Record output sees homebuilder Glenveagh's profit grow to €144m

Group delivered 2,568 new homes last year, with Glenveagh noting an 'attractive pipeline of opportunities' in Cork

Conor Murtagh Chief Financial Officer at Glenveagh Properties PLC and Stephen Garvey, Chief Executive at the Glenveagh Properties PLC. Photo Chris Bellew / Fennell Photography.

Strong momentum in homebuilding and government partnerships saw revenue at Glenveagh rise by 7% last year to €926m, the developer said on Friday.

Publishing its annual results for 2025, the company saw its operating profit grow by 9% to €144m in what was a "strong, productive year with record output."

The homebuilder delivered 2,568 new homes last year, up from 2,309 in 2024, which it said reflected "strong execution" across both Homebuilding and Partnerships.

The group saw revenue from its scaled partnerships business rise significantly to €381m, up by over 60% compared to the previous year.

Glenveagh said it has continued to convert on an attractive pipeline of opportunities, including contracting the first 337 apartments at Marina Depot in Cork, securing an additional 350-unit mandate, which is subject to planning, and progressing advanced discussions on three further opportunities comprising around 500 units. 

The homebuilder said it has strengthened its planning visibility and execution certainty, lodging applications for approximately 5,000 units in 2025, with all 2026 deliveries commenced and 2027 output either planned or progressing through active applications.

Last year also saw Glenveagh complete €55m of selective land disposals, up from €23m in 2024, with a further pipeline contracted or under negotiation. It added that it was on track to conclude up to €100m of land sales across 2025 and 2026.

The company said its forward order book of approximately €1.3bn also provided clear visibility into future delivery.

The €105m share buyback programme, initiated in September 2024, was completed in December last year, with a further €25m programme commencing in January 2026.

Record output

“2025 was a strong, productive year for Glenveagh, with record output enabling the delivery of affordable, conveniently located homes," said Glenveagh chief executive Stephen Garvey.

"Overall, the policy environment for housing is supportive thanks to the changes that the Government has implemented in its first year.

"Taken together, these measures represent a coherent and credible framework which, if given time to bed in and be consistently applied, has the potential to support national housing delivery of more than 50,000 units per annum."

Looking forward, Glenveagh said it enters 2026 with "strong momentum," supported by its fully invested landbank, scaled partnerships platform and manufacturing-led delivery model.

Total group completions are expected to be approximately 2,750 units, including approximately 1,600 Homebuilding units, with Glenveagh also expecting to be highly cash generative in int he second half of 2026. 

The company said its homebuilding deliveries, revenue and profit will be more heavily weighted toward the second half than in a typical year, reflecting the ramp-up profile of sites acquired in late 2024.