Cairn Homes Plc: 2025 Preliminary Results
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Cairn Homes Plc (CRN)
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
Operational Highlights
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:
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:
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 Total shareholder returns8 in 2025 amounted to €54.7 million, including €52.9 million in dividends. Between 2 January 2025 and 9 January 2025, the Company repurchased 803,939 shares at a cost of €1.8 million which completed the FY24 €45.0 million share buyback programme. All repurchased shares were subsequently cancelled. This compares to €70.6 million in share buybacks and €44.7 million in dividends distributed to shareholders in 2024.
The Board has recommended a final dividend of 5.9 cent per ordinary share, which, combined with the interim dividend of 4.1 cent per ordinary share, results in a total dividend of 10.0 cent per ordinary share for the year (2024: 8.2 cent per share). The proposed final dividend of 5.9 cent per ordinary share will be paid on 29 May 2026 to ordinary shareholders on the Company's register at 5:00 p.m. on 24 April 2026, subject to shareholder approval at the Company's Annual General Meeting on 30 April 2026. Supportive Policy Environment Focused on Housing Delivery and Enabling Infrastructure As a result of legislative actions, investment measures and strategic initiatives announced in 2025, the current policy environment to support increased housing delivery provides a clear roadmap to reaching 300,000 new homes by 2030, including:
First Time Buyers Driving Significant Demand Demand across all buyer profiles, most notably amongst FTBs, remained exceptionally strong in 2025, with the Company delivering 2,365 units7. This demand is also evidenced in our weekly private sales rate per active selling site of 4.2, across nearly 1,000 private sales in the year and the growth of our closed and forward order book which has increased to 3,452 new homes with a net sales value of over €1.32 billion as at 3 March 2026 (2,593 new homes and €989 million as at 26 February 2025).
A strong mortgage market, growing personal savings and enhanced State supports against a backdrop of a limited supply of competitively priced new starter homes is driving continued positive momentum in our core FTB market. In 2025, we launched 11 new schemes nationwide, including our first two Croí Cónaithe (Cities) Scheme approved apartment developments in Cork and Dublin. The success of these launches supports the Company’s strategic objective to increase the delivery of new homes to FTBs over the medium term. Strong demand from this core market has continued into the early months of 2026, with six new private scheme launches planned in H1 2026, including our third Croí Cónaithe approved scheme at Exchange Square in our flagship Seven Mills development.
The Company continues to partner with a number of State supported counterparties to deliver competitively priced social & affordable homes under both forward purchase and forward fund9 transactions. We started 2026 active on six forward fund projects and expect to complete further forward fund transactions throughout the year, supporting efficient capital deployment and materially increasing our supply of social & affordable homes. The Government’s announcement in 2025 of additional capital funding to the sector highlights their commitment to support increased social, affordable and private output in the market.
The supportive changes to rent legislation proposed by the Government in 2025 were approved by the Cabinet Committee in February 2026 and are expected to be enacted into legislation in March 2026. This new legislation, combined with lower interest rates and recent changes to apartment regulations has the potential to positively impact demand from institutional investors, who are seeking long term stable exposure to the Irish residential market and who have been largely absent in recent years. Our market leading position in the delivery of scaled apartment developments leaves us strongly positioned to capitalise on this demand.
Investing in Sustainable Growth In 2025, the Company significantly increased its investment in construction activities with our highest ever WIP spend of €800.8 million (2024: €484.3 million). Our closing WIP balance of €413.8 million reflects the investment in the capacity and capability of our scaled operating platform and is 3.2x (2024: 4.0x) covered by over €1.32 billion sales in our closed and forward order book.
Cairn was active on an average of 25 residential sites during 2025, across both low and high-density schemes. The Company commenced nine new sites in 2026 including Montrose (Dublin 4), Ballymoneen (Galway), Garter Lane (Co. Dublin), Holybanks (Swords, Co. Dublin), Limebrook (Navan, Co. Meath), Wicker Walk (Seven Mills, Dublin 22), Exchange Square (Seven Mills, Dublin 22), Cross Avenue (Blackrock, Co. Dublin) and Creamfields (Co. Cork).
Our supply chain and procurement strategy leverages our scaled operating platform and multi-year, multi-project pipeline to maximise our operational competitive advantages, with a current committed procurement order book of over €1.8 billion on live sites. We are over 75% procured across all current live sites for 2026 and 50% for 2027, giving us material visibility over our cost profile. Whilst a significant portion of our materials are procured domestically, we remain aware of the potential impacts that the ongoing geopolitical uncertainty may have on our business in the future should there be a change.
2025 marked a significant step forward in embedding innovation and digital practices across our construction delivery model, enhancing our operational and productivity efficiencies. Key areas of progress and achievements in 2025 include:
Landbank Strategy Securing Growth In 2025, we acquired scaled sites (average site size of over 500 units) which are expected to deliver 4,500 new homes, primarily for the private market in the medium term. With our established strategic and disciplined capital allocation approach to land acquisition, we converted two option deals in the period, which will deliver c.2,800 of these 4,500 new homes. Our 39 site low-cost landbank now includes 13 high-density apartment sites and a number of our larger housing sites which include an element of high-density apartments (c.7,700 units at an average historic site cost of c.€43k per unit) and 26 low-density housing sites (c.10,700 units at an average historic site cost of c. €33k per unit).
Our land pipeline of up to 6,000 units provides enhanced landbank flexibility, whilst also securing our medium term growth in a capital efficient manner. This pipeline reflects transactions that can be executed opportunistically, ensuring flexibility to address changing demand dynamics and execute returns accretive opportunities as they arise.
During 2025, we 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). Over 70% of our c.18,400 unit landbank has effective full planning permission or is in the planning application process, underpinning our future growth.
Progress on Sustainability Initiatives Cairn continues to prioritise being a leader in sustainability, further embedding it in our everyday ways of working. Highlights of our progress and achievements in 2025 include:
Board and Committee Changes During 2025, the following Board and Committee changes occurred:
With effect from 1 January 2026, the following changes took place:
Following these changes, the composition of the Board Committees are as follows:
Change of Auditor In accordance with s.1548 of the Companies Act 2014, KPMG's tenure as the statutory auditor for a public interest entity reached its maximum duration at the end of the 2024 reporting cycle. Subsequently KPMG resigned as auditors following the completion of the audit for the fiscal year ending 31 December 2024. Ernst and Young Chartered Accountants have been appointed as the statutory auditor for the Group for the financial year ending 31 December 2025.
CAIRN HOMES PLC CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME For the year ended 31 December 2025
CAIRN HOMES PLC CONSOLIDATED STATEMENT OF FINANCIAL POSITION As at 31 December 2025
CAIRN HOMES PLC CONSOLIDATED STATEMENT OF CHANGES IN EQUITY For the year ended 31 December 2025
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY For the year ended 31 December 2024
CAIRN HOMES PLC CONSOLIDATED STATEMENT OF CASH FLOWS For the year ended 31 December 2025
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL INFORMATION Cairn Homes plc with registered number 552564 (“the Company”) is a company domiciled in Ireland. The Company’s registered office is 45 Mespil Road, Dublin 4, D04 W2F1. The Company and its subsidiaries (together referred to as “the Group”) and the Group’s interest in joint venture undertakings are predominantly involved in the development of residential property for sale. The unaudited consolidated financial information covers the year ended 31 December 2025. The Group’s unaudited consolidated financial information does not include all the information required for a complete set of financial statements prepared in accordance with International Financial Reporting Standards (“IFRS”) as adopted by the European Union. However, selected explanatory notes are included to explain events and transactions that are material to an understanding of the changes in the Group’s financial position and performance since 31 December 2024. They should be read in conjunction with the statutory consolidated financial statements of the Group, which were prepared in accordance with IFRS (“EU IFRS”) as adopted by the European Union, as at and for the year ended 31 December 2024, and the interim results for the six-month period ended 30 June 2025, issued on 3 September 2025. The statutory financial statements for the year ended 31 December 2024 have been filed with the Companies Registration Office and are available at www.cairnhomes.com. The audit opinion on those statutory financial statements was unqualified and did not contain any matters to which attention was drawn by way of emphasis. The statutory consolidated financial statements of the Group for the year ended 31 December 2025 will be published in March 2026 and will be available on www.cairnhomes.com. The new IFRS standards, amendments to standards or interpretations that are effective for the first time in the financial year ending 31 December 2025 have not had a material impact on the Group’s reported profit or net assets in this consolidated financial information. The Group’s other accounting policies, presentation and method of computations adopted in the preparation of this consolidated financial information are consistent with those followed in the preparation of the Group’s financial statements for the year ended 31 December 2024. The preparation of consolidated financial information requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. Actual results could differ materially from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively. The significant accounting judgements impacting this consolidated financial information, in order of significance are: • scale and mix of each development and the achievement of associated planning permissions. This may involve assumptions on new or amended planning permission applications. This judgement then feeds into the process of forecasting expected profitability by development which is used to determine the profit that the Group is able to recognise on its developments in each reporting period and the net realisable value of inventories. The key sources of estimation uncertainty impacting this consolidated financial information are: • forecast selling prices; • build cost inflation in relation to sites that are not fully procured; and • carrying value of inventories and allocations from inventories to cost of sales (note 7). Due to the nature of the Group’s activities and in particular the scale of its development costs and the length of the development cycle, the Group has to allocate site-wide development costs between units completed in the current year and those in future years. It also has to forecast the costs to complete on such developments and make estimates relating to future sales prices. Forecast selling prices and build cost inflation are inherently uncertain due to changes in market conditions. These estimates impact management’s assessment of the net realisable value of the Group’s inventories and also determine the extent of profit or loss that should be recognised in respect of each development in each reporting period. In making such assessments and allocations, there is a degree of inherent estimation uncertainty. The Group has developed internal controls designed to effectively assess and review carrying values and profit recognition, and the appropriateness of estimates made. The Group recognises its gross profit on each sale, based on the particular unit sold and the total cost attaching to that unit. As the build cost on a site can take place over a number of reporting periods the determination of the cost of sale to release on each individual unit sale is dependent on up-to-date cost forecasting and expected profit margins across the scheme. In preparing the financial statements, the Directors have considered the impact of climate change. There has been no material impact identified on the financial reporting judgements and estimates as a result of climate change. In particular, the Directors considered the impact of climate change in respect of the following areas: going concern and viability of the Group over the next three years; cash flow forecasts used in the impairment assessments of inventories; and carrying value and useful economic lives of property, plant and equipment. Whilst there is currently no medium-term impact expected from climate change, the Directors are aware of the ever-changing risks attached to climate change and will regularly assess these risks against judgements and estimates made in preparation of the Group’s financial statements. The consolidated financial information is presented in Euro, which is the functional currency of the Company and presentation currency of the Group, rounded to the nearest thousand. Going Concern
The Group delivered a strong operational and financial performance in 2025 with a 10% increase in revenue to €944.6 million (2024: €859.9 million) and a 16% increase in profit after tax to €132.7 million (2024: €114.6 million).
The Group had a total committed debt facility of €500.0 million at the start of 2026 with an average maturity of nearly four years. Net debt at 31 December 2025 was €171.3 million (31 December 2024: €154.4 million). 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.
The Directors have carried out a detailed assessment of the principal risks facing the Group and have considered the impact of these risks on the going concern of the business. In making this assessment, consideration has been given to the uncertainty inherent in financial forecasting including future market conditions such as sales prices. Where appropriate, severe but plausible downside-sensitivities have been applied to the key factors affecting the future financial performance of the Group.
Having considered the Group’s forecasts and outlook including the strength of its forward order book, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they are satisfied that it is appropriate to continue to adopt the going concern basis in preparing this consolidated financial information.
2. Revenue
Revenue is recognised either at a point in time or over time, according to the specific contractual arrangements. Revenue recognised at a point in time is recognised when control over the property has been transferred to the customer, which occurs at legal completion. Revenue recognised over time arises on forward fund contracts where land is sold up-front and the cost of delivering the new homes and commercial units is paid for by the purchaser on a phased basis. This revenue is measured based on total costs incurred at the reporting date relative to the estimated total cost of the contract, using an independent third-party valuation of the work performed. 3. Finance costs
Interest expense includes interest and amortised arrangement fees and issue costs on the drawn term loans, revolving credit facility and loan notes. Other finance costs include commitment fees on the undrawn element of the revolving credit facility during the year.
The discounting of the deferred payments for land purchases produces a notional interest payable amount and this is charged to finance expenses.
4. Administrative expenses
5. Employee benefits expense
6. Taxation
7. Inventories
8. Trade and other receivables
Trade receivables relate to amounts due in relation to residential property sales to institutional investors and State-supported counterparties. Included within trade receivables are amounts of €1.3 million (2024: €65.4 million) which relate to funds due from State-supported counterparties. Within the trade receivables, €17.2 million (2024: €18.5 million) relates to retentions.
Contract assets of €72.4 million (31 December 2024: €55.3 million) consist of revenue earned with State-supported and other counterparties that is either unbilled or the timing of receipt of consideration is conditioned on something other than the passage of time.
The Directors consider that all construction bonds are current assets as they will be realised in the Group’s normal operating cycle, which is such that a proportion of construction bonds will not be recovered within 12 months. It is estimated that €6.6 million (2024: €6.4 million) of the construction bond balance at 31 December 2025 will be recovered after more than 12 months from that date.
The carrying value of all trade and other receivables is approximate to their fair value.
10. Loans and borrowings
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. During the year ended 31 December 2025, the €402.5 million syndicate facility sustainability linked loans were redesignated to Green Loans1, 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. The Group now has access to €500.0 million of committed debt facilities, with an average maturity of nearly four years.
All debt facilities are secured by a debenture incorporating fixed and floating charges and assignments over all the assets of the Group. The carrying value of inventories as at 31 December 2025 pledged as security was €1,115.2 million (31 December 2024: €862.1 million). The amount presented in the financial statements is net of related unamortised arrangement fees and transaction costs of €1.6 million (31 December 2024: €1.0 million).
1 Aligned with the Loan Market Association’s Green Loan Principles.
11. Trade and other payables
Current Trade and other payables
Non-current Trade and other payables
During the year, €77.84 million of deferred consideration was recorded, relating to €77.05 million of deferred land payments and €0.79 million of finance expenses. Deferred consideration relates to amounts payable in relation to land purchased by the Group on deferred payment terms. In accordance with IFRS 9 ‘Financial Instruments’ the creditor is initially recorded at fair value, the price paid for the land being discounted to present day, and subsequently at amortised cost. The difference between the nominal value and the initial fair value is amortised over the deferred term to finance expenses, increasing the land creditor to its full cash settlement value on the payment date. Other creditors represents amounts due for payroll taxes and Relevant Contracts Tax. The carrying value of all trade and other payables is approximate to their fair value. 12. Earnings per share The basic earnings per share for the year ended 31 December 2025 is based on the profit attributable to ordinary shareholders of €132.7 million and the weighted average number of ordinary shares outstanding for the period.
The diluted earnings per share calculation reflects the dilutive impact of LTIP awards. 13. Dividends Dividends of €52.9 million were paid by the Company during the year (2024: €44.7 million). A dividend of 4.4 cent per ordinary share, totalling €27.5 million, was paid on 16 May 2025 and a dividend of 4.1 cent per ordinary share, totalling €25.4 million, was paid on 15 October 2025. 14. Related party transactions During the year, the Group entered into a joint venture with Castlegate Investments Limited. As part of this transaction the Group subscribed for 50% in equity and €6.97 million in loan notes. The remaining 50% is owned by Castlegate Investments Limited.
15. Commitments and contingent liabilities
Pursuant to the provisions of Section 357, Companies Act 2014, the Company has guaranteed the liabilities and commitments of its subsidiary undertakings for their financial years ending 31 December 2025 and as a result such subsidiary undertakings have been exempted from the filing provisions of Companies Act 2014.
At 31 December 2025, the Group had a contingent liability in respect of development surety bonds in the amount of €23.6 million (2024: €14.5 million). The Group in the normal course of business has given counter indemnities in respect of performance bonds relating to the Group’s own contracts. The possibility of any outflow in settlement for these is remote. The Group is not aware of any other commitments or contingent liabilities that should be disclosed. 16. Events after the year end On 4 March 2026, the Company proposed a final 2025 dividend of 5.9 cent per share subject to shareholder approval at the 2026 AGM on 30 April 2026. Based on the ordinary shares in issue at 3 March 2026, the amount of dividend proposed is €37.1 million. The proposed final dividend of 5.9 cent per ordinary share will be paid on 29 May 2026 to ordinary shareholders on the Company’s register at 5:00 p.m. on 24 April 2026.
Dissemination of a Regulatory Announcement that contains inside information in accordance with the Market Abuse Regulation (MAR), transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. View original content: EQS News |
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| ISIN: | IE00BWY4ZF18 |
| Category Code: | FR |
| TIDM: | CRN |
| LEI Code: | 635400DPX6WP2KKDOA83 |
| Sequence No.: | 419875 |
| EQS News ID: | 2285110 |
| End of Announcement | EQS News Service |
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