Cairn Homes Plc: Results for the Six Months Ended 30 June 2025

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Results for the Six Months Ended 30 June 2025

First Time Buyers Driving €625m Growth In Order Book In 2025

Dublin / London, 03 September 2025: Cairn Homes plc (“Cairn”, the “Company” or the “Group”) (Euronext Dublin: C5H / LSE: CRN) today announces its interim results for the six months ended 30 June 2025.

Our strategy of significant investment in construction activities and operational scaling is clearly delivering, with exceptionally strong sales in H1 2025, notably from First Time Buyers (FTBs), driving €625 million growth in our closed and forward order book to 4,092 new homes (€1.54 billion net sales value). This underpins our expected H2 delivery and another year of growth in revenue and profitability, supporting our upgraded FY25 guidance and new FY26 guidance provided today.

• Generated revenues of €284.5 million, including €274.0 million residential property sales revenue from 708 units[4] (H1 2024: €347.1 million, 893 units4).
• Gross profit of €63.1 million (H1 2024: €80.4 million), resulting in a margin of 22.2% (H1 2024: 22.0%), illustrating scaled operational efficiencies through our supply chain relationships, procurement strategy and execution of our innovation agenda.
• Operating profit of €42.7 million (H1 2024: €61.4 million), resulting in an operating margin of 15.0% (H1 2024: 16.8%) reflecting the Company’s historically H2 weighted trading, transaction timing and mix compared to H1 2024.
• WIP of €435.0 million (30 June 2024: €318.6 million), following WIP investment of €381.5 million (H1 2024: €225.6 million) in the period. The Company nearly doubled its commencements in 2024 (to over 4,000 units) driving increased WIP spend in H1 2025 and illustrating clearly the Company’s increased operational scale.
• Net cash of €118.6 million used in operating activities and net debt of €307.4 million (30 June 2024: €157.0 million), reflecting the scale of our net H1 WIP investment and increased construction activity. Net debt is expected to unwind in H2.
• Successfully completed a refinancing of our sustainability linked syndicate facility in February 2025, increasing it by €75 million to €402.5 million. In July, the Company further refinanced part of its US Private Placement debt, increasing this facility by €40 million to €97.5 million. The Company now has access to €500 million of committed debt facilities.
• Redesignation of our €402.5 million Sustainability Linked Loans to Green Loans[5], reflecting our alignment with globally recognised best practices in sustainable finance.
• Interim DPS of 4.1 cent, an 8% increase from FY24 interim DPS of 3.8 cent.

 Operational and Sustainability Highlights

• Our closed and forward order book of 4,092 new homes (€1.54 billion net sales value) has increased by over 1,700 new homes (€625 million) from 2,361 new homes (c.€910 million net sales value) at the beginning of this year.
• Private weekly sales rate of 4.1 new homes per active selling site[6], driven by exceptionally strong FTB demand.
• Following our first successful launch in H1, we will release our second Croí Cónaithe (Cities) approved development in H2. This Government initiative enables private ownership of apartments which Cairn will continue to support across several future sites.
• Build Cost Inflation (BCI) of c.1% - c.1.5% expected for FY25 (reduced from c.2% at the beginning of the year) reflecting the Company’s focus on innovation, productivity and scaled procurement efficiencies.
• Maintained our ASP of €387,000 (H1 2024: €388,000), including the delivery of well-located Social & Affordable scaled apartment developments for our State partners at lower ASPs, as we continue to deliver value for these partners.

• In H1, we agreed to acquire scaled sites in off-market transactions which will deliver c.2,000 primarily FTB homes in the medium term, and progressed option agreements and joint ventures arrangements to secure an additional c.1,500 units.
• To date in H2, we have acquired land which will deliver c.900 new homes and exercised a joint venture option which will deliver c.700 new homes.
• Won both the ‘Innovation in Construction’ award at the Irish Construction Excellence Awards 2025 and the ‘Green Transformation Award’ at The Green Awards 2025 recognising our market leading delivery of new homes to the Passive House standard at scale.

     Policy Developments and Macroeconomic Highlights

• The Irish Government has introduced significant policies, initiatives and legislative changes in 2025, targeting key strategic challenges to increasing housing delivery. The most significant of which was the publication of the National Development Plan (NDP) Review which sets out departmental capital ceilings to 2030 and overall capital investment out to 2035. The revised department ceilings provide €102.4 billion in capital investment over the period 2026-2030, with a total investment of €275.4 billion over the period 2026 to 2035.
• A total of €36.0 billion has been allocated to the Department of Housing, Local Government and Heritage (€28.3 billion for housing and €7.7 billion for water infrastructure) between 2026 and 2030. Its annual capital funding will increase from c.€4.6 billion in 2025 to c.€7.3 billion in 2026, which will be used to unlock housing, upgrade water, energy and transport infrastructure.
• The Irish economy continues to outperform its EU peers with modified domestic demand forecast to grow to 2.3% in 2025 and 2.8% in 2026 (source: ESRI). Despite ongoing global trade volatility, a cumulative budget surplus of €15 billion is forecast to 2026 (source: Department of Finance), supporting the State’s investment in housing delivery. 
• Mortgage market conditions remain positive against a backdrop of falling interest rates and strong wage growth, most notably amongst FTBs who represented 73% of mortgage drawdowns (by value for house purchase) in the year to Q2 2025, the highest share since the start of the data series in 2003. In the same period, there was 32,298 FTB mortgage approvals, the highest level since the global financial crisis. With national housing completions currently at 32,717 in the year to June 2025, supply remains significantly below mortgage-backed demand.

Outlook and Guidance

Supported by the exceptionally strong sales momentum together with the success of our scaled procurement and innovation strategy throughout H1 and into H2, the Company today upgrades FY25 guidance as follows:

• Revenue of c.€945 million (previously revenue growth in excess of 10%);
• Operating profit of c.€160 – c.€165 million (previously c.€160 million); and
• ROE[7] of c.15.5% (ROAE[8] of c. 16.0%).

Our continued investment in scaling is building a stronger business that will enable us to continue to grow our annual volumes and profitability. The Company remains confident about our future growth prospects and today provides guidance for FY26 as follows:

• Revenue of c.€1.02 – c.€1.05 billion;
• Operating profit of c.€175 – c.€180 million; and
• ROE7 of c.16.0% (ROAE8 of c. 16.5%). 

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

“We celebrated a decade in business in June. My colleagues and I are very proud to have built a market leadership position, with a market cap of €1.35 billion today and over 30,000 people now living in a Cairn home.

I am also very pleased to report that the business is performing strongly, our strategy is working, and we have doubled down on investment in our construction activities. As this unwinds, it will lead to a strong second half which is why we are raising our guidance today for 2025 and also introducing new guidance as a result of increased housing output for 2026.

In keeping build cost inflation under control, maintaining average sales price consistency, and placing a strong emphasis on energy efficiency, a well-designed Cairn home represents an attractive proposition for first time buyers. In parallel, the delivery of cost-effective new homes for our State partners, in mainly scaled apartment developments, plays a critical role in addressing the national housing challenge.

The Government has put in place a suite of policies which can, if efficiently implemented, make a material difference in the delivery of new homes in the years ahead. In response, we will continue to invest in our own construction activity to deliver even greater numbers of quality homes for our customers.”     

An audio webcast and conference call will be hosted by Michael Stanley, CEO, and Richard Ball, CFO, today 3 September 2025 at 8.30am (BST). To join please use the links below, or access via our website ( https://www.cairnhomes.com/investors/ )

Audio Webcast: https://edge.media-server.com/mmc/p/5yufqpv2

Conference Call: https://register-conf.media-server.com/register/BId1f6082af2654e78b5df35913286c795

Notes to Editors

Cairn is an Irish homebuilder committed to building high-quality, competitively priced, sustainable new homes and communities in great