Cairn Homes Plc · LSE:CRN
Cairn Homes — H1 2026 Earnings Presentation
29 slides from Cairn Homes's earnings presentation, 2026
Slide 1: Cairn Homes plc 2026 Interim Results Presentation
Cairn Homes plc 2026 Interim Results Presentation Built for Good
Slide 2: Contents
2 Contents Michael Stanley Chief Executive 01. Officer H1 2026 Highlights 02. Richard Financial Highlights Ball Chief Financial Officer 03. Outlook Ailbhe Molloy 04. Head of Investor Appendices Relations Whitehaven, Dublin Cairn Homes plc | 2026 Interim Results Presentation
Slide 3: H1 2026 Highlights
01 H1 2026 Highlights Pipers Square, Dublin Built for Good Cairn Homes plc | 2026 Interim Results Presentation
Slide 4: H1 2026 Trading Highlights
4 H1 2026 Highlights Financial Highlights Outlook Appendices H1 2026 Trading Highlights Cairn delivered a strong financial performance in H1 2026, demonstrating the earnings benefits of its scaled operating platform Revenue Order book (units) (1) Net ASP Operating margin €455.5m 5,020 €393k 16.4% +6
Slide 5: H1 2026 Highlights
5 H1 2026 Highlights Financial Highlights Outlook Appendices H1 2026 Highlights UPGRADED GUIDANCE Revenue: c.€1.08bn Net debt Operating Cash Flow Increase Operating Profit: c.€185m €194.5m +€141m (y-o-y) ROE: c.17.0% 30 June 2025: €307.4m H1 2026: €22.4m H1 2025: -€118.6m SHAREHOLDER RETURNS Net WIP
Slide 6: Sales Pricing and Product Mix
6 H1 2026 Highlights Financial Highlights Outlook Appendices Sales Pricing and Product Mix Maintaining affordability across all home types 2026 Demand PERIOD ASPs €’K (NET OF VAT) Houses Duplex Apartments H1 26 Selling Sites H1 2026 H1 2025 434 415 337 384 383 384 19 H1 2024 417 339 380 2 Year Movem
Slide 7: Cairn's Realisable Market
7 H1 2026 Highlights Financial Highlights Outlook Appendices Cairn’s Realisable Market Our leading delivery Leading Croí Cónaithe Our Five-Year First Time of large mixed tenure across Ireland Buyer Focused Targets developments in transit-oriented locations broadens our market and Snapshot of our Cro
Slide 8: Domestic Economic Performance is Driving Housing Demand
8 H1 2026 Highlights Financial Highlights Outlook Appendices Domestic Economic Performance is Driving Housing Demand Improving household finances are Rapid population growth, despite Strong public finances and tax receipts boosting purchasing power ageing and falling household size Rapid revenue gro
Slide 9: A Supportive Policy Environment is Unlocking Supply
9 H1 2026 Highlights Financial Highlights Outlook Appendices A Supportive Policy Environment is Unlocking Supply Recent reforms across the areas of planning, funding and infrastructure are bearing fruit Planning bottlenecks are easing Apartment funding and regulatory Targeted infrastructure investme
Slide 10: Sustainability Highlights
10 H1 2026 Highlights Financial Highlights Outlook Appendices Sustainability Highlights People Communities & Nature Placemaking Home Together c.5,500 c.600 hectares of public realm, 93% of participating residents people employed across Cairn active parks, pitches and green space reported that their
Slide 11: Innovation Highlights
11 H1 2026 Highlights Financial Highlights Outlook Appendices Innovation Highlights The Cairn Innovation Hub Driven by our customers and markets and how they will evolve Our next step in driving innovation to improve affordability Designing with communities in mind from the outset Continued optimisa
Slide 12: Reducing Capital Intensity While Driving Growth and ROE
12 H1 2026 Highlights Financial Highlights Outlook Appendices Reducing Capital Intensity While Driving Growth and ROE Evolving landbank, flexible deployment and faster WIP turn are funding growth and shareholder returns 01 02 03 Land sourcing at scale Deploy with optionality Recycle & replace c.18,0
Slide 13: Financial Highlights
02 Financial Highlights Torcaill Wood, Blessington, Wicklow Built for Good Cairn Homes plc | 2026 Interim Results Presentation
Slide 14: H1 2026 Trading Performance
14 H1 2026 Highlights Financial Highlights Outlook Appendices H1 2026 Trading Performance 30 JUN 2026 30 JUN 2025 MOVEMENT (€m) (€m) Growth Revenue 455.5 284.5 +60% • Revenue and volumes grew by 60% Closings 1,139 708 +61% Cost of sales (358.6) (221.3) +62% Profitability Gross profit 96.9 63.1 +54%
Slide 15: Revenue and Sales Performance KPIs
15 H1 2026 Highlights Financial Highlights Outlook Appendices Revenue and Sales Performance KPIs CLOSED AND FORWARD SALES PIPELINE UNITS REVENUE (NET) (as at 1 September 2026) Closed and Forward Order Book 2026 – H1 closed sales 1,139 €448m • 5,020 units; €1.89bn revenue H2 2026, 2027 & 2028 – forwa
Slide 16: Balance Sheet as at June 2026
16 H1 2026 Highlights Financial Highlights Outlook Appendices Balance Sheet as at 30 June 2026 30-JUN-26 31-DEC-25 CHANGE (€m) (€m) Capital position Land held for development 693.3 701.3 (€8.0m) • €1.18bn invested in land and WIP Construction work in progress 482.9 413.8 +€69.1m supporting future de
Slide 17: Recent Investment in Scaling – Delivering Strong H1 Cash Generation
17 H1 2026 Highlights Financial Highlights Outlook Appendices Recent Investment in Scaling – Delivering Strong H1 Cash Generation JUN-26 JUN-25 MOVEMENT (€m) (€m) Cash Generation EBITDA 78.6 46.7 • €22m operating cash inflow +€141m vs H1 25 Decrease in land held for development 8.1 15.7 Increase i
Slide 18: Capital Allocation Strategy Delivering Long-Term Value
18 H1 2026 Highlights Financial Highlights Outlook Appendices Capital Allocation Strategy Delivering Long-Term Value Balance sheet Capital invested during the year Return on equity growth Maintain low leverage Driving ROE c.3x growth 16.6% 17.0% €837m 90%+ 11.3% 15.1% FY25 net assets of new WIP spen
Slide 19: Outlook
03 Outlook Coolevally, Shankill, Co. Dublin Built for Good Cairn Homes plc | 2026 Interim Results Presentation
Slide 20: Guidance
20 H1 2026 Highlights Financial Highlights Outlook Appendices Guidance Revenue: c.€1.08bn (previously c.€1.05bn - €1.08bn) Operating Profit: c.€185m (previously c.€180m - €185m) ROE: c.17.0% (previously c.16.5%) Cairn Homes plc | 2026 Interim Results Presentation Whitehaven, Santry
Slide 21: Appendices
04 Appendices Whitehaven, Dublin Built for Good Cairn Homes plc | 2026 Interim Results Presentation
Slide 22: Commitments to Outcomes
22 H1 2026 Highlights Financial Highlights Outlook Appendices Commitments to Outcomes Carin is leading the delivery of lower energy homes at scale across Ireland Delivering Passive House At Scale 2026 Carbon Priorities Identifying the decisions and continuous learning that can make the greatest 3,25
Slide 23: Macroeconomic Backdrop
23 H1 2026 Highlights Financial Highlights Outlook Appendices Macroeconomic Backdrop Ireland’s economic growth is forecast to continue 2026 2027 Economic growth Demographics support 3% In June 2026, the ESRI said that economic growth housing demand in Ireland, as measured by MDD, will remain Economi
Slide 24: Growing Population & Strong Household Finances
24 H1 2026 Highlights Financial Highlights Outlook Appendices Growing Population & Strong Household Finances Ireland’s projected population growth fastest in the EU 2.8 million people employed in Q2 2026 Persons in employment 1.5% 2030 2040 Annualised population 2,839 2,833 2,825 2,818 2,795 2,795 2
Slide 25: Impactful Government Initiatives Supporting FTB Demand
25 H1 2026 Highlights Financial Highlights Outlook Appendices Impactful Government Initiatives Supporting FTB Demand FTB mortgage approvals steadily increase Sustained growth in HTB claims in H1 2026 +11% 3,500 12,000 Number of HTB claims On H2 2025 (4,599) Number of FTB approvals Rolling value of F
Slide 26: Insights into State Supports for FTBs
26 H1 2026 Highlights Financial Highlights Outlook Appendices Insights into State Supports for FTBs Help to Buy (HTB) First Home Scheme (FHS) Croí Cónaithe (Cities) HTB allows FTBs to claim up to €30k (through an FTBs can claim an equity loan worth up to 30% of €450m allocation to bridge the viabili
Slide 27: Buying (with State Supports) vs Renting
27 H1 2026 Highlights Financial Highlights Outlook Appendices Buying (with State Supports) vs Renting Worked example: 2 bed apartment in Seven Mills, Dublin 22 for FTB household with gross income of €67,500 2026 First Home Shared Equity and Help-to-Buy With Government supports for Cairn two-bed apar
Slide 28: Supply is Increasing But Remains Below Structural Demand
28 H1 2026 Highlights Financial Highlights Outlook Appendices Supply is Increasing But Remains Below Structural Demand H1 2026 commencements increasing off low 2025 base H1 2026 completions show continued progress – annual housing need is 50,000 New dwelling commencements by half-year New home compl
Slide 29: Cairn Homes plc contact details
Cairn Homes plc. 45 Mespil Road, Dublin, D04 W2F1 01 696 4600 www.cairnhomes.com