The guidance comes as the listed house-builder reports its full-year results for 2025, which shows it delivered 2,568 homes last year, up from 2,309 the previous year, an increase of 259 units in output.
Speaking following the release of results, chief executive Stephen Garvey said the increase in delivery should be viewed in the context of the company’s longer-term plans to scale housing output.
“We are planning for the long term and the capability of delivering up to about 3,600 units,” he said.
“It’s not an elevator, we’re taking it by the stairs, but we’re in good shape to scale up from here.”
Mr Garvey said increased delivery by major developers and other housing providers could help push national housing supply to 50,000 units a year by 2028.
“36,000 now is a potential baseline. It is becoming very clear to us that the obsolete stock that’s coming back into use is potentially up to 4,000 units here.
“So this is social stock that was not in use. This is housing that has been obsolete for 10 or 15 years. They’re being supported by government grants, and they’re coming back into use.
“So I think the real supply number is closer to potentially 40,000 units when you take them all into account, and then I think you have a very clear line of sight of the 10,000 units that could come from all the other players.
“The route to 50,000 is now very, very clear,” Mr Garvey said. Glenveagh operates across both traditional home-building and a partnerships model that delivers homes for state-backed bodies.
The company reported revenues of €926m for the year, up from €869m previously, driven by continued growth across both divisions of the business.
Glenveagh’s profitability has improved year on year. Photo: Getty
A significant part of that growth came from the partnerships division, which saw revenue increase to €381m compared to €237m the previous year.
Profitability also improved during the period. Glenveagh said its gross margin rose to 21.4pc, up from 21.2pc, while earnings per share increased to 20 cent, representing growth of around 18pc compared to the previous year.
The developer also reported a forward order book of approximately €1.3bn, up from €1.1bn, providing visibility over future housing delivery.
During the year, the company completed €55m in land disposals, more than double the €23m recorded previously. Glenveagh said it has now completed the current phase of its land-assembly strategy, securing a 19,000-unit landbank largely concentrated in the Greater Dublin Area.
“2024 was assembling the landbank. We’ve now the landbank assembled. We’ve started a number of those sites that we acquired and they’ll be delivering into the second half of 2026,” Mr Garvey said.
He also pointed to the company’s planning pipeline, saying: “The big thing for us is the amount of product that we’re bringing to the planning system. We’ve over 5,000 units going through the planning system.”
Garvey said the company has expanded its construction capability recently.
“We didn’t manufacture a home in 2020, and we’re now the biggest operator in Ireland.” The company also said earnings per share could reach 21 cent in 2026, supported by higher completions and ongoing cost controls across its operations.
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