**Glenveagh Properties plc Full Year Trading Statement 2025 Summary**
**Key Highlights**
**Strong 2025 Performance** Glenveagh delivered earnings per share (EPS) of 20.0 cents, exceeding guidance, driven by solid execution, cost control, and disciplined capital allocation.
**Revenue Growth** Revenue increased by 7% to €926 million, with Partnerships revenue surging 60% to €381 million, offsetting a 14% decline in Homebuilding revenue to €545 million.
**Margin Expansion** Gross margin improved to 21.4% (up 20bps), with Homebuilding margin at 23.7% (+150bps) and Partnerships margin at 18.2% (+90bps).
**Completions Increase** Group homes completed rose 11% to 2,568 units, supported by both Homebuilding (1,490 units) and Partnerships.
**Forward Order Book** Strengthened to €1.1 billion (+15%), providing visibility for future delivery.
**Net Debt Reduction** Net debt decreased to €169 million (from €178 million in 2024), reflecting healthy cash generation and prudent capital deployment.
**Shareholder Returns** Completed a €105 million share buyback and initiated a new €25 million buyback program, bringing total shareholder returns to €445 million since 2021.
**Outlook for 2026**
**EPS Guidance:** Up to 21 centsdriven by increased completionsPartnerships growthand cost discipline.
**Completions Target** Approximately 2,750 units, including over 1,600 Homebuilding units and further Partnerships growth.
**Partnerships Pipeline** Expected to contribute at least €60 million in annual gross profit.
**Homebuilding Scaling** Targeted output of 2,000 units by 2027, supported by planning visibility and vertical integration.
**Landbank and Planning** All 2026 units have commenced, and 2027 units are planned or in the planning process, ensuring future growth.
**Strategic Progress**
**Partnerships Segment** Established as a core delivery channel, with Glenveagh as a preferred partner for the State.
**Land Sales** €55 million in 2025, with a pipeline to reach €100 million across 2025-2026, aligned with capital allocation strategy.
**Operational Efficiency** Continued focus on standardisation, scale, and vertical integration to enhance build quality and value.
**CEO Commentary**
Stephen Garvey emphasized Glenveagh’s differentiated position in the market, supported by its landbank, manufacturing capability, and customer-first approach. He highlighted the supportive Irish housing policy environment and the need for consistent implementation to address housing supply challenges.
**Divisional Performance**
**Homebuilding** Delivered 1,490 units with a margin of 23.7%, benefiting from standardisation and land sales.
**Partnerships** Revenue grew 60% to €381 million, with a margin of 18.2%, driven by project progress and land sales.
**Capital Allocation**
Since 2021, Glenveagh has returned €420 million to shareholders through share buybacks, reducing shares outstanding by 40%. The new €25 million buyback program underscores continued commitment to shareholder returns.
**Market Context**
The Irish residential housing market remains supportive, with government policies fostering increased supply. Glenveagh is well-positioned to capitalize on these opportunities, leveraging its integrated model and strategic landbank.
**Conclusion**
Glenveagh’s 2025 performance reflects strong execution and strategic progress, with a positive outlook for 2026 driven by completions growth, Partnerships expansion, and disciplined capital management. The company is poised to play a leading role in addressing Ireland’s housing needs while delivering sustainable value to stakeholders.
Below is the HTML table code comparing the financials and debt year on year for Glenveagh Properties plc based on the provided text:
This table compares key financial metrics and debt between 2024 and 2025, including revenue, gross profit, margins, net debt, and operational metrics like homes completed and forward order books. The `padding-left` style is used to indent sub-categories for better readability.
