Glenveagh Properties : FY25 results presentation

‌Glenveagh Properties Plc

This File is Classified: Confidential

Full year results 2025

‌Today's agenda

Glenveagh Properties plc | Full Year Results 2025 | March 2026 2

‌Strategic and operational review

This File is Classified: Confidential

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‌2025 Highlights

Record completions, margin expansion, and scaled Partnerships growth

Strong execution

Record revenue

Margin progression

2,568

units delivered, up 11% y-o-y

€926m

increase of 7% y-o-y

+20 bps Group gross margin

+110 bps Homebuilding margin

+90 bps Partnerships margin

Partnerships growth

€381m

in Partnerships revenue up 60% y-o-y

Continued EPS growth

20 cent

EPS

Increase of 18%

Land assembly strategy executed

19,000

units

(2024: 20,000)

Disciplined capital allocation

€105m

buyback programme completed

Glenveagh Properties plc | Full Year Results 2025 | March 2026 4

S T R A T E G I C R E V I E W | H O M E F O R T H E F U T U R E | F I N A N C I A L S | C O N C L U S I O N

‌Our differentiated investment case

Uniquely positioned to deliver on compelling market opportunity

Compelling market opportunity

• Structural undersupply driving customer demand across all segments

• Strong domestic economic

  backdrop

• Supportive Government policies and supply-side initiatives

  Sector-leading platform

• Highly attractive own-door housing focused land portfolio

• Proven track record in Public-Private collaborations

• Uniquely integrated operating platform and commitment to operational excellence

  Delivering strong outcomes

  • Focused approach to

    profitable growth

  • Reliable cash generation underpins balance sheet strength

  • Track record of effective capital allocation for longterm value creation and shareholder returns

Glenveagh Properties plc | Full Year Results 2025 | March 2026 5

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‌Robust underlying fundamentals

Ireland's macroeconomic backdrop supports sustained housing demand

Population growth outstripping EU peers

5.5m

Employment at record highs with earnings growing at ~5% annually

2.8m

€1,004

2

2

2

2

1.

Completions well below structural demand levels

36k

32k

30k

30k

21k 20k 20k

18k

14k

10k

7k

5k

5k

6k

7k

10

0

0

0

0

0

50k

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025 Q3

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

Target*

1 0

• Ireland's population has grown by over 25%

  since 2010, the fastest rate in the EU

• At 2.71 persons per household versus c.2.32 across the EU, Ireland stands out as an outlier, pointing to significant pressure on housing supply

• Employment hit all-time highs with 2.8 million employed in 2025, underpinning household income and mortgage capacity

• Average earnings have grown by ~20%

  since 2020, supporting affordability

• 36,000 completions nationally in 2025 which is the highest in over a decade, yet still 28% below the 50,000 units required annually to meet demand

• Ireland faces a genuine and long-standing housing shortage, closing this gap requires sustained, large-scale delivery of new homes over the coming decade

Glenveagh Properties plc | Full Year Results 2025 | March 2026

1CSO, 2Eurostat

*Target is based on cumulative target of 300,000 homes by 2030 (Delivering Homes, Delivering Communities)

S T R A T E G I C R E V I E W | H O M E F O R T H E F U T U R E | F I N A N C I A L S | C O N C L U S I O N

‌Decisive and supportive government policy

Strong policy tailwinds supporting Ireland's housing ambition

€275bn National Development Plan

• Ireland's largest ever capital programme - sustaining infrastructure investment through 2040 and providing long-term demand visibility for the homebuilding sector

• €36 billion near-term package for energy, water and transport infrastructure

• Supporting government target of 300,000 new homes by 2030

The State and the customer require homes under

€500,000

Funding at €500,000* Funding at €501,000*

€350,000

€350,700

€20,000

€30,000

€150,300

€100,000

Key supply and demand-side supports

• Help-to-buy: extended to December 2029, providing certainty to first-time buyers

• First Homes scheme: allocated an additional €30 million in government funding, bringing the total to approximately €390 million, and extended to June 2027

• STAR scheme: aims to deliver 4,000+ cost rental homes by 2027 with a budget allocation of €750 million

• VAT rate: the VAT rate on New Build Apartments has been reduced from 13.5%

  to 9% until at least 2030

• Apartment guidelines: revision of standards to relax size and amenity standards, in order to improve viability for developers

7

First Homes Scheme* Help to Buy* Deposit* 70% LTV Mortgage*

This File is Classified: Confidential

Glenveagh Properties plc | Full Year Results 2025 | March 2026

* First-time buyer; new build; purchase price €500,000. HTB: 10% refund, capped at €30,000 (min. 70% LTV required). FHS: 20% equity share (€100,000); reduced from 30% max where HTB is also used

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‌High-quality, well located, fully invested landbank

Providing visibility for medium-term objectives

23%

77%

Homebuilding Partnerships

26%

74%

Dublin and GDA Other

15%

17%

68%

Houses Apartments Duplexes **

12%

47%

41%

Under €350k €350k - €450k Over €450k **

Glenveagh Properties plc | Full Year Results 2025 | March 2026

* Excluding development rights

* * The typology and ASP breakdown corresponds to a representative sample of the total landbank.

• The Group's land assembly strategy is now complete with a 19,000 unit landbank assembled, with no further material land investment required

• Supports delivery of 2,750 -3,600 units per annum through to 2030, with 74% located in the Greater Dublin Area and 83% own-door product

• Average cost of approximately

  €32,000 per unit (<10% of NDV), embedded spot margins of ~21% and compelling returns on capital

• Demand and Government supports strongest below

€500k, where the majority of Glenveagh homes are positioned with significant room to scale

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‌Industry-leading planning expertise

99% planning approval rate demonstrates unmatched in-house capability

Leading in-house expertise

• Between 2021-2025, Glenveagh achieved a 99% approval rate across 87 applications, well above the national average of 85%-89%1

• Only one refusal in five years, demonstrating a strong relationship with local planning authorities and application and product quality

• 5,000 planning applications were lodged in 2025, supported by a high-performing in-house planning function

• Ireland's planning system has undergone its most significant reform in a generation, moving towards a plan-led, transparent and time-certain

framework, reducing risk for applicants and improving delivery predictability

Reforms improving timelines

• Transition from Strategic Housing Developments to Large-scale Residential Developments process has led to concrete timelines (19 weeks to decision) and reduced judicial review exposure

• Judicial review reform to further curtail the use of legal challenges as delay mechanism

Glenveagh Properties plc | Full Year Results 2025 | March 2026

1 Office of the Planning Regulator 9

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‌Homebuilding

Scale, standardisation, and integration supporting margin expansion

1,490

units completed

€545m

in revenue, +14% y-o-y

23.6%

gross margin, +110 bps y-o-y

€347k

ASP (2024: €365k)

70%

targeted 2026 Homebuilding units in closed and forward order book (2024: 59%)

Homebuilding units delivered with Glenveagh planning typologies

98%

89%

86%

63%

44%

22%

25%

2021 2022 2023 2024 2025 2026E 2027E

• Strong sales velocity with multiple phases sold out (Hereford Park, Kilmartin Grove, Ravens Mill, Foxwood Barn, Effernock); debut Co. Laois scheme fully sold within 10 months

• Customer offer widened with Glenveagh Buyer Portal launched

• Homebuilding forward order book: 1,252 units under contract/reserved at (2024: 703 units)

• 2026 pipeline well-positioned with four new site launches in Q1 and seven further phases planned across existing developments

• A higher weighting of non-standard homes will be delivered in 2026, where the original planning was secured by previous owners, thereafter standardisation levels are expected to normalise at a higher baseline

Glenveagh Properties plc | Full Year Results 2025 | March 2026 10

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‌Partnerships

Established as partner of choice for State and State Agencies

€381m

Revenue +60%

(2024: €238m)

€69.3m

Gross profit +241%

(2024: €20.3m)

18.2%

Gross margin +90bps

(2024: 17.3%)

Partnership sites in progress

Strong operational momentum with construction progressing well at Ballymastone and Oscar Traynor Road, while in Cork, the Marina Depot LDA transaction (337 apartments) closed

The segment's financial contribution is growing materially as output scales; 2025 underlying margin of ~16.3% (excluding land) was strong, reflecting favourable site mix and execution, and is expected to moderate as the segment matures

Orderbook continues to strengthen with a new mandate of approximately 350 units secured in H2 2025 and advanced discussions across three further opportunities totaling approximately 400 units

Glenveagh is firmly established as a partner of choice for the State for large-scale affordable delivery, underpinned by a proven and scalable model that will support sustained output across market cycles

Glenveagh Properties plc | Full Year Results 2025 | March 2026 11

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‌Partnerships pipeline

Substantial €3 billion pipeline of opportunities

Land source

Internal State Semi-state

Contract status

Planning status

Tenure

Expected award year

96%

Pipeline Active Discussions

Feasibility Planning lodged Pre-Planning Granted

50%

Social Affordable Cost Rental Private

2026 2027 2028+

Glenveagh Properties plc | Full Year Results 2025 | March 2026 12

Partnerships pipeline provides strong medium-term visibility, underpinning the next phase of growth

• Over 7,000 units with a total

  estimated NDV of approximately

  €3 billion

• Well-balanced across key attributes: award timing, contract status and tenure

• Significant share in feasibility or planning providing confidence in future commencements

• Limited private units support pipeline velocity, enabling faster commencements and delivery

• Status as partner of choice supports continued, sustainable growth as the Partnerships segment continues to mature

‌Home for the Future

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‌Our innovation principles

Driving value and creating resilience by enhancing Pre-Manufactured Value (PMV)

Time

Shifting work offsite

reduces labour requirements and maximises build efficiency

Quality

Meet regulatory standards,

deliver the highest-quality product and promote customer satisfaction

Labour

Reduce skilled trades

on-site, enabling faster assembly and mitigating risk of future labour shortages

Value

Ensure long-term durability,

energy efficiency and low maintenance costs, with strong market appeal

Standardisation

Create standardised,

repeatable automated processes in manufacturing, reducing on-site labour variability

Infrastructure

resilience

Reduce reliance on public infrastructure, increase energy independence and de-risk future developments

This File is Classified: Confidential

Glenveagh Properties plc | Full Year Results 2025 | March 2026 14

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‌The housing challenge and Glenveagh's integrated solution

Delivering affordable, high-quality homes at scale

The challenge

• Ireland's housing target: 50,000+ homes per annum1

• Traditional construction: slow, fragmented, labour-intensive

• Result: persistent shortfall, rising costs, delayed delivery

Policy alignment

• Supports Housing for All, LDA frameworks, and MMC adoption

• Ministerial endorsement of NUA Carlow as "milestone for housing delivery"

• Positioned to scale to 4,000+ units/year by 2030 while also growing PMV

Our response

+

=

Vertically integrated

housing system

3 factories

(Carlow, Arklow, Dundalk)

=

>2,500 units

total capacity

Standardised design

+

Off-site manufacturing

=

Design for Manufacture

Efficiency Optimisation

Energy efficient homes

+

Reduced network load

=

Reduced operational

costs

This File is Classified: Confidential

Glenveagh Properties plc | Full Year Results 2025 | March 2026

1Target is based on cumulative target of 300,000 homes by 2030 (Delivering Homes, Delivering Communities) 15

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‌Progressing our innovation agenda to futureproof our business model

Transitioning from traditional materials to innovative alternatives

Workstream I:

Timber-frame and light-gauge steel fully embedded across the platform - a cornerstone of Glenveagh's innovation strategy

Workstream II

External wall system

PMV: 55%

Replace heavy, wet-trade dependent construction with engineered wall system

Workstream III

Insulated raft foundation

Workstream IV

Roof cladding

Workstream V

Energy and water systems

PMV: 60%

Rapid-build systems reducing concrete usage and lowering embodied carbon

PMV: 70%

Substitute heavier finishes with modular, off-site friendly systems

PMV: 70%+

Incorporating technologies that reduce peak energy consumption and water usage

Existing manufacturing capabilities spanning 400,000 square foot position us well to fulfil our innovation agenda

Each phase of the transition will lead to increased pre-manufactured value (PMV), which will improve cost control, enhance build certainty and underpin the next phase of scaled, capital- efficient growth

This File is Classified: Confidential

Glenveagh Properties plc | Full Year Results 2025 | March 2026 16

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‌Placing customers at the heart of everything we do

Continued industry-leading satisfaction through innovation and service excellence

• PMV initiatives are fully aligned with our quality and customer focus, reinforcing the operational standards that underpin long-term performance

  2022 91%

  2021 89%

• Glenveagh continues to lead the Irish homebuilding market, achieving a 95% customer satisfaction rating in 2025

  
  
  

• Repeat mandates secured from State-sector partners reflect the quality, consistency and delivery capability embedded across our platform

• Recently launched Home Buyer Portal is now fully integrated across the customer journey, with over 3,800 registered customers engaging via real-time updates, document management and dedicated support, from initial deposit through to handover

  • Continued enhancements to user experience, systems integration and automated communications further strengthen our digital customer proposition

Glenveagh Properties plc | Full Year Results 2025 | March 2026 17

‌Financial review

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‌Financial update

Income statement

Glenveagh Properties plc | Full Year Results 2025 | March 2026 19

Performance

highlights

+7%

revenue growth

+20bps

gross margin expansion

+18%

EPS growth

14.4%

return on equity

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‌Financial update

Balance sheet

Glenveagh Properties plc | Full Year Results 2025 | March 2026 20

Financial

position

€534.0m1

land balance (2024:

€556.2m)

€283.8m

WIP balance (2024:

€283.8m)

€792.6m

net assets

1Excludes development rights of €20.0m

S T R A T E G I C R E V I E W | H O M E F O R T H E F U T U R E | F I N A N C I A L S | C O N C L U S I O N

‌Financial update

Net debt bridge

(€148m)

(€27m)

€179m

€75m €168m

€40m

€12m

€63m

(€26m)

€0m

2024

EBITDA

Land

WIP

Contract Asset

Capex

OWC

Interest/Tax

Buybacks

2025

Glenveagh Properties plc | Full Year Results 2025 | March 2026 21

Capital

discipline

€100.3m

operating cash inflow

(2024: €93.4m outflow)

€168m

net debt

(2024: €179m)

€75m

capital returns

(2024: €30m)

1OWC: Other working capital

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‌Financial update

Evolving landbank - 2025 to 2027 bridge

€554m

~€30m-€50m

~€70m-€90m ~€400m-€460m

~€150m - €170m

Dec-25 Land sales Land WIP release Acquisitions Dec-27

Disciplined investment approach

Glenveagh Properties plc | Full Year Results 2025 | March 2026 22

Future cash

driver

Land investment

at peak

Year-end land balance of €5341 million, reflecting completion of the current land assembly phase

Capital release

underway

Value to be released through unit delivery and selective disposal of smaller sites, targeting ~€100 million of sales across 2025-26

Measured reinvestment

Disciplined, selective investment in new sites to sustain

medium-term growth while

maintaining capital efficiency

1Excludes development rights of €20.0m

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‌Capital allocation priorities

Disciplined and balanced capital allocation, focusing on value creation

1

Land

• The Group has now completed its current phase of land assembly, with the current landbank supporting delivery capacity of between 2,750 and 3,600 units per annum through to 2030

• Land sales of €55 million completed in 2025, with total disposals across 2025 and 2026 expected to reach €100 million reflecting active portfolio optimisation

2

WIP

• Investment to support 25% Homebuilding unit

  growth anticipated 2025-

  2027

• Divestment of Freight Building expected to offset investment in other areas in ~2028

• Continued focus on and investment in expanding its Partnerships platform in a disciplined and sustainable manner

3

Supply chain

• Off-site investment is largely complete, with

  ~€70 million invested to

  date

• Capability in-place for 2,500 timber-frame / light gauge steel units per annum

• ~ €20 million further investment required to operationalise innovative production

4

Return excess cash

• Target average net debt range of 15%-25% of gross assets

• Approximately €51 million of the ongoing €25 million share buyback programme deployed

• On completion of current programme, over €445 million will have been returned since 2021, reducing issued share count by approximately 42%

Glenveagh Properties plc | Full Year Results 2025 | March 2026 1Programme deployment value as at 12 March 2026 23

02

Expect approximately 1,600 Homebuilding unit deliveries in 2026, with 2,000 anticipated in 2027

(previously 1,900)

03

Further growth in Partnerships, with the identified pipeline underpinning average annual gross profit of at least €60 million

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‌2026 Outlook

01

Continued revenue and profit growth anticipated alongside positive longterm outlook for Irish residential housing

This File is Classified: Confidential

The outlook for Glenveagh remains exceptionally strong, underpinned by

a resilient demand environment, clear policy visibility, and our ability to deliver the right product

- principally high-quality, own-door housing - in the best locations

04

EPS of up to 21.0 cents for 2026 supported by a robust land portfolio, a solid forward order book, and ongoing standardisation efforts

05

Further land sales of

~€45 million targeted in 2026, following €55 million completed in 2025, in line with our capital allocation priorities

06

Disciplined and balanced capital allocation approach, with focus on value creation and shareholder returns via share buybacks

Glenveagh Properties plc | Full Year Results 2025 | March 2026 24

This File is Classified: Confidential

‌Conclusion

S T R A T E G I C R E V I E W | H O M E F O R T H E F U T U R E | F I N A N C I A L S | C O N C L U S I O N

‌Our differentiated investment case

Uniquely positioned to deliver on compelling market opportunity

Compelling market opportunity

• Structural undersupply driving customer demand across all segments

• Strong domestic economic

  backdrop

• Supportive Government policies and supply-side initiatives

  Sector-leading platform

• Highly attractive own-door housing focused land portfolio

• Proven track record in Public-Private collaborations

• Uniquely integrated operating platform and commitment to operational excellence

  Delivering strong outcomes

• Focused approach to

  profitable growth

• Reliable cash generation underpins balance sheet strength

• Track record of effective capital allocation for longterm value creation and shareholder returns

Glenveagh Properties plc | Full Year Results 2025 | March 2026 26

‌Q&A

Glenveagh Properties plc | Full Year Results 2025 | March 2026 27

S T R A T E G I C R E V I E W | H O M E F O R T H E F U T U R E | F I N A N C I A L S | C O N C L U S I O N

‌IR contacts and calendar

IR contacts

Conor Murtagh

CFO

Kate Halliday

Investor Relations

[email protected]

IR calendar

Annual General Meeting

15 May 2026

H1 2026 results

September 2026

Glenveagh Properties plc | Full Year Results 2025 | March 2026 28

‌Appendix I

This File is Classified: Confidential

A P P E N D I X I

‌ESG ratings

• 'AA'* Leader maintained

• Climate A* (2024: B)

• 2025 'A List' - 4% of c.20,000

companies scored globally,

10 companies in Ireland

Leading on transparency and climate action

• 12.0 (low risk)* (2024: 14.7 'low risk')

Glenveagh Properties plc | Full Year Results 2025 | March 2026 *Ratings as at 11 March 2026 30

‌General disclaimer

H I G H L I G H T S

This announcement does not constitute or form any part of an invitation to underwrite, subscribe for or otherwise acquire or dispose of any shares of Glenveagh Properties plc ("Glenveagh" or "the Group").

F I N A N C I A L S

This announcement contains statements that are, or may be deemed to be, forward-looking statements. Forward-looking statements include, but are not limited to, information concerning the Group's possible or assumed future results of operations, plans and expectations regarding demand outlook, business strategies, financing plans, competitive position, potential growth opportunities, potential operating performance improvements, expectations regarding inflation, macroeconomic uncertainty, geopolitical tensions, weather patterns, the effects of competition and the effects of future legislation or regulations. Forward-looking statements include all statements that are not historical facts and can be identified by the use of forward-looking terminology such as "may", "will", "should", "expect", "anticipate", "project", "estimate", "intend", "continue", "target", "ensure", "arrive", "achieve", "develop" or "believe" (or the negatives thereof) or other variations thereon or comparable terminology. Forward-looking statements are prospective in nature and are based on current expectations of the Group about future events, and involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. Although Glenveagh believes that current expectations and assumptions with respect to these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to be correct. Due to various risks and uncertainties, actual events or results or actual performance of the Group may differ materially from those reflected or contemplated in such forward-looking statements. You are cautioned not to place undue reliance on any forward-looking statements.

These forward-looking statements are made as of the date of this document. Glenveagh expressly

disclaims any obligation to update these forward-looking statements other than as required by law.

C O N C L U S I O N

The forward-looking statements in this announcement do not constitute reports or statements published in compliance with any of Regulations 6 to 8 of the Transparency (Directive 2004/109/EC) Regulations 2007 (as amended).

1. The use by Glenveagh Properties PLC of any MSCI ESG Research LLC or its affiliates ("MSCI") data, and the use of MSCI logos, trademarks, service marks or index names herein, do not constitute a sponsorship, endorsement, recommendation, or promotion of entity Glenveagh Properties PLC by MSCI. MSCI services and data are the property of MSCI or its information providers and are provided 'as-is' and without warranty. MSCI names and logos are trademarks or service marks of MSCI

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Glenveagh Properties plc | Full Year Results 2025 | March 2026 31