Homebuilder Glenveagh Properties has reported higher revenues and profits for 2025 on the back of continued momentum across both its Homebuilding and Partnerships business segments.
In a trading update for the year to the end of December, Glenveagh said its revenues rose by 7% to €926m from €869m, while its profit before tax increased by 11% to €125m from €113m.
Earnings per share jumped by 18% to 20 cent from 17 cent the previous year - ahead of expectations.
The company said its group completions increased to 2,568 units last year, up from 2,309 in 2024, reflecting strong execution across both Homebuilding and Partnerships.
Its Homebuilding division delivered 1,490 units last year, down from 2024's 1,650.
The company said it expects 2026 completions to reach about 2,750 units, adding that it sees strong demand supported by its €1.1 billion forward order book as the fundamentals of the Irish residential housing market remain "supportive".
Glenveagh said its Partnerships division delivered revenue of €381m, up from €238m the previous year, driven by strong progress across all projects, and firmly establishing the segment as a core delivery channel and Glenveagh as an "established partner of choice" for the State.
In the second half of last year, the group said it secured an additional Partnership mandate - subject to planning - on State-owned land (about 350 units) and entered advanced talks on three further Partnerships opportunities across Glenveagh-controlled sites totalling about 400 units.
Planning lodgements in the period totalled about 5,000 units and Glenveagh said that all units delivering in 2026 have started, and all units for 2027 are now planned or have active planning applications.
Land disposals totalled €55m last year, an increase on the figure of €23m in 2024, with a further pipeline of transactions contracted or under negotiation.
This leaves the group on track to deliver €100m of land sales across 2025 and 2026.
The company also said today it has completed a €105m share buyback programme and announced the start of a further €25m share buyback programme. This will bring the total capital returned to shareholders to approximately €445m since 2021.
Glenveagh's CEO Stephen Garvey said the company delivered on its commitments last year - scaling delivery and strengthening its Partnerships platform through its standardised, vertically integrated model.
"Our focus remains on driving sustainable growth, leveraging efficiencies across our integrated supply chain, investing in innovative precision manufacturing and design skills, and expanding our execution capability to capture long-term value for stakeholders," the CEO said.
He noted that the Government has demonstrated a clear commitment to creating a supportive policy environment for increasing housing supply across multiple tenures, adding that the policy framework to support increased housing delivery is now largely in place.
"The priority must therefore shift to consistent and timely implementation, and alignment of standards, across all arms of the State, including local authorities, utilities and infrastructure agencies," Mr Garvey said.
"Clear, coordinated execution (particularly in relation to zoning, servicing and infrastructure delivery) will be critical to removing remaining structural barriers and enabling housing supply at scale," he stated.
"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," he concluded.
The company is due to publish its full-year results for 2025 on March 13.
Shares in the company were higher in Dublin trade today.
