Glenveagh Properties (LSE:GLV) has reiterated its guidance for the 2026 financial year, with management expressing confidence in the group’s growth outlook and ability to generate stronger cash flows.
The company left its FY26 targets unchanged across its business segments. Within its housebuilding division, Glenveagh expects to complete around 1,600 homes with an average selling price above €375,000 and a gross margin exceeding 21%.
Its partnerships division is forecast to deliver a mid-teen gross margin while generating average annual gross profit of at least €60 million.
Across the group, Glenveagh is targeting total completions of approximately 2,750 units, €45 million in land sales and earnings per share of 21 cents. The company noted that construction has already begun on all homes scheduled for delivery in 2026, with a housebuilding order book of 1,252 units representing about 78% of planned completions.
Management said a significant share of the year’s construction costs are already locked in, allowing the company to maintain its margin expectations.
The group also indicated that earnings are likely to be weighted toward the second half of 2026 due to the timing of deliveries from development sites acquired in late 2024.
Glenveagh added that its existing land bank requires no significant additional investment to sustain annual delivery levels of between 2,750 and 3,600 units through to 2030.
The company expects a notable improvement in cash generation during 2026, particularly in the second half of the year, driven by higher completion volumes and the release of €142 million tied up in contract assets.
Meanwhile, the €25 million share buyback programme announced in January is expected to continue until around May. Management indicated that stronger cash generation in the latter part of 2026 should support further reinvestment and allow room for additional shareholder returns.
Within the partnerships division, Glenveagh added 100 units across three projects currently in advanced negotiations, bringing the total under discussion to 500 units. The company also disclosed for the first time that its development pipeline exceeds 7,000 units, representing an estimated €3 billion in net developable value.
More about Glenveagh Properties
Glenveagh Properties is an Irish homebuilder focused on delivering large-scale residential developments across Ireland. The company operates through its housebuilding and partnerships divisions, supplying homes for both private buyers and institutional partners. Glenveagh aims to scale production while maintaining strong margins and cash generation, supported by a sizeable land bank and a growing development pipeline.
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