Cairn Homes Plc · LSE:CRN
Cairn Homes — FY2024 Earnings Presentation
33 slides from Cairn Homes's earnings presentation, 2025
Slide 1: Built For Good
a Built For Good Cairn Homes plc 2024 Preliminary Results Presentation
Slide 2: Contents
Image to be updated Contents 01. 2024 Highlights 02. Finance & Sustainability 03. Outlook 04. Appendices
Slide 3: 2024 Highlights
Finance & Outlook Appendices Highlights Sustainability 01. 2024 Highlights Built for Good
Slide 4: Cairn Today
4 Finance & Highlights Outlook Appendices Sustainability Cairn Today Our strategy is working Our scaled operating platform is delivering homes at pace, scale and value for money There is exceptional demand for our quality built, energy efficient new homes in great locations We are consistent in deli
Slide 5: Key Financial & Operational Highlights
5 Finance & Highlights Outlook Appendices Sustainability Key Financial & Operational Highlights 2024 KPIs Exceptional Market Mature Scaled Leading to Growing Profits and Demand for Cairn Delivery Platform with Consistent Margins Delivering Attractive Homes(1) Significant Momentum Returns €989m €859.
Slide 6: Key Financial & Operational Highlights
6 Finance & Highlights Outlook Appendices Sustainability Key Financial & Operational Highlights 2024 KPIs Efficiency and Accelerating Growth Asset Backed Consistently Delivering Innovation Delivering at in Scaled Operating Balance Sheet for Shareholders Competitive Price Point Platform for our Custo
Slide 7: Supportive Environment for Increased Housing Output
7 Finance & Highlights Outlook Appendices Sustainability Supportive Environment for Increased Housing Output New Home Completions Annual Housing 42,000–62,000 44,000–53,000 50,000 Economic Growth Strong Demographics Requirement Housing Commission (2023) ESRI (2024) Programme for Irish economy grew b
Slide 8: 2025 Programme for Government
8 Finance & Highlights Outlook Appendices Sustainability 2025 Programme Key First Time Buyer Planning and for Government Targets Initiatives Infrastructure Ramp up construction capacity Help to Buy Scheme / First Home Implement the 2024 Planning There will be a new national to build more than 300,00
Slide 9: Significant Step Up in Operating Platform
9 Finance & Highlights Outlook Appendices Sustainability Significant Step Up in Operating Platform Demand for our Energy Efficient A Rated Homes Across All Buyer Profiles is Very Strong Number of Homes in Closed and €382,000 €m Forward Order Book 3,000 1,200 2,593 / Net ASP in our closed 2,473 / €98
Slide 10: FY24 Commencements Underpins Continued Growth
10 Finance & Highlights Outlook Appendices Sustainability FY24 Commencements Underpins Continued Growth c.2,000 unit increase in commencements in 2024 Number of New Homes Commencements 4,500 New Site Established Subcontractor Forward 4,100+ Commencements Base Fully Aligned to our Procurement – 4,000
Slide 11: Sales Pricing and Unit Mix
11 Finance & Highlights Outlook Appendices Sustainability Sales Pricing and Unit Mix New Homes Average Selling Prices Period Units ASPs €’k (Net of VAT) Houses Duplex Apartments 2024 2,241 417 339 380 2023 1,741 427 319 377 Movement +29% -2% +6% +1% Unit Mix Evolution 21% Image to be Update 35% 41%
Slide 12: Scaled Social and Affordable Delivery for our State Partners
12 Finance & Highlights Outlook Appendices Sustainability Scaled Social and Affordable Delivery for our State Partners Social and Affordable Delivery Cumulative Homes Delivered or Under Construction Parkleigh (Seven Mills) Over 6,200 7,000 318 new homes Homes delivered or under construction since 6,
Slide 13: Progressing Delivery of Our €2bn GDV Seven Mills Development
13 Finance & Highlights Outlook Appendices Sustainability Progressing Delivery of Our €2bn GDV(1) Seven Mills Development Significant Progress on one of Europe’s Largest New Housing Developments Dec-23 Dec-24 Dec-25 Significant Progress in Delivering Ireland’s Newest Town Since we Commenced on Site
Slide 14: Cairn's Lean Construction Drives Operational Excellence
14 Finance & Highlights Outlook Appendices Sustainability Cairn’s Lean Construction Drives Operational Excellence We focus on innovation, productivity and scaled efficiencies to drive operational delivery excellence and maintain our competitive and market advantage Central Pillars Key Benefits Conti
Slide 15: Finance & Sustainability
Highlights Finance & Outlook Appendices Sustainability 02. Finance & Sustainability Cairn Homes plc | 2024 Preliminary Results Presentation Built for Good
Slide 16: 2024 Financial Performance
16 Highlights Finance & Outlook Appendices Sustainability 2024 Financial Performance 31 Dec 2024 31 Dec 2023 Movement Delivered a strong financial (€m) (€m) performance in the full year Revenue 859.9 666.8 +29% Units 2,241 1,741 +29% Significant growth across all key metrics with units +29% to 2,241
Slide 17: Revenue and Sales Performance KPIs
17 Highlights Finance & Outlook Appendices Sustainability Revenue and Sales Performance KPIs Closed and Forward Sales Pipeline Units Revenue (as at 26 February 2025) (Net) €989m of forward sales into 2025 and beyond comprising 2,593 units 2025 – closed and forward sales 1,659 €617m Sales strategy si
Slide 18: Balance Sheet as at 31 December 2024
18 Highlights Finance & Outlook Appendices Sustainability Balance Sheet as at 31 December 2024 31 Dec 2024 31 Dec 2023 Change (€m) (€m) Asset backed balance sheet with €862m investment in land and WIP Land held for development 615.7 609.2 +€6.5m Construction work in progress 246.4 334.3 (€87.9m) Com
Slide 19: Key Cash Flow Movements
19 Highlights Finance & Outlook Appendices Sustainability Key Cash Flow Movements Dec-24 Dec-23 Movement (€m) (€m) (€m) Generated €134.7m in operational cash flow, an increase of €27.7m in the year EBITDA 158.6 121.5 Land increased by €6.6m following the release of land (Increase)/decrease in land h
Slide 20: Land Acquisition Strategy
20 Highlights Finance & Outlook Appendices Sustainability Land Acquisition Strategy Strategic Land Low Cost Landbank Land Options Acquisitions Strategy €99.5m c.16,150 2k+ Evolved our land acquisition strategy to Investment in 2024 Unit landbank equating to c.7 Homes under option include subject to
Slide 21: Value Creating Capital Allocation Priorities
21 Highlights Finance & Outlook Appendices Sustainability Value Creating Capital Allocation Priorities FY25 Guidance Strong and Resilient Investment in WIP and Shareholder Deliver another year of Balance Sheet Land Returns growth in volumes, revenue and profitability as we leverage Focus on balance
Slide 22: ESG – Tracking Progress
22 Highlights Finance & Outlook Appendices Sustainability ESG – Tracking Progress Environmental Social Governance Published Climate Transition Plan Cairn Community Games held in 430 towns with Appointed a Director responsible for Sustainability and Passive House Position Paper over 160,000 people ta
Slide 23: Outlook
Finance & Outlook Appendices Highlights Sustainability 03. Outlook Cairn Homes plc | 2024 Preliminary Results Presentation Built for Good
Slide 24: A Sustainable Business Delivering for All Stakeholders
24 Finance & Highlights Outlook Appendices Sustainability A Sustainable Business Delivering for All Stakeholders FY25 Guidance Deliver another year of growth in volumes, revenue and profitability as we leverage our Mature and sustainable Exceptional demand for our Market leading position with operat
Slide 25: Appendices
Highlights Finance & Outlook Appendices Sustainability 04. Appendices Built for Good
Slide 26: Robust Macroeconomic Backdrop
26 Highlights Finance & Outlook Appendices Sustainability Robust Macroeconomic Backdrop Accelerating Strengthening Personal Economic Growth Balance Sheets The ESRI estimates the Irish economy grew Household deposits grew by €6.6bn in 2024 to by 3.9% in 2024 and will accelerate further €159.3bn. Tota
Slide 27: Growing Population & Employment Driving Strong Personal Finances
27 Highlights Finance & Outlook Appendices Sustainability Growing Population & Employment Driving Strong Personal Finances Ireland’s projected population growth among fastest in the EU 2.8 million people employed in Q4 24, up 2.6% annually 1.0% 3,000 Annualised population Persons in employment, grow
Slide 28: Government Incentives Continue to Support FTB Demand
28 Highlights Finance & Outlook Appendices Sustainability Government Incentives Continue to Support FTB Demand FTB mortgage approvals steadily increase Record number of HTB claims in 2024* Number of FTB approvals (12m rolling) Value of FTB approvals (€m) Number of HTB claims 35,000 12,000 7,722 8,11
Slide 29: Annual Housing Need Far Exceeds Current 50,000 Target
29 Highlights Finance & Outlook Appendices Sustainability Annual Housing Need Far Exceeds Current 50,000 Target Actual population growth well in excess of the CSO’s highest-growth projection Sustained Population Growth Widening Housing Supply Annual population growth Ireland’s population reached 5.3
Slide 30: Supply is Still Significantly Below Structural Demand
30 Highlights Finance & Outlook Appendices Sustainability Supply is Still Significantly Below Structural Demand Spikes in commencements driven by extensions to development levy waiver Completions fell 6.7% year on year to 30,330, c.60% below housing target New dwelling commencements New home complet
Slide 31: Illustrating the Impact of State Supports for FTBs
31 Highlights Finance & Outlook Appendices Sustainability Illustrating the Impact of 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
Slide 32: Illustrating the Impact of State Supports for FTBs
32 Highlights Finance & Outlook Appendices Sustainability Illustrating the Impact of State Supports for FTBs 2021 2022 2023 Help to Buy First Home First Home, Help to Buy & Help to Buy and Croí Cónaithe Including cost of Cairn average starter home price (incl. VAT) €375,000 €375,000 €495,000 living
Slide 33: Seven Mills
33 Highlights Finance & Outlook Appendices Sustainability Seven Mills 25,000 9,000 10,000 13km Residents to Mixed tenure Jobs in From Dublin be housed homes commercial City Centre and retail Seven Mills in Context Building a new suburb in Dublin which will have the same population as existing and es