Glenveagh Properties said it sees its earnings growing again in 2026 on the back of higher home completions, tight cost control and an ongoing contribution from partnerships.
Earnings per share (eps) increased by 18 per cent to 20 cents last year, far outstripping its 7 per cent growth in revenues, to €926 million. It forecast that eps will rise to 21c in 2026.
“The group enters 2026 with positive operational and financial momentum, underpinned by a high-quality landbank, a scaled and capital efficient partnerships segment, an efficient delivery platform and continued, encouraging demand for housing across all tenures,” Glenveagh said in a trading statement.
The Dublin-listed company said it delivered 2,568 homes last year, up 11 per cent on the year, but slightly below the 2,600 figure it had forecast in August. It sees deliveries rising to 2,750 this year in 2026.
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It’s forward order book stood at €1.1 billion at the end of 2025, up from €950 million a year earlier.
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This is expected to be comprised of 1,600 homebuilding units, with the rest coming from homes – mainly apartments – built by its partnerships division for the likes of State-backed Approved Housing Bodies and the taxpayer-owned Land Development Authority.
Looking further ahead, the group now expects to scale the homebuilding division’s output to reach about 2,000 units by 2027, up slightly from its previous 1,900-units goal, “supported by planning visibility, standardisation, and the benefits of its vertically integrated manufacturing capability”, it said.
“Ireland is at a pivotal moment in addressing its housing needs and supporting long-term economic competitiveness. Glenveagh has the land, capability and capital to deliver high-quality homes at scale, and we are ready to play a leading role,” said chief executive Stephen Garvey.
“The Government has demonstrated a clear commitment to creating a supportive policy environment for increasing housing supply across multiple tenures. This is evidenced by the revised National Planning Framework, the introduction of updated apartment standards and the reduction in VAT on apartment construction, alongside continued investment in housing-related infrastructure through the National Development Plan.
“The policy framework to support increased housing delivery is now largely in place.”
Glenveagh says it is the biggest timber-frame housing business in the country, with manufacturing plants in Dundalk, Co Louth, Arklow, Co Wicklow and Carlow.
The company’s gross margin edged up slightly to 21.4 per cent last year, while net debt dipped by €9 million to €169 million.
Since 2021 the group has returned about €420 million to shareholders through a series of share buybacks at an average price of €1.16, resulting in an approximately 40 per cent reduction in shares outstanding. It announced on Thursday that it is commencing at further €25 million buyback programme.
