Glenveagh Properties now expects to complete more than 2,900 homes by the end of this year after the housebuilder increased its delivery forecast for 2026.
In its half-year results published today, the company raised its target by 150 homes from its previous forecast of 2,750, with all of those already sold, contracted or reserved, it said.
The increased target came as Glenveagh reported group revenues of €239.7m for the first six months of the year, down from €341.6m during the same period in 2025.
Revenue from its homebuilding division fell to €63.9m from €218.4m a year earlier, with the company expecting more of its completions to take place during the traditionally busier second half of the year.
Revenue from its partnerships division which includes housing and apartment developments often funded or acquired by the State or State bodies, increased to €175.8m, from €123.2m.
Glenveagh expects 1,700 of its overall deliveries this year to come through its homebuilding business, up from its previous forecast of 1,600. The remainder will come through its partnerships business, it said.
The company’s closed and forward order book stood at around €1.8bn, which is an increase of 29pc from €1.4bn a year earlier.
Construction spending has increased 34pc so far this year, reflecting how Glenveagh is preparing for a higher number of completions during the second half of 2026 and into 2027.
The value of work in progress stood at €504.7m at the end of June, compared with €346.8m at the same point last year.
The average selling price in Glenveagh’s homebuilding business increased to around €402,000 during the first half, from €377,000 a year earlier.
The company expects the average for the full year to be around €380,000.
Its homebuilding gross margin increased to 21.9pc from 21.4pc, while gross profit in the partnerships division rose 16pc to €23.2m.
Net debt increased to €422.7m at the end of June from €229.9m a year earlier, while the group recorded an operating cash outflow of €209.1m as it increased spending on construction.
Glenveagh expects net debt to fall to around €120m by the end of the year as homes are completed and sales close.
The company also increased its full-year earnings per share guidance to at least 21c, from previous guidance of up to 21c.
Glenveagh has doubled its current share buyback programme from €50m to €100m, it said. Upon completion of the current programme approximately €520m will have been returned to shareholders since 2021.
“Ireland’s housing delivery system is beginning to move more decisively, supported by a strengthening policy backdrop,” said Glenveagh CEO Stephen Garvey.
“Sustaining that momentum will require continued progress on zoning, servicing capacity and enabling infrastructure, and we will continue to engage constructively to help translate policy intent into homes on the ground.
“Looking ahead, our focus is on converting the order book into completed homes at pace,” he said.