Homebuilder Glenveagh sees revenue top €900m in 'pivotal moment' of housing crisis
Glenveagh CEO Stephen Garvey. Pic: Fennell Photography
Irish homebuilder Glenveagh saw its revenues and profits rise notably last year during what the company called a "pivotal moment" in addressing the country's housing needs.
Publishing its full year results for 2025 on Thursday, the property developer reported a 7% rise in revenue, increasing to €926m in the 12 months ending on December 31, 2025.
This was underpinned by a rising housing output, with group completions in the year increasing to 2,568 units, up from 2,309 in 2024, reflecting "strong execution" across both homebuilding and partnerships. The group saw its operating profit rise by 9% in the year to €144m.
Glenveagh's homebuilding segment delivered 1,490, units at a gross margin of 23.7%, down from 1,650 in 2024, but at a reduced profit margin of 22.2%. The group said this reflected the benefits of standardisation, scale and vertical integration, and was supported by favourable site mix and its execution of its land sales strategy.
The homebuilder said its average selling price reduced as expected to €347,000, down from €365,000 in 2024, which it said was reflective of its site and product mix.
The group's partnerships segment, which sells completed homes to state bodies, delivered revenue of €381m, up from €238 million in 2024, which the group said was a result of "strong progress" across all projects.
In the last six months of the year, Glenveagh secured an additional partnership mandate, subject to planning, on State-owned land for approximately 350 units, and entered advanced discussions on three further partnerships opportunities across glenveagh-controlled sites totalling approximately 400 units.
Planning lodgements in the period totalled approximately 5,000 units, the group said, with all units delivering in 2026 now commenced. Glenveagh also said all units for 2027 are now planned or have active planning applications.
Land disposals totalled €55m in 2025, more than double what it was in 2024, with a further pipeline of transactions contracted or under negotiation, leaving the group on track to deliver €100m of land sales across 2025 and 2026.
The homebuilder also welcomed completion of a €105m share buyback programme and announced a further €25m share buyback programme on Thursday, bringing the total capital returned to shareholders to approximately €445m since 2021.
“In 2025, Glenveagh delivered on its commitments: scaling delivery and strengthening our Partnerships platform through our standardised, vertically integrated model," said chief executive Stephen Garvey.
"The Government has demonstrated a clear commitment to creating a supportive policy environment for increasing housing supply across multiple tenures."
"Ireland is at a pivotal moment in addressing its housing needs and supporting long-term economic competitiveness. Glenveagh has the land, capability and capital to deliver high-quality homes at scale, and we are ready to play a leading role.”
Looking forward to 2026, the group said that the fundamentals of the Irish residential housing market remain supportive, which is reflected in it's forward order book of approximately €1.1bn.
Total group completions in 2026 are expected to be approximately 2,750 units, comprising over 1,600 homebuilding units, alongside further growth in its partnerships segment.
Looking further ahead, Glenveagh now expects to scale homebuilding output to approximately 2,000 units by 2027, from a previously estimated 1,900, which it said was supported by planning visibility, standardisation, and the benefits of its vertically integrated manufacturing capability.
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