Homebuilder Glenveagh Properties has reported higher revenues, profits and house sales for the year to the end of December.
The builder said its revenues for the year rose by 7% to €926m from €869m while its profits before tax increased by 10% to €125m from €114m.
Glenveagh's revenue growth came entirely from its partnerships with State bodies, which last year made up more than 40% of its business. Revenues from its direct home building were down year on year, it added.
The company delivered a total of 2,568 new homes last year, up 11% from the 2,309 homes completed in 2024 but missing forecasts from analysts.
During the year it also completed €55m of selective land disposals, up from €23m in 2024, with a further pipeline contracted or under negotiation.
It added that it is on track to conclude up to €100m of land sales across 2025 and 2026, which it said will further optimise its land portfolio towards larger, scalable developments.
Glenveagh said it continued to see the strongest demand for Help to Buy qualifying homes, as well as growing utilisation of the First Home Scheme. Affordable Homes Scheme homes were also made available across six developments, broadening access to home ownership, it added.
The company said that its Homebuilding division completed 1,490 units last year, down from 1,650 in 2024.
It said the reduction mainly reflects the ramp-up in production on sites acquired in late 2024, which absorbed build activity during the year and are expected to begin contributing to completions from 2026.
It said its first development in Co Laois of 195 units sold out within 10 months, and demand remained particularly robust for homes priced below €500,000 in Dublin.
Several of its developments and phases sold out during 2025, including Hereford Park, Kilmartin Grove, Rath Rua, Silver Banks, Baker Hall, Shrewsbury Road, Ravens Mill, Foxwood Barn, Foggie Field and Effernock.
Progress also continued under the Croí Cónaithe (Cities) programme at Blackrock Villas (274 owner-occupier apartments), with development activity underway and first homes expected in 2026.
Glenveagh said that Homebuilding this year will be supported by four new development launches in the first quarter and seven new phases planned across existing developments, underpinning continued selling momentum and delivery through the year.
Meanwhile, it said its Partnerships business continued to solidify itself as a "meaningful and scaled business segment" within the group, with revenues jumping by 61% to €380.9m from €237.3m in 2024.
It said that construction activity advanced across flagship sites including Ballymastone and Oscar Traynor Road, with continued momentum in the group's urban delivery programme.
In Cork, the Marina Depot site progressed, supported by the completion of the transaction with the Land Development Agency (LDA) for 337 apartments, it added.
Glenveagh said that as State delivery capacity continues to scale, it has expanded its range of Partnership "activation routes" available to public-sector counterparties, combining State-owned land awards with additional projects progressed from Glenveagh-controlled sites.
In the second half of last year, Glenveagh secured an additional Partnerships mandate for about 350 units - subject to planning - and entered advanced discussions on three further Partnership opportunities for about 500 new homes.
The homebuilder said its pipeline is well phased, with approximately 5% of scheme awards expected in 2026, rising to around 50% in 2027, and a further 45% from 2028 onwards, supporting sustained delivery beyond the near term.
Glenveagh CEO Stephen Garvey said that 2025 was a strong, productive year for the company, 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. Furthermore, disciplined cost control and capital allocation position Glenveagh for sustained performance in 2026 and beyond," the CEO said.
Stephen Garvey said that importantly, as an industry, how we collectively support the increased use of offsite manufacturing and industrialised construction as a lever to significantly increase supply should be a key area of focus and collaboration.
"Overall, the policy environment for housing is supportive thanks to the changes that the Government has implemented in its first year. This includes its focus on apartment viability, zoning of land, critical infrastructure, and a more efficient planning system, amongst others, which provide greater certainty for delivery," he said.
"Taken together, these measures represent a coherent and credible framework which, if given time to bed in and be consistently applied, have the potential to support national housing delivery of more than 50,000 units per annum," he said
"Against that backdrop, with the land, capability and capacity in place, we are confident that Glenveagh can continue to contribute significantly to delivering the homes that Ireland needs," he added.
Shares in the company were lower in Dublin trade today.
