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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DJ Cairn Homes Plc: 2026 Interim Results -2-
Apartments across all tenures in our cities will play an increasingly important role in meeting future housing needs. This is better supported by the successful introduction of the Croí Cónaithe Cities Scheme, targeted at increasing owner-occupation. Exceptionally strong demand is evident and this recent initiative has already enabled us to provide competitively priced apartments, targeted at these new owner occupiers across five new developments nationwide."
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 2 September 2026 at 8.30am (BST). 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 8.30am.
Audio Webcast: https://edge.media-server.com/mmc/p/74yi76q9
Conference Call: https://register-conf.media-server.com/register/BI4432da3e714d4c7f959016eb66fcdeb7
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 these statements involve known and unknown risks, uncertainties and other factors regarding the environment in which we will operate in the future, and other internal and external factors which may be beyond our control (which include macro-economic & market forecasting, government policy, brand & reputation, finance & liquidity, land, planning & development, health, safety & compliance, people, sustainability and data, technology & cybersecurity), our actual results, achievements or performance may differ materially from those expressed or implied by such forward-looking statements. You are cautioned that past performance cannot be relied upon as a guide to future performance and should not be taken as a representation or assurance that trends or activities underlying past results, achievements or performance will continue in the future. All forward-looking statements are made solely as of the date of this document. Cairn expressly disclaims any obligation or undertaking to publicly update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, 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 Basic EPS (earnings per share) is defined as the earnings attributable to ordinary shareholders (EUR58.4 million) divided by the weighted average number of ordinary shares outstanding for the period (627,185,206 shares). Diluted EPS of 9.3 cent (H1 2025: 5.1 cent), refer to Note 10 of the financial statements for further details.
2 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).
3 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.
4 Gross margin is defined as gross profit divided by total revenue. Calculated as H1 2026: EUR96.9 million / EUR455.5 million (H1 2025: EUR63.1 million / EUR284.5 million).
5 Net debt consists of loans and borrowings EUR243.6 million less cash and cash equivalents of EUR49.1 million (H1 2025: loans and borrowings of EUR351.6 million less cash and cash equivalents of EUR44.2 million).
6 Interim DPS (dividend per share) is defined as dividends per share that are declared for the period.
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 Source: Irish Fiscal Advisory Council, Pre-Budget 2027 Statement (August 2026).
9 Total shareholder returns is defined as ordinary dividends paid to shareholders during a period plus amounts paid for shares purchased through share buyback programmes. Calculated as EUR36.8 million which represented the final 2025 dividend paid in May 2026 (H1 2025: EUR29.3 million which represented the final 2024 dividend paid in May 2025, EUR27.5 million and EUR1.8 million which completed the FY24 EUR45.0 million share buyback programme).
10 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
Record H1 Trading Performance
The Group delivered a 60% increase in revenue to EUR455.5 million in the first six months of 2026 (H1 2025: EUR284.5 million). Within this, residential sales from 1,139 units7 (H1 2025: 708 units7) accounted for EUR448.1 million (H1 2025: EUR274.0 million) in addition to EUR7.4 million from land and other commercial asset sales (H1 2025: EUR10.4 million). ASP increased 1.6% to EUR393,000 in H1 2026 (H1 2025: EUR387,000).
Gross profit for the period increased to EUR96.9 million (H1 2025: EUR63.1 million), delivering a gross margin4 of 21.3% (H1 2025: 22.2%), following a change in sales mix, partly offset by scaled procurement savings and improved operational efficiencies.
Operating profit was EUR74.8 million, a 75% increase from EUR42.7 million in H1 2025, resulting in an operating margin of 16.4% (H1 2025: 15.0%). Operating expenses were EUR22.0 million (H1 2025: EUR20.5 million), equating to 4.8% of revenue (H1 2025: 7.2%).
Finance costs for the period were EUR8.5 million (H1 2025: EUR6.1 million), reflecting the carrying cost of increased average committed debt facilities of EUR500 million (H1 2025: EUR435 million) and higher variable interest rate costs on our EUR300 million revolving credit facility. Profit after tax increased by 84% to EUR58.4 million (H1 2025: EUR31.7 million), equating to EPS1 of 9.3 cent (H1 2025: 5.1 cent), an increase of 4.2 cent (+82% y-o-y).
Efficient Capital Structure
Land of EUR693.3 million (31 December 2025: EUR701.3 million) reflects the release of land costs from 1,139 units7 sold in the period along with site disposals of EUR38.2 million. This was offset by land acquisitions (including acquisitions on deferred terms) and other land costs of EUR30.1 million. WIP of EUR482.9 million (31 December 2025: EUR413.8 million) reflects WIP spend of EUR385.6 million, net of WIP release of EUR316.5 million from the costs associated with the sale of 1,139 units7. Net assets increased from EUR836.7 million (as at 31 December 2025) to EUR860.3 million after dividend payments of EUR36.8 million.
The Group had access to EUR500.0 million of committed debt facilities as at 30 June 2026, with an average maturity of nearly four years:
-- EUR402.5 million syndicate facility comprising a term loan of EUR102.5 million (31 December 2025: EUR102.5million), and a revolving credit facility of EUR300.0 million (31 December 2025: EUR300.0 million) with Allied IrishBanks, Bank of Ireland, and Home Building Finance Ireland (HBFI), maturing in June 2029 with a one-year extensionoption at the discretion of the Group. The revolving credit facility was drawn at EUR45.0 million as at 30 June 2026(31 December 2025: EUR28.0 million); and
-- EUR97.5 million private placement with PGIM Private Capital (31 December 2025: EUR97.5 million). The Groupcompleted a refinance of part of its private placement debt on 31 July 2026 when a EUR42.5 million loan note maturedand was refinanced into a new EUR42.5 million five-year loan note repayable on 31 July 2031.
As at 30 June 2026, the Company had available liquidity, including cash and undrawn facilities, of EUR304.1 million (30 June 2025: EUR151.2 million). Net debt5 of EUR194.5 million was significantly below net debt5 of EUR307.4 million as at 30 June 2025.
Shareholder Returns
Total shareholder returns9 in the period amounted to EUR36.8 million being the final 2025 dividend payment, paid in May 2026. The Board has recommended an interim dividend for the period of 4.5 cent per ordinary share, which will be paid on 2 November 2026 to ordinary shareholders on the Company's register at 5.00pm on 18 September 2026.
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