DJ Cairn Homes Plc: 2026 Interim Results
Cairn Homes Plc (CRN)
Cairn Homes Plc: 2026 Interim Results
02-Sep-2026 / 07:00 GMT/BST
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ROE Guidance Upgrade, EUR50m Share Buyback and 10% Interim DPS Increase
Dublin / London, 2 September 2026: 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 2026.
Cairn delivered a strong operational and financial performance in H1 2026, demonstrating the earnings and cash
generation benefits of its scaled operating platform. EPS1 increased by 82% year-on-year (y-o-y) with a EUR141 million
increase in operating cash flow. With a record closed & forward order book² of 5,020 new homes (EUR1.89 billion)
providing strong sales visibility and a significantly strengthened balance sheet, the Group is well positioned for
strong cash generation and profitable growth throughout the remainder of 2026 and into 2027. Reflecting this
confidence, Cairn today announces a new EUR50 million share buyback programme, increases its interim dividend by 10% to
4.5 cent per share and upgrades FY26 ROE³ guidance to c.17.0%, further reinforcing our sector leading ROE position.
6 months ended
6 months ended 30 June 2026 Movement
30 June 2025
Revenue EUR455.5m EUR284.5m +60%
Net average selling price (ASP) EUR393k EUR387k +1.6%
Gross margin4 21.3% 22.2% (90bps)
Operating profit EUR74.8m EUR42.7m +75%
Operating margin 16.4% 15.0% +140bps
Operating cash flow EUR22.4m (EUR118.6m) +EUR141m
Net debt5 (EUR194.5m) (EUR307.4m) +EUR113m
Basic earnings per share (EPS)1 9.3c 5.1c +82%
Interim dividend per share (DPS)6 4.5c 4.1c +10%
As at 2
As at 1 September 2026 Movement
September 2025
Closed & forward order book (units)2 5,020 4,092 +23%
Closed & forward order book (value net of VAT) EUR1.89bn EUR1.54bn +23%
Closed & forward order book (net ASP) EUR376k EUR376k -
Financial Highlights
-- Revenue of EUR455.5 million from 1,139 units7, a 60% increase from H1 2025 (EUR284.5 million and 708 units7),with Cairn capturing a growing share of the realisable demand for new housing.
-- Average selling price (net of VAT) of EUR393,000 (H1 2025: EUR387,000), as the Company continues toprioritise affordability through efficient scaling and strategic innovation.
-- Gross profit of EUR96.9 million (+54% y-o-y, H1 2025: EUR63.1 million), with a change in sales mix driving agross margin4 of 21.3% (H1 2025: 22.2%).
-- Operating margin growth of 140bps y-o-y to 16.4% (H1 2025: 15.0%). Operating cost growth of 7% versusrevenue growth of 60%, highlighting the operating leverage in our scaled platform.
-- Net construction work-in-progress (WIP) investment of EUR69.1 million in the period resulting in WIP ofEUR482.9 million and net land reduction of EUR8.1 million resulting in land of EUR693.3 million (representing a c.18,000unit wholly owned landbank).
-- Net debt5 of EUR194.5 million (H1 2025: EUR307.4 million), reflecting significantly stronger y-o-y cash flow(operating cash flow improving by EUR141.0 million y-o-y to an inflow of EUR22.4 million).
-- EPS1 of 9.3 cent, an 82% increase y-o-y (H1 2025: 5.1 cent). Interim DPS6 of 4.5 cent, continuing fiveyears of interim DPS6 growth (H1 2025: 4.1 cent).
Operational and Market Highlights
-- Multi-year closed and forward order book2 of 5,020 homes (EUR1.89 billion) across 30 sites, underpinningfull-year guidance and providing clear visibility on further growth into 2027, with a weekly private sales rate of3.7 new homes per private selling site highlighting the continued demand from private buyers across all tenures.
-- Expanded our land pipeline to c.6,500 units and transferred 400 units into our landbank on deferredpayment terms. Converting strategically sourced land into our wholly owned landbank remains a priority, supportingcapital-efficient growth.
-- Procured almost 95% across all live sites for 2026 and 50% for 2027, providing material visibility overour cost profile. We expect build cost inflation for FY26 to be c.2.5%.
-- Welcomed our 25th Supply Chain Partner to the Cairn Apprenticeship Programme. With nearly 350 apprenticesactive or qualified, this programme further strengthens our commitment to developing the next generation of skilledtradespeople.
-- Opened the 'Cairn Innovation Hub', a new dedicated in-house R&D centre at our flagship Seven Millsdevelopment. This centralises our investment in improving customer affordability by harnessing our scaledprocurement, sustainable construction, industry leading build speed, design optimisation and standardisation toincrease access to new homes across Ireland.
-- The Government has created a supportive policy environment focused on scaled housing delivery and fundingenabling infrastructure, providing a roadmap to reaching 300,000 new homes by 2030. The industry is responding andhousing delivery increased to 16,679 new homes in H1 2026 (+11% from H1 2025).
-- The Irish economy continues to outperform its peers, with a surplus of EUR9.0 billion8 forecast for 2026.This continued outperformance is reflected in Moody's recent upgrade of the Irish long-term sovereign credit ratingto Aa2, its highest rating since 2010.
Capital Allocation and Shareholder Value
In addition to an increased interim DPS6 of 4.5 cent, the Company announces a new EUR50 million share buyback programme, starting today. The programme reflects the sales visibility provided by our record order book2 and the capacity of the Group's balance sheet to invest in growth and return excess cash concurrently, while maintaining leverage at conservative levels of debt to gross asset value (GAV) of c.20% at year end.
We will continue to invest capital in growth. Our efficient capital structure and well invested operational platform can now fund materially more output at reduced capital intensity levels. Return on equity (ROE³) remains our primary measure of shareholder value generation. Reflecting the reducing capital intensity of our growing output and our enhanced capital recycling, we are today upgrading our FY26 ROE³ guidance to c.17.0% (from c.16.5%). Cairn's consistent track record of ROE3 growth underpins management's confidence in continuing this sustained and strong ROE3 trajectory.
Outlook and Guidance Upgrade
Our strategic, operational and financial decisions are paying off, with c.6,000 new homes expected to be delivered between this year and next (c.3,200 new homes in 2027), following the delivery of over 12,000 new homes in our first decade. Our scaled operational platform, financial strength and proven track record leave us uniquely positioned to lead housing delivery across Ireland while generating growing returns for our shareholders. The Company today upgrades FY26 guidance as follows:
-- Revenue of c.EUR1.08 billion (previously EUR1.05 billion - EUR1.08 billion);
-- Operating profit of c.EUR185 million (previously c.EUR180 million - EUR185 million); and
-- ROE³ of c.17.0% (previously c.16.5%).
Commenting on the results, Michael Stanley, CEO, said:
"Our focused investment in growth has now delivered a step change in output with a 60% increase in new homes delivery compared to the first half of last year, while also generating an exceptionally strong financial performance and return on investment. In this regard, we are pleased to upgrade our full year guidance, increase our interim dividend and initiate a new EUR50 million share buyback programme.
Cairn will continue to make a major contribution to Ireland's housing needs. Today our sales and forward order book stands at over 5,000 new homes (EUR1.89 billion) across 30 active developments nationwide. Despite an inflationary environment, our average selling price (EUR393,000 excl. VAT) has increased by only 1.6% compared to the same period last year. This is a clear endorsement of our scaled and efficient platform. Cairn's growing brand affinity continues to be built upon industry leading output, quality and affordability.
The collaboration between public and private sector across all aspects of the scaled home delivery model is showing system-wide results, making a real difference to those securing new homes, at affordable prices. A sustained application of these policies will be required to maintain the momentum, particularly in respect of the delivery of well-located homes for families and young working people crucial to Ireland's sustained economic growth.
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