Glenveagh Properties (GVR) Q4 2025 TU earnings summary

Executive summary

• Delivered 2025 EPS of 20.0 cent, ahead of guidance, with strong performance in both Homebuilding and Partnerships segments, supported by scale, standardisation, and vertical integration.

• Group completions rose 11% year-over-year to 2,568 units, reflecting robust execution and demand.

• Strategic priorities advanced: increased output, improved returns, and strengthened future delivery visibility.

Financial highlights

• Revenue increased 7% year-over-year to €926 million; gross profit up 8% to €198 million.

• Operating profit rose 9% to €144 million; profit before tax up 11% to €125 million.

• Gross margin expanded to 21.4% (+20bps); EPS up 18% to 20.0 cent.

• Net debt reduced by €9 million to €169 million, reflecting strong H2 cash generation.

Outlook and guidance

• 2026 EPS guided up to 21 cent, with completions expected to reach 2,750 units, including over 1,600 Homebuilding units.

• Partnerships pipeline underpins at least €60 million annual gross profit; Homebuilding output targeted at 2,000 units by 2027.

• Forward order book at €1.1 billion (+15% year-over-year) provides strong delivery visibility.