Cairn Homes (CRN) H1 2026 TU earnings summary

Executive summary

• Achieved revenue of approximately €450 million from around 1,130 units in H1 2026, a 60% year-over-year increase, supporting strong cash generation and full-year guidance.

• Average sales reached 100 units per week since April 2026, with a closed and forward order book of about 4,800 homes valued at €1.8 billion.

• Launched over 150 apartments at Exchange Square (Seven Mills) and introduced first Passive House standard houses for private buyers, reflecting a focus on sustainability.

• Active on 26 sites across Greater Dublin, Cork, and Galway, with five new site commencements in H1 2026.

• Interim dividend of approximately 4.5 cent per share to be announced, a 10% increase from the previous year.

Financial highlights

• Revenue increased to about €450 million in H1 2026 from €284.5 million in H1 2025.

• Sales volume rose to 1,130 units from 708 units year-over-year.

• Build cost inflation remained controlled at around 2.5% year-to-date.

• Sector-leading Return on Equity (ROE) of 16.6% for FY25.

Outlook and guidance

• Reaffirmed FY26 guidance: revenue of €1.05–€1.08 billion, operating profit of €180–€185 million, and ROE of about 16.5%.

• Plans to deliver 6,000 new homes across 2026 and 2027, including 3,200 in 2027.

• Strong cash generation expected into H2 and 2027, with an update on capital allocation plans in September.