Glenveagh profit grows in 2025 despite weaker house prices

Glenveagh Properties PLC on Friday reported improved earnings in 2025, boosted by its Partnership business.

The Maynooth, Ireland based homebuilder said pretax profit climbed 10% to €125.2 million in 2025, from €113.8 million in 2024. Revenue grew 6.5% to €925.9 million from €869.2 million

It said it delivered 2,568 new homes last year, up 11% from 2,309 in 2024.

Glenveagh shares were down 3.3% to €2.06 each on Friday morning in London.

Homebuilding revenue fell 14% year-on-year to €545.0 million from €631.9 million in 2024. The average selling price of homes declined to around €347,000 in 2025 from €365,000 a year ago.

Glenveagh said the reduction was ‘fully anticipated and reflected site and product mix in 2025’, and that the average selling price in 2026 is expected to be over €375,000.

Revenue from the Partnership segment grew 61% year-on-year to €380.9 million in 2025 from €237.3 million a year prior. It has some 7,000 units in that sector’s pipeline, worth an estimated €3 billion in net development value, of which 5% is expected to be awarded this year and 50% next year.

The homebuilder has a forward order book of approximately €1.3 billion, up 15% from €1.1 billion a year prior.

Glenveagh said it has entered this year with strong momentum, and that it is targeting earnings per share of 21 cents. It was 20.0 cents in 2025, up 18% from 2024’s 17.0 cents.

Homebuilding gross margin is expected to remain above 21% this year, having been 23.6% last year and 22.5% in 2024.

Deliveries are forecast to be around 2,750 units in total, of which 1,600 ascribed to the Homebuilding business. Cash generation is expected to be skewed towards the second half of the year due to the ramp-up time needed for sites acquired recently.

Cash generation is expected to be skewed towards the second half of the year due to the ramp-up time needed for sites acquired recently.

Chief Executive Officer Stephen Garvey said: ‘2025 was a strong, productive year for Glenveagh, with record output enabling the delivery of affordable, conveniently located homes. Our market-leading landbank, planning expertise, and improved manufacturing capability contributed to greater margin resilience and capital efficiency.

‘Disciplined cost control and capital allocation position Glenveagh for sustained performance in 2026 and beyond.’

Copyright 2026 Alliance News Ltd. All Rights Reserved.