Cairn Homes (CRN) H2 2025 earnings summary

Executive summary

• Reported FY2025 revenue of €944.6 million from 2,365 homes sold, up 10% year-over-year, driven by exceptional demand and a multiyear order book of €1.32 billion (3,452 homes), especially from first-time buyers.

• Operating margin improved to 17.8% and gross margin to 22.1%, reflecting operational efficiency and cost control.

• Operating profit rose 12% to €168.6 million, and profit after tax increased 16% to €132.77 million.

• ROE increased to 16.6% and dividend per share up 22% year-over-year, with a proposed final dividend of €0.059 (10.0 cent).

• Active across 25 developments, with headcount up 30% to 600 and over 3,650 new homes granted full planning permission.

Financial highlights

• EBITDA reached €177.2 million, up from €158.6 million in FY24.

• Net assets grew 10% to €836.7 million; NAV per share rose to €1.34.

• Net cash from operating activities €70.6 million after €167.4 million WIP investment and €54.7 million shareholder returns.

• Net debt €171.3 million (debt to GAV 17.8%); €500 million committed debt facilities with nearly 4-year average maturity.

• Shareholder returns totaled €54.7 million, including dividends and buybacks.

Outlook and guidance

• Upgraded FY2026 guidance: revenue €1.05–1.08 billion, operating profit €180–185 million, ROE ~16.5%.

• Targeting output of ~6,000 new homes over two years, including 3,200 in 2027 (35% increase over two years).

• Order book includes over 2,000 homes closed/forward sold for 2026 and 1,374 homes for 2027–2028.