Glenveagh’s record 2025: higher output, fatter margins, and Partnerships firing
Glenveagh Properties has delivered another step-up year. Output hit a record 2,568 homes, margins nudged higher, and the Partnerships division scaled sharply. The landbank is now fully assembled at 19,000 plots, and management is guiding to further earnings growth in 2026. For a sector where delivery certainty is king, this update ticks a lot of boxes.
Key numbers investors need to see
| Metric | 2025 | 2024 | Change |
|---|---|---|---|
| Group homes completed (units) | 2,568 | 2,309 | +11% |
| Revenue | €925.9 million | €869.2 million | +7% |
| Gross margin | 21.4% | 21.2% | +20 bps |
| Operating profit | €144.1 million | €132.1 million | +9% |
| Profit before tax | €125.2 million | €113.8 million | +10% |
| EPS | 20.0 cent | 17.0 cent | +18% |
| ROE | 14.4% | 14.2% | +20 bps |
| Net debt | €168.0 million | €179.0 million | Improved |
| Forward order book | ~€1.3 billion | ~€1.1 billion | +15% |
Basis points (bps) are one hundredth of a percent. 20 bps = 0.20 percentage points.
What drove the beat: Partnerships scale and disciplined delivery
The big engine in 2025 was Partnerships. Revenue surged to €380.9 million, up 61%, as major state-backed schemes like Ballymastone and Oscar Traynor Road gathered pace. Reported Partnerships gross margin was 18.2%, including a roughly +190 bps tailwind from land sales; underlying was about 16.3%, which is ahead of expectations and entirely consistent with the segment’s capital-light, lower risk model.
Homebuilding still did most of the heavy lifting in absolute terms, with €545.0 million of revenue and a meaningfully better gross margin of 23.6% (2024: 22.5%). Completions were 1,490 versus 1,650 last year, which management puts down to the ramp-up of late-2024 site acquisitions. Average selling price (ASP) came in at about €347,000 given site and product mix. Notably, ASP is guided to rise to more than €375,000 in 2026 before normalising toward ~€350,000 thereafter, as mix reverts to more standardised own-door homes.
Why this matters: visibility, cost control, and a fully invested landbank
- 19,000-plot landbank at about €32,000 per unit – less than 10% of net development value. That locks in spot margins around 21% and supports output of 2,750-3,600 units a year through 2030 without major new land spend.
- Manufacturing-led platform. Timber frame and light-gauge steel are embedded, with a further €20 million planned across 2026-2027 to raise pre-manufactured value, improve cost control, and shorten build times.
- Planning execution. Approximately 5,000 units were lodged in 2025; all 2026 deliveries have commenced and 2027 is either planned or in active applications. Since 2021, a 99% planning success rate is a tangible edge.
- Order book strength. About €1.3 billion of forward orders and 1,252 Homebuilding units contracted or reserved provides earnings visibility into 2026.
Capital allocation: returns plus a cleaner balance sheet
Glenveagh is still returning cash while investing where it counts. The €105 million buyback launched in September 2024 concluded in December 2025, and a fresh €25 million programme began in January 2026. Since 2021 the Group has returned about €425 million, cutting the share count by roughly 40% at an average price of €1.17. Net debt improved to €168.0 million despite higher production activity and the buyback – a decent sign that working capital discipline is biting.
Selective land disposals of €55 million were completed, with up to €100 million targeted across 2025 and 2026. Contract assets rose to €141.8 million given Partnerships phasing, but management expects a material unwind through 2026 as milestones are hit. That should help cash conversion.
2026 guidance: steady margins and a second-half skew
- EPS: up to 21 cent.
- Total completions: about 2,750 units, including around 1,600 Homebuilding units.
- Homebuilding gross margin: expected to remain above 21%.
- Cash generation: strongly weighted to H2 2026, with revenue and profit more second-half loaded than usual due to site ramp-ups acquired in late 2024.
Translation: the first half could look pedestrian, and the delivery sprint comes later in the year. That is not uncommon for volume housebuilders, but it does put a premium on execution and weather windows.
My take: a stronger, more resilient Glenveagh
The positives
- Record output and higher group margins show the operating model is working.
- Partnerships is now a scaled, meaningful contributor with medium-term visibility. Pipeline sits at over 7,000 units with an estimated €3 billion of NDV and an average annual gross profit opportunity of at least €60 million.
- Landbank quality and cost base are compelling for the long haul, particularly with 83% own-door product focused on deep demand segments around the Greater Dublin Area.
- Capital returns continue alongside reinvestment, with ROE at 14.4% and improving operational leverage.
The watch-outs
- Homebuilding completions dipped in 2025 as sites ramped. Delivery needs to land smoothly in H2 2026 to hit the full-year plan.
- Partnerships margins are structurally mid-teens and can swing with project mix and land sales. That is sensible for risk, but investors should not extrapolate 18% as a permanent level.
- Contract assets ballooned in 2025. The promised unwind in 2026 is key for cash flow optics.
- Macro and policy remain critical. The outlook is described as supportive, but apartment viability, zoning and infrastructure timetables still matter on the ground.
- Interest rate exposure is managed but not eliminated. There is an interest rate swap in place covering €50 million for the remaining term of the facility.
What to watch next
- Booking pace and pricing at the four new development launches in Q1 2026 and seven planned phases.
- ASP trajectory – above €375,000 in 2026 then normalising toward ~€350,000 as product mix rebalances.
- Progress on Partnerships mandates, including the additional c.350-unit award and three opportunities totalling c.500 units under advanced discussion.
- Cash conversion in H2 2026 as contract assets unwind and forward-funded structures ramp within Partnerships.
- Further selective land disposals as the portfolio is optimised toward larger, scalable schemes.
Bottom line
This is a confident set of finals from Glenveagh. The company exits 2025 with a bigger pipeline, higher margins, a fully invested landbank, and a manufacturing platform designed to protect costs and timelines. Guidance for EPS of up to 21 cent in 2026 looks sensible given the second-half weighting and order book in hand. Execution and cash conversion will be the tell, but the ingredients for another solid year are clearly there.
