Annual Report and Accounts 2024

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

CONTINUED

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024

198

25 Subsidiaries

The principal subsidiary companies and the percentage shareholdings held by Glenveagh Properties

PLC, either directly or indirectly, pursuant to Section 314 of the Companies Act 2014 at 31 December

2024 are as follows:

Company	Principal activity	%	Reg. office
Glenveagh Properties (Holdings) Limited	Holding company	100%	1
Glenveagh Treasury DAC	Financing activities	100%	1
Glenveagh Contracting Limited	Property development	100%	1
Glenveagh Homes Limited	Property development	100%	1
Greystones Devco Limited	Property development	100%	1
Marina Quarter Limited	Property development	100%	1
GLV Bay Lane Limited	Property development	100%	1
Glenveagh Living Limited	Property development	100%	1
GL Partnership Opportunities DAC	Property development	100%	1
Castleforbes Development Company DAC	Property development	100%	1
The Freight Building Limited	Property development	100%	1
Nua Manufacturing MMC Limited	Manufacturing operations	100%	1
GMP Developments Limited	Holding company	100%	1

Block C, Maynooth Business Campus, Straffan Road, Maynooth, Co. Kildare.

Pursuant to section 316 of the Companies Act 2014, a full list of subsidiaries will be annexed to the

Company’s Annual Return to be filed in the Companies Registration Office in Ireland.

26 Capital and reserves

(a) Authorised share capital

	2024		2023
	Number of		Number of
	shares	€’000	shares	€’000
Ordinary Shares of €0.001 each	1,000,000,000	1,000	1,000,000,000	1,000
Deferred Shares of €0.001 each	200,000,000	200	200,000,000	200
	1,200,000,000	1,200	1,200,000,000	1,200

(b) Issued and fully paid share capital and share premium

		Share	Share
	Number of	capital	premium
At 31 December 2024	shares	€‘000	€’000
Ordinary Shares of €0.001 each	560,878,504	561	179,788
Deferred Shares of €0.001 each	81,453,077	81	–
	642,331,581	642	179,788

		Share	Share
	Number of	Capital	premium
At 31 December 2023	shares	€‘000	€’000
Ordinary Shares of €0.001 each	578,049,119	578	179,719
Deferred Shares of €0.001 each	81,453,077	81	–
	659,502,196	659	179,719

	Ordinary	Founder	Deferred	Undenominated	Share	Share
	shares	shares	shares	capital	premium	capital
In respect of current year	‘000	‘000	‘000	€000	€‘000	€’000
In issue at 1 January 2024	578,049	–	81,453	399	179,719	659,502,196
Purchase and cancellation
of own shares	(19,138)	–	–	19	–	(19,137,925)
Exercise of options	1,967	–	–	–	69	1,967,310
	560,878	–	81,453	418	179,788	642,331,581

26 Capital and reserves

continued

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

CONTINUED

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024

Strategic Report

Governance Report

Sustainability Statement

Financial Statements

199

	Ordinary	Founder	Deferred	Undenominated	Share	Share
	shares	shares	shares	capital	premium	captal
In respect of prior year	‘000	‘000	‘000	€000	€‘000	€’000
In issue at 1 January 2023	638,132	–	81,453	335	179,416	719,584,799
Purchase and cancellation of
own shares	(63,813)	–	–	64	–	(63,813,172)
Exercise of options	3,730	–	–	–	303	3,730,569
	578,049	–	81,453	399	179,719	659,502,196

(d) Rights of shares in issue

Ordinary Shares

The holders of Ordinary Shares are entitled to one vote per Ordinary Share at general meetings of

the Company and are entitled to receive dividends as declared by the Company.

(e) Nature and purpose of reserves

Share based payment reserve

The share-based payment reserve comprises amounts equivalent to the cumulative cost of awards

by the Group under equity settled share-based payment arrangements being the Group’s Long Term

Incentive Plan and the SAYE scheme. Details of the share awards, in addition to awards which lapsed

in the year, are disclosed in Note 14.

(f) Share buyback programme

On 6 September 2024, a fifth share buyback programme commenced to repurchase a further €50.0

million. As at 31 December 2024, the total number of shares purchased under the fifth buyback

programme was 19,137,925 at a total cost of €30.4 million. All repurchased shares were cancelled in

the year ended 31 December 2024. The Group announced in January 2025 its intention to amend the

terms of this programme so that the maximum aggregate consideration of the current programme is

€65.0m. The programme may continue until 31 December 2025.

27 Financial instruments and financial risk management

(a) Accounting classification and fair value

The Group classifies and discloses the fair value for each class of financial instrument based on the

fair value hierarchy in accordance with IFRS 13. The fair value hierarchy distinguishes between market

value data obtained from independent sources and the Group’s own assumptions about market

value. The hierarchy levels are defined below:

Level 1 – Inputs based on quoted prices in active markets for identical assets or liabilities;

Level 2 – Inputs based on factors other than quoted prices included in Level 1 and may include

quoted prices for similar assets and liabilities in active markets, as well as inputs that are

observable for the asset or liability (other than quoted prices), such as interest rates and yield

curves that are observable at commonly quoted intervals; and

Level 3 – Inputs which are unobservable for the asset or liability and are typically based on the

Group’s own assumptions as there is little, if any, related market activity. The Group’s assessment

of the significance of a particular input to the fair value measurement in its entirety requires

judgement and considers factors specific to the asset or liability.

The Group’s assessment of the significance of a particular input to the fair value measurement in its

entirety requires judgement and considers factors specific to the asset or liability.

The following table presents the Group’s estimates of fair value on a recurring basis based on

information available at 31 December 2024, aggregated by the level in the fair value hierarchy within

which those measurements fall.

	Level 1
	Quoted prices in	Level 2	Level 3
	active markets for	Significant other	Significant
	identical assets &	observable	unobservable
	liabilities	inputs	inputs	Total
31 December 2024	€’000	€’000	€’000	€’000
Recurring Measurement
Liabilities
Derivative contracts	–	1,576	–	1,576
Total	–	1,576	–	1,576

	Level 1
	Quoted prices in		Level 3
	active markets for	Level 2	Significant
	identical assets &	Significant other	unobservable
	liabilities	observable inputs	inputs	Total
31 December 2023	€’000	€’000	€’000	€’000
Recurring Measurement
Liabilities
Contingent consideration	–	–	3,500	3,500
Derivative contracts	–	1,623	–	1,623
Total	–	1,623	3,500	5,123

27 Financial instruments and financial risk management

continued

(a) Accounting classification and fair value

continued

Glenveagh Properties plc | Annual Report and Accounts 2024

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

CONTINUED

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024

200

The consolidated financial assets and financial liabilities are set out below. While all financial assets

and liabilities are measured at amortised cost, the carrying amounts of the consolidated financial

assets and financial liabilities approximate to fair value. Trade and other receivables and trade and

other payables approximate to their fair value as the transactions which give rise to these balances

arise in the normal course of trade and, where relevant, with industry standard payment terms and

have a short period to maturity (less than one year). The tables do not include fair value information

for financial assets and financial liabilities not measured at fair value such as loans and borrowings.

Financial instruments: financial assets

The consolidated financial assets can be summarised as follows:

	2024	2023
	€’000	€’000
Trade receivables	20,617	9,765
Amounts recoverable on construction contracts	38,522	25,540
Contract assets	79,252	16,996
Other receivables	5,915	3,475
Construction bonds	21,086	15,924
Deposits for sites	6,542	5,168
Cash and cash equivalents	63,165	71,863
Restricted cash (current)	458	458
Total financial assets	235,557	149,189

Cash and cash equivalents are short-term deposits held at variable rates.

Financial instruments: financial liabilities

	2024	2023
	€’000	€’000
Trade payables	11,339	7,875
Lease liabilities	4,415	5,449
Inventory accruals	66,135	64,921
Other accruals	61,061	26,651
Contingent consideration	–	3,500
Loans & borrowings	238,168	119,617
Total financial liabilities	381,118	228,013

Trade payables and other current liabilities are non-interest bearing.

In December 2024, the Group acquired various lands for development, costs associated with the land

acquisitions in the financial year including deferred payments of €17.5 million and stamp duty of €15.7

million are included in the other accruals balance.

*The fair value of the group’s loans and borrowings is €235.5m at 31 December 2024 (

31 December 2023: €119.6m

)

(b) Financial risk management objectives and policies

As all of the operations carried out by the Group are in Euro there is no direct currency risk, and

therefore the Group’s main financial risks are primarily:

liquidity risk – the risk that suitable funding for the Group’s activities may not be available;

credit risk – the risk that a counter-party will default on their contractual obligations resulting in a

financial loss to the Group; and

market risk – the risk that changes in market prices, such as interest rates and equity prices will

affect the Group’s income or the value of its holdings of financial instruments.

interest rate risk – the risk that changes in interest rates will affect the Group’s income or the value

of its holdings of financial instruments.

This note presents information and quantitative disclosures about the Group’s exposure to each of

the above risks, its objectives, policies and processes for measuring and managing risk, and the

Group’s management of capital.

Liquidity risk

Liquidity risk is the risk that the Group may not be able to generate sufficient cash reserves to settle

its obligations in full as they fall due or can only do so on terms that are materially disadvantageous.

The Group’s approach to managing liquidity is to ensure, as far as possible, that it will always have

sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without

incurring, unacceptable losses or risking damage to the Group’s reputation. The Group’s liquidity

forecasts consider all planned development expenditure.

In August 2024, the Group finalised an expansion of the existing five-year sustainability linked finance

facility to €450.0m (Term Loan: €150.0m, Revolving Credit Facility €300.0m) with the existing syndicate

of domestic and international financial institutions, at an interest rate of one-month EURIBOR

(subject to a floor of 0 per cent) plus a margin of 2.7-2.8%. All other terms and conditions agreed

at the commencement of the facility remain the same as at the commencement in February 2023.

The debt facility interest rates are linked to the Group meeting certain sustainability performance

targets aligned to its sustainability strategy. The sustainability performance targets are in respect of

decarbonisation and the Group’s Equity, Diversity and Inclusion strategy. The term loan is repayable

in full at the end of the five years. €240.0 million has been drawn on the new debt facility

(2023:

€116.7 million)

. The Group has an exposure to cash flow interest rate risk where there are changes in

the EURIBOR rates.

Management monitors the adequacy of the Group’s liquidity reserves against rolling cash flow

forecasts. In addition, the Group’s liquidity risk management policy involves monitoring short-term and

long-term cash flow forecasts. Set out below are details of the Group’s contractual cash flows arising

from its financial liabilities and funds available to meet these liabilities.

27 Financial instruments and financial risk management

continued

(b) Financial risk management objectives and policies

continued

Liquidity risk

continued

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

CONTINUED

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024

Strategic Report

Governance Report

Sustainability Statement

Financial Statements

201

	31 December 2024
	Carrying	Contractual	Less than	1 year	More than
	amount	cash flows	1 year	to 2 years	2 years
	€’000	€’000	€’000	€’000	€’000
Lease liabilities	4,415	4,885	1,375	1,219	2,291
Trade payables	11,339	11,339	11,339	–	–
Inventory accruals	66,135	66,135	66,135	–	–
Other accruals	61,061	61,061	61,061	–	–
Contingent consideration	–	–	–	–	–
Derivative contracts	1,576	1,653	185	211	1,257
Loans and borrowings	238,168	264,444	18,504	16,565	229,374
	382,694	409,517	158,599	17,995	232,922

	31 December 2023
	Carrying	Contractual	Less than	1 year	More than
	amount	cash flows	1 year	to 2 years	2 years
	€’000	€’000	€’000	€’000	€’000
Lease liabilities	5,499	6,005	1,314	1,303	3,388
Trade payables	7,875	7,875	7,875	–	–
Inventory accruals	64,921	64,921	64,921	–	–
Other accruals	26,651	26,651	26,651	–	–
Contingent consideration	3,500	3,500	1,750	1,750	–
Derivative contracts	1,623	1,623	(362)	569	1,416
Loans and borrowings	115,645	134,725	13,018	10,343	111,364
	225,714	245,300	115,167	13,965	116,168

Funds available

	2024	2023
	€’000	€’000
Debt facilities (undrawn committed)	210,000	233,333
Cash and cash equivalents*	63,165	71,863
Restricted cash	458	458
	273,623	305,654

*Includes €25.0 million (2023: €25.0 million) of minimum cash balance required under the terms of the debt facility agreement.

The Group’s debt facilities are subject to primary financial covenants calculated on a bi-annual basis:

A maximum total debt to gross asset value ratio of 40%;

Loans to eligible assets value does not equal or exceed 65%;

The Group is required to maintain a minimum cash balance of €25.0 million throughout the term

of the debt facility;

EBITDA must exceed net interest costs by a minimum of 3 times and is calculated on a trailing

twelve-month basis.

Total debt must not exceed adjusted EBITDA by a minimum of 4 times, this is calculated on a

trailing twelve-month basis, and;

Total debt must not exceed projected adjusted EBITDA by a minimum of 4 times, this is calculated

on a forward twelve-month basis.

Credit risk

The Group’s exposure to credit risk encompasses the financial assets being: trade and receivables,

contract assets and cash and cash equivalents. Credit risk is managed by regularly monitoring the

Group’s credit exposure to each counter-party to ensure credit quality of customers and financial

institutions in line with internal limits approved by the Board.

There has been no impairment of trade receivables in the year presented. The impairment loss

allowance allocated against trade receivables, contract assets, cash and cash equivalents and

restricted cash is not material. The credit risk on cash and cash equivalents is limited because counter-

parties are leading international banks and the HBFI, a private lending company established by

the Irish state. The international banks have minimum long-term BBB+ credit-ratings assigned

by international credit agencies The maximum amount of credit exposure is the financial assets

in this note.

Market risk

The Group’s exposure to market risk relates to changes to interest rates and stems predominately

from its debt obligations. Interest rate risk reflects the Group’s exposure to fluctuations in interest rates

in the market. This risk arises from bank loans that are drawn under the Group’s debt facilities with

variable interest rates based upon EURIBOR. At the year ended 31 December 2024 it is estimated that

an increase of 100 basis points to EURIBOR would have decreased the Group’s profit before tax by

€3.9 million (

2023: €2.9 million

) assuming all other variables remain constant, and the rate change is

only applied to the loans that are exposed to movements in EURIBOR.

As part of the Group’s strategy to manage our interest rate risk, the Group entered into an interest

rate swap in February 2023 to hedge the interest rate risk associated with €100.0 million of the term

loan element of our new debt facilities. The interest rate swap is in place for the 5-year period of the

facility agreement. The nominal amount hedged for years one and two is €100.0 million with this

stepping down to €50.0 million for the remaining three years of the facility agreement.

The Group is also exposed to interest rate risk on its cash and cash equivalents. These balances

attract low interest rates and therefore a relative increase or decrease in their interest rates would not

have a material effect on the Group’s profit.

27 Financial instruments and financial risk management

continued

(b) Financial risk management objectives and policies

continued

Market risk

continued

Glenveagh Properties plc | Annual Report and Accounts 2024

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

CONTINUED

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024

202

The amounts relating to items designated as hedging instruments and hedge ineffectiveness were as follows:

	As at 31 December 2024			For the year ended 31 December 2024
		Carrying amount		Changes in
				the value
				of hedging	Hedge	Line items in	Amount
				instruments	ineffectiveness	profit or loss that	reclassed from
				recognised in	recognised in	includes hedge	hedging reserve
	Nominal amount	Assets	Liability	OCI	profit or loss	ineffectiveness	to profit or loss
	(€’000)	(€’000)	(€’000)	(€’000)	(€’000)	(€’000)	(€’000)	(€’000)
								Financing
Interest rate swap	100,000	–	(1,576)	714	–	–	(668)	costs

	As at 31 December 2023			For the year ended 31 December 2023
		Carrying amount		Changes in
				the value
				of hedging	Hedge	Line items in	Amount
				instruments	ineffectiveness	profit or loss that	reclassed from
				recognised in	recognised in	includes hedge	hedging reserve
	Nominal amount	Assets	Liability	OCI	profit or loss	ineffectiveness	to profit or loss
	(€’000)	(€’000)	(€’000)	(€’000)	(€’000)	(€’000)	(€’000)	(€’000)
						Loss on
						derivative
						financial		Financing
Interest rate swap	100,000	–	(1,623)	(1,240)	–	instruments	(383)	costs

The Group held the following instruments to hedge exposures to changes in interest rates:

Interest rate swaps	2024	2023
Net exposure (€’000)	1,576	1,535
Average fixed interest rate	3.035%	3.035%

27 Financial instruments and financial risk management

continued

(b) Financial risk management objectives and policies

continued

Market risk

continued

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

CONTINUED

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024

Strategic Report

Governance Report

Sustainability Statement

Financial Statements

203

The amounts at the reporting date relating to items designated as hedged items were as follows:

	Change in
	value used for
	calculating	Cashflow
	hedge	hedge
	ineffectiveness	Reserve
As at 31 December 2024	€’000	€’000
Interest rate swap	–	(1,576)
	–	(1,576)

	Change in
	value used for
	calculating	Cashflow
	hedge	hedge
	ineffectiveness	Reserve
As at 31 December 2023	€’000	€’000
Interest rate swap	–	(1,623)
	–	(1,623)

Capital management

The Group finances its operations through a combination of shareholders’ funds, long term

borrowings and working capital. The Group’s objective when managing capital is to maintain an

appropriate capital structure in the business to allow management to focus on creating sustainable

long-term value for its shareholders, with flexibility to take advantage of opportunities as they arise

in the short and medium term. The Group’s capital allocation policy is to invest in supply chain, land,

and work-in-progress. Once the business has invested sufficiently in each of these priorities, excess

capital is returned to shareholders.

28 Leases

(a) Leases as lessee (IFRS 16)

The Group leases a property and motor vehicles. Motor vehicle leases typically run for a period of 1-3

years, with an option to renew the lease after that date. Lease payments are renegotiated every 1-3

years to reflect market rentals. The property lease is for 15 years with a break clause after 7 years.

The Group leases certain motor vehicles with contract terms of one year. These leases are short term

and leases of low-value items. The Group has elected not to recognise right-of-use assets and lease

liabilities for these leases.

Information about leases for which the Group is a lessee is presented below.

(i) Right-of-use assets

Right-of-use assets related to leased properties (that do not meet the definition of investment

property) and motor vehicles are presented as property, plant and equipment (see Note 17).

		Motor
	Property	Vehicles	Total
2024	€’000	€’000	€’000
Balance at 1 January	3,727	1,190	4,917
Additions to right-of-use assets	–	150	150
Depreciation charge for the year	(658)	(482)	(1,140)
Balance at 31 December	3,069	858	3,927

		Motor
	Property	Vehicles	Total
2023	€’000	€’000	€’000
Balance at 1 January	4,385	86	4,471
Additions to right-of-use assets	–	1,328	1,328
Depreciation charge for the year	(658)	(224)	(882)
Balance at 31 December	3,727	1,190	4,917

(ii) Amounts recognised in profit or loss

	2024	2023
	€’000	€’000
2024 – Leases under IFRS 16
Interest on lease liabilities	158	138
Expenses relating to short-term leases	83	151

(iii) Amounts recognised in statement of cash flows

	2024	2023
	€’000	€’000
Total cash outflow on leases	1,342	761

(b) Leases as lessor

In certain instances, the Group acts as a lessor in relation to certain property assets. These

arrangements are not material to the Group’s consolidated financial statements.

Glenveagh Properties plc | Annual Report and Accounts 2024

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

CONTINUED

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024

204

29 Related party transactions

(i) Key Management Personnel remuneration

Key management personnel comprise the Non-Executive Directors and the Executive Committee. The

aggregate compensation paid or payable to key management personnel in respect of the financial

year was the following:

	2024	2023
	€’000	€’000
Short-term employee benefits	5,736	4,746
Post-employment benefits	240	214
LTIP and SAYE share-based payment expense	2,442	996
	8,418	5,956

Compensation of the Group’s key management personnel includes salaries, non-cash benefits and

contributions to a post-employment defined contribution plan.

(ii) Other related party transactions

Acquisition of development rights

The Group entered into the Acquisition and Profit Share Agreement (APSA) with Targeted Investment

Opportunities ICAV (TIO), a wholly owned subsidiary of OCM Luxembourg EPF III S.a.r.l. (OCM) (and

an entity in which John Mulcahy is a director) on 12 March 2018.

Under the terms of the APSA, the Group acquired certain development rights in respect the site at

Gateway Retail Park, Knocknacarra, Co. Galway for consideration of approximately €3.2 million

(including stamp duty and transaction costs). The development rights will (subject to planning) entitle

the Group to develop at least 250 residential units under the joint business plan to be undertaken

with Sigma Retail Partners (on behalf of TIO) which will also entitle TIO to control and benefit from

any retail development at the site.

The Directors have determined that joint control over the site exists, and the arrangements have been

accounted for as joint operations in accordance with IFRS 11 Joint Arrangements. This accounting

treatment was re-assessed at the end of the reporting period and the Directors concluded that it

remains appropriate.

The APSA also stipulates that TIO would be entitled to share, on a 50/50 basis, any residual profit

remaining after the Group’s purchase consideration plus interest and residential development

cost plus 20% has been deducted from sales revenue in relation to the residential development

opportunity at Gateway Retail Park, Knocknacarra, Co. Galway and Bray Retail Park, Bray,

Co. Wicklow.

The agreement defines certain default events including TIO not possessing good and marketable title

over the development sites and TIO not transferring good and marketable title over the development

sites. On the occurrence of a default event, the Group shall be entitled to recover the aggregate

purchase consideration in respect of the development rights. OCM has agreed to guarantee this

obligation of TIO.

30 Commitments and contingent liabilities

(a) Commitments arising from development land acquisitions

The Group had no contingent liabilities at 31 December 2024. The Group had the following

commitments at 31 December 2024 relating to Development Land Acquisitions.

Hollystown Golf and Leisure Limited (“HGL”)

During 2018, the Group acquired 100 per cent of the share capital of HGL. Under the terms of an

overage covenant signed in connection with the acquisition, the Group has committed to paying

the vendor an amount equal to an agreed percentage of the uplift in market value of the property

should any lands owned by HGL, that are not currently zoned for residential development be

awarded a residential zoning. This commitment has been treated as contingent consideration and the

fair value of the contingent consideration at the acquisition date was initially recognised at €nil. At

the reporting date, the fair value of this contingent consideration was considered insignificant.

Contracted acquisitions

At 31 December 2024, the Group had contracted to acquire 7 development sites; two in County

Dublin in, two in County Meath, one in County Galway, one in county Westmeath and one in County

Cork for aggregate consideration of approximately €62.0 million (excluding stamp duty and legal

fees). Deposits totalling €7.0 million were paid pre-year end and are included within trade and other

receivables at 31 December 2024.

31 Subsequent events

In February 2025, the Group announced a partnership with the Land Development Authority (“LDA”)

to build 337 dwelling units in Cork Docklands for approximately €150.0 million.

On 3 March 2025, the number of shares repurchased in the share buyback programme had reached

27,881,557 for a cost of €44.3 million. All repurchased shares were cancelled.

32 Profit of the Parent Company

The parent company is Glenveagh Properties PLC. In accordance with section 304 of the Companies

Act 2014, the Company is availing of the exemption from presenting its individual statement of profit

or loss and other comprehensive income to the Annual General Meeting and from filing it at the

Companies Registration Office. The Company’s loss after tax for the financial year was €0.044 million

(

for the year ended 31 December 2023: loss of €0.001 million

33 Approved financial statements

The Board of Directors approved the financial statements on 12 March 2025.

205

Strategic Report

Sustainability Statement

Governance Report

Financial Statements

Note

2024

€’000

2023

€’000

Assets

Non-current assets

Investments in subsidiaries

11,476

10,996

Deferred tax asset

216

11,692

11,212

Current assets

Trade and other receivables

273

477

Amounts owed by subsidiaries

508,028

536,880

Cash and cash equivalents

4,210

156

512,511

537,513

Total assets

524,203

548,725

Equity

Share capital

642

659

Share premium

179,788

179,719

Retained earnings

286,691

317,169

Share-based payment reserve

54,079

48,899

Undenominated capital

418

399

521,618

546,845

Liabilities

Current liabilities

Trade and other payables

2,585

1,880

Total liabilities

2,585

1,880

Total liabilities and equity

524,203

548,725

COMPANY BALANCE SHEET

AS AT 31 DECEMBER 2024

206

Glenveagh Properties plc | Annual Report and Accounts 2024

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024

Share Capital

premium

€’000

Share-based

payment

reserve

€’000

Retained

earnings

€’000

Total

equity

€’000

Ordinary

€’000

Deferred

€’000

Undenominated

capital

€’000

Balance as at 1 January 2024

578

399

179,719

48,899

317,169

546,845

Total comprehensive income for the financial year

Loss for the financial year

–

(44)

Other comprehensive income

–

578

399

179,719

48,899

317,125

546,801

Transactions with owners of the Company

Equity-settled share-based payments

–

5,180

–

5,180

Exercise of options

–

Purchase of own shares (Note 26)

(19)

–

(30,434)

(17)

–

5,180

(30,434)

(25,183)

Balance as at 31 December 2024

561

418

179,788

54,079

286,691

521,618

*The note reference is to the Consolidated financial statements as the information is not disclosed in the notes to the Company financial statements.

207

Strategic Report

Sustainability Statement

Governance Report

Financial Statements

Share Capital

premium

€’000

Share-based

payment

reserve

€’000

Retained

earnings

€’000

Total

equity

€’000

Ordinary

€’000

Deferred

€’000

Undenominated

capital

€’000

Balance as at 1 January 2023

638

335

179,416

46,968

379,855

607,293

Total comprehensive income for the financial year

Loss for the financial year

–

(1)

Other comprehensive income

–

638

335

179,416

46,968

379,854

607,292

Transactions with owners of the Company

Equity-settled share-based payments

–

2,137

–

2,137

Lapsed share options (Note 14)

–

(206)

206

–

Conversion of founder shares to deferred shares (Note 27)

–

Cancellation of deferred shares (Note 26)

–

Exercise of options

–

303

–

307

Purchase of own shares (Note 26)

(64)

–

(62,891)

(60)

–

303

1,931

(62,685)

(60,447)

Balance as at 31 December 2023

578

399

179,719

48,899

317,169

546,845

*The note reference is to the Consolidated financial statements as the information is not disclosed in the notes to the Company financial statements.

COMPANY STATEMENT OF CHANGES IN EQUITY

CONTINUED

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023

208

Glenveagh Properties plc | Annual Report and Accounts 2024

1 Basis of preparation

The financial statements have been prepared on a going concern basis under the historical cost

convention in accordance with the Companies Act 2014 and Generally Accepted Accounting Practice

in the Republic of Ireland (

Financial Reporting Standard 101 Reduced Disclosure Framework

(FRS

101)). Note 2 describes the principal accounting policies under FRS 101, which have been applied. The

Company has applied the exemptions available under FRS 101 in respect of the following disclosures:

Statement of Cash Flows

Disclosures in respect of transactions with wholly owned subsidiaries

Certain requirements of IAS 1

Presentation of Financial Statements

Disclosures required by IFRS 7

Financial Instrument Disclosures

Disclosures required by IFRS 13

Fair Value Measurement

Disclosures required by IFRS 2

Share-based Payments

Disclosures required by IAS 24

Related Party Disclosures

The effects of new but not yet effective IFRSs; and

Disclosures in respect capital management

As noted in Note 32 of the consolidated financial statements, the Company has also availed of the

exemption from presenting the individual statement of profit or loss and other comprehensive income.

The Company’s loss for the financial year was €0.044 million. (

2023: Loss of €0.001 million

2 Material accounting policies

Material accounting policies specifically applicable to these individual Company financial statements

and which are not included within the accounting policies for the consolidated financial statements

are detailed below.

(a) Investments in subsidiaries

Investments in subsidiaries are accounted for in these individual Company financial statements on the

basis of the direct equity interest, rather than on the basis of the reported results and net assets of

investees. Investments in subsidiaries are carried at cost less impairment.

The capital contributions arising from share-based payment charges represents the Company’s

granting rights over its equity instruments to employees of the Company’s subsidiaries. This results in

a corresponding increase in investment in subsidiary.

3 Investment in subsidiaries

2024

€’000

2023

€’000

Investment in subsidiaries

4,025

Accumulated cost of share-based payments in respect of subsidiaries

7,451

6,971

11,476

10,996

Details of subsidiary undertakings are given in Note 25 of the consolidated financial statements. The

Company has considered triggers for impairment, including market capitalisation and determined

there was no trigger.

4 Trade and other receivables

2024

€’000

2023

€’000

VAT receivable

188

112

Prepayments and other receivables

365

273

477

5 Amounts due from subsidiaries

2024

€’000

2023

€’000

Amounts due from subsidiaries

508,028

536,880

508,028

536,880

Amounts owed by subsidiaries are non-interest bearing and are repayable on demand. The expected

credit loss associated with the above balances is considered to be insignificant.

NOTES TO THE COMPANY FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024

209

Strategic Report

Sustainability Statement

Governance Report

Financial Statements

6 Trade and other payables

2024

€’000

2023

€’000

Trade payables

182

368

Accruals

2,331

1,451

Payroll and other taxes

2,585

1,880

7 Share capital and share premium

For further information on share capital and share premium, refer to Note 26 of the consolidated

financial statements.

8 Financial instruments

The carrying value of the Company’s financial assets and liabilities are a reasonable approximation

of their fair value.

Relevant disclosures on consolidated financial instruments and risk management are given in Note 27

of the consolidated financial statements.

9 Share-based payments

For information in relation to share-based payment arrangements impacting the Company, refer to

Note 14 of the consolidated financial statements.

10 Related party disclosures

See Note 29 of the consolidated financial statements for information in relation to related

party transactions.

Remuneration of key management

Key management of the Company is defined as the directors of the Company. The compensation of

key management personnel is set out in Note 29 of the consolidated financial statements.

NOTES TO THE COMPANY FINANCIAL STATEMENTS

CONTINUED

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024

210

Glenveagh Properties plc | Annual Report and Accounts 2024

Alternative Performance Measures (APMs)

The Group reports certain alternative performance measures (“APMs”) that are not required under

IFRS, which is the framework under which the consolidated financial statements are prepared. The

Group believes that these metrics assist investors in evaluating the performance of the underlying

business and provides a more meaningful understanding of how senior management review and

monitor the business on an ongoing basis.

These performance measures are referred to throughout our strategy and business update and the

discussion of our reported financial position. These performance measures may not be uniformly

defined by all companies and accordingly they may not be directly comparable with similarly titled

measures and disclosures by other companies.

The principal APMs used by the Group are defined as follows:

1 Gross margin percentage

Financial statements reference

2024

€’000

2023

€’000

Gross profit

Statement of profit or loss

183,919

112,731

Revenue

Note 10

869,197

607,938

Gross margin percentage

21.2%

18.5%

2 Core gross margin percentage

2024

€’000

2023

€’000

Suburban

Core revenue

631,280

470,820

Non-core revenue

–

Total revenue

Note 10

631,280

470,820

2024

€’000

2023

€’000

Urban

Core revenue

117,247

95,562

Non-core revenue

659

24,560

Total revenue

Note 10

117,906

120,122

2024

€’000

2023

€’000

Partnerships

Core revenue

120,011

16,996

Non-core revenue

–

Total revenue

Note 10

120,011

16,996

2024

€’000

2023

€’000

Core cost of sales

(686,734)

(472,977)

Non-core cost of sales

1,456

(22,231)

Total cost of sales

Statement of profit or loss

(685,278)

(495,208)

2024

€’000

2023

€’000

Core gross profit

179,813

110,401

Core revenue

868,538

583,378

Core gross margin percentage

21.1%

18.9%

Core gross margin represents gross margin before impairment and non-core revenue and cost

of sales is applied. Core gross margin is calculated from Suburban, Urban and Partnerships core

revenue representing unit sales and rental income less the equivalent cost of sales. Non-core revenue

is mostly attributable to the Urban segment. Non-core cost of sales is mostly attributable to land and

development expenditure costs for high end, private developments and sites.

SUPPLEMENTARY INFORMATION

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024

211

Strategic Report

Sustainability Statement

Governance Report

Financial Statements

3 Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) pre-exceptional

items, pre-impairment and related margin

This is an APM representing earnings before interest, tax, depreciation, amortisation, impairment

and exceptional items that Group management considers to be the most appropriate measure

for assessing the profitability of the Group in a given financial period. It is calculated by adding

back non-cash depreciation and amortisation charges to the Group’s operating profit or loss for

a period, and also adding back exceptional items and impairment. Adjusted EBITDA margin

pre-exceptional items, pre-impairment and related margin represents this metric as a percentage

of the Group’s revenue.

Financial statements reference

2024

€’000

2023

€’000

Depreciation – capitalised

4,376

3,320

Depreciation – expensed

2,211

1,839

Total depreciation

Note 17

6,587

5,159

2024

€’000

2023

€’000

Adjusted operating profit

Statement of profit or loss

132,139

70,949

Impairment reversal

Statement of profit or loss

(1,991)

–

Depreciation – expensed

As above

2,211

1,839

Amortisation

Note 18

562

534

Adjusted EBITDA pre-exceptional items

132,921

73,332

Adjusted EBITDA margin pre-exceptional items*

15.3%

12.1%

There is no exceptional items in the current or prior year and as such adjusted EBITDA

pre-exceptional items is equivalent to EBITDA in current and prior year.

4 Return on capital employed (ROCE)

An APM representing return on capital employed that Group management believes is the best

measure of the Group’s ability to generate proﬁts from its asset base in a capital efﬁcient manner

and to create sustainable shareholder value. ROCE is calculated as operating profit divided by

average capital employed, where operating profit is earnings before interest and tax and where

capital employed is calculated as (i) net assets plus (ii) financial indebtedness, less (iii) cash and

intangible assets.

5 Return on equity (ROE)

An APM representing return on equity that Group management apply to measure of the Group’s

efficiency of returns generated from shareholder equity after taxation and is calculated as profit after

tax attributable to shareholders divided by the 12-month average of closing shareholders’ funds.

Financial statements reference

2024

€’000

2023

€’000

Profit after tax

Statement of profit or loss

97,755

47,108

Total equity

Balance sheet

751,170

678,155

Average total equity

689,919

649,333

ROE

14.2%

7.3%

6 Net Development Value (NDV)

This is an APM representing a metric the Group uses to estimate the development value of land held

in inventory. NDV is calculated by multiplying the number of units the Group expects to sell on a

given site by the estimated sales price of each unit.

7 Adjusted EPS

This metric will be used as a performance condition for grants under the Group’s LTIP from 2020

onwards. It is defined as Basic Earnings Per Share as calculated in accordance with IAS 33

Earnings

Per Share

subject to adjustment by the Remuneration Committee at its discretion, for items deemed

not reflective of the Group’s underlying performance for the period.

8 Adjusted operating profit

An APM representing a metric the Group uses to measure financial performance in a given financial

period. It is defined as operating profit before exceptional items and impairment reversals/charges.

Financial statements reference

2024

€’000

2023

€’000

Operating profit

Statement of profit or loss

132,139

70,949

Impairment reversal

Statement of profit or loss

(1,991)

–

Exceptional items

Statement of profit or loss

–

Adjusted operating profit

130,148

70,949

Revenue

Statement of profit or loss

869,197

607,938

Adjusted operating margin

15.0%

11.7%

There is no exceptional items in the current or prior year and as such adjusted operating margin is

equivalent to operating margin in current and prior year.

SUPPLEMENTARY INFORMATION

CONTINUED

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024

212

Glenveagh Properties plc | Annual Report and Accounts 2024

Directors

Executive Directors

Stephen Garvey

Michael Rice (Resigned 31 December 2024)

Conor Murtagh (Appointed 16 January 2025)

Non-executive Directors

John Mulcahy

Pat McCann

Cara Ryan

Camilla Hughes

Emer Finnan

Max Steinebach

Lorna Conn

Company Secretary

Chloe McCarthy

Registered Office

Glenveagh Properties plc

Block C, Maynooth Business Campus

Straffan Road,

Maynooth

Co. Kildare

Ireland

Registrars

Computershare Investor Services (Ireland) Limited

3100 Lake Drive

Citywest Business Campus

Dublin 24

D24 AK82

Auditor

KPMG

Chartered Accountants

1 Stokes Place

St. Stephen’s Green

Dublin 2

D02 DE03

Solicitors

A&L Goodbody

3 Dublin Landings

North Wall Quay

Dublin 1

D01 C4E0

RDJ

The Exchange,

George’s Dock,

IFSC, Dublin 1,

D01 P2V6

Mason Hayes and Curran

South Bank House

Barrow St

Dublin 4

D04 TR29

Bankers

Allied Irish Banks, p.l.c

10 Molesworth Street

Dublin 2

Bank of Ireland Group plc

40 Mespil Road

Dublin 4

D04 C2N4

Barclays Bank Ireland plc

One Molesworth Street

Dublin 2

D02 RF29

Home Building Finance Ireland (HBFI)

Treasury Dock

North Wall Quay

Dublin 1

D01 A9T8

Website

www.glenveagh.ie

Stockbrokers

Davy Group

Davy House

49 Dawson Street

Dublin 2

D02 PY05