Glenveagh Properties (LON:GLV) said it has upgraded its 2026 delivery and earnings guidance after reporting accelerating construction activity, a record forward order book and a fully sold, contracted or reserved homebuilding pipeline for the year.
For the six months ended June 30, 2026, the Irish homebuilder reported revenue of €240 million, compared with €342 million in the prior-year period. The decline reflected the planned weighting of homebuilding completions toward the second half, according to Chief Financial Officer Conor Murtagh.
Guidance Raised as Order Book Reaches Record
Chief Executive Stephen Garvey said Glenveagh expects to deliver almost 2,900 equivalent units across the group in 2026, raised from prior guidance of 2,750 units. Expected homebuilding deliveries were increased to more than 1,700 units from 1,600.
The company also lifted its full-year earnings-per-share outlook to at least €0.21, compared with previous guidance of up to €0.21. Garvey said the improved outlook was supported by a fully underwritten second half and a sold-out 2026 order book.
Glenveagh’s homebuilding forward order book stood at nearly 2,400 units sold, contracted or reserved, up 62% from a year earlier. Its total order book reached a record €1.8 billion, up 29% year over year. The company launched six new sites in the first half and said seven further phases were selling across existing developments.
Garvey told analysts that July completions exceeded those achieved in the first half, and August completions exceeded July’s level. He said the company was seeing particularly strong demand for its standardized own-door housing products.
Margins Reflect Greater Partnership Mix
Group gross profit was €37 million, producing a gross margin of 15.5%, down from 19.5% a year earlier. Murtagh attributed the change to the greater contribution from the lower-margin partnerships business, which represented 73% of first-half revenue, compared with 36% in the prior-year period.
Homebuilding gross margin increased by 50 basis points to 21.9%, although Murtagh said the first-half outcome benefited from sales mix and low volumes. Glenveagh expects homebuilding gross margin of about 21% for the full year.
Partnerships gross profit rose 16% to €23 million, at a 13.2% margin. Glenveagh said the segment remained on track to generate more than €60 million in annual gross profit during 2026.
Administration expenses, including depreciation, declined 3.6% to €24 million. Net finance costs increased to €12.3 million from €9.6 million, reflecting higher average net debt and the write-off of unamortized borrowing costs associated with the company’s previous facility. Profit before tax was €1 million for the half.
The company expects its overhead base to be below 5% of full-year revenue, aided by scale, cost management and the use of artificial intelligence across the business.
Land Bank Expands, While Capital Requirements Decline
Glenveagh increased its land bank to about 21,000 units from 19,000 at year-end, with limited incremental investment. Targeted land purchases of €33 million added 1,100 plots, while planning and design gains added a further 900 units. Rezoning of strategic land holdings added another 600 units at no additional cost.
Nearly 75% of the land bank is in the Greater Dublin Area, and the majority is intended for own-door housing. The company said the portfolio can support annual delivery of 2,900 to 3,700 units through 2030 without material near-term land investment.
Garvey said the company does not expect to be an active land buyer until well into 2028, apart from smaller acquisitions adjacent to existing projects. He said the availability of land was expected to improve as local authorities progress rezoning and longer-term development plans.
Land, excluding development rights, was valued at €559 million at June 30, while work in progress increased 46% to €505 million. Glenveagh reiterated its aim to reduce the balance-sheet value invested in land by about €100 million by December 2027.
Land-sale guidance for 2026 was reduced to approximately €20 million from €45 million, with further sales expected in 2027.
Partnerships and Manufacturing Strategy
Glenveagh said its partnerships business is gaining scale, with active developments at Ballymastone, Oscar Traynor Road and Mooretown. The group is in discussions concerning approximately 1,000 units on its own land and expects to provide further details with its full-year results.
The broader partnerships pipeline comprises more than 7,000 units and an established net development value of approximately €3 billion. Garvey said moving projects from homebuilding into forward-funded partnerships can shorten delivery timelines and reduce working-capital requirements. On a hypothetical 200-unit site, he said this could lower work in progress from about €40 million to €25 million.
The company is also continuing its manufacturing-led delivery strategy through three factories in Carlow, Arklow and Dundalk, covering 400,000 square feet. Glenveagh said the integrated approach is intended to reduce on-site construction timelines to less than 12 weeks from 18 weeks.
About 45% of the value of Glenveagh homes is currently pre-manufactured, with a target of 70% by 2030. The company has invested approximately €75 million in the program and expects a further €15 million of spending across 2026 and 2027.
Garvey said the strategy is intended to help mitigate future labor and cost pressures, particularly as Ireland’s housing ambitions and the National Development Plan compete for construction resources.
Debt, Refinancing and Shareholder Returns
Net debt stood at €423 million at June 30, compared with €168 million at year-end, following an operating cash outflow of €209 million during the half. Glenveagh expects net debt to decline materially to about €120 million by year-end as work in progress, land and contract assets convert to cash.
The company completed a refinancing in April, including a new five-year €450 million revolving credit facility and a €100 million seven-year private placement. Including project-level facilities, total funding across the group exceeds €600 million.
Glenveagh also expanded its share buyback program to €100 million, from an initial €25 million program launched in January. The authorization runs no later than March 31, 2027. On completion, the company said it will have returned about €520 million to shareholders since 2021, while reducing its share count by well over 40%.
About Glenveagh Properties (LON:GLV)
Glenveagh Properties plc, listed on Euronext Dublin and the London Stock Exchange, is a leading Irish
homebuilder.
Supported by innovation and supply chain integration, Glenveagh are committed to opening access to sustainable high-quality homes to as many people as possible in flourishing communities across Ireland. We are focused on three core markets – suburban housing, urban apartments and partnerships with local authorities and state agencies.
