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1. Basis of Preparation
(a) Reporting entity
Cairn Homes plc with registered number 552564 (the Company) is a company domiciled in Ireland. The Company\u2019s registered office is 45 Mespil Road, Dublin 4, D04 W2F1. These consolidated financial statements
cover the year ended 31 December 2025 for the Company and its subsidiaries (together referred to as \u2018the Group\u2019) and the Group\u2019s interest in a joint venture undertaking. The Group is predominantly involved in the
development of residential property for sale.
(b) Statement of compliance
These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) and their interpretations approved by the International Accounting Standards Board
(IASB), as adopted by the European Union (EU), and those parts of the Companies Act 2014 applicable to companies reporting under IFRS and Article 4 of the IAS Regulation.
(c) New standards and interpretations
The following standards and interpretations were effective for the Group for the first time from 1 January 2025. They did not have a material effect on the consolidated results of the Group:
\u2022 Amendments to IAS 21, The Effects of Changes in Foreign Exchange Rates: lack of exchangeability.
The following amendments to standards have been endorsed by the EU, and are effective on or after 1 January 2026. The Group has not adopted these amendments early. The potential impact of these amendments
on the Group is under review:
\u2022 Contracts Referencing Nature-dependent Electricity \u2013 Amendments to IFRS 9 and IFRS 7.
\u2022 Amendments to the Classification and Measurement of Financial Instruments \u2013 Amendments to IFRS 9 and IFRS 7.
\u2022 Annual Improvements to IFRS Accounting Standards \u2013 Volume 11.
\u2022 IFRS 18 \u2013 Presentation and Disclosure in Financial Statements.
The following standards and interpretations are not yet endorsed by the EU. The potential impact of these standards on the Group is under review:.
\u2022 Translation to a Hyperinflationary Presentation Currency (Amendments to IAS 21) (issued on 13 November 2025).
The Group notes that IFRS 18 Presentation and Disclosure may have a material impact on the Financial Statements in the future as follows:
This new pronouncement aims to give users of financial statements more transparent and comparable information about an entity\u2019s financial performance. The new standard will replace IAS 1 \u2018Presentation of Financial
Statements\u2019 but will retain many of the requirements from that standard. The key new concepts introduced in IFRS 18 relate to:
\u2022 the structure of the Income Statement;
\u2022 required disclosures in the financial statements for certain profit or loss performance measures that are reported outside an entity\u2019s financial statements (management defined performance measures); and
\u2022 enhanced principles on aggregation and disaggregation which apply to the primary statements and notes.
The amendments are subject to endorsement by the EU. The effective date is for financial periods beginning on or after 1 January 2027. While IFRS 18 will not change recognition criteria or measurement basis, it may have
a significant impact on presenting information in the financial statements. The Group is currently assessing any impact.
(d) Functional and presentation currency
These 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 Group delivered a strong operational and financial performance in 2025 with a 10% increase in revenue to \u20ac944.6 million (2024: \u20ac859.9 million) and a 16% increase in profit after tax to \u20ac132.7 million
(2024: \u20ac114.6 million).
The Group had a total committed debt facility of \u20ac500.0 million at the start of 2026 with an average maturity of nearly four years. Net debt at 31 December 2025 was \u20ac171.3 million (31 December 2024 \u20ac154.4 million).
As at 31 December 2025, the Company had available liquidity, including cash and undrawn facilities, of \u20ac327.1 million, compared to \u20ac229.6 million as at 31 December 2024.
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\u2019s 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-497": { "value": "(a) Reporting entity Cairn Homes plc with registered number 552564 (the Company) is a company domiciled in Ireland. The Company\u2019s registered office is 45 Mespil Road, Dublin 4, D04 W2F1. These consolidated financial statements cover the year ended 31 December 2025 for the Company and its subsidiaries (together referred to as \u2018the Group\u2019) and the Group\u2019s interest in a joint venture undertaking. The Group is predominantly involved in the development of residential property for sale. (d) Functional and presentation currency These 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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-414": { "value": "Cairn Homes plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-413": { "value": "Cairn Homes plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-4": { "value": "Cairn Homes plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-411": { "value": "plc", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-1": { "value": "Ireland", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-412": { "value": "Ireland", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-415": { "value": "Ireland", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-2": { "value": "45 Mespil Road, Dublin 4, D04 W2F1", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-3": { "value": "development of residential property for sale", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-461": { "value": "(b) Statement of compliance These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) and their interpretations approved by the International Accounting Standards Board (IASB), as adopted by the European Union (EU), and those parts of the Companies Act 2014 applicable to companies reporting under IFRS and Article 4 of the IAS Regulation. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-498": { "value": "(c) New standards and interpretations The following standards and interpretations were effective for the Group for the first time from 1 January 2025. They did not have a material effect on the consolidated results of the Group: \u2022 Amendments to IAS 21, The Effects of Changes in Foreign Exchange Rates: lack of exchangeability. The following amendments to standards have been endorsed by the EU, and are effective on or after 1 January 2026. The Group has not adopted these amendments early. The potential impact of these amendments on the Group is under review: \u2022 Contracts Referencing Nature-dependent Electricity \u2013 Amendments to IFRS 9 and IFRS 7. \u2022 Amendments to the Classification and Measurement of Financial Instruments \u2013 Amendments to IFRS 9 and IFRS 7. \u2022 Annual Improvements to IFRS Accounting Standards \u2013 Volume 11. \u2022 IFRS 18 \u2013 Presentation and Disclosure in Financial Statements. The following standards and interpretations are not yet endorsed by the EU. The potential impact of these standards on the Group is under review:. \u2022 Translation to a Hyperinflationary Presentation Currency (Amendments to IAS 21) (issued on 13 November 2025). The Group notes that IFRS 18 Presentation and Disclosure may have a material impact on the Financial Statements in the future as follows: This new pronouncement aims to give users of financial statements more transparent and comparable information about an entity\u2019s financial performance. The new standard will replace IAS 1 \u2018Presentation of Financial Statements\u2019 but will retain many of the requirements from that standard. The key new concepts introduced in IFRS 18 relate to: \u2022 the structure of the Income Statement; \u2022 required disclosures in the financial statements for certain profit or loss performance measures that are reported outside an entity\u2019s financial statements (management defined performance measures); and \u2022 enhanced principles on aggregation and disaggregation which apply to the primary statements and notes. The amendments are subject to endorsement by the EU. The effective date is for financial periods beginning on or after 1 January 2027. While IFRS 18 will not change recognition criteria or measurement basis, it may have a significant impact on presenting information in the financial statements. The Group is currently assessing any impact. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-490": { "value": "(c) New standards and interpretations The following standards and interpretations were effective for the Group for the first time from 1 January 2025. They did not have a material effect on the consolidated results of the Group: \u2022 Amendments to IAS 21, The Effects of Changes in Foreign Exchange Rates: lack of exchangeability. The following amendments to standards have been endorsed by the EU, and are effective on or after 1 January 2026. The Group has not adopted these amendments early. The potential impact of these amendments on the Group is under review: \u2022 Contracts Referencing Nature-dependent Electricity \u2013 Amendments to IFRS 9 and IFRS 7. \u2022 Amendments to the Classification and Measurement of Financial Instruments \u2013 Amendments to IFRS 9 and IFRS 7. \u2022 Annual Improvements to IFRS Accounting Standards \u2013 Volume 11. \u2022 IFRS 18 \u2013 Presentation and Disclosure in Financial Statements. The following standards and interpretations are not yet endorsed by the EU. The potential impact of these standards on the Group is under review:. \u2022 Translation to a Hyperinflationary Presentation Currency (Amendments to IAS 21) (issued on 13 November 2025). The Group notes that IFRS 18 Presentation and Disclosure may have a material impact on the Financial Statements in the future as follows: This new pronouncement aims to give users of financial statements more transparent and comparable information about an entity\u2019s financial performance. The new standard will replace IAS 1 \u2018Presentation of Financial Statements\u2019 but will retain many of the requirements from that standard. The key new concepts introduced in IFRS 18 relate to: \u2022 the structure of the Income Statement; \u2022 required disclosures in the financial statements for certain profit or loss performance measures that are reported outside an entity\u2019s financial statements (management defined performance measures); and \u2022 enhanced principles on aggregation and disaggregation which apply to the primary statements and notes. The amendments are subject to endorsement by the EU. The effective date is for financial periods beginning on or after 1 January 2027. While IFRS 18 will not change recognition criteria or measurement basis, it may have a significant impact on presenting information in the financial statements. The Group is currently assessing any impact. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-463": { "value": "(c) New standards and interpretations The following standards and interpretations were effective for the Group for the first time from 1 January 2025. They did not have a material effect on the consolidated results of the Group: \u2022 Amendments to IAS 21, The Effects of Changes in Foreign Exchange Rates: lack of exchangeability. The following amendments to standards have been endorsed by the EU, and are effective on or after 1 January 2026. The Group has not adopted these amendments early. The potential impact of these amendments on the Group is under review: \u2022 Contracts Referencing Nature-dependent Electricity \u2013 Amendments to IFRS 9 and IFRS 7. \u2022 Amendments to the Classification and Measurement of Financial Instruments \u2013 Amendments to IFRS 9 and IFRS 7. \u2022 Annual Improvements to IFRS Accounting Standards \u2013 Volume 11. \u2022 IFRS 18 \u2013 Presentation and Disclosure in Financial Statements. The following standards and interpretations are not yet endorsed by the EU. The potential impact of these standards on the Group is under review:. \u2022 Translation to a Hyperinflationary Presentation Currency (Amendments to IAS 21) (issued on 13 November 2025). The Group notes that IFRS 18 Presentation and Disclosure may have a material impact on the Financial Statements in the future as follows: This new pronouncement aims to give users of financial statements more transparent and comparable information about an entity\u2019s financial performance. The new standard will replace IAS 1 \u2018Presentation of Financial Statements\u2019 but will retain many of the requirements from that standard. The key new concepts introduced in IFRS 18 relate to: \u2022 the structure of the Income Statement; \u2022 required disclosures in the financial statements for certain profit or loss performance measures that are reported outside an entity\u2019s financial statements (management defined performance measures); and \u2022 enhanced principles on aggregation and disaggregation which apply to the primary statements and notes. The amendments are subject to endorsement by the EU. The effective date is for financial periods beginning on or after 1 January 2027. While IFRS 18 will not change recognition criteria or measurement basis, it may have a significant impact on presenting information in the financial statements. The Group is currently assessing any impact. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-462": { "value": "(d) Functional and presentation currency These 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-464": { "value": "(e) Going concern basis of accounting The Group delivered a strong operational and financial performance in 2025 with a 10% increase in revenue to \u20ac944.6 million (2024: \u20ac859.9 million) and a 16% increase in profit after tax to \u20ac132.7 million (2024: \u20ac114.6 million). The Group had a total committed debt facility of \u20ac500.0 million at the start of 2026 with an average maturity of nearly four years. Net debt at 31 December 2025 was \u20ac171.3 million (31 December 2024 \u20ac154.4 million). As at 31 December 2025, the Company had available liquidity, including cash and undrawn facilities, of \u20ac327.1 million, compared to \u20ac229.6 million as at 31 December 2024. 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\u2019s 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-418": { "value": "2. Key Judgements and Estimates The preparation of 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 financial statements, in order of significance, are: \u2022 scale and mix of each development and the achievement of associated planning permissions on longer term developments. 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 financial statements are: \u2022 forecast selling prices; \u2022 build cost inflation in relation to sites that are not fully procured; and \u2022 carrying value of inventories and allocations from inventories to cost of sales (see Note 3 (g) and Note 16). Due to the nature of the Group\u2019s 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 and build cost inflation are inherently uncertain due to changes in market conditions. These estimates impact management\u2019s assessment of the net realisable value of the Group\u2019s 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 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 profit recognition and the appropriateness of estimates made. The Group recognises its gross profit on each sale, based on the particular unit sold and the total cost attaching to that unit. As the build cost on a site can take place over a number of reporting periods the determination of the cost of sale to release on each individual unit sale is dependent on up-to-date cost forecasting and expected profit margins across the scheme.
In preparing the financial statements, the Directors have considered the impact of climate change and the Group\u2019s 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 to 55 of the annual report. Costs and revenues associated
with climate risks or opportunities are reflected in the Group\u2019s forecasts used to determine margins on active and non-active developments. There has been no other material impact identified on the financial reporting
judgements and estimates as a result of climate change. In particular, the Directors considered the impact of climate change in respect of the following areas: going concern and viability of the Group over the next three
years; cash flow forecasts used in the impairment assessments of inventories; and carrying value and useful economic lives of property, plant and equipment. Whilst there is currently no expected material medium-term
impact on the Group from climate change, the Directors are aware of the ever-changing risks attached to climate change and will regularly assess these risks against judgements and estimates made in preparation of the
Group\u2019s financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-416": { "value": "3. Material Accounting Policies The accounting policies set out below have been applied in these financial statements. (a) Basis of consolidation The consolidated financial statements include the results of Cairn Homes plc and all its subsidiary undertakings and the Group\u2019s share of its joint venture undertaking for the year ended 31 December 2025. Subsidiaries Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases. Changes in the ownership interest in a subsidiary that do not result in loss of control are recognised in equity. Transactions eliminated on consolidation Intra-group balances and transactions, and any unrealised income and expenses arising from intra-group transactions, are eliminated. (b) Joint ventures A joint venture is an arrangement where the Group has joint control and the Group has rights to the net assets of the arrangement. Investments in joint ventures are accounted for using the equity method. The investment in a joint venture is initially recognised at cost. Subsequent to initial recognition, the carrying amount of the investment in a joint venture is increased or decreased to recognise the Group\u2019s share of the profit or loss and other comprehensive income of the joint venture, adjusted where necessary to ensure consistency with the accounting policies of the Group until the joint control ceases. The Group does not continue to recognise its share of losses of joint ventures when the carrying value has been reduced to nil. (c) Property, plant and equipment Property, plant and equipment are initially recognised at cost. Depreciation is provided using the straight-line method to write off the cost less any residual value over the estimated useful life of the asset on the following basis: \u2022 leasehold improvements 7-10 years; \u2022 motor vehicles 4 years; and \u2022 computers & equipment 3-7 years. The assets\u2019 useful economic lives and residual values are reviewed and adjusted, if appropriate, at each financial reporting date. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount . (d) Leases All assets held by the Group under lease agreements which are greater than twelve months in duration are recognised as right-of-use assets within the statement of financial position representing its rights to use the underlying asset. The present value of future payments to be made under those lease agreements is recognised as a liability representing its obligation to make lease payments. The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group\u2019s incremental borrowing rate. The lease liability is subsequently increased by the interest costs on the lease liability and decreased by the lease payments made. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability plus any initial direct costs, and subsequently at cost less accumulated depreciation. Depreciation is charged on a straight-line basis over the lease term from the lease commencement date. The right-of-use assets and lease liabilities recognised represent the Group\u2019s leases on the central support office and vehicles. The right-of-use assets and related lease liabilities have been determined by discounting the lease payments over the expected term of the leases at discount rates reflecting the Group\u2019s incremental borrowing rate at inception. (e) Intangible assets Computer software Acquired computer software is capitalised as intangible assets on the basis of the costs incurred to acquire and bring to use the specific software. Costs that are directly attributable to the production of identifiable and unique software products controlled by the Group, and that will probably generate economic benefits exceeding costs beyond one year, are recognised as intangible assets. Computer software costs are amortised over their estimated useful lives from three to ten years for specialised software which is expected to provide benefits over those periods. Other costs in respect of computer software are recognised as an expense. The assets\u2019 useful lives and residual values are reviewed and adjusted, if appropriate, at each financial reporting date. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. (f) Revenue Revenue represents the fair value of consideration received or receivable, net of value-added tax. The Group recognises revenue using point in time or over time methodology based on the specific terms of the contractual arrangements for each transaction. Point in time transactions Revenue is recognised at the point in time for single unit and some multi-unit transactions when control over the property has been transferred to the customer, which occurs at legal completion. Revenue is measured at the transaction price agreed under the contract. Booking and contract deposits on units sold by the Group are held by the Group\u2019s legal advisors, externally to the Group, until legal completion of the sale, at which point all such deposits and the final payment are paid to the Group and recognised as revenue. Where a multiple unit contract involves a number of phases being delivered over phased delivery dates, the Group recognises revenue on legal completion of each phase when control passes to the customer, with each phase having its own pre-agreed pricing for a defined number of units and a pre-determined handover date. Over time transactions During the year, the Group entered into a number of forward fund transactions with State-supported and other counterparties. The forward fund transactions involve the Group delivering new homes under a contractual relationship where land is sold up-front to the State-supported counterparties and the cost of delivering the new homes is paid by the State-supported counterparties to the Group on a phased basis. The accounting treatment for revenue is assessed based on the specific terms of the contractual arrangements for each transaction. Judgement was applied in considering whether the delivery of land and residential units under these arrangements formed a single performance obligation or separate performance obligations. Based on the facts and circumstances it was determined that for these transactions the delivery of land and residential units formed a single performance obligation to be delivered over time. In assessing the appropriate timing of revenue recognition for forward-funded transactions, the Directors considered the guidance in IFRS 15. The sale of land and the development of housing units are not capable of being distinct, as the customer cannot benefit from the land without development and do not have access to readily available alternative developers. Further, the land and development activities are highly interdependent and represent a combined, transformative output within the context of the contract. Accordingly, the Group determined that these contractual arrangements constitute a single performance obligation satisfied over time under IFRS 15.35(c), and revenue is recognised over time based on the stage of completion. Revenue relating to these transactions is recognised over time on a cost completion basis. This is measured by the proportion of total costs incurred at the reporting date relative to the estimated total costs of the contract using an independent third-party valuation of the work performed. These contracts may give rise to contract assets and/or contract liabilities. Contract assets are calculated as the amount by which the cumulative value of revenue earned on certain long-term contracts exceeds the amounts invoiced to the customer or consists of revenue earned on forward fund transactions with State-supported counterparties where the right to timing of receipt of consideration is conditioned on something other than the passage of time. Conversely, contract liabilities represent the amount by which the cumulative amounts invoiced for stage payments on certain long-term contracts exceed the revenue recognised. Rental income Rental income is recognised on a straight-line basis over the life of the operating lease. This income principally arises from properties let on a short-term basis. (g) Inventories Units in the course of development and completed units are valued at the lower of cost and net realisable value. Cost includes the cost of land, raw materials, stamp duty, direct labour, direct wages and salaries and development costs, but excludes indirect overheads. Land purchased for development, including land in the course of development, is initially recorded at cost. For development property acquired through business combinations, cost is the sum of the fair value at acquisition plus subsequent direct costs. The Group\u2019s developments can take place over several reporting periods and the Group has to allocate site-wide development costs between units built in the current year and in future years. It also has to estimate the costs to completion of such developments. In making these assessments, which impact on estimating the appropriate amounts from inventories to be recognised as cost of sales on units sold, there is a degree of inherent uncertainty. The Group is predominantly involved in the development of residential property units for sale. Because the nature of such individual units is that they are produced in large quantities on a repetitive basis over a relatively short period of time, the Group\u2019s inventories are not considered to be qualifying assets for the purposes of capitalisation of borrowing costs. Inventories are carried at the lower of cost and net realisable value, such that provision is made, where appropriate, to reduce the value of inventories to their net realisable value. Where a site has commenced selling units, the Group compares the margin recognised on a site in the year to the forecast margin on a site over the life of the development, taking account of updated sales prices and cost estimates. Where a site has not yet commenced selling, the Group compares the most recent forecast to prior forecasts for that site. The Group assesses whether any such updated margin forecasts indicate that the inventory balance needs to be adjusted to reflect the net realisable value. Where a site purchased for redevelopment includes existing rental properties which will be demolished or vacated as part of the planned redevelopment of the site, the full cost of the site is classified within inventories. Contract deposits for purchases of development land are recognised as deposits when paid and are transferred to inventories on legal completion of the contract when the remainder of the contract price is paid. Where land is purchased on deferred settlement terms (which may include amounts where contingent liabilities are deemed probable), and the cost differs from the amount that will subsequently be paid in settling the liability, this difference is charged as a finance cost in the statement of profit or loss and other comprehensive income over the period to settlement. Non-refundable land option payments are initially recognised in inventory. These represent options to purchase land at market value at a future point in time. They are reviewed regularly and written off to profit or loss if it is probable that the option will not be exercised. (h) Share-based payments The Group has issued equity-settled share-based payments to certain employees (compromising long-term incentive awards, the stretch CEO long-term incentive plan, restricted share unit awards and share options). The grant-date fair value of equity-settled share-based payment awards granted to employees is generally recognised as an expense, with a corresponding increase in equity over the vesting period of the awards. The amounts recognised as an expense are adjusted to reflect the number of awards for which the related service and non-market performance conditions are expected to be met, such that the amount ultimately recognised is based on the number of awards that meet the related service and non-market performance conditions, where applicable at the vesting date. The amount recognised as an expense is not adjusted for market conditions not being met. For share-based payment awards with non-vesting conditions, the grant-date fair value of the share-based payment is measured to reflect such conditions and there is no true-up for differences between expected and actual outcomes. (i) Taxation Tax expense comprises current tax and deferred tax. Tax expense is recognised in profit or loss except to the extent that it relates to a business combination or items recognised in other comprehensive income or equity. Current tax is the expected tax payable on taxable profit or loss for the period and any adjustment to tax payable in respect of previous years. It is measured using tax rates that have been enacted or substantively enacted by the reporting date. Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for: \u2022 temporary differences relating to investments in subsidiaries to the extent that the Group is able to control the timing of the reversal of the temporary differences and it is probable that they will not reverse in the foreseeable future; and \u2022 taxable temporary differences arising on the initial recognition of goodwill. Deferred tax assets are recognised for unused tax losses, unused tax credits and deductible temporary differences to the extent that it is probable that future taxable profits will be available against which they can be used. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised; such reductions are reversed when the probability of future taxable profits improves. Unrecognised deferred tax assets are reassessed at each reporting date and recognised to the extent that it has become probable that future taxable profits will be available against which they can be used. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rates enacted or substantively enacted at the reporting date. The measurement of deferred tax reflects the tax consequences that would follow from the manner in which the Group expects, at the reporting date, to recover or settle the carrying amounts of its assets and liabilities. The Group has adopted international Tax Reform \u2013 Pillar Two Model Rules (Amendments to IAS 12) upon their release on 23 May 2023. The amendments provide a temporary mandatory exception from deferred tax accounting for the top-up tax and requires disclosures about the Pillar Two exposure (see Note 10). The mandatory exception is applied retrospectively. However, because no new legislation to implement the top-up tax was enacted or substantively enacted at 31 December 2023 in the jurisdiction in which the Group operates and no related deferred tax was recognised at that date, the retrospective application had no impact on the Group\u2019s consolidated financial statements. This is the second year that the amendment is in effect. The Group applied the mandatory exception from recognising deferred tax accounting related to Pillar Two models.
(j) Pensions
The Group operates defined contribution schemes for employees. The Group\u2019s contributions to the schemes are charged to profit or loss in the year in which the contributions fall due.
(k) Construction bonds receivables
Construction bonds are development bonds that are put in place with local authorities or utility providers until development sites are fully completed and conditions of planning have been met or utilities are taken in
charge. All construction bonds are considered current assets as they will be realised in the Group\u2019s normal operating cycle, which is such that a proportion of construction bonds will not be recovered within 12 months.
Construction bonds not recoverable in 12 months are disclosed in Note 17.
(l) Cash and cash equivalents
Cash and cash equivalents include cash and bank balances in bank accounts with no notice or on short-term deposits which are subject to insignificant risk of changes in value.
Any cash and bank balances that are not available for use by the Group are presented as restricted cash. Amounts of restricted cash which are restricted from being exchanged or used to settle a liability for at least
12 months after the end of the reporting year are classified as non-current assets.
(m) Provisions
Provisions are recognised in the statement of financial position when the Group has a present legal or constructive obligation as a result of a past event and it is probable that an outflow of economic benefits will be
required to settle the obligation, and the amount can be reliably estimated.
(n) Ordinary shares
Incremental costs directly attributable to the issue of ordinary shares, net of any tax effects, are recognised as a deduction from equity through retained earnings.
(o) Segment reporting
Operating segments are reported in a manner consistent with the internal organisational and management structure and the internal reporting information provided to the Chief Operating Decision Maker (CODM)
(designated as the Board of Directors), which is responsible for allocating resources and assessing performance of operating segments. The Group is managed as a single business unit, building and property development.
As the Group operates in a single geographic market, Ireland, no Geographical segmentation is provided. Management determined that all construction sites exhibit similar economic characteristics and meet the
aggregation criteria in IFRS 8.12(a-e), and accordingly the Group is reported as a single operating segment.
(p) Finance income and costs
Interest income and expense is recognised using the effective interest method. The effective interest method is a method of calculating the amortised cost of a financial asset or financial liability (or group of financial
assets or financial liabilities) and of allocating the interest income, interest expense and fees paid and received over the relevant period. Commitment fees in relation to undrawn loan facilities are accounted for on the
accruals basis, within finance costs.
The Group is required to capitalise borrowing costs directly attributable to the acquisition, construction and production of a qualifying asset, as part of the costs of that asset. Inventories which are produced in large
quantities on a repetitive basis over a relatively short period of time are not qualifying assets. The Group does not generally produce qualifying assets.
(q) Financial instruments (i) Financial assets and financial liabilities Under IFRS 9, financial assets and financial liabilities are initially recognised at fair value and are subsequently measured based on their classification as described below. Their classification depends on the purpose for which the financial instruments were acquired or issued, their characteristics and the Group\u2019s designation of such instruments. IFRS 9 requires that all financial assets and financial liabilities be classified as fair value through profit or loss (FVTPL), amortised cost or fair value through other comprehensive income (FVOCI). (ii) Classification of financial instruments The following summarises the classification and measurement the Group has elected to apply to each of its significant categories of financial instruments:
Type
IFRS 9 classification
Financial assets
Cash and cash equivalents
Amortised cost
Trade and other receivables
Amortised cost
Financial liabilities
Derivatives
Fair value (cash flow hedge accounting)
Loans and borrowings
Amortised cost
Trade payables and accruals, including deferred consideration
Amortised cost
(iii) Financial liabilities Financial liabilities are initially recognised at fair value and are subsequently measured at amortised cost using the effective interest method. Deferred consideration In certain circumstances the Group acquires land on deferred payment terms. In accordance with IFRS 9 \u2018Financial Instruments\u2019 the creditor is initially recorded at fair value, being the price paid for the land 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. If the fair value of land purchased differs from the amount that will subsequently be paid in settling the liability, the difference is charged as a notional finance expense in the income statement over the period to settlement. Liabilities in respect of consideration for land payable on the occurrence of certain future events is measured at fair value at the date of acquisition using a probability weighted discounted cash flow model. The fair value measurement is based on significant unobservable inputs (Level 3). At the acquisition date, the contingent consideration was recognised at its fair value as management estimated the underlying events are highly probable and classified as a financial liability. Subsequent changes in the fair value of the contingent consideration liability will be recognised in the cost of land acquired. (iv) Derecognition and modification of financial liabilities The Group derecognises a financial liability when it is extinguished (when its contractual obligations are discharged, cancelled, or expire). The Group also derecognises a financial liability when there is a substantial modification of the liability. A substantial modification is deemed to have occurred when the present value of the cash flows under the modified terms, discounted using the original effective interest rate, is at least 10% different from the discounted present value of the remaining cash flows under the original terms. If the financial liability is deemed to have been substantially modified, a new financial liability is recognised at fair value. The difference between this fair value and the previous carrying amount of the financial liability prior to its derecognition is recognised in profit or loss. A non-substantial modification of a financial liability is deemed to have occurred when the present value of the cash flows under the modified terms, discounted using the original effective interest rate, is less than 10% different from the discounted present value of the remaining cash flows under the original terms, and there are no other qualitative factors which indicate that a substantial modification has occurred. For non-substantial modifications, the amortised cost of the liability is recalculated by discounting the modified cash flows at the original effective interest rate and any resulting gain or loss is recognised in profit or loss. For non-substantial modifications where the impact is that the interest on floating rate liabilities has been repriced at current market terms, the original effective interest rate is adjusted to reflect the current market terms at the time of the modification. Any costs and fees directly attributable to the modification of the financial liability are recognised as an adjustment to the carrying amount of the modified financial liability and amortised over its remaining term under the effective interest method. Any unamortised costs attributable to the original financial liability, with the exception of unamortised arrangement fees, are recognised as an adjustment to the carrying amount of the modified financial liability and amortised over the remaining term of the modified liability under the effective interest method. Unamortised arrangement fees relating to the original financial liability are recognised in profit or loss on modification. (vi) Derivatives and hedging The Group has transacted derivatives relating to an interest rate swap to manage the interest rate risk arising from floating rate borrowings. Derivatives are initially recognised at fair value on the date a derivative contract is entered into, and they are subsequently remeasured to their fair value at the end of each reporting period. The accounting for subsequent changes in fair value depends on whether the derivative is designated as a hedging instrument and, if so, the nature of the item being hedged. The Group designates certain derivatives as hedges of a particular risk associated with the cash flows of recognised assets and liabilities and highly probable forecast transactions (cash flow hedges). Changes in the fair value of derivative hedging instruments designated as cash flow hedges are recognised in other comprehensive income to the extent that the hedge is effective. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss. Amounts accumulated in other comprehensive income are reclassified to profit or loss in the same periods that the hedged items affect profit or loss. The reclassified gain or loss relating to the effective portion of interest rate swaps hedging variable rate borrowings is recognised in profit or loss within finance income or costs respectively. If the hedging instrument no longer meets the criteria for hedge accounting, expires or is sold, terminated or exercised, then hedge accounting is discontinued prospectively. The cumulative gain or loss previously recognised in other comprehensive income remains there until the forecast transaction occurs, unless the hedged transaction is no longer expected to occur, in which case the cumulative gain or loss that was previously recognised in other comprehensive income is transferred to profit and loss. At inception of the hedge relationship, the Group documents the economic relationship between hedging instruments and hedged items, including whether changes in the cash flows of the hedging instruments are expected to offset changes in the cash flows of hedged items. The Group documents its risk management objective and strategy for undertaking its hedge transactions. The full fair value of a hedging derivative is classified as a non-current asset or liability when the remaining maturity of the hedged item is more than 12 months; it is classified as a current asset or liability when the remaining maturity of the hedged item is less than 12 months.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-421": { "value": "
(a) Basis of consolidation
The consolidated financial statements include the results of Cairn Homes plc and all its subsidiary undertakings and the Group\u2019s share of its joint venture undertaking for the year ended 31 December 2025.
Subsidiaries
Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through
its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases. Changes in the
ownership interest in a subsidiary that do not result in loss of control are recognised in equity.
Transactions eliminated on consolidation
Intra-group balances and transactions, and any unrealised income and expenses arising from intra-group transactions, are eliminated.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-466": { "value": "Subsidiaries Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases. Changes in the ownership interest in a subsidiary that do not result in loss of control are recognised in equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-419": { "value": "
(b) Joint ventures
A joint venture is an arrangement where the Group has joint control and the Group has rights to the net assets of the arrangement. Investments in joint ventures are accounted for using the equity method. The investment
in a joint venture is initially recognised at cost. Subsequent to initial recognition, the carrying amount of the investment in a joint venture is increased or decreased to recognise the Group\u2019s share of the profit or loss and
other comprehensive income of the joint venture, adjusted where necessary to ensure consistency with the accounting policies of the Group until the joint control ceases. The Group does not continue to recognise its
share of losses of joint ventures when the carrying value has been reduced to nil.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-465": { "value": "(b) Joint ventures A joint venture is an arrangement where the Group has joint control and the Group has rights to the net assets of the arrangement. Investments in joint ventures are accounted for using the equity method. The investment in a joint venture is initially recognised at cost. Subsequent to initial recognition, the carrying amount of the investment in a joint venture is increased or decreased to recognise the Group\u2019s share of the profit or loss and other comprehensive income of the joint venture, adjusted where necessary to ensure consistency with the accounting policies of the Group until the joint control ceases. The Group does not continue to recognise its share of losses of joint ventures when the carrying value has been reduced to nil. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-420": { "value": "
(c) Property, plant and equipment
Property, plant and equipment are initially recognised at cost. Depreciation is provided using the straight-line method to write off the cost less any residual value over the estimated useful life of the asset on the
following basis:
\u2022 leasehold improvements 7-10 years;
\u2022 motor vehicles 4 years; and
\u2022 computers & equipment 3-7 years.
The assets\u2019 useful economic lives and residual values are reviewed and adjusted, if appropriate, at each financial reporting date. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount
exceeds its recoverable amount .
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-531": { "value": "(c) Property, plant and equipment Property, plant and equipment are initially recognised at cost. Depreciation is provided using the straight-line method to write off the cost less any residual value over the estimated useful life of the asset on the following basis: \u2022 leasehold improvements 7-10 years; \u2022 motor vehicles 4 years; and \u2022 computers & equipment 3-7 years. The assets\u2019 useful economic lives and residual values are reviewed and adjusted, if appropriate, at each financial reporting date. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount . (e) Intangible assets Computer software Acquired computer software is capitalised as intangible assets on the basis of the costs incurred to acquire and bring to use the specific software. Costs that are directly attributable to the production of identifiable and unique software products controlled by the Group, and that will probably generate economic benefits exceeding costs beyond one year, are recognised as intangible assets. Computer software costs are amortised over their estimated useful lives from three to ten years for specialised software which is expected to provide benefits over those periods. Other costs in respect of computer software are recognised as an expense. The assets\u2019 useful lives and residual values are reviewed and adjusted, if appropriate, at each financial reporting date. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-521": { "value": "(c) Property, plant and equipment Property, plant and equipment are initially recognised at cost. Depreciation is provided using the straight-line method to write off the cost less any residual value over the estimated useful life of the asset on the following basis: \u2022 leasehold improvements 7-10 years; \u2022 motor vehicles 4 years; and \u2022 computers & equipment 3-7 years. The assets\u2019 useful economic lives and residual values are reviewed and adjusted, if appropriate, at each financial reporting date. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount (e) Intangible assets Computer software Acquired computer software is capitalised as intangible assets on the basis of the costs incurred to acquire and bring to use the specific software. Costs that are directly attributable to the production of identifiable and unique software products controlled by the Group, and that will probably generate economic benefits exceeding costs beyond one year, are recognised as intangible assets. Computer software costs are amortised over their estimated useful lives from three to ten years for specialised software which is expected to provide benefits over those periods. Other costs in respect of computer software are recognised as an expense. The assets\u2019 useful lives and residual values are reviewed and adjusted, if appropriate, at each financial reporting date. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-513": { "value": "(c) Property, plant and equipment Property, plant and equipment are initially recognised at cost. Depreciation is provided using the straight-line method to write off the cost less any residual value over the estimated useful life of the asset on the following basis: \u2022 leasehold improvements 7-10 years; \u2022 motor vehicles 4 years; and \u2022 computers & equipment 3-7 years. The assets\u2019 useful economic lives and residual values are reviewed and adjusted, if appropriate, at each financial reporting date. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount . ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-422": { "value": "
(d) Leases
All assets held by the Group under lease agreements which are greater than twelve months in duration are recognised as right-of-use assets within the statement of financial position representing its rights to use the
underlying asset. The present value of future payments to be made under those lease agreements is recognised as a liability representing its obligation to make lease payments.
The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement
date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group\u2019s incremental borrowing rate. The lease liability is subsequently increased by the interest costs on the
lease liability and decreased by the lease payments made. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability plus any initial direct costs, and subsequently at cost
less accumulated depreciation. Depreciation is charged on a straight-line basis over the lease term from the lease commencement date.
The right-of-use assets and lease liabilities recognised represent the Group\u2019s leases on the central support office and vehicles. The right-of-use assets and related lease liabilities have been determined by discounting
the lease payments over the expected term of the leases at discount rates reflecting the Group\u2019s incremental borrowing rate at inception.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-423": { "value": "
(e) Intangible assets
Computer software
Acquired computer software is capitalised as intangible assets on the basis of the costs incurred to acquire and bring to use the specific software.
Costs that are directly attributable to the production of identifiable and unique software products controlled by the Group, and that will probably generate economic benefits exceeding costs beyond one year,
are recognised as intangible assets.
Computer software costs are amortised over their estimated useful lives from three to ten years for specialised software which is expected to provide benefits over those periods. Other costs in respect of computer
software are recognised as an expense.
The assets\u2019 useful lives and residual values are reviewed and adjusted, if appropriate, at each financial reporting date. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds
its recoverable amount.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-467": { "value": "(e) Intangible assets Computer software Acquired computer software is capitalised as intangible assets on the basis of the costs incurred to acquire and bring to use the specific software. Costs that are directly attributable to the production of identifiable and unique software products controlled by the Group, and that will probably generate economic benefits exceeding costs beyond one year, are recognised as intangible assets. Computer software costs are amortised over their estimated useful lives from three to ten years for specialised software which is expected to provide benefits over those periods. Other costs in respect of computer software are recognised as an expense. The assets\u2019 useful lives and residual values are reviewed and adjusted, if appropriate, at each financial reporting date. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-424": { "value": "
(f) Revenue
Revenue represents the fair value of consideration received or receivable, net of value-added tax. The Group recognises revenue using point in time or over time methodology based on the specific terms of the contractual
arrangements for each transaction.
Point in time transactions
Revenue is recognised at the point in time for single unit and some multi-unit transactions when control over the property has been transferred to the customer, which occurs at legal completion. Revenue is measured
at the transaction price agreed under the contract.
Booking and contract deposits on units sold by the Group are held by the Group\u2019s legal advisors, externally to the Group, until legal completion of the sale, at which point all such deposits and the final payment are paid
to the Group and recognised as revenue. Where a multiple unit contract involves a number of phases being delivered over phased delivery dates, the Group recognises revenue on legal completion of each phase when
control passes to the customer, with each phase having its own pre-agreed pricing for a defined number of units and a pre-determined handover date.
Over time transactions
During the year, the Group entered into a number of forward fund transactions with State-supported and other counterparties. The forward fund transactions involve the Group delivering new homes under a contractual
relationship where land is sold up-front to the State-supported counterparties and the cost of delivering the new homes is paid by the State-supported counterparties to the Group on a phased basis. The accounting
treatment for revenue is assessed based on the specific terms of the contractual arrangements for each transaction.
Judgement was applied in considering whether the delivery of land and residential units under these arrangements formed a single performance obligation or separate performance obligations. Based on the facts and
circumstances it was determined that for these transactions the delivery of land and residential units formed a single performance obligation to be delivered over time. In assessing the appropriate timing of revenue
recognition for forward-funded transactions, the Directors considered the guidance in IFRS 15. The sale of land and the development of housing units are not capable of being distinct, as the customer cannot benefit from
the land without development and do not have access to readily available alternative developers. Further, the land and development activities are highly interdependent and represent a combined, transformative output
within the context of the contract. Accordingly, the Group determined that these contractual arrangements constitute a single performance obligation satisfied over time under IFRS 15.35(c), and revenue is recognised
over time based on the stage of completion.
Revenue relating to these transactions is recognised over time on a cost completion basis. This is measured by the proportion of total costs incurred at the reporting date relative to the estimated total costs of the contract
using an independent third-party valuation of the work performed. These contracts may give rise to contract assets and/or contract liabilities. Contract assets are calculated as the amount by which the cumulative value
of revenue earned on certain long-term contracts exceeds the amounts invoiced to the customer or consists of revenue earned on forward fund transactions with State-supported counterparties where the right to timing
of receipt of consideration is conditioned on something other than the passage of time. Conversely, contract liabilities represent the amount by which the cumulative amounts invoiced for stage payments on certain
long-term contracts exceed the revenue recognised.
Rental income
Rental income is recognised on a straight-line basis over the life of the operating lease. This income principally arises from properties let on a short-term basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-425": { "value": "
(g) Inventories
Units in the course of development and completed units are valued at the lower of cost and net realisable value. Cost includes the cost of land, raw materials, stamp duty, direct labour, direct wages and salaries and
development costs, but excludes indirect overheads. Land purchased for development, including land in the course of development, is initially recorded at cost. For development property acquired through business
combinations, cost is the sum of the fair value at acquisition plus subsequent direct costs. The Group\u2019s developments can take place over several reporting periods and the Group has to allocate site-wide development
costs between units built in the current year and in future years. It also has to estimate the costs to completion of such developments. In making these assessments, which impact on estimating the appropriate amounts
from inventories to be recognised as cost of sales on units sold, there is a degree of inherent uncertainty.
The Group is predominantly involved in the development of residential property units for sale. Because the nature of such individual units is that they are produced in large quantities on a repetitive basis over a relatively
short period of time, the Group\u2019s inventories are not considered to be qualifying assets for the purposes of capitalisation of borrowing costs.
Inventories are carried at the lower of cost and net realisable value, such that provision is made, where appropriate, to reduce the value of inventories to their net realisable value.
Where a site has commenced selling units, the Group compares the margin recognised on a site in the year to the forecast margin on a site over the life of the development, taking account of updated sales prices and
cost estimates. Where a site has not yet commenced selling, the Group compares the most recent forecast to prior forecasts for that site. The Group assesses whether any such updated margin forecasts indicate that the
inventory balance needs to be adjusted to reflect the net realisable value.
Where a site purchased for redevelopment includes existing rental properties which will be demolished or vacated as part of the planned redevelopment of the site, the full cost of the site is classified within inventories.
Contract deposits for purchases of development land are recognised as deposits when paid and are transferred to inventories on legal completion of the contract when the remainder of the contract price is paid. Where
land is purchased on deferred settlement terms (which may include amounts where contingent liabilities are deemed probable), and the cost differs from the amount that will subsequently be paid in settling the liability,
this difference is charged as a finance cost in the statement of profit or loss and other comprehensive income over the period to settlement.
Non-refundable land option payments are initially recognised in inventory. These represent options to purchase land at market value at a future point in time. They are reviewed regularly and written off to profit or loss
if it is probable that the option will not be exercised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-468": { "value": "(g) Inventories Units in the course of development and completed units are valued at the lower of cost and net realisable value. Cost includes the cost of land, raw materials, stamp duty, direct labour, direct wages and salaries and development costs, but excludes indirect overheads. Land purchased for development, including land in the course of development, is initially recorded at cost. For development property acquired through business combinations, cost is the sum of the fair value at acquisition plus subsequent direct costs. The Group\u2019s developments can take place over several reporting periods and the Group has to allocate site-wide development costs between units built in the current year and in future years. It also has to estimate the costs to completion of such developments. In making these assessments, which impact on estimating the appropriate amounts from inventories to be recognised as cost of sales on units sold, there is a degree of inherent uncertainty. The Group is predominantly involved in the development of residential property units for sale. Because the nature of such individual units is that they are produced in large quantities on a repetitive basis over a relatively short period of time, the Group\u2019s inventories are not considered to be qualifying assets for the purposes of capitalisation of borrowing costs. Inventories are carried at the lower of cost and net realisable value, such that provision is made, where appropriate, to reduce the value of inventories to their net realisable value. Where a site has commenced selling units, the Group compares the margin recognised on a site in the year to the forecast margin on a site over the life of the development, taking account of updated sales prices and cost estimates. Where a site has not yet commenced selling, the Group compares the most recent forecast to prior forecasts for that site. The Group assesses whether any such updated margin forecasts indicate that the inventory balance needs to be adjusted to reflect the net realisable value. Where a site purchased for redevelopment includes existing rental properties which will be demolished or vacated as part of the planned redevelopment of the site, the full cost of the site is classified within inventories. (p) Finance income and costs Interest income and expense is recognised using the effective interest method. The effective interest method is a method of calculating the amortised cost of a financial asset or financial liability (or group of financial assets or financial liabilities) and of allocating the interest income, interest expense and fees paid and received over the relevant period. Commitment fees in relation to undrawn loan facilities are accounted for on the accruals basis, within finance costs. The Group is required to capitalise borrowing costs directly attributable to the acquisition, construction and production of a qualifying asset, as part of the costs of that asset. Inventories which are produced in large quantities on a repetitive basis over a relatively short period of time are not qualifying assets. The Group does not generally produce qualifying assets. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-426": { "value": "
(h) Share-based payments
The Group has issued equity-settled share-based payments to certain employees (compromising long-term incentive awards, the stretch CEO long-term incentive plan, restricted share unit awards and share options).
The grant-date fair value of equity-settled share-based payment awards granted to employees is generally recognised as an expense, with a corresponding increase in equity over the vesting period of the awards. The
amounts recognised as an expense are adjusted to reflect the number of awards for which the related service and non-market performance conditions are expected to be met, such that the amount ultimately recognised
is based on the number of awards that meet the related service and non-market performance conditions, where applicable at the vesting date.
The amount recognised as an expense is not adjusted for market conditions not being met. For share-based payment awards with non-vesting conditions, the grant-date fair value of the share-based payment is
measured to reflect such conditions and there is no true-up for differences between expected and actual outcomes.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-427": { "value": "
(i) Taxation
Tax expense comprises current tax and deferred tax. Tax expense is recognised in profit or loss except to the extent that it relates to a business combination or items recognised in other comprehensive income or equity.
Current tax is the expected tax payable on taxable profit or loss for the period and any adjustment to tax payable in respect of previous years. It is measured using tax rates that have been enacted or substantively enacted
by the reporting date.
Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not
recognised for:
\u2022 temporary differences relating to investments in subsidiaries to the extent that the Group is able to control the timing of the reversal of the temporary differences and it is probable that they will not reverse in the
foreseeable future; and
\u2022 taxable temporary differences arising on the initial recognition of goodwill.
Deferred tax assets are recognised for unused tax losses, unused tax credits and deductible temporary differences to the extent that it is probable that future taxable profits will be available against which they can be used.
Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised; such reductions are reversed when the probability of future taxable
profits improves. Unrecognised deferred tax assets are reassessed at each reporting date and recognised to the extent that it has become probable that future taxable profits will be available against which they can be used.
Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rates enacted or substantively enacted at the reporting date. The measurement of deferred
tax reflects the tax consequences that would follow from the manner in which the Group expects, at the reporting date, to recover or settle the carrying amounts of its assets and liabilities.
The Group has adopted international Tax Reform \u2013 Pillar Two Model Rules (Amendments to IAS 12) upon their release on 23 May 2023. The amendments provide a temporary mandatory exception from deferred tax
accounting for the top-up tax and requires disclosures about the Pillar Two exposure (see Note 10). The mandatory exception is applied retrospectively. However, because no new legislation to implement the top-up tax
was enacted or substantively enacted at 31 December 2023 in the jurisdiction in which the Group operates and no related deferred tax was recognised at that date, the retrospective application had no impact on the
Group\u2019s consolidated financial statements. This is the second year that the amendment is in effect. The Group applied the mandatory exception from recognising deferred tax accounting related to Pillar Two models.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-469": { "value": "Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for: \u2022 temporary differences relating to investments in subsidiaries to the extent that the Group is able to control the timing of the reversal of the temporary differences and it is probable that they will not reverse in the foreseeable future; and \u2022 taxable temporary differences arising on the initial recognition of goodwill. Deferred tax assets are recognised for unused tax losses, unused tax credits and deductible temporary differences to the extent that it is probable that future taxable profits will be available against which they can be used. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised; such reductions are reversed when the probability of future taxable profits improves. Unrecognised deferred tax assets are reassessed at each reporting date and recognised to the extent that it has become probable that future taxable profits will be available against which they can be used. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rates enacted or substantively enacted at the reporting date. The measurement of deferred tax reflects the tax consequences that would follow from the manner in which the Group expects, at the reporting date, to recover or settle the carrying amounts of its assets and liabilities. The Group has adopted international Tax Reform \u2013 Pillar Two Model Rules (Amendments to IAS 12) upon their release on 23 May 2023. The amendments provide a temporary mandatory exception from deferred tax accounting for the top-up tax and requires disclosures about the Pillar Two exposure (see Note 10). The mandatory exception is applied retrospectively. However, because no new legislation to implement the top-up tax was enacted or substantively enacted at 31 December 2023 in the jurisdiction in which the Group operates and no related deferred tax was recognised at that date, the retrospective application had no impact on the Group\u2019s consolidated financial statements. This is the second year that the amendment is in effect. The Group applied the mandatory exception from recognising deferred tax accounting related to Pillar Two models. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-522": { "value": "Deferred tax assets are recognised for unused tax losses, unused tax credits and deductible temporary differences to the extent that it is probable that future taxable profits will be available against which they can be used. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised; such reductions are reversed when the probability of future taxable profits improves. Unrecognised deferred tax assets are reassessed at each reporting date and recognised to the extent that it has become probable that future taxable profits will be available against which they can be used. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rates enacted or substantively enacted at the reporting date. The measurement of deferred tax reflects the tax consequences that would follow from the manner in which the Group expects, at the reporting date, to recover or settle the carrying amounts of its assets and liabilities. The Group has adopted international Tax Reform \u2013 Pillar Two Model Rules (Amendments to IAS 12) upon their release on 23 May 2023. The amendments provide a temporary mandatory exception from deferred tax accounting for the top-up tax and requires disclosures about the Pillar Two exposure (see Note 10). The mandatory exception is applied retrospectively. However, because no new legislation to implement the top-up tax was enacted or substantively enacted at 31 December 2023 in the jurisdiction in which the Group operates and no related deferred tax was recognised at that date, the retrospective application had no impact on the Group\u2019s consolidated financial statements. This is the second year that the amendment is in effect. The Group applied the mandatory exception from recognising deferred tax accounting related to Pillar Two models. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-428": { "value": "(j) Pensions The Group operates defined contribution schemes for employees. The Group\u2019s contributions to the schemes are charged to profit or loss in the year in which the contributions fall due. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-470": { "value": "(k) Construction bonds receivables Construction bonds are development bonds that are put in place with local authorities or utility providers until development sites are fully completed and conditions of planning have been met or utilities are taken in charge. All construction bonds are considered current assets as they will be realised in the Group\u2019s normal operating cycle, which is such that a proportion of construction bonds will not be recovered within 12 months. Construction bonds not recoverable in 12 months are disclosed in Note 17. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-471": { "value": "(l) Cash and cash equivalents Cash and cash equivalents include cash and bank balances in bank accounts with no notice or on short-term deposits which are subject to insignificant risk of changes in value. Any cash and bank balances that are not available for use by the Group are presented as restricted cash. Amounts of restricted cash which are restricted from being exchanged or used to settle a liability for at least 12 months after the end of the reporting year are classified as non-current assets. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-429": { "value": "(l) Cash and cash equivalents Cash and cash equivalents include cash and bank balances in bank accounts with no notice or on short-term deposits which are subject to insignificant risk of changes in value. Any cash and bank balances that are not available for use by the Group are presented as restricted cash. Amounts of restricted cash which are restricted from being exchanged or used to settle a liability for at least 12 months after the end of the reporting year are classified as non-current assets. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-430": { "value": "(m) Provisions Provisions are recognised in the statement of financial position when the Group has a present legal or constructive obligation as a result of a past event and it is probable that an outflow of economic benefits will be required to settle the obligation, and the amount can be reliably estimated. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-431": { "value": "(n) Ordinary shares Incremental costs directly attributable to the issue of ordinary shares, net of any tax effects, are recognised as a deduction from equity through retained earnings. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-433": { "value": "(o) Segment reporting Operating segments are reported in a manner consistent with the internal organisational and management structure and the internal reporting information provided to the Chief Operating Decision Maker (CODM) (designated as the Board of Directors), which is responsible for allocating resources and assessing performance of operating segments. The Group is managed as a single business unit, building and property development. As the Group operates in a single geographic market, Ireland, no Geographical segmentation is provided. Management determined that all construction sites exhibit similar economic characteristics and meet the aggregation criteria in IFRS 8.12(a-e), and accordingly the Group is reported as a single operating segment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-499": { "value": "(p) Finance income and costs Interest income and expense is recognised using the effective interest method. The effective interest method is a method of calculating the amortised cost of a financial asset or financial liability (or group of financial assets or financial liabilities) and of allocating the interest income, interest expense and fees paid and received over the relevant period. Commitment fees in relation to undrawn loan facilities are accounted for on the accruals basis, within finance costs. The Group is required to capitalise borrowing costs directly attributable to the acquisition, construction and production of a qualifying asset, as part of the costs of that asset. Inventories which are produced in large quantities on a repetitive basis over a relatively short period of time are not qualifying assets. The Group does not generally produce qualifying assets. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-514": { "value": "(p) Finance income and costs Interest income and expense is recognised using the effective interest method. The effective interest method is a method of calculating the amortised cost of a financial asset or financial liability (or group of financial assets or financial liabilities) and of allocating the interest income, interest expense and fees paid and received over the relevant period. Commitment fees in relation to undrawn loan facilities are accounted for on the accruals basis, within finance costs. The Group is required to capitalise borrowing costs directly attributable to the acquisition, construction and production of a qualifying asset, as part of the costs of that asset. Inventories which are produced in large quantities on a repetitive basis over a relatively short period of time are not qualifying assets. The Group does not generally produce qualifying assets. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-432": { "value": "(p) Finance income and costs Interest income and expense is recognised using the effective interest method. The effective interest method is a method of calculating the amortised cost of a financial asset or financial liability (or group of financial assets or financial liabilities) and of allocating the interest income, interest expense and fees paid and received over the relevant period. Commitment fees in relation to undrawn loan facilities are accounted for on the accruals basis, within finance costs. The Group is required to capitalise borrowing costs directly attributable to the acquisition, construction and production of a qualifying asset, as part of the costs of that asset. Inventories which are produced in large quantities on a repetitive basis over a relatively short period of time are not qualifying assets. The Group does not generally produce qualifying assets. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-434": { "value": "
(q) Financial instruments
(i) Financial assets and financial liabilities
Under IFRS 9, financial assets and financial liabilities are initially recognised at fair value and are subsequently measured based on their classification as described below. Their classification depends on the purpose for
which the financial instruments were acquired or issued, their characteristics and the Group\u2019s designation of such instruments. IFRS 9 requires that all financial assets and financial liabilities be classified as fair value through
profit or loss (FVTPL), amortised cost or fair value through other comprehensive income (FVOCI).
(ii) Classification of financial instruments
The following summarises the classification and measurement the Group has elected to apply to each of its significant categories of financial instruments:
Type
IFRS 9 classification
Financial assets
Cash and cash equivalents
Amortised cost
Trade and other receivables
Amortised cost
Financial liabilities
Derivatives
Fair value (cash flow hedge accounting)
Loans and borrowings
Amortised cost
Trade payables and accruals, including deferred consideration
Amortised cost
(iii) Financial liabilities
Financial liabilities are initially recognised at fair value and are subsequently measured at amortised cost using the effective interest method.
Deferred consideration
In certain circumstances the Group acquires land on deferred payment terms. In accordance with IFRS 9 \u2018Financial Instruments\u2019 the creditor is initially recorded at fair value, being the price paid for the land 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. If the fair value of land purchased differs from the amount that will subsequently be paid in settling the liability, the difference is charged as a notional finance expense in the income
statement over the period to settlement.
Liabilities in respect of consideration for land payable on the occurrence of certain future events is measured at fair value at the date of acquisition using a probability weighted discounted cash flow model. The fair value
measurement is based on significant unobservable inputs (Level 3). At the acquisition date, the contingent consideration was recognised at its fair value as management estimated the underlying events are highly
probable and classified as a financial liability. Subsequent changes in the fair value of the contingent consideration liability will be recognised in the cost of land acquired.
(iv) Derecognition and modification of financial liabilities
The Group derecognises a financial liability when it is extinguished (when its contractual obligations are discharged, cancelled, or expire).
The Group also derecognises a financial liability when there is a substantial modification of the liability. A substantial modification is deemed to have occurred when the present value of the cash flows under the modified
terms, discounted using the original effective interest rate, is at least 10% different from the discounted present value of the remaining cash flows under the original terms. If the financial liability is deemed to have been
substantially modified, a new financial liability is recognised at fair value. The difference between this fair value and the previous carrying amount of the financial liability prior to its derecognition is recognised in profit or loss.
A non-substantial modification of a financial liability is deemed to have occurred when the present value of the cash flows under the modified terms, discounted using the original effective interest rate, is less than 10%
different from the discounted present value of the remaining cash flows under the original terms, and there are no other qualitative factors which indicate that a substantial modification has occurred. For non-substantial
modifications, the amortised cost of the liability is recalculated by discounting the modified cash flows at the original effective interest rate and any resulting gain or loss is recognised in profit or loss. For non-substantial
modifications where the impact is that the interest on floating rate liabilities has been repriced at current market terms, the original effective interest rate is adjusted to reflect the current market terms at the time of the
modification. Any costs and fees directly attributable to the modification of the financial liability are recognised as an adjustment to the carrying amount of the modified financial liability and amortised over its remaining
term under the effective interest method. Any unamortised costs attributable to the original financial liability, with the exception of unamortised arrangement fees, are recognised as an adjustment to the carrying
amount of the modified financial liability and amortised over the remaining term of the modified liability under the effective interest method. Unamortised arrangement fees relating to the original financial liability are
recognised in profit or loss on modification.
(vi) Derivatives and hedging
The Group has transacted derivatives relating to an interest rate swap to manage the interest rate risk arising from floating rate borrowings. Derivatives are initially recognised at fair value on the date a derivative contract is
entered into, and they are subsequently remeasured to their fair value at the end of each reporting period. The accounting for subsequent changes in fair value depends on whether the derivative is designated as a hedging
instrument and, if so, the nature of the item being hedged. The Group designates certain derivatives as hedges of a particular risk associated with the cash flows of recognised assets and liabilities and highly probable
forecast transactions (cash flow hedges).
Changes in the fair value of derivative hedging instruments designated as cash flow hedges are recognised in other comprehensive income to the extent that the hedge is effective. The gain or loss relating to the
ineffective portion is recognised immediately in profit or loss.
Amounts accumulated in other comprehensive income are reclassified to profit or loss in the same periods that the hedged items affect profit or loss. The reclassified gain or loss relating to the effective portion of interest
rate swaps hedging variable rate borrowings is recognised in profit or loss within finance income or costs respectively.
If the hedging instrument no longer meets the criteria for hedge accounting, expires or is sold, terminated or exercised, then hedge accounting is discontinued prospectively. The cumulative gain or loss previously
recognised in other comprehensive income remains there until the forecast transaction occurs, unless the hedged transaction is no longer expected to occur, in which case the cumulative gain or loss that was previously
recognised in other comprehensive income is transferred to profit and loss.
At inception of the hedge relationship, the Group documents the economic relationship between hedging instruments and hedged items, including whether changes in the cash flows of the hedging instruments are
expected to offset changes in the cash flows of hedged items. The Group documents its risk management objective and strategy for undertaking its hedge transactions.
The full fair value of a hedging derivative is classified as a non-current asset or liability when the remaining maturity of the hedged item is more than 12 months; it is classified as a current asset or liability when the
remaining maturity of the hedged item is less than 12 months.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-515": { "value": "(i) Financial assets and financial liabilities Under IFRS 9, financial assets and financial liabilities are initially recognised at fair value and are subsequently measured based on their classification as described below. Their classification depends on the purpose for which the financial instruments were acquired or issued, their characteristics and the Group\u2019s designation of such instruments. IFRS 9 requires that all financial assets and financial liabilities be classified as fair value through profit or loss (FVTPL), amortised cost or fair value through other comprehensive income (FVOCI). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-500": { "value": "(iii) Financial liabilities Financial liabilities are initially recognised at fair value and are subsequently measured at amortised cost using the effective interest method. Deferred consideration In certain circumstances the Group acquires land on deferred payment terms. In accordance with IFRS 9 \u2018Financial Instruments\u2019 the creditor is initially recorded at fair value, being the price paid for the land 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. If the fair value of land purchased differs from the amount that will subsequently be paid in settling the liability, the difference is charged as a notional finance expense in the income statement over the period to settlement. Liabilities in respect of consideration for land payable on the occurrence of certain future events is measured at fair value at the date of acquisition using a probability weighted discounted cash flow model. The fair value measurement is based on significant unobservable inputs (Level 3). At the acquisition date, the contingent consideration was recognised at its fair value as management estimated the underlying events are highly probable and classified as a financial liability. Subsequent changes in the fair value of the contingent consideration liability will be recognised in the cost of land acquired. (iv) Derecognition and modification of financial liabilities The Group derecognises a financial liability when it is extinguished (when its contractual obligations are discharged, cancelled, or expire). The Group also derecognises a financial liability when there is a substantial modification of the liability. A substantial modification is deemed to have occurred when the present value of the cash flows under the modified terms, discounted using the original effective interest rate, is at least 10% different from the discounted present value of the remaining cash flows under the original terms. If the financial liability is deemed to have been substantially modified, a new financial liability is recognised at fair value. The difference between this fair value and the previous carrying amount of the financial liability prior to its derecognition is recognised in profit or loss. A non-substantial modification of a financial liability is deemed to have occurred when the present value of the cash flows under the modified terms, discounted using the original effective interest rate, is less than 10% different from the discounted present value of the remaining cash flows under the original terms, and there are no other qualitative factors which indicate that a substantial modification has occurred. For non-substantial modifications, the amortised cost of the liability is recalculated by discounting the modified cash flows at the original effective interest rate and any resulting gain or loss is recognised in profit or loss. For non-substantial modifications where the impact is that the interest on floating rate liabilities has been repriced at current market terms, the original effective interest rate is adjusted to reflect the current market terms at the time of the modification. Any costs and fees directly attributable to the modification of the financial liability are recognised as an adjustment to the carrying amount of the modified financial liability and amortised over its remaining term under the effective interest method. Any unamortised costs attributable to the original financial liability, with the exception of unamortised arrangement fees, are recognised as an adjustment to the carrying amount of the modified financial liability and amortised over the remaining term of the modified liability under the effective interest method. Unamortised arrangement fees relating to the original financial liability are recognised in profit or loss on modification. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-472": { "value": "(iii) Financial liabilities Financial liabilities are initially recognised at fair value and are subsequently measured at amortised cost using the effective interest method. Deferred consideration In certain circumstances the Group acquires land on deferred payment terms. In accordance with IFRS 9 \u2018Financial Instruments\u2019 the creditor is initially recorded at fair value, being the price paid for the land 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. If the fair value of land purchased differs from the amount that will subsequently be paid in settling the liability, the difference is charged as a notional finance expense in the income statement over the period to settlement. Liabilities in respect of consideration for land payable on the occurrence of certain future events is measured at fair value at the date of acquisition using a probability weighted discounted cash flow model. The fair value measurement is based on significant unobservable inputs (Level 3). At the acquisition date, the contingent consideration was recognised at its fair value as management estimated the underlying events are highly probable and classified as a financial liability. Subsequent changes in the fair value of the contingent consideration liability will be recognised in the cost of land acquired. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-473": { "value": "(iv) Derecognition and modification of financial liabilities The Group derecognises a financial liability when it is extinguished (when its contractual obligations are discharged, cancelled, or expire). The Group also derecognises a financial liability when there is a substantial modification of the liability. A substantial modification is deemed to have occurred when the present value of the cash flows under the modified terms, discounted using the original effective interest rate, is at least 10% different from the discounted present value of the remaining cash flows under the original terms. If the financial liability is deemed to have been substantially modified, a new financial liability is recognised at fair value. The difference between this fair value and the previous carrying amount of the financial liability prior to its derecognition is recognised in profit or loss. A non-substantial modification of a financial liability is deemed to have occurred when the present value of the cash flows under the modified terms, discounted using the original effective interest rate, is less than 10% different from the discounted present value of the remaining cash flows under the original terms, and there are no other qualitative factors which indicate that a substantial modification has occurred. For non-substantial modifications, the amortised cost of the liability is recalculated by discounting the modified cash flows at the original effective interest rate and any resulting gain or loss is recognised in profit or loss. For non-substantial modifications where the impact is that the interest on floating rate liabilities has been repriced at current market terms, the original effective interest rate is adjusted to reflect the current market terms at the time of the modification. Any costs and fees directly attributable to the modification of the financial liability are recognised as an adjustment to the carrying amount of the modified financial liability and amortised over its remaining term under the effective interest method. Any unamortised costs attributable to the original financial liability, with the exception of unamortised arrangement fees, are recognised as an adjustment to the carrying amount of the modified financial liability and amortised over the remaining term of the modified liability under the effective interest method. Unamortised arrangement fees relating to the original financial liability are recognised in profit or loss on modification. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-516": { "value": "(vi) Derivatives and hedging The Group has transacted derivatives relating to an interest rate swap to manage the interest rate risk arising from floating rate borrowings. Derivatives are initially recognised at fair value on the date a derivative contract is entered into, and they are subsequently remeasured to their fair value at the end of each reporting period. The accounting for subsequent changes in fair value depends on whether the derivative is designated as a hedging instrument and, if so, the nature of the item being hedged. The Group designates certain derivatives as hedges of a particular risk associated with the cash flows of recognised assets and liabilities and highly probable forecast transactions (cash flow hedges). Changes in the fair value of derivative hedging instruments designated as cash flow hedges are recognised in other comprehensive income to the extent that the hedge is effective. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss. Amounts accumulated in other comprehensive income are reclassified to profit or loss in the same periods that the hedged items affect profit or loss. The reclassified gain or loss relating to the effective portion of interest rate swaps hedging variable rate borrowings is recognised in profit or loss within finance income or costs respectively. If the hedging instrument no longer meets the criteria for hedge accounting, expires or is sold, terminated or exercised, then hedge accounting is discontinued prospectively. The cumulative gain or loss previously recognised in other comprehensive income remains there until the forecast transaction occurs, unless the hedged transaction is no longer expected to occur, in which case the cumulative gain or loss that was previously recognised in other comprehensive income is transferred to profit and loss. At inception of the hedge relationship, the Group documents the economic relationship between hedging instruments and hedged items, including whether changes in the cash flows of the hedging instruments are expected to offset changes in the cash flows of hedged items. The Group documents its risk management objective and strategy for undertaking its hedge transactions. The full fair value of a hedging derivative is classified as a non-current asset or liability when the remaining maturity of the hedged item is more than 12 months; it is classified as a current asset or liability when the remaining maturity of the hedged item is less than 12 months.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-523": { "value": "(vi) Derivatives and hedging The Group has transacted derivatives relating to an interest rate swap to manage the interest rate risk arising from floating rate borrowings. Derivatives are initially recognised at fair value on the date a derivative contract is entered into, and they are subsequently remeasured to their fair value at the end of each reporting period. The accounting for subsequent changes in fair value depends on whether the derivative is designated as a hedging instrument and, if so, the nature of the item being hedged. The Group designates certain derivatives as hedges of a particular risk associated with the cash flows of recognised assets and liabilities and highly probable forecast transactions (cash flow hedges). Changes in the fair value of derivative hedging instruments designated as cash flow hedges are recognised in other comprehensive income to the extent that the hedge is effective. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss. Amounts accumulated in other comprehensive income are reclassified to profit or loss in the same periods that the hedged items affect profit or loss. The reclassified gain or loss relating to the effective portion of interest rate swaps hedging variable rate borrowings is recognised in profit or loss within finance income or costs respectively. If the hedging instrument no longer meets the criteria for hedge accounting, expires or is sold, terminated or exercised, then hedge accounting is discontinued prospectively. The cumulative gain or loss previously recognised in other comprehensive income remains there until the forecast transaction occurs, unless the hedged transaction is no longer expected to occur, in which case the cumulative gain or loss that was previously recognised in other comprehensive income is transferred to profit and loss. At inception of the hedge relationship, the Group documents the economic relationship between hedging instruments and hedged items, including whether changes in the cash flows of the hedging instruments are expected to offset changes in the cash flows of hedged items. The Group documents its risk management objective and strategy for undertaking its hedge transactions. The full fair value of a hedging derivative is classified as a non-current asset or liability when the remaining maturity of the hedged item is more than 12 months; it is classified as a current asset or liability when the remaining maturity of the hedged item is less than 12 months.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-532": { "value": "(vi) Derivatives and hedging The Group has transacted derivatives relating to an interest rate swap to manage the interest rate risk arising from floating rate borrowings. Derivatives are initially recognised at fair value on the date a derivative contract is entered into, and they are subsequently remeasured to their fair value at the end of each reporting period. The accounting for subsequent changes in fair value depends on whether the derivative is designated as a hedging instrument and, if so, the nature of the item being hedged. The Group designates certain derivatives as hedges of a particular risk associated with the cash flows of recognised assets and liabilities and highly probable forecast transactions (cash flow hedges). Changes in the fair value of derivative hedging instruments designated as cash flow hedges are recognised in other comprehensive income to the extent that the hedge is effective. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss. Amounts accumulated in other comprehensive income are reclassified to profit or loss in the same periods that the hedged items affect profit or loss. The reclassified gain or loss relating to the effective portion of interest rate swaps hedging variable rate borrowings is recognised in profit or loss within finance income or costs respectively. If the hedging instrument no longer meets the criteria for hedge accounting, expires or is sold, terminated or exercised, then hedge accounting is discontinued prospectively. The cumulative gain or loss previously recognised in other comprehensive income remains there until the forecast transaction occurs, unless the hedged transaction is no longer expected to occur, in which case the cumulative gain or loss that was previously recognised in other comprehensive income is transferred to profit and loss. At inception of the hedge relationship, the Group documents the economic relationship between hedging instruments and hedged items, including whether changes in the cash flows of the hedging instruments are expected to offset changes in the cash flows of hedged items. The Group documents its risk management objective and strategy for undertaking its hedge transactions. The full fair value of a hedging derivative is classified as a non-current asset or liability when the remaining maturity of the hedged item is more than 12 months; it is classified as a current asset or liability when the remaining maturity of the hedged item is less than 12 months.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForReclassificationOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-501": { "value": "(vi) Derivatives and hedging The Group has transacted derivatives relating to an interest rate swap to manage the interest rate risk arising from floating rate borrowings. Derivatives are initially recognised at fair value on the date a derivative contract is entered into, and they are subsequently remeasured to their fair value at the end of each reporting period. The accounting for subsequent changes in fair value depends on whether the derivative is designated as a hedging instrument and, if so, the nature of the item being hedged. The Group designates certain derivatives as hedges of a particular risk associated with the cash flows of recognised assets and liabilities and highly probable forecast transactions (cash flow hedges). Changes in the fair value of derivative hedging instruments designated as cash flow hedges are recognised in other comprehensive income to the extent that the hedge is effective. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss. Amounts accumulated in other comprehensive income are reclassified to profit or loss in the same periods that the hedged items affect profit or loss. The reclassified gain or loss relating to the effective portion of interest rate swaps hedging variable rate borrowings is recognised in profit or loss within finance income or costs respectively. If the hedging instrument no longer meets the criteria for hedge accounting, expires or is sold, terminated or exercised, then hedge accounting is discontinued prospectively. The cumulative gain or loss previously recognised in other comprehensive income remains there until the forecast transaction occurs, unless the hedged transaction is no longer expected to occur, in which case the cumulative gain or loss that was previously recognised in other comprehensive income is transferred to profit and loss. At inception of the hedge relationship, the Group documents the economic relationship between hedging instruments and hedged items, including whether changes in the cash flows of the hedging instruments are expected to offset changes in the cash flows of hedged items. The Group documents its risk management objective and strategy for undertaking its hedge transactions. The full fair value of a hedging derivative is classified as a non-current asset or liability when the remaining maturity of the hedged item is more than 12 months; it is classified as a current asset or liability when the remaining maturity of the hedged item is less than 12 months.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-475": { "value": "(vi) Derivatives and hedging The Group has transacted derivatives relating to an interest rate swap to manage the interest rate risk arising from floating rate borrowings. Derivatives are initially recognised at fair value on the date a derivative contract is entered into, and they are subsequently remeasured to their fair value at the end of each reporting period. The accounting for subsequent changes in fair value depends on whether the derivative is designated as a hedging instrument and, if so, the nature of the item being hedged. The Group designates certain derivatives as hedges of a particular risk associated with the cash flows of recognised assets and liabilities and highly probable forecast transactions (cash flow hedges). Changes in the fair value of derivative hedging instruments designated as cash flow hedges are recognised in other comprehensive income to the extent that the hedge is effective. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss. Amounts accumulated in other comprehensive income are reclassified to profit or loss in the same periods that the hedged items affect profit or loss. The reclassified gain or loss relating to the effective portion of interest rate swaps hedging variable rate borrowings is recognised in profit or loss within finance income or costs respectively. If the hedging instrument no longer meets the criteria for hedge accounting, expires or is sold, terminated or exercised, then hedge accounting is discontinued prospectively. The cumulative gain or loss previously recognised in other comprehensive income remains there until the forecast transaction occurs, unless the hedged transaction is no longer expected to occur, in which case the cumulative gain or loss that was previously recognised in other comprehensive income is transferred to profit and loss. At inception of the hedge relationship, the Group documents the economic relationship between hedging instruments and hedged items, including whether changes in the cash flows of the hedging instruments are expected to offset changes in the cash flows of hedged items. The Group documents its risk management objective and strategy for undertaking its hedge transactions. The full fair value of a hedging derivative is classified as a non-current asset or liability when the remaining maturity of the hedged item is more than 12 months; it is classified as a current asset or liability when the remaining maturity of the hedged item is less than 12 months.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-474": { "value": "
4. Measurement of Fair Values
Certain of the Group\u2019s accounting policies and disclosures require the determination of fair value, for both financial and non-financial assets and liabilities. Fair value is defined in IFRS 13, Fair Value Measurement, as 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. When measuring the fair value of an asset or a liability, the Group uses
observable market data as far as possible.
Fair values are categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques, as follows:
\u2022 Level 1: quoted prices, (unadjusted) in active markets for identical assets or liabilities;
\u2022 Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and
\u2022 Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).
If the inputs used to measure the fair value of an asset or a liability fall into different levels of the fair value hierarchy, then the fair value measurement is categorised in its entirety in the same level of the fair value hierarchy
as the lowest level input that is significant to the entire measurement.
The Group recognises transfers between levels of the fair value hierarchy at the end of the reporting year during which the change has occurred.
Further disclosures about the assumptions made in measuring fair values are included in Note 29 Financial Instruments and Risk Management.
(g) 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: \u2022 Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities; \u2022 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 \u2022 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\u2019s financial assets and liabilities and the methods used to calculate fair value.
Asset/Liability
Carrying value
Level
Method
Assumptions
Loans and borrowings
Amortised cost
2
Discounted Cash Flow
Valuation based on future repayment and interest cashflows discounted at a year-end market interest rate.
Interest rate swaps
Fair Value
2
Discounted Cash Flow
Valuation based on the present value of the estimated future cash flows based on observable yield curves.
Deferred consideration
Fair Value
3
Discounted Cash Flow
Valuation based on present value of the estimated future cash outflows based on management judgement.
The following table shows the carrying values of financial assets and liabilities including their values in the fair value hierarchy. A fair value disclosure for lease liabilities is not required. The table does not include fair value information for other financial assets and liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value.
2025 Fair value
Carrying
value Level 1 Level 2 Level 3
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
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
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
2024 Fair value
Carrying
value Level 1 Level 2 Level 3
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Financial assets measured at fair value
Derivative interest rate swap
105
105
Financial assets measured at amortised cost
Trade and other receivables (excluding prepayments)
151,009
Cash and cash equivalents
27,623
178,632
Financial liabilities measured at amortised cost
Trade payables and accruals
79,064
Deferred consideration
7,500
Loans and borrowings
182,046
181,912
268,610
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-491": { "value": "4. Measurement of Fair Values Certain of the Group\u2019s accounting policies and disclosures require the determination of fair value, for both financial and non-financial assets and liabilities. Fair value is defined in IFRS 13, Fair Value Measurement, as 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. When measuring the fair value of an asset or a liability, the Group uses observable market data as far as possible. Fair values are categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques, as follows: \u2022 Level 1: quoted prices, (unadjusted) in active markets for identical assets or liabilities; \u2022 Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and \u2022 Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs). If the inputs used to measure the fair value of an asset or a liability fall into different levels of the fair value hierarchy, then the fair value measurement is categorised in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. The Group recognises transfers between levels of the fair value hierarchy at the end of the reporting year during which the change has occurred. Further disclosures about the assumptions made in measuring fair values are included in Note 29 Financial Instruments and Risk Management. (g) 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: \u2022 Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities; \u2022 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 \u2022 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\u2019s financial assets and liabilities and the methods used to calculate fair value.
Asset/Liability
Carrying value
Level
Method
Assumptions
Loans and borrowings
Amortised cost
2
Discounted Cash Flow
Valuation based on future repayment and interest cashflows discounted at a year-end market interest rate.
Interest rate swaps
Fair Value
2
Discounted Cash Flow
Valuation based on the present value of the estimated future cash flows based on observable yield curves.
Deferred consideration
Fair Value
3
Discounted Cash Flow
Valuation based on present value of the estimated future cash outflows based on management judgement.
The following table shows the carrying values of financial assets and liabilities including their values in the fair value hierarchy. A fair value disclosure for lease liabilities is not required. The table does not include fair value information for other financial assets and liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value.
2025 Fair value
Carrying
value Level 1 Level 2 Level 3
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
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
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
2024 Fair value
Carrying
value Level 1 Level 2 Level 3
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Financial assets measured at fair value
Derivative interest rate swap
105
105
Financial assets measured at amortised cost
Trade and other receivables (excluding prepayments)
151,009
Cash and cash equivalents
27,623
178,632
Financial liabilities measured at amortised cost
Trade payables and accruals
79,064
Deferred consideration
7,500
Loans and borrowings
182,046
181,912
268,610
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-435": { "value": "
5. Segment Information
Segment information is presented on the same basis as that used for internal reporting purposes. Operating segments are reported in a manner consistent with the internal reporting provided to the CODM. The CODM
has been identified as the Board of Directors of the Company.
Having considered the criteria in IFRS 8 Operating Segments and considering how the Group manages its business and allocates resources, the Group has determined that it has one reportable segment. The Group is
managed as a single business unit, building and property development. As the Group operates in a single geographic market, Ireland, no geographical segmentation is provided. Management determined that all
construction sites exhibit similar economic characteristics and meet the aggregation criteria in IFRS 8.12(a-e), and accordingly the Group is reported as a single operating segment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-436": { "value": "
6. Revenue
2025 2024
Residential property sales \u20ac\u2019000 \u20ac\u2019000
Recognised at a point in time
481,930
382,802
Recognised over time
446,024
455,706
Total residential property sales
927,954
838,508
Site and other sales \u2013 recognised at a point in time
13,670
21,310
Site and other sales \u2013 recognised over time
2,937
\u2013
Revenue from contracts with customers
944,561
859,818
Other revenue
Income from property rental
45
53
944,606
859,871
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 work performed.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-524": { "value": "6. Revenue
2025 2024
Residential property sales \u20ac\u2019000 \u20ac\u2019000
Recognised at a point in time
481,930
382,802
Recognised over time
446,024
455,706
Total residential property sales
927,954
838,508
Site and other sales \u2013 recognised at a point in time
13,670
21,310
Site and other sales \u2013 recognised over time
2,937
\u2013
Revenue from contracts with customers
944,561
859,818
Other revenue
Income from property rental
45
53
944,606
859,871
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 work performed.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-437": { "value": "
7. Administrative Expenses
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Employee benefits expense (Note 9)
26,467
23,223
Depreciation
1,448
1,458
Other expenses
12,264
12,273
40,179
36,954
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-517": { "value": "7. Administrative Expenses
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Employee benefits expense (Note 9)
26,467
23,223
Depreciation
1,448
1,458
Other expenses
12,264
12,273
40,179
36,954
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-502": { "value": "7. Administrative Expenses
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Employee benefits expense (Note 9)
26,467
23,223
Depreciation
1,448
1,458
Other expenses
12,264
12,273
40,179
36,954
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-476": { "value": "7. Administrative Expenses
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Employee benefits expense (Note 9)
26,467
23,223
Depreciation
1,448
1,458
Other expenses
12,264
12,273
40,179
36,954
9. Statutory and Other Information
(i) Employees
The average number of persons employed by the Group (including Executive Directors) during the year was:
2025
2024
Number of employees
521
397
The average number of persons employed by the Group (including Executive Directors) during the financial year was 521 (Executive Committee: 7; Non-Executive Directors: 6, Construction: 407; and Other: 101), (2024
average: 397; (Executive Committee: 4; Non-Executive Directors: 6; Construction: 290; and Other: 97)).
(ii) Other information
The aggregate payroll costs of these employees were:
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Wages and salaries
53,282
41,255
Social welfare costs
4,621
4,455
Pension costs \u2013 defined contribution schemes
2,664
1,528
Share-based payments charge
6,557
6,942
67,124
54,180
Amounts included in cost of sales or capitalised into inventories
(40,530)
(30,826)
Amounts capitalised into intangibles
(127)
(131)
Employee benefits expense
26,467
23,223
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Net foreign currency loss recognised in profit or loss
\u2013
\u2013
Auditor\u2019s remuneration
Audit of Group, Company and subsidiary financial statements
377
339
Other assurance services
43
30
Tax advisory services
\u2013
90
Other non-audit services
\u2013
71
420
530
Auditor\u2019s remuneration for the audit of the Company financial statements was \u20ac20,000 (2024: \u20ac20,000).
Directors\u2019 remuneration
Salaries, fees and other emoluments
2,556
2,533
Pension contributions \u2013 defined contribution schemes
80
84
Gains on vesting of awards under LTIP scheme
1,945
1,988
4,581
4,605
Pension contributions were made to two Directors during the year (31 December 2024: three Directors).
11. Property, Plant and Equipment
Leasehold Motor Computers & 2025
improvements vehicles equipment Total
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Cost
At 1 January 2025
2,905
\u2013
11,028
13,933
Additions
\u2013
\u2013
1,448
1,448
Disposals
(455)
\u2013
(539)
(994)
At 31 December 2025
2,450
\u2013
11,937
14,387
Accumulated depreciation
At 1 January 2025
(1,088)
\u2013
(5,675)
(6,763)
Depreciation
(261)
\u2013
(1,640)
(1,901)
Disposals
455
\u2013
539
994
At 31 December 2025
(894)
\u2013
(6,776)
(7,670)
Net book value
At 31 December 2025
1,556
\u2013
5,161
6,717
The main additions during the period related to equipment purchases for construction sites. Depreciation of \u20ac1.2 million (2024: \u20ac1.3 million) in relation to construction related assets was included in construction work in progress in inventories. All property, plant and equipment is pledged as security against the Group\u2019s borrowings (Note 21).
Leasehold Motor Computers & 2024
improvements vehicles equipment Total
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Cost
At 1 January 2024
2,905
59
8,436
11,400
Additions
\u2013
\u2013
2,592
2,592
Disposals
\u2013
(59)
\u2013
(59)
At 31 December 2024
2,905
\u2013
11,028
13,933
Accumulated depreciation
At 1 January 2024
(828)
(58)
(4,394)
(5,280)
Depreciation
(260)
\u2013
(1,281)
(1,541)
Disposals
\u2013
58
\u2013
58
At 31 December 2024
(1,088)
\u2013
(5,675)
(6,763)
Net book value
At 31 December 2024
1,817
\u2013
5,353
7,170
Right of use assets
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Cost
At 1 January
7,999
7,139
Additions
504
1,022
Disposal
(24)
(162)
At 31 December
8,479
7,999
Accumulated depreciation
At 1 January
(2,407)
(1,582)
Disposal
24
162
Depreciation
(1,349)
(987)
At 31 December
(3,732)
(2,407)
Net book value
At 31 December
4,747
5,592
Depreciation of \u20ac0.7 million (2024: \u20ac0.4 million) in relation to construction related assets was included in construction work in progress in inventories. 13. Intangible Assets
2025 2024
Software \u20ac\u2019000 \u20ac\u2019000
Cost
At 1 January
8,375
6,630
Additions
1,402
1,744
At 31 December
9,777
8,374
Accumulated amortisation
At 1 January
(3,952)
(2,419)
Amortisation
(1,370)
(1,532)
At 31 December
(5,322)
(3,951)
Net book value
At 31 December
4,455
4,423
During the year ended 31 December 2025 payroll costs totalling \u20ac0.1 million (2024: \u20ac0.1 million) were capitalised into Intangible Assets (Note 9) .", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-439": { "value": "
8. Finance Costs
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Interest expense on financial liabilities measured at amortised cost
14,359
14,474
Cashflow hedges reclassified from other comprehensive income
124
(455)
Other finance costs
1,197
843
Interest on lease liabilities (Note 12)
230
233
Interest on deferred term land payables
797
\u2013
16,707
15,095
Interest expense 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-518": { "value": "8. Finance Costs
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Interest expense on financial liabilities measured at amortised cost
14,359
14,474
Cashflow hedges reclassified from other comprehensive income
124
(455)
Other finance costs
1,197
843
Interest on lease liabilities (Note 12)
230
233
Interest on deferred term land payables
797
\u2013
16,707
15,095
Interest expense 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-503": { "value": "8. Finance Costs
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Interest expense on financial liabilities measured at amortised cost
14,359
14,474
Cashflow hedges reclassified from other comprehensive income
124
(455)
Other finance costs
1,197
843
Interest on lease liabilities (Note 12)
230
233
Interest on deferred term land payables
797
\u2013
16,707
15,095
Interest expense 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-477": { "value": "8. Finance Costs
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Interest expense on financial liabilities measured at amortised cost
14,359
14,474
Cashflow hedges reclassified from other comprehensive income
124
(455)
Other finance costs
1,197
843
Interest on lease liabilities (Note 12)
230
233
Interest on deferred term land payables
797
\u2013
16,707
15,095
Interest expense 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-504": { "value": "9. Statutory and Other Information (i) Employees The average number of persons employed by the Group (including Executive Directors) during the year was:
2025
2024
Number of employees
521
397
The average number of persons employed by the Group (including Executive Directors) during the financial year was 521 (Executive Committee: 7; Non-Executive Directors: 6, Construction: 407; and Other: 101), (2024 average: 397; (Executive Committee: 4; Non-Executive Directors: 6; Construction: 290; and Other: 97)). Pension contributions were made to two Directors during the year (31 December 2024: three Directors)", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-438": { "value": "9. Statutory and Other Information (i) Employees The average number of persons employed by the Group (including Executive Directors) during the year was:
2025
2024
Number of employees
521
397
The average number of persons employed by the Group (including Executive Directors) during the financial year was 521 (Executive Committee: 7; Non-Executive Directors: 6, Construction: 407; and Other: 101), (2024 average: 397; (Executive Committee: 4; Non-Executive Directors: 6; Construction: 290; and Other: 97))", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-492": { "value": "
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Net foreign currency loss recognised in profit or loss
\u2013
\u2013
Auditor\u2019s remuneration
Audit of Group, Company and subsidiary financial statements
377
339
Other assurance services
43
30
Tax advisory services
\u2013
90
Other non-audit services
\u2013
71
420
530
Auditor\u2019s remuneration for the audit of the Company financial statements was \u20ac20,000 (2024: \u20ac20,000). ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-440": { "value": "
10. Taxation
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Current tax charge for the year
Corporation tax \u2013 current year
20,041
20,569
Adjustment in respect of prior year
44
(220)
20,085
20,349
Deferred tax credit for the year (Note 23)
(375)
(49)
Total tax charge
19,710
20,300
The tax assessed for the year differs from the standard rate of tax in Ireland. The differences are explained below.
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Profit before tax
152,425
134,872
Tax charge at standard Irish income tax rate of 12.5%
19,053
16,859
Effects of:
Expenses not deductible for tax purposes
1,347
1,203
Income taxed at the higher rate
279
1,285
Adjustment in respect of prior year
44
(220)
Other
(1,013)
1,173
Total tax charge
19,710
20,300
Global minimum top-up tax
The Group operates in Ireland, which has enacted legislation to implement the global minimum top-up tax. There is no amount of tax in relation to Pillar II in 2025 and 2024. The Group does not expect to be subject to the
top-up tax in relation to its operations in Ireland in the medium term.
23. Deferred Taxation
2025 2024
Movement in net deferred tax liability: \u20ac\u2019000 \u20ac\u2019000
Opening balance
3,090
3,139
Credit to profit or loss (Note 10)
(375)
(49)
As at year end
2,715
3,090
Deferred tax arises from temporary differences relating to tax losses and lease liabilities and land held for development and right of use assets. The movements in gross deferred tax assets and liabilities are set out below.
Deferred tax Deferred tax Net deferred
assets liabilities tax liability
2025 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Opening balance
1,335
(4,425)
(3,090)
Credit to profit or loss
1,504
(1,129)
375
Closing balance
2,839
(5,554)
(2,715)
There are tax losses of \u20ac0.517 million carried forward on which no deferred tax asset is recognised as the losses are not expected to be utilised.
Deferred tax Deferred tax Net deferred
assets liabilities tax liability
2024 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Opening balance
476
(3,615)
(3,139)
Credit/(charge) to profit or loss
859
(810)
49
Closing balance
1,335
(4,425)
(3,090)
During the year ended 31 December 2024, the Group recognised deferred tax assets of \u20ac0.859 million and deferred tax liabilities of \u20ac0.810 million in relation to its lease liabilities and right of use assets as the company holding the majority of these leases and assets within the Group now expects to recover the related net deferred tax asset of \u20ac0.049 million. There was an unrecognised deferred tax asset of \u20ac0.129 million as at 31 December 2024 relating to losses not expected to be utilised. The deductible and taxable temporary differences at the year end dates in respect of which deferred tax has been recognised are analysed as follows:
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Deferred tax assets (deductible temporary differences)
Lease liabilities
691
806
Property, plant and equipment
1,671
53
Other
477
476
Total
2,839
1,335
Deferred tax liabilities (deductible temporary differences)
Right of use assets
(593)
(700)
Property, plant and equipment
(1,346)
(110)
Other
(3,615)
(3,615)
Total
(5,554)
(4,425)
Net deferred tax liability
(2,715)
(3,090)
Movements in deferred tax assets and liabilities, at the year end dates, were as follows:
Property,
Leased plant &
assets equipment Other Total
2025 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
At 1 January 2025
106
(57)
(3,139)
(3,090)
Recognised in the Consolidated Statement of Profit or Loss
(8)
382
1
375
At 31 December 2025
98
325
(3,138)
(2,715)
Property,
Leased plant &
assets equipment Other Total
2024 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
At 1 January 2024
\u2013
\u2013
(3,139)
(3,139)
Recognised in the Consolidated Statement of Profit or Loss
106
(57)
\u2013
49
At 31 December 2024
106
(57)
(3,139)
(3,090)
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-441": { "value": "
11. Property, Plant and Equipment
Leasehold Motor Computers & 2025
improvements vehicles equipment Total
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Cost
At 1 January 2025
2,905
\u2013
11,028
13,933
Additions
\u2013
\u2013
1,448
1,448
Disposals
(455)
\u2013
(539)
(994)
At 31 December 2025
2,450
\u2013
11,937
14,387
Accumulated depreciation
At 1 January 2025
(1,088)
\u2013
(5,675)
(6,763)
Depreciation
(261)
\u2013
(1,640)
(1,901)
Disposals
455
\u2013
539
994
At 31 December 2025
(894)
\u2013
(6,776)
(7,670)
Net book value
At 31 December 2025
1,556
\u2013
5,161
6,717
The main additions during the period related to equipment purchases for construction sites. Depreciation of \u20ac1.2 million (2024: \u20ac1.3 million) in relation to construction related assets was included in construction work in
progress in inventories. All property, plant and equipment is pledged as security against the Group\u2019s borrowings (Note 21).
Leasehold Motor Computers & 2024
improvements vehicles equipment Total
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Cost
At 1 January 2024
2,905
59
8,436
11,400
Additions
\u2013
\u2013
2,592
2,592
Disposals
\u2013
(59)
\u2013
(59)
At 31 December 2024
2,905
\u2013
11,028
13,933
Accumulated depreciation
At 1 January 2024
(828)
(58)
(4,394)
(5,280)
Depreciation
(260)
\u2013
(1,281)
(1,541)
Disposals
\u2013
58
\u2013
58
At 31 December 2024
(1,088)
\u2013
(5,675)
(6,763)
Net book value
At 31 December 2024
1,817
\u2013
5,353
7,170
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-505": { "value": "11. Property, Plant and Equipment
Leasehold Motor Computers & 2025
improvements vehicles equipment Total
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Cost
At 1 January 2025
2,905
\u2013
11,028
13,933
Additions
\u2013
\u2013
1,448
1,448
Disposals
(455)
\u2013
(539)
(994)
At 31 December 2025
2,450
\u2013
11,937
14,387
Accumulated depreciation
At 1 January 2025
(1,088)
\u2013
(5,675)
(6,763)
Depreciation
(261)
\u2013
(1,640)
(1,901)
Disposals
455
\u2013
539
994
At 31 December 2025
(894)
\u2013
(6,776)
(7,670)
Net book value
At 31 December 2025
1,556
\u2013
5,161
6,717
The main additions during the period related to equipment purchases for construction sites. Depreciation of \u20ac1.2 million (2024: \u20ac1.3 million) in relation to construction related assets was included in construction work in progress in inventories. All property, plant and equipment is pledged as security against the Group\u2019s borrowings (Note 21).
Leasehold Motor Computers & 2024
improvements vehicles equipment Total
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Cost
At 1 January 2024
2,905
59
8,436
11,400
Additions
\u2013
\u2013
2,592
2,592
Disposals
\u2013
(59)
\u2013
(59)
At 31 December 2024
2,905
\u2013
11,028
13,933
Accumulated depreciation
At 1 January 2024
(828)
(58)
(4,394)
(5,280)
Depreciation
(260)
\u2013
(1,281)
(1,541)
Disposals
\u2013
58
\u2013
58
At 31 December 2024
(1,088)
\u2013
(5,675)
(6,763)
Net book value
At 31 December 2024
1,817
\u2013
5,353
7,170
Right of use assets
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Cost
At 1 January
7,999
7,139
Additions
504
1,022
Disposal
(24)
(162)
At 31 December
8,479
7,999
Accumulated depreciation
At 1 January
(2,407)
(1,582)
Disposal
24
162
Depreciation
(1,349)
(987)
At 31 December
(3,732)
(2,407)
Net book value
At 31 December
4,747
5,592
Depreciation of \u20ac0.7 million (2024: \u20ac0.4 million) in relation to construction related assets was included in construction work in progress in inventories. 13. Intangible Assets
2025 2024
Software \u20ac\u2019000 \u20ac\u2019000
Cost
At 1 January
8,375
6,630
Additions
1,402
1,744
At 31 December
9,777
8,374
Accumulated amortisation
At 1 January
(3,952)
(2,419)
Amortisation
(1,370)
(1,532)
At 31 December
(5,322)
(3,951)
Net book value
At 31 December
4,455
4,423
During the year ended 31 December 2025 payroll costs totalling \u20ac0.1 million (2024: \u20ac0.1 million) were capitalised into Intangible Assets (Note 9) ", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-493": { "value": "11. Property, Plant and Equipment
Leasehold Motor Computers & 2025
improvements vehicles equipment Total
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Cost
At 1 January 2025
2,905
\u2013
11,028
13,933
Additions
\u2013
\u2013
1,448
1,448
Disposals
(455)
\u2013
(539)
(994)
At 31 December 2025
2,450
\u2013
11,937
14,387
Accumulated depreciation
At 1 January 2025
(1,088)
\u2013
(5,675)
(6,763)
Depreciation
(261)
\u2013
(1,640)
(1,901)
Disposals
455
\u2013
539
994
At 31 December 2025
(894)
\u2013
(6,776)
(7,670)
Net book value
At 31 December 2025
1,556
\u2013
5,161
6,717
The main additions during the period related to equipment purchases for construction sites. Depreciation of \u20ac1.2 million (2024: \u20ac1.3 million) in relation to construction related assets was included in construction work in progress in inventories. All property, plant and equipment is pledged as security against the Group\u2019s borrowings (Note 21).
Leasehold Motor Computers & 2024
improvements vehicles equipment Total
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Cost
At 1 January 2024
2,905
59
8,436
11,400
Additions
\u2013
\u2013
2,592
2,592
Disposals
\u2013
(59)
\u2013
(59)
At 31 December 2024
2,905
\u2013
11,028
13,933
Accumulated depreciation
At 1 January 2024
(828)
(58)
(4,394)
(5,280)
Depreciation
(260)
\u2013
(1,281)
(1,541)
Disposals
\u2013
58
\u2013
58
At 31 December 2024
(1,088)
\u2013
(5,675)
(6,763)
Net book value
At 31 December 2024
1,817
\u2013
5,353
7,170
All debt facilities are secured by a debenture incorporating fixed and floating charges and assignments over all the assets of the Group. The carrying value of inventories as at 31 December 2025 pledged as security was \u20ac1,115.2 million (31 December 2024: \u20ac862.1 million). The amount presented in the financial statements is net of related unamortised arrangement fees and transaction costs of \u20ac1.6 million (31 December 2024: \u20ac1.0 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-442": { "value": "
12. Leases
The Group leases its central support office property and certain motor vehicles. The office lease formed the majority of the right of use assets and lease liabilities balance as at 31 December 2025 and 31 December 2024.
The discount rate attributed to the office lease is 2.6%.
The additions during the year ended 31 December 2025 relate to vehicle leases which have various commencement dates throughout the year. The average discount rate associated with these leases is 4.74% (2024: 6.03%)
which reflects the Group\u2019s incremental borrowing rate at the date of commencement.
Right of use assets
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Cost
At 1 January
7,999
7,139
Additions
504
1,022
Disposal
(24)
(162)
At 31 December
8,479
7,999
Accumulated depreciation
At 1 January
(2,407)
(1,582)
Disposal
24
162
Depreciation
(1,349)
(987)
At 31 December
(3,732)
(2,407)
Net book value
At 31 December
4,747
5,592
Depreciation of \u20ac0.7 million (2024: \u20ac0.4 million) in relation to construction related assets was included in construction work in progress in inventories.
Lease liabilities
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Current liabilities
Repayable within one year
1,331
1,254
1,331
1,254
Non-current liabilities
Repayable as follows:
Between one and two years
1,105
1,194
Between two and five years
2,311
2,427
Greater than five years
787
1,570
4,203
5,191
Total lease liabilities
5,534
6,445
The movements in total lease liabilities during 2025 and 2024 were as follows:
2025 2024
\u20ac\u2019000 \u20ac\u2019000
At 1 January
6,445
6,427
Additions
504
1,022
Interest on lease liabilities (Note 8)
230
233
Lease payments
(1,645)
(1,237)
At 31 December
5,534
6,445
The undiscounted remaining contractual cash flows for leases at 31 December 2025 were as follows:
Contractual cash flows
6 months 6-12 1-2
Total or less months years 2-5 years 5 years +
As at 31 December 2025 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Lease liabilities
(6,020)
(770)
(736)
(1,211)
(2,494)
(809)
The undiscounted remaining contractual cash flows for leases at 31 December 2024 were as follows:
Contractual cash flows
6 months 6-12 1-2
Total or less months years 2-5 years 5 years +
As at 31 December 2024 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Lease liabilities
(7,120)
(750)
(713)
(1,356)
(2,683)
(1,618)
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-519": { "value": "Right of use assets
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Cost
At 1 January
7,999
7,139
Additions
504
1,022
Disposal
(24)
(162)
At 31 December
8,479
7,999
Accumulated depreciation
At 1 January
(2,407)
(1,582)
Disposal
24
162
Depreciation
(1,349)
(987)
At 31 December
(3,732)
(2,407)
Net book value
At 31 December
4,747
5,592
Depreciation of \u20ac0.7 million (2024: \u20ac0.4 million) in relation to construction related assets was included in construction work in progress in inventories.
The movements in total lease liabilities during 2025 and 2024 were as follows:
2025 2024
\u20ac\u2019000 \u20ac\u2019000
At 1 January
6,445
6,427
Additions
504
1,022
Interest on lease liabilities (Note 8)
230
233
Lease payments
(1,645)
(1,237)
At 31 December
5,534
6,445
The undiscounted remaining contractual cash flows for leases at 31 December 2025 were as follows:
Contractual cash flows
6 months 6-12 1-2
Total or less months years 2-5 years 5 years +
As at 31 December 2025 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Lease liabilities
(6,020)
(770)
(736)
(1,211)
(2,494)
(809)
The undiscounted remaining contractual cash flows for leases at 31 December 2024 were as follows:
Contractual cash flows
6 months 6-12 1-2
Total or less months years 2-5 years 5 years +
As at 31 December 2024 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Lease liabilities
(7,120)
(750)
(713)
(1,356)
(2,683)
(1,618)
", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-443": { "value": "
13. Intangible Assets
2025 2024
Software \u20ac\u2019000 \u20ac\u2019000
Cost
At 1 January
8,375
6,630
Additions
1,402
1,744
At 31 December
9,777
8,374
Accumulated amortisation
At 1 January
(3,952)
(2,419)
Amortisation
(1,370)
(1,532)
At 31 December
(5,322)
(3,951)
Net book value
At 31 December
4,455
4,423
During the year ended 31 December 2025 payroll costs totalling \u20ac0.1 million (2024: \u20ac0.1 million) were capitalised into Intangible Assets (Note 9) .
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-494": { "value": "13. Intangible Assets
2025 2024
Software \u20ac\u2019000 \u20ac\u2019000
Cost
At 1 January
8,375
6,630
Additions
1,402
1,744
At 31 December
9,777
8,374
Accumulated amortisation
At 1 January
(3,952)
(2,419)
Amortisation
(1,370)
(1,532)
At 31 December
(5,322)
(3,951)
Net book value
At 31 December
4,455
4,423
During the year ended 31 December 2025 payroll costs totalling \u20ac0.1 million (2024: \u20ac0.1 million) were capitalised into Intangible Assets (Note 9) .", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-506": { "value": "
14. Derivatives and Cashflow Hedge Reserve
2025 2024
Current assets \u20ac\u2019000 \u20ac\u2019000
Derivative financial instruments
Interest rate swaps \u2013 cash flow hedges
-
105
2025 2024
Non-current liabilities \u20ac\u2019000 \u20ac\u2019000
Derivative financial instruments
Interest rate swaps \u2013 cash flow hedges
5
-
In the year ended 31 December 2025, the Group completed a refinancing of its syndicate facility. As part of this, the interest rate swap (swap) in respect of \u20ac18.75 million of its sustainability linked syndicate term loan
facility was terminated, and a new \u20ac17.80 million interest rate swap was entered into on 31 March 2025 at a fixed interest rate of 2.303% and maturity date of 29 June 2029.
Changes in the fair value of derivative hedging instruments designated as cash flow hedges are recognised in the cashflow hedge reserve to the extent that the hedge is effective. Any gain or loss relating to the ineffective
portion is recognised in profit or loss in the period incurred. The hedge was fully effective for the year ended 31 December 2025 and the year ended 31 December 2024. Amounts accounted for in the cashflow hedge
reserve in respect of the swap during the current and prior year have been set out in the Consolidated Statement of Changes in Equity on page 149.
The full fair value of a hedging derivative is classified as a non-current asset or liability when the remaining maturity of the derivative is more than 12 months; it is classified as a current asset or liability when the remaining
maturity of the derivative is less than 12 months. The fair value of the swap as at 31 December 2025 was in a liability position of \u20ac5,000 (31 December 2024: current asset position \u20ac105,000). As the swap is maturing in
June 2029, the Group has classified this as a non-current liability as at 31 December 2025.
Cashflow hedge reserve
The cashflow hedge reserve comprises the effective portion of the cumulative net change in the fair value of hedging instruments used in cash flow hedges pending subsequent recognition in profit or loss or directly
included in the initial cost or other carrying amount of a non-financial asset or non-financial liability.
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Interest rate profile of loans and borrowings
Fixed rate
180,895
115,527
Variable rate
45,526
66,519
Loans and borrowings
226,421
182,046
Variable rate instruments
Gross variable rate borrowings
45,526
66,519
Impact of interest rate swaps
(17, 526)
(18,519)
Total variable rate instruments
28,000
48,000
Cash flow sensitivity analysis for variable-rate instruments A reasonably possible change of 100 basis points in Euribor benchmark interest rates at the reporting date would have increased/(decreased) profit or loss by the amounts shown below. This analysis assumes that all other variables remain constant and the rate change is only applied to the loans that are exposed to movements in Euribor.
Profit or loss
Equity
100 bp 100 bp 100 bp 100 bp
increase decrease increase decrease
31 December 2025 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Variable rate instruments \u2013 loans and borrowings
(1,542)
1,542
(1,542)
1,542
Cash flow sensitivity (net)
(1,542)
1,542
(1,542)
1,542
Profit or loss
Equity
100 bp 100 bp 100 bp 100 bp
increase decrease increase decrease
31 December 2024 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Variable rate instruments \u2013 loans and borrowings
(1,308)
1,308
(1,308)
1,308
Cash flow sensitivity (net)
(1,308)
1,308
(1,308)
1,308
The Group is also exposed to interest rate risk on its cash and cash equivalents. These balances attract low interest rates and therefore a relative increase or decrease in their interest rates would not have a material effect on profit or loss . (e) Derivatives and hedging activities The Group has the following derivative financial instruments in the statement of financial position:
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Current assets \u2013 Derivative Financial Instruments
Interest rate swaps \u2013 cash flow hedges
\u2013
105
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Non-current liability \u2013 Derivative Financial Instruments
Interest rate swaps \u2013 cash flow hedges
5
\u2013
In the year ended 31 December 2025, the Group completed a refinancing of its syndicate facility. As part of this, the interest rate swap (swap) in respect of \u20ac18.75 million of its sustainability linked syndicate term loan facility was terminated, and a new \u20ac17.8 million interest rate swap was entered into on 31 March 2025 at a fixed interest rate of 2.303% and maturity date of 29 June 2029. The swap is designated as a cash flow hedge and is set so as to closely match the critical terms of the underlying debt being hedged. Hedge ineffectiveness is determined at the inception of the hedge relationship and through periodic prospective hedge effectiveness assessments to ensure that an economic relationship exists between the hedged item and the hedging instrument. The Group determines the existence of an economic relationship between the hedging instrument and hedged item based on the reference interest rates, tenors, repricing dates and maturities and notional amounts. The Group does not hedge 100% of its loans, therefore the hedged item is identified as a proportion of the outstanding loans up to the notional amount of the swaps. The hedge is transacted with a ratio of 1:1. As the Group enters into hedge relationships where the critical terms of the hedging instrument materially match the terms of the hedged item, a qualitative assessment of effectiveness is performed. If changes in circumstances affect the terms of the hedged item such that the critical terms no longer match exactly with the critical terms of the hedging instrument, the Group uses the hypothetical derivative method to assess effectiveness. Hedge ineffectiveness for interest rate swaps may occur due to: \u2022 consideration of any floors on the interest basis of the floating rate funding that is not replicated in the interest basis of the interest rate swap; \u2022 differences in the timing and the interest rate basis of cash flows on the hedged item and hedging instrument; \u2022 reduction or modification of the highly probable hedged item below the notional level of the interest rate swap; and \u2022 significant change in the credit risk of either party to the hedging relationship. There was no material ineffectiveness in hedged risk in relation to this hedging arrangement in 2025. Amounts accounted for in the cashflow hedge reserve in respect of the swap have been set out in other comprehensive income. These fair value gains and losses reflected in the cash flow hedge reserve are expected to impact on profit and loss in 2025, in line with the underlying debt being hedged. The following table shows a breakdown of the cash flow hedge reserve and the movements in this reserve during the year:
Cash flow Cash flow
hedge reserve hedge reserve
2025 2024
Interest rate swaps \u20ac\u2019000 \u20ac\u2019000
Opening balance 1 January
105
436
Change in fair value of hedging instrument recognised in cash flow hedge reserve
(234)
124
Reclassified from cash flow hedge reserve to profit or loss \u2013 included in finance cost
124
(455)
Closing balance 31 December
(5)
105
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-520": { "value": "14. Derivatives and Cashflow Hedge Reserve
2025 2024
Current assets \u20ac\u2019000 \u20ac\u2019000
Derivative financial instruments
Interest rate swaps \u2013 cash flow hedges
-
105
2025 2024
Non-current liabilities \u20ac\u2019000 \u20ac\u2019000
Derivative financial instruments
Interest rate swaps \u2013 cash flow hedges
5
-
In the year ended 31 December 2025, the Group completed a refinancing of its syndicate facility. As part of this, the interest rate swap (swap) in respect of \u20ac18.75 million of its sustainability linked syndicate term loan facility was terminated, and a new \u20ac17.80 million interest rate swap was entered into on 31 March 2025 at a fixed interest rate of 2.303% and maturity date of 29 June 2029. Changes in the fair value of derivative hedging instruments designated as cash flow hedges are recognised in the cashflow hedge reserve to the extent that the hedge is effective. Any gain or loss relating to the ineffective portion is recognised in profit or loss in the period incurred. The hedge was fully effective for the year ended 31 December 2025 and the year ended 31 December 2024. Amounts accounted for in the cashflow hedge reserve in respect of the swap during the current and prior year have been set out in the Consolidated Statement of Changes in Equity on page 149. The full fair value of a hedging derivative is classified as a non-current asset or liability when the remaining maturity of the derivative is more than 12 months; it is classified as a current asset or liability when the remaining maturity of the derivative is less than 12 months. The fair value of the swap as at 31 December 2025 was in a liability position of \u20ac5,000 (31 December 2024: current asset position \u20ac105,000). As the swap is maturing in June 2029, the Group has classified this as a non-current liability as at 31 December 2025. Cashflow hedge reserve The cashflow hedge reserve comprises the effective portion of the cumulative net change in the fair value of hedging instruments used in cash flow hedges pending subsequent recognition in profit or loss or directly included in the initial cost or other carrying amount of a non-financial asset or non-financial liability. 21. Loans and Borrowings
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Bank and other loans
Current liabilities
Repayable within one year
42,464
14,992
42,464
14,992
Non-current liabilities
Repayable as follows:
Between one and two years
\u2013
42,495
Between two and five years
183,957
124,559
Greater than five years
\u2013
\u2013
183,957
167,054
Total
226,421
182,046
The Group had a total committed debt facility of \u20ac385.0 million at the start of 2025. This increased to \u20ac460.0 million on 26 February 2025, of which \u20ac402.5 million was a syndicate facility comprising a term loan of \u20ac102.5 million and revolving credit facility of \u20ac300.0 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 Group. During the year ended 31 December 2025, the \u20ac402.5 million syndicate facility sustainability linked loans were redesignated to Green Loans 1 , reflecting the Group\u2019s alignment with globally recognised best practices in sustainable finance. The drawn revolving credit facility as at 31 December 2025 was \u20ac28.0 million (31 December 2024: \u20ac35.0 million). Additionally, at 1 January 2025, the Group had \u20ac57.5 million of committed debt facilities with PGIM Private Capital. The Group completed a refinance of part of the private placement debt in July 2025, increasing the facility by \u20ac40.0 million to \u20ac97.5 million, repayable on 31 July 2026 (\u20ac42.5 million) and 31 July 2030 (\u20ac55.0 million). \u20ac15.0 million of the proceeds of the new \u20ac55.0 million private placement facility were used to discharge the \u20ac15.0 million July 2025 maturity. The Group now has access to \u20ac500.0 million of committed debt facilities, with an average maturity of nearly four years. 1 Aligned with the Loan Market Association\u2019s Green Loan Principles. All debt facilities are secured by a debenture incorporating fixed and floating charges and assignments over all the assets of the Group. The carrying value of inventories as at 31 December 2025 pledged as security was \u20ac1,115.2 million (31 December 2024: \u20ac862.1 million). The amount presented in the financial statements is net of related unamortised arrangement fees and transaction costs of \u20ac1.6 million (31 December 2024: \u20ac1.0 million). The Group\u2019s \u20ac500 million committed debt facilities with Allied Irish Banks, Bank of Ireland, HBFI and PGIM Private Capital are subject to the following primary financial covenants calculated on a quarterly and annual (where stated) basis: \u2022 Maximum total debt to gross asset value ratio of 45%. \u2022 Maximum excluded properties to gross asset value of 50%. \u2022 Minimum EBITDA to gross interest paid of 3 times. \u2022 Maximum net debt to EBITDA of 2.5 times at year end. \u2022 Maximum net debt at year end to projected EBITDA in the immediately succeeding financial year of 2.5 times. \u2022 Maximum total debt to EBITDA of 4.5 times. \u2022 Maximum total debt at year end to projected EBITDA in the immediately succeeding financial year of 4.5 times. All covenants have been complied with in 2025 and 2024. 29. Financial Instruments and Risk Management The Group has exposure to the following risks arising from financial instruments: \u2022 credit risk; \u2022 liquidity risk; and \u2022 market risk. This note presents information about the Group\u2019s exposure to each of the above risks, the Group\u2019s objectives, policies and processes for measuring and managing risk, and the Group\u2019s management of capital. (a) Risk management framework The Board of Directors has overall responsibility for the establishment and oversight of the Group\u2019s risk management framework. Identifying, understanding and managing risk is fundamental to the delivery of our strategy, our financial performance, and the effectiveness of our business operations. We continue to improve and refine our risk management controls, ensuring they are fully integrated into our activities, from the Board and Executive to site development, whilst informing business improvement plans and our ongoing strategy. The Group Audit & Risk Committee keeps under review the adequacy and effectiveness of the Group\u2019s internal financial controls and the internal control and risk management systems. (b) Credit risk Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the Group\u2019s trade and other receivables and cash and cash equivalents. The carrying amount of financial assets represents the maximum credit exposure. Exposure to credit risk Group management, in conjunction with the Board, manages the risk associated with cash and cash equivalents by depositing funds with a number of Irish financial institutions and BBB+ rated international institutions. Credit risk associated with trade counterparties (including associates) is managed through careful assessment of the counterparty risk and only extending credit or loans to counterparties who group management concludes have sufficient ability to repay. Trade and other receivables (excluding prepayments) of \u20ac111.4 million at 31 December 2025 (31 December 2024: \u20ac151.0 million) were not past due. 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 \u20ac1.3 million (31 December 2024: \u20ac65.4 million) which relate to funds due from State-supported counterparties. Within the trade receivables, \u20ac17.2 million (31 December 2024: \u20ac18.5 million) relates to retentions. All trade receivables excluding retentions have been received post year end. The maximum amount of credit exposure is therefore:
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Trade and other receivables (excluding prepayments)
111,391
151,009
Cash and cash equivalents
55,118
27,623
Financial asset
6,964
\u2013
173,473
178,632
Expected credit losses in relation to all financial assets are immaterial due to the Group\u2019s revenue model. Cash in relation to private sales is received when the sale closes. Cash in relation to all other sales is received as it is billed based on specific contractual terms, as the majority of these sales are with institutional investors and State-supported counterparties the expected credit loss is deemed immaterial. (c) Liquidity risk Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or other financial assets. The Group\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group\u2019s reputation. The Group monitors the level of expected cash inflows from residential property sales, site and other sales, income from rental properties, and other receivables together with expected cash outflows on trade and other payables and commitments. All trade and other payables at 31 December 2025 are considered current with the expected cash outflow equivalent to their carrying value. Management monitors the adequacy of the Group\u2019s liquidity reserves (comprising undrawn borrowing facilities as detailed in Note 21 and cash and cash equivalents as detailed in Note 18, i.e. available funds) against rolling cash flow forecasts. In addition, the Group\u2019s liquidity risk management policy involves monitoring short-term and long-term cash flow forecasts. The Group had committed syndicate facilities at 31 December 2025 totalling \u20ac402.5 million until June 2029, with a one-year extension option, including a \u20ac300 million revolving credit facility to manage Group liquidity. The undrawn revolving credit facility at 31 December 2025 was \u20ac272 million (2024: \u20ac202 million).
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Financial liabilities due in less than one year
Trade payables and accruals
129,227
79,064
Deferred consideration
49,538
7,500
Deferred income
3,090
\u2013
Lease liabilities
1,331
1,254
Loans and borrowings
42,464
14,992
225,650
102,810
Financial liabilities due after more than one year
Lease liabilities
4,203
5,191
Loans and borrowings
183,957
167,054
Deferred consideration
28,306
\u2013
216,466
172,245
Total financial liabilities
442,116
275,055
Available funds:
Cash and cash equivalents
55,118
27,623
Revolving credit facilities undrawn
272,000
202,000
327,118
229,623
The Directors have reviewed the Group financial forecasts and associated risks for the period beyond one year from the date of approval of the financial statements. The forecasts reflect key assumptions, based on information available to the Directors at the time of the preparation of the financial forecasts. These forecasts are based on: \u2022 detailed forecasting by site for the period 2026-2028 reflecting trends experienced up to the date of preparation of the financial forecasts; and \u2022 future revenues for 2026-2028 based on management\u2019s assessment of trends across principal development sites. The Group is in a strong financial position and has a strong outlook (Note 1 (e)). The Directors expect that the Group will meet all of its obligations as they fall due on the basis that there is expected to be sufficient liquidity available to the Group for the period beyond one year from the date of approval of these financial statements. The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross and undiscounted and include contractual interest payments.
Contractual cash flows
Carrying 6 months
amount Total or less 6-12 months 1-2 years 2-5 years >5 years
31 December 2025 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Trade payables and accruals
129,227
(129,227)
(129,227)
\u2013
\u2013
\u2013
\u2013
Deferred consideration
77,845
(79,650)
(19,000)
(30,650)
(30,000)
\u2013
\u2013
Lease liabilities
5,534
(6,020)
(770)
(736)
(1,211)
(2,494)
(809)
Loans and borrowings
226,421
(249,909)
(4,691)
(46,594)
(5,608)
(193,016)
\u2013
439,027
(464,806)
(153,688)
(77,980)
(36,819)
(195,510)
(809)
Contractual cash flows
Carrying 6 months
amount Total or less 6-12 months 1-2 years 2-5 years >5 years
31 December 2024 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Trade payables and accruals
79,064
(79,064)
(79,064)
\u2013
\u2013
\u2013
\u2013
Deferred consideration
7,500
(7,500)
(3,750)
(3,750)
\u2013
\u2013
\u2013
Lease liabilities
6,445
(7,120)
(750)
(713)
(1,356)
(2,683)
(1,618)
Loans and borrowings
182,046
(199,659)
(3,847)
(18,516)
(48,958)
(128,338)
\u2013
275,055
(293,343)
(87,411)
(22,979)
(50,314)
(131,021)
(1,618)
(d) Market risk Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices will affect the Group\u2019s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return. (i) Currency risk The Group is not exposed to significant currency risk. The Group operates only in Ireland. (ii) Interest rate risk At 31 December 2025, the Group had the following facilities: (a) \u20ac402.5 million syndicate term loan and revolving credit facilities with Allied Irish Banks, Bank of Ireland, and HBFI all committed until 30 June 2029 with the option to extend by one year at the discretion of the Group, that had principal drawn balances of \u20ac102.5 million (term loan) (31 December 2024: \u20ac90.5 million) and \u20ac28.0 million (revolving credit facility) (31 December 2024: \u20ac35.0 million). \u2022 the revolving credit facility has a variable interest rate of three-month Euribor (with a 0% floor) plus a margin of 2.35%. The average interest rate on the revolving credit facility during the year was 4.28% (2024: 5.94%); \u2022 \u20ac84.7 million of the syndicate term loan facility (31 December 2024: \u20ac58.75 million) has a four-year fixed interest rate until 29 June 2029 plus a margin of 2.35%. The balance of \u20ac17.8 million (31 December 2024: \u20ac31.75 million) of the term loan has a variable interest rate of three-month Euribor plus a margin of 2.35%. The Group entered into a four-year interest rate swap on 31 March 2025 (Note 14), maturing on 29 June 2029, in relation to \u20ac17.8 million of the variable element of its term loan in order to manage its interest rate risk (see Note 29(e)). The average interest rate on the term loan during the year was 4.67% (2024: 3.96%); and \u2022 the Group has an exposure to cash flow interest rate risk where there are changes in Euribor rates. (b) a \u20ac97.5 million (2024: \u20ac57.5 million) private placement of loan notes with PGIM Private Capital which have a blended fixed coupon of 3.92% (2024: 3.36%).
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Interest rate profile of loans and borrowings
Fixed rate
180,895
115,527
Variable rate
45,526
66,519
Loans and borrowings
226,421
182,046
Variable rate instruments
Gross variable rate borrowings
45,526
66,519
Impact of interest rate swaps
(17, 526)
(18,519)
Total variable rate instruments
28,000
48,000
Cash flow sensitivity analysis for variable-rate instruments A reasonably possible change of 100 basis points in Euribor benchmark interest rates at the reporting date would have increased/(decreased) profit or loss by the amounts shown below. This analysis assumes that all other variables remain constant and the rate change is only applied to the loans that are exposed to movements in Euribor.
Profit or loss
Equity
100 bp 100 bp 100 bp 100 bp
increase decrease increase decrease
31 December 2025 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Variable rate instruments \u2013 loans and borrowings
(1,542)
1,542
(1,542)
1,542
Cash flow sensitivity (net)
(1,542)
1,542
(1,542)
1,542
Profit or loss
Equity
100 bp 100 bp 100 bp 100 bp
increase decrease increase decrease
31 December 2024 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Variable rate instruments \u2013 loans and borrowings
(1,308)
1,308
(1,308)
1,308
Cash flow sensitivity (net)
(1,308)
1,308
(1,308)
1,308
The Group is also exposed to interest rate risk on its cash and cash equivalents. These balances attract low interest rates and therefore a relative increase or decrease in their interest rates would not have a material effect on profit or loss . (e) Derivatives and hedging activities The Group has the following derivative financial instruments in the statement of financial position:
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Current assets \u2013 Derivative Financial Instruments
Interest rate swaps \u2013 cash flow hedges
\u2013
105
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Non-current liability \u2013 Derivative Financial Instruments
Interest rate swaps \u2013 cash flow hedges
5
\u2013
In the year ended 31 December 2025, the Group completed a refinancing of its syndicate facility. As part of this, the interest rate swap (swap) in respect of \u20ac18.75 million of its sustainability linked syndicate term loan facility was terminated, and a new \u20ac17.8 million interest rate swap was entered into on 31 March 2025 at a fixed interest rate of 2.303% and maturity date of 29 June 2029. The swap is designated as a cash flow hedge and is set so as to closely match the critical terms of the underlying debt being hedged. Hedge ineffectiveness is determined at the inception of the hedge relationship and through periodic prospective hedge effectiveness assessments to ensure that an economic relationship exists between the hedged item and the hedging instrument. The Group determines the existence of an economic relationship between the hedging instrument and hedged item based on the reference interest rates, tenors, repricing dates and maturities and notional amounts. The Group does not hedge 100% of its loans, therefore the hedged item is identified as a proportion of the outstanding loans up to the notional amount of the swaps. The hedge is transacted with a ratio of 1:1. As the Group enters into hedge relationships where the critical terms of the hedging instrument materially match the terms of the hedged item, a qualitative assessment of effectiveness is performed. If changes in circumstances affect the terms of the hedged item such that the critical terms no longer match exactly with the critical terms of the hedging instrument, the Group uses the hypothetical derivative method to assess effectiveness. Hedge ineffectiveness for interest rate swaps may occur due to: \u2022 consideration of any floors on the interest basis of the floating rate funding that is not replicated in the interest basis of the interest rate swap; \u2022 differences in the timing and the interest rate basis of cash flows on the hedged item and hedging instrument; \u2022 reduction or modification of the highly probable hedged item below the notional level of the interest rate swap; and \u2022 significant change in the credit risk of either party to the hedging relationship. There was no material ineffectiveness in hedged risk in relation to this hedging arrangement in 2025. Amounts accounted for in the cashflow hedge reserve in respect of the swap have been set out in other comprehensive income. These fair value gains and losses reflected in the cash flow hedge reserve are expected to impact on profit and loss in 2025, in line with the underlying debt being hedged. The following table shows a breakdown of the cash flow hedge reserve and the movements in this reserve during the year:
Cash flow Cash flow
hedge reserve hedge reserve
2025 2024
Interest rate swaps \u20ac\u2019000 \u20ac\u2019000
Opening balance 1 January
105
436
Change in fair value of hedging instrument recognised in cash flow hedge reserve
(234)
124
Reclassified from cash flow hedge reserve to profit or loss \u2013 included in finance cost
124
(455)
Closing balance 31 December
(5)
105
(f) Capital management The Board\u2019s policy is to maintain a strong capital base (defined as shareholders\u2019 equity) so as to maintain investor, creditor and market confidence and to sustain the future development of the business. The Group takes a conservative approach to bank financing and the net debt to total asset value ratio was 13.11% at 31 December 2025 (2024: 14.6%). Net debt is defined as loans and borrowings (Note 21) less cash and cash equivalents (Note 18). Net debt of \u20ac171.3 million as at 31 December 2025 (31 December 2024: \u20ac154.4 million) comprised of drawn debt of \u20ac226.4 million (net of unamortised arrangement fees and issue costs) (31 December 2024: \u20ac182.0 million) and available cash of \u20ac55.1 million (31 December 2024: \u20ac27.6 million). From a capital allocation perspective, the Group distributes surplus capital after investing in our business and paying dividends to shareholders through share buybacks. On 3 July 2024, the Company announced a new \u20ac45.0 million share buyback programme, which represents \u20ac40.0 million in respect of a new programme and the remaining \u20ac5.0 million of the FY23 programme (the FY24 programme). As at 31 December 2024 the total cost of shares repurchased under the FY24 programme was \u20ac43.2 million which was recorded directly in equity in retained earnings. In accordance with the share buyback programme, all repurchased shares are subsequently cancelled. 21,770,362 shares were repurchased under the FY24 programme (at an average share price of \u20ac1.98) and were cancelled in the year ended 31 December 2024. Between 2 January 2025 and 9 January 2025, the Company repurchased 803,939 shares at a cost of \u20ac1.8 million which completed the FY24 programme. These shares were subsequently cancelled. Dividends of \u20ac52.9 million (Note 25) were paid by the Company during the year ended 31 December 2025 (2024: \u20ac44.7 million). Details of proposed dividends after the year end are set out in Note 32. (g) 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: \u2022 Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities; \u2022 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 \u2022 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\u2019s financial assets and liabilities and the methods used to calculate fair value.
Asset/Liability
Carrying value
Level
Method
Assumptions
Loans and borrowings
Amortised cost
2
Discounted Cash Flow
Valuation based on future repayment and interest cashflows discounted at a year-end market interest rate.
Interest rate swaps
Fair Value
2
Discounted Cash Flow
Valuation based on the present value of the estimated future cash flows based on observable yield curves.
Deferred consideration
Fair Value
3
Discounted Cash Flow
Valuation based on present value of the estimated future cash outflows based on management judgement.
The following table shows the carrying values of financial assets and liabilities including their values in the fair value hierarchy. A fair value disclosure for lease liabilities is not required. The table does not include fair value information for other financial assets and liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value.
2025 Fair value
Carrying
value Level 1 Level 2 Level 3
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
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
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
2024 Fair value
Carrying
value Level 1 Level 2 Level 3
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Financial assets measured at fair value
Derivative interest rate swap
105
105
Financial assets measured at amortised cost
Trade and other receivables (excluding prepayments)
151,009
Cash and cash equivalents
27,623
178,632
Financial liabilities measured at amortised cost
Trade payables and accruals
79,064
Deferred consideration
7,500
Loans and borrowings
182,046
181,912
268,610
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-444": { "value": "
15. Equity-Accounted Investee
During the year, the Group entered into a joint venture with Castlegate Investments Limited. As part of this transaction the Group subscribed for 50% in equity and \u20ac6.97 million in loan notes (Note 26). The remaining 50%
is owned by Castlegate Investments Limited.
During the year, the Group established a new entity with Clockstrike Limited. As part of this transaction the Group subscribed for 50% in equity. The remaining 50% is owned by Clockstrike Limited.
In 2022 the Group acquired an 80.57% shareholding in a joint venture arrangement, Clonburris Infrastructure Limited. The remaining shareholding is shared between the other parties. The business of Clonburris
Infrastructure Limited is to procure the planning, design, construction and delivery of the infrastructure in the Clonburris Strategic Development Zone (SDZ).
Clonburris Infrastructure Limited has three Directors who are appointed to represent each of the shareholders of the company and all Directors have equal voting rights. Although the Group has the largest shareholding,
it can only appoint one Director with the other Directors being appointed by the remaining shareholders. The voting rights are shared between the three Directors equally and unanimous consent is required for all
key decisions impacting on the operations of this entity. Accordingly the Group has classified its interest in Clonburris Infrastructure Limited as a joint venture as it does not have control in its own right over this entity.
The movement during 2025 pertains to the funding and expenses incurred in respect of delivering the infrastructure in the Clonburris SDZ.
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Opening investment in joint ventures
34
237
Group\u2019s share of loss
-
(203)
Closing investment In joint ventures
34
34
See Note 27 for details of the registered offices.
Summarised financial information relating to the Joint Ventures:
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Summarised statement of financial position
Non-current assets
\u2013
\u2013
Current assets
21,081
2,132
Current liabilities
(21,038)
(2,089)
Non-current liabilities
\u2013
\u2013
Net assets (100%)
43
43
Group share of net assets recognised as investment in joint venture
34
34
Summarised income statement
Revenue
29,603
26,682
Operating expenses
(29,603)
(26,934)
Tax
\u2013
\u2013
Loss for the year (100%)
\u2013
(252)
Group share of loss for year recognised in profit or loss
\u2013
(203)
27. Group Entities
The Company\u2019s subsidiaries and its joint venture undertakings as at 31 December 2025 are set out below. All of the Company\u2019s subsidiaries and its joint venture undertakings are resident in Ireland, with all subsidiaries
and Forreston Development Limited having a registered address at 45 Mespil Road, Dublin 4,D04 W2F1, the Clonburris Infrastructure limited has a registered address of 88 Harcourt Street, Dublin 2, D02 DK18.
Baggotcove Limited has a registered address of 47 Stephen\u2019s Place, Dublin 2, D02 NX78. All Group entities operate in Ireland only.
Subsidiaries
Company\u2019s holding
Group company
Principal activity
Direct
Indirect
Cairn Homes Holdings Limited
Holding company
100%
\u2013
Cairn Homes Properties Limited
Holding of property
\u2013
100%
Cairn Homes Construction Limited
Construction company
\u2013
100%
Cairn Homes Butterly Limited
Holding of property
100%
\u2013
Cairn Homes Galway Limited
Holding of property
100%
\u2013
Cairn Homes Killiney Limited
Holding of property
100%
\u2013
Cairn Homes Finance Designated Activity Company
Financing activities
100%
\u2013
Cairn Homes Montrose Limited
Holding of property
100%
\u2013
Balgriffin Investment No.2 HoldCo Designated Activity Company
Holding company
100%
\u2013
Cairn Homes Property Holdco Limited
Holding company
\u2013
100%
Cairn Homes Property Holding Three Limited
Holding company
\u2013
100%
Balgriffin Investment No.2 Designated Activity Company
No activity in period
\u2013
100%
Company\u2019s holding
Joint Venture Undertaking
Principal activity
Direct
Indirect
Clonburris Infrastructure Limited (Note 15)
Construction company
\u2013
80.57%
Baggotcove Limited
Holding company
\u2013
50%
Forreston Development Limited
Holding of property
\u2013
50%
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-525": { "value": "15. Equity-Accounted Investee During the year, the Group entered into a joint venture with Castlegate Investments Limited. As part of this transaction the Group subscribed for 50% in equity and \u20ac6.97 million in loan notes (Note 26). The remaining 50% is owned by Castlegate Investments Limited. During the year, the Group established a new entity with Clockstrike Limited. As part of this transaction the Group subscribed for 50% in equity. The remaining 50% is owned by Clockstrike Limited. In 2022 the Group acquired an 80.57% shareholding in a joint venture arrangement, Clonburris Infrastructure Limited. The remaining shareholding is shared between the other parties. The business of Clonburris Infrastructure Limited is to procure the planning, design, construction and delivery of the infrastructure in the Clonburris Strategic Development Zone (SDZ). Clonburris Infrastructure Limited has three Directors who are appointed to represent each of the shareholders of the company and all Directors have equal voting rights. Although the Group has the largest shareholding, it can only appoint one Director with the other Directors being appointed by the remaining shareholders. The voting rights are shared between the three Directors equally and unanimous consent is required for all key decisions impacting on the operations of this entity. Accordingly the Group has classified its interest in Clonburris Infrastructure Limited as a joint venture as it does not have control in its own right over this entity. The movement during 2025 pertains to the funding and expenses incurred in respect of delivering the infrastructure in the Clonburris SDZ.
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Opening investment in joint ventures
34
237
Group\u2019s share of loss
-
(203)
Closing investment In joint ventures
34
34
See Note 27 for details of the registered offices. Summarised financial information relating to the Joint Ventures:
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Summarised statement of financial position
Non-current assets
\u2013
\u2013
Current assets
21,081
2,132
Current liabilities
(21,038)
(2,089)
Non-current liabilities
\u2013
\u2013
Net assets (100%)
43
43
Group share of net assets recognised as investment in joint venture
34
34
Summarised income statement
Revenue
29,603
26,682
Operating expenses
(29,603)
(26,934)
Tax
\u2013
\u2013
Loss for the year (100%)
\u2013
(252)
Group share of loss for year recognised in profit or loss
\u2013
(203)
27. Group Entities The Company\u2019s subsidiaries and its joint venture undertakings as at 31 December 2025 are set out below. All of the Company\u2019s subsidiaries and its joint venture undertakings are resident in Ireland, with all subsidiaries and Forreston Development Limited having a registered address at 45 Mespil Road, Dublin 4,D04 W2F1, the Clonburris Infrastructure limited has a registered address of 88 Harcourt Street, Dublin 2, D02 DK18. Baggotcove Limited has a registered address of 47 Stephen\u2019s Place, Dublin 2, D02 NX78. All Group entities operate in Ireland only.
Subsidiaries
Company\u2019s holding
Group company
Principal activity
Direct
Indirect
Cairn Homes Holdings Limited
Holding company
100%
\u2013
Cairn Homes Properties Limited
Holding of property
\u2013
100%
Cairn Homes Construction Limited
Construction company
\u2013
100%
Cairn Homes Butterly Limited
Holding of property
100%
\u2013
Cairn Homes Galway Limited
Holding of property
100%
\u2013
Cairn Homes Killiney Limited
Holding of property
100%
\u2013
Cairn Homes Finance Designated Activity Company
Financing activities
100%
\u2013
Cairn Homes Montrose Limited
Holding of property
100%
\u2013
Balgriffin Investment No.2 HoldCo Designated Activity Company
Holding company
100%
\u2013
Cairn Homes Property Holdco Limited
Holding company
\u2013
100%
Cairn Homes Property Holding Three Limited
Holding company
\u2013
100%
Balgriffin Investment No.2 Designated Activity Company
No activity in period
\u2013
100%
Company\u2019s holding
Joint Venture Undertaking
Principal activity
Direct
Indirect
Clonburris Infrastructure Limited (Note 15)
Construction company
\u2013
80.57%
Baggotcove Limited
Holding company
\u2013
50%
Forreston Development Limited
Holding of property
\u2013
50%
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-507": { "value": "15. Equity-Accounted Investee During the year, the Group entered into a joint venture with Castlegate Investments Limited. As part of this transaction the Group subscribed for 50% in equity and \u20ac6.97 million in loan notes (Note 26). The remaining 50% is owned by Castlegate Investments Limited. During the year, the Group established a new entity with Clockstrike Limited. As part of this transaction the Group subscribed for 50% in equity. The remaining 50% is owned by Clockstrike Limited. In 2022 the Group acquired an 80.57% shareholding in a joint venture arrangement, Clonburris Infrastructure Limited. The remaining shareholding is shared between the other parties. The business of Clonburris Infrastructure Limited is to procure the planning, design, construction and delivery of the infrastructure in the Clonburris Strategic Development Zone (SDZ). Clonburris Infrastructure Limited has three Directors who are appointed to represent each of the shareholders of the company and all Directors have equal voting rights. Although the Group has the largest shareholding, it can only appoint one Director with the other Directors being appointed by the remaining shareholders. The voting rights are shared between the three Directors equally and unanimous consent is required for all key decisions impacting on the operations of this entity. Accordingly the Group has classified its interest in Clonburris Infrastructure Limited as a joint venture as it does not have control in its own right over this entity. The movement during 2025 pertains to the funding and expenses incurred in respect of delivering the infrastructure in the Clonburris SDZ.
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Opening investment in joint ventures
34
237
Group\u2019s share of loss
-
(203)
Closing investment In joint ventures
34
34
See Note 27 for details of the registered offices. Summarised financial information relating to the Joint Ventures:
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Summarised statement of financial position
Non-current assets
\u2013
\u2013
Current assets
21,081
2,132
Current liabilities
(21,038)
(2,089)
Non-current liabilities
\u2013
\u2013
Net assets (100%)
43
43
Group share of net assets recognised as investment in joint venture
34
34
Summarised income statement
Revenue
29,603
26,682
Operating expenses
(29,603)
(26,934)
Tax
\u2013
\u2013
Loss for the year (100%)
\u2013
(252)
Group share of loss for year recognised in profit or loss
\u2013
(203)
27. Group Entities The Company\u2019s subsidiaries and its joint venture undertakings as at 31 December 2025 are set out below. All of the Company\u2019s subsidiaries and its joint venture undertakings are resident in Ireland, with all subsidiaries and Forreston Development Limited having a registered address at 45 Mespil Road, Dublin 4,D04 W2F1, the Clonburris Infrastructure limited has a registered address of 88 Harcourt Street, Dublin 2, D02 DK18. Baggotcove Limited has a registered address of 47 Stephen\u2019s Place, Dublin 2, D02 NX78. All Group entities operate in Ireland only.
Company\u2019s holding
Joint Venture Undertaking
Principal activity
Direct
Indirect
Clonburris Infrastructure Limited (Note 15)
Construction company
\u2013
80.57%
Baggotcove Limited
Holding company
\u2013
50%
Forreston Development Limited
Holding of property
\u2013
50%
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-445": { "value": "
16. Inventories
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Land held for development
701,333
615,743
Construction work in progress
413,821
246,381
1,115,154
862,124
Land held for development includes land acquisitions and land to be acquired under deferred payment terms where risks and rewards have been transferred to the Group. The Group had land acquisitions and land to be
acquired under deferred payment terms which includes amounts where contingent liabilities are deemed probable, during the year ended 31 December 2025 of \u20ac177.8 million (2024: \u20ac99.5 million). In accordance with
IFRS 9 \u2018Financial Instruments\u2019 the 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.
The Directors consider that all inventories are essentially current in nature although the Group\u2019s 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, the timing of planning permissions and site commencement dates.
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 year ended 31 December 2025 and 31 December 2024
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 or cost of sales.
As the build costs on each development can take place over a number of reporting periods the determination of the cost of sales to release on each sale is dependent on up to date cost forecasting and expected profit
margins across the various developments. The Directors review forecasting and profit margins on a regular basis and have incorporated any additional costs as a result of inflation. The Directors have also considered the
impact of climate change and the Group\u2019s 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 to 55 of the annual report in relation to costs and expected profit margins. There has been no other material impact identified on the financial
reporting judgements and estimates as a result of climate change. Nearer-term costs are largely fixed as they are in most cases fully procured, and others are variable and particular focus has been given to these items to
ensure they are accurately reflected in forecasts and profit margins. There is a risk that one or all of the assumptions may require revision as more information becomes available, with a resulting impact on the carrying value
of inventories or the amount of profit recognised. The risk is managed through ongoing development profitability reforecasting with any necessary adjustments being accounted for in the relevant reporting period.
All active developments on which construction has commenced are profitable and due to the forecasting process by which cost of sales is determined as referred to above, the Directors therefore concluded that the net
realisable value of active sites was greater than their carrying amount at 31 December 2025 and 31 December 2024 and hence those sites were not impaired.
All developments on which construction has not yet commenced were also assessed for impairment at 31 December 2025 and at 31 December 2024. This assessment was based on the current development plan for the
development, reflecting the number and mix of units expected to be built. For each of these developments, the forecast revenue based on current market prices was greater than the sum of the site cost and the estimated
construction costs. The Directors therefore concluded that the net realisable value of sites on which construction has not yet commenced was greater than their carrying amount at 31 December 2025 and 31 December 2024
and hence those developments were not impaired.
There were no reasonably foreseeable changes in assumptions that would have resulted in an impairment of inventories at 31 December 2025 and 31 December 2024. As a result of the detailed reviews undertaken the
Directors are satisfied with the carrying values of inventories (development land and work in progress), which are stated at the lower of cost and net realisable value, and with the methodology for the release of costs on the
sale of inventories.
The total amount charged to cost of sales from inventories during the year was \u20ac727.4 million (2024: \u20ac665.5 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-447": { "value": "
17. Trade and Other Receivables
2025 2024
Current assets \u20ac\u2019000 \u20ac\u2019000
Trade receivables
21,766
73,495
Contract assets
72,397
45,331
Prepayments
1,604
1,311
Construction bonds
11,530
11,938
Other receivables
4,443
9,457
111,740
141,532
2025 2024
Non-current assets \u20ac\u2019000 \u20ac\u2019000
Contract assets
\u2013
10,001
Other receivables
1,255
787
1,255
10,788
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 \u20ac1.3 million
(2024: \u20ac65.4 million) which relate to funds due from State-supported counterparties. Within the trade receivables, \u20ac17.2 million (2024: \u20ac18.5 million) relates to retentions.
Contract assets of \u20ac72.4 million (31 December 2024: \u20ac55.3 million) consists of revenue earned on both forward fund transactions and non-forward fund transactions with State-supported and other 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\u2019s normal operating cycle, which is such that a proportion of construction bonds will not be recovered within
12 months. It is estimated that \u20ac6.6 million (2024: \u20ac6.4 million) of the construction bond balance at 31 December 2025 will be recovered after more than 12 months from that date.
The carrying value of all trade and other receivables is approximate to their fair value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-526": { "value": "17. Trade and Other Receivables
2025 2024
Current assets \u20ac\u2019000 \u20ac\u2019000
Trade receivables
21,766
73,495
Contract assets
72,397
45,331
Prepayments
1,604
1,311
Construction bonds
11,530
11,938
Other receivables
4,443
9,457
111,740
141,532
2025 2024
Non-current assets \u20ac\u2019000 \u20ac\u2019000
Contract assets
\u2013
10,001
Other receivables
1,255
787
1,255
10,788
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 \u20ac1.3 million (2024: \u20ac65.4 million) which relate to funds due from State-supported counterparties. Within the trade receivables, \u20ac17.2 million (2024: \u20ac18.5 million) relates to retentions. Contract assets of \u20ac72.4 million (31 December 2024: \u20ac55.3 million) consists of revenue earned on both forward fund transactions and non-forward fund transactions with State-supported and other 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\u2019s normal operating cycle, which is such that a proportion of construction bonds will not be recovered within 12 months. It is estimated that \u20ac6.6 million (2024: \u20ac6.4 million) of the construction bond balance at 31 December 2025 will be recovered after more than 12 months from that date. The carrying value of all trade and other receivables is approximate to their fair value.", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-508": { "value": "17. Trade and Other Receivables
2025 2024
Current assets \u20ac\u2019000 \u20ac\u2019000
Trade receivables
21,766
73,495
Contract assets
72,397
45,331
Prepayments
1,604
1,311
Construction bonds
11,530
11,938
Other receivables
4,443
9,457
111,740
141,532
2025 2024
Non-current assets \u20ac\u2019000 \u20ac\u2019000
Contract assets
\u2013
10,001
Other receivables
1,255
787
1,255
10,788
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 \u20ac1.3 million (2024: \u20ac65.4 million) which relate to funds due from State-supported counterparties. Within the trade receivables, \u20ac17.2 million (2024: \u20ac18.5 million) relates to retentions. Contract assets of \u20ac72.4 million (31 December 2024: \u20ac55.3 million) consists of revenue earned on both forward fund transactions and non-forward fund transactions with State-supported and other 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\u2019s normal operating cycle, which is such that a proportion of construction bonds will not be recovered within 12 months. It is estimated that \u20ac6.6 million (2024: \u20ac6.4 million) of the construction bond balance at 31 December 2025 will be recovered after more than 12 months from that date. The carrying value of all trade and other receivables is approximate to their fair value.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-446": { "value": "
18. Cash and Cash Equivalents
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Cash and cash equivalents
55,118
27,623
Cash deposits are made for varying short-term periods depending on the immediate cash requirements of the Group. All deposits can be withdrawn without any changes in value and accordingly the fair value of cash
and cash equivalents is identical to the carrying value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-478": { "value": "
19. Share Capital and Share Premium
2025 2024
Authorised
Number
\u20ac\u2019000
Number
\u20ac\u2019000
Ordinary shares of \u20ac0.001 each
1,000,000,000
1,000
1,000,000,000
1,000
Total authorised share capital
1,000
1,000
2025 2024
Issued and fully paid
Number
\u20ac\u2019000
Number
\u20ac\u2019000
As at 31 December 2025
Ordinary shares of \u20ac0.001 each
625,576,122
625
201,894
202,519
Total issued and fully paid
625
201,894
202,519
2024 2024
Issued and fully paid
Number
\u20ac\u2019000
Number
\u20ac\u2019000
As at 31 December 2024
Ordinary shares of \u20ac0.001 each
621,051,046
621
201,894
202,515
Total issued and fully paid
621
201,894
202,515
Reconciliation of shares in issue
2025 2024
\u20ac\u2019000 \u20ac\u2019000
In issue at 1 January 2024
621,051,046
654,888,041
Purchase and cancellation of own shares under share buyback programme
(803,939)
(39,514,286)
Shares issued in relation to long-term incentive plan
4,644,889
4, 817,522
Shares issued in relation to dividend equivalents
684,126
\u2013
Other share options
\u2013
500,000
Shares issued in relation to SAYE scheme
\u2013
359,769
Total issued and fully paid
625,576,122
621,051,046
Share buyback programme
On 3 March 2023 the Company commenced a \u20ac40 million share buyback programme, and on 6 September 2023 the Company increased the size of the share buyback programme by a further \u20ac35 million, for a total of
\u20ac75 million (the FY23 programme). The total cost of ordinary shares repurchased under the FY23 programme during 2024 was \u20ac27.4 million which was recorded directly in equity in retained earnings. In accordance with
the share buyback programme, all repurchased shares are subsequently cancelled. 17,743,924 shares were repurchased under the FY23 programme (at an average share price of \u20ac1.54) and were cancelled during the year
ended 31 December 2024.
On 3 July 2024, the Company announced a new \u20ac45.0 million share buyback programme, which represented \u20ac40.0 million in respect of a new programme and the remaining \u20ac5.0 million of the FY23 programme (the FY24
programme). As at 31 December 2024 the total cost of shares repurchased under the FY24 programme was \u20ac43.2 million which was recorded directly in equity in retained earnings. In accordance with the share buyback
programme, all repurchased shares are subsequently cancelled. 21,770,362 shares were repurchased under the FY24 programme (at an average share price of \u20ac1.98) and were cancelled in the year ended 31 December
2024. Between 2 January 2025 and 9 January 2025, the Company repurchased 803,939 shares at a cost of \u20ac1.8 million which completed the FY24 programme. These shares were subsequently cancelled.
Share issues During the year, 4,644,889 ordinary shares at a nominal value of \u20ac0.001 per share in relation to the vesting of the 2022 long-term incentive plan (LTIP) were issued. In the prior year, the Company issued 4,817,522 ordinary shares at a nominal value of \u20ac0.001 per share in respect of the vesting of awards under the 2021 LTIP. There were no save as you earn (SAYE) option schemes which vested during 2025. In the prior year the Company issued 359,769 ordinary shares at a nominal value of \u20ac0.001 in relation to the vesting of the 2021 option scheme. This resulted in \u20ac0.377 million being included in share premium. \u20ac0.153 million was transferred from the share-based payments reserve to retained earnings relating to the 2021 vesting.
2025 2024
Other undenominated capital \u20ac\u2019000 \u20ac\u2019000
At 1 January
222
183
Nominal value of own shares purchased
1
39
At 31 December
223
222
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-448": { "value": "19. Share Capital and Share Premium
2025 2024
Authorised
Number
\u20ac\u2019000
Number
\u20ac\u2019000
Ordinary shares of \u20ac0.001 each
1,000,000,000
1,000
1,000,000,000
1,000
Total authorised share capital
1,000
1,000
2025 2024
Issued and fully paid
Number
\u20ac\u2019000
Number
\u20ac\u2019000
As at 31 December 2025
Ordinary shares of \u20ac0.001 each
625,576,122
625
201,894
202,519
Total issued and fully paid
625
201,894
202,519
2024 2024
Issued and fully paid
Number
\u20ac\u2019000
Number
\u20ac\u2019000
As at 31 December 2024
Ordinary shares of \u20ac0.001 each
621,051,046
621
201,894
202,515
Total issued and fully paid
621
201,894
202,515
Reconciliation of shares in issue
2025 2024
\u20ac\u2019000 \u20ac\u2019000
In issue at 1 January 2024
621,051,046
654,888,041
Purchase and cancellation of own shares under share buyback programme
(803,939)
(39,514,286)
Shares issued in relation to long-term incentive plan
4,644,889
4, 817,522
Shares issued in relation to dividend equivalents
684,126
\u2013
Other share options
\u2013
500,000
Shares issued in relation to SAYE scheme
\u2013
359,769
Total issued and fully paid
625,576,122
621,051,046
Share buyback programme On 3 March 2023 the Company commenced a \u20ac40 million share buyback programme, and on 6 September 2023 the Company increased the size of the share buyback programme by a further \u20ac35 million, for a total of \u20ac75 million (the FY23 programme). The total cost of ordinary shares repurchased under the FY23 programme during 2024 was \u20ac27.4 million which was recorded directly in equity in retained earnings. In accordance with the share buyback programme, all repurchased shares are subsequently cancelled. 17,743,924 shares were repurchased under the FY23 programme (at an average share price of \u20ac1.54) and were cancelled during the year ended 31 December 2024. On 3 July 2024, the Company announced a new \u20ac45.0 million share buyback programme, which represented \u20ac40.0 million in respect of a new programme and the remaining \u20ac5.0 million of the FY23 programme (the FY24 programme). As at 31 December 2024 the total cost of shares repurchased under the FY24 programme was \u20ac43.2 million which was recorded directly in equity in retained earnings. In accordance with the share buyback programme, all repurchased shares are subsequently cancelled. 21,770,362 shares were repurchased under the FY24 programme (at an average share price of \u20ac1.98) and were cancelled in the year ended 31 December 2024. Between 2 January 2025 and 9 January 2025, the Company repurchased 803,939 shares at a cost of \u20ac1.8 million which completed the FY24 programme. These shares were subsequently cancelled.
Share issues
During the year, 4,644,889 ordinary shares at a nominal value of \u20ac0.001 per share in relation to the vesting of the 2022 long-term incentive plan (LTIP) were issued. In the prior year, the Company issued 4,817,522 ordinary
shares at a nominal value of \u20ac0.001 per share in respect of the vesting of awards under the 2021 LTIP.
There were no save as you earn (SAYE) option schemes which vested during 2025. In the prior year the Company issued 359,769 ordinary shares at a nominal value of \u20ac0.001 in relation to the vesting of the 2021 option
scheme. This resulted in \u20ac0.377 million being included in share premium. \u20ac0.153 million was transferred from the share-based payments reserve to retained earnings relating to the 2021 vesting.
2025 2024
Other undenominated capital \u20ac\u2019000 \u20ac\u2019000
At 1 January
222
183
Nominal value of own shares purchased
1
39
At 31 December
223
222
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-449": { "value": "
20. Share-Based Payments
Long-term incentive plan (LTIP)
The Group operates an equity settled LTIP, which was approved at the May 2017 Annual General Meeting, under which conditional awards of 13,012,990 shares made to employees remain outstanding as at
31 December 2025 (2024: 16,166,510). The shares will vest on satisfaction of service and performance conditions attaching to the LTIP over a three-year period. During the year ended 31 December 2025 the Company
issued 4,644,889 ordinary shares at par in relation to the vesting of the 2022 LTIP (2024: 4,817,522 ordinary shares at par vested in relation to the 2021 LTIP). \u20ac5.707 million (2024: \u20ac4.927 million) was transferred from the
share-based payments reserve to retained earnings in relation to the 2022 (2024: 2021) vesting.
The 2023, 2024 and 2025 LTIP awards are subject to both financial and non-financial metrics. 60% of the 2023 award will vest subject to the achievement of cumulative EPS targets over the three-year performance period
from 2023 to 2025. 55% of the 2024 and 2025 awards will vest subject to the achievement of cumulative EPS targets over the three-year performance period from 2024 to 2026 and from 2025 to 2027 respectfully. 20% of
the 2023 award will vest subject to the achievement of a return on equity (ROE) target and 20% subject to the achievement of a biodiversity target. 25% of the 2024 and 2025 award will vest subject to the achievement
of an ROE target, 10% subject to the achievement of a biodiversity target and 10% dependent on passive standard unit commencements. Awards to Executive Directors are also subject to an additional two-year holding
period after vesting.
The Group recognised a charge related to the LTIP during the year ended 31 December 2025 of \u20ac3.230 million (2024: \u20ac3.845 million) of which \u20ac2.912 million (2024: \u20ac3.157 million) was charged to administrative expenses
in profit or loss and a charge of \u20ac0.318 million (2024: \u20ac0.688 million) was included in construction work in progress within inventories. Conditional awards of 1,623,564 shares (2024: 5,423,265 shares) were made to
employees at market value at time of the award under the LTIP in the year ended 31 December 2025.
The number of outstanding conditional share awards under the LTIP are as follows:
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Outstanding at beginning of year
16,166,510
15,775,886
Forfeited during the year
(132,195)
(215,119)
Vesting during the year
(4,644,889)
(4, 817,522)
Granted during the year
1,623,564
5,423,265
Outstanding at end of year
13,012,990
16,166,510
Dividend equivalents
The Group operates a dividend equivalent scheme linked to its equity settled LTIP. Under this scheme employees are entitled to shares or cash (the choice of settlement is as determined by the Group) to the value of
dividends declared over the LTIP\u2019s vesting period based on the number of shares that vest. During the year ended 31 December 2025 the Group settled dividend equivalents in shares for \u20ac0.796 million (2024: \u20ac0.619 million
settled in cash) and this amount was deducted from the share-based payment reserve.
The Group recognised a charge related to dividend equivalents during the year ended 31 December 2025 of \u20ac1.099 million (2024: \u20ac1.084 million) of which \u20ac1.099 million (2024: \u20ac0.946 million) was charged to administrative
expenses in profit or loss and a charge of \u20ac0.058 million (2024: \u20ac0.138 million) was included in construction work in progress within inventories.
Stretch CEO LTIP
On 31 August 2023 shareholders approved the adoption and implementation of an additional LTIP to deliver certain bespoke awards of shares to the Company\u2019s CEO, Mr. Michael Stanley (the Stretch CEO LTIP). The award
is structured in two tranches, with an equal number of ordinary shares in the capital of the Company granted to the CEO in each of 2023 and 2024. The 2023 Award will be subject to a three-year performance period
(2023-2025) and the 2024 Award will be subject to a four-year performance period (2023-2026), both from the baseline year of 2022 and subject to the achievement of certain performance conditions linked to profit after
tax and ROE weighted 75% and 25% respectively.
The 2023 award was granted in 2023, at a value of \u20ac3.5 million, with the number of conditional share awards determined by the closing share price on the evening preceding the grant date. The number of conditional
share awards granted under the 2024 award was identical to the first award. The 2023 grant took place on 8 September 2023 with a grant price of \u20ac1.108 per share equating to 3,158,845 ordinary shares. The 2024 grant
of 3,158,845 ordinary shares took place on 10 April 2024.
Due to the nature of the awards and given that the performance period for the 2023 and 2024 awards commenced on 1 January 2023, the Group recognised a charge in profit or loss related to the Stretch CEO LTIP of
\u20ac1.952 million (2024: \u20ac1.952 million) during the year ended 31 December 2025.
During the year the Group purchased 2,855,947 shares (2024: 2,581,487 shares), for the purpose of the stretch CEO LTIP, at a total cost of \u20ac6.0 million (2024: \u20ac5.0 million) and were recorded directly in equity as treasury
shares. A trust structure was set up with Computershare Trustees (Jersey) Limited to hold these shares until any future vesting arises. As at 31 December 2025 an aggregate of 6,317,688 shares have been purchased
at a total cost of \u20ac14.2 million.
Save as you earn (SAYE) scheme
The Group operates a Revenue approved SAYE scheme, which was approved at the May 2019 Annual General Meeting, under which the Group recognised a charge during the year ended 31 December 2025 of \u20ac0.279
million (2024: \u20ac0.061 million) of which \u20ac0.086 million (2024: \u20ac0.022 million) was charged to profit or loss and \u20ac0.193 million (2024: \u20ac0.039 million) was included in construction work in progress within inventories. There
was not an active vesting during the year ended 31 December 2025. In the prior year the Company issued 359,769 ordinary shares at a nominal value of \u20ac0.001 in relation to the vesting of the 2021 option scheme. This
resulted in \u20ac0.377 million being included in share premium. \u20ac0.153 million was transferred from the share-based payments reserve to retained earnings relating to the 2021 vesting.
Other share options
500,000 ordinary share options were issued in the year ended 31 December 2015 to a Director at that time. 250,000 of these options vested during 2018 and the remaining 250,000 vested during 2019. The exercise
price of each ordinary share option was \u20ac1.00. At grant date, the fair value of the options that vested during 2018 was calculated at \u20ac0.219 per share while the fair value of options that vested during 2019 was calculated
at \u20ac0.220 per share. During the year ended 31 December 2024, 500,000 ordinary share options were exercised and \u20ac0.110 million was transferred from share-based payment reserve to retained earnings.
Treasury shares disclosure
2025
2024
Nominal Nominal
No. of value Total No. of value Total
shares \u20ac \u20ac shares \u20ac \u20ac
At 1 January
4,991,284
0.001
4,991
2,409,797
0.001
2,410
Repurchase of shares \u2013 held in trust
2,855,947
0.001
2,856
2,581,487
0.001
2,581
Repurchase of shares \u2013 share buyback
803,939
0.001
804
39,514,286
0.001
39,514
Cancellation of shares \u2013 share buyback
(803,939)
0.001
(804)
(39,514,286)
0.001
(39,514)
At 31 December
7,847,231
0.001
7,847
4,991,284
0.001
4,991
The Company repurchased 3,659,886 shares during the year (2024: 42,095,773 shares).
The Company holds 1.25% (2024: 0.80%) of issued ordinary shares capital as treasury shares.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-450": { "value": "21. Loans and Borrowings
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Bank and other loans
Current liabilities
Repayable within one year
42,464
14,992
42,464
14,992
Non-current liabilities
Repayable as follows:
Between one and two years
\u2013
42,495
Between two and five years
183,957
124,559
Greater than five years
\u2013
\u2013
183,957
167,054
Total
226,421
182,046
The Group had a total committed debt facility of \u20ac385.0 million at the start of 2025. This increased to \u20ac460.0 million on 26 February 2025, of which \u20ac402.5 million was a syndicate facility comprising a term loan of \u20ac102.5 million and revolving credit facility of \u20ac300.0 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 Group. During the year ended 31 December 2025, the \u20ac402.5 million syndicate facility sustainability linked loans were redesignated to Green Loans 1 , reflecting the Group\u2019s alignment with globally recognised best practices in sustainable finance. The drawn revolving credit facility as at 31 December 2025 was \u20ac28.0 million (31 December 2024: \u20ac35.0 million). Additionally, at 1 January 2025, the Group had \u20ac57.5 million of committed debt facilities with PGIM Private Capital. The Group completed a refinance of part of the private placement debt in July 2025, increasing the facility by \u20ac40.0 million to \u20ac97.5 million, repayable on 31 July 2026 (\u20ac42.5 million) and 31 July 2030 (\u20ac55.0 million). \u20ac15.0 million of the proceeds of the new \u20ac55.0 million private placement facility were used to discharge the \u20ac15.0 million July 2025 maturity. The Group now has access to \u20ac500.0 million of committed debt facilities, with an average maturity of nearly four years. 1 Aligned with the Loan Market Association\u2019s Green Loan Principles.
All debt facilities are secured by a debenture incorporating fixed and floating charges and assignments over all the assets of the Group. The carrying value of inventories as at 31 December 2025 pledged as security was
\u20ac1,115.2 million (31 December 2024: \u20ac862.1 million). The amount presented in the financial statements is net of related unamortised arrangement fees and transaction costs of \u20ac1.6 million (31 December 2024:
\u20ac1.0 million).
The Group\u2019s \u20ac500 million committed debt facilities with Allied Irish Banks, Bank of Ireland, HBFI and PGIM Private Capital are subject to the following primary financial covenants calculated on a quarterly and annual
(where stated) basis:
\u2022 Maximum total debt to gross asset value ratio of 45%.
\u2022 Maximum excluded properties to gross asset value of 50%.
\u2022 Minimum EBITDA to gross interest paid of 3 times.
\u2022 Maximum net debt to EBITDA of 2.5 times at year end.
\u2022 Maximum net debt at year end to projected EBITDA in the immediately succeeding financial year of 2.5 times.
\u2022 Maximum total debt to EBITDA of 4.5 times.
\u2022 Maximum total debt at year end to projected EBITDA in the immediately succeeding financial year of 4.5 times.
All covenants have been complied with in 2025 and 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-479": { "value": "21. Loans and Borrowings
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Bank and other loans
Current liabilities
Repayable within one year
42,464
14,992
42,464
14,992
Non-current liabilities
Repayable as follows:
Between one and two years
\u2013
42,495
Between two and five years
183,957
124,559
Greater than five years
\u2013
\u2013
183,957
167,054
Total
226,421
182,046
The Group had a total committed debt facility of \u20ac385.0 million at the start of 2025. This increased to \u20ac460.0 million on 26 February 2025, of which \u20ac402.5 million was a syndicate facility comprising a term loan of \u20ac102.5 million and revolving credit facility of \u20ac300.0 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 Group. During the year ended 31 December 2025, the \u20ac402.5 million syndicate facility sustainability linked loans were redesignated to Green Loans 1 , reflecting the Group\u2019s alignment with globally recognised best practices in sustainable finance. The drawn revolving credit facility as at 31 December 2025 was \u20ac28.0 million (31 December 2024: \u20ac35.0 million). Additionally, at 1 January 2025, the Group had \u20ac57.5 million of committed debt facilities with PGIM Private Capital. The Group completed a refinance of part of the private placement debt in July 2025, increasing the facility by \u20ac40.0 million to \u20ac97.5 million, repayable on 31 July 2026 (\u20ac42.5 million) and 31 July 2030 (\u20ac55.0 million). \u20ac15.0 million of the proceeds of the new \u20ac55.0 million private placement facility were used to discharge the \u20ac15.0 million July 2025 maturity. The Group now has access to \u20ac500.0 million of committed debt facilities, with an average maturity of nearly four years. 1 Aligned with the Loan Market Association\u2019s Green Loan Principles. All debt facilities are secured by a debenture incorporating fixed and floating charges and assignments over all the assets of the Group. The carrying value of inventories as at 31 December 2025 pledged as security was \u20ac1,115.2 million (31 December 2024: \u20ac862.1 million). The amount presented in the financial statements is net of related unamortised arrangement fees and transaction costs of \u20ac1.6 million (31 December 2024: \u20ac1.0 million). The Group\u2019s \u20ac500 million committed debt facilities with Allied Irish Banks, Bank of Ireland, HBFI and PGIM Private Capital are subject to the following primary financial covenants calculated on a quarterly and annual (where stated) basis: \u2022 Maximum total debt to gross asset value ratio of 45%. \u2022 Maximum excluded properties to gross asset value of 50%. \u2022 Minimum EBITDA to gross interest paid of 3 times. \u2022 Maximum net debt to EBITDA of 2.5 times at year end. \u2022 Maximum net debt at year end to projected EBITDA in the immediately succeeding financial year of 2.5 times. \u2022 Maximum total debt to EBITDA of 4.5 times. \u2022 Maximum total debt at year end to projected EBITDA in the immediately succeeding financial year of 4.5 times. All covenants have been complied with in 2025 and 2024. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-451": { "value": "
22. Reconciliation of Movement of Liabilities to Cash Flows Arising from Financing Activities
Liabilities
Loans and Accrued
borrowings interest and
Revolving Total other Lease
Term loan credit facility Loan notes (Note 21) finance costs liabilities Total
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Balance at 1 January 2025
89,558
35,000
57,488
182,046
46
6,445
188,537
Proceeds from borrowings
33,873
403,000
54,648
491,521
\u2013
\u2013
491,521
Repayment of loans
(22,705)
(410,000)
(15,000)
(447,705)
\u2013
\u2013
(447,705)
Interest and other finance costs paid
\u2013
\u2013
\u2013
\u2013
(14,775)
(230)
(15,005)
Repayment of lease liabilities
\u2013
\u2013
\u2013
\u2013
\u2013
(1,414)
(1,414)
Total changes from financing cash flows
11,168
(7,000)
39,648
43,816
(14,775)
(1,644)
27, 397
Other changes
Amortisation of transaction costs
522
\u2013
37
559
\u2013
\u2013
559
Interest and other finance costs for the year
\u2013
\u2013
\u2013
\u2013
15,788
230
16,018
Recognition of lease liabilities for new leases
\u2013
\u2013
\u2013
\u2013
\u2013
503
503
Total other changes
522
\u2013
37
559
15,788
733
17,080
Balance at 31 December 2025
101,248
28,000
97,173
226,421
1,059
5,534
233,014
Liabilities
Loans and Accrued
borrowings interest and
Revolving Total other Lease
Term loan credit facility Loan notes (Note 21) finance costs liabilities Total
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Balance at 1 January 2024
76,348
25,000
72,480
173,828
672
6,427
180,927
Proceeds from borrowings
12,850
380,000
\u2013
392,850
\u2013
\u2013
392,850
Repayment of loans
\u2013
(370,000)
(15,000)
(385,000)
\u2013
\u2013
(385,000)
Interest and other finance costs paid
\u2013
\u2013
\u2013
\u2013
(14,667)
(233)
(14,900)
Repayment of lease liabilities
\u2013
\u2013
\u2013
\u2013
\u2013
(1,004)
(1,004)
Total changes from financing cash flows
12,850
10,000
(15,000)
7,850
(14,667)
(1,237)
(8,054)
Other changes
Amortisation of transaction costs
360
\u2013
8
368
\u2013
\u2013
368
Interest and other finance costs for the year
\u2013
\u2013
\u2013
\u2013
14,041
233
14,274
Recognition of lease liabilities for new leases
\u2013
\u2013
\u2013
\u2013
\u2013
1,022
1,022
Total other changes
360
\u2013
8
368
14,041
1,255
15,664
Balance at 31 December 2024
89,558
35,000
57,488
182,046
46
6,445
188,537
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-480": { "value": "22. Reconciliation of Movement of Liabilities to Cash Flows Arising from Financing Activities
Liabilities
Loans and Accrued
borrowings interest and
Revolving Total other Lease
Term loan credit facility Loan notes (Note 21) finance costs liabilities Total
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Balance at 1 January 2025
89,558
35,000
57,488
182,046
46
6,445
188,537
Proceeds from borrowings
33,873
403,000
54,648
491,521
\u2013
\u2013
491,521
Repayment of loans
(22,705)
(410,000)
(15,000)
(447,705)
\u2013
\u2013
(447,705)
Interest and other finance costs paid
\u2013
\u2013
\u2013
\u2013
(14,775)
(230)
(15,005)
Repayment of lease liabilities
\u2013
\u2013
\u2013
\u2013
\u2013
(1,414)
(1,414)
Total changes from financing cash flows
11,168
(7,000)
39,648
43,816
(14,775)
(1,644)
27, 397
Other changes
Amortisation of transaction costs
522
\u2013
37
559
\u2013
\u2013
559
Interest and other finance costs for the year
\u2013
\u2013
\u2013
\u2013
15,788
230
16,018
Recognition of lease liabilities for new leases
\u2013
\u2013
\u2013
\u2013
\u2013
503
503
Total other changes
522
\u2013
37
559
15,788
733
17,080
Balance at 31 December 2025
101,248
28,000
97,173
226,421
1,059
5,534
233,014
Liabilities
Loans and Accrued
borrowings interest and
Revolving Total other Lease
Term loan credit facility Loan notes (Note 21) finance costs liabilities Total
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Balance at 1 January 2024
76,348
25,000
72,480
173,828
672
6,427
180,927
Proceeds from borrowings
12,850
380,000
\u2013
392,850
\u2013
\u2013
392,850
Repayment of loans
\u2013
(370,000)
(15,000)
(385,000)
\u2013
\u2013
(385,000)
Interest and other finance costs paid
\u2013
\u2013
\u2013
\u2013
(14,667)
(233)
(14,900)
Repayment of lease liabilities
\u2013
\u2013
\u2013
\u2013
\u2013
(1,004)
(1,004)
Total changes from financing cash flows
12,850
10,000
(15,000)
7,850
(14,667)
(1,237)
(8,054)
Other changes
Amortisation of transaction costs
360
\u2013
8
368
\u2013
\u2013
368
Interest and other finance costs for the year
\u2013
\u2013
\u2013
\u2013
14,041
233
14,274
Recognition of lease liabilities for new leases
\u2013
\u2013
\u2013
\u2013
\u2013
1,022
1,022
Total other changes
360
\u2013
8
368
14,041
1,255
15,664
Balance at 31 December 2024
89,558
35,000
57,488
182,046
46
6,445
188,537
", "dimensions": { "concept": "ifrs-full:DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-481": { "value": "23. Deferred Taxation
2025 2024
Movement in net deferred tax liability: \u20ac\u2019000 \u20ac\u2019000
Opening balance
3,090
3,139
Credit to profit or loss (Note 10)
(375)
(49)
As at year end
2,715
3,090
Deferred tax arises from temporary differences relating to tax losses and lease liabilities and land held for development and right of use assets. The movements in gross deferred tax assets and liabilities are set out below.
Deferred tax Deferred tax Net deferred
assets liabilities tax liability
2025 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Opening balance
1,335
(4,425)
(3,090)
Credit to profit or loss
1,504
(1,129)
375
Closing balance
2,839
(5,554)
(2,715)
There are tax losses of \u20ac0.517 million carried forward on which no deferred tax asset is recognised as the losses are not expected to be utilised.
Deferred tax Deferred tax Net deferred
assets liabilities tax liability
2024 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Opening balance
476
(3,615)
(3,139)
Credit/(charge) to profit or loss
859
(810)
49
Closing balance
1,335
(4,425)
(3,090)
During the year ended 31 December 2024, the Group recognised deferred tax assets of \u20ac0.859 million and deferred tax liabilities of \u20ac0.810 million in relation to its lease liabilities and right of use assets as the company
holding the majority of these leases and assets within the Group now expects to recover the related net deferred tax asset of \u20ac0.049 million. There was an unrecognised deferred tax asset of \u20ac0.129 million
as at 31 December 2024 relating to losses not expected to be utilised.
The deductible and taxable temporary differences at the year end dates in respect of which deferred tax has been recognised are analysed as follows:
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Deferred tax assets (deductible temporary differences)
Lease liabilities
691
806
Property, plant and equipment
1,671
53
Other
477
476
Total
2,839
1,335
Deferred tax liabilities (deductible temporary differences)
Right of use assets
(593)
(700)
Property, plant and equipment
(1,346)
(110)
Other
(3,615)
(3,615)
Total
(5,554)
(4,425)
Net deferred tax liability
(2,715)
(3,090)
Movements in deferred tax assets and liabilities, at the year end dates, were as follows:
Property,
Leased plant &
assets equipment Other Total
2025 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
At 1 January 2025
106
(57)
(3,139)
(3,090)
Recognised in the Consolidated Statement of Profit or Loss
(8)
382
1
375
At 31 December 2025
98
325
(3,138)
(2,715)
Property,
Leased plant &
assets equipment Other Total
2024 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
At 1 January 2024
\u2013
\u2013
(3,139)
(3,139)
Recognised in the Consolidated Statement of Profit or Loss
106
(57)
\u2013
49
At 31 December 2024
106
(57)
(3,139)
(3,090)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-452": { "value": "
24. Trade and Other Payables
2025 2024
Current trade and other payables \u20ac\u2019000 \u20ac\u2019000
Trade payables
42,899
26,896
Deferred consideration
49,538
7, 500
Deferred income
3,090
\u2013
Accruals
86,328
52,168
VAT liability
20,695
17,920
Other creditors
1,708
2,969
204,258
107,453
2025 2024
Non-current trade and other payables \u20ac\u2019000 \u20ac\u2019000
Deferred consideration
28,306
\u2013
28,306
During the year, \u20ac77.84 million of deferred consideration was recorded, relating to \u20ac77.04 million of deferred land payments and \u20ac0.80 million of finance expenses. Deferred consideration relates to amounts payable in
relation to land purchased whereby the Group acquired land on deferred payment terms (Note 16). In accordance with IFRS 9 \u2018Financial Instruments\u2019 the 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 represents amounts due for payroll taxes and Relevant Contracts Tax. The carrying value of all trade and other payables is approximate to their fair value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-527": { "value": "24. Trade and Other Payables
2025 2024
Current trade and other payables \u20ac\u2019000 \u20ac\u2019000
Trade payables
42,899
26,896
Deferred consideration
49,538
7, 500
Deferred income
3,090
\u2013
Accruals
86,328
52,168
VAT liability
20,695
17,920
Other creditors
1,708
2,969
204,258
107,453
2025 2024
Non-current trade and other payables \u20ac\u2019000 \u20ac\u2019000
Deferred consideration
28,306
\u2013
28,306
During the year, \u20ac77.84 million of deferred consideration was recorded, relating to \u20ac77.04 million of deferred land payments and \u20ac0.80 million of finance expenses. Deferred consideration relates to amounts payable in relation to land purchased whereby the Group acquired land on deferred payment terms (Note 16). In accordance with IFRS 9 \u2018Financial Instruments\u2019 the 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 represents amounts due for payroll taxes and Relevant Contracts Tax. The carrying value of all trade and other payables is approximate to their fair value.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-511": { "value": "24. Trade and Other Payables
2025 2024
Current trade and other payables \u20ac\u2019000 \u20ac\u2019000
Trade payables
42,899
26,896
Deferred consideration
49,538
7, 500
Deferred income
3,090
\u2013
Accruals
86,328
52,168
VAT liability
20,695
17,920
Other creditors
1,708
2,969
204,258
107,453
2025 2024
Non-current trade and other payables \u20ac\u2019000 \u20ac\u2019000
Deferred consideration
28,306
\u2013
28,306
During the year, \u20ac77.84 million of deferred consideration was recorded, relating to \u20ac77.04 million of deferred land payments and \u20ac0.80 million of finance expenses. Deferred consideration relates to amounts payable in relation to land purchased whereby the Group acquired land on deferred payment terms (Note 16). In accordance with IFRS 9 \u2018Financial Instruments\u2019 the 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 represents amounts due for payroll taxes and Relevant Contracts Tax. The carrying value of all trade and other payables is approximate to their fair value.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-482": { "value": "24. Trade and Other Payables
2025 2024
Current trade and other payables \u20ac\u2019000 \u20ac\u2019000
Trade payables
42,899
26,896
Deferred consideration
49,538
7, 500
Deferred income
3,090
\u2013
Accruals
86,328
52,168
VAT liability
20,695
17,920
Other creditors
1,708
2,969
204,258
107,453
2025 2024
Non-current trade and other payables \u20ac\u2019000 \u20ac\u2019000
Deferred consideration
28,306
\u2013
28,306
During the year, \u20ac77.84 million of deferred consideration was recorded, relating to \u20ac77.04 million of deferred land payments and \u20ac0.80 million of finance expenses. Deferred consideration relates to amounts payable in relation to land purchased whereby the Group acquired land on deferred payment terms (Note 16). In accordance with IFRS 9 \u2018Financial Instruments\u2019 the 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 represents amounts due for payroll taxes and Relevant Contracts Tax. The carrying value of all trade and other payables is approximate to their fair value.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-453": { "value": "
25. Dividends
Dividends of \u20ac52.9 million were paid by the Company during the year (2024: \u20ac44.7 million). A dividend of 4.4 cent per ordinary share, totalling \u20ac27.5 million, was paid on 16 May 2025 and a dividend of 4.1 cent per ordinary
share, totalling \u20ac25.4 million, was paid on 15 October 2025. Details of proposed dividends subsequent to the year end are set out in Note 32.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-509": { "value": "0.044", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "fact-510": { "value": "0.041", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "fact-454": { "value": "
26. Related Party Transactions
Key management personnel compensation was as follows:
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Short-term employee benefits
2,556
2,987
Post-employment benefits (pension contributions \u2013 defined contribution schemes)
80
106
Share-based payment expense \u2013 LTIP/Stretch CEO LTIP
3,027
3,324
Total key management personnel compensation
5,663
6,417
During the year, the Group entered into a joint venture agreement with Castlegate Investments Limited. As part of this transaction the Group subscribed for 50% in equity and \u20ac6.97 million in loan notes which was interest
free and repayable on completion of development. The remaining 50% is owned by Castlegate Investments Limited. Please refer to Note 15 for further information.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-483": { "value": "26. Related Party Transactions Key management personnel compensation was as follows:
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Short-term employee benefits
2,556
2,987
Post-employment benefits (pension contributions \u2013 defined contribution schemes)
80
106
Share-based payment expense \u2013 LTIP/Stretch CEO LTIP
3,027
3,324
Total key management personnel compensation
5,663
6,417
During the year, the Group entered into a joint venture agreement with Castlegate Investments Limited. As part of this transaction the Group subscribed for 50% in equity and \u20ac6.97 million in loan notes which was interest free and repayable on completion of development. The remaining 50% is owned by Castlegate Investments Limited. Please refer to Note 15 for further information.", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-512": { "value": "Key management personnel compensation was as follows:
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Short-term employee benefits
2,556
2,987
Post-employment benefits (pension contributions \u2013 defined contribution schemes)
80
106
Share-based payment expense \u2013 LTIP/Stretch CEO LTIP
3,027
3,324
Total key management personnel compensation
5,663
6,417
During the year, the Group entered into a joint venture agreement with Castlegate Investments Limited. As part of this transaction the Group subscribed for 50% in equity and \u20ac6.97 million in loan notes which was interest free and repayable on completion of development. The remaining 50% is owned by Castlegate Investments Limited. Please refer to Note 15 for further information.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-495": { "value": "27. Group Entities The Company\u2019s subsidiaries and its joint venture undertakings as at 31 December 2025 are set out below. All of the Company\u2019s subsidiaries and its joint venture undertakings are resident in Ireland, with all subsidiaries and Forreston Development Limited having a registered address at 45 Mespil Road, Dublin 4,D04 W2F1, the Clonburris Infrastructure limited has a registered address of 88 Harcourt Street, Dublin 2, D02 DK18. Baggotcove Limited has a registered address of 47 Stephen\u2019s Place, Dublin 2, D02 NX78. All Group entities operate in Ireland only.
Subsidiaries
Company\u2019s holding
Group company
Principal activity
Direct
Indirect
Cairn Homes Holdings Limited
Holding company
100%
\u2013
Cairn Homes Properties Limited
Holding of property
\u2013
100%
Cairn Homes Construction Limited
Construction company
\u2013
100%
Cairn Homes Butterly Limited
Holding of property
100%
\u2013
Cairn Homes Galway Limited
Holding of property
100%
\u2013
Cairn Homes Killiney Limited
Holding of property
100%
\u2013
Cairn Homes Finance Designated Activity Company
Financing activities
100%
\u2013
Cairn Homes Montrose Limited
Holding of property
100%
\u2013
Balgriffin Investment No.2 HoldCo Designated Activity Company
Holding company
100%
\u2013
Cairn Homes Property Holdco Limited
Holding company
\u2013
100%
Cairn Homes Property Holding Three Limited
Holding company
\u2013
100%
Balgriffin Investment No.2 Designated Activity Company
No activity in period
\u2013
100%
Company\u2019s holding
Joint Venture Undertaking
Principal activity
Direct
Indirect
Clonburris Infrastructure Limited (Note 15)
Construction company
\u2013
80.57%
Baggotcove Limited
Holding company
\u2013
50%
Forreston Development Limited
Holding of property
\u2013
50%
", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-484": { "value": "27. Group Entities The Company\u2019s subsidiaries and its joint venture undertakings as at 31 December 2025 are set out below. All of the Company\u2019s subsidiaries and its joint venture undertakings are resident in Ireland, with all subsidiaries and Forreston Development Limited having a registered address at 45 Mespil Road, Dublin 4,D04 W2F1, the Clonburris Infrastructure limited has a registered address of 88 Harcourt Street, Dublin 2, D02 DK18. Baggotcove Limited has a registered address of 47 Stephen\u2019s Place, Dublin 2, D02 NX78. All Group entities operate in Ireland only.
Subsidiaries
Company\u2019s holding
Group company
Principal activity
Direct
Indirect
Cairn Homes Holdings Limited
Holding company
100%
\u2013
Cairn Homes Properties Limited
Holding of property
\u2013
100%
Cairn Homes Construction Limited
Construction company
\u2013
100%
Cairn Homes Butterly Limited
Holding of property
100%
\u2013
Cairn Homes Galway Limited
Holding of property
100%
\u2013
Cairn Homes Killiney Limited
Holding of property
100%
\u2013
Cairn Homes Finance Designated Activity Company
Financing activities
100%
\u2013
Cairn Homes Montrose Limited
Holding of property
100%
\u2013
Balgriffin Investment No.2 HoldCo Designated Activity Company
Holding company
100%
\u2013
Cairn Homes Property Holdco Limited
Holding company
\u2013
100%
Cairn Homes Property Holding Three Limited
Holding company
\u2013
100%
Balgriffin Investment No.2 Designated Activity Company
No activity in period
\u2013
100%
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-456": { "value": "
28. Earnings Per Share
The basic EPS for the year ended 31 December 2025 is based on the earnings attributable to ordinary shareholders of \u20ac132.7 million (2024: \u20ac114.6 million) and the weighted average number of ordinary shares outstanding
for the period.
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Profit for the year attributable to the owners of the Company
132,715
114,572
Numerator for basic and diluted earnings per share
132,715
114,572
Number of Number of
Shares Shares
Weighted average number of ordinary shares for the year (basic)
624,294,747
640,183,692
Dilutive effect of LTIP awards
3,498,332
4,491,305
Denominator for diluted earnings per share
627,793,079
644,674,997
Earnings per share (cent)
\u2013 Basic
21.3
17.9
\u2013 Diluted
21.1
17.8
The diluted earnings per share calculation reflects the dilutive impact of LTIP awards (Note 20).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-455": { "value": "
29. Financial Instruments and Risk Management
The Group has exposure to the following risks arising from financial instruments:
\u2022 credit risk;
\u2022 liquidity risk; and
\u2022 market risk.
This note presents information about the Group\u2019s exposure to each of the above risks, the Group\u2019s objectives, policies and processes for measuring and managing risk, and the Group\u2019s management of capital.
(a) Risk management framework
The Board of Directors has overall responsibility for the establishment and oversight of the Group\u2019s risk management framework. Identifying, understanding and managing risk is fundamental to the delivery of our
strategy, our financial performance, and the effectiveness of our business operations. We continue to improve and refine our risk management controls, ensuring they are fully integrated into our activities, from the
Board and Executive to site development, whilst informing business improvement plans and our ongoing strategy.
The Group Audit & Risk Committee keeps under review the adequacy and effectiveness of the Group\u2019s internal financial controls and the internal control and risk management systems.
(b) Credit risk
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the Group\u2019s trade and other receivables and
cash and cash equivalents. The carrying amount of financial assets represents the maximum credit exposure.
Exposure to credit risk
Group management, in conjunction with the Board, manages the risk associated with cash and cash equivalents by depositing funds with a number of Irish financial institutions and BBB+ rated international institutions.
Credit risk associated with trade counterparties (including associates) is managed through careful assessment of the counterparty risk and only extending credit or loans to counterparties who group management
concludes have sufficient ability to repay.
Trade and other receivables (excluding prepayments) of \u20ac111.4 million at 31 December 2025 (31 December 2024: \u20ac151.0 million) were not past due. 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 \u20ac1.3 million (31 December 2024: \u20ac65.4 million) which relate to funds due from
State-supported counterparties. Within the trade receivables, \u20ac17.2 million (31 December 2024: \u20ac18.5 million) relates to retentions. All trade receivables excluding retentions have been received post year end.
The maximum amount of credit exposure is therefore:
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Trade and other receivables (excluding prepayments)
111,391
151,009
Cash and cash equivalents
55,118
27,623
Financial asset
6,964
\u2013
173,473
178,632
Expected credit losses in relation to all financial assets are immaterial due to the Group\u2019s revenue model. Cash in relation to private sales is received when the sale closes. Cash in relation to all other sales is received as it is
billed based on specific contractual terms, as the majority of these sales are with institutional investors and State-supported counterparties the expected credit loss is deemed immaterial.
(c) Liquidity risk
Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or other financial assets. The Group\u2019s approach to managing
liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the
Group\u2019s reputation.
The Group monitors the level of expected cash inflows from residential property sales, site and other sales, income from rental properties, and other receivables together with expected cash outflows on trade and other
payables and commitments. All trade and other payables at 31 December 2025 are considered current with the expected cash outflow equivalent to their carrying value.
Management monitors the adequacy of the Group\u2019s liquidity reserves (comprising undrawn borrowing facilities as detailed in Note 21 and cash and cash equivalents as detailed in Note 18, i.e. available funds) against
rolling cash flow forecasts. In addition, the Group\u2019s liquidity risk management policy involves monitoring short-term and long-term cash flow forecasts.
The Group had committed syndicate facilities at 31 December 2025 totalling \u20ac402.5 million until June 2029, with a one-year extension option, including a \u20ac300 million revolving credit facility to manage Group liquidity.
The undrawn revolving credit facility at 31 December 2025 was \u20ac272 million (2024: \u20ac202 million).
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Financial liabilities due in less than one year
Trade payables and accruals
129,227
79,064
Deferred consideration
49,538
7,500
Deferred income
3,090
\u2013
Lease liabilities
1,331
1,254
Loans and borrowings
42,464
14,992
225,650
102,810
Financial liabilities due after more than one year
Lease liabilities
4,203
5,191
Loans and borrowings
183,957
167,054
Deferred consideration
28,306
\u2013
216,466
172,245
Total financial liabilities
442,116
275,055
Available funds:
Cash and cash equivalents
55,118
27,623
Revolving credit facilities undrawn
272,000
202,000
327,118
229,623
The Directors have reviewed the Group financial forecasts and associated risks for the period beyond one year from the date of approval of the financial statements. The forecasts reflect key assumptions, based on
information available to the Directors at the time of the preparation of the financial forecasts.
These forecasts are based on:
\u2022 detailed forecasting by site for the period 2026-2028 reflecting trends experienced up to the date of preparation of the financial forecasts; and
\u2022 future revenues for 2026-2028 based on management\u2019s assessment of trends across principal development sites.
The Group is in a strong financial position and has a strong outlook (Note 1 (e)). The Directors expect that the Group will meet all of its obligations as they fall due on the basis that there is expected to be sufficient liquidity
available to the Group for the period beyond one year from the date of approval of these financial statements.
The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross and undiscounted and include contractual interest payments.
Contractual cash flows
Carrying 6 months
amount Total or less 6-12 months 1-2 years 2-5 years >5 years
31 December 2025 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Trade payables and accruals
129,227
(129,227)
(129,227)
\u2013
\u2013
\u2013
\u2013
Deferred consideration
77,845
(79,650)
(19,000)
(30,650)
(30,000)
\u2013
\u2013
Lease liabilities
5,534
(6,020)
(770)
(736)
(1,211)
(2,494)
(809)
Loans and borrowings
226,421
(249,909)
(4,691)
(46,594)
(5,608)
(193,016)
\u2013
439,027
(464,806)
(153,688)
(77,980)
(36,819)
(195,510)
(809)
Contractual cash flows
Carrying 6 months
amount Total or less 6-12 months 1-2 years 2-5 years >5 years
31 December 2024 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Trade payables and accruals
79,064
(79,064)
(79,064)
\u2013
\u2013
\u2013
\u2013
Deferred consideration
7,500
(7,500)
(3,750)
(3,750)
\u2013
\u2013
\u2013
Lease liabilities
6,445
(7,120)
(750)
(713)
(1,356)
(2,683)
(1,618)
Loans and borrowings
182,046
(199,659)
(3,847)
(18,516)
(48,958)
(128,338)
\u2013
275,055
(293,343)
(87,411)
(22,979)
(50,314)
(131,021)
(1,618)
(d) Market risk Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices will affect the Group\u2019s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return. (i) Currency risk The Group is not exposed to significant currency risk. The Group operates only in Ireland. (ii) Interest rate risk At 31 December 2025, the Group had the following facilities: (a) \u20ac402.5 million syndicate term loan and revolving credit facilities with Allied Irish Banks, Bank of Ireland, and HBFI all committed until 30 June 2029 with the option to extend by one year at the discretion of the Group, that had principal drawn balances of \u20ac102.5 million (term loan) (31 December 2024: \u20ac90.5 million) and \u20ac28.0 million (revolving credit facility) (31 December 2024: \u20ac35.0 million). \u2022 the revolving credit facility has a variable interest rate of three-month Euribor (with a 0% floor) plus a margin of 2.35%. The average interest rate on the revolving credit facility during the year was 4.28% (2024: 5.94%); \u2022 \u20ac84.7 million of the syndicate term loan facility (31 December 2024: \u20ac58.75 million) has a four-year fixed interest rate until 29 June 2029 plus a margin of 2.35%. The balance of \u20ac17.8 million (31 December 2024: \u20ac31.75 million) of the term loan has a variable interest rate of three-month Euribor plus a margin of 2.35%. The Group entered into a four-year interest rate swap on 31 March 2025 (Note 14), maturing on 29 June 2029, in relation to \u20ac17.8 million of the variable element of its term loan in order to manage its interest rate risk (see Note 29(e)). The average interest rate on the term loan during the year was 4.67% (2024: 3.96%); and \u2022 the Group has an exposure to cash flow interest rate risk where there are changes in Euribor rates. (b) a \u20ac97.5 million (2024: \u20ac57.5 million) private placement of loan notes with PGIM Private Capital which have a blended fixed coupon of 3.92% (2024: 3.36%).
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Interest rate profile of loans and borrowings
Fixed rate
180,895
115,527
Variable rate
45,526
66,519
Loans and borrowings
226,421
182,046
Variable rate instruments
Gross variable rate borrowings
45,526
66,519
Impact of interest rate swaps
(17, 526)
(18,519)
Total variable rate instruments
28,000
48,000
Cash flow sensitivity analysis for variable-rate instruments
A reasonably possible change of 100 basis points in Euribor benchmark interest rates at the reporting date would have increased/(decreased) profit or loss by the amounts shown below. This analysis assumes that all other
variables remain constant and the rate change is only applied to the loans that are exposed to movements in Euribor.
Profit or loss
Equity
100 bp 100 bp 100 bp 100 bp
increase decrease increase decrease
31 December 2025 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Variable rate instruments \u2013 loans and borrowings
(1,542)
1,542
(1,542)
1,542
Cash flow sensitivity (net)
(1,542)
1,542
(1,542)
1,542
Profit or loss
Equity
100 bp 100 bp 100 bp 100 bp
increase decrease increase decrease
31 December 2024 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Variable rate instruments \u2013 loans and borrowings
(1,308)
1,308
(1,308)
1,308
Cash flow sensitivity (net)
(1,308)
1,308
(1,308)
1,308
The Group is also exposed to interest rate risk on its cash and cash equivalents. These balances attract low interest rates and therefore a relative increase or decrease in their interest rates would not have a material effect
on profit or loss .
(e) Derivatives and hedging activities
The Group has the following derivative financial instruments in the statement of financial position:
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Current assets \u2013 Derivative Financial Instruments
Interest rate swaps \u2013 cash flow hedges
\u2013
105
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Non-current liability \u2013 Derivative Financial Instruments
Interest rate swaps \u2013 cash flow hedges
5
\u2013
In the year ended 31 December 2025, the Group completed a refinancing of its syndicate facility. As part of this, the interest rate swap (swap) in respect of \u20ac18.75 million of its sustainability linked syndicate term loan
facility was terminated, and a new \u20ac17.8 million interest rate swap was entered into on 31 March 2025 at a fixed interest rate of 2.303% and maturity date of 29 June 2029.
The swap is designated as a cash flow hedge and is set so as to closely match the critical terms of the underlying debt being hedged. Hedge ineffectiveness is determined at the inception of the hedge relationship and
through periodic prospective hedge effectiveness assessments to ensure that an economic relationship exists between the hedged item and the hedging instrument. The Group determines the existence of an economic
relationship between the hedging instrument and hedged item based on the reference interest rates, tenors, repricing dates and maturities and notional amounts. The Group does not hedge 100% of its loans, therefore
the hedged item is identified as a proportion of the outstanding loans up to the notional amount of the swaps. The hedge is transacted with a ratio of 1:1. As the Group enters into hedge relationships where the critical
terms of the hedging instrument materially match the terms of the hedged item, a qualitative assessment of effectiveness is performed. If changes in circumstances affect the terms of the hedged item such that the
critical terms no longer match exactly with the critical terms of the hedging instrument, the Group uses the hypothetical derivative method to assess effectiveness.
Hedge ineffectiveness for interest rate swaps may occur due to:
\u2022 consideration of any floors on the interest basis of the floating rate funding that is not replicated in the interest basis of the interest rate swap;
\u2022 differences in the timing and the interest rate basis of cash flows on the hedged item and hedging instrument;
\u2022 reduction or modification of the highly probable hedged item below the notional level of the interest rate swap; and
\u2022 significant change in the credit risk of either party to the hedging relationship.
There was no material ineffectiveness in hedged risk in relation to this hedging arrangement in 2025. Amounts accounted for in the cashflow hedge reserve in respect of the swap have been set out in other comprehensive
income. These fair value gains and losses reflected in the cash flow hedge reserve are expected to impact on profit and loss in 2025, in line with the underlying debt being hedged.
The following table shows a breakdown of the cash flow hedge reserve and the movements in this reserve during the year:
Cash flow Cash flow
hedge reserve hedge reserve
2025 2024
Interest rate swaps \u20ac\u2019000 \u20ac\u2019000
Opening balance 1 January
105
436
Change in fair value of hedging instrument recognised in cash flow hedge reserve
(234)
124
Reclassified from cash flow hedge reserve to profit or loss \u2013 included in finance cost
124
(455)
Closing balance 31 December
(5)
105
(f) Capital management
The Board\u2019s policy is to maintain a strong capital base (defined as shareholders\u2019 equity) so as to maintain investor, creditor and market confidence and to sustain the future development of the business. The Group takes
a conservative approach to bank financing and the net debt to total asset value ratio was 13.11% at 31 December 2025 (2024: 14.6%). Net debt is defined as loans and borrowings (Note 21) less cash and cash equivalents
(Note 18). Net debt of \u20ac171.3 million as at 31 December 2025 (31 December 2024: \u20ac154.4 million) comprised of drawn debt of \u20ac226.4 million (net of unamortised arrangement fees and issue costs) (31 December 2024:
\u20ac182.0 million) and available cash of \u20ac55.1 million (31 December 2024: \u20ac27.6 million).
From a capital allocation perspective, the Group distributes surplus capital after investing in our business and paying dividends to shareholders through share buybacks.
On 3 July 2024, the Company announced a new \u20ac45.0 million share buyback programme, which represents \u20ac40.0 million in respect of a new programme and the remaining \u20ac5.0 million of the FY23 programme
(the FY24 programme). As at 31 December 2024 the total cost of shares repurchased under the FY24 programme was \u20ac43.2 million which was recorded directly in equity in retained earnings. In accordance with the
share buyback programme, all repurchased shares are subsequently cancelled. 21,770,362 shares were repurchased under the FY24 programme (at an average share price of \u20ac1.98) and were cancelled in the year ended
31 December 2024. Between 2 January 2025 and 9 January 2025, the Company repurchased 803,939 shares at a cost of \u20ac1.8 million which completed the FY24 programme. These shares were subsequently cancelled.
Dividends of \u20ac52.9 million (Note 25) were paid by the Company during the year ended 31 December 2025 (2024: \u20ac44.7 million). Details of proposed dividends after the year end are set out in Note 32.
(g) 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:
\u2022 Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities;
\u2022 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
\u2022 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\u2019s financial assets and liabilities and the methods used to calculate fair value.
Asset/Liability
Carrying value
Level
Method
Assumptions
Loans and borrowings
Amortised cost
2
Discounted Cash Flow
Valuation based on future repayment and interest cashflows discounted at a year-end market interest rate.
Interest rate swaps
Fair Value
2
Discounted Cash Flow
Valuation based on the present value of the estimated future cash flows based on observable yield curves.
Deferred consideration
Fair Value
3
Discounted Cash Flow
Valuation based on present value of the estimated future cash outflows based on management judgement.
The following table shows the carrying values of financial assets and liabilities including their values in the fair value hierarchy. A fair value disclosure for lease liabilities is not required. The table does not include fair value
information for other financial assets and liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value.
2025 Fair value
Carrying
value Level 1 Level 2 Level 3
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
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
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
2024 Fair value
Carrying
value Level 1 Level 2 Level 3
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Financial assets measured at fair value
Derivative interest rate swap
105
105
Financial assets measured at amortised cost
Trade and other receivables (excluding prepayments)
151,009
Cash and cash equivalents
27,623
178,632
Financial liabilities measured at amortised cost
Trade payables and accruals
79,064
Deferred consideration
7,500
Loans and borrowings
182,046
181,912
268,610
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-485": { "value": "(b) Credit risk Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the Group\u2019s trade and other receivables and cash and cash equivalents. The carrying amount of financial assets represents the maximum credit exposure. Exposure to credit risk Group management, in conjunction with the Board, manages the risk associated with cash and cash equivalents by depositing funds with a number of Irish financial institutions and BBB+ rated international institutions. Credit risk associated with trade counterparties (including associates) is managed through careful assessment of the counterparty risk and only extending credit or loans to counterparties who group management concludes have sufficient ability to repay. Trade and other receivables (excluding prepayments) of \u20ac111.4 million at 31 December 2025 (31 December 2024: \u20ac151.0 million) were not past due. 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 \u20ac1.3 million (31 December 2024: \u20ac65.4 million) which relate to funds due from State-supported counterparties. Within the trade receivables, \u20ac17.2 million (31 December 2024: \u20ac18.5 million) relates to retentions. All trade receivables excluding retentions have been received post year end. The maximum amount of credit exposure is therefore:
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Trade and other receivables (excluding prepayments)
111,391
151,009
Cash and cash equivalents
55,118
27,623
Financial asset
6,964
\u2013
173,473
178,632
Expected credit losses in relation to all financial assets are immaterial due to the Group\u2019s revenue model. Cash in relation to private sales is received when the sale closes. Cash in relation to all other sales is received as it is billed based on specific contractual terms, as the majority of these sales are with institutional investors and State-supported counterparties the expected credit loss is deemed immaterial. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-486": { "value": "(c) Liquidity risk Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or other financial assets. The Group\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group\u2019s reputation. The Group monitors the level of expected cash inflows from residential property sales, site and other sales, income from rental properties, and other receivables together with expected cash outflows on trade and other payables and commitments. All trade and other payables at 31 December 2025 are considered current with the expected cash outflow equivalent to their carrying value. Management monitors the adequacy of the Group\u2019s liquidity reserves (comprising undrawn borrowing facilities as detailed in Note 21 and cash and cash equivalents as detailed in Note 18, i.e. available funds) against rolling cash flow forecasts. In addition, the Group\u2019s liquidity risk management policy involves monitoring short-term and long-term cash flow forecasts. The Group had committed syndicate facilities at 31 December 2025 totalling \u20ac402.5 million until June 2029, with a one-year extension option, including a \u20ac300 million revolving credit facility to manage Group liquidity. The undrawn revolving credit facility at 31 December 2025 was \u20ac272 million (2024: \u20ac202 million).
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Financial liabilities due in less than one year
Trade payables and accruals
129,227
79,064
Deferred consideration
49,538
7,500
Deferred income
3,090
\u2013
Lease liabilities
1,331
1,254
Loans and borrowings
42,464
14,992
225,650
102,810
Financial liabilities due after more than one year
Lease liabilities
4,203
5,191
Loans and borrowings
183,957
167,054
Deferred consideration
28,306
\u2013
216,466
172,245
Total financial liabilities
442,116
275,055
Available funds:
Cash and cash equivalents
55,118
27,623
Revolving credit facilities undrawn
272,000
202,000
327,118
229,623
The Directors have reviewed the Group financial forecasts and associated risks for the period beyond one year from the date of approval of the financial statements. The forecasts reflect key assumptions, based on information available to the Directors at the time of the preparation of the financial forecasts. These forecasts are based on: \u2022 detailed forecasting by site for the period 2026-2028 reflecting trends experienced up to the date of preparation of the financial forecasts; and \u2022 future revenues for 2026-2028 based on management\u2019s assessment of trends across principal development sites. The Group is in a strong financial position and has a strong outlook (Note 1 (e)). The Directors expect that the Group will meet all of its obligations as they fall due on the basis that there is expected to be sufficient liquidity available to the Group for the period beyond one year from the date of approval of these financial statements.
The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross and undiscounted and include contractual interest payments.
Contractual cash flows
Carrying 6 months
amount Total or less 6-12 months 1-2 years 2-5 years >5 years
31 December 2025 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Trade payables and accruals
129,227
(129,227)
(129,227)
\u2013
\u2013
\u2013
\u2013
Deferred consideration
77,845
(79,650)
(19,000)
(30,650)
(30,000)
\u2013
\u2013
Lease liabilities
5,534
(6,020)
(770)
(736)
(1,211)
(2,494)
(809)
Loans and borrowings
226,421
(249,909)
(4,691)
(46,594)
(5,608)
(193,016)
\u2013
439,027
(464,806)
(153,688)
(77,980)
(36,819)
(195,510)
(809)
Contractual cash flows
Carrying 6 months
amount Total or less 6-12 months 1-2 years 2-5 years >5 years
31 December 2024 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Trade payables and accruals
79,064
(79,064)
(79,064)
\u2013
\u2013
\u2013
\u2013
Deferred consideration
7,500
(7,500)
(3,750)
(3,750)
\u2013
\u2013
\u2013
Lease liabilities
6,445
(7,120)
(750)
(713)
(1,356)
(2,683)
(1,618)
Loans and borrowings
182,046
(199,659)
(3,847)
(18,516)
(48,958)
(128,338)
\u2013
275,055
(293,343)
(87,411)
(22,979)
(50,314)
(131,021)
(1,618)
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-487": { "value": "
(d) Market risk
Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices will affect the Group\u2019s income or the value of its holdings of financial instruments. The objective of market
risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return.
(i) Currency risk
The Group is not exposed to significant currency risk. The Group operates only in Ireland.
(ii) Interest rate risk
At 31 December 2025, the Group had the following facilities:
(a) \u20ac402.5 million syndicate term loan and revolving credit facilities with Allied Irish Banks, Bank of Ireland, and HBFI all committed until 30 June 2029 with the option to extend by one year at the discretion of the Group,
that had principal drawn balances of \u20ac102.5 million (term loan) (31 December 2024: \u20ac90.5 million) and \u20ac28.0 million (revolving credit facility) (31 December 2024: \u20ac35.0 million).
\u2022 the revolving credit facility has a variable interest rate of three-month Euribor (with a 0% floor) plus a margin of 2.35%. The average interest rate on the revolving credit facility during the year was 4.28% (2024: 5.94%);
\u2022 \u20ac84.7 million of the syndicate term loan facility (31 December 2024: \u20ac58.75 million) has a four-year fixed interest rate until 29 June 2029 plus a margin of 2.35%. The balance of \u20ac17.8 million (31 December 2024:
\u20ac31.75 million) of the term loan has a variable interest rate of three-month Euribor plus a margin of 2.35%. The Group entered into a four-year interest rate swap on 31 March 2025 (Note 14), maturing on 29 June
2029, in relation to \u20ac17.8 million of the variable element of its term loan in order to manage its interest rate risk (see Note 29(e)). The average interest rate on the term loan during the year was 4.67% (2024: 3.96%);
and
\u2022 the Group has an exposure to cash flow interest rate risk where there are changes in Euribor rates.
(b) a \u20ac97.5 million (2024: \u20ac57.5 million) private placement of loan notes with PGIM Private Capital which have a blended fixed coupon of 3.92% (2024: 3.36%).
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Interest rate profile of loans and borrowings
Fixed rate
180,895
115,527
Variable rate
45,526
66,519
Loans and borrowings
226,421
182,046
Variable rate instruments
Gross variable rate borrowings
45,526
66,519
Impact of interest rate swaps
(17, 526)
(18,519)
Total variable rate instruments
28,000
48,000
Cash flow sensitivity analysis for variable-rate instruments A reasonably possible change of 100 basis points in Euribor benchmark interest rates at the reporting date would have increased/(decreased) profit or loss by the amounts shown below. This analysis assumes that all other variables remain constant and the rate change is only applied to the loans that are exposed to movements in Euribor.
Profit or loss
Equity
100 bp 100 bp 100 bp 100 bp
increase decrease increase decrease
31 December 2025 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Variable rate instruments \u2013 loans and borrowings
(1,542)
1,542
(1,542)
1,542
Cash flow sensitivity (net)
(1,542)
1,542
(1,542)
1,542
Profit or loss
Equity
100 bp 100 bp 100 bp 100 bp
increase decrease increase decrease
31 December 2024 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Variable rate instruments \u2013 loans and borrowings
(1,308)
1,308
(1,308)
1,308
Cash flow sensitivity (net)
(1,308)
1,308
(1,308)
1,308
The Group is also exposed to interest rate risk on its cash and cash equivalents. These balances attract low interest rates and therefore a relative increase or decrease in their interest rates would not have a material effect on profit or loss ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-488": { "value": "(f) Capital management The Board\u2019s policy is to maintain a strong capital base (defined as shareholders\u2019 equity) so as to maintain investor, creditor and market confidence and to sustain the future development of the business. The Group takes a conservative approach to bank financing and the net debt to total asset value ratio was 13.11% at 31 December 2025 (2024: 14.6%). Net debt is defined as loans and borrowings (Note 21) less cash and cash equivalents (Note 18). Net debt of \u20ac171.3 million as at 31 December 2025 (31 December 2024: \u20ac154.4 million) comprised of drawn debt of \u20ac226.4 million (net of unamortised arrangement fees and issue costs) (31 December 2024: \u20ac182.0 million) and available cash of \u20ac55.1 million (31 December 2024: \u20ac27.6 million). From a capital allocation perspective, the Group distributes surplus capital after investing in our business and paying dividends to shareholders through share buybacks. On 3 July 2024, the Company announced a new \u20ac45.0 million share buyback programme, which represents \u20ac40.0 million in respect of a new programme and the remaining \u20ac5.0 million of the FY23 programme (the FY24 programme). As at 31 December 2024 the total cost of shares repurchased under the FY24 programme was \u20ac43.2 million which was recorded directly in equity in retained earnings. In accordance with the share buyback programme, all repurchased shares are subsequently cancelled. 21,770,362 shares were repurchased under the FY24 programme (at an average share price of \u20ac1.98) and were cancelled in the year ended 31 December 2024. Between 2 January 2025 and 9 January 2025, the Company repurchased 803,939 shares at a cost of \u20ac1.8 million which completed the FY24 programme. These shares were subsequently cancelled. Dividends of \u20ac52.9 million (Note 25) were paid by the Company during the year ended 31 December 2025 (2024: \u20ac44.7 million). Details of proposed dividends after the year end are set out in Note 32. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-459": { "value": "
30. Other Commitments and Contingent Liabilities
Pursuant to the provisions of Section 357, Companies Act 2014, the Group has guaranteed the liabilities and commitments of its subsidiary undertakings for their financial years ending 31 December 2025 and as
a result such subsidiary undertakings have been exempted from the filing provisions of Companies Act 2014. Details of the Group\u2019s subsidiaries are included in Note 27 and all subsidiaries listed there are covered by the
Section 357 exemption.
The Group has given guarantees to third parties in respect of specific borrowings drawn down by one of its subsidiaries. Further details are set out in Note 2(b) to the Company financial statements.
At 31 December 2025, the Group had a contingent liability in respect of construction surety bonds in the amount of \u20ac23.6 million (2024: \u20ac14.5 million).
The Group in the normal course of business has given counter indemnities in respect of performance bonds relating to the Group\u2019s 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-528": { "value": "30. Other Commitments and Contingent Liabilities Pursuant to the provisions of Section 357, Companies Act 2014, the Group has guaranteed the liabilities and commitments of its subsidiary undertakings for their financial years ending 31 December 2025 and as a result such subsidiary undertakings have been exempted from the filing provisions of Companies Act 2014. Details of the Group\u2019s subsidiaries are included in Note 27 and all subsidiaries listed there are covered by the Section 357 exemption. The Group has given guarantees to third parties in respect of specific borrowings drawn down by one of its subsidiaries. Further details are set out in Note 2(b) to the Company financial statements. At 31 December 2025, the Group had a contingent liability in respect of construction surety bonds in the amount of \u20ac23.6 million (2024: \u20ac14.5 million). The Group in the normal course of business has given counter indemnities in respect of performance bonds relating to the Group\u2019s 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-496": { "value": "30. Other Commitments and Contingent Liabilities Pursuant to the provisions of Section 357, Companies Act 2014, the Group has guaranteed the liabilities and commitments of its subsidiary undertakings for their financial years ending 31 December 2025 and as a result such subsidiary undertakings have been exempted from the filing provisions of Companies Act 2014. Details of the Group\u2019s subsidiaries are included in Note 27 and all subsidiaries listed there are covered by the Section 357 exemption. The Group has given guarantees to third parties in respect of specific borrowings drawn down by one of its subsidiaries. Further details are set out in Note 2(b) to the Company financial statements. At 31 December 2025, the Group had a contingent liability in respect of construction surety bonds in the amount of \u20ac23.6 million (2024: \u20ac14.5 million). The Group in the normal course of business has given counter indemnities in respect of performance bonds relating to the Group\u2019s 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-489": { "value": "30. Other Commitments and Contingent Liabilities Pursuant to the provisions of Section 357, Companies Act 2014, the Group has guaranteed the liabilities and commitments of its subsidiary undertakings for their financial years ending 31 December 2025 and as a result such subsidiary undertakings have been exempted from the filing provisions of Companies Act 2014. Details of the Group\u2019s subsidiaries are included in Note 27 and all subsidiaries listed there are covered by the Section 357 exemption. The Group has given guarantees to third parties in respect of specific borrowings drawn down by one of its subsidiaries. Further details are set out in Note 2(b) to the Company financial statements. At 31 December 2025, the Group had a contingent liability in respect of construction surety bonds in the amount of \u20ac23.6 million (2024: \u20ac14.5 million). The Group in the normal course of business has given counter indemnities in respect of performance bonds relating to the Group\u2019s 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-457": { "value": "
31. Profit or Loss of the Parent Company
The parent company of the Group is Cairn Homes plc. In accordance with Section 304 of the Companies Act 2014, the Company is availing of the exemption from presenting its individual statement of profit or loss and
other comprehensive income to the Annual General Meeting and from filing it with the Registrar of Companies. The Company\u2019s profit after tax for the year ended 31 December 2025, determined in accordance with FRS
101, is \u20ac90.6 million (2024: \u20ac69.0 million).
", "dimensions": { "concept": "cairnhomesplc:DisclosureOfProfitOrLossOfTheParentCompany", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-460": { "value": "
32. Events After the Reporting Period
On 4 March 2026, the Company proposed a final 2025 dividend of 5.9 cent per share subject to shareholder approval at the 2026 AGM on 30 April 2026. Based on the ordinary shares in issue at 3 March 2026, the amount of
dividend proposed is \u20ac37 .1 million. The proposed final dividend of 5.9 cent per ordinary share will be paid on 29 May 2026 to ordinary shareholders on the Company\u2019s register on 24 April 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-529": { "value": "0.059", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "fact-530": { "value": "37100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-458": { "value": "
33. Approval of Financial Statements
The financial statements were approved by the Board of Directors on 12 March 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:635400DPX6WP2KKDOA83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }