Glenveagh Properties Plc EURONEXT:GVR

Glenveagh Properties : Financial Documents (annual report and accounts 2025)

Published April 10, 2026 at 1:52 p.m. UTC

Source: MarketScreener

Shaping the future

Strategic Report

Corporate Governance

Sustainability Statement Financial Statements

Glenveagh Properties plc Annual Report and Accounts 2025

‌Introduction

Building for now

Strategic Report

and the future

Corporate Governance

Glenveagh is committed to providing access to sustainable high-quality homes to as many people as possible in flourishing communities across Ireland.

We are focused on two core areas: Homebuilding and Partnerships. Our Homebuilding division is the leading provider of own-door single-family homes, primarily in Dublin and the Greater Dublin Area. Our Partnerships division focuses on creating vibrant communities nationwide through a mix

of suburban single-family and urban multi-family developments. Often funded or acquired by the state or state entities, these projects enable us to deliver affordable and high-quality housing options for everyone.

Our work is supported by our consistent focus on and investment in innovation and our internal manufacturing capability, which reflects our

commitment and ambition to making a significant contribution in addressing Ireland's housing needs, both now and for future generations.

Sustainability Statement

Financial Statements

This is how we are shaping the future of the Irish housing market…

Scaling

our response

Glenveagh is redefining how homes are designed and built in Ireland, and is delivering more sustainable homes at scale.

Amplifying our impact

Glenveagh uses its scale, knowledge, and experience to support and input to the national response to increase housing supply.

Leading the way

Glenveagh is scaling rapidly - combining volume, speed, and certainty through a vertically integrated delivery model.

Read more on p22 Read more on p21

‌4 Our investment case‌

A clear strategic focus and effective business model make Glenveagh

a compelling investment

Glenveagh Properties plc Annual Report and Accounts 2025

We are the leading Irish homebuilder, delivering high-quality suburban homes and urban apartments, supported by our market-leading landbank and established partnerships with local authorities and state agencies. Our vertically integrated business model and focus on innovation allow for better cost control and improved efficiency, helping us to mitigate supply chain risks, manage costs, and optimise margins. As such, we are well-positioned to capitalise on the growth trends in the Irish economy today and into the future.

Well invested

A fully assembled, high-quality landbank providing long-term delivery visibility and embedded value

+ High-quality, actionable and low-risk landbank focused on affordable own-door housing.

+ Supporting delivery of between 2,750 and 3,600 units per annum through to 2030, without the need for further material land investment.

+ Approximately 74% located in the Greater Dublin Area with 83% comprising own-door product

- the deepest and most resilient demand segments by location and typology.

Fully owned landbank

19,000 units

Cost per unit

€31,000

Vertically integrated

Strategic Report

A manufacturing-led, vertically integrated delivery model enhancing cost certainty and execution capability

Corporate Governance

+ Glenveagh operates Ireland's largest off-site manufacturing platform, with approximately 400,000 square feet of production capacity across three facilities.

+ Assembled for just over €70 million of capital investment to date, representing compelling value for money in establishing a vertically integrated production footprint of scale.

+ Core to our integrated delivery system spanning land acquisition, planning, standardised design, off-site production and on-site assembly.

Sustainability Statement

Target PMV

70%

Capacity

Financial Statements

2,500 units

‌5 Our investment case continued

Market driven

We operate in a thriving market with strong demand, structural undersupply, and supportive government policy

+ Highly resilient domestic economy characterised by both population and wage growth.

+ Strong private customer demand in a market with structural under-supply across all tenures.

+ Supportive government policy via demand and supply-side initiatives.

Irish population in 2025 - an increase of 78,3001

5.46m

Glenveagh Properties plc Annual Report and Accounts 2025

Value of mortgage drawdowns in 2025, with FTBs accounting for 60% of the volume2

€14.5bn

https://www.cso.ie/en/releasesandpublications/ep/p-pme/ populationandmigrationestimatesapril2025/keyfindings/
https://bpfi.ie/publications/bpfi-mortgage-drawdowns-report-q4-2025/

Value added

Our organisation has comprehensive and highly developed portfolio skills, allowing us to plan, design, construct, deliver, and sell effectively

+ Expert in-house planning team to navigate the challenges and opportunities of the Irish market.

+ Market leading, proprietary HomeBuyer Hub digital platform now embedded across the full customer journey, with more than 3,800 registered customers engaging from deposit to handover.

+ Highly experienced Board and Executive team with relevant and diversified sector expertise.

Planning success rate

99%

Customer satisfaction rating

95%

Capital efficient

Strategic Report

We manage our capital carefully and precisely, maximising our returns and allocating effectively

+ Strong balance sheet, managed prudently with low leverage and high efficiency.

Corporate Governance

+ Clearly defined capital allocation framework focused on investment in land, WIP, and supply chain - and to return excess cash to shareholders.

+ Driving efficiency in land investment and effective control of WIP investment.

Landbank value 20251

Sustainability Statement

€534m

Value returned to shareholders since 2021

Financial Statements

€420m+

1. Excluding development rights.

‌6 Shaping the future‌

Strategic Report

Corporate Governance

Scaling

Sustainability Statement

1 2 3

Financial Statements

Glenveagh Properties plc Annual Report and Accounts 2025

"Our ability to scale efficiently means we can build more sustainably - reducing embodied carbon with every home."

‌7 Shaping the future continued

Glenveagh is redefining how homes are designed and built in Ireland. Through an integrated model that brings together land, design, manufacturing, and construction, we are setting a new standard for quality, efficiency, and modernisation in Irish home building.

Our well-positioned, 19,000-unit landbank underpins

this growth, supporting up to 3,600 annual unit deliveries through to 2030. This provides long-term visibility, not only for Glenveagh but also for planners, local authorities,

and buyers seeking stable, predictable supply. By aligning operational excellence with an informed understanding of planning and policy frameworks, we ensure that our growth supports the national objective of increasing high-quality housing output.

By combining technological capability with disciplined execution, Glenveagh is helping set a new benchmark for the industry and demonstrating what a modern homebuilder of scale can achieve.

Strategic Report

Glenveagh's ability to scale consistently - across locations, tenures, and home types - is central to our mission. By building faster, more sustainably, with higher quality, and in greater volumes, we are helping to close Ireland's housing deficit and deliver more homes to more people.

Annual unit deliveries through to 2030

Corporate Governance

2,750-3,600

Sustainability Statement

Financial Statements

Glenveagh Properties plc Annual Report and Accounts 2025

…our response to Ireland's housing crisis

‌8 Shaping the future continued‌

Strategic Report

Corporate Governance

Amplifying

Sustainability Statement

1 2 3

Financial Statements

Glenveagh Properties plc Annual Report and Accounts 2025

"We're not just contributing

to housing policy - we're helping to build a stronger, more collaborative system for Ireland."

‌9 Shaping the future continued

Ireland's housing challenge demands coordinated action across government, industry, and local authorities. As a leading homebuilder, Glenveagh has a complete view of the home building process - from land acquisition to the handing over of keys to homeowners. From this vantage point, we are playing a strategic role in strengthening the entire system - working with policymakers, planners, and sector partners to help unlock the conditions for faster, more reliable delivery nationwide.

In 2025, we continued to contribute to key areas of planning and housing reform, engaging on zoning, judicial review processes, infrastructure legislation, and the expansion of Modern Methods of Construction (MMC). Our proposals

on standardisation and infrastructure activation gained meaningful traction during the year, supporting a broader shift toward greater certainty and shorter lead times.

Our partnerships with public sector bodies demonstrate how a more aligned system can deliver greater impact. Developments such as Ballymastone, Oscar Traynor Woods, and the Cork Docklands show how the state and private sector can collaborate to accelerate affordable, high-quality homes at scale.

Strategic Report

Corporate Governance

With the Planning and Development Act 2024 now taking effect - offering greater clarity, reduced timelines, and more predictable outcomes - Glenveagh is well positioned to help translate policy progress into real-world delivery. We remain committed to playing an active role in shaping a more resilient, more collaborative, and more effective housing system.

Sustainability Statement

Financial Statements

Glenveagh Properties plc Annual Report and Accounts 2025

…our impact through collaboration

with national

stakeholders

‌10 Shaping the future continued‌

Strategic Report

Corporate Governance

Leading

Sustainability Statement

1 2 3

Financial Statements

Glenveagh Properties plc Annual Report and Accounts 2025

"Every Glenveagh home reflects the strength of our design, data, and manufacturing expertise."

‌11 Shaping the future continued

Ireland requires tens of thousands of new homes each year, yet national output continues to fall short. Glenveagh is investing in our business to help close this gap -combining Ireland's largest off-site manufacturing platform

with land acquisition, planning, standardised design, off-site production and on-site assembly as part of an integrated delivery system.

In 2025, we strengthened our leadership position with investment in an innovation programme that incorporates precision manufacturing, advanced digital design workflows, and high performance materials, enabling homes to be delivered with greater predictability, improved affordability, and enhanced energy and environmental performance.

This will help us build faster, safer, and more sustainably while delivering high-quality homes at competitive prices.

Our streamlined approach enables homes to progress

Strategic Report

from foundation to completion in much less time. Advanced manufacturing, robust supply chains, and consistent standardisation across sites serve to reinforce our leadership in the industry and boost efficiency. In 2025, Glenveagh delivered 2,568 homes, an 11% increase on the prior year, with output set to accelerate again in 2026 and 2027.

2,568

Homes delivered in 2025

Corporate Governance

+11% on 2024

Sustainability Statement

…the way with

Financial Statements

Glenveagh Properties plc Annual Report and Accounts 2025

sustainable homes that support lives and futures

‌12 Chair's letter‌

Glenveagh Properties plc Annual Report and Accounts 2025

Strong performance, continued momentum

I am proud to present Glenveagh's 2025 Annual Report, which reflects a year of strong performance and continued momentum across the business, alongside further significant progress on our long-term strategic priorities.

Significant progress

In 2025, Glenveagh continued to advance its strategic priorities during the year, increasing output, improving returns and enhancing visibility over future delivery while continuing to invest in improving our platform. The Group delivered 2,568 new homes and generated revenues of

€926 million.

This success reflects effective execution of our Building Better Strategy right across the business, delivering for our private, institutional, and public customers through our Homebuilding and Partnerships segments.

Homebuilding delivered 1,490 homes, while the Partnerships segment delivered €381 million of revenue or an equivalent of approximately 1,100 homes. Together, these outcomes demonstrate the strength of our operating model and the increasing contribution of Partnerships to the Group's overall performance.

The Board recognises that this performance is driven by the uncompromising commitment and professionalism of our employees, supported by strong relationships with our partners and stakeholders, and I would like to thank all those who contributed to this progress.

Delivering for our customers

We recognise our responsibility as a significant contributor to housing supply in Ireland. As a leading homebuilder, our role is to support the delivery of great value, high-quality, sustainable homes that enable strong and flourishing communities.

Strategic Report

Customers remain central to everything we do. In 2025, Glenveagh continued to deliver energy-efficient, high-quality and affordable homes across a range of tenures, designed to meet the needs of families of all sizes and at different life stages, and located in areas of enduring demand. Our average selling price of approximately €347,000 reflects both underlying market dynamics and our focus

on value and affordability.

This customer-centric approach continues to be recognised, with customer satisfaction at a

Corporate Governance

notable 95%, reinforcing the Board's confidence in the quality of the homes we deliver and the experience we provide.

Developing our employees

Our people are fundamental to the delivery of our strategy and to maintaining the high

Sustainability Statement

standards expected of Glenveagh. Throughout 2025, colleagues across the organisation demonstrated sustained commitment, leadership and professionalism.

Developing and supporting our people remains a core strategic priority and an ongoing focus for the Board. With a continued emphasis on

quality, collaboration, innovation and operational excellence, the Group delivered over 11,700 hours of training during the year, reinforcing capability and supporting long-term performance.

Financial Statements

With this sustained commitment to professional development, we continue to invest in our can-do, collaborative and entrepreneurial culture, which has been an important driver of our success

to date.

‌13 Chair's letter continued

Driving industrialised construction The Board continues to support investment in innovation and industrialised construction,

which is critical to addressing Ireland's long-term housing needs.

Through NUA, Ireland's largest residential manufacturing operation, Glenveagh operates three advanced facilities that combine precision manufacturing, digital design and high-performance materials. In 2025, the Group continued to advance Modern Methods of Construction (MMC), developing scalable, component-based systems that enhance predictability, sustainability, quality and, importantly, deliver greater value for money and affordability to our customers.

The Board is confident that this capability represents a meaningful long-term differentiator for Glenveagh and will continue to support sustainable growth and resilience in the years ahead, particularly in an era of unexpected supply chain interruptions.

Governance

Glenveagh Properties plc Annual Report and Accounts 2025

The updated UK Corporate Governance Code 2024 (the 'UK Code') and the new Irish Corporate Governance Code (the 'Irish Code') took effect from 1 January 2025. As Glenveagh is dual-listed in both Ireland and the UK, it has the option

to follow either the Irish or the UK Code. While the UK Code can be more prescriptive in certain areas than the more flexible new Irish Code,

the Board considers the UK Code to provide

the appropriate benchmark of international best practice in governance for Glenveagh. A full description of Glenveagh's application of the principles and provisions of the UK Code is provided in the Corporate Governance Report on page 54.

In addition to bringing a new corporate governance code, January 2025 also marked the conclusion of Glenveagh's CFO transition period, with Conor Murtagh assuming the role of CFO on 1 January 2025. Following a formal

recommendation process led by the Board Nomination Committee, Conor was subsequently appointed as an Executive Director of Glenveagh, with effect from 16 January 2025.

Conor's leadership skills and strategic insight have proven to be an invaluable addition to Glenveagh's Board as we continue to drive sustainable growth and long-term value for our shareholders. Further detail in relation to the Board's composition, succession planning and evaluation are set out in the Nomination Committee Report on page 66.

A significant area of focus for the Board in 2025 has been on ensuring that incentives for our CEO, Stephen Garvey, are more strongly aligned with shareholders than ever as we enter the next stage of Glenveagh's growth journey. Stephen has been the driving force in the creation and growth of Glenveagh and, looking forward, the Board believes the next several years present a significant strategic opportunity for the Group.

In recognition of Glenveagh's ambitious plans, the Board will recommend an adjustment to the Directors' Remuneration Policy at the 2026 AGM. Full details of the Board's proposal, and our extensive engagement with Glenveagh's largest shareholders as part of this process, are provided in the Remuneration Committee Report on page 75.

Constructive engagement

More broadly within the industry, as a leading homebuilder, we are mindful of our responsibility to engage constructively in addressing Ireland's housing challenges, which require collaboration and collective resolve across the public and private sectors. During 2025, Glenveagh actively contributed to industry discussion and policy debate as the planning and regulatory environment continued to evolve. Drawing

on evidence from our sites and manufacturing operations, we shared practical insights on how housing delivery can be increased and how the operating environment can be further strengthened to support sustainable supply.

With the land, capability, and capital to deliver high-quality homes at scale, Glenveagh is playing a leading and responsible role in addressing Ireland's housing needs.

Strategic Report

Conclusion and outlook

2025 has been a strong and productive year for Glenveagh. Alongside growing output, the Group has continued to invest significantly in its platform to support sustainable performance over the medium term.

Corporate Governance

The fundamentals of the Irish residential housing market are and will remain strong. As we enter 2026, Glenveagh does so with positive operational and financial momentum, underpinned by a

high-quality landbank, a scaled and capital-efficient Partnerships segment, an increasingly industrialised delivery platform, and continued demand for housing across all tenures.

Sustainability Statement

John Mulcahy

Chair

Financial Statements

"With this sustained commitment to professional development, we continue to invest in our can-do, collaborative and entrepreneurial culture, which has been an important driver of

our success to date."

‌14 Chief Executive Officer's review‌

Glenveagh Properties plc Annual Report and Accounts 2025

A productive year

2025 has been a strong and productive year for Glenveagh. Alongside increased output and robust financial results, we continued to invest in innovation, design, and manufacturing capability. Combined with our substantial landbank and customer-first focus, these strengths position the business

to deliver sustained performance in the years ahead.

Building on our success

Building on the momentum established in 2024, we continued to scale delivery in 2025 while strengthening the business through our standardised, vertically integrated operating model.

Glenveagh delivered revenues of approximately

€926 million in 2025, an increase of 7% on 2024, and provided 2,568 new homes.

Our Homebuilding division performed strongly, delivering 1,490 much-needed homes to

our customers - providing opportunities for homeownership across various tenures. This performance reflects the benefits of scale, standardisation, vertical integration, favourable site mix and disciplined land sales. During the year, we successfully delivered a number of new communities, further reinforcing our track record of consistent delivery.

2025 also saw our Partnerships division contribute significantly to overall business performance, confirming its position as a core delivery channel and reinforcing Glenveagh's role as a trusted delivery partner to the state.

All six Partnerships sites progressed well during the year, including Oscar Traynor Road, which is expected to deliver approximately 850 high-quality A-rated homes, in addition to Ballymastone and Foxwood Barn. New contributions from Mooretown, New Road and the LDA-backed Cork Docklands development commenced in 2025 also.

In the second half of 2025, we secured an additional Partnership mandate for

approximately 350 units, subject to planning, and entered advanced discussions on a further three opportunities totalling approximately 400 units.

Investing in industrialised construction Investing in industrialised construction remains critical to increasing housing delivery at scale.

Strategic Report

In 2025, we continued to advance our Home for the Future initiative - by leveraging Design for Manufacture and Assembly (DfMA) principles and integrating energy-efficient design, smart technology and sustainable materials, we are building a scalable product platform.

Corporate Governance

Innovations such as single-pour raft foundations, precision-engineered façades, and all-electric, solar-enabled heating and hot water systems form a core part of this approach. Together with our manufacturing investments, these initiatives improve sustainability, delivery certainty, and regulatory compliance. The efficiencies created are also allowing us to provide greater quality and value for money to our customers. Learn more about Our Home for the Future on

page 34.

Sustainability Statement

These investments reflect our long-term view of the housing market. By deepening our manufacturing and innovation capabilities,

Glenveagh is positioning itself - and supporting the wider sector - to meet Ireland's housing needs over the next decade.

Attractive landbank

Financial Statements

Alongside our manufacturing and innovation capability, our landbank remains a key foundation for sustained delivery. It supports between 2,750 and 3,600 units per annum through to 2030, without the need for further material land investment. This provides a significant competitive advantage in an environment where zoned and serviced land for own-door housing remains constrained.

Approximately 74% of the landbank is located in the Greater Dublin Area, where demand is strongest. Furthermore, our landbank allows for the provision of homes that are affordable

and at prices that align with the caps associated with the Government's First Home and Help to Buy schemes.

‌15 Chief Executive Officer's review continued

Planning permissions are now secured for

all targeted output in 2026, and all remaining applications for 2027 are lodged and working their way through the system in line with expectations.

Customer-first

Our investments in manufacturing, innovation and land underpin our ability to consistently deliver sustainable, well-located and affordable homes. How we deliver these homes - and the experience our customers have when purchasing them - remains central to our strategy.

In 2025, customer satisfaction remained strong at 95%, supported by continued improvements in build quality, more standardised designs and enhanced digital customer engagement tools that provide clearer communication and faster resolution throughout the home buying journey. 2025 saw the rollout of our HomeBuyer Hub -

a digital platform that provides home buyers with an end-to end purchasing experience - from choosing a property, document management and post-sale communications, ensuring the buyer is as informed as possible throughout

the buying journey.

Glenveagh Properties plc Annual Report and Accounts 2025

These outcomes reinforce our focus on delivering not just homes, but enduring communities.

Success driven by people

Our progress in 2025 was driven by the commitment and capability of our people - on our sites, in our manufacturing facilities and in our head office. Their expertise and dedication continue to underpin our position as a leading homebuilder in Ireland.

We remain focused on investing in our employees through learning and development programmes aligned to our Building Better Strategy. These programmes are structured around a defined

set of key skills, including decision-making, communication, problem-solving and leadership behaviours that support quality, transformation and long-term performance.

Future-proofing our delivery model Sustainability remains a core aspect of our operations and decision-making. Our focus remains on areas of highest impact, particularly across our value chain. We continue to invest in modern construction methods, innovation, and energy efficient solutions that enhance quality, efficiency and carbon performance.

This innovative approach is a central element on our pathway towards our science-based targets. Notably, we have been awarded a CDP score of A for Climate in 2025, which is testament to our efforts to date.

A progressive policy environment

From an external perspective, 2025 saw meaningful progress in the policy and regulatory environment supporting housing delivery. Key developments included increased housing and infrastructure investment under the National Development Plan, updates to the National Planning Framework and apartment guidelines, changes to VAT on apartments, extensions to planning permissions, and the establishment

of the Housing Activation Office, in addition to the Accelerating Infrastructure Action Plan.

Encouraging progress on enabling infrastructure - including approvals relating to Greater Dublin Drainage and Metro projects - demonstrates how coordinated action can materially improve the viability and timing of projects of national importance.

In our view, the policy framework required to support increased housing delivery is now largely in place. The priority must shift to consistent and timely implementation, and alignment across all arms of the state, including local authorities, utilities and infrastructure agencies. Clear, coordinated execution will be critical to removing remaining structural barriers and enabling housing supply at scale.

Outlook

Looking ahead, with a supportive external environment and continued investment in our platform, Glenveagh is well positioned

Strategic Report

to contribute significantly to Ireland's housing supply in 2026 and beyond.

We expect output from the Homebuilding business segment to continue to grow through 2027, supported by planning visibility,

Corporate Governance

standardisation and integrated manufacturing. Combined with our Partnerships model and landbank optimisation, this positions the Group for sustainable earnings growth and attractive returns over the medium term.

Sustained execution of our Building Better Strategy will be central to realising this potential, and I am confident that the foundations we have built leave us well placed to do so.

Sustainability Statement

Finally, I would like to thank all of our employees, as well as our partners, for their continued commitment and professionalism. Together, we can be proud of the role Glenveagh continues to play in delivering more homes to more people across Ireland.

Stephen Garvey

Financial Statements

Chief Executive Officer

"Alongside our manufacturing and innovation capability, our landbank remains a key foundation for sustained delivery."

‌16 Our market position‌

Strategic Report

Demand for new affordable homes continues to drive momentum and provides greater opportunities for growth

Strong structural demand and solid economic fundamentals continue to drive Ireland's housing market, in which Glenveagh maintains a leading position.

Economic growth remains above the EU average, supported by net inward migration, steady employment levels, and wage growth. With an estimated housing shortfall of 250,000 homes and annual demand expected to exceed supply for years to come, the need for new, affordable housing continues to grow.

Glenveagh Properties plc Annual Report and Accounts 2025

Against this backdrop, house prices have remained stable and affordability continues to be a key focus. Wage growth and historically high employment levels continue to support growth, while government-backed programmes such as Help to Buy and the First Home Scheme sustain demand for homes priced below €500,000 - the market segment that remains the primary focus of first-time buyers.

These schemes offer support of up to €120,000-

€130,000 for a typical €500,000 home, reinforcing the natural demand boundary in the Irish market and guiding Glenveagh's product strategy and pricing discipline.

Policy remains a crucial factor. The government has increasingly targeted supply-side reform, including adjustments to apartment design standards, such as dual-aspect rules, and density requirements. These policy measures have helped to reduce the average build price of apartments materially, and will help to facilitate larger-scale development.

Updated commitments under the Delivering Homes, Building Communities plan, large-scale land zoning, and targeted investment through the Land Development Agency, the Affordable Housing Fund, and Croí Cónaithe schemes are beginning to unlock future delivery capacity and enhance overall planning throughput. Although these measures will take time to influence completions, they offer increasing visibility

over the industry's longer-term pipeline.

In this evolving landscape, Glenveagh's position is supported by three strategic strengths: a market-leading landbank, a vertically integrated delivery model, and a relentless focus on cost efficiency.

Our landbank is concentrated in high-demand urban and suburban areas. It sets us apart from our competitors by creating greater choice and access to land at a time when developable land is in limited supply.

The planned expansion of zoned land nationwide is expected to reduce land

values over time, emphasising the importance of cost discipline and operational efficiency as key factors for maintaining margin and competitiveness.

Our vertical integration strategy directly addresses this issue. By relocating key construction processes to controlled manufacturing environments, we have increased efficiency and lowered costs. By building off-site timber frames, panelised wall systems, lighter roofing, and next-generation foundation solutions, we have harnessed innovation to drive precision manufacturing,

and enhance build quality while reducing potential future labour shortages.

Our strategic approach has reinforced our ability to capitalise on the opportunities presented by the current market, while preparing for the future as we navigate the cyclical nature of house building in Ireland. Glenveagh will continue to prioritise prudent capital management, protect profit margins, and deliver steady shareholder returns. With a focus on balanced, disciplined growth,

we remain well-positioned to help close the housing gap at greater pace.

Government housing target

Corporate Governance

2025-2030

300k

Sustainability Statement

Government support schemes

Up to

Financial Statements

€130k

‌17 Our market position continued

Strategic Report

Corporate Governance

Our strategic response

Delivering the right homes in the right places

Leveraging a market-leading landbank

Strengthening our vertically

integrated platform

Deepening public-private partnerships

Maintaining disciplined capital allocation

We continue to focus on delivering high-quality, affordable own-door housing in the areas of highest demand - supported by a product strategy that aligns with

first-time buyers with a budget of less than €500,000. With an average selling price of

Glenveagh Properties plc Annual Report and Accounts 2025

€347,000 in 2025, our pricing discipline ensures strong alignment with affordability supports and evolving customer needs, including energy efficiency, low running costs, and digital readiness.

Glenveagh now operates from a high-quality and low-risk landbank focused on affordable own-door housing primarily located in the Greater Dublin Area. As a result, we are

well-positioned to deliver homes at scale for years ahead.

Meanwhile, land optimisation continues, with more than €55 million in land sales completed or under contract in 2025 and a target of €100 million across 2025 and 2026. This disciplined approach improves returns and

enables us to focus on sites that offer scale, strong margins, and long-term value creation.

Glenveagh's differentiated model - combining standardisation, scale sites, and in-house manufacturing - is a central driver of margin and delivery certainty. This is reflected in

the increase in Homebuilding gross margin in 2025 and is underpinned by enhancements in manufacturing, reduced material dependency, and greater control of on-site processes.

Glenveagh is a trusted partner for the Irish State. Our six active partnership sites now comprise more than 3,900 units, with the Partnerships segment generating

€381 million revenue and €69 million gross profit this year.

These long-term contracts offer multi-year visibility, risk-adjusted returns, and alignment with

the state's broader housing objectives.

Our capital allocation strategy continues to support balance sheet strength and shareholder value. Over the past four years, the Group has returned more than €420 million to shareholders through buybacks. Land sales, enhanced cash generation, and increased delivery capacity all underpin a model focused on consistent returns throughout the cycle.

Sustainability Statement

Average home selling price

€347k

2025

Land sales completed/ under contract

€55m

2025

Homebuilding gross margin

23.6%

2025

Partnerships revenue

€381m

2025

Shareholder returns

Financial Statements

€420m

Since 2021

‌18 Our business model and value chain‌

Integrated solutions

Strategic Report

Corporate Governance

for living

With a clear strategy focused on innovation, we continuously improve our planning, design, and construction processes, bringing new ideas that will help to shape the future of home building.

Glenveagh Properties plc Annual Report and Accounts 2025

Glenveagh is renowned nationally for delivering high-quality, affordable homes to a diverse customer base, including private, institutional, and state customers. Our vertically integrated business model and focus on innovation enable us to operate with greater efficiency, mitigating supply chain risks, managing costs, and optimising margins.

Our two business segments - Homebuilding and Partnerships - benefit from our scaled manufacturing capability, established sales and delivery platform, and industry-leading central resources.

We have the largest off-site manufacturing capability in the country and benefit from a robust economic environment and supportive state policies.

Our business model is driven by our ability to plan, design, construct, and ultimately sell quality homes at affordable prices to our customers.

Our scale gives us greater access to financial capital and the best talent to support the creation of large-scale development projects.

Our established relationships with key industry stakeholders, such as local authorities, suppliers, and contractors, also help to streamline the development process.

Sustainability Statement

The total number of employees at the end of 2025 was 613.

Our drivers of success

Read more on p22

‌19 Our business model and value chain continued‌

Our drivers of success

Glenveagh harnesses a variety of commercial inputs that not only fuel our business growth but also deliver immense value to our

Strategic Report

stakeholders. By addressing housing needs, enhancing job security, and strengthening local and national economies, we are making an impact and shaping a brighter future for all.1

Talented and dedicated individuals

We attract high-performing professionals and graduates whose work is vital in ensuring we plan and deliver our projects on schedule and within budget. Their capabilities and commitment are key enablers

to our success. We support our people's personal and professional growth through a tailored performance management system and learning and development programmes that help them enhance their skills and capabilities. With an inclusive workplace culture and competitive salaries and benefits, engagement and motivation remain high, encouraging greater efficiency and retention.

A strategic landbank

We have assembled a market leading landbank that can accommodate approximately 19,000 units, or between 2,600 and 3,600 units annually, through 2029 without any further material investment. This enables us to meet housing demand for first-time buyers, downsizers, and the rental market. Securing land early, often at better prices, ensures scalable developments, and maintains a steady project pipeline.

Strong relationships

Corporate Governance

Our collaborative approach has produced deep relationships with our partners, communities, suppliers, and customers. The strength of these relationships enhances trust and provides us access to the resources and materials to deliver high-quality, sustainable housing. These relationships also help ensure that projects are completed on time, which is critical for maintaining our reputation and attracting new customers.

Employees

613

Approximate number of landbank units

19,000

Contribution to charities and local communities

Sustainability Statement

€596,524

Glenveagh Properties plc Annual Report and Accounts 2025

A solid financial position

Our robust balance sheet demonstrates our financial strength, stability, and potential for growth. In 2025, revenue rose by 7%, and gross profit increased by 8%. This was bolstered by a strategic emphasis on innovation, operational efficiency, and the expansion of our Partnerships business. An 11% increase in new homes delivered, totalling 2,568 units, helped to secure continued

growth and financial resilience.

A trusted brand

As one of Ireland's leading homebuilders, we have established a strong, highly trusted brand. As a result, we attract top talent and generate high customer satisfaction, which supports new business growth. Our reputation is based on a customer-centric strategy and our commitment to high-quality, innovative products and services. We continue cultivating this trust by executing our strategy, strengthening investor confidence, and enhancing resilience.

Innovation

Financial Statements

An innovation programme, structured around five sequenced and interdependent workstreams, is designed to progressively increase Pre Manufactured Value (PMV) and improve environmental performance. This programme will shorten build cycles, reduce reliance on labour-intensive wet trades and strengthen cost control. As scale increases, the cumulative benefits system are expected to compound, reinforcing Glenveagh's structural delivery advantage and enhancing return predictability over the medium term.

Increase in gross profit

Customer satisfaction

95%

Average reduction in upfront embodied carbon of standardised designs compared to previous typologies

44%

SBM-1 1. Disclosure point incorporated by reference in this section: ESRS 2 SBM-1 42(a).

‌20 Our business model and value chain continued‌

Business segments1

Our segments

Homebuilding

Our Homebuilding business is focused on delivering affordable, high-quality homes in locations of choice. We focus on providing affordable starter homes in the Greater Dublin Area and Cork, which represent the highest demand segments of the Irish market. The portfolio also has other potential sites nationally.

Product

Houses and low-rise apartments

End market

State/private/institutions

Locations

Ireland

Exit

Traditional/forward sale

Revenue

€381m

€237m (2024)

Our landbank

Strategic Report

Corporate Governance

Glenveagh operates a high-quality, actionable and low-risk landbank focused on affordable own-door housing, primarily in the Greater Dublin Area.

19,000

Total units

Glenveagh Properties plc Annual Report and Accounts 2025

Revenue

€545m

€632m (2024)

Partnerships

A partnership typically involves the government, local authority, or state agency contributing their land on a reduced-cost or phased basis to a development agreement with Glenveagh.

Product

Houses and apartments

End market

State/private/institutions

Locations

Ireland

Exit

Traditional/forward fund/forward sale

Units in Dublin and GDA

Sustainability Statement

Financial Statements

74% 15,000

Landbank units planned or in planning system

SBM-1

1. Disclosure points incorporated by reference, ESRS 2 SBM-1 40(a) i-ii and 42(b).

‌21 Our business model and value chain continued‌

Our landbank

Strategic Report

Our landbank is weighted heavily towards own door housing in the Greater Dublin Area, and primarily focused on homes with ASPs of less than €500,000.

Corporate Governance

Active Homebuilding Active Partnerships Future sites

Sustainability Statement

Rail network Motorway network

Glenveagh Properties plc Annual Report and Accounts 2025

Segment breakdown

Area breakdown

Building type

Property value

77%

23%

74%

26%

17%

68%

15%

47%

12%

Financial Statements

41%

Homebuilding Partnerships

Dublin and GDA Other

Houses Apartments Duplexes

Under €350K ASP €350K-€450K ASP

Over€450K+

‌22 Our business model and value chain continued‌

Delivering value to

Strategic Report

our stakeholders1

+ Customers

By focusing on affordability, efficiency, and customer-centric service, we provide significant value

to home buyers, ensuring they enjoy safe, high-quality, and energy-efficient homes.

+ Average selling price (ASP) of €347,000.

+ Customers benefit from lower energy bills, a reduced carbon footprint, and homes that meet or exceed current Building Energy Rating (BER) standards.

+ Delivered sustainable homes, 100% of which are A-rated.

+ Strong and consistent customer satisfaction.

+ An interactive and responsive digital platform to support customers with information and advice in their home buying journey, from design choices to financing.

+ Employees

We are committed to supporting and engaging with our employees in a workplace that values professional growth, wellbeing, and inclusivity.

+ Competitive salaries and benefits for employees at locations across Ireland.

+ A diverse and inclusive workplace.

+ Initiatives supporting physical and mental wellbeing include wellness programmes, health insurance, and work-life balance measures.

+ A strong employee value proposition and culture where employees feel valued, supported, and encouraged to grow.

+ Regular and transparent performance reviews and clear pathways to advancement.

+ Training and development programmes, mentorship and coaching opportunities, and access to industry-leading resources.

+ Communities

Corporate Governance

We create value for communities across Ireland by focusing on more than just building homes - we foster vibrant, sustainable neighbourhoods that contribute positively

to the local area.

+ Multiple local and national partnerships across Ireland, including collaborations with ALONE, the Jack & Jill Foundation, and the National College of Ireland's Early Learning Initiative.

+ Donations to charitable causes nationwide.

+ Supported thousands of students in educational partnerships in dozens of schools.

+ Hosted biodiversity boot camps for schoolchildren as part of the nationwide Nature Hero Awards.

Sustainability Statement

+ Increased Build Communities, not just Homes brand score.

+ Employee volunteering across our communities.

Financial Statements

Glenveagh Properties plc Annual Report and Accounts 2025

SBM-1 1. ESRS disclosure points incorporated by reference in this section: SBM-1 42(b).

‌23 Our business model and value chain continued

+ Shareholders

With a strong focus on operational efficiency, innovation, and solid financial performance, we continued to deliver significant long-term value for shareholders.

+ Gross profit increased by 8% to €198 million.

+ Revenue grew by 7% to approximately €926 million.

+ Gross margin of 21.4%.

+ Partnerships recorded revenue of approximately

€381 million.

+ 11% increase in new homes delivered to customers.

+ €75 million of shares repurchased in 2025.

+ EPS increased to 20.0 cent, ahead of guidance and representing a 18% year-on-year increase.

+ Suppliers and subcontractors

We generate value for suppliers and subcontractors by cultivating dependable, long-term partnerships, prioritising efficiency, and ensuring stable workflows.

+ All subcontractors registered with and trained on common data environment software.

+ Achieved a strong Site Safety Audit score of 89%.

+ Supported a growing network of subcontractors and materials suppliers.

+ Government and regulators

Strategic Report

Our contribution to national housing goals, support for local economies, and alignment of operations with

Corporate Governance

environmental and regulatory standards create value for government and regulators.

+ Active members of the Irish Home Builders Association, Construction Industry Federation, Irish Institutional Property and Irish Green Building Council industry groups.

+ Founding members of Modern Methods of Construction (MMC) Ireland.

+ Our construction projects supported local economies by creating jobs and partnering with Irish suppliers and subcontractors.

Sustainability Statement

Financial Statements

Glenveagh Properties plc Annual Report and Accounts 2025

+ Our projects generated tax revenue and contributed to broader economic stability, helping the government fund public services and infrastructure projects.

‌24 Our business model and value chain continued

Strategic Report

Corporate Governance

Our value chain1

We plan, design, and build high-quality 5

homes to create thriving communities in

sought-after locations across Ireland. 4

That begins with a carefully developed land acquisition and management strategy underpinned by extensive planning

knowledge, strong supply chain relationships, a highly experienced 2

leadership team, innovative designers, and a skilled workforce with

diverse talents.

Our reputation is built on our attention to detail, commitment to quality standards, and laser-like focus on customer-centricity. These principles are applied at every point in our value chain,

from upstream, where we source material, to operations, where 1

we create and build, and downstream, where we market and sell.

Sustainability Statement

Financial Statements

Glenveagh Properties plc Annual Report and Accounts 2025

SBM-1 1. Disclosure point incorporated by reference on pages 24-27: ESRS 2 SBM-1 42(c).

‌25 Our business model and value chain continued

Upstream

❶ Raw materials extraction

Strategic Report

❷ Processing, manufacturing, and distribution

Operations

7 ❸ Land acquisition, planning, and design

❹ Head office

8 ❺ Glenveagh manufacturing (NUA)

Corporate Governance

❻ Construction

❼ Sales and marketing

Downstream

❽ Product use

Sustainability Statement

❾ End of life

Financial Statements

Glenveagh Properties plc Annual Report and Accounts 2025

6 9

‌26 Our business model and value chain continued

Features of

Strategic Report

our value chain

We rely on a network of activities, resources, and relationships within our complex value chain to create the homes that we deliver to our customers and end-users.

Raw material

extraction
Glenveagh Properties plc Annual Report and Accounts 2025
Description
Raw materials extraction refers to the removal of resources from the earth's natural reserves. Raw materials are typically used in the primary production of construction products.
We rely on many raw materials to produce the products that we need to build our homes. These include sand and gravel, limestone, wood, gypsum, oil, and metallic and non-metallic minerals among others. These are primarily sourced in Ireland or the broader EU, while a small number are sourced further afield.
Actors
The main actors involved in this aspect of our value chain are our suppliers (and their supply chain), those employed by those suppliers, manufacturers, and producers, and affected communities in the areas where our raw materials are sourced.
Processing,
manufacturing,
and distribution
Description
The majority of the raw materials used in the construction sector must be processed and manufactured into construction material products, so that they are
robust, reliable, and meet stringent safety standards to ensure the durability of built structures.
The types of construction materials and products we use include concrete, steel, insulation, timber, and bricks as well as windows, doors, tiles, and paint. As with the sourcing of raw materials, production and manufacturing is typically done within the EU and in Ireland, where possible, while some is also carried out in Asia.
Actors
The main actors involved in this aspect of our value chain are our suppliers, manufacturers, freight transport, and our employees.
Land acquisition,
planning, and
design
Description
Land acquisition is one of the first steps within the direct control of Glenveagh. This step requires significant due diligence, which is led by our experienced Land Acquisition team. We also work in partnership with local authorities and state agencies to develop social and affordable housing
on land which remains in their ownership.
A rigorous planning process is followed involving the relevant local authorities and/ or An Coimisiún Pleanála, Ireland's national independent planning body. Any community that is impacted by the plans is involved through the statutory consultation process as well as through our broader community engagement activities.
Actors
The main actors involved here are landowners, government agencies, local authorities, professional services firms, our employees, and affected communities.
Head office
Description
Head office comprises a range of services which oversees and supports the rest of the business. Functions include the Executive Committee, HR, Procurement, Commercial, Finance, and IT among others. Our head office is in Maynooth, Co. Kildare.
Actors
The main actors involved are employees and suppliers.
Glenveagh
Corporate Governance
manufacturing
(NUA)
Sustainability Statement
Description
NUA, the manufacturing arm of Glenveagh, comprises three factories based in Carlow, Arklow, and Dundalk. These factories support regional businesses by sourcing materials from local suppliers. The factories use industry-leading technology to produce high-quality timber frames and light
Financial Statements
gauge steel (LGS) frames used in our home building process.
Off-site manufacturing capabilities are fostered at NUA to create production efficiencies, promote standardised design, and adopt Modern Methods of Construction, which will ultimately support our Net Zero Transition Plan and make
a positive contribution to society and the environment.
Actors
The main actors involved are our employees and suppliers.

‌27 Our business model and value chain continued
Strategic Report
We rely on both human and natural resources, as well as a range of business relationships with suppliers, partners, and state entities, among others, right along our value chain.
Construction
Glenveagh Properties plc Annual Report and Accounts 2025
Description
Construction is a core element of our business and sits within the operations section of our value chain.
This is where we construct high-quality, energy-efficient homes for our end-users. This element of our value chain requires a large skilled workforce comprising both directly employed colleagues as well as subcontractors across an array of trades.
It also requires the ongoing involvement of professional services such as architects, engineers, and ecologists. In addition, significant interaction with utility providers is required. On a daily basis a large number of people access our sites, working in often physically demanding situations, which requires a significant focus on health and safety.
Actors
The main actors involved are our employees, subcontractors, utility providers, affected communities, local authorities, and professional services.
Sales and marketing
Description
Glenveagh interacts with our potential customers through our internal sales and marketing functions as well as third-party selling agents. Our marketing strategy raises awareness of our offering through
a variety of media including TV, radio, social media, websites, and events. We also make potential customers aware of the affordability of housing through a variety of government schemes and initiatives to ensure inclusiveness of our product. We are investing in technology to further improve the HomeBuyer Hub, our online customer portal, and increase its accessibility.
Actors
The main actors involved are our potential customers, employees, third-party agents, and affected communities.
Product use
Description
The houses and apartments we create provide a home for our customers for many years. During the lifetime of these products, residents consume water, energy, and other materials. They also produce outputs such as waste, carbon emissions, and wastewater. Elements of the house will also come to the end of their useful life or become redundant and require replacement.
The houses we produce are highly energy-efficient and we are developing a more circular approach that will facilitate easier disassembly and reuse. We also provide our customers with valuable information on the efficient operation of all aspects of their homes.
Actors
The main actors involved are customers and affected communities.
End of life

Corporate Governance

Sustainability Statement

Description

At the end of its useful life, the house or apartment

can be deconstructed. Certain components of the house can already be reused and/or recycled and we aim

Financial Statements

to increase this through the adoption of more circular principles in our design, through such initiatives as design for disassembly. These activities can transform waste management into sustainable materials management and drive new patterns of production and consumption.

Inevitably, at the moment, the deconstruction is likely to have certain environmental impacts including the production of waste and carbon emissions.

Actors

The main actors involved are customers, affected communities, and local authorities.

‌28 Stakeholder engagement‌

Our engagement

Strategic Report

with stakeholders

Collaborative, regular, and transparent engagement with stakeholders is central to our responsible business model. Insights we gain from these interactions support us in building trust and long-term relationships, in addition

to identifying opportunities for improvement.1

Customers

Why we engage

We are dedicated to enhancing our reputation

as the leading provider of high-quality, affordable homes in Ireland. This reputation is fuelled by our relationships with our customers and our commitment to delivering exceptional service at every stage of the customer journey. By engaging with our customers, we can better understand their evolving needs and preferences, ensuring that we provide sustainable, high-quality homes that exceed their expectations.

How we engage

Our new interactive online platform, the HomeBuyer Hub, provides another way for us to interact with customers in real-time and listen to their feedback. We also proactively respond to their needs and concerns to make home buying with us as seamless as possible.

Doing so builds trust, loyalty, and a positive reputation in the market. We connect with customers through our website, which provides advice and tips for each step of the home buying journey, along with a best-in-class digital home viewing platform. Additionally, we keep our buyers informed from the moment of purchase through automated site updates and the latest news from their communities. Our Sales and Customer

Care departments are also on hand to provide support throughout the customer journey and have developed a homeowner's guide as a reference point for clients. We conduct monthly customer satisfaction and bi-annual brand surveys to gather customer feedback. In 2025, we also conducted bespoke consumer research to assess our customers' opinions on important areas impacting housing delivery, including their opinions on Government priorities

and reform of the planning system.

Outcome from engagement

+ Enhanced customer journey and better connectivity through improved digital presence.

+ Issues are rapidly identified and resolved faster.

+ Improved customer contact through our dedicated Customer Care team.

+ Introduction of improved home buyers guides and financial information.

+ Launch of new virtual reality home walkthroughs.

+ Increased brand awareness.

Corporate Governance

+ Strong customer satisfaction rating.

Customer interests and views

+ Regular and consistent communication throughout the many steps of the home buying process.

+ The capability to conduct a virtual home buying journey.

+ Clarity on moving dates.

+ How to operate the features of the home.

+ Information on the local area and the features of the community.

Sustainability Statement

+ The quality, energy-efficiency, and affordability of the house.

+ How engagement is measured and reported.

+ Customer satisfaction and brand awareness surveys.

+ Reservations and enquiries from our customer website, calls, and emails.

+ Performance versus budget, forecast, and market data.

+ Resident surveys.

+ Customer care reporting and metrics.

Financial Statements

How engagement is measured and reported

+ Customer satisfaction and brand awareness

surveys.

+ Reservations and enquiries from our customer website, calls, and emails.

+ Performance versus budget, forecast, and market data.

+ Resident surveys.

+ Customer care reporting and metrics.

Glenveagh Properties plc Annual Report and Accounts 2025

SBM-2 1. Disclosure points incorporated by reference on pages 26-28: ESRS 2 SBM-2 45(a).

‌29 Stakeholder engagement continued

Employees

Why we engage

Our employees, their capabilities and their commitment are essential to our success. Behind every home built is a skilled and motivated workforce. We are dedicated to fostering a positive, inclusive workplace culture that encourages teamwork, collaboration, and innovation. By actively engaging with our employees, we can ensure their needs are addressed and they feel valued and motivated to contribute to the Company's success.

How we engage

We consistently engage with our employees through regular feedback conversations as part of the G.R.I.T. process, one-to-one meetings, team meetings, online learning platforms, performance reviews, employee recognition awards, town

Glenveagh Properties plc Annual Report and Accounts 2025

halls, leadership correspondence, our employee suggestion scheme, surveys, and site visits. Our Communications team provides regular internal communication through our dedicated employee newsletter, and by cascading communications for leaders.

Outcome from engagement

+ Clear and comprehensive Equity, Diversity and Inclusion (ED&I) strategy and Gender Pay Gap reporting embedded across the business.

+ Enhancing staff engagement through platforms such as a dedicated 'ideas forum' and 'breakfast with ExCo' events.

+ Investment in and expansion of the Internal Communications function.

+ Implementing family-friendly policies, including maternity, flexible parental, and fertility leave.

+ Creation and senior leadership sponsorship of Employee Network Groups (ENG).

Employee interests and views

+ Employee engagement.

+ Workplace culture and Employer Value Proposition, including benefits.

+ Opportunities for training, development, and career progression.

+ Health, safety, and wellbeing in the work environment.

+ Clear understanding of personal and corporate performance and processes.

+ ED&I.

+ How engagement is measured and reported.

+ Feedback from employee network groups.

+ Monthly reporting including health and safety audits, turnover rates, and training and development levels.

+ Feedback from the Workforce Engagement Director.

+ Engagement with staff email communications and surveys.

How engagement is measured and reported

+ Anonymous ED&I survey to better understand

the diversity of our workforce and identify opportunities to strengthen inclusion across Glenveagh.

+ Feedback from employee network groups (ENGs) and employee committees.

+ Monthly reporting including health and safety audits, turnover rates, training, and development levels.

+ Feedback from the Workforce Engagement Director.

+ Engagement with staff communications and surveys.

Communities

Why we engage

Social engagement is a central component of our positive contribution to the social, economic, and environmental wellbeing of our communities. We engage with those communities collaboratively and transparently to build trust, enhance our reputation, and create sustainable, thriving communities. This engagement is a central aspect of our responsible business model that benefits our stakeholders.

How we engage

We engage with our communities across six community pillars - Education, Sports and Fitness, Health and Wellbeing, Sustainability, Local Economy, and Charity. We also work closely with local authorities and community groups to ensure that

our projects are designed and built to benefit the wider community. We host resident events and develop digital hubs providing informative content about the new community for residents and the wider community. We take a multi-disciplinary approach that involves our land acquisitions, sales, planning, and design teams, and that allows us to identify the needs of local community groups and, in partnership with community groups and local authorities, decide on the best way to meet

these needs.

Outcome from engagement

Strategic Report

+ Launch of online community hubs.

+ Increased brand score from 'Building Communities, not just Homes'.

Corporate Governance

+ Sponsorship of national and local organisations, including Nature Hero Awards, ALONE, the

Jack & Jill Foundation, and the National College of Ireland's Early Learning Initiative.

+ Support community infrastructure creation including cycleways, parks, and green spaces.

+ Employee volunteering.

+ Positive sentiment rating in resident surveys.

Community interests and views

Sustainability Statement

+ Efficient use of land and sustainable place-making.

+ Protection of biodiversity, investment in local infrastructure, restoration of listed and protected features.

+ Promoting wellbeing and the creation of safe public spaces.

+ Support for local sports clubs, schools, and community groups.

How engagement is measured and reported

+ Regular resident surveys and research.

Financial Statements

+ Progress against our Community Engagement Strategy objectives.

+ Independent stakeholder research.

‌30 Stakeholder engagement continued

Strategic Report

Shareholders Suppliers and subcontractors

Why we engage

We focus on communicating transparently with our shareholders, thereby building trust. Engagement with shareholders is an integral part of our strategy, and we provide regular updates about our business performance, financial results, and progress against our strategic initiatives.

How we engage

We maintain an active dialogue with our shareholders through various channels, such

as regular meetings, shareholder presentations, investor conferences, site visits, and online updates. We also engage with shareholders on specific topics and, where relevant, provide feedback to the Board, which we consider as part of our decision-making processes. We will continue to work closely and consistently with our shareholders to ensure we optimise their value.

Outcome from engagement

+ Frequent investor meetings and conferences.

Glenveagh Properties plc Annual Report and Accounts 2025

+ Shareholder consent for our capital returns programme.

+ Share register activity and trading volumes.

Financial Statements

+ Interest from new investors.

Shareholder interests and views

+ The impact of planning challenges on Glenveagh's performance and outlook.

+ The Irish political landscape and its potential impact on our engagement with the state.

+ Build quality and customer satisfaction levels.

+ Updates on Glenveagh's innovation workstreams.

+ Capital allocation policy.

+ ESG-related risks and opportunities.

+ Progress updates on both the short- and long-term targets of the business.

+ Board composition and governance.

How engagement is measured and reported

+ Feedback received from investor meetings.

+ Analyst reports.

+ Participation at AGM and EGMs.

+ Weekly and monthly investor relations updates.

+ Internal reporting.

+ Monthly updates on institutional shareholdings.

Why we engage

Our relationships with suppliers and subcontractors play a vital role in our success. We believe in strong and mutually beneficial partnerships that enable

us to deliver high-quality projects exceeding our customers' expectations. By fostering open

communication, promoting fair and ethical practices, and collaborating towards shared goals, we

can create a sustainable and responsible supply chain that provides value for all parties. We aim to create a supply chain that is resilient, efficient, and effective, delivering quality projects that meet or exceed our customers' expectations and benefit all parties involved.

How we engage

We promote communication, collaboration, and trust with our suppliers and subcontractors through regular site meetings and workshops to share

best practices, address challenges, and identify opportunities for improvement on topics such as health and safety, project performance, and

upcoming work. We also promote fair and ethical practices and encourage our partners to adopt sustainable and responsible practices that align with our values and strategic priorities.

Outcome from engagement

+ Access to Quality Management System to improve efficiency and reduce downtime.

Corporate Governance

+ Improved performance and measurement.

Suppliers' and subcontractors' interests and views

+ Visibility of future projects and workloads.

+ Delivery of an energy-efficient and low-carbon supply chain.

+ Ethical business practices.

+ Prompt payment of invoices.

+ Safety practices and business conduct.

+ Impact of global supply-chain challenges on the availability and cost of materials.

Sustainability Statement

How engagement is measured and reported

+ Regular audits and inspections.

+ Quality Management System data.

+ Customer and supplier satisfaction survey.

‌31 Stakeholder engagement continued

Government and regulators

Understanding interests of key stakeholders1

Glenveagh conducted a comprehensive stakeholder engagement process as part of its double materiality assessment (DMA) in 2024. This allowed us to understand the interests and views of stakeholders specifically regarding matters that were assessed as material or not material in the context of our business model

Keeping the Board informed3

Strategic Report

Both the Audit and Risk Committee (ARC) and the Environmental and Social Responsibility (ESR) Committee were informed about the stakeholder engagement process and outcome as part of the DMA.

The Board is informed about a range of stakeholder interests throughout the year.

Why we engage

Engaging with the government and regulatory bodies enables us to contribute to various policy and regulatory developments that affect our industry. We can also utilise this engagement to advocate for sustainable and responsible practices that benefit the wider community. In doing so,

we ensure our capacity to continue delivering

high-quality homes that meet our customers' needs.

How we engage

We engage regularly with government departments, state agencies, and local authorities, both directly and through our membership in trade associations. Additionally, we attend and contribute to webinars and policy consultation events. When applicable, we host visits to selected sites and manufacturing

facilities to highlight the challenges and opportunities faced by our business and the industry. Our environmental health and safety teams collaborate closely with state agencies through health and

Glenveagh Properties plc Annual Report and Accounts 2025

safety and environmental audits, while our human resources teams participate in labour industry surveys and consultations to ensure that critical skills areas are sufficiently supplied. Furthermore, our planning teams engage with local authorities in line with statutory provisions through the statutory plan-making and planning application processes.

Outcome from engagement

+ Social, cost rental, and affordable housing deliveries pipeline.

+ Improved compact growth guidance.

+ Increased awareness of the importance of public private partnerships to increase housing supply.

+ Contribution to the review of the National Planning Framework and new Planning and Development Bill.

+ Recognition of the need for greater adoption of MMC.

+ Review of the standardised house and apartment layouts for social housing.

+ Review of judicial review process in planning applications.

Government and regulators' interests and views

+ Planning policies.

+ Impact of current planning environment on infrastructure and housing delivery.

+ Building and environmental regulations.

+ Health and safety matters.

+ Social and community issues.

+ Affordability.

+ Economic policy to underpin a sustainable housebuilding industry in Ireland.

How engagement is measured and reported

+ Social, cost rental, and affordable housing

deliveries.

+ Outcomes of statutory policy consultation processes.

Financial Statements

+ Implementation and application of legislative amendments.

and strategy. Engagement included stakeholders from the six key groupings outlined previously

as well as other stakeholders representing the environment or experts in a particular area pertinent to sustainability. This engagement

is described in greater detail under IRO-1 (page 100).

Amendments to strategy2

Glenveagh continuously keeps stakeholder interests and views under review in the context

of its strategy and business model and integrates changes to address these as necessary. At this time there are no specific amendments to report or planned.

SBM-2 Disclosure points incorporated by reference in this section:

ESRS 2 SBM-2 45(b).
ESRS 2 SBM-2 45(c).
ESRS 2 SBM-2 45(d).

Some of these include sustainability-related

matters. For a full overview of Board stakeholder engagement please see page 64.

Corporate Governance

Sustainability Statement

The ESR Committee is informed about a number of stakeholder views on specific sustainability matters throughout the year. For more information, please see the ESR Committee Report on page 89.

‌32 Our strategy‌

Building better

together

Housing is essential national infrastructure - the foundation of social progress and economic resilience. At Glenveagh, we understand this, and so our strategy is built for the long term, combining scale, innovation, and responsibility to support Ireland to meet its housing needs for decades to come. We are building more than homes; we are building the capacity for a stronger, more sustainable Ireland.

Pillars

Placing the customer first

We will be acknowledged as providing an outstanding customer experience, offering the high calibre service excellence expected from the leading provider of affordable, high-quality homes for all tenures.

Pillars

Valuing and developing our colleagues

Strategic Report

We will be an employer of choice and the best

place to work in our sector. We will attract and retain a diverse, high-performance workforce in a safe and inclusive environment.

Our Building Better Strategy is shaping the next chapter of Glenveagh's story - one centred on growth, innovation, and long-term value. It focuses on building high-quality, affordable

homes while creating lasting benefits for customers, communities, and shareholders alike. Guided by five strategic pillars, we are combining modern construction methods, data-driven decision-making, and sustainable design to deliver better homes, stronger communities, and a more resilient business for the future.

Customer journey

Transform our customer journey into a best-in-class experience.

Affordability

Ensure that we focus on affordability in everything that we do.

Position ourselves as the partner of choice for affordable, high-quality housing, appealing to private, institutional, and state-supported customers.

Build quality

Deliver high-quality homes across all our developments.

Embed a quality-first approach in our workmanship, materials, and products. Extend our quality culture across the value chain, including subcontractors and professional teams.

Link to risks

Talent

Corporate Governance

Attract and retain high-calibre talent, ensuring we have a high-performance organisation that is fit for the future.

Culture

Create a strong culture centred on our values, with an equity, diversity, and inclusion ethos.

Safety

Sustainability Statement

Foster a safety culture for all employed and affected by what we do.

Link to risks

Glenveagh Properties plc Annual Report and Accounts 2025

01 02 03

06 07 12

08 09 11

Sustainability1

The success of our business is dependent on the satisfaction of our consumers and end-users. Our environmental sustainability goals around climate, resources, and biodiversity help to ensure that our customers have access to high-quality, efficient, durable homes in communities that thrive as well as the guidance to reduce their own environmental impact.

On an ongoing basis, we are working to advance our communication channels, the quality of our homes, and our partnerships to address material social considerations.

Link to material sustainability matters

Information-related impacts, personal safety, social inclusion, climate change, resource use and circular economy, biodiversity.

Sustainability1

Financial Statements

The delivery of our homes is dependent on the expertise of our workforce and workers in our value chain. Our goals around social sustainability matters such as Equity, Diversity and Inclusion (ED&I) and health and safety are an integral part of this strategic priority. We invest in our colleagues with the goal to enhance their capabilities and secure our talent pipeline.

Continuing to evolve, we are working to improve our leadership skills, increase our diversity, and continue to provide a safe workplace.

Link to material sustainability matters

Working conditions, equal treatment and opportunities, corporate culture, health and safety.

SBM-1 1. Disclosure points incorporated by reference in this section: ESRS 2 SBM-1 40(e)-(g).

‌33 Our strategy continued

Driving operational success

We plan, design, and assemble superior products using best-in-class processes across the build life cycle. Clear accountability will enable us to make operational choices

rapidly and decisively and to allocate resources as efficiently as possible.

Embracing innovation

We will be at the cutting edge of innovation in the home building sector, allowing us to transition to a low-carbon economy with the best value, circular construction.

Creating sustainable and thriving places to live

Strategic Report

We will establish and develop great places for people to live, where communities and nature can flourish.

Pillars Efficiency

We will establish an end-to-end, time-bound process for the build cycle, with clear accountability at each element, supported by appropriate oversight. We will enhance efficiency and use fewer resources (time, money, materials, energy, natural resources) to create a high-quality product.

Glenveagh Properties plc Annual Report and Accounts 2025

Link to risks

Pillars Scalability

Continued pioneering advancements and optimisation, offering superior potential to accommodate growth and de-risk our delivery model.

Efficient, low-carbon, circular construction

Develop innovative solutions throughout the project lifecycle to reduce costs and whole-life carbon from our buildings.

Incorporate circularity to support our Net Zero ambition.

Research and development hub

Foster a culture of research, innovation, and entrepreneurship within the organisation and be recognised in the industry.

Formidable brand presence, established best-in-class reputation.

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Pillars

Corporate Governance

Social impact

Create places where people love to live, ensuring connectivity to the things that matter to them.

Land use and biodiversity

Sustainability Statement

Use land in the most efficient way while protecting and ultimately contributing positively to biodiversity and nature.

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Sustainability1

The development and use of our homes is currently reliant on processes and resources that produce GHG emissions. Our goals around climate change and resource use in particular drive efficiencies in our operations to help reduce both our impacts and risks and take advantage of any opportunities.

We are currently in the process of implementing our Net Zero Transition Plan and Circular Economy Strategy, working to transition to renewable fuel, increase electrification, and more efficiently use and reuse the resources we need to deliver high-quality homes.

Link to material sustainability matters

Climate change mitigation, resource use and circular economy, energy, pollution, water.

Sustainability1

Improvements to the design, manufacturing, and construction of our homes can help us to achieve our climate and resource use goals.

Our goal is to innovate impactful solutions incorporating low embodied carbon components and circular principles.

Our goal is to apply innovative techniques to mitigate the emerging challenges of our industry. As a part of environmental sustainability goals, we are currently focused on advancing standardisation and material solutions and implementing a supply chain strategy to engage our upstream value chain.

Link to material sustainability matters

Climate change mitigation and adaption, energy, resource use, and circular economy.

Sustainability1

Financial Statements

The construction and use of our homes has the potential to affect surrounding communities and biodiversity. Our goals around health and safety, biodiversity, and community engagement are an integral part of our priority to create sustainable and thriving places to live.

We are currently implementing our biodiversity strategy and continuing our work providing long-term support to local initiatives, working in close collaboration with our partners and community leaders.

Link to material sustainability matters

Biodiversity, communities' economic, social and cultural rights, health and safety, pollution.

SBM-1 1. Disclosure points incorporated by reference in this section: ESRS 2 SBM-1 40(e)-(g).

‌34 Our strategy in action‌

Home for

Glenveagh's Home for the Future initiative marks one of the most significant advances in Irish home building in a generation - a complete transformation of how homes will be designed, manufactured, powered, and delivered. This is possible thanks to our ongoing and sustained investment in innovation, standardisation, digital design, and off-site manufacturing, and showcases the full potential of a vertically integrated delivery system.

the future

"The Home for the Future shows what's possible when design, manufacturing, and energy innovation come together in

a single housing system."

Strategic Report

Building a home can take more than 30 weeks using traditional methods, with delivery affected by weather, labour shortages, rising material costs, and infrastructure constraints. Our new approach will significantly reduce delivery times, thanks to investment in a multi-annual innovation programme that will advance an integrated delivery system spanning land acquisition, planning, standardised design, off-site production and on-site assembly.

Corporate Governance

Sustainability Statement

The Home for the Future initiative integrates distinct innovation workstreams into one single, scalable solution. Our proven manufacture of timber frames off-site reduces on-site labour, shortens build cycles, and supports a higher PMV. Innovative cladding and roof systems, manufactured off-site, will replace heavy masonry and concrete tiles, reducing embodied carbon and accelerating assembly. Leaner, more efficient foundation systems will reduce concrete usage and quicken groundworks. New energy technologies - including photovoltaic panels, battery storage, infrared heating, and intelligent load management - will deliver greater energy independence, lower lifetime running costs, and reduced grid pressure and water costs.

This is more than a construction upgrade; it is a new blueprint

Financial Statements

for affordable, sustainable living. Customers benefit from warmer, healthier, more efficient homes; the business benefits from shorter cash cycles, improved predictability and control, and a delivery model built for scale.

Our ongoing investment in The Home for the Future shows how Glenveagh is preparing not just for the next phase of housing delivery, but for the next era. It is a transformation fuelled by innovation, and provides a powerful signal of what the future of Irish home building can be.

Glenveagh Properties plc Annual Report and Accounts 2025

Strategic priorities linkage

‌35 Our strategy in action continued

Building Ireland's

future -

Strategic Report

Corporate Governance

Innovation with purpose

Innovation empowers our mission to make high-quality, energy-efficient homes more affordable and accessible across Ireland. But it is not just technological innovation that sets Glenveagh apart - it is a mindset. This is what unites our people, processes, and

purpose to create lasting value for customers, communities, and the country.

Glenveagh Properties plc Annual Report and Accounts 2025

Through Modern Methods of Construction (MMC), Design for Manufacture and Assembly (DfMA), and a vertically integrated model, Glenveagh is transforming how homes are built in Ireland. We operate Ireland's largest off-site manufacturing platform, with approximately

"Our mindset unites our people, processes, and purpose to create lasting value for customers, communities, and the country."

400,000 square feet of production capacity across three facilities. Standardisation and factory precision enhance quality and minimise waste, while innovative façades, prefabricated systems, and digital design tools accelerate delivery and improve energy performance.

These innovations reduce embodied carbon, lower operational costs, and help Ireland meet its national housing and climate objectives.

For example, energy and water are no longer the abundant conveniences they once were. As demand increases and supply decreases, strategic action is essential to reduce reliance on public infrastructure and safeguard future supplies. At Glenveagh, our ultimate goal is to deliver sustainable schemes that will reduce both water and energy demand, which in

turn will lower long-term operational costs, provide greater resilience to future climate and market shocks, and align with upcoming regulatory changes.

Behind every innovation is a skilled and motivated workforce. Through the Glenveagh Learning Hub, Construction Academy, and new reskilling pathways, colleagues are

enhancing the digital, technical, and leadership skills necessary for a new phase of home building. Inclusion, collaboration, and wellbeing ensure that everyone - from production operative to site manager - can contribute to Glenveagh's shared purpose.

Sustainability Statement

Innovation also improves the customer experience. Our new digital customer portal, the HomeBuyer Hub, makes the home buying process easier by offering real-time updates,

secure documentation, and after-sales support all in one seamless app. This technology fosters trust and transparency, giving customers confidence at every stage of the home buying journey.

Through this integrated approach, Glenveagh is setting new standards in efficiency, affordability, and sustainability. Each innovation - whether in design, data, manufacturing, or customer service - reinforces our ambition to build more homes of enduring quality, faster and at lower cost.

Financial Statements

Strategic priorities linkage

‌36 Our strategy in action continued

Building the skills for the future

Connected by data and design

As construction enters a new era driven by MMC, AI, and digital innovation, Glenveagh is changing not only the way it builds but also how it develops its people. The company's Home for the Future initiative is about more than technology - it is about making sure every colleague has the skills, tools, and confidence to succeed.

Glenveagh is developing a targeted reskilling and technical training programme to help colleagues transition into modern construction roles. Targeted learning in digital design, automation, and quality assurance is complemented by coaching and accredited training pathways. Employees in traditional construction roles are now enabled to learn data-driven production processes and

Training hours per employee

Sustainability Statement

19.6

technology-based workflows that enhance both quality and efficiency.

Strategic Report

Corporate Governance

The Glenveagh Learning Hub offers self-paced modules, technical training, and leadership development aligned with strategic priorities such as operational excellence, innovation, and inclusion. New courses on AI awareness reflect our commitment to preparing people for the next generation of home building.

Together, these initiatives ensure that people development at Glenveagh is inclusive, relevant, and future-focused. Digital learning opens opportunities for a more diverse workforce -equipping every colleague to build Ireland's homes of the future.

Strategic priorities linkage

Glenveagh Properties plc Annual Report and Accounts 2025

Glenveagh's investment in innovation goes

beyond materials - it is transforming how every part of the business connects and learns. Through advanced digital design tools, AI-assisted production planning, and real-time data sharing between sites and factories, the company has created a continuous learning

loop that refines efficiency, quality, and delivery.

In 2025, Glenveagh completed the rollout of a live data platform across all developments,

providing real-time visibility into progress, costs, and resources. For the first time, subcontractors, site teams, and manufacturing operations work from the same dataset - eliminating duplication, reducing rework, and accelerating decision-making. This transparency turns subcontractors into partners, strengthening accountability and collaboration across every project.

By merging technology with disciplined

Financial Statements

execution, Glenveagh is setting new benchmarks in operational performance. Live dashboards and data-driven insights help teams predict challenges earlier, plan more accurately, and sustain higher build quality. This connected approach exemplifies what operational excellence means in practice: building smarter, cleaner,

and better for everyone.

Strategic priorities linkage

‌37 Our strategy in action continued‌

05 Advancing inclusion,

Strategic Report

building belonging

Glenveagh's dedication to Equity, Diversity, and Inclusion (ED&I) continues to shape its culture and enhance its reputation as one of Ireland's most progressive employers. In 2025, we continued to hold our Gold accreditation from the Irish Centre for Diversity - the highest standard achievable -and progressed our Building a Better Workplace strategy with a renewed emphasis on allyship, accessibility, and psychological safety.

Glenveagh Properties plc Annual Report and Accounts 2025

The 2025 ED&I survey, completed by employees across all parts of the business, revealed higher participation rates and greater openness - clear signs of increasing trust and inclusion. The survey showed that 4% of employees have a disability, 12% of employees identify as neurodivergent, and 41% have caring responsibilities. These insights are helping Glenveagh tailor support, flexibility, and wellbeing initiatives more effectively for

its workforce.

Notably, the results also confirmed a strong sense of psychological safety, with more colleagues feeling comfortable sharing their experiences and perspectives. This is the foundation of inclusion -when people feel safe to speak up, learn, and challenge, it fosters both innovation and belonging.

Glenveagh's five Employee Network Groups (ENGs) - representing Women, LGBTQIA+, Disability, Parents and Carers, and Ethnicity -continued to lead meaningful activities across sites, celebrating International Women's Day, Autism Awareness Month, and various cultural celebrations throughout the year, alongside new allyship training, which is open to all employees.

Female Board representation

Corporate Governance

44%

Female senior management

25%

Sustainability Statement

Representation continues to strengthen, with 44% female Board representation, 25% of senior management roles held by women, and 33% female participation in the graduate programme. Beyond metrics, Glenveagh's approach to inclusion is reflected in how people experience work: through flexible policies, equitable progression pathways, mentoring, and transparent communication.

Financial Statements

In a period when many organisations are scaling back ED&I investment, Glenveagh's focus remains unwavering. Inclusion is not treated as an initiative but as a mindset - one that underpins innovation, accountability, and the belief that when colleagues feel they belong, both people and performance thrive.

Strategic priorities linkage

‌38 Our strategy in action continued

Digitising the

home buying journey

Placing customers first means understanding their needs, simplifying their journey, and giving them confidence at every step. In 2025,

Glenveagh took another significant leap forward by digitising the entire home buying process through its new HomeBuyer Hub.

Customer satisfaction rating

95%

This app, now used by more than 3,800 customers, links every stage of the journey -from reservation and build progress to closing and after-care - on a single digital platform. Customers can follow their home's progress, securely upload and store key documents, and raise or track after-sales tickets without having to search through emails and texts.

Automated updates and prompts guide customers through essential tasks such as mortgage documentation and solicitor milestones. The hub has already reduced

inbound calls and enhanced response times, achieving an average satisfaction score

of 4.2 out of 5.

For Glenveagh, the data generated provides valuable insights into customer behaviour, enabling earlier intervention where delays might occur and supporting continuous improvement across the business. This digitisation reflects a broader cultural shift - technology that enhances the human experience, making every stage more transparent, personal, and efficient.

Strategic Report

Corporate Governance

Strategic priorities linkage

Sustainability Statement

Glenveagh Properties plc Annual Report and Accounts 2025

Delivering affordability and value

Average selling price

€347,000

Our aim is to help people own high-quality, energy-efficient homes. The majority of our buyers benefit from government-backed affordability schemes such as Help to Buy and the First Home Scheme, underscoring how our product range aligns with Ireland's housing goals.

As a result of our high-quality landbank, the average selling price of our homes - €347,000

- remains comfortably within government support scheme thresholds, ensuring that most are accessible to first-time buyers. With new online calculators and eligibility tools, customers can explore purchasing options, evaluate criteria,

and compare the costs of owning versus renting. Campaigns such as Rent vs Buy and the

First-Time Buyer Hub continue to inform

and empower potential homeowners. We also emphasise the long-term advantages

Financial Statements

of purchasing a new home: improved energy efficiency, reduced running costs, and resilient, high-quality construction. By incorporating digital innovation, affordable housing packages, and practical education, Glenveagh helps thousands take their first step onto the property ladder

- making homeownership possible, sustainable, and life-enhancing.

Strategic priorities linkage