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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September 02, 2026 02:00 ET (06:00 GMT)
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.
First Time Buyers Driving 60% Increase in Sales
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September 02, 2026 02:00 ET (06:00 GMT)
DJ Cairn Homes Plc: 2026 Interim Results -3-
Demand across our markets remains exceptionally strong against the background of a structural undersupply of housing. Our significant investment in scaling our operating platform is allowing us to meet this demand, with the Company delivering 1,139 units7 in H1 2026, a 60% increase on prior year across 19 developments (H1 2025: 708 units7 across 11 developments). Our multi-year closed and forward order book2 of 5,020 new homes (EUR1.89 billion) represents sales until 2028, providing clear visibility on future delivery.
Sales to our core First Time Buyer market significantly increased in the period, reflecting the medium term evolution of our sales mix in growing our low-density housing platform. Cairn had eight new private launches in H1 2026, driving a private weekly sales rate of 3.7 across 17 selling developments. Demand for apartment ownership continues to remain strong with the Government's impactful Croí Cónaithe (Cities) scheme broadening the pool of private apartment buyers. This is clearly evident in our three Croí Cónaithe approved development launches, where we have agreed for sale over 350 apartments to date, including over 200 apartments at Exchange Square (Seven Mills, Dublin 22) since June 2026. Leveraging our position as Ireland's leading self-build apartment developer, we expect to continue to deliver apartments under this scheme, aligning with the Government's strategic aim of increasing apartment delivery across Ireland.
Delivering high-quality, energy-efficient, competitively priced social, cost rental and affordable purchase homes to our partners in local authorities, Approved Housing Bodies (AHBs) and the Land Development Agency (LDA) continues to be a core tenet of our strategy. Greater policy certainty and stronger public-private collaboration have further deepened these long-standing partnerships. Since 2024, forward fund10 transactions have enabled us to materially increase our delivery of social & affordable housing. We finished H1 2026 active on five forward fund10 projects and expect this transaction structure to continue to optimise our social & affordable delivery into the medium term. Our ASP increased by 1.6% y-o-y, below both wage and build cost inflation in the same period.
In early 2026, the Government enacted supportive changes to existing rent legislation which, notwithstanding the recent geopolitical volatility, has the potential to attract institutional investors to the Irish residential sector. Combined with amended apartment regulations we expect this new legislation to increase demand from institutional investors. Cairn is ideally positioned to address this demand, leveraging our market leading position in the delivery of scaled apartment developments.
Ideally Positioned for Growth
Our recent investment in scaling our operating platform has reduced the capital intensity of our growing output leaving us ideally positioned to deliver significant operational and financial growth. Net WIP spend of EUR69.1 million in the period, across an average of 26 active sites, has continued operational momentum from 2025. This supports our ambitious growth plans with six new site commencements YTD-26, which will deliver over 2,500 new homes, and a further four site commencements planned (c.950 new homes) in the remainder of 2026. Our closing H1 WIP balance of EUR482.9 million is 3.0x (H1 2025: 2.9x) covered by the EUR1.4 billion forward sales in our forward order book2.
In keeping with our disciplined capital allocation strategy, the Company has prioritised the growth of its strategic landbank (to c.2,750 units) and pipeline (to c.6,500 units) in the period. We remain active in the land market, prioritising capital efficient transactions including deferred consideration payments, joint ventures, partnerships and option agreements.
As at 30 June 2026, our 38 site c.18,000 unit wholly owned landbank includes 14 high-density apartment sites and a number of our larger housing sites which include an element of high-density apartments (c.6,800 units at an average historic site cost of c.EUR47k per unit) and 24 low-density housing sites (c.11,200 units at an average historic site cost of c. EUR31k per unit). YTD-26, we have obtained five new grants of planning which will deliver over 1,050 new homes. Nearly 75% of our c.18,000 unit landbank has effective full planning permission or is in the planning application process, securing our future delivery.
Differentiated Supply Chain Strengthened by Innovation
The ongoing global geopolitical volatility has highlighted the strength of our supply chain, subcontractor and procurement strategies. Our differentiated supply chain model, focused on long-standing relationships underpinned by multi-year, multi-site package awards, offers us security and flexibility of supply. This supply chain model, which we have refined over the last decade, has enabled the Company to deploy its capital to more returns accretive opportunities, evidenced through our sector leading FY25 ROE³ of 16.6% and upgraded FY26 ROE guidance of 17.0%.
Against a global inflationary backdrop, we continue to successfully execute a disciplined cost management strategy leveraging our scale through high-value tenders, category management and standardisation to moderate inflationary pressures. 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.
Cairn continues to invest in improving customer affordability by harnessing our design optimisation, standardisation and scaled platform to research and launch initiatives at scale. In addition to the opening of the Cairn Innovation Hub, key progress in H1 2026 included:
-- the conversion of our Technical Design Library into an AI agent, driving efficiencies through improvedinformation accessibility for our supply chain partners;
-- delivering our first passive house standard houses at The Ridge, Donabate (Co. Dublin); and
-- implementing our advanced construction planning digital tool across all live sites, driving efficienciesthrough sector leading lean construction.
Board and Committee Changes
On 1 July 2026, Alan Ralph was appointed as an independent Non-Executive Director. Alan also became a member of the Audit & Risk Committee and the Remuneration Committee. The composition of the Board Committees are:
-- Audit & Risk Committee: Orla O'Gorman (Chair), Linda Hickey, Orla O'Connor, Alan Ralph and JulieSinnamon;
-- Nomination Committee: Julie Sinnamon (Chair), Linda Hickey and Orla O'Gorman; and
-- Remuneration Committee: Linda Hickey (Chair), Orla O'Connor, Alan Ralph and Julie Sinnamon.
On 11 August 2026, the Company announced the appointment of Pat Farrell as an independent Non-Executive Director, effective 1 October 2026.
CAIRN HOMES PLC
STATEMENT OF DIRECTORS' RESPONSIBILITIES IN RESPECT OF THE HALF-YEARLY FINANCIAL REPORT
For the six month period ended 30 June 2026
The Directors are responsible for preparing the half-yearly financial report in accordance with the Transparency (Directive 2004/109/EC) Regulations 2007 ("the Transparency Directive"), and the Transparency Rules of the Central Bank (Investment Market Conduct) Rules 2019.
In preparing the condensed set of consolidated financial statements included within the half-yearly financial report, the Directors are required to:
-- prepare and present the condensed set of consolidated financial statements in accordance with IAS 34Interim Financial Reporting as adopted by the EU, the Transparency Directive, and the Transparency Rules of theCentral Bank of Ireland;
-- ensure the condensed set of consolidated financial statements has adequate disclosures;
-- select and apply appropriate accounting policies;
-- make accounting estimates that are reasonable in the circumstances; and
-- assess the Group's ability to continue as a going concern, disclosing, as applicable, matters related togoing concern and using the going concern basis of accounting unless the Directors either intend to liquidate theGroup or to cease operations, or have no realistic alternative but to do so.
The Directors are responsible for designing, implementing and maintaining such internal controls as they determine are necessary to enable the preparation of the condensed set of consolidated financial statements that is free from material misstatement whether due to fraud or error.
We confirm that to the best of our knowledge:
1. the condensed set of consolidated financial statements included within the half-yearly financial reportof Cairn Homes plc ("the Company") for the six months ended 30 June 2026 ("the interim financial information")which comprises the condensed consolidated statement of profit or loss and other comprehensive income, condensedconsolidated statement of financial position, condensed consolidated statement of changes in equity, condensedconsolidated statement of cash flows and the related explanatory notes, have been presented and prepared inaccordance with IAS 34 Interim Financial Reporting as adopted by the EU, the Transparency Directive, and theTransparency Rules of the Central Bank of Ireland.
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September 02, 2026 02:00 ET (06:00 GMT)
DJ Cairn Homes Plc: 2026 Interim Results -4-
2. The interim financial information presented includes a fair review of the information as required by theTransparency Directive, including:a. an indication of important events that have occurred during the first six months of the financialyear, and their impact on the condensed set of consolidated financial statements; b. a description of the principal risks and uncertainties for the remaining six months of the financialyear; c. related party transactions that have taken place in the first six months of the current financialyear and that have materially affected the financial position or the performance of the Company during thatperiod; and d. any changes in the related party transactions described in the last annual report that could have amaterial effect on the financial position or performance of the enterprise in the first six months of thecurrent financial year.
The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in Ireland governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
On behalf of the board
Michael Stanley Richard Ball Chief Executive Officer Chief Financial Officer
CAIRN HOMES PLC
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME (UNAUDITED)
For the six month period ended 30 June 2026
For six month period ended For six month period ended
30 June 2026 30 June 2025
Note EUR'000 EUR'000
Continuing operations
Revenue 2 455,493 284,458
Cost of sales (358,641) (221,312)
Gross profit 96,852 63,146
Administrative expenses (22,005) (20,484)
Operating profit 74,847 42,662
Finance costs 3 (8,501) (6,100)
Share of profit of equity-accounted investee, net of 2 193
tax
Finance income 911 260
Profit before taxation 67,259 37,015
Tax charge 4 (8,908) (5,328)
Profit for the period attributable to owners of the
Company
58,351 31,687
Other comprehensive income
Fair value movement on cashflow hedges 124 18
Cashflow hedges reclassified to profit or loss - (291)
124 (273)
Total comprehensive income for the period 58,475 31,414
attributable to owners of the Company
Basic earnings per share 10 9.3 cent 5.1 cent
Diluted earnings per share 10 9.3 cent 5.1 cent
CAIRN HOMES PLC
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION (UNAUDITED)
As at 30 June 2026
30 June
31 December 2025
2026
Unaudited Audited
Assets Note EUR'000 EUR'000
Non-current assets
Property, plant and equipment 6,169 6,717
Right of use assets 4,363 4,747
Intangible assets 3,393 4,455
Equity-accounted investee 36 34
Trade and other receivables 6 1,286 1,255
Financial asset 6,964 6,964
Derivatives 119 -
22,330 24,172
Current assets
Inventories 5 1,176,133 1,115,154
Trade and other receivables 6 97,987 111,740
Cash and cash equivalents 49,109 55,118
1,323,229 1,282,012
Total assets 1,345,559 1,306,184
Equity
Share capital 7 629 625
Share premium 7 201,894 201,894
Other undenominated capital 223 223
Treasury shares (10,622) (14,202)
Share-based payment reserve 10,282 14,781
Cashflow hedge reserve 119 (5)
Retained earnings 657,791 633,352
Total equity 860,316 836,668
Liabilities
Non-current liabilities
Derivatives - 5
Loans and borrowings 8 201,200 183,957
Lease liabilities 3,756 4,203
Deferred taxation 4 2,690 2,715
Trade and other payables 9 13,385 28,306
221,031 219,186
Current liabilities
Loans and borrowings 8 42,429 42,464
Lease liabilities 1,365 1,331
Trade and other payables 219,784 204,258
9
Current taxation 634 2,277
264,212 250,330
Total liabilities 485,243 469,516
Total equity and liabilities 1,345,559 1,306,184
CAIRN HOMES PLC
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)
For the six month period ended 30 June 2026
Attributable to owners of the Company
Share Share Other Treasury Share-Based Cashflow Retained
Capital Premium Undenomin-ated Shares Payment Hedge Earnings Total
Capital Reserve Reserve
EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000
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September 02, 2026 02:00 ET (06:00 GMT)
DJ Cairn Homes Plc: 2026 Interim Results -5-
As at 1 January 2026 625 201,894 223 (14,202) 14,781 (5) 633,352 836,668
Total comprehensive income for the
period
Profit for the period - - - - - - 58,351 58,351
Fair value movement on cashflow hedges - - - - - 124 - 124
Cashflow hedges reclassified to profit - - - - - - - -
or loss
- - - - - 124 58,351 58,475
Transactions with owners of the Company
Purchase of own shares - held in trust - - - (500) - - - (500)
Equity-settled share-based payments - - - - 2,481 - - 2,481
Settlement of dividend equivalents - - - - (604) - 604 -
Shares issued on vesting of share awards 4 - - 4,080 - - (4,080) 4
and options
Transfer from share-based payment
reserve to retained earnings in relation - - - - (6,376) - 6,376 -
to vesting or lapsing of share awards
Dividends paid to shareholders (note 11) - - - - - - (36,812) (36,812)
4 - - 3,580 (4,499) - (33,912) (34,827)
As at 30 June 2026 629 201,894 223 (10,622) 10,282 119 657,791 860,316
CAIRN HOMES PLC
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)
For the six month period ended 30 June 2025
Attributable to owners of the Company
Share Share Other Treasury Share-Based Cashflow Retained
Capital Premium Undenomin-ated Shares Payment Hedge Earnings Total
Capital Reserve Reserve
EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000
As at 1 January 2025 621 201,894 222 (8,202) 14,721 105 548,847 758,208
Total comprehensive income for the
period
Profit for the period - - - - - - 31,687 31,687
Fair value movement on cashflow hedges - - - - - 18 - 18
Cashflow hedges reclassified to profit - - - - - (291) - (291)
or loss
- - - - - (273) 31,687 31,414
Transactions with owners of the Company
Purchase of own shares - share buybacks - - - (1,833) - - - (1,833)
Cancellation of repurchased shares (1) - 1 1,833 - - (1,833) -
Equity-settled share-based payments - - - - 3,307 - - 3,307
Settlement of dividend equivalents - - - - (796) - 796 -
Shares issued on vesting of share 5 - - - - - - 5
awards and options
Transfer from share-based payment
reserve to retained earnings in - - - - (5,707) - 5,707 -
relation to vesting or lapsing of share
awards
Dividends paid to shareholders - - - - - - (27,532) (27,532)
4 - 1 - (3,196) - (22,862) (26,053)
As at 30 June 2025 625 201,894 223 (8,202) 11,525 (168) 557,672 763,569
CAIRN HOMES PLC
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)
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For the six month period ended 30 June 2026
For the six month period ended For the six month period ended
30 June 2026 30 June 2025
EUR'000 EUR'000
Cash flows from operating activities
Profit for the period 58,351 31,687
Adjustments for:
Share-based payments expense 2,001 3,020
Finance costs 8,501 6,100
Finance income (911) (260)
Depreciation and amortisation 1,749 791
Taxation 8,908 5,328
78,599 46,666
Increase in inventories (70,733) (171,111)
Decrease/(increase) in trade and other 13,721 (21,127)
receivables
Increase in trade and other payables 11,379 36,725
Tax paid (10,574) (9,784)
Net cash from/(used in) operating activities 22,392 (118,631)
Cash flows from investing activities
Purchases of property, plant and equipment (492) (480)
Purchases of intangible assets (37) (562)
Net cash used in investing activities (529) (1,042)
Cash flows from financing activities
Purchase of own shares - share buybacks - (1,833)
Proceeds from issue of share capital 4 5
Purchase of own shares - held in trust (500) -
Proceeds from borrowings net of debt issue 269,990 218,617
costs
Repayment of loans and borrowings (253,000) (49,431)
Repayment of lease liabilities (710) (764)
Dividends paid (36,812) (27,532)
Interest and other finance costs paid (6,844) (2,852)
Net cash (used in)/from financing activities (27,872) 136,210
Net (decrease)/increase in cash and cash (6,009) 16,537
equivalents in the period
Cash and cash equivalents at beginning of 55,118 27,623
period
Cash and cash equivalents at end of period 49,109 44,160
CAIRN HOMES PLC
NOTES TO THE UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS
1. Accounting policies
Basis of preparation
Cairn Homes plc ("the Company") is a company domiciled in Ireland. The Company's registered office is at 45 Mespil Road, Dublin 4. The Company and its subsidiaries (together referred to as "the Group") are predominantly involved in the development of residential property for sale.
These unaudited condensed interim consolidated financial statements and the information set out in this report cover the six month period ended 30 June 2026 and have been prepared in accordance with IAS 34 "Interim Financial Reporting" as adopted by the European Union.
The condensed interim consolidated financial statements do not include all the information required for a complete set of financial statements prepared in accordance with IFRS as adopted by the European Union. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group's financial position and performance since 31 December 2025. They should be read in conjunction with the statutory consolidated financial statements of the Group, which were prepared in accordance with IFRS as adopted by the European Union, as at and for the year ended 31 December 2025. Those statutory financial statements have been filed with the Registrar of Companies 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 interim condensed consolidated financial statements are presented in euro, which is the functional currency of the Company and presentation currency of the Group, rounded to the nearest thousand.
The new IFRS standards, amendments to standards or interpretations that are effective for the first time in the financial year ending 31 December 2026 have not had a material impact on the Group's reported profit or net assets in these interim financial statements, however the Directors are currently reviewing the impact of IFRS 18.
IFRS 18 is set to supersede IAS 1 Presentation of Financial Statements and will apply to reporting periods beginning on or after 1 January 2027. The new standard does not change how items are recognised or measured in the financial statements; however, it may bring changes to how information is presented and disclosed by the Group. Management is currently evaluating how the adoption of IFRS 18 may affect the Group's consolidated financial statements.
The Group's other accounting policies, presentation and method of computations adopted in the preparation of the condensed interim financial statements are consistent with those followed in the preparation of the Group's financial statements for the year ended 31 December 2025. The preparation of consolidated financial statements 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 these interim financial statements, 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 these interim financial statements are:
. carrying value of inventories and allocations from inventories to cost of sales (note 5);
. build cost inflation in relation to sites that are not fully procured; and
. forecast selling prices.
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 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. Note 16 in the 2025 annual report on page 171 includes disclosures on judgements and estimates in relation to profit margins and carrying values of inventories. 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 the appropriateness of estimates made. The Directors have also considered the impact of climate change and the Group's commitment to the Science Based Targets initiative (SBTi) Net Zero Standard as well as any additional costs, savings and revenues associated with climate risks or opportunities as identified in the Task Force on Climate-Related Financial Disclosures on pages 50-55 of the 2025 annual report in relation to costs and expected profit margins. There has been no other material impact identified on the interim financial statements judgements and estimates as a result of climate change.
Going concern
The Group delivered a strong operational and financial performance in the first six months of 2026 with a 60% increase in revenue to EUR455.5 million (H1 2025: EUR284.5 million) and an 84% increase in profit after tax to EUR58.4 million (H1 2025: EUR31.7 million).
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The Group had a total committed debt facility of EUR500.0 million at 30 June 2026 with an average maturity of nearly four years. Net debt at 30 June 2026 was EUR194.5 million (30 June 2025: EUR307.4 million). As at 30 June 2026, the Company had available liquidity, including cash and undrawn facilities, of EUR304.1 million, compared to EUR151.2 million as at 30 June 2025.
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
For six month period ended 30 June For six month period ended 30 June
2026 2025
EUR'000 EUR'000
Residential property sales
Recognised at a point in time 346,496 42,757
Recognised over time 101,593 231,261
Total residential property sales 448,089 274,018
Site and other sales - recognised at a 3,291 10,417
point in time
Site and other sales - recognised over
time
4,082 -
Revenue from contracts with customers 455,462 284,435
Other revenue
Income from property rental 31 23
455,493 284,458
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 works completed.
3. Finance costs
For six month period ended 30 For six month period ended 30
June 2026 June 2025
EUR'000 EUR'000
Interest expense on financial liabilities measured
at
amortised cost 6,046 5,414
Other finance costs 1,029 867
Interest on deferred term land payables 1,278 -
Cash flow hedges - reclassified from other - (291)
comprehensive income
Interest on lease liabilities 148 110
8,501 6,100
Interest expense for the six-month period to 30 June 2026 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.
The discounting of the deferred payments for land purchases produces a notional interest payable amount and this is charged to finance expenses.
4. Taxation
For six month period ended 30 June For six month period ended 30 June
2026 2025
EUR'000 EUR'000
Current tax charge for the period 8,933 5,328
Deferred tax credit for the period (25) -
Total tax charge 8,908 5,328
Deferred tax
The deferred tax liability movement for the
period follows: For year ended
For six month period ended 30 June
2026
31 December 2025
EUR'000 EUR'000
Opening balance 2,715 3,090
Credited to profit or loss (25) (375)
Closing balance 2,690 2,715
5. Inventories
30 June 2026 31 December 2025
EUR'000 EUR'000
Land held for development 693,253 701,333
Construction work in progress 482,880 413,821
1,176,133 1,115,154
Land held for development includes historic land acquisitions and land acquired under deferred payment terms where risks and rewards have been transferred to the Group.
The Directors consider that all inventories are essentially current in nature although the Group's operational cycle is such that a considerable proportion of inventories will not be realised within 12 months. It is not possible to determine with accuracy when specific inventories will be realised as this will be subject to a number of factors, such as consumer demand for new homes under construction and the timing of planning permissions in respect of land held for development.
The cost of inventories includes direct labour costs and other direct wages and salaries as well as the cost of land, raw materials, and other direct costs. During the period ended 30 June 2026 and the period ended 31 December 2025 no direct wages and salaries for employees in construction related roles were estimated to be non-productive and therefore all such costs were included in the cost of inventories. The Group did not recognise any write-downs of inventories to net realisable value during the six-month period ended 30 June 2026, and there were no reversals of previously recognised write-downs.
6. Trade and other receivables
Current assets 30 June 2026 31 December 2025
EUR'000 EUR'000
Trade receivables 26,478 21,766
Contract assets 54,059 72,397
Prepayments 1,756 1,604
Construction bonds 11,273 11,530
Other receivables 4,421 4,443
97,987 111,740
Non-current assets
30 June 2026 31 December 2025
EUR'000 EUR'000
Other receivables 1,286 1,255
1,286 1,255
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 EUR5.2 million (31 December 2025: EUR1.3 million) which relate to funds due from State-supported counterparties. Within the trade receivables, EUR15.2 million (31 December 2025: EUR17.2 million) relates to retentions.
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Contract assets of EUR54.1 million (31 December 2025: EUR72.4 million) consist of revenue earned on forward fund transactions with State supported 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 EUR6.7 million (31 December 2025: EUR6.6 million) of the construction bond balance at 30 June 2026 will be recovered after more than 12 months from that date.
7. Share capital and share premium
30 June 2026 31 December 2025
Number EUR'000 Number EUR'000
Authorised
Ordinary shares of EUR0.001 each 1,000,000,000 1,000 1,000,000,000 1,000
Total authorised share capital 1,000 1,000
Share Capital Share Premium Total
As at 30 June 2026 Number EUR'000 EUR'000 EUR'000
Issued and fully paid
Ordinary shares of EUR0.001 each 629,002,525 629 201,894 202,523
Share Capital Share Premium Total
As at 31 December 2025 Number EUR'000 EUR'000 EUR'000
Issued and fully paid
Ordinary shares of EUR0.001 each 625,576,122 625 201,894 202,519
During the period ended 30 June 2026 the Group issued 2,984,337 ordinary shares in relation to the vesting of the 2023 long-term incentive plan (LTIP) (30 June 2025: 4,644,889 in relation to the vesting of the 2022 LTIP). The Group issued 442,066 ordinary shares (30 June 2025: 684,126) in relation to dividend equivalents during the period ended 30 June 2026.
During the period the Group purchased 219,865 shares which are held in trust (30 June 2025: Nil).
8. Loans and borrowings
30 June 2026 31 December 2025
EUR'000 EUR'000
Current liabilities
Repayable within one year 42,429 42,464
42,429 42,464
Non-current liabilities
Bank and other loans
Repayable as follows:
Between two and five years 201,200 183,957
201,200 183,957
Total loans and borrowings 243,629 226,421
The Group had a total committed debt facility of EUR500.0 million at 30 June 2026 (31 December 2025: EUR500.0 million), of which EUR402.5 million represents a syndicate facility comprising a term loan of EUR102.5 million (31 December 2025: EUR102.5 million), and a revolving credit facility of EUR300.0 million (31 December 2025: EUR300.0 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 the Group. The revolving credit facility was drawn at EUR45.0 million as at 30 June 2026 (31 December 2025: EUR28.0 million). The Group's revolving credit facility activity during the period ended 30 June 2026 comprised drawdowns of EUR270.0 million and repayments of EUR253.0 million.
Additionally, at 30 June 2026, the Group has EUR97.5 million of committed debt facilities with PGIM Private Capital (31 December 2025: EUR97.5 million). The Group completed a refinance of part of its private placement debt on 31 July 2026 when a EUR42.5 million loan note matured and was refinanced into a new EUR42.5 million five-year loan note repayable on 31 July 2031. Following this, the Group has maintained its committed debt facilities at EUR500.0 million, with an average maturity of four years.
All debt facilities are secured by a debenture incorporating fixed and floating charges and assignments over all of the assets of the Group. The carrying value of inventories as at 30 June 2026 pledged as security was EUR1,176.1 million (31 December 2025: EUR1,115.2 million). All banking covenants have been complied with in the period ended 30 June 2026.
9. Trade and other payables
Current trade and other payables
30 June 2026 31 December 2025
EUR'000 EUR'000
Trade payables 79,638 42,899
Deferred consideration 54,669 49,538
Deferred income 4,732 3,090
Accruals 73,354 86,328
VAT liability 4,913 20,695
Other creditors 2,478 1,708
219,784 204,258
Non-current trade and other payables
30 June 2026 31 December 2025
EUR'000 EUR'000
Deferred consideration 13,385 28,306
13,385 28,306
Deferred consideration relates to amounts payable in relation to land purchased whereby the Group acquired land on deferred payment terms. In accordance with IFRS 9 'Financial Instruments' the land 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 represent amounts due for payroll taxes and Relevant Contracts Tax. The carrying value of all trade and other payables is approximate to their fair value.
10. Earnings per share
The basic earnings per share for the period ended 30 June 2026 is based on the earnings attributable to ordinary shareholders of EUR58.4 million and the weighted average number of ordinary shares outstanding for the period.
For six month period ended For six month period ended
30 June 2026 30 June 2025
Profit attributable to owners of the Company (EUR'000) 58,351 31,687
Numerator for basic and diluted earnings per share 58,351 31,687
Weighted average number of ordinary shares for period 627,185,206 622,969,935
(basic)
Dilutive effect of LTIP awards - -
Dilutive effect of share options - -
Denominator for diluted earnings per share 627,185,206 622,969,935
Earnings per share
Basic 9.3 cent 5.1 cent
Diluted 9.3 cent 5.1 cent
11. Dividends
A final 2025 dividend of 5.9 cent per ordinary share totalling EUR36.8 million was paid on 29 May 2026.
On 1 September 2026 the Board approved an interim dividend of 4.5 cent per ordinary share. This interim dividend will be paid on 2 November 2026 to shareholders on the register on the record date of 18 September 2026. Based on the ordinary shares in issue at 2 September 2026, the amount of dividends proposed is EUR28.3 million.
12. Related party transactions
There were no related party transactions during the period ended 30 June 2026 other than remuneration to key management personnel.
13. Financial risk management
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Fair value of financial assets and financial liabilities
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. For financial reporting purposes, fair value measurements are categorised into Level 1, 2 or 3 based on the degree to which inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurement in its entirety, which are described as follows:
Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities;
Level 2: valuation techniques for which the lowest level of inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly; and
Level 3: valuation techniques for which the lowest level of inputs that have a significant effect on the recorded fair value are not based on observable market data.
The following table shows the Group's financial assets and liabilities, and the methods used to calculate fair value.
Asset/ Carrying Level Method Assumptions
Liability value
Borrowings Amortised 2 Discounted cash Valuation based on future repayment and interest cash flows
cost flow discounted at a period end market interest rate.
Interest rate Fair value 2 Discounted cash Valuation based on the present value of estimated future cash
swaps flow flows based on observable yield curves.
The following table shows the carrying values of financial assets and liabilities including their values in the fair value hierarchy. The table does not include fair value information for financial assets and liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value. There is no transfer between level of fair value hierarchy used in measuring the fair value of financial instruments during the period.
30 June 2026 Fair Value
Carrying Value Level 1 Level 2 Level 3
EUR'000 EUR'000 EUR'000 EUR'000
Financial assets measured at fair value
Derivative interest rate swap 119 119
Financial assets measured at amortised cost
Trade and other receivables (excluding prepayments) 97,517
Cash and cash equivalents 49,109
Financial asset 6,964
153,590
Total financial assets 153,709
Financial liabilities measured at amortised cost
Trade payables and accruals 152,992
Deferred revenue 4,732
Loans and borrowings 243,629 243,491
Deferred consideration 68,054
469,407
31 December 2025 Fair Value
Carrying Value Level 1 Level 2 Level 3
EUR'000 EUR'000 EUR'000 EUR'000
Financial assets measured at amortised cost
Trade and other receivables (excluding prepayments) 111,391
Cash and cash equivalents 55,118
Financial asset 6,964
173,473
Total financial assets 173,473
Financial liabilities measured at amortised cost
Derivative interest rate swap 5 5
Trade payables and accruals 129,227
Deferred revenue 3,090
Loans and borrowings 226,421 226,066
358,743
Financial liabilities measured at fair value
Deferred consideration 77,845 77,845
77,845
14. Other commitments and contingent liabilities
As at 30 June 2026, the Group had a contingent liability in respect of construction bonds in the amount of EUR27.2 million (31 December 2025: EUR23.6 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 in these interim financial statements.
15. Events after the reporting period
As referenced in note 8, the Group completed a refinance of part of its private placement debt on 31 July 2026 when a EUR42.5 million loan note matured and was refinanced into a new EUR42.5 million five-year loan note repayable on 31 July 2031. Following this, the Group has maintained its committed debt facilities at EUR500.0 million, with an average maturity of four years.
On 1 September 2026 the Board approved an interim dividend of 4.5 cent per ordinary share. This interim dividend will be paid on 2 November 2026 to shareholders on the register on the record date of 18 September 2026. Based on the ordinary shares in issue at 2 September 2026, the amount of dividends proposed is EUR28.3 million.
On 1 September 2026 the Board approved a EUR50.0 million share buyback programme which will commence on 2 September 2026.
16. Approval of financial statements
These interim financial statements were approved by the Board on 1 September 2026.
INDEPENDENT REVIEW REPORT TO CAIRN HOMES PLC
Conclusion
We have been engaged by Cairn Homes plc ("the Company" and/or "the Group") to review the condensed set of consolidated financial statements in the half-yearly financial report for the six months ended 30 June 2026 which comprises the condensed consolidated statement of profit or loss and other comprehensive income, condensed consolidated statement of financial position, condensed consolidated statement of changes in equity, condensed consolidated statement of cash flows and the related explanatory notes. We have read the other information contained in the half-yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.
Based on our review, nothing has come to our attention that causes us to believe that the condensed set of consolidated financial statement in the half-yearly financial report for the six months ended 30 June 2026 is not prepared, in all material respects, in accordance with International Accounting Standard (IAS) 34 as adopted by the European Union and the Transparency (Directive 2004/109/EC) Regulation 2007 and the Central Bank (Investment Market conduct) Rules 2019.
Basis for Conclusion
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