REG - Glenveagh Properties - AGM Trading Update

Glenveagh PropertiesAnnouncement

15/05/2026 07:01

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RNS Number : 4268E  Glenveagh Properties plc  15 May 2026

15 May 2026

Glenveagh Properties plc

AGM Trading Update

Year-to-date trading in line with expectations; full-year guidance reiterated;
increased buyback programme announced

Glenveagh Properties plc ("Glenveagh" or the "Group"), the leading Irish
homebuilder, is holding its 2026 AGM today at 11:00am at The InterContinental
Hotel, Dublin. This statement gives an overview of the Group's year-to-date
trading and full year outlook.

Performance summary

·    Closed and forward order book(1) stands at €1.5bn across both the
Homebuilding and Partnerships segments, up from €1.3bn on 10 March,
providing strong visibility for the remainder of the year and into 2027.

·    Homebuilding segment operating in line with expectations, with five
additional Homebuilding sites launched and seven further phases selling across
existing developments.

·    Over 1,828 Homebuilding units are either sold, signed or reserved, up
from 1,252 on 10 March, reflecting continued robust underlying demand for the
Group's high-quality, own-door homes.

·    The Partnerships segment is advancing as expected, with an order
book(1) of approximately €800 million continuing to underpin an average
annual gross profit contribution of at least €60 million.

·    On track to complete approximately €45 million of land sales in
2026, reflecting continued portfolio optimisation in favour of larger-scale
development sites, supporting improved capital efficiency and scale.

·    Continued progress on the Home for the Future innovation agenda, with
the external wall façade system on track at NUA's Carlow manufacturing
facilities. Integrated solar PV and battery storage are lowering energy costs
for homeowners, and driving continued demand across new Homebuilding
developments.

Group refinancing and capital allocation

·    The Group has successfully completed the refinancing of its debt
facilities, increasing total committed funding to €550 million (from €450
million previously), extending and balancing its debt maturity profile, and
creating a stable platform of committed funding to support the next phase of
growth.

·    The new facilities comprise a five-year €450 million Revolving
Credit Facility ("RCF") provided by the Group's existing lenders AIB, Bank of
Ireland, Barclays and Home Building Finance Ireland, with ING joining the
syndicate.

·    Simultaneous to the refinancing of its RCF, the Group issued €100
million of seven-year private placement notes to MetLife, further broadening
its lender base, introducing long-dated institutional capital, and enhancing
financial flexibility.

·    The share buyback programme announced on 15 January 2026 has returned
approximately €25 million to shareholders to date. The Group is pleased to
announce an expansion of the programme by a further €25 million, bringing
the total programme to €50 million.

·    Following completion of the current programme, the Group will have
returned approximately €465 million to shareholders since 2021.

Outlook

·    The fundamentals of the Irish residential housing market remain
supportive, underpinned by a resilient domestic economy, continued government
commitment to increasing housing delivery, and sustained structural demand for
high-quality, affordable homes across all tenures.

·    2026 EPS guidance of up to 21 cent reiterated, reflecting continued
growth in completions, the ongoing contribution of the Partnerships segment,
and disciplined cost control across the business.

·    The Group is well positioned to deliver approximately 2,750 units(2)
this year, including approximately 1,600 in the Homebuilding segment.

·    Affordability has always been a central pillar of Glenveagh's
strategy and is of even greater importance in the current macroeconomic
environment. Years of deliberate investment in standardisation, vertical
integration, innovation and now AI are delivering tangible efficiency gains
across design, procurement, and site delivery.

·    Notwithstanding the global macroeconomic consequences of the Middle
East conflict, these efficiency gains are providing effective protection
against build cost inflation, supporting an expected Homebuilding gross margin
in excess of 21%.

·    The Group reiterates its H2-weighted delivery profile in 2026,
underpinning strong cash generation in the second half which, combined with
planned land sales, will support further returns to shareholders, subject to
market conditions and Board approval.

·    Glenveagh will release its 2026 Interim Results on Thursday, 10
September 2026.

Changes to Board committee composition

·    Stephen Garvey will be replaced by Conor Murtagh as the Executive
member of the Environmental and Social Responsibility Committee effective from
the conclusion of the 2026 AGM.

CEO, Stephen Garvey commented:

We have made a strong start to 2026, building on the momentum from the second
half of last year. Our Homebuilding order book is well-positioned, with
multiple new site launches and robust reservation rates across all our selling
developments. The Partnerships business continues to grow at scale, cementing
Glenveagh as the partner of choice for the State in delivering the homes
Ireland needs. Underpinned by our standardised, vertically integrated model,
strong land portfolio and clear planning visibility, the business is on track
to deliver its full year guidance, with the outlook for the years ahead
remaining positive."

Matching delivery costs with affordability has been the central challenge for
Irish homebuilders. This has driven every strategic decision we have made as a
business, from our early investment in standardisation and vertical
integration, to our ongoing innovation programme and the efficiency gains we
are now realising through AI and data. The result is a business that can
deliver high-quality homes at prices that work for customers, while ensuring
the business remains on a sound financial footing in an uncertain cost
environment.

This strong position of our business, coupled with the improved and supportive
environment for homebuilding in Ireland over the last year, have been
important factors in successfully attracting additional funding to our
business. I want to acknowledge the commitment of our longstanding banking
partners that have been instrumental in supporting the growth of our business
since IPO. The addition of ING to the banking syndicate and the €100m
issuance to MetLife is extremely positive and will assist us in further
driving the delivery of much needed homes in Ireland. In our view, it is also
a positive signal that, in addition to our own capability, Ireland now has a
policy environment in place to attract the international capital that is
required to move the dial on housing supply."

(1)Closed and forward order book. Inclusive of YTD 2026 revenue.

(2)Group homes completed comprises completions within the Homebuilding segment
as well as equivalent units completed within the Partnerships segment.
Equivalent units include Partnerships revenue recognised on a
percentage-of-completion basis and are calculated by dividing all revenue
(inclusive of land sales) by the site's average selling price (ASP).

 

ENDS

For further information please contact:

 Investors:                                                  Media:
 Glenveagh Properties plc                                    Gordon MRM

 Conor Murtagh (CFO)                                         Ray Gordon 087 241 7373

 Kate Halliday (Investor Relations)                          Julian Fleming 087 691 5147

 investors@glenveagh.ie (mailto:investors@glenveagh.ie)      glenveagh@gordonmrm.ie (mailto:glenveagh@gordonmrm.ie)

 

Notes to Editors

Glenveagh Properties plc, listed on Euronext and the London Stock Exchange, is
the leading Irish homebuilder.

Supported by innovation and our internal manufacturing capability, Glenveagh
is committed to opening access to sustainable, high-quality homes to as many
people as possible in flourishing communities across Ireland.

We are focused on two core areas to achieve this: Homebuilding and
Partnerships. Our Homebuilding division is the leading provider of own-door
single-family homes in Ireland, primarily in Dublin and the Greater Dublin
Area. Our Partnerships division focuses on creating vibrant communities
nationwide through a mix of suburban single-family and urban multi-family
developments. Often funded or acquired by the state or state entities, these
projects enable us to deliver affordable and high-quality housing options for
everyone.

www.glenveagh.ie (http://www.glenveagh.ie)

Forward-looking statements

This announcement does not constitute or form any part of an invitation to
underwrite, subscribe for or otherwise acquire or dispose of any shares of
Glenveagh Properties plc (the "Company" or "Glenveagh").

This announcement contains statements that are, or may be deemed to be,
forward-looking statements. Forward-looking statements include, but are not
limited to, information concerning the Company's possible or assumed future
results of operations, plans and expectations regarding demand outlook,
business strategies, financing plans, competitive position, potential growth
opportunities, potential operating performance improvements, expectations
regarding inflation, macroeconomic uncertainty, geopolitical tensions, weather
patterns, the effects of competition and the effects of future legislation or
regulations. Forward-looking statements include all statements that are not
historical facts and can be identified by the use of forward-looking
terminology such as "may", "will", "should", "expect", "anticipate",
"project", "estimate", "intend", "continue", "target", "ensure", "arrive",
"achieve", "develop" or "believe" (or the negatives thereof) or other
variations thereon or comparable terminology. Forward-looking statements are
prospective in nature and are based on current expectations of the Company
about future events, and involve risks and uncertainties because they relate
to events and depend on circumstances that will occur in the future. Although
the Company believes that current expectations and assumptions with respect to
these forward-looking statements are reasonable, it can give no assurance that
these expectations will prove to be correct. Due to various risks and
uncertainties, actual events or results or actual performance of the Company
may differ materially from those reflected or contemplated in such
forward-looking statements. You are cautioned not to place undue reliance on
any forward-looking statements.

These forward-looking statements are made as of the date of this document. The
Company expressly disclaims any obligation to update these forward-looking
statements other than as required by law.

The forward-looking statements in this announcement do not constitute reports
or statements published in compliance with any of Regulations 6 to 8 of the
Transparency (Directive 2004/109/EC) Regulations 2007 (as amended).

 

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