Glenveagh backs 2026 guidance as "efficiency gains" provide cover

Fri, 15th May 2026 09:34

(Alliance News) - Glenveagh Properties PLC on Friday provided an optimistic trading update ahead of its annual general meeting.

The Kildare, Ireland-based housebuilder said it had "strong visibility for the remainder of the year and into 2027", with a forward order book of EUR1.5 billion, up from EUR1.3 billion at March 10.

Homebuilding operations are tracking in line with expectations, with five additional sites launched and seven further phases on sale across existing developments.

Glenveagh said that more than 1,828 Homebuilding units are either sold, signed or reserved, up from 1,252 units at March 10, "reflecting continued robust underlying demand". The company sees itself as well-positioned for the delivery of 2,750 units in 2025, including 1,600 in the Homebuilding unit.

Its Partnerships division is also performing as expected, with an order book of about EUR800 million, underpinning an average annual gross profit contribution of EUR60 million. According to Chief Executive Stephen Garvey, the company remains "the partner of choice for the state in delivering the homes Ireland needs".

Glenveagh said it is on track to complete land sales worth EUR45 million in 2026, as it looks to optimise its portfolio "in favour of larger-scale development sites, supporting improved capital efficiency and scale".

The company has refinanced its debt facilities, lifting total committed funding to EUR550 million from EUR450 million previously.

Fresh financing includes a five-year EUR450 million revolving credit facility, provided by existing lenders AIB Group PLC, Bank of Ireland Group PLC, Barclays PLC and Home Building Finance Ireland.

In parallel, Glenveagh has issued EUR100 million of seven-year private placement notes to MetLife Inc, while ING Group NV has joined the syndicate of lenders backing Glenveagh.

A buyback scheme announced back in January has returned about EUR25 million thus far. The company is expanding the scheme by a further EUR25 million, bringing the total programme to EUR50 million.

Looking ahead, Glenveagh maintained that the Irish residential housing market's fundamentals "remain supportive", describing the country's economy as "resilient".

The company said that affordability remains a key focus, and that it is seeing "efficiency gains" across the business.

"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%," Glenveagh noted.

The company's gross margin was 21.4% in 2025.

Glenveagh backed its forecast for second-half-weighed 2026 performance, eyeing "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".

CEO Garvey commented: "We have made a strong start to 2026, building on the momentum from the second half of last year... 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."

Garvey noted the financing arrangements with ING and MetLife as "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."

Glenveagh Properties shares fell 0.2% to EUR2.27 on Friday morning in London.

The company's first-half results are due on September 10.

By Holly Munks, Alliance News reporter

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