Cairn Homes Plc: 2026 Interim Results

ROE Guidance Upgrade, €50m 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 €141 million increase in operating cash flow. With a record closed & forward order book² of 5,020 new homes (€1.89 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 €50 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.

Financial Highlights

• Revenue of €455.5 million from 1,139 units7, a 60% increase from H1 2025 (€284.5 million and 708 units7), with Cairn capturing a growing share of the realisable demand for new housing. 
• Average selling price (net of VAT) of €393,000 (H1 2025: €387,000), as the Company continues to prioritise affordability through efficient scaling and strategic innovation.
• Gross profit of €96.9 million (+54% y-o-y, H1 2025: €63.1 million), with a change in sales mix driving a gross 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% versus revenue growth of 60%, highlighting the operating leverage in our scaled platform. 
• Net construction work-in-progress (WIP) investment of €69.1 million in the period resulting in WIP of €482.9 million and net land reduction of €8.1 million resulting in land of €693.3 million (representing a c.18,000 unit wholly owned landbank).
• Net debt5 of €194.5 million (H1 2025: €307.4 million), reflecting significantly stronger y-o-y cash flow (operating cash flow improving by €141.0 million y-o-y to an inflow of €22.4 million).
• EPS1 of 9.3 cent, an 82% increase y-o-y (H1 2025: 5.1 cent). Interim DPS6 of 4.5 cent, continuing five years of interim DPS6 growth (H1 2025: 4.1 cent).

Operational and Market Highlights

• Multi-year closed and forward order book2 of 5,020 homes (€1.89 billion) across 30 sites, underpinning full-year guidance and providing clear visibility on further growth into 2027, with a weekly private sales rate of 3.7 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 deferred payment terms. Converting strategically sourced land into our wholly owned landbank remains a priority, supporting capital-efficient growth.
• Procured almost 95% across all live sites for 2026 and 50% for 2027, providing material visibility over our 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 apprentices active or qualified, this programme further strengthens our commitment to developing the next generation of skilled tradespeople.
• Opened the ‘Cairn Innovation Hub’, a new dedicated in-house R&D centre at our flagship Seven Mills development. This centralises our investment in improving customer affordability by harnessing our scaled procurement, sustainable construction, industry leading build speed, design optimisation and standardisation to increase access to new homes across Ireland.
• The Government has created a supportive policy environment focused on scaled housing delivery and funding enabling infrastructure, providing a roadmap to reaching 300,000 new homes by 2030. The industry is responding and housing 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 €9.0 billion8 forecast for 2026. This continued outperformance is reflected in Moody’s recent upgrade of the Irish long-term sovereign credit rating to 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 €50 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.€1.08 billion (previously €1.05 billion - €1.08 billion);
• Operating profit of c.€185 million (previously c.€180 million - €185 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 €50 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 (€1.89 billion) across 30 active developments nationwide. Despite an inflationary environment, our average selling price (€393,000 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. 

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 (€58.4 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: €96.9 million / €455.5 million (H1 2025: €63.1 million / €284.5 million).

5 Net debt consists of loans and borrowings €243.6 million less cash and cash equivalents of €49.1 million (H1 2025: loans and borrowings of €351.6 million less cash and cash equivalents of €44.2 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 €36.8 million which represented the final 2025 dividend paid in May 2026 (H1 2025: €29.3 million which represented the final 2024 dividend paid in May 2025, €27.5 million and €1.8 million which completed the FY24 €45.0 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 €455.5 million in the first six months of 2026 (H1 2025: €284.5 million). Within this, residential sales from 1,139 units7 (H1 2025: 708 units7) accounted for €448.1 million (H1 2025: €274.0 million) in addition to €7.4 million from land and other commercial asset sales (H1 2025: €10.4 million). ASP increased 1.6% to €393,000 in H1 2026 (H1 2025: €387,000).

Gross profit for the period increased to €96.9 million (H1 2025: €63.1 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 €74.8 million, a 75% increase from €42.7 million in H1 2025, resulting in an operating margin of 16.4% (H1 2025: 15.0%). Operating expenses were €22.0 million (H1 2025: €20.5 million), equating to 4.8% of revenue (H1 2025: 7.2%).

Finance costs for the period were €8.5 million (H1 2025: €6.1 million), reflecting the carrying cost of increased average committed debt facilities of €500 million (H1 2025: €435 million) and higher variable interest rate costs on our €300 million revolving credit facility. Profit after tax increased by 84% to €58.4 million (H1 2025: €31.7 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 €693.3 million (31 December 2025: €701.3 million) reflects the release of land costs from 1,139 units7 sold in the period along with site disposals of €38.2 million. This was offset by land acquisitions (including acquisitions on deferred terms) and other land costs of €30.1 million. WIP of €482.9 million (31 December 2025: €413.8 million) reflects WIP spend of €385.6 million, net of WIP release of €316.5 million from the costs associated with the sale of 1,139 units7. Net assets increased from €836.7 million (as at 31 December 2025) to €860.3 million after dividend payments of €36.8 million.

The Group had access to €500.0 million of committed debt facilities as at 30 June 2026, with an average maturity of nearly four years:

• €402.5 million syndicate facility comprising a term loan of €102.5 million (31 December 2025: €102.5 million), and a revolving credit facility of €300.0 million (31 December 2025: €300.0 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 €45.0 million as a