Cairn Homes Plc · LSE:CRN
Cairn Homes — H1 2025 Earnings Presentation
34 slides from Cairn Homes's earnings presentation, September 2025
Slide 1: Built for Good – 2025 Interim Results Presentation
Built for Good Cairn Homes plc 2025 Interim Results Presentation
Slide 2: Contents
Contents 01. H1 2025 Highlights 02. Finance & Sustainability 03. Operational Highlights 04. Cairn at 10 Years 05. Appendices Michael Richard Ailbhe Stanley Ball Molloy Chief Executive Chief Financial Senior IR Officer Officer Manager
Slide 3: H1 2025 Highlights
01. H1 2025 Highlights Built for Good
Slide 4: Key Financial & Operational Highlights – H1 2025 KPIs
4 Highlights Finance & Sustainability Operational Cairn at 10 Appendices Key Financial & Operational Highlights – H1 2025 KPIs FTBs Contributing to H1 Trading in Line With Delivering Scaled Another Period of Dividend Exceptionally Strong Expectations Ahead of Operational Competitive Growth Demand St
Slide 5: Key Financial & Operational Highlights – H1 2025 KPIs
5 Highlights Finance & Sustainability Operational Cairn at 10 Appendices Key Financial & Operational Highlights – H1 2025 KPIs Delivering for our Asset Backed Exceptionally Strong Sales Momentum Supporting Customers Balance Sheet Upgraded FY25 Guidance and New FY26 Guidance €387,000 €1,286m • Revenu
Slide 6: Finance & Sustainability
02. Finance & Sustainability Built for Good
Slide 7: H1 2025 Financial Performance
7 Highlights Finance & Sustainability Operational Cairn at 10 Appendices H1 2025 Financial Performance 30 JUN 2025 30 JUN 2024 MOVEMENT (€m) (€m) 2025 trading performance was in line with expectations, reflecting our historically H2 Revenue 284.5 366.1 (22%) weighted trading, transaction timing and
Slide 8: Revenue and Sales Performance KPIs
8 Highlights Finance & Sustainability Operational Cairn at 10 Appendices Revenue and Sales Performance KPIs CLOSED AND FORWARD SALES PIPELINE UNITS REVENUE (as at 2 September 2025) (Net) Nearly €1.3bn of forward sales into H2 2025 and beyond comprising 3,384 units H1 2025 – closed sales 708 €274m €3
Slide 9: Balance Sheet as at June 2025
9 Highlights Finance & Sustainability Operational Cairn at 10 Appendices Balance Sheet as at 30 June 2025 30 JUN 2025 31 DEC 2024 CHANGE (€m) (€m) Asset backed balance sheet with Land held for development 600.1 615.7 (€15.6m) €1.035bn investment in land and WIP Construction work in progress 435.0 24
Slide 10: Key Cash Flow Movements
10 Highlights Finance & Sustainability Operational Cairn at 10 Appendices Key Cash Flow Movements JUN 2025 JUN 2024 MOVEMENT (€m) (€m) (€m) Used €118.6m in operational cash flow as we invested in the growth of our business EBITDA 46.7 65.0 Land decreased by €15.7m following the Decrease in land held
Slide 11: Capital Allocation Priorities
11 Highlights Finance & Sustainability Operational Cairn at 10 Appendices Capital Allocation Priorities Strong and Investment Shareholder Resilient Balance Sheet in WIP and Land Returns Continued focus on balance sheet Focus on investment in WIP and Progressive ordinary dividend efficiency, with ROA
Slide 12: Recap on Upgraded FY25 Guidance and New FY26 Guidance
12 Highlights Finance & Sustainability Operational Cairn at 10 Appendices Recap on Upgraded FY25 Guidance and New FY26 Guidance FY25 FY26 Guidance Guidance • Revenue of c.€945 million • Revenue c.€1.02 – c.€1.05 billion • Operating profit c.€160m – c.€165m • Operating profit of c.€175m – c.€180m • R
Slide 13: Continued Sustainability Progress
13 Highlights Finance & Sustainability Operational Cairn at 10 Appendices Published our first ‘Building Sustainable Communities’ paper Continued Sustainability Progress Won the Innovation in Construction Award for our Passive House at Scale project at the Irish Construction Excellence Awards, with c
Slide 14: Operational Highlights
03. Operational Highlights Built for Good
Slide 15: First Time Buyer Demand Contributing to Order Book Growth
15 Highlights Finance & Sustainability Operational Cairn at 10 Appendices First Time Buyer Demand Contributing to Order Book Growth YTD Order Book Growth | +€625million to €1.54bn | 1,700+ new homes Exceptionally Strong New Homes 4,500 1800 Sales Agreed Regionally YTD €1.54bn 4,000 1600 Dublin 641 G
Slide 16: Progress in Seven Mills since commencement in January 2023
16 Progress in Seven Mills since commencement in January 2023 Cairn Homes plc | 2025 Interim Results Presentation
Slide 17: Sales Pricing and Product Mix
17 Highlights Finance & Sustainability Operational Cairn at 10 Appendices Sales Pricing and Product Mix Competitive market pricing across all home types PERIOD ASPs €’K (NET OF VAT) Houses Duplex Apartments H1 2025 415 384 384 FY 2024 417 339 380 Movement -1% +13% +1% Sales Mix Evolution: Growing ou
Slide 18: Apartments Now Critical to Achieving Ireland's Annual Housing Requirement
18 Highlights Finance & Sustainability Operational Cairn at 10 Appendices Apartments Now Critical to Achieving Ireland’s Annual Housing Requirement 88% of available residentially zoned land in Ireland is mandated for National New Home Completions and Annual Requirement medium to high density deliver
Slide 19: Using Our Established Platform to Deliver Better Value to our State Partners
19 Highlights Finance & Sustainability Operational Cairn at 10 Appendices Using Our Established Platform to Deliver Better Value to our State Partners Developments Delivering New Homes in 2025 and 2026 Ireland lags behind European peers in state ownership of occupied dwellings 23.7% 24.1% Coopers Sq
Slide 20: Increased Housing Output Delivering Procurement Advantages
20 Highlights Finance & Sustainability Operational Cairn at 10 Appendices Increased Housing Output Delivering Procurement Advantages Annual increase in WIP investment 450 Efficiencies in scaled Forward procurement platform managing underpinning consistent 400 €381.5m build costs margins 350 c.1% – c
Slide 21: Lean Construction Driving Industry Leading Productivity
21 Highlights Finance & Sustainability Operational Cairn at 10 Appendices Lean Construction Driving Industry Leading Productivity Industry leading Through innovation Current weekly new homes productivity levels and lean construction output per development Standardisation 3.5 3.3 Unit Delivery Produc
Slide 22: Increased Investment in Housing Supply
22 Highlights Finance & Sustainability Operational Cairn at 10 Appendices Increased Investment in Housing Supply The Government’s increased investment in housing is supporting the delivery of the targeted 303,000 new homes by 2030. Economy forecast to grow by €36 billion allocated between 2026 and 2
Slide 23: Supportive Policy and Legislative Backdrop
23 Highlights Finance & Sustainability Operational Cairn at 10 Appendices Supportive Policy and Legislative Backdrop Revised National Planning Framework (NPF) Updated national spatial policies Ministerial Guidelines instructing local authorities to update annual housing targets to 55,600, +68% on pr
Slide 24: Cairn at 10 Years
04. Cairn at 10 Years Built for Good
Slide 25: Our First 10 Years Positioning Us For an Exciting Future
25 Highlights Finance & Sustainability Operational Cairn at 10 Appendices Our First 10 Years Positioning Us For an Exciting Future DELIVERING HOMES BUILDING AT PACE 30,000+ people now living in Cairn 10,000+ homes built to date built neighbourhoods INFRASTRUCTURE GROWING TEAM c.€600m contributed to
Slide 26: Appendices
05. Appendices Built for Good
Slide 27: Positive Macroeconomic Backdrop
28 Highlights Finance & Sustainability Operational Cairn at 10 Appendices Positive Macroeconomic Backdrop Ireland’s economic growth is forecast to continue Economic Growth Growing Personal Savings The Irish domestic economy grew by 2.7% in 2024. Household deposits grew by €9.1bn in the year to 3.0%
Slide 28: Growing Population & Employment Driving Strong Personal Finances
29 Highlights Finance & Sustainability Operational Cairn at 10 Appendices Growing Population & Employment Driving Strong Personal Finances Ireland’s projected population growth among fastest in the EU 2.8 million people employed in Q2 25 (+2.3% vs Q2 24) 1.0% 3,000 Annualised population Persons empl
Slide 29: Impactful Government Initiatives Supporting FTB Demand
30 Highlights Finance & Sustainability Operational Cairn at 10 Appendices Impactful Government Initiatives Supporting FTB Demand FTB mortgage approvals steadily increase Record number of HTB claims in H1 2025 (+16% H1 2024) Number of FTB approvals (12m rolling) Value of FTB approvals (€m) Number of
Slide 30: State Supports for FTBs
31 Highlights Finance & Sustainability Operational Cairn at 10 Appendices State Supports for FTBs Help to Buy (HTB) First Home Scheme (FHS) Croí Cónaithe HTB allows FTBs to claim up to €30k toward FHS is an equity loan for FTBs Croí Cónaithe (Cities) provides support of up to purchasing a new home u
Slide 31: Buying (with State supports) v. Renting
32 Highlights Finance & Sustainability Operational Cairn at 10 Appendices Buying (with State supports) v. Renting Illustrating the Impact of State Supports for FTBs. 2025 First Home and Help to Buy Cairn 1 Bed apartment (The View, Douglas, Co. Cork) (incl. VAT) €265,000 Help to Buy (lower of €30k or
Slide 32: Supply is Increasing but Still Significantly Below Structural Demand
33 Highlights Finance & Sustainability Operational Cairn at 10 Appendices Supply is Increasing but Still Significantly Below Structural Demand H1 commencements were less than half normal levels H1 completions up 20% year-on-year New dwelling commencements by half-year New home completions by half ye
Slide 33: Higher Local Authority Housing Targets Will Support Long-Term Supply
34 Highlights Finance & Sustainability Operational Cairn at 10 Appendices Higher Local Authority Housing Targets Will Support Long-Term Supply 12,000 Existing Target 33,059 At the end of July 2025, the Minister for Housing, Local Government and Heritage Additional Target to 2034 22,541 instructed lo
Slide 34: Cairn Homes plc contact details
Cairn Homes plc. 45 Mespil Road, Dublin, D04 W2F1 01 696 400 www.cairnhomes.com