Cairn Homes (CRN) H2 2025 earnings summary

Executive summary

• Reported FY2025 revenue of €944.6 million, up 10% year-over-year, with 2,365 new homes sold and a multiyear order book of €1.32 billion, reflecting exceptional demand, especially from first-time buyers.

• Operating margin improved to 17.8% and gross margin to 22.1%, supported by an efficient operating model and cost control.

• Operating profit rose 12% to €168.6 million; profit after tax increased 16% to €132.7 million; EPS up 19%.

• FY25 dividend per share increased 22% to 10.0 cent, with ROE up to 16.6%, reflecting strong shareholder returns.

• Active across 25 developments, with headcount up 30% to 600 and over 3,650 new homes granted full planning permission.

Financial highlights

• Revenue up 10% year-over-year to €944.6 million; gross profit €208.8 million, gross margin 22.1% (+40bps).

• EBITDA reached €177.2 million, up from €158.6 million in FY24.

• Net cash from operating activities €70.6 million after €167.4 million WIP investment and €54.7 million shareholder returns.

• Net debt at €171.3 million (debt to GAV 17.8%), with €500 million committed debt facilities and average maturity of nearly 4 years.

• Net assets grew 10% to €836.7 million; NAV per share rose to €1.34.

Outlook and guidance

• Upgraded FY2026 guidance: revenue €1.05–1.08 billion, operating profit €180–185 million, ROE ~16.5%.

• Targeting output of 6,000 new homes over two years, including 3,200 in 2027, a 35% increase.

• Order book includes over 2,000 homes closed/forward sold for 2026 and 1,374 homes for 2027–2028.