10 September 2026

Glenveagh Properties plc

Interim Results 2026

 

2026 new home deliveries upgraded to more than 2,900¹

Upgrade to EPS guidance to at least 21 cent

Buyback programme doubled to €100m

Glenveagh Properties plc ("Glenveagh" or "the Group"), the leading Irish homebuilder, announces its Interim Results for the six months ended 30 June 2026.

Performance Summary

Glenveagh delivered strong sales momentum and accelerated construction activity across active sites in H1 2026. The guided H2-weighted delivery profile is now fully underwritten with the Group's closed and forward order book² at approximately €1.8 billion, up 29% year-on-year. All units expected to close in 2026 are sold, contracted or reserved and the €504.7 million work-in-progress balance at 30 June (+46%) supports completions through H2 2026 and into 2027.

Construction activity accelerated materially during the period, with year-to-date construction spend up 34%. This investment supports completions through H2 2026 and into 2027, and is expected to convert materially into closings and cash during the second half.

Reflecting this strong progress, the Group is upgrading total home completion guidance for 2026 to more than 2,900 units (from 2,750). This comprises in excess of 1,700 units (from 1,600) in its Homebuilding division and approximately 1,200 units (previously 1,150) in its Partnerships business division. This supports upgraded full-year EPS guidance of at least 21 cent (previously up to 21 cent).

Furthermore, the Group is also expanding the current share buyback programme to €100 million (from €50 million), reflecting the Board's confidence in Glenveagh's secured delivery position, H2 cash generation and long-term platform value.

Strategic Highlights in H1

•     Strong growth in closed and forward order book² to approximately €1.8 billion (H1 2025: approximately €1.4 billion), up 29% year-on-year, reflecting sustained demand across the Group's high-quality, well-located own-door portfolio.

•     All units expected to close in 2026 are now sold, contracted or reserved, providing strong visibility on deliveries.

•     Continued to scale Partnerships, with a growing share of new schemes being created on Glenveagh's own landbank, accelerating delivery and improving return on capital; the Group is in active discussions on approximately 1,000 units of this pipeline and expects to update on their conversion to order book with the full year results.

•     Build cost inflation remained in line with expectations, with more than 90% of costs in 2026 and 55% of costs in 2027 agreed.

•     Landbank expanded to approximately 21,000 units (FY 2025: approximately 19,000) at limited incremental cost: the rezoning of the Group's strategic land holdings to residential use added approximately 600 units at no cost, supplemented by planning and design gains (approximately 900 units) and targeted land investment of €33 million, adding approximately 1,100 units. The portfolio has been assembled at an average cost of approximately €27,000 per unit, less than 10% of net development value, an industry-leading position that underpins embedded value and returns.

•     Secured planning permission for 1,761 units in H1 and made lodgements for over 2,517 units; approximately 65% of the Group's landbank now has planning permission, either secured or lodged, providing significant support to the Group's medium term delivery plans.

•     Completed debt refinancing, increasing total committed funding to €550 million through a new five-year €450 million Revolving Credit Facility (RCF) and €100 million seven-year private placement notes, broadening the Group's lender base and extending its debt maturity profile.

•     Current share buyback programme expanded by €50 million to €100 million; upon completion of the current programme, approximately €520 million will have been returned to shareholders since 2021.

 

Financial Highlights in H1

•     Group revenues of €239.7 million (H1 2025: €341.6 million), with strong Partnerships growth (+43%) partially offsetting the H2-weighted delivery phasing in Homebuilding which delivered revenue of €63.9 million (H1 2025: €218.4 million).

•     Strong Partnerships revenue of €175.8 million (H1 2025: €123.2 million), with the segment on track to deliver its guided average annual gross profit of at least €60 million.

•     Improved Homebuilding gross margin to 21.9% (H1 2025: 21.4%), reflecting favourable site mix in the period, and Partnerships gross profit grew 16% to €23.2 million.

•     Year-to-date construction spend up 34%, with work in progress of €504.7 million (H1 2025: €346.8 million), underpinning the upgraded 2026 delivery guidance and completions into 2027.

•     Homebuilding average selling price (ASP) of approximately €402,000 (H1 2025: €377,000), reflecting the higher proportion of non-standard homes on portions of sites acquired in late 2024 where planning was secured by previous owners; ASP is expected to be approximately €380,000 for 2026. Pricing remained firm across all active selling sites, reflecting sustained demand for the Group's product.

•     Net debt of €422.7 million at 30 June 2026 (H1 2025: €229.9 million), with operating cash outflow of €209.1 million reflecting accelerated construction investment that is expected to convert materially into cash in H2. Net debt is guided to reduce to approximately €120 million by year-end.

 

 

 

H1 2026 Overview

 

	Six Months to 30 June 2026 €m	Six Months to 30 June 2025 €m	Change
Group: Closed and Forward Order Book2 €bn	1.8	1.4	+29%
Homebuilding: forward order book (units) 2	2,399	1,482	+62%
Group Homes Completed2 (units)	629	906	-31%
Revenue	239.7	341.6	-30%
-       Homebuilding	63.9	218.4	-71%
-       Partnerships	175.8	123.2	+43%
Gross profit	37.2	66.8	-44%
Gross margin (%)	15.5%	19.5%	-400bps
-       Homebuilding (%)	21.9%	21.4%	+50bps
-       Partnerships (%)	13.2%	16.2%	-300bps
Operating profit	13.4	42.1	-68%
Profit before tax	1.0	32.5	-97%
Earnings Per Share (EPS) (cent)	0.1	5.2	-98%
Net Debt	422.7	229.9	+€193m
Land³	558.5	536.0	+4%
Work in Progress (WIP)	504.7	346.8	+46%
Total Equity	763.8	748.4	+2%

 

¹Group home completions comprise completions within the Homebuilding segment as well as equivalent units completed within the Partnerships segment. Homebuilding completions are defined as units sold. Equivalent units include Partnerships revenue recognised on a percentage-of-completion basis and are calculated by dividing the revenue (inclusive of land sales) by the site's average selling price (ASP).

²As at 9 September 2026. Prior year data as at 24 September 2025. Includes units closed or recognised in revenue in YTD 2026.

³ Excluding development rights.

 

Outlook

•     Full-year EPS guidance upgraded to at least 21 cent (previously up to 21 cent), with higher Homebuilding completions and Partnerships income offset by lower land sale revenue and higher interest costs.

•     The Group now expects to complete overall total equivalent home deliveries¹ of more than 2,900 units in 2026 (previously 2,750). Of these, in excess of 1,700 will be Homebuilding deliveries (previously 1,600). Combined 2026 and 2027 Homebuilding deliveries remains at approximately 3,600 units.

•     Homebuilding gross margin is expected to remain at approximately 21%, supported by standardisation, scale benefits and embedded site economics.

•     Land sale guidance for 2026 is revised to approximately €20 million (previously €45 million), with a further €25 million of land sales anticipated in 2027. The Group remains on track to reduce its total investment in land by approximately €100 million by December 2027.

•     Net debt is expected to reduce materially by year-end to approximately €120 million as H2 completions convert work in progress into cash; with a more balanced delivery profile from 2027, intra-year working capital peaks are expected to moderate significantly, supporting a structurally lower net debt profile through future periods.

 

CEO Stephen Garvey commented:

"The first half of 2026 reflects continued disciplined execution of our long-term strategy. Our Homebuilding order book is well-positioned, supported by new site launches delivering impressive sales rates with robust demand across all our existing selling developments. The Partnerships business continues to grow at scale, cementing Glenveagh as the partner of choice for the State in delivering the homes Ireland needs. With the visibility our order book and construction progress provide, we are upgrading full-year deliveries to more than 2,900 equivalent homes and EPS to at least 21 cent, whilst doubling our buyback to €100 million.

During the period, we also strengthened our funding position, completing the refinancing of our debt facilities and increasing total committed funding to €550 million, extending our maturity profile and broadening our lender base.

Ireland's housing delivery system is beginning to move more decisively, supported by a strengthening policy backdrop. Sustaining that momentum will require continued progress on zoning, servicing capacity and enabling infrastructure, and we will continue to engage constructively to help translate policy intent into homes on the ground.

Looking ahead, our focus is on converting the order book into completed homes at pace. We expect the Group will be highly cash generative in the second half, supporting further returns to shareholders, reflected in the Board's decision to double our buyback to €100 million. Alongside this, we continue to invest in our manufacturing and innovation capability, sharpening efficiency and affordability so that we keep delivering the best value product for our customers."

 

Results Presentation

A webcast presentation of the results for analysts and institutional investors will take place at 8.30am on 10 September 2026. The presentation will be available on the "Investors" section of glenveagh.ie after the webcast on 10 September 2026.

Conference call: Click here to register for conference call

Audio webcast: Click here for the webcast

Registration and access details are also available at: glenveagh.ie

 

For further information please contact:

 

Investors:	Media:
Glenveagh Properties plc    Conor Murtagh (CFO)    Kate Halliday (Investor Relations)   [email protected]	Gordon MRM    Ray Gordon 087 241 7373    Julian Fleming 087 691 5147   [email protected]

 

Notes to Editors 

Glenveagh Properties plc, listed on Euronext Dublin and the London Stock Exchange, is the leading Irish homebuilder. 

Supported by innovation and our internal manufacturing capability, Glenveagh is committed to opening access to sustainable, high-quality homes to as many people as possible in flourishing communities across Ireland.   

We are focused on two core areas to achieve this: Homebuilding and Partnerships. Our Homebuilding division is the leading provider of own-door single-family homes in Ireland, 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.

www.glenveagh.ie

 

Forward-looking statements

This announcement does not constitute or form any part of an invitation to underwrite, subscribe for or otherwise acquire or dispose of any shares of Glenveagh Properties plc (the "Company" or "Glenveagh").

This announcement contains statements that are, or may be deemed to be, forward-looking statements. Forward-looking statements include, but are not limited to, information concerning the Company's possible or assumed future results of operations, plans and expectations regarding demand outlook, business strategies, financing plans, competitive position, potential growth opportunities, potential operating performance improvements, expectations regarding inflation, macroeconomic uncertainty, geopolitical tensions, weather patterns, the effects of competition and the effects of future legislation or regulations. Forward-looking statements include all statements that are not historical facts and can be identified by the use of forward-looking terminology such as "may", "will", "should", "expect", "anticipate", "project", "estimate", "intend", "continue", "target", "ensure", "arrive", "achieve", "develop" or "believe" (or the negatives thereof) or other variations thereon or comparable terminology. Forward-looking statements are prospective in nature and are based on current expectations of the Company about future events, and involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. Although the Company believes that current expectations and assumptions with respect to these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to be correct. Due to various risks and uncertainties, actual events or results or actual performance of the Company may differ materially from those reflected or contemplated in such forward-looking statements. You are cautioned not to place undue reliance on any forward-looking statements.

These forward-looking statements are made as of the date of this document. The Company expressly disclaims any obligation to update these forward-looking statements other than as required by law.

The forward-looking statements in this announcement do not constitute reports or statements published in compliance with any of Regulations 6 to 8 of the Transparency (Directive 2004/109/EC) Regulations 2007 (as amended).

 

GLENVEAGH PROPERTIES PLC: BUSINESS AND FINANCIAL REVIEW

The first half performance reflects continued momentum in Partnerships, strong Homebuilding demand and an expected H2-weighted completion profile that is now fully secured. All units expected to close in 2026 are sold, contracted or reserved, supporting upgraded delivery and EPS guidance for the full year.

The Group's strategy continues to compound across three areas: a high-quality and substantially assembled landbank; a manufacturing-led, vertically integrated delivery model; and disciplined capital allocation. Together, these provide delivery visibility, cost certainty, improving cash conversion and capacity for continued shareholder returns.

1.   Group Sales

A.   Overview

Glenveagh is sold out for 2026, with all units expected to close in the year sold, contracted or reserved, a position secured as a result of strong demand across the Group's selling sites.

The selling momentum is reflected in the closed and forward order book², which stands at approximately €1.8 billion (H1 2025: €1.4 billion): 2,399 Homebuilding units are sold, contracted or reserved, and a Partnerships order book approaching €1 billion underpins confidence in delivery through H2 2026 and beyond.

This demand is underpinned by strong fundamentals: Ireland's population grew by 66,900 in the year to April 2026 to 5.5 million and employment of approximately 2.8 million remains close to record levels (CSO). Against that backdrop, the Group's customer offering continues to stand out, combining quality, consistency and choice across locations, tenure types and affordability points, supported by continued investment in our HomeBuyer Hub portal.

Group completions of 629 homes in H1 2026 (H1 2025: 906), including equivalent Partnerships units, reflect the H2-weighted delivery profile, with reservation and absorption rates remaining robust across active selling sites.

B.   Homebuilding

The Homebuilding segment continues to perform strongly, evidenced by a growing forward order book and robust reservation rates, and driven by sustained demand for high-quality, energy-efficient, own-door housing. Demand for new homes remains strong and is further supported by targeted government initiatives including Help to Buy and the First Home Scheme.

Revenue from the Homebuilding segment was €63.9 million (H1 2025: €218.4 million), with 155 units completed (H1 2025: 566). Six new Homebuilding sites were launched in the period, with seven further phases selling across existing developments, reflecting the quality and depth of Glenveagh's landbank.

As a result of strong construction and selling progress, the Group now expects to deliver in excess of 1,700 Homebuilding units (1,600 previously) in FY 2026, supported by strong reservation rates across all active selling sites. Across 2026 and 2027 combined, the Group expects to deliver approximately 3,600 Homebuilding units.

The combined 2026 and 2027 Homebuilding figure reflects a deliberate allocation of our landbank towards Partnerships, where units delivered on Glenveagh land are forward-funded and capital-light. As these schemes convert, the Group sees scope for Partnerships to outperform its €60 million average annual gross profit guidance, with a corresponding acceleration in Group return on capital employed.

C.   Partnerships

The Partnerships segment continues to grow in scale and significance, delivering revenue of €175.8 million in H1 2026 (H1 2025: €123.2 million) and gross profit of €23.2 million (H1 2025: €20.0 million).

The performance reflects Glenveagh's strategic focus on expanding its Partnerships platform in a disciplined and sustainable manner, leveraging its planning, design, and manufacturing capabilities to deliver high-quality housing at pace in collaboration with the State.

Construction activity is advancing across six active sites with continued contributions from Ballymastone, Oscar Traynor Road, and Mooretown alongside newer projects. The Group's active engagement and delivery track record continue to reinforce its position as a partner of choice for public sector housing projects.

The Group's Partnerships pipeline provides strong medium-term visibility and underpins the next phase of growth. With approximately 7,000 units and an estimated €3 billion of NDV, it represents a substantial and attractive opportunity set from which Glenveagh can selectively progress schemes where its platform, expertise and scale can add the greatest value. Reflecting the longer lead times involved in bringing public lands to market, a growing share of new Partnerships is being created on Glenveagh's own landbank, accelerating delivery, improving return on capital and providing exceptional value to the State in delivering the homes Ireland needs. The Group is in active discussions on approximately 1,000 units of this pipeline on Glenveagh lands and expects to provide a further update on their conversion to order book with the full year results. This approach underpins an average annual gross profit opportunity of at least €60 million in Partnerships.

 

2.   Financial Review

A.   Group performance

H1 2026 saw continued progress in the quality and resilience of Glenveagh's earnings. The Group delivered Homebuilding gross margin of 21.9%, reflecting favourable site mix in the period, grew Partnerships revenue by a further 43%, and has upgraded its full-year delivery and EPS guidance, while investing deliberately through the peak of the capital cycle.

Revenue

Group revenue was €239.7 million in the period (H1 2025: €341.6 million), with strong Partnerships growth partially offsetting planned H2 phasing in Homebuilding, which contributed €63.9 million (H1 2025: €218.4 million) from 155 units closed during the period (H1 2025: 566). Group revenue included land sales of €10.5 million.

Homebuilding Average Selling Price was approximately €402,000 (H1 2025: €377,000), given the higher proportion of non-standard homes on portions of sites acquired in late 2024 where planning was secured by previous owners. Like-for-like pricing remains firm across all active selling sites, reflecting sustained demand for the Group's product. Movements in ASP were a function of site and product mix and ASP is expected to be approximately €380,000 in 2026, and beyond this, will normalise to a run-rate of approximately €350,000 per unit over the medium term (on a spot basis). This is in line with the Group's deliberate strategic focus on affordable, standardised own-door product across sites of scale.

Partnerships delivered revenue of €175.8 million (H1 2025: €123.2 million), representing approximately 43% year-on-year growth, as the segment continued to scale. Partnerships is expected to continue delivering at least €60 million of average annual gross profit going forward.

Gross margin and build cost inflation

Group gross margin was 15.5% (H1 2025: 19.5%), as a result of the higher contribution of Partnerships as a percentage of revenue during the period. Homebuilding gross margin was 21.9% (H1 2025: 21.4%), supported by continued standardisation, scale benefits and vertical integration and reflecting a favourable site mix in the period. Homebuilding gross margin is expected to remain at approximately 21% for the full year.

Partnerships gross profit grew 16% to €23.2 million (H1 2025: €20.0 million), with gross margin of 13.2% (H1 2025: 16.2%) shaped by the site and tenure mix of active sites, in line with expectations.

Build cost inflation in H1 remained in line with expectations. The Group's deliberate investment in standardisation, vertical integration, innovation and, more recently, AI continue to deliver tangible efficiency gains across design, procurement and site delivery, providing effective protection against build cost inflation.

Labour inflation persists, though wage pressures are being partially offset by productivity gains from standardisation and modern methods of construction.

Operating profit

Group operating profit was €13.4 million (H1 2025: €42.1 million), consistent with the H2-weighted delivery profile and the revenue mix in the period. Administrative expenses, including depreciation and amortisation, reduced by 3.6% to €23.8 million (H1 2025: €24.7 million), reflecting active cost management, the deployment of AI across the business and lower innovation spend as the Group's platform investment phase completes. On a full-year basis, overheads are expected to decline structurally to below 5% of revenue, evidencing improving operational leverage as the business scales.

Net finance costs were €12.3 million (H1 2025: €9.6 million). This reflects higher average net debt during the period of peak capital deployment and the write-off of unamortised borrowing costs following the Group refinancing completed in April 2026. Full-year net finance costs are expected to be approximately €24 million. As the delivery profile rebalances from 2027, moderating intra-year working capital peaks and supporting a structurally lower net debt profile, financing costs are expected to reduce materially in future periods.

B.   Balance sheet and Cash flow

Land investment, excluding development rights, was €558.5 million at 30 June 2026 (31 December 2025: €534.0 million), reflecting targeted acquisitions of approximately €33 million in the period. Our focus remains on steadily reducing capital employed in land over time while maintaining output, enhancing returns and improving cash generation, without compromising delivery certainty.

Construction spend in the period was up 34%, as build activity accelerated across the Group's 20 active sites and investment progressed at pace. WIP increased to €504.7 million (H1 2025: €346.8 million), underpinning the upgraded 2026 delivery guidance and completions into 2027.

Contract assets were €137.2 million (31 December 2025: €141.8 million). The unwind of contract assets through 2026, combined with a growing forward-funded component within Partnerships, is expected to strengthen structural cash conversion even as the platform continues to scale.

Consistent with the acceleration of construction activity, operating cash outflow was €209.1 million in H1 2026 (H1 2025: outflow of €10.7 million), which will support the Group's delivery programme, consistent with the Group's capital allocation priorities.

Net debt was €422.7 million at 30 June 2026 (H1 2025: €229.9 million). Net debt is guided to reduce materially by year-end to approximately €120 million. From 2027, a more balanced delivery profile is expected to moderate intra-year working capital peaks, supporting a structurally lower net debt profile through the year.

The share buyback programme was launched as a €25 million programme in January 2026 and expanded by a further €25 million at the May 2026 AGM. It has today been extended by a further €50 million, bringing the total authorised programme to €100 million. This may continue until 31 March 2027, subject to market conditions.

C.   Group refinancing

In April 2026, the Group successfully completed the refinancing of its debt facilities, increasing total committed funding to €550 million (from €450 million previously), extending and balancing its debt maturity profile, and creating a stable platform of committed funding to support the next phase of growth.

The new facilities comprise a five-year €450 million Revolving Credit Facility ("RCF") provided by the Group's existing lenders AIB, Bank of Ireland, Barclays and Home Building Finance Ireland, with ING joining the syndicate.

Simultaneous with the refinancing of its RCF, the Group issued €100 million of seven-year private placement notes to MetLife, further broadening its lender base, introducing long-dated institutional capital and enhancing financial flexibility.

Together with approximately €57 million of project-level funding, total funding across the Group now exceeds €600 million.

 

3.   Strategic enablers

Glenveagh's delivery and growth trajectory is supported by three structural enablers:

·     a fully assembled, high-quality landbank providing long-term delivery visibility and embedded value;

·     a manufacturing-led, vertically integrated delivery model that enhances cost certainty, build efficiency and execution capability; and

·     a disciplined capital allocation framework that balances investment in delivery, balance sheet strength and shareholder returns, while preserving flexibility to respond to evolving market conditions.

Together, these enablers support the Group's ability to deliver at scale, manage cost inflation, improve cash conversion and generate sustainable returns through the cycle.

A.   Landbank and planning

Glenveagh operates from a fully assembled, high-quality landbank of approximately 21,000 units (FY 2025: approximately 19,000) focused on affordable own-door housing, with approximately 74% located in the Greater Dublin Area and 76% comprising own-door product. The expansion in the period was achieved with: planning and design gains that added 900 units, and the rezoning of the Group's strategic land holdings to residential use added a further approximately 600 units at no cost, alongside limited incremental land investment of €33 million (+ approximately 1,100 units), further demonstrating the embedded value of the portfolio the Group has assembled. The portfolio was secured at an average cost of approximately €27,000 per unit, representing less than 10% of net development value, embedding spot margins of approximately 21% and supporting increased delivery of 2,900-3,700 (previously 2,750 - 3,600) equivalent units per annum through to 2030 without material further investment.

Planning momentum continued through the period, with permission secured for 1,761 units and lodgements made for a further 2,517 units. Approximately 65% of the landbank has now secured or lodged planning, underpinning the Group's medium-term delivery plans and de-risking the conversion of land into homes.

Affordability is embedded in the portfolio with approximately 94% of units priced below €500,000 inclusive of VAT. This positioning is expected to become increasingly important, with 48% of non-homeowners in Ireland already spending more than 30% of household income on housing (Homebuilding Horizons, 2026) and affordability pressures intensifying across developed markets globally. Glenveagh's standardised, manufacturing-led model is designed to keep high-quality homes within reach of the widest possible pool of buyers.

The Group's strategic land holdings, which sit outside the actionable landbank, are well positioned to benefit from the expanded zoning required under the revised National Planning Framework and the Planning and Development Act 2024.

B.   Manufacturing and supply chain

Glenveagh operates Ireland's largest off-site manufacturing platform, with approximately 400,000 square feet of production capacity across three facilities, integrated across land acquisition, planning, standardised design, off-site production and on-site assembly. This capability is directed towards a single overarching ambition, the "Home for the Future", a home designed for factory production, assembled on site, with progressively shorter build cycles and reduced dependence on scarce site trades. Off-site timber frame is complete; the external wall system, rapid-build foundations (sourced from external suppliers) and energy and water reduction technologies are in progress; and lightweight roofing is in design.

Ireland's construction cost base faces two structural headwinds this decade. The carbon tax, now €71 per tonne, is legislated to rise annually to €100 per tonne by 2030, progressively raising the cost of carbon-intensive materials and site activity. At the same time, the industry needs to grow from approximately 178,000 workers today to approximately 281,000 by 2030 to meet housing and infrastructure targets, with the €275 billion National Development Plan competing for the same labour pool. This is against a workforce in which one in five is aged 55 or over (SOLAS), with annual apprentice registrations in brick and stonelaying down from 473 in 2006 (SOLAS) to approximately 78 (DPENDR, 2024), and sector wage inflation an on-going challenge.

In response to these challenges, our off-site manufacturing platform and lightweight timber-frame system remove block laying, scaffolding, roofing and wet-trade dependence from the critical path. This takes scarce labour out of the build while delivering a significant reduction in embodied carbon across the Home for the Future range versus traditional construction methods. This capability has been assembled for approximately €80 million of capital investment, with a further €15 million planned across 2026 and 2027 to expand timber-frame capacity and embed the external wall system across the platform.

C.   Capital allocation

Glenveagh's capital allocation framework prioritises a high-quality landbank, funding of work in progress to sustain scale, and investment in the Group's manufacturing platform, while returning surplus capital to shareholders.

The Group's capital requirements are reducing as the strategy matures: the landbank is fully assembled, the manufacturing programme is substantially complete, and shorter build cycles will progressively reduce the working capital absorbed by each unit delivered, enhancing the Group's cash conversion profile. The manufacturing platform is also changing the Group's risk profile, not just its cost base. Standardised design and factory production compress the build cycle, reduce exposure to scarce site labour and programme slippage, and make output, cost and cash conversion materially more predictable.

As delivery becomes more predictable and less cyclical, the risk attached to each euro of profit falls, and the Group expects this to be progressively reflected in a structurally lower cost of capital.

The Group's expanded share buyback programme takes the total authorised programme to €100 million, while retaining the flexibility to invest where returns justify it. Upon completion of the current programme, approximately €520 million will have been returned to shareholders since 2021.

 

4.   Policy environment

The policy backdrop for housing delivery continued to strengthen through H1 2026, with the Planning and Development Act 2024 bedding in, the Housing Activation Office beginning to make a real difference in coordinating delivery, and progress continuing on the revised National Planning Framework, the National Development Plan and the work of the Accelerating Infrastructure Taskforce. Across the system, the focus is now shifting from policy creation to policy execution. Updated apartment standards and VAT reductions for apartment construction are expected to improve delivery viability across the sector, while reform of the Residential Zoned Land Tax, the rollout of Urban Development Zones and progress on judicial review timelines will be important in sustaining the pipeline of zoned and serviced land. Nationally important infrastructure, including Greater Dublin Drainage and MetroLink, will unlock substantial additional capacity across the Greater Dublin Area, and Glenveagh continues to engage closely with local authorities, utilities and infrastructure agencies to translate policy intent into consistent delivery on the ground. The Group's perspective on the practical reforms needed to sustain delivery, grounded in its end-to-end delivery experience and proprietary consumer research, is set out in its inaugural Homebuilding Horizons report, published in August 2026.

 

5.   Outlook

•     Full-year EPS guidance upgraded to at least 21 cent (previously up to 21 cent), with higher Homebuilding completions and Partnerships income offset by lower land sale revenue and higher interest costs.

•     The Group now expects to deliver in excess of 1,700 Homebuilding units (previously 1,600), and total equivalent home deliveries of more than 2,900 units (previously 2,750). Across 2026 and 2027 combined, the Group continues to expect to deliver approximately 3,600 Homebuilding units.

•     Homebuilding gross margin expected to remain at approximately 21%, supported by standardisation, scale benefits and embedded site economics.

•     Land sale guidance for 2026 is revised to approximately €20 million (previously €45 million), with a further €25 million anticipated in 2027. The Group remains on track to reduce its total investment in land by approximately €100 million by December 2027.

•     Net debt is expected to reduce materially by year-end to approximately €120 million as H2 completions convert work in progress into cash; with a more balanced delivery profile from 2027, intra-year working capital peaks are expected to moderate significantly, supporting a structurally lower net debt profile through future periods.

 

ENDS

 

Statement of Directors' responsibilities in respect of the condensed consolidated interim financial statements

for the half year ended 30 June 2026

 

The Directors are responsible for preparing the half-yearly financial report in accordance with the Transparency (Directive 2004/109/EC) Regulations 2007 ("Transparency Directive"), and the Transparency Rules of the Central Bank of Ireland.

 

In preparing the condensed set of consolidated financial statements included within the half-yearly financial report, the directors are required to:

-   prepare and present the condensed set of consolidated financial statements in accordance with IAS 34 Interim Financial Reporting as adopted by the EU, and the Transparency Directive and the Transparency Rules of the Central Bank of Ireland;

-   ensure the condensed set of consolidated financial statements has adequate disclosures;

-   select and apply appropriate accounting policies; and

-   make accounting estimates that are reasonable in the circumstances.

-   assess the Entity'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 the directors either intend to liquidate the Entity or to cease operations, or have no realistic alternative but to do so.

 

The directors are responsible for designing, implementing and maintaining such internal controls as they determine is necessary to enable the preparation of the condensed set of consolidated financial statements that is free from material misstatement whether due to fraud or error.

 

We confirm that to the best of our knowledge:

 

(1)  the condensed set of consolidated financial statements included within the half-yearly financial report of Glenveagh Properties plc for the six months ended 30 June 2026 ("the interim financial information") which comprises condensed consolidated statement of profit or loss and other comprehensive income, the condensed consolidated balance sheet, the condensed consolidated statement of changes in equity, the condensed consolidated statement of cash flows and the related explanatory notes, have been presented and prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the EU, the Transparency Directive and Transparency Rules of the Central Bank of Ireland.

(2)  The interim financial information presented, as required by the Transparency Directive, includes:

a.   an indication of important events that have occurred during the first 6 months of the financial year, and their impact on the condensed set of consolidated financial statements;

b.   a description of the principal risks and uncertainties for the remaining 6 months of the financial year

c.   related parties' transactions that have taken place in the first 6 months of the current financial year and that have materially affected the financial position or the performance of the enterprise during that period; and

d.   any changes in the related parties' transactions described in the last annual report that could have a material effect on the financial position or performance of the enterprise in the first 6 months of the current financial year.

 

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Entity's website. Legislation in the Republic of Ireland governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

 

 

 

On behalf of the Board

 

 

 

 

Stephen Garvey                                                            Conor Murtagh              9 September 2026

Director                                                                         Director

 

 

 

 

Independent Review Report to Glenveagh Properties plc ("the Entity")

 

Conclusion

 

We have been engaged by the Entity to review the Entity's condensed set of consolidated financial statements in the half-yearly financial report for the six months ended 30 June 2026 which comprises the Condensed Consolidated Balance Sheet, the Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income, the Condensed Consolidated Statement of Changes in Equity, the Condensed Consolidated Statement of Cash Flows, a summary of significant accounting policies and other  explanatory notes.

 

Based on our review, nothing has come to our attention that causes us to believe that the condensed set of consolidated financial statements in the half-yearly financial report for the six months ended 30 June 2026 is not prepared, in all material respects in accordance with International Accounting Standard 34 Interim Financial Reporting ("IAS 34") as adopted by the EU and the Transparency (Directive 2004/109/EC) Regulations 2007 ("Transparency Directive"), and the Central Bank (Investment Market Conduct) Rules 2019 ("Transparency Rules of the Central Bank of Ireland").

 

Basis for conclusion

 

We conducted our review in accordance with International Standard on Review Engagements (Ireland) 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity ("ISRE (Ireland) 2410") issued for use in Ireland. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures.

 

A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

 

Conclusions relating to going concern

 

Based on our review procedures, which are less extensive than those performed in an audit as described in the Basis for conclusion section of this report, nothing has come to our attention that causes us to believe that the directors have inappropriately adopted the going concern basis of accounting, or that the directors have identified material uncertainties relating to going concern that have not been appropriately disclosed.

 

This conclusion is based on the review procedures performed in accordance with ISRE (Ireland) 2410. However, future events or conditions may cause the Entity to cease to continue as a going concern, and the above conclusions are not a guarantee that the Entity will continue in operation.

 

Directors' responsibilities

 

The half-yearly financial report is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the half-yearly financial report in accordance with the Transparency Directive and the Transparency Rules of the Central Bank of Ireland.

 

The directors are responsible for preparing the condensed set of consolidated financial statements included in the half-yearly financial report in accordance with IAS 34 as adopted by the EU. 

 

As disclosed in note 2, the annual financial statements of the Entity for the year ended 31 December 2025 are prepared in accordance with International Financial Reporting Standards as adopted by the EU. 

 

In preparing the condensed set of consolidated financial statements, the directors are responsible for assessing the Entity'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 the directors either intend to liquidate the Entity or to cease operations, or have no realistic alternative but to do so.

 

 

 

Independent Review Report to Glenveagh Properties plc ("the Entity") (continued)

 

Our responsibility

 

Our responsibility is to express to the Entity a conclusion on the condensed set of consolidated financial statements in the half-yearly financial report based on our review.

 

Our conclusion, including our conclusions relating to going concern, are based on procedures that are less extensive than audit procedures, as described in the Basis for conclusion section of this report.

 

The purpose of our review work and to whom we owe our responsibilities

 

This report is made solely to the Entity in accordance with the terms of our engagement to assist the Entity in meeting the requirements of the Transparency Directive and the Transparency Rules of the Central Bank of Ireland. Our review has been undertaken so that we might state to the Entity those matters we are required to state to it in this 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 for our review work, for this report, or for the conclusions we have reached.

 

 

 

 

 

KPMG                                                                                                              9 September 2026

Chartered Accountants

1 Stokes Place

St. Stephen's Green

Dublin 2

Ireland