Glenveagh Properties (LON:GLV) outlined record full-year 2025 results and reiterated its confidence in delivering 2026 guidance, pointing to a fully invested land bank, expanding partnerships activity, and continued progress in off-site manufacturing as key supports for future delivery.
Full-year 2025 highlights
CEO Stephen Garvey said 2025 was “another strong year” for the company, delivering record revenue of EUR 926 million and 2,568 completions, up 11% year-on-year. Earnings per share rose 18% to EUR 0.20, which management said was ahead of guidance.
Market and policy backdrop in Ireland
Garvey described Irish housing demand as supported by population growth, record employment, and strengthening wage growth, while national housing completions remain below what is needed to meet demand. He pointed to government targets of more than 300,000 new homes by the end of the decade and referenced measures he said are “meaningfully supportive” of delivery, including:
- the National Development Plan providing long-term infrastructure visibility of over EUR 275 billion through 2040,
- an extension of Help to Buy,
- a reduction in VAT on apartments from 13.5% to 9%, and
- planning reforms intended to improve timelines and increase certainty.
Management said it continues to engage with government and state agencies, while noting there is “more to do” on zoning, infrastructure, and enabling capacity.
Land bank, planning, and delivery visibility
Management said it has completed the current phase of its land assembly strategy, leaving a “fully invested” land bank with no further material land investments now required. Garvey said the land bank is primarily in the greater Dublin area and focused on “own door” product, which he characterized as the deepest and most resilient demand segment.
CFO Conor Murtagh said the year-end land balance was approximately EUR 534 million (excluding development rights), down from EUR 556 million at the end of 2024, driven by unit delivery and selective land disposals. The company completed EUR 55 million of land sales in 2025 and is targeting EUR 45 million in 2026, for total disposals of about EUR 100 million across the two years. Including development rights, the year-end 2025 land balance of EUR 554 million is expected to reduce to a range of approximately EUR 400 million to EUR 460 million by the end of 2027, management said.
On planning, Garvey said Glenveagh’s planning approval rate over the last five years has been well above the national average, with “only one refusal” across a large number of applications, and noted that all 2026 deliveries have already commenced. Addressing an analyst question about reported delays on specific sites, Garvey cited two judicial reviews that had been in the courts for years but were resolved in early January, enabling almost 600 units, and referenced a 450-unit development in Mooretown granted within eight weeks. He said he had “no issues on the planning” environment and expects the company’s planning runway to “dramatically change” by the end of 2027 into early 2028.
In Q&A, Garvey also discussed “strategic land,” saying the company’s stated land position of 19,000+ units excludes strategic land and that rezonings are beginning to come through local area plans and variations. He said this could translate into reduced land expenditure in 2027 and 2028, with unit delivery and margin benefits “from 2029 and beyond.”
Operational performance: homebuilding, partnerships, and innovation
In homebuilding, the company delivered 1,490 closed units and EUR 545 million of revenue. Garvey said the forward order book was “materially ahead” of last year at over 1,250 units, with multiple phases selling out quickly across several named developments. He said the performance reflects standardization, scalable sites, and vertical integration, and noted four new launches planned in the first quarter.
The partnerships segment continued to scale, with EUR 381 million of revenue representing 60% year-on-year growth. Management reported partnerships gross margin of 18.2%, including a positive land contribution of approximately 190 basis points; excluding land, underlying partnerships margin was approximately 16.3%, which Murtagh said was ahead of expectations. Garvey said Glenveagh secured a 350-unit mandate in the second half and was in advanced discussions on three opportunities totaling about 500 units. The partnerships pipeline was cited at approximately 8,000 units, with total estimated net development value of about EUR 3 billion.
Garvey also highlighted Glenveagh’s manufacturing-led model through its Nua facilities, describing a vertically integrated housing system connecting standardized design to off-site production. Management said three factories in Carlow, Arklow, and Dundalk have capacity to produce 2,500 units per year on one operating shift, with an ambition to scale to 4,000 units per year by 2030. Murtagh said the company has invested about EUR 70 million in off-site capability to date, with a further EUR 20 million planned across 2026 and 2027 to expand timber frame capacity and operationalize façade production.
Financials, cash flow, capital returns, and 2026 guidance
Murtagh said gross profit increased to EUR 198 million, with group gross margin expanding 20 basis points to 21.4%. Homebuilding gross margin rose to 23.6%, up 110 basis points, while partnerships gross margin was 18.2% (including the land contribution). Central costs were EUR 50 million, including a non-cash share-based payment expense of about EUR 8 million. Net finance costs were EUR 19 million, and profit before tax was EUR 125 million.
Operating cash inflow was EUR 100 million and year-end net debt was approximately EUR 168 million, down from EUR 179 million at the end of 2024, despite increased production activity and shareholder returns. Net assets were EUR 793 million at December 31, up from EUR 751 million a year earlier.
On capital returns, management said it began a further EUR 25 million buyback program on January 15, 2026. On completion, the company expects to have returned over EUR 445 million to shareholders since 2021, reducing the issued share count by approximately 42%. The group reiterated a target average net debt range of 15% to 25% of gross assets and said it expects to be “highly cash generative” in the second half of 2026.
For 2026, management guided to EPS of up to EUR 0.21, with approximately 1,600 homebuilding unit deliveries. Partnerships is expected to deliver the targeted annual average gross profit of EUR 60 million for the segment. In Q&A, the company also discussed delivery phasing, indicating a more H2-weighted profile and noting that roughly 80% of 2026 costs were “locked in as it can be” and over 50% for 2027, while acknowledging build cost inflation remains a volatile factor.
About Glenveagh Properties (LON:GLV)
Glenveagh Properties plc, listed on Euronext Dublin and the London Stock Exchange, is a leading Irish
homebuilder.
Supported by innovation and supply chain integration, Glenveagh are committed to opening access to sustainable high-quality homes to as many people as possible in flourishing communities across Ireland. We are focused on three core markets – suburban housing, urban apartments and partnerships with local authorities and state agencies.
