Cairn Homes (CRN) H1 2026 earnings summary

Executive summary

• H1 2026 revenue rose 60% year-on-year to €455.5 million, with 1,139 homes sold, also up 60% year-on-year.

• Operating profit increased 75% to €74.8 million, and EPS grew 82% to 9.3 cent.

• Net debt reduced from €307.4 million to €194.5 million, with operating cash flow improving by €141 million year-on-year.

• Interim dividend increased by 10% to 4.5 cent per share, and a €50 million share buyback program was announced.

• Upgraded FY26 guidance: revenue of €1.08 billion, operating profit of €185 million, and ROE of 17%.

Financial highlights

• Gross profit rose to €96.9 million (gross margin 21.3%), and operating margin improved to 16.4%.

• Profit after tax increased 84% to €58.4 million.

• Net asset value increased 13% to €860.3 million; NAV per share at 137c.

• EBITDA increased 68% year-on-year to €78.6 million.

• Forward sales pipeline of 5,020 units valued at €1.89 billion; WIP coverage 3.0x.

Outlook and guidance

• Upgraded FY26 guidance: revenue €1.08 billion, operating profit €185 million, ROE 17%.

• Strong visibility through a record order book into 2028 and robust forward sales.

• Expect delivery of around 6,000 new homes between 2026 and 2027, with 3,200 in 2027.

• Continued investment in platform, people, systems, innovation, and communities to drive sustainable growth.

• Focus on capital recycling, maintaining low leverage, and enhancing shareholder returns.