Glenveagh Properties (GVR) H1 2026 earnings summary

Executive summary

• All 2026 units sold, contracted, or reserved, with a record order book of €1.8 billion, up 29% year-over-year.

• Construction spend up 34% year-over-year, with six new sites launched and Partnerships revenue up 43%.

• Land bank expanded to 21,000 units, supporting delivery through 2030 at limited incremental cost.

• Buyback program doubled to €100 million, with €520 million returned to shareholders since 2021.

• Upgraded full-year EPS guidance to at least €0.21, with over 2,900 equivalent units expected in 2026.

Financial highlights

• H1 2026 revenue was €239.7 million (down 30% year-over-year), with Partnerships revenue up 43% to €176 million.

• Group gross profit €37 million at 15.5% margin (down from 19.5%); Homebuilding gross margin 21.9% (up 50bps); Partnerships margin 13.2%.

• Operating profit €13.4 million (down 68%); profit before tax €1 million (down 97%); EPS 0.1 cent (down from 5.2 cent).

• Net debt at €423 million (vs €168 million at year-end), expected to reduce to €120 million by year-end.

• Overheads as a percentage of revenue declined to 4.8% in 2026.

Outlook and guidance

• Full-year EPS guidance upgraded to at least €0.21, with over 2,900 completions expected in 2026, including more than 1,700 Homebuilding units.

• Homebuilding gross margin expected to remain at ~21% in 2026.

• Net debt projected to reduce to ~€120 million by year-end; average net debt targeted at 15%-25% of gross assets by 2027.

• Land sales guidance for 2026 at €20 million, with €25 million anticipated in 2027.