Glenveagh Properties Plc · EURONEXT:GVR
Glenveagh Properties — FY2024 Earnings Presentation
27 slides from Glenveagh Properties's earnings presentation, Mar 13, 2025
Slide 1: Full Year Results 2024
Glenveagh Properties plc Full Year Results 2024 This File is Classified: Confidential
Slide 2: Today's agenda
Results and performance highlights 03 Financial review 17 Today’s agenda Conclusion 24 Glenveagh Properties plc | Full Year Results 2024 | March 2025
Slide 3: Results and performance highlights
Results and performance highlights This File is Classified: Confidential
Slide 4: 2024 Highlights: A landmark year
2024 Highlights A landmark year HIGHLIGHTS Growing home Delivering Improving gross completions record revenue margin 2,415 €869m 21.2% FINANCIALS units delivered, increase of 43% y-o-y Group gross margin up 77% y-o-y increase of 270 bps Scaling Strengthening Record EPS Balancing investment partnersh
Slide 5: Our differentiated investment case
Our differentiated investment case Uniquely positioned to deliver on compelling market opportunity HIGHLIGHTS Compelling market Sector-leading Delivering strong opportunity platform outcomes FINANCIALS • Structural undersupply • Highly attractive own-door • Focused approach to driving customer deman
Slide 6: Market backdrop continues to be supportive of housing delivery
Market backdrop continues to be supportive of housing delivery Underlying demand, affordability, and buyer supports favourable HIGHLIGHTS Population growth continuing Employment and wage growth Government finances have the capacity (+1.8% in 2024)1 reflective of strong economy to absorb external unc
Slide 7: Programme for Government 2025
Programme for Government 2025 Medium-term visibility on supportive policy environment HIGHLIGHTS Streamlining of Stable policy Target of housing infrastructure environment reflected 300,000+ new homes through Uisce Éireann support in planning approvals by the end of 2030 and a new coordination offic
Slide 8: Suburban
Suburban Innovation, standardisation and sites of scale driving performance HIGHLIGHTS Suburban units delivered with Proportion of annual suburban Glenveagh planning volume delivered by top 5 sites 1,650 typologies units completed 98% 64% €631m FINANCIALS in revenue, +34.2% y-o-y 44% 55% 22.2% 22% 2
Slide 9: Partnerships
Partnerships Cementing our position as a partner of choice HIGHLIGHTS €120m €20.3m 16.9% Revenue +43% Gross profit +822% Gross margin +400bps (FY 2023: €17m) (FY 2023: €2.2m) (FY 2023: 12.9%) FINANCIALS Partnerships now operating at scale across four sites following two Partnership sites in progress
Slide 10: Urban
Urban Capital-light partnerships a feature of Urban segment HIGHLIGHTS 655 units completed €118m FINANCIALS in revenue, (FY 2023: €120m) 19.7% gross margin, (FY23: 12.8%) €52m forward fund transaction announced CONCLUSION at Barnoaks with an AHB • Completion of 655 Urban units in 2024 3 • Forward fu
Slide 11: Strategic land investment aligned with fundamentals
Strategic land investment aligned with fundamentals Controlled Sector-leading landbank now assembled landbank HIGHLIGHTS 1. Population growth coupled with the pent-up demand has further intensified the need for housing 2. EMRA region accounts for 48% of the country’s households, yet only 34%1 of ava
Slide 12: Key attractions of 2024 land investments
Key attractions of 2024 land investments ~9,000 plots across 14 sites supporting future growth HIGHLIGHTS Attractive and In the best Government Strong pricing viable product locations supports and returns • 60% single-family • 63% Dublin • Help-to-buy • <€31k per unit FINANCIALS houses • 15% Kildare
Slide 13: Innovation
Innovation Offsite manufacturing unit now operating at scale and delivering tangible benefits HIGHLIGHTS Our facilities and workforce 2,030 units manufactured (+72% yoy) Carlow • 1,741 timber frame SITE: • 289 light-gauge steel (LGS) 200,000 sq. ft. on 30 acres • 2,500 unit capacity on single shift
Slide 14: Future-proofing our business model
Future-proofing our business model High-quality, precision manufactured solutions to sector challenges HIGHLIGHTS Phase 01 Phase 02 Phase 03 2024-2027 2027-2028 2028-2030 FINANCIALS Manufactured wall system to replace High-carbon concrete roof tiles replaced Floor cassette and piles replacing bricks
Slide 15: Dedication to high-quality homes
Dedication to high-quality homes Leading customer satisfaction ratings HIGHLIGHTS Quality and traceability Industry-leading manufacturing capabilities • All developments operating under our Quality Management • Timber-frame manufacturing is compliant with IS 440 and System, certified for IS0 9001:20
Slide 16: Sustainability continues to be a driver of value
Sustainability continues to be a driver of value Identifying opportunities, managing risks, and ensuring long-term resilience HIGHLIGHTS • Sustainability at Glenveagh has always been a driver of value, embedded Scope 1 and 2 emissions (absolute) within our Building Better strategy 4,616 4,108 3,680
Slide 17: Financial review
Financial review 17 This File is Classified: Confidential
Slide 18: Income statement highlights
Financial update Performance Income statement highlights HIGHLIGHTS 2024 2023 €’m €’m Revenue 869.2 607.9 Cost of sales (685.3) (495.2) +43% revenue growth Gross profit 183.9 112.7 FINANCIALS Gross margin 21.2% 18.5% Central costs (49.0) (39.4) +270bps gross margin expansion EBITDA 134.9 73.3 Deprec
Slide 19: Balance sheet position
Financial update Financial Balance sheet position HIGHLIGHTS 2024 2023 €’m €’m Property plant and equipment 62.4 64.2 Other assets 14.3 9.3 €556.2m1 Non-current assets 76.7 73.5 land balance (2023: Inventory 864.4 707.6 €403.8m) FINANCIALS Trade and other receivables 173.2 81.8 Cash and cash equival
Slide 20: Cash flow bridge and net debt
Financial update • Operating cash outflow of €93.4m Cash flow bridge HIGHLIGHTS (FY 2023: inflow €50.9m) reflects the conscious decision to invest in €133m line with our capital allocation priorities to underpin the growth of the business into the future (€31m) (€7m) • Net debt position of €179 mill
Slide 21: Evolving landbank – 2024 to 2026 bridge
Financial update Evolving landbank – 2024 to 2026 bridge HIGHLIGHTS • In line with our strategic focus on €556m growth, we made significant ~ €406- investments in our land portfolio to ~ €80m- €466m support future development €110m1 ~ €120m- • The year-end balance for land ~ €90- €130m €110m investm
Slide 22: Capital allocation priorities
Capital allocation priorities Disciplined and balanced capital allocation approach, HIGHLIGHTS with focus on value creation and shareholder returns 1 2 3 4 Land WIP Supply chain Return excess cash FINANCIALS • Land of €556m • 25% suburban unit • Off-site premises • Target average net debt represents
Slide 23: 2025 Outlook
2025 Outlook HIGHLIGHTS 01 02 03 Continued revenue and Greater than 1,500 Further projects with the profit growth anticipated Homebuilding unit public sector anticipated deliveries in 2025, with for our Partnerships 1,900 anticipated in 2027 segment The outlook for Glenveagh FINANCIALS remains excep
Slide 24: Conclusion
Conclusion 24 This File is Classified: Confidential
Slide 25: Our differentiated investment case
Our differentiated investment case Uniquely positioned to deliver on compelling market opportunity HIGHLIGHTS Compelling market Sector leading Delivering strong FINANCIALS opportunity platform outcomes • Structural undersupply • Highly attractive own-door • Focused approach to driving customer deman
Slide 26: IR contacts and calendar
IR contacts and calendar HIGHLIGHTS IR contacts Conor Murtagh CFO investors@glenveagh.ie FINANCIALS IR calendar CONCLUSION Annual General Meeting 22 May 2025 H1 2025 results 25 September 2025 Glenveagh Properties plc | Full Year Results 2024 | March 2025 26
Slide 27: 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