Glenveagh Properties has kept its fiscal year 2026 targets intact, with management restating confidence in the groups ability to grow and generate cash under the plan set for the year.
The company left guidance unchanged for each business stream. In housebuilding, Glenveagh is targeting 1,600 completions, an average selling price above €375,000 and a gross margin in excess of 21%.
For its partnerships division, management expects a mid-teen gross margin and forecasts average annual gross profit of at least €60 million.
At a group level, the firm is aiming for 2,750 total completions, €45 million of planned land sales and earnings per share of 21 cents. Glenveagh noted that all units slated for delivery in 2026 have already started construction, and that the housebuilding order book stands at 1,252 units, representing 78% of planned deliveries.
The company said a large portion of the build costs for the year are already secured, and that there has been no adjustment to margin guidance. Management also warned that reported earnings will be skewed to the second half of 2026, reflecting the timing of completions from sites acquired in late 2024.
Glenveagh reported that its land bank does not require additional material investment to support annual delivery rates of between 2,750 and 3,600 units through 2030. Management anticipates a meaningful improvement in cash generation, especially in the second half of 2026, driven by rising delivery volumes and the unwind of €142 million in contract assets.
The company reiterated its €25 million share buyback program announced in January, noting the programme is expected to continue through approximately May. Management said second-half 2026 cash flows will underpin ongoing reinvestment in the business and provide headroom for further capital returns.
In partnerships, Glenveagh has added 100 units across three sites that are in advanced discussions, lifting the total under that activity to 500 units. For the first time the company disclosed the size of its pipeline: it comprises more than 7,000 units with an estimated €3 billion net developable value.
Overall, managements decision to maintain targets reflects the firms view that construction activity, order coverage and its land holdings together support the FY26 plan and medium-term delivery profile. The company highlighted timing effects on earnings and flagged improved cash conversion as deliveries accelerate later in the year.