Cairn Homes Plc · LSE:CRN
Cairn Homes — FY2025 Earnings Presentation
30 slides from Cairn Homes's earnings presentation, March 2026
Slide 1: Built for Good: 2025 Preliminary Results Presentation
Built for Good Cairn Homes plc 2025 Preliminary Results Presentation
Slide 2: Contents
2 Contents 01. 2025 Highlights 02. Financial Highlights 03. Sustainability & Outlook 04. Appendices Michael Richard Ailbhe Stanley Ball Molloy Chief Executive Chief Financial Head of Investor Officer Officer Relations 2
Slide 3: 2025 Highlights
01. 2025 Highlights Built for Good
Slide 4: 2025 Financial & Operational Highlights
4 Highlights Financial Highlights Sustainability & Outlook Appendices 2025 Financial & Operational Highlights Delivering Revenue and Exceptional Scale Driving Margin Profit Growth Increasing Volume Growth Demand Expansion Shareholder Value €1.32 billion €944.6m Multi-year order book2 of 22.1% €168.6
Slide 5: 2025 Financial & Operational Highlights
5 Highlights Financial Highlights Sustainability & Outlook Appendices 2025 Financial & Operational Highlights Our Scaled Operating Industry Leading Cost Balance Sheet Delivering for Platform Management Strength Shareholders 25 €1,306m Average active sites c.1% Total assets 16.6% Build Cost Inflation
Slide 6: Upgraded FY26 Guidance and New FY27 Guidance
6 Highlights Financial Highlights Sustainability & Outlook Appendices Upgraded FY26 Guidance and New FY27 Guidance FY26 Revenue: c.€1.05 - €1.08 billion Guidance Operating c.€180 - €185 million profit: ROE1: c.16.5% FY27 Volume: c.3,200 units Guidance Cairn Homes plc | 2025 Preliminary Results Prese
Slide 7: Strong FTB Demand Reflected in Growing Order Book
7 Highlights Financial Highlights Sustainability & Outlook Appendices Strong FTB Demand Reflected in Growing Order Book CLOSED AND FORWARD SALES UNITS REVENUE (as at 3 March 2026) (NET) 2026 – closed and forward sales 2,078 €795m 2027 & 2028 – forward sales 1,374 €525m Total closed and forward sales
Slide 8: Prioritising Affordability Through Efficient Scaling
8 Highlights Financial Highlights Sustainability & Outlook Appendices Prioritising Affordability Through Efficient Scaling Cairn Average Selling Price (incl VAT) 2021 €425k 35% 29.4% 2022 2023 €454k €424k Increase in average 2024 €425k 30% new home selling prices nationwide in the five 2025 €446k 25
Slide 9: Government Policy on Housing Density and Land Use
9 Highlights Financial Highlights Sustainability & Outlook Appendices Government Policy on Housing Density and Land Use The Irish Government has prioritised medium density delivery The Government’s ‘Delivering Homes, Building Communities’ housing plan provides a full suite of measures to encourage b
Slide 10: The Government's Stake in Housing
10 Highlights Financial Highlights Sustainability & Outlook Appendices The Government’s Stake in Housing Today the Government Social & Affordable housing share across Over 65% of all new homes are being built owns just 10.4% of dwelling Europe for the private market stock in Ireland Government share
Slide 11: Financial Highlights
02. Financial Highlights Built for Good
Slide 12: 2025 Trading Performance
12 Highlights Financial Highlights Sustainability & Outlook Appendices 2025 Trading Performance FY25 FY24 MOVEMENT (€M) (€M) (%) Strong growth with revenue +10%, operating profit +12% and profit after tax +16% in 2025 Revenue 944.6 859.9 +10% Closings 2,365 2,241 +6% Opex as a percentage of revenue
Slide 13: Strong Cash Generation Following Significant Investment
13 Highlights Financial Highlights Sustainability & Outlook Appendices Strong Cash Generation Following Significant Investment 31-DEC-25 31-DEC-24 MOVEMENT (€M) (€M) (€M) Generated €70.6m in operational cash flow following a significant investment in our future growth EBITDA 177.2 158.6 Increase in
Slide 14: Balance Sheet as at 31 December 2025
14 Highlights Financial Highlights Sustainability & Outlook Appendices Balance Sheet as at 31 December 2025 31-DEC-25 31-DEC-24 CHANGE (€M) (€M) Land held for development 701.3 615.7 +€85.6m Construction work in progress 413.8 246.4 +€167.4m Trade receivables 21.8 73.5 (€51.7m) Other receivables 90.
Slide 15: Sales Pricing and Product Mix
15 Highlights Financial Highlights Sustainability & Outlook Appendices Sales Pricing and Product Mix Competitive market pricing across all home types PERIOD ASPs €’K (NET OF VAT) Houses Duplex Apartments 2025 422 369 386 2024 417 339 380 Movement +1% +9% +2% Sales Mix Evolution: Growing our Low-Dens
Slide 16: Investment in Business Underpinning Order Book Growth
16 Highlights Financial Highlights Sustainability & Outlook Appendices Investment in Business Underpinning Order Book Growth YoY Growth | +€331million | +859 new homes €801m WIP investment FY25 €801m 3,452 €1.32bn (+65% FY24) units sales value* Underpinning 2,593 €989m €1.32bn FY24 €484m Closed and
Slide 17: Pivoting to a More Capital Efficient Landbank
17 Highlights Financial Highlights Sustainability & Outlook Appendices Pivoting to a More Capital Efficient Landbank Wholly Owned Strategic Landbank Pipeline c.18,400 units c.2,000 units c.6,000 units 39 sites 5 contracted option deals 12 Sites c.€37k average plot Counterparty Combination cost of ch
Slide 18: Capital Allocation Strategy Delivering Long-Term Value
18 Highlights Financial Highlights Sustainability & Outlook Appendices Capital Allocation Strategy Delivering Long-Term Value Investment Delivering Growth Shareholder Returns Upgraded FY26 Guidance Prioritised investment in WIP and Land to support Progressive ordinary dividend payments our long-term
Slide 19: Sustainability & Outlook
03. Sustainability & Outlook Built for Good
Slide 20: Embedding Sustainability
20 Highlights Financial Highlights Sustainability & Outlook Appendices Embedding Sustainability A CDP score placing us in the top 4% of companies scored globally Investors in Diversity Gold Accreditation Reduced our gender pay gap by 7.2% Over 270 apprentices registered on the Cairn Apprenticeship P
Slide 21: A Decade of Growth
21 Highlights Financial Highlights Sustainability & Outlook Appendices A Decade of Growth €945m REVENU E UN ITS 2,365 €860m 2,241 CAGR* CAGR* 41.7% €617m €667m 41.3% 1,526 1,726 €435m €424m 1,120 1,080 €337m 804 743 €262m €149m 418 €41m 105 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY16 FY17
Slide 22: Strategically Positioned to Deliver Continued Growth into the Next Decade
22 Highlights Financial Highlights Sustainability & Outlook Appendices Strategically Positioned to Deliver Continued Growth into the Next Decade Decade of investment delivering industry Extremely confident about the outlook for leading platform our business Significant momentum in our business €3.5b
Slide 23: Q&A
Q&A
Slide 24: Appendices
04. Appendices Built for Good
Slide 25: Macroeconomic Backdrop
25 Highlights Financial Highlights Sustainability & Outlook Appendices Macroeconomic Backdrop Underpin Ireland’s economic growth is forecast to continue Economic growth Growing household savings The ESRI estimates that the Irish domestic economy Household deposits grew by €10.5bn in Economic growth
Slide 26: Growing Population & Employment Driving Strong Household Finances
26 Highlights Financial Highlights Sustainability & Outlook Appendices Growing Population & Employment Driving Strong Household Finances Ireland’s projected population growth still among fastest in the EU 2.83 million people employed in Q4 25 (+2% vs Q4 24) 3,000 Persons in employment (000s) 1.0% An
Slide 27: Impactful Government Initiatives Supporting FTB Demand
27 Highlights Financial Highlights Sustainability & Outlook Appendices Impactful Government Initiatives Supporting FTB Demand FTB mortgage approvals steadily increase 2025 Jan-Nov HTB take-up already greater than full-year 2024 (+4.5%) Number of FTB approvals Value of FTB approvals (€m, 12m rolling)
Slide 28: Insights into State Supports for FTBs
28 Highlights Financial Highlights Sustainability & 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 the €450m allocation to bridg
Slide 29: Supply is Increasing But Remains Below Structural Demand
29 Highlights Financial Highlights Sustainability & Outlook Appendices Supply is Increasing But Remains Below Structural Demand 2025 commencements were half normal levels 2025 completions up 20% year-on-year – Government target is 50,000 +18% New dwelling commencements by half-year New home completi
Slide 30: Cairn Homes plc contact details
Cairn Homes plc. 45 Mespil Road, Dublin, D04 W2F1 01 696 4600 www.cairnhomes.com