Cairn Homes Plc: 2025 Preliminary Results

This announcement contains inside information within the meaning of the EU Market Abuse Regulation 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

Entering our Second Decade,

Cairn will Increase Housing Output by 35%

Dublin / London, 4 March 2026: Cairn Homes plc (‘Cairn’, the ‘Company’ or the ‘Group’) (Euronext Dublin: C5H / LSE: CRN) today announces its preliminary results for the year ended 31 December 2025.

Financial Highlights

• Generated revenues of €944.6 million, a 10% increase on 2024 (€859.9 million) from 2,365 units7 (2024: 2,241 units7).
• Average selling price (net of VAT) of €392,000 (2024: €383,000), with the slight increase primarily driven by a change in product mix.
• Build cost inflation (BCI) of c.1%, compared to an industry average c.2% (source: CSO), evidencing clearly the impact of our procurement strategies, efficiencies from large multi-site tender awards and productivity across scaled sites.
• Operating margin of 17.8% with operating costs being 4.25% of revenue (2024: 4.30%), highlighting the impact of our lean construction platform.
• Profit after tax of €132.7 million (2024: €114.6 million), after finance costs of €16.7 million (2024: €15.1 million).
• Invested €102.6 million (2024: €99.5 million) on scaled development sites and contracted an additional €77.1 million in land acquisitions on deferred payment terms.
• Generated €70.6 million in operating cashflow (2024: €134.7 million), as the Company significantly increased its construction work-in-progress (WIP) investment to €800.8 million (2024: €484.3 million) and construction activities (average active sites 2025: 25, 2024: 21).
• Net debt of €171.3 million (30 June 2025: €307.4 million, 31 December 2024: €154.4 million), following significant cash generation in H2 2025 of €189.3 million, with available liquidity of €327.1 million at year end (2024: €229.6 million).
• DPS increased by 22% to 10.0 cent (2024: 8.2 cent), including a proposed final dividend of 5.9 cent (subject to shareholder approval at our AGM on 30 April 2026).

Operational Highlights

• Significant growth in our closed and forward order book of 3,452 new homes with a net sales value of over €1.32 billion (€989 million and 2,593 new homes as at 26 February 2025) giving clear visibility on our future pipeline and underpinning guidance.
• Exceptional levels of demand, most notably from first time buyers (FTBs), evidenced by a private weekly sales rate per active selling site of 4.2 new homes across existing sites and 11 new scheme launches in the year.
• Active on sites that will deliver over 4,000 apartments in the medium term with our third Croí Cónaithe approved apartment scheme launch scheduled for H1 2026 which will deliver over 330 apartments for private buyers. Cairn is now active on six forward fund projects which will deliver c.2,000 new apartments to the Land Development Agency (LDA) and our Approved Housing Body (AHB) partners.
• Obtained 11 new grants of planning comprising over 3,650 new homes (2024: seven new grants of planning permission comprising nearly 1,300 new homes).
• Developed a pipeline of land which will deliver up to 6,000 new homes, driving our medium-term growth in a capital efficient manner.
• Continued to support the future of the construction industry with over 270 apprentices now registered on the Cairn Apprenticeship Programme, a talent pipeline identified in the Government’s ‘Delivering Homes, Building Communities’ strategy as critical to achieving its housing targets.
• Construction at our flagship Seven Mills development continued at pace with over 3,000 new homes completed and under construction since starting on site in January 2023. In 2025, we delivered nearly 700 homes in this new Dublin suburb. 
• Strengthened our operational capacity in expanding our team to over 600 employees. Supported by increased supply chain capacity and long-standing subcontractor partnerships, the Company’s scaled operating platform is now well-invested to support significant operational growth. 

Outlook and Guidance

With exceptionally strong demand reflected in a record order book and a supportive policy and macro backdrop, Cairn continues to benefit from a fundamentally robust housing market characterised by structural undersupply. These conditions, combined with our disciplined capital allocation strategy and substantial investment in operational scaling, have created a platform for consistent volume growth and strong financial performance. As a result, the Group is now firmly positioned to achieve output of c.6,000 new homes between this year and next, including c.3,200 homes in 2027, resulting in a 35% increase in our output over this two-year period. 

Cairn is upgrading guidance for FY26 as follows:

• Revenue of c.€1.05 – €1.08 billion (previously c.€1.02 – €1.05 billion);
• Operating profit of c.€180 – €185 million (previously c.€175 – €180 million); and
• ROE4 of c.16.5%.

Commenting on the results, Michael Stanley, CEO, said:

“Cairn is now in its second decade in business. We are proud of the significant contribution we have made to housing in Ireland since we closed our first sale in December 2015, with over 12,000 new homes sold and 35,000 residents living in a Cairn built community. Our commitment to growth is stronger than ever and we will accelerate our output to close to 18,000 new homes delivered by the end of 2027. Today we are upgrading our guidance for 2026 and projecting sales of c.3,200 new homes in 2027, a 35% increase over this two-year period.

The affordability of new homes remains the most significant challenge in Ireland today, and indeed across Europe. Cairn will continue to be relentless in managing our cost base to ensure our homes are competitively priced, particularly for our first time buyers and the social and affordable apartments we are delivering at pace and scale for our state funded partners. Over the last five years the average selling price of a Cairn home has increased by 5%, compared with the broader market which has seen house price inflation of 29% for new homes in the same period. We will continue to use embedded innovation, new building methods and our scale to manage our delivery costs and increase our addressable market.”

For further information, contact:

Cairn Homes plc          +353 1 696 4600

Michael Stanley, Chief Executive Officer

Richard Ball, Chief Financial Officer

Ailbhe Molloy, Head of Investor Relations

Drury Communications         +353 1 260 5000

Billy Murphy

Conor Mulligan  

An audio webcast and conference call will be hosted by Michael Stanley, CEO, and Richard Ball, CFO, today 4 March 2026 at 8.00am (GMT). To join please use the links below, or access via our website (https://www.cairnhomes.com/investors/). Please ensure to register at least 15 minutes in advance of 8.00am.

Audio Webcast: https://edge.media-server.com/mmc/p/up7opxh2

Conference Call: https://register-conf.media-server.com/register/BI10bdc128cd7f474c8edcccc4f4cb238e

Notes to Editors

Cairn is an Irish homebuilder committed to building high-quality, competitively priced, sustainable new homes and communities in great locations. At Cairn, the homeowner is at the very centre of the design process. We strive to provide unparalleled customer service throughout each stage of the home-buying journey. A new Cairn home is expertly designed, with a focus on creating shared spaces and environments where communities thrive

Note Regarding Forward-Looking Statements

Some statements in this announcement are, or may be deemed to be, forward-looking with respect to the financial condition, results of operations, business, viability and future performance of Cairn and certain plans and objectives of the Company. They represent our expectations for our business and involve risks and uncertainties. We have based these forward-looking statements on our current expectations and projections about future events. We believe that our expectations and assumptions with respect to these forward-looking statements are reasonable. However, because they involve known and unknown risks, uncertainties and other factors, which are in some cases beyond our control, and which include, among other factors policy, brand, economic, financial, development, compliance, people and climate risks, our actual results or performance may differ materially from those expressed or implied by such forward-looking statements. Past performance cannot be relied upon as a guide to future performance and should not be taken as a representation that trends or activities underlying past performance will continue in the future. These forward-looking statements are made as of the date of this document. Cairn expressly disclaims any obligation or undertaking to publicly update or revise these forward-looking statements, other than as required by applicable law.

Footnotes

The performance measures below are considered important by the Group in order for shareholders and analysts to assess how effectively the Group manages its day-to-day business expenses to generate profit from sales, provides a basis for performance benchmarking against competitors and indicates financial strength and potential for growth in addition to helping assess risk, liquidity, movements in debt and long-term stability.

¹ Gross margin is defined as gross profit divided by total revenue. Calculated as €208.8 million / €944.6 million (2024: €187.0 million / €859.9 million).

2 Basic EPS (earnings per share) is defined as the earnings attributable to ordinary shareholders (€132.7 million) divided by the weighted average number of ordinary shares outstanding for the period (624,294,747 shares).

3 DPS (dividend per share) of 10 cents is 4.1 cent interim dividend per ordinary share paid in October 2025 and 5.9 cent proposed final dividend per ordinary share.

4 ROE (Return on Equity) is defined as profit after tax divided by the average of the opening and closing total equity in the financial year. Calculated as €132.7 million / €797.4 million (2024: €114.6 million / €757.7 million).

5 Net debt consists of loans and borrowings €226.4 million less cash and cash equivalents of €55.1 million (2024: loans and borrowings of €182.0 million less cash and cash equivalents of €27.6 million).

6 Represents the total new homes sales closings year to date and forward sales agreed as at the relevant date by number of units, total value (net of VAT) and average selling price (net of VAT).

7 This comprises both closed and equivalent residential units. Equivalent units relate to forward fund transactions which are calculated on a percentage completion basis based on the constructed value of work completed divided by the total estimated cost.

8 Total shareholders returns is defined as ordinary dividends paid to shareholders during a financial year plus amounts paid for shares purchased through share buyback programmes. Calculated as €54.7 million from €52.9 million dividends paid and €1.8 million shares repurchased (2024: €115.3 million from €44.7 million dividends paid and €70.6 million shares repurchased).

9 Forward fund transactions involve Cairn delivering new homes under a contractual relationship where the land is sold up-front and the cost of delivering the new homes is paid on a phased basis.

Chief Executive Statement

Financial Highlights

Trading Performance

The Group delivered a strong performance in 2025 with a 10% increase in revenue to €944.6 million (2024: €859.9 million) including 2,365 units7 (2024: 2,241 units7). Of this, €928.0 million came from residential closed sales (2024: €838.5 million) and €16.7 million from development land, other commercial asset sales and rental income (2024: €21.4 million). Average selling price (ASP) increased to €392,000 in 2025, compared to €383,000 in 2024 primarily driven by product mix.

Gross profit for the year increased to €208.8 million (2024: €187.0 million), resulting in a gross margin1 of 22.1% (2024: 21.7%), underlining the impact of our optimised procurement strategies, efficiencies from scaled multi-site tender awards and productivity improvements across our scaled construction activities.

Operating profit was €168.6 million for the year, a 12% increase from €150.0 million in 2024, resulting in an operating margin of 17.8% (2024: 17.4%). Operating expenses were €40.2 million (2024: €37.0 million), equating to just 4.25% of revenue (2024: 4.30%) reflecting our ongoing focus on cost discipline coupled with investment in our growth.

Finance costs for the year were €16.7 million (2024: €15.1 million), reflecting the Group’s higher working capital investment during 2025. Profit after tax was €132.7 million (2024: €114.6 million), equating to basic earnings per share of 21.3 cent (2024: 17.9 cent).

Balance Sheet Strength

Total assets increased to €1,306.2 million at year end (31 December 2024: €1,072.3 million), including inventories of €1,115.1 million (31 December 2024: €862.1 million) comprising land held for investment of €701.3 million (31 December 2024: €615.7 million) and WIP of €413.8 million (31 December 2024: €246.4 million).

The increase in land held for development was after the release of land costs from the 2,365 units7 and site disposals in 2025, totalling €94.1 million, offset by strategic land acquisitions and other land costs during the year totalling €179.7 million, including €77.1 million in acquisitions on deferred payment terms payable in 2026 and 2027 (with a corresponding deferred consideration trade payable). Investment of €800.8 million in WIP during the year, net of WIP release of €633.2 million due to the release of costs associated with the sale of 2,365 units7, resulted in the €167.4 million increase in WIP.

Net assets increased from €758.2 million to €836.7 million, an increase of €78.5 million which reflects the continued investment the Group is making into our future growth. With profit after tax growth of 16% to €132.7 million, the Group delivered a return on equity (ROE)4 of 16.6%, an increase of 150bps from 15.1% in 2024.

At year end, the Group had access to €500.0 million of committed debt facilities, with an average maturity of nearly four years:

• The Group had a total committed debt facility of €385.0 million at the start of 2025.
• This increased to €460.0 million on 26 February 2025, of which €402.5 million was a syndicate facility comprising a term loan of €102.5 million and revolving credit facility of €300.0 million with Allied Irish Banks, Bank of Ireland, and Home Building Finance Ireland (HBFI), maturing in June 2029 with a one-year extension option at the discretion of Group.
• The €402.5 million syndicate facility sustainability linked loans were redesignated to Green Loans during the year, reflecting the Group’s alignment with globally recognised best practices in sustainable finance.
• The drawn revolving credit facility as at 31 December 2025 was €28.0 million (31 December 2024: €35.0 million).
• Additionally, at 1 January 2025, the Group had €57.5 million of committed debt facilities with PGIM Private Capital. The Group completed a refinance of part of the private placement debt in July 2025, increasing the facility by €40.0 million to €97.5 million, repayable on 31 July 2026 (€42.5 million) and 31 July 2030 (€55.0 million). €15.0 million of the proceeds of the new €55.0 million private placement facility were used to discharge the €15.0 million July 2025 maturity.

As at 31 December 2025, the Company had available liquidity, including cash and undrawn facilities, of €327.1 million, compared to €229.6 million as at 31 December 2024. Net debt5 of €171.3 million was slightly above net debt of €154.4 million as at 31 December 2024.

Shareholder Returns