The National Asset Management Agency has reported an after-tax profit of €78m for 2025 - its 15th consecutive year of profitability - and down from a profit of €197m in 2024.
NAMA today published its annual report and results for last year - its final annual report before the agency is dissolved over the coming months.
The agency said it transferred €875m in surplus cash and assets (€450m and €425m respectively) to the State last year, bringing its lifetime transfers of cash and other assets from NAMA to the State to €5.6 billion.
This includes corporation tax payments of about €450m.
NAMA was set up by the then government in 2009 to handle non-performing property loans after the financial crisis. It bought loans, which had an original book value of about €70 billion for €30 billion, and the banks required capital from the State to cover the shortfall left on their balance sheets. NAMA then sold the loans.
NAMA said its €32 billion deleveraging programme was 99.9% complete at the end of 2025, with the carrying value of debtor loans portfolio reducing to €46m. It has since reduced to about €25m.
Total cash generated from 2010 to the end of 2025 came to €48.5 billion, including €41.8 billion from asset disposals and €6.7 billion from non-disposal income.
NAMA said it has been debt free since redeeming the last of its €31.8 billion debt in March 2020.
Today's report shows that between the start of 2014 and the end of 2025, NAMA funded or facilitated the delivery of 44,566 new homes.
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Of these 44,566 homes, 14,660 were directly funded by NAMA, with the rest delivered indirectly on sites for which the agency had funded planning permission, enabling works, legal costs or holding costs before they were sold for completion under new ownership.
It said there is also potential to deliver a further 7,000 residential units on two major sites in North Dublin and Kildare transferred in 2025 by NAMA to the Land Development Agency.
NAMA also delivered about 3,000 homes for social housing, exceeding the original target of 2,000 units by 50%.
"NAMA was never intended to be permanent, and it gives me immense pride to say that our work is substantially complete, with assets valued at less than €25m plus €55m in cash to transition to the NTMA Resolution Unit for ongoing management," NAMA's chief executive Brendan McDonagh said.
He said NAMA's legacy is broad and will continue to benefit the public long into the future.
"We recovered the €31.8 billion of debt required to acquire the troubled banking loans following the financial crash and a further €5.6 billion beyond that debt amount. We facilitated the delivery of 44,500 homes during a decade when supply from other avenues was not available," he said.
"As we approach the end of our journey, I am proud knowing that we fulfilled the complex mandate given to us by the Oireachtas 16 years ago. As NAMA is nearing completion, the credit for the positive legacy we leave is shared by every person who contributed to the Agency over its lifetime," Mr McDonagh said.
NAMA Chairman Aidan Williams said the agency was established at a time of profound financial crisis, with no precedent or roadmap, adding that it delivered a substantial return to the State while supporting financial stability and economic recovery.
"During 2025, we increased our total lifetime contribution to the State to €5.6 billion - an increase of €400m during the year," Mr Williams said.
"When we add that to the €5.6 billion that NAMA provided in State Aid to the five Participating Institutions as part of the loan acquisition process and which we have recouped in full, that brings the total benefit to the State arising from the Agency to €11.2 billion," he said.
Tánaiste and Minister for Finance Simon Harris said the publication of NAMA's 2025 annual report, together with the introduction of legislation to provide for the dissolution of the agency, marks a significant milestone, reflecting the fact that the very substantial work of NAMA is largely complete.
"As the agency nears its conclusion, it is important to recognise the role it has played in restoring confidence in Ireland's economy. NAMA has fulfilled the mandate set for it and has been recognised internationally as one of the most successful State-backed asset management agencies of its kind," Mr Harris said.
