Glenveagh Properties Plc · EURONEXT:GVR
Glenveagh Properties — Q4 2025 Earnings Presentation
31 slides from Glenveagh Properties's earnings presentation, Mar 13, 2026
Slide 1: Full year results 2025
Glenveagh Properties Plc Full year results 2025 This File is Classified: Confidential
Slide 2: Today's agenda
Strategic and operational review 03 Home for the Future 13 Today’s agenda Financial review 18 Conclusion 25 Appendix I 29 Glenveagh Properties plc | Full Year Results 2025 | March 2026 2
Slide 3: Strategic and operational review
Strategic and operational review This File is Classified: Confidential
Slide 4: 2025 Highlights
2025 Highlights S T R A T E G I C Record completions, margin expansion, and scaled Partnerships growth Strong execution Record revenue Margin progression R E V I E W +20 bps Group gross margin | H O M E 2,568 €926m +110 bps Homebuilding margin +90 bps Partnerships margin F O R units delivered, incre
Slide 5: Our differentiated investment case
Our differentiated investment case S T R A T E G I C Uniquely positioned to deliver on compelling market opportunity R E V I E W | H O M E Compelling market Sector-leading Delivering strong opportunity platform outcomes F O R T H E • Structural undersupply • Highly attractive own-door • Focused appr
Slide 6: Robust underlying fundamentals
Robust underlying fundamentals S T R A T E G I C Ireland’s macroeconomic backdrop supports sustained housing demand Population growth Employment at record highs with Completions well below outstripping EU peers earnings growing at ~5% annually structural demand levels R E V I E W 50k 5.5m €1,004 100
Slide 7: Decisive and supportive government policy
Decisive and supportive government policy S T R A T E G I C Strong policy tailwinds supporting Ireland’s housing ambition The State and the customer require homes under €275bn National Development Plan R E V I E W €500,000 • Ireland’s largest ever capital programme – sustaining infrastructure invest
Slide 8: High-quality, well located, fully invested landbank
High-quality, well located, fully invested landbank • The Group’s land assembly S T R A T E G I C strategy is now complete with Providing visibility for medium-term objectives a 19,000 unit landbank assembled, with no further material land investment R E V I E W 77% 23% required • Supports delivery
Slide 9: Industry-leading planning expertise
Industry-leading planning expertise S T R A T E G I C 99% planning approval rate demonstrates unmatched in-house capability Leading in-house expertise R E V I E W • Between 2021-2025, Glenveagh achieved a 99% approval rate across 87 applications, well above the national average of 85%-89%1 | • Only
Slide 10: Homebuilding
Homebuilding S T R A T E G I C Scale, standardisation, and integration supporting margin expansion Homebuilding units delivered with Glenveagh planning typologies R E V I E W 1,490 units completed 98% 89% | 86% H O M E €545m 63% in revenue, +14% y-o-y F O R 44% T H E 23.6% 22% 25% F U T U R E gross
Slide 11: Partnerships
Partnerships S T R A T E G I C Established as partner of choice for State and State Agencies R E V I E W €381m €69.3m 18.2% Revenue +60% Gross profit +241% Gross margin +90bps | (2024: €238m) (2024: €20.3m) H O M E (2024: 17.3%) F O R Strong operational momentum with construction progressing well at
Slide 12: Partnerships pipeline
Partnerships pipeline provides Partnerships pipeline S T R A T E G I C strong medium-term visibility, Substantial €3 billion pipeline of opportunities underpinning the next phase of growth • Over 7,000 units with a total R E V I E W 25% 67% 8% Land estimated NDV of approximately source €3 billion In
Slide 13: Home for the Future
Home for the Future This File is Classified: Confidential
Slide 14: Our innovation principles
Our innovation principles S T R A T E G I C Driving value and creating resilience by enhancing Pre-Manufactured Value (PMV) R E V I E W Time Quality Labour | Shifting work offsite Meet regulatory standards, Reduce skilled trades H O M E reduces labour deliver the highest-quality on-site, enabling fa
Slide 15: The housing challenge and Glenveagh's integrated solution
The housing challenge and Glenveagh’s integrated solution S T R A T E G I C Delivering affordable, high-quality homes at scale R E V I E W The challenge Our response • Ireland’s housing target: 50,000+ homes per annum1 | + = Vertically integrated H O M E • Traditional construction: slow, housing sys
Slide 16: Progressing our innovation agenda to futureproof our business model
Progressing our innovation agenda to futureproof our business model S T R A T E G I C Transitioning from traditional materials to innovative alternatives Workstream I: R E V I E W Timber-frame and light-gauge steel fully embedded across the platform - a cornerstone of Glenveagh’s innovation strategy
Slide 17: Placing customers at the heart of everything we do
Placing customers at the heart of everything we do S T R A T E G I C Continued industry-leading satisfaction through innovation and service excellence Sustained high customer satisfaction R E V I E W • PMV initiatives are fully aligned with our quality and 2025 95% customer focus, reinforcing the op
Slide 18: Financial review
Financial review 18 This File is Classified: Confidential
Slide 19: Performance highlights
Financial update S T R A T E G I C Income statement 2025 2024 Performance R E V I E W €’m €’m highlights Revenue 925.9 869.2 | H O M E Cost of sales (728.0) (685.3) Gross profit 197.9 183.9 +7% revenue growth F O R Gross margin 21.4% 21.2% T H E Central costs (50.2) (49.0) +20bps F U T U R E EBITDA
Slide 20: Financial position
Financial update S T R A T E G I C Balance sheet 2025 2024 Financial €’m €’m R E V I E W position Property plant and equipment 67.7 62.4 | Other assets 16.4 14.3 H O M E Non-current assets 84.1 76.7 €534.0m1 F O R Inventory 837.7 864.4 land balance (2024: Trade and other receivables 227.2 173.2 €556
Slide 21: Capital discipline
Financial update S T R A T E G I C Net debt bridge €179m Capital R E V I E W €75m €168m discipline | H O M E €100.3m F O R operating cash inflow (2024: €93.4m outflow) T H E €40m F U T U R E €12m €63m €168m net debt | (2024: €179m) F I N A N C I A L S (€26m) (€148m) €75m €0m capital returns | (€27m)
Slide 22: Future cash driver
Financial update S T R A T E G I C Evolving landbank – 2025 to 2027 bridge Future cash driver R E V I E W €554m ~ €80m- €110m1 ~ €120m- ~ €90- Land investment | ~€30m-€50m H O M E €130m €110m at peak ~€70m-€90m ~€400m-€460m Year-end land balance of €5341 F O R million, reflecting completion of the c
Slide 23: Capital allocation priorities
Capital allocation priorities S T R A T E G I C Disciplined and balanced capital allocation, focusing on value creation R E V I E W 1 2 3 4 Land WIP Supply chain Return excess cash | H O M E • The Group has now • Investment to support • Off-site investment is • Target average net debt F O R complete
Slide 24: 2026 Outlook
2026 Outlook S T R A T E G I C 01 02 03 R E V I E W Continued revenue and Expect approximately Further growth in profit growth anticipated 1,600 Homebuilding unit Partnerships, with the | alongside positive long- deliveries in 2026, with identified pipeline H O M E term outlook for Irish 2,000 antic
Slide 25: Conclusion
Conclusion 25 This File is Classified: Confidential
Slide 26: Our differentiated investment case
Our differentiated investment case S T R A T E G I C Uniquely positioned to deliver on compelling market opportunity R E V I E W | H O M E Compelling market Sector-leading Delivering strong opportunity platform outcomes F O R T H E • Structural undersupply • Highly attractive own-door • Focused appr
Slide 27: Q&A
Q&A Glenveagh Properties plc | Full Year Results 2025 | March 2026 27
Slide 28: IR contacts and calendar
IR contacts and calendar S T R A T E G I C IR contacts R E V I E W Conor Murtagh CFO | H O M E Kate Halliday Investor Relations F O R investors@glenveagh.ie T H E F U T U R E | IR calendar F I N A N C I A L S Annual General Meeting 15 May 2026 | H1 2026 results September 2026 C O N C L U S I O N Gle
Slide 29: Appendix I
Appendix I 29 This File is Classified: Confidential
Slide 30: ESG ratings
ESG ratings A P P E N D I X Leading on transparency and climate action I • ‘AA’* Leader maintained • Climate A* (2024: B) • 2025 'A List' – 4% of c.20,000 companies scored globally, 10 companies in Ireland • 12.0 (low risk)* (2024: 14.7 'low risk') Glenveagh Properties plc | Full Year Results 2025 |
Slide 31: General disclaimer
General disclaimer HIGHLIGHTS 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 ("Glenveagh" or "the Group"). This announcement contains statements that are, or may be deemed