Glenveagh Properties (GVR) investor relations material

Executive summary

• Achieved record revenue of €926 million in 2025, with completions up 11% year-over-year to 2,568 units and EPS up 18% to €0.20, exceeding guidance.

• Completed €105 million share buyback, reducing issued share count by 42% since 2021, and expanded margins across the business.

• Fully invested land bank of 19,000 units in the greater Dublin area supports delivery through 2030, with no further material land investments required.

• Innovation and vertical integration in manufacturing enhance efficiency, quality, and resilience, positioning the business for scalable growth.

• Strong market fundamentals driven by population growth, high employment, supportive government policy, and a structural housing shortfall underpinning demand.

Financial highlights

• Revenue rose 7% year-over-year to €926 million; home building contributed €545 million from 1,490 units, partnerships delivered €381 million, up 60%.

• Gross profit increased to €198 million, with gross margin up 20bps to 21.4%; home building margin at 23.6% (+110bps), partnerships at 18.2%.

• Profit before tax reached €125 million, up €114 million from 2024; EPS at €0.20 (+18%), ROE at 14.4%.

• Net assets at year-end were €793 million, up from €751 million; net debt reduced to €168 million.

• Operating cash inflow was €100 million; land sales of €55 million completed in 2025, with €45 million targeted for 2026.

Outlook and guidance

• Guidance for 2026: EPS up to €0.21, 1,600 home building unit deliveries, and partnerships targeting €60 million annual gross profit.

• Land bank supports 2,750–3,600 units per annum through 2030; no further net land investment required.

• Continued focus on margin delivery, land sales, and disciplined capital allocation.

• Plans for additional land sales of €45 million in 2026, following €55 million in 2025.

• Expects 2,000 home building unit deliveries in 2027 and further growth in partnerships.