Cairn Homes (CRN) H1 2025 earnings summary

Executive summary

• Achieved H1 2025 revenue of €284.5 million with 708–780 units delivered, and celebrated 10 years in business.

• Closed and forward order book reached €1.54 billion for 4,092 homes, driven by strong first-time buyer demand and robust sales.

• Gross margin improved to 22.2%, with H1 operating profit at €42.7 million and interim dividend per share up 8% to 4.1c.

• Upgraded FY25 guidance: revenue c.€945 million, operating profit €160–165 million, ROE c.15.5%; new FY26 guidance: revenue c.€1.02–1.05 billion, operating profit €175–180 million, ROE c.16%.

• Strong business momentum and positive outlook, supported by robust order book, pipeline, and government policy alignment.

Financial highlights

• H1 2025 revenue: €284.5 million (H1 2024: €366.1 million); gross profit: €63.1 million (22.2% margin); operating profit: €42.7 million (15.0% margin); net profit: €31.7 million.

• Full-year revenue expected to grow to €660–945 million; FY25 operating profit guidance at €160–165 million.

• Net debt increased to €307.4 million due to €381.5 million WIP investment and shareholder returns; available liquidity over €150 million.

• Interim dividend per share of 4.1c declared, up 8% year-over-year; EPS at 5.1c.

• Inventories rose to €1,035.1 million, with land held for development at €600.1 million.

Outlook and guidance

• Upgraded FY25 guidance: revenue c.€945 million, operating profit €160–165 million, ROE c.15.5%.

• FY26 guidance: revenue c.€1.02–1.05 billion, operating profit €175–180 million, ROE c.16%.

• Net debt expected to reduce in H2 2025 as higher sales close.

• Strong confidence in continued growth, supported by robust order book and pipeline.