Glenveagh Properties (GVR) H1 2025 earnings summary

Executive summary

• Group revenue reached €342 million in H1 2025, up 124% year-over-year, with 566 homebuilding units delivered (+93% YoY) and over 900 total completions (+114% YoY), driven by innovation, scale, and partnerships.

• Gross profit rose to approximately €67 million, with gross margin expanding to 19.5% (+130bps), and land sales contributed €60 million.

• Partnerships segment made a material profit contribution for the first time, with six active sites and robust planning momentum.

• Buyback program expanded to €105 million, with €83–84 million already deployed and €400 million returned to shareholders since 2021, reducing shares outstanding by 39%.

• The company is uniquely positioned with a strong land portfolio, proven public-private collaboration, and a vertically integrated platform.

Financial highlights

• Revenue for H1 2025 was €341.6–342 million, up from €152.2 million in H1 2024 (+124% YoY).

• Gross profit increased to €66.8–67 million (+141% YoY); gross margin expanded to 19.5%.

• Operating profit for H1 was €42.1 million (+387–390% YoY); profit before tax €32.5 million; EPS 5.2 cent.

• Net assets at €748–748.4 million; net debt reduced to €229.9–230 million despite higher production.

• Operating cash outflow improved to -€10.7–10.8 million from -€194 million in H1 last year.

Outlook and guidance

• Full-year EPS target of 19.5 cent reiterated for 2025, supported by strong operational momentum and a healthy order book.

• Targeting 1,500 homebuilding unit deliveries and €400 million in Partnerships revenue for 2025; 2,600 total completions expected.

• Land sales of €100 million planned across 2025–2026; landbank supports 2,600–3,600 units per year through 2030.

• Medium-term target of €400 million in annual revenues remains achievable.