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"value": "1\u2002Reporting entity Glenveagh Properties plc (\u2018the Company\u2019), is domiciled in Ireland. The Company\u2019s registered office is Block C, Maynooth Business Campus, Maynooth Co. Kildare. These consolidated financial statements comprise the Company and its subsidiaries (together referred to as \u2018the Group\u2019) and cover the financial year ended 31 December 2025. The Group\u2019s principal activities are the construction and sale of houses and apartments for the private buyer, local authorities, and the private rental sector. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-1": { "value": "Glenveagh Properties plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-345": { "value": "plc", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-2": { "value": "Ireland", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-3": { "value": "Block C, Maynooth Business Campus, Maynooth Co. Kildare.", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-4": { "value": "The Group\u2019s principal activities are the construction and sale of houses and apartments for the private buyer, local authorities, and the private rental sector. ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-349": { "value": "
2\u2002Statement of compliance
The consolidated financial statements have been prepared in accordance with International Financial
Reporting Standards (\u2018IFRS\u2019) as adopted by the European Union which comprise standards and
interpretations approved by the International Accounting Standards Board (\u2018IASB\u2019), and those parts
of the Companies Act 2014, including the Commission Delegated Regulation 2018/815 regarding the
single electronic reporting format (\u2018ESEF\u2019), applicable to companies reporting under IFRS and Article 4
of the IAS Regulation.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-350": { "value": "
3\u2002Functional and presentation currency
These consolidated financial statements are presented in Euro, which is the Company\u2019s functional
currency. All amounts have been rounded to the nearest thousand unless otherwise indicated.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-351": { "value": "
4\u2002Use of judgements and estimates
The preparation of the Group\u2019s financial statements under International Financial Reporting Standards
(\u2018IFRS\u2019), as adopted by the European Union, requires the Directors to make judgements and estimates
that affect the application of policies and the reported amounts of assets, liabilities, income, expenses,
and related disclosures. Actual results may differ from these estimates.
Critical accounting judgements
Management applies the Group\u2019s accounting policies as described in note 8 when making critical
accounting judgements. Material accounting judgements impacting these financial statements is
detailed below:
(a)\u2002Classification between IAS 2
Inventories
and IAS 40
Investment Property
The Group has completed a commercial office development in Dublin, the costs of which associated
with developing the asset are held as inventory, which is in line with the Group\u2019s business model of
developing and selling units rather than developing and holding units for capital appreciation or rental
income. The office is currently held for sale and the intention of the Group is to sell the office. Currently
a portion of the office space is being leased out with the intention to support the sales process which is
in the normal operating cycle. Revenue generated from the leases are not material to the Group.
Under IAS 40, the office would be classified as an investment property carried at fair value with
any subsequent revaluation being recognised through the statement of profit and loss and other
comprehensive income.
Management has reviewed and considered the relevant scenarios under IAS 2 and IAS 40 and
concluded that the development is appropriately classified as inventory under IAS 2.
No other individual judgement is deemed to have a significant impact upon the consolidated financial
statements.
Key sources of estimation uncertainty
The key source of significant estimation uncertainty impacting these financial statements involves
assessing the carrying value of inventories as detailed below:
(a)\u2002Carrying value of work-in-progress, estimation of costs to complete and impact on
profit recognition
The Group holds inventories stated at the lower of cost and net realisable value. Such inventories include
land and development rights, work-in-progress, and completed units. As residential development is
largely speculative by nature, not all inventories are covered by forward sales contracts. Furthermore,
due to the nature of the Group\u2019s activity and, in particular, the scale of its developments and the length
of the development cycle, the Group has to allocate site-wide development costs between units being
built and/or completed in the current year and those for future years. It also has to forecast the costs to
complete on such developments.
These estimates impact management\u2019s assessment of the net realisable value of the Group\u2019s inventory
balance and also determine the extent of profit or loss that should be recognised in respect of each
development in each reporting period.
In making such assessments and allocations, there is a degree of inherent estimation uncertainty. The
Group has established internal controls designed to effectively assess and centrally review inventory
carrying values and ensure the appropriateness of the estimates made. These assessments and
allocations evolve over the life of the development in line with the risk profile, and accordingly, the
margin recognised reflects these evolving assessments, particularly in relation to the Group\u2019s long-term
developments. The impact of sustainability and other macro-economic factors have been considered in
the Group\u2019s assessment of the carrying value of its inventories at 31 December 2025, particularly with
regard to the potential implications for future selling prices, development expenditure, and construction
programming. Management has considered a number of scenarios on each of its active developments
and the consequential impact on future profitability based on current facts and circumstances together
with any implications for future projects in undertaking its net realisable value calculations.
As part of the assessment, the Group has re-evaluated its most likely exit strategies on all
developments in the context of the current market environment and reflected these in revenue
assumptions within the forecast models. The results of this exercise determined that the impairment
required for the period was \u20acNil (2024: \u20ac2.0 million net impairment reversal).
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-392": { "value": "Key sources of estimation uncertainty The key source of significant estimation uncertainty impacting these financial statements involves assessing the carrying value of inventories as detailed below: (a)\u2002Carrying value of work-in-progress, estimation of costs to complete and impact on profit recognition The Group holds inventories stated at the lower of cost and net realisable value. Such inventories include land and development rights, work-in-progress, and completed units. As residential development is largely speculative by nature, not all inventories are covered by forward sales contracts. Furthermore, due to the nature of the Group\u2019s activity and, in particular, the scale of its developments and the length of the development cycle, the Group has to allocate site-wide development costs between units being built and/or completed in the current year and those for future years. It also has to forecast the costs to complete on such developments. These estimates impact management\u2019s assessment of the net realisable value of the Group\u2019s inventory balance and also determine the extent of profit or loss that should be recognised in respect of each development in each reporting period. In making such assessments and allocations, there is a degree of inherent estimation uncertainty. The Group has established internal controls designed to effectively assess and centrally review inventory carrying values and ensure the appropriateness of the estimates made. These assessments and allocations evolve over the life of the development in line with the risk profile, and accordingly, the margin recognised reflects these evolving assessments, particularly in relation to the Group\u2019s long-term developments. The impact of sustainability and other macro-economic factors have been considered in the Group\u2019s assessment of the carrying value of its inventories at 31 December 2025, particularly with regard to the potential implications for future selling prices, development expenditure, and construction programming. Management has considered a number of scenarios on each of its active developments and the consequential impact on future profitability based on current facts and circumstances together with any implications for future projects in undertaking its net realisable value calculations. As part of the assessment, the Group has re-evaluated its most likely exit strategies on all developments in the context of the current market environment and reflected these in revenue assumptions within the forecast models. The results of this exercise determined that the impairment required for the period was \u20acNil (2024: \u20ac2.0 million net impairment reversal). ", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-353": { "value": "
5\u2002Measurement of fair values
A number of the Group\u2019s accounting policies and disclosures require the measurement of fair values,
both for financial and non-financial assets and liabilities.
The Group has an established control framework with respect to the measurement of fair values.
This includes a valuation team that has overall responsibility for overseeing all significant fair value
measurements, including Level 3 fair values and reports directly to the Chief Financial Officer.
The valuation team regularly reviews significant unobservable inputs and valuation adjustments. If
third-party information, such as broker quotes or pricing services, is used to measure fair values, then
the valuation team assess the evidence obtained from the third parties to support the conclusion that
these valuations meet the requirements of the Standards, including the level in the fair value hierarchy
in which the valuations should be classified.
Significant valuation issues are reported to the Group\u2019s Audit and Risk Committee.
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 liability, the Group uses market
observable 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:
Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
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).
Level 3: inputs for the asset or liability that are not based on observable market data (unobservable
inputs).
Further information about the assumptions made in measuring fair values is included in the following
notes:
+ Note 14 Share-based payment arrangements;
+ Note 21 Trade and other payables;
+ Note 24 Derivatives and cash flow hedge reserve; and
+ Note 27 Financial instruments and financial risk management.
8.10 Financial instruments 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. The standards require that all financial assets and financial liabilities be classified as fair value through profit or loss (\u2018FVTPL\u2019), amortised cost, or fair value through other comprehensive income (\u2018FVOCI\u2019). 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 receivables
Amortised cost
Contract assets
Amortised cost
Other receivables
Amortised cost
Contract receivables
Amortised cost
Restricted cash
Amortised cost
Deposits for sites
Amortised cost
Construction bonds
Amortised cost
Financial liabilities
Lease liabilities
Amortised cost
Trade payables
Amortised cost
Inventory accruals
Amortised cost
Other accruals
Amortised cost
Loans and borrowings
Amortised cost
Derivative contracts
Fair value (cash flow hedge accounting)
Contingent consideration
Fair value through profit or loss
Cash and cash equivalents Cash and cash equivalents include cash, short-term investments with an original maturity of three months or less and minimum cash balances required under the terms of the debt facilities. Interest earned or accrued on these financial assets is included in finance income. Trade and other receivables Such receivables are included in current assets, except for those with maturities more than 12 months after the reporting date, which are classified as non-current assets. Loans and other receivables are included in trade and other receivables on the balance sheet and are accounted for at amortised cost. These assets are subsequently measured at amortised cost. The amortised cost is reduced by impairment losses. The Group recognises impairment losses on an \u2018expected credit loss\u2019 model (\u2018ECL model\u2019) basis in line with the requirements of IFRS 9. Interest income and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss. Contract receivables Contract receivables includes recoverable revenue recognised over time with reference to the stage of completion arising on contracts under a development agreement which are receivable within 12 months of the reporting date. Contract assets Contract assets are amounts recoverable on long-term contracts where revenue is recognised over time. Deposits for sites Deposits for sites includes a percentage amount paid of the total purchase price for the acquisition of land intended for development. Restricted cash Restricted cash includes cash amounts which are classified as current assets and held in escrow until the completion of certain criteria. Construction bonds Construction bonds includes amounts receivable in relation to the completion of construction activities on sites. These assets are included in trade and other receivables on the consolidated balance sheet and are accounted for at amortised cost. Derivative contracts Derivative contracts are contracts for interest rate swaps 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. Financial liabilities Financial liabilities such as inventory accruals and other accruals are recorded at amortised cost and include all liabilities. Loans and borrowings Loans and borrowings include debt facilities, interest accrued, and borrowing costs classified as current and non-current liabilities. Contingent consideration Contingent consideration includes amounts payable if conditions relating to a business combination are satisfied. Contingent consideration is recognised at fair value on the acquisition date as part of the consideration transferred. Where the contingent consideration is classified as a financial liability, it is subsequently measured at fair value through profit or loss (\u2018FVTPL\u2019) at each reporting date, with any changes in fair value recognised in profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-395": { "value": "5\u2002Measurement of fair values A number of the Group\u2019s accounting policies and disclosures require the measurement of fair values, both for financial and non-financial assets and liabilities. The Group has an established control framework with respect to the measurement of fair values. This includes a valuation team that has overall responsibility for overseeing all significant fair value measurements, including Level 3 fair values and reports directly to the Chief Financial Officer. The valuation team regularly reviews significant unobservable inputs and valuation adjustments. If third-party information, such as broker quotes or pricing services, is used to measure fair values, then the valuation team assess the evidence obtained from the third parties to support the conclusion that these valuations meet the requirements of the Standards, including the level in the fair value hierarchy in which the valuations should be classified. Significant valuation issues are reported to the Group\u2019s Audit and Risk Committee. 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 liability, the Group uses market observable 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: Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities. 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). Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs). Further information about the assumptions made in measuring fair values is included in the following notes: + Note 14 Share-based payment arrangements; + Note 21 Trade and other payables; + Note 24 Derivatives and cash flow hedge reserve; and + Note 27 Financial instruments and financial risk management. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-352": { "value": "
6\u2002New accounting standards or amendments and forthcoming requirements
New currently effective requirements
Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability
became effective for the Group from 1 January 2025 but does not have a material effect on the
Group\u2019s financial statements as all the operations carried out by the Group are in Euro.
There have been no other changes to accounting policies during the financial year ended
31 December 2025.
Forthcoming standards and amendments
The following amendments to standards have been endorsed by the EU and are effective from
1 January 2026. The Group has not adopted these amendments early and instead intends to apply
them from the effective date. These amendments are not expected to have a significant impact on
the Group\u2019s financial statements:
+ Annual Improvements Volume 11
+ Amendments to IFRS 7 Financial Instruments: Disclosures and IFRS 9 Financial Instruments:
Contracts Referencing Nature-dependent Electricity
+ Amendments to IFRS 7 Financial Instruments: Disclosures and IFRS 9 Financial Instruments:
Amendments to the Classification and Measurement of Financial Instruments
The following standards and amendments to standards are not yet endorsed by the EU. The Group
has not adopted these new and amended standards early and instead intends to apply them from
their effective date as determined by the date of EU endorsement. The potential impact of these
standards on the Group is currently under review:
+ IFRS 18 Presentation and Disclosure in Financial Statements (effective 1 January 2027)
+ IFRS 19 Subsidiaries without Public Accountability: Disclosures (effective 1 January 2027)
+ Amendments to IFRS 19 Subsidiaries without Public Accountability: Disclosures (effective
1 January 2027)
+ Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Translation to a
Hyperinflationary Presentation Currency (effective 1 January 2027)
IFRS 18 will replace IAS 1 Presentation of Financial Statements and applies for annual reporting
periods beginning on or after 1 January 2027. The new standard introduces the following key new
requirements:
+ Entities are required to classify all income and expenses into five categories in the statement
of profit or loss and other comprehensive income, namely the operating, investing, financing,
discontinued operations, and income tax categories. Entities are also required to present a newly
defined operating profit subtotal. Entities\u2019 net profit will not change.
+ Management defined performance measures (\u2018MPMs\u2019) are disclosed in a single note in the
financial statements.
+ Enhanced guidance is provided on how to group information in the financial statements.
In addition, all entities are required to use the operating profit subtotal as the starting point for the
statement of cash flows when presenting operating cash flows under the indirect method.
The Group is in the process of assessing the impact of the new standard, particularly with respect to the
structure of the Group\u2019s statement of profit or loss and other comprehensive income, the statement of
cash flows, and the additional disclosures required for MPMs. The Group is also assessing the impact on
how information is grouped in the financial statements including for items currently labelled as \u2018other\u2019.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-393": { "value": "New currently effective requirements Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability became effective for the Group from 1 January 2025 but does not have a material effect on the Group\u2019s financial statements as all the operations carried out by the Group are in Euro. There have been no other changes to accounting policies during the financial year ended 31 December 2025. Forthcoming standards and amendments The following amendments to standards have been endorsed by the EU and are effective from 1 January 2026. The Group has not adopted these amendments early and instead intends to apply them from the effective date. These amendments are not expected to have a significant impact on the Group\u2019s financial statements: + Annual Improvements Volume 11 + Amendments to IFRS 7 Financial Instruments: Disclosures and IFRS 9 Financial Instruments: Contracts Referencing Nature-dependent Electricity + Amendments to IFRS 7 Financial Instruments: Disclosures and IFRS 9 Financial Instruments: Amendments to the Classification and Measurement of Financial Instruments ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-394": { "value": "The following standards and amendments to standards are not yet endorsed by the EU. The Group has not adopted these new and amended standards early and instead intends to apply them from their effective date as determined by the date of EU endorsement. The potential impact of these standards on the Group is currently under review: + IFRS 18 Presentation and Disclosure in Financial Statements (effective 1 January 2027) + IFRS 19 Subsidiaries without Public Accountability: Disclosures (effective 1 January 2027) + Amendments to IFRS 19 Subsidiaries without Public Accountability: Disclosures (effective 1 January 2027) + Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Translation to a Hyperinflationary Presentation Currency (effective 1 January 2027) IFRS 18 will replace IAS 1 Presentation of Financial Statements and applies for annual reporting periods beginning on or after 1 January 2027. The new standard introduces the following key new requirements: + Entities are required to classify all income and expenses into five categories in the statement of profit or loss and other comprehensive income, namely the operating, investing, financing, discontinued operations, and income tax categories. Entities are also required to present a newly defined operating profit subtotal. Entities\u2019 net profit will not change. + Management defined performance measures (\u2018MPMs\u2019) are disclosed in a single note in the financial statements. + Enhanced guidance is provided on how to group information in the financial statements. In addition, all entities are required to use the operating profit subtotal as the starting point for the statement of cash flows when presenting operating cash flows under the indirect method. The Group is in the process of assessing the impact of the new standard, particularly with respect to the structure of the Group\u2019s statement of profit or loss and other comprehensive income, the statement of cash flows, and the additional disclosures required for MPMs. The Group is also assessing the impact on how information is grouped in the financial statements including for items currently labelled as \u2018other\u2019.", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-354": { "value": "
7\u2002Going concern
The Group has recorded a profit before tax of \u20ac125.2 million (2024: \u20ac113.8 million). The Group has
a cash balance of \u20ac75.2 million (31 December 2024: \u20ac63.2 million) inclusive of the minimum cash
balance of \u20ac25.0 million (31 December 2024: \u20ac25.0 million) which the Group is required to maintain
under the terms of its debt facilities. The Group has committed undrawn funds available of \u20ac210.0
million (31 December 2024: \u20ac210.0 million).
Management has prepared a detailed cash flow forecast to assess the Group\u2019s ability to continue as a
going concern for at least a period of twelve months from the signing of these financial statements. The
preparation of this forecast considered the principal risks facing the Group, including those risks that
could threaten the Group\u2019s business model, future performance, solvency, or liquidity over the forecast
period. These principal risks and uncertainties and the steps taken by the Group to mitigate them are
detailed on pages 45 to 51 of the Risk Management Report. The Group\u2019s business activities, together
with the factors likely to affect its future development are outlined on pages 1 to 43 of the Strategic
Report. Further disclosures regarding the Group\u2019s loans and borrowings are provided in note 22.
The Group is forecasting compliance with all financial covenant requirements under the terms of its
current debt facilities. Other assumptions within the Group\u2019s forecasts include the Group\u2019s expected
selling prices and sales strategies as well as its investment in work in progress which reflect updated
development programmes.
Based on the forecasts modelled, the Directors have assessed the Group\u2019s going concern status for
the foreseeable future. Having considered the Group\u2019s cash flow forecasts, the Directors are satisfied
that the Group has the appropriate working capital management strategy, operational flexibility, and
resources in place to continue in operational existence for the foreseeable future. Accordingly, these
consolidated financial statements have been prepared on a going concern basis.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-347": { "value": "
8\u2002Material accounting policies
The Group has consistently applied the following accounting policies to all periods presented in these
consolidated financial statements, except if mentioned otherwise.
8.1\u2002Basis of consolidation
Business combinations
The Group accounts for business combinations using the acquisition method when control is transferred
to the Group. The consideration transferred in the acquisition is generally measured at fair value, as are
the identifiable net assets acquired. Any goodwill that arises is tested annually for impairment. Any gain
on a bargain purchase is recognised in profit or loss immediately. Transaction costs are expensed as
incurred, except if related to the issue of debt or equity securities.
The consideration transferred does not include amounts related to the settlement of pre-existing
relationships. Such amounts are generally recognised in profit or loss. Any contingent consideration is
measured at fair value at the date of acquisition. If an obligation to pay contingent consideration that
meets the definition of a financial instrument is classified as equity, then it is not remeasured, and
settlement is accounted for within equity. Otherwise, other contingent consideration is remeasured at
fair value each reporting date and subsequent changes in the fair value of the contingent consideration
are recognised in profit or loss.
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.
Joint operations
Joint operations arise where the Group has joint control of an operation with other parties, in which
the parties have direct rights to the assets and obligations of the operation. The Group accounts for
its share of the jointly controlled assets and liabilities and income and expenditure on a line-by-line
basis in the consolidated financial statements.
Transactions eliminated on consolidation
Intra-group balances and transactions, and any unrealised income and expenses arising from
intra-group transactions, are eliminated.
8.2\u2002Revenue
The Group develops and sells residential properties and non-core land in addition to developing land
under development agreements with third parties.
Housing and land sales
Revenue is recognised at the point in time when control over the property has been transferred to the
customer, which occurs at legal completion.
Development revenue
Revenue arising on contracts under a development agreement which give the customer control
over properties as they are constructed, and for which the Group has a right to payments for work
performed, is recognised over time. Revenue and costs are recognised over time with reference to
the stage of completion of the contract activity at the balance sheet date where the outcome
of a contract can be estimated reliably. This is measured by surveys of work performed to date.
Variations in contract work, claims and incentive payments are included to the extent that it is
probable that they will result in revenue, and they are capable of being reliably measured.
An assessment is required to determine whether a land sale is a separate performance obligation.
When land is transferred at the start of a forward fund contract, revenue is not recognised until
control has been transferred to the customer which includes legal title being passed to them. When
the separate performance obligation is not satisfied, revenue is recognised under the input method.
Where the outcome of a forward fund contract cannot be estimated reliably, contract revenue where
recoverability is probable is recognised to the extent of contract costs incurred. The costs associated
with fulfilling a contract are recognised as expenses in the period in which they are incurred. When it
is probable that total contract costs will exceed total contract revenue, the expected loss is recognised
as an expense immediately.
8.3\u2002Expenditure
Expenditure recorded in inventory is expensed through cost of sales at the time of the related
property sale. The amount of cost related to each property includes its share of the overall site costs.
Expenditure related to revenue recognised over time is expensed through cost of sales on an inputs
basis. Administration expense is recognised in respect of goods and services received when supplied
in accordance with contractual terms.
Expenditure on research activities is recognised in profit or loss as incurred.
8.4\u2002Taxation
Income tax expense comprises current and deferred tax. It is recognised in profit or loss except to
the extent that it relates to a business combination, or items recognised directly in equity or in OCI.
To address concerns about uneven profit distribution and tax contributions of large multinational
corporations, various agreements have been reached at a global level, including an agreement by
over 135 jurisdictions to introduce a global minimum tax rate of 15%. In December 2022, the Organisation
for Economic Co-operation and Development (\u2018OECD\u2019) released a draft legislative framework that is
expected to be used by individual jurisdictions that signed the agreement to amend their local tax laws.
Ireland has enacted the new legislation, however, based on the current criteria there is no current tax
impact in the financial year as the Group is not in scope of the legislation (2024: \u20acNil).
Current tax
Current tax comprises the expected tax payable or receivable on the taxable income or loss for the
year and any adjustment to the tax payable or receivable in respect of previous years. The amount of
current tax payable or receivable is the best estimate of the tax amount expected to be paid or received
that reflects uncertainty related to income taxes, if any. It is measured using tax rates enacted or
substantively enacted at the reporting date. Current tax also includes any tax arising from dividends.
Current tax assets and liabilities are offset only if certain criteria are met.
Deferred tax
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:
+ temporary differences on the initial recognition of assets or liabilities in a transaction that is not a
business combination and that affects neither accounting nor taxable profit or loss and does not
give rise to equal taxable and deductible temporary differences;
+ temporary differences related to investments in subsidiaries, associates, and joint arrangements 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
+ 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. Future taxable profits are determined based on the reversal of
relevant taxable temporary differences.
If the amount of taxable temporary differences is insufficient to recognise a deferred tax asset in full,
then future taxable profits, adjusted for reversals of existing temporary differences, are considered,
based on the business plans for individual subsidiaries in the Group. 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. Once changes to the tax laws in any jurisdiction in which the Group operates are enacted
or substantively enacted, the Group may be subject to the top-up tax. Currently, the Group operates
solely in Ireland, based on current criteria there is no current tax impact.
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 difference
when they reverse, using tax rates enacted or substantively enacted at the reporting date, and reflects
uncertainty related to income taxes, if any.
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 amount of its assets
and liabilities.
8.5\u2002Share-based payment arrangements
The grant date fair value of equity-settled share-based payment arrangements granted to employees
is generally recognised as an expense, with a corresponding increase in equity, over the vesting period
of the awards. The amount recognised as an expense is 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 at the vesting date. For share-based payment awards with
non-vesting conditions or market 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.
Certain performance conditions in respect of share-based payment awards can be subject to
adjustment by the Remuneration Committee at its discretion, for items deemed not reflective of the
Group\u2019s underlying performance for the financial year. For these share-based payment arrangements
which are based on non-market conditions, the Group remeasures the fair value and related expense
of the award at the reporting date.
8.6\u2002Exceptional items
Exceptional items are those that are separately disclosed by virtue of their nature or amount in order
to highlight such items within the consolidated statement of profit or loss for the financial year. Group
management exercises judgement in assessing each particular item which, by virtue of its scale or
nature, should be highlighted as an exceptional item. Exceptional items are included within the profit
or loss caption to which they relate. During the financial year, there were no income or costs
considered exceptional items.
8.7 Property, plant and equipment
Property, plant and equipment is carried at historic purchase cost less accumulated depreciation. Cost
includes the original purchase price of the asset and the costs attributable to bringing the asset to its
working condition for its intended use. Depreciation is provided to write-off the cost of the assets on a
straight-line basis to their residual value over their estimated useful lives at the following annual rates:
+ Buildings 2.5%
+ Plant and machinery 14 \u2013 20%
+ Fixtures and fittings 20%
+ Computer equipment 33%
The assets\u2019 residual values, carrying values and useful lives are reviewed on an annual basis and
adjusted if appropriate at each reporting date.
Where an impairment is identified, the recoverable amount of the asset is identified and an
impairment loss, where appropriate, is recognised in the statement of profit or loss and other
comprehensive income.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount
and are recognised within administration expenses in the statement of profit or loss and other
comprehensive income.
Subsequent expenditure is capitalised only if it is probable that the future economic benefits
associated with the expenditure will flow to the Group.
8.8\u2002Intangible assets
Goodwill arising on the acquisition of subsidiaries is measured at cost less accumulated impairment
losses. Goodwill impairments are not reversed. Goodwill is not amortised but is subject to impairment
testing on an annual basis and at any time during the year if an indicator of impairment is considered to
exist. The annual goodwill impairment tests are undertaken at a consistent time in each annual period.
Development expenditure is capitalised only if the expenditure can be measured reliably, the product
or process is technically and commercially feasible, future economic benefits are probable and the
Group intends to and has sufficient resources to complete development and to use or sell the asset.
Otherwise, it is recognised in profit or loss as incurred. Subsequent to initial recognition, development
expenditure is measured at cost less accumulated amortisation and any accumulated impairment
losses. Capitalised development expenditure has an indefinite useful life.
Indefinite life intangible assets are those for which there is no foreseeable limit to their expected useful
life. The classification of intangible assets as indefinite is assessed annually.
Subsequent expenditure is capitalised only if it is probable that the future economic benefits
associated with the expenditure will flow to the Group.
Computer software is capitalised as intangible assets as acquired and amortised on a straight-line
basis over its estimated useful life of three years, in line with the period over which economic benefit
from the software is expected to be derived.
Licence costs are capitalised as intangible assets as acquired and amortised on a straight-line basis
over their estimated useful life in line with the period over which economic benefit from the software is
expected to be derived.
The assets\u2019 useful lives and residual values are reviewed and adjusted, if appropriate, at each
reporting date.
8.9\u2002Inventory
Inventory comprises property in the course of development, completed units, land, and land
development rights. Inventories are valued at the lower of cost and net realisable value. Direct cost
comprises the cost of land, raw materials, and development costs but excludes indirect overheads.
Land purchased for development, including land in the course of development, is initially recorded
at cost. Where such land is purchased on deferred settlement terms, 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.
A provision is made, where appropriate, to reduce the value of inventories and work-in-progress to
their net realisable value.
Raw material and finished good stock are valued at the lower of cost and net realisable value.
Stocks are determined on a first-in first-out basis. Cost comprises expenditure incurred in the normal
course of business in bringing stocks to their present location and condition. Full provision is made
for obsolete and slow-moving items. Net realisable value comprises actual or estimated selling price
(net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
8.10 Financial instruments
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. The standards require that all financial assets and
financial liabilities be classified as fair value through profit or loss (\u2018FVTPL\u2019), amortised cost, or fair
value through other comprehensive income (\u2018FVOCI\u2019).
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 receivables
Amortised cost
Contract assets
Amortised cost
Other receivables
Amortised cost
Contract receivables
Amortised cost
Restricted cash
Amortised cost
Deposits for sites
Amortised cost
Construction bonds
Amortised cost
Financial liabilities
Lease liabilities
Amortised cost
Trade payables
Amortised cost
Inventory accruals
Amortised cost
Other accruals
Amortised cost
Loans and borrowings
Amortised cost
Derivative contracts
Fair value (cash flow hedge accounting)
Contingent consideration
Fair value through profit or loss
Cash and cash equivalents
Cash and cash equivalents include cash, short-term investments with an original maturity of three
months or less and minimum cash balances required under the terms of the debt facilities. Interest
earned or accrued on these financial assets is included in finance income.
Trade and other receivables
Such receivables are included in current assets, except for those with maturities more than 12 months
after the reporting date, which are classified as non-current assets. Loans and other receivables are
included in trade and other receivables on the balance sheet and are accounted for at amortised
cost. These assets are subsequently measured at amortised cost. The amortised cost is reduced by
impairment losses. The Group recognises impairment losses on an \u2018expected credit loss\u2019 model (\u2018ECL
model\u2019) basis in line with the requirements of IFRS 9. Interest income and impairment are recognised in
profit or loss. Any gain or loss on derecognition is recognised in profit or loss.
Contract receivables
Contract receivables includes recoverable revenue recognised over time with reference to the stage
of completion arising on contracts under a development agreement which are receivable within
12 months of the reporting date.
Contract assets
Contract assets are amounts recoverable on long-term contracts where revenue is recognised over time.
Deposits for sites
Deposits for sites includes a percentage amount paid of the total purchase price for the acquisition
of land intended for development.
Restricted cash
Restricted cash includes cash amounts which are classified as current assets and held in escrow until
the completion of certain criteria.
Construction bonds
Construction bonds includes amounts receivable in relation to the completion of construction activities
on sites. These assets are included in trade and other receivables on the consolidated balance sheet
and are accounted for at amortised cost.
Derivative contracts
Derivative contracts are contracts for interest rate swaps 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.
Financial liabilities
Financial liabilities such as inventory accruals and other accruals are recorded at amortised cost and
include all liabilities.
Loans and borrowings
Loans and borrowings include debt facilities, interest accrued, and borrowing costs classified as
current and non-current liabilities.
Contingent consideration
Contingent consideration includes amounts payable if conditions relating to a business combination
are satisfied. Contingent consideration is recognised at fair value on the acquisition date as part of
the consideration transferred. Where the contingent consideration is classified as a financial liability,
it is subsequently measured at fair value through profit or loss (\u2018FVTPL\u2019) at each reporting date, with
any changes in fair value recognised in profit or loss.
8.11\u2002Provisions
Provisions are recognised when the Group has a present legal or constructive obligation as a result
of past events and it is probable that an outflow of resources will be required to settle that obligation,
and the amount has been reliably estimated.
Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects
current market assessments of the time value of money and the risks specific to the liability, where
the effect of discounting is considered significant. The unwinding of the discount is recognised as a
finance cost.
8.12\u2002Pensions
The Group operates a defined contribution scheme. The assets of the scheme are held separately
from those of the Group in a separate fund. Obligations for contributions to defined contribution plans
are expensed as the related service is provided.
8.13\u2002Leases
At the inception of a contract, the Group assess whether a contract is, or contains, a lease. A contract
is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a
period of time in exchange for consideration.
As a lessee
At commencement or on modification of a contract that contains a lease component, the Group
allocates the consideration in the contract to each lease component and non-lease component on the
basis of its relative stand-alone prices. However, for the leases of property the Group has elected not
to separate non-lease components and account for the lease and non-lease components as a single
lease component.
The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The
right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability
adjusted for any lease payments made at or before the commencement date, plus any initial direct
costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore
the underlying asset or the site on which it is located, less any lease incentives received.
The right-of-use asset is subsequently depreciated using the straight-line method from the
commencement date to the end of the lease term, unless the lease transfers ownership of the
underlying asset to the Group by the end of the lease term or the cost of the right-of-use asset reflects
that the Group will exercise a purchase option. In that case the right-of-use asset will be depreciated
over the useful life of the underlying asset, which is determined on the same basis as those of property
and motor vehicles. In addition, the right-of-use asset is periodically reduced by impairment losses, if
any, and adjusted for certain remeasurements of the lease liability.
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. Generally, the Group uses its
incremental borrowing rate as the discount rate.
The Group determines its incremental borrowing rate with reference to its current financing sources
and makes certain adjustments to reflect the terms of the lease and type of the asset leased.
Lease payments included in the measurement of the lease liability comprise fixed payments, including
in-substance fixed payments.
The lease liability is measured at amortised cost using the effective interest method. It is remeasured
when there is a change in the future lease payments arising from a change in an index or rate, if there
is a change in the Group\u2019s estimate of the amount expected to be payable under a residual value
guarantee, if the Group changes its assessment of whether it will exercise a purchase, extension or
termination option, or if there is a revised in-substance fixed lease payment.
When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying
amount of the right-of-use asset or is recorded in profit or loss if the carrying amount of the right-of-
use asset has been reduced to zero.
The Group presents right-of-use assets that do not meet the definition of investment property in
\u2018property, plant and equipment\u2019 and lease liabilities in \u2018lease liability\u2019 in the consolidated balance sheet.
Short-term leases and leases of low-value assets
The Group has elected not to recognise right-of-use assets and lease liabilities for leases of low-value
assets and short-term lease. The Group recognises the lease payments associated with these leases
as an expense on a straight-line basis over the lease term in the income statement.
8.14 Share capital
Ordinary shares
Incremental costs directly attributable to the issue of ordinary shares are recognised as a deduction
from equity (retained earnings).
8.15 Finance income and costs
The Group\u2019s finance income and finance costs include:
+ Interest income
+ Interest expense
+ Lease interest
Interest income, interest expense, and lease interest is recognised using the effective interest method.
8.16 Derivative contracts and hedge accounting
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:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-355": { "value": "8.1\u2002Basis of consolidation Business combinations The Group accounts for business combinations using the acquisition method when control is transferred to the Group. The consideration transferred in the acquisition is generally measured at fair value, as are the identifiable net assets acquired. Any goodwill that arises is tested annually for impairment. Any gain on a bargain purchase is recognised in profit or loss immediately. Transaction costs are expensed as incurred, except if related to the issue of debt or equity securities. The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are generally recognised in profit or loss. Any contingent consideration is measured at fair value at the date of acquisition. If an obligation to pay contingent consideration that meets the definition of a financial instrument is classified as equity, then it is not remeasured, and settlement is accounted for within equity. Otherwise, other contingent consideration is remeasured at fair value each reporting date and subsequent changes in the fair value of the contingent consideration are recognised in profit or loss. 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. Joint operations Joint operations arise where the Group has joint control of an operation with other parties, in which the parties have direct rights to the assets and obligations of the operation. The Group accounts for its share of the jointly controlled assets and liabilities and income and expenditure on a line-by-line basis in the consolidated financial statements. 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:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-434": { "value": "Business combinations The Group accounts for business combinations using the acquisition method when control is transferred to the Group. The consideration transferred in the acquisition is generally measured at fair value, as are the identifiable net assets acquired. Any goodwill that arises is tested annually for impairment. Any gain on a bargain purchase is recognised in profit or loss immediately. Transaction costs are expensed as incurred, except if related to the issue of debt or equity securities. The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are generally recognised in profit or loss. Any contingent consideration is measured at fair value at the date of acquisition. If an obligation to pay contingent consideration that meets the definition of a financial instrument is classified as equity, then it is not remeasured, and settlement is accounted for within equity. Otherwise, other contingent consideration is remeasured at fair value each reporting date and subsequent changes in the fair value of the contingent consideration are recognised in profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-396": { "value": "Business combinations The Group accounts for business combinations using the acquisition method when control is transferred to the Group. The consideration transferred in the acquisition is generally measured at fair value, as are the identifiable net assets acquired. Any goodwill that arises is tested annually for impairment. Any gain on a bargain purchase is recognised in profit or loss immediately. Transaction costs are expensed as incurred, except if related to the issue of debt or equity securities. The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are generally recognised in profit or loss. Any contingent consideration is measured at fair value at the date of acquisition. If an obligation to pay contingent consideration that meets the definition of a financial instrument is classified as equity, then it is not remeasured, and settlement is accounted for within equity. Otherwise, other contingent consideration is remeasured at fair value each reporting date and subsequent changes in the fair value of the contingent consideration are recognised in profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-454": { "value": "The Group accounts for business combinations using the acquisition method when control is transferred to the Group. The consideration transferred in the acquisition is generally measured at fair value, as are the identifiable net assets acquired. Any goodwill that arises is tested annually for impairment. Any gain on a bargain purchase is recognised in profit or loss immediately. Transaction costs are expensed as incurred, except if related to the issue of debt or equity securities. Goodwill arising on the acquisition of subsidiaries is measured at cost less accumulated impairment losses. Goodwill impairments are not reversed. Goodwill is not amortised but is subject to impairment testing on an annual basis and at any time during the year if an indicator of impairment is considered to exist. The annual goodwill impairment tests are undertaken at a consistent time in each annual period. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-397": { "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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-398": { "value": "Joint operations Joint operations arise where the Group has joint control of an operation with other parties, in which the parties have direct rights to the assets and obligations of the operation. The Group accounts for its share of the jointly controlled assets and liabilities and income and expenditure on a line-by-line basis in the consolidated financial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-399": { "value": "Transactions eliminated on consolidation Intra-group balances and transactions, and any unrealised income and expenses arising from intra-group transactions, are eliminated. ", "dimensions": { "concept": "glenveaghpropplc:DecriptionOfAccountingPolicyForTransactionsEliminatedOnConsolidation", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-356": { "value": "8.2\u2002Revenue The Group develops and sells residential properties and non-core land in addition to developing land under development agreements with third parties. Housing and land sales Revenue is recognised at the point in time when control over the property has been transferred to the customer, which occurs at legal completion. Development revenue Revenue arising on contracts under a development agreement which give the customer control over properties as they are constructed, and for which the Group has a right to payments for work performed, is recognised over time. Revenue and costs are recognised over time with reference to the stage of completion of the contract activity at the balance sheet date where the outcome of a contract can be estimated reliably. This is measured by surveys of work performed to date. Variations in contract work, claims and incentive payments are included to the extent that it is probable that they will result in revenue, and they are capable of being reliably measured. An assessment is required to determine whether a land sale is a separate performance obligation. When land is transferred at the start of a forward fund contract, revenue is not recognised until control has been transferred to the customer which includes legal title being passed to them. When the separate performance obligation is not satisfied, revenue is recognised under the input method. Where the outcome of a forward fund contract cannot be estimated reliably, contract revenue where recoverability is probable is recognised to the extent of contract costs incurred. The costs associated with fulfilling a contract are recognised as expenses in the period in which they are incurred. When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-357": { "value": "8.3\u2002Expenditure Expenditure recorded in inventory is expensed through cost of sales at the time of the related property sale. The amount of cost related to each property includes its share of the overall site costs. Expenditure related to revenue recognised over time is expensed through cost of sales on an inputs basis. Administration expense is recognised in respect of goods and services received when supplied in accordance with contractual terms. Expenditure on research activities is recognised in profit or loss as incurred. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-358": { "value": "8.4\u2002Taxation Income tax expense comprises current and deferred tax. It is recognised in profit or loss except to the extent that it relates to a business combination, or items recognised directly in equity or in OCI. To address concerns about uneven profit distribution and tax contributions of large multinational corporations, various agreements have been reached at a global level, including an agreement by over 135 jurisdictions to introduce a global minimum tax rate of 15%. In December 2022, the Organisation for Economic Co-operation and Development (\u2018OECD\u2019) released a draft legislative framework that is expected to be used by individual jurisdictions that signed the agreement to amend their local tax laws. Ireland has enacted the new legislation, however, based on the current criteria there is no current tax impact in the financial year as the Group is not in scope of the legislation (2024: \u20acNil). Current tax Current tax comprises the expected tax payable or receivable on the taxable income or loss for the year and any adjustment to the tax payable or receivable in respect of previous years. The amount of current tax payable or receivable is the best estimate of the tax amount expected to be paid or received that reflects uncertainty related to income taxes, if any. It is measured using tax rates enacted or substantively enacted at the reporting date. Current tax also includes any tax arising from dividends. Current tax assets and liabilities are offset only if certain criteria are met. Deferred tax 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: + temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss and does not give rise to equal taxable and deductible temporary differences; + temporary differences related to investments in subsidiaries, associates, and joint arrangements 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 + 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. Future taxable profits are determined based on the reversal of relevant taxable temporary differences. If the amount of taxable temporary differences is insufficient to recognise a deferred tax asset in full, then future taxable profits, adjusted for reversals of existing temporary differences, are considered, based on the business plans for individual subsidiaries in the Group. 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. Once changes to the tax laws in any jurisdiction in which the Group operates are enacted or substantively enacted, the Group may be subject to the top-up tax. Currently, the Group operates solely in Ireland, based on current criteria there is no current tax impact. 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 difference when they reverse, using tax rates enacted or substantively enacted at the reporting date, and reflects uncertainty related to income taxes, if any. 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 amount of its assets and liabilities. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-400": { "value": "Deferred tax 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: + temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss and does not give rise to equal taxable and deductible temporary differences; + temporary differences related to investments in subsidiaries, associates, and joint arrangements 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 + 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. Future taxable profits are determined based on the reversal of relevant taxable temporary differences. If the amount of taxable temporary differences is insufficient to recognise a deferred tax asset in full, then future taxable profits, adjusted for reversals of existing temporary differences, are considered, based on the business plans for individual subsidiaries in the Group. 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. Once changes to the tax laws in any jurisdiction in which the Group operates are enacted or substantively enacted, the Group may be subject to the top-up tax. Currently, the Group operates solely in Ireland, based on current criteria there is no current tax impact. 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 difference when they reverse, using tax rates enacted or substantively enacted at the reporting date, and reflects uncertainty related to income taxes, if any. 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 amount of its assets and liabilities. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-359": { "value": "8.5\u2002Share-based payment arrangements The grant date fair value of equity-settled share-based payment arrangements granted to employees is generally recognised as an expense, with a corresponding increase in equity, over the vesting period of the awards. The amount recognised as an expense is 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 at the vesting date. For share-based payment awards with non-vesting conditions or market 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. Certain performance conditions in respect of share-based payment awards can be subject to adjustment by the Remuneration Committee at its discretion, for items deemed not reflective of the Group\u2019s underlying performance for the financial year. For these share-based payment arrangements which are based on non-market conditions, the Group remeasures the fair value and related expense of the award at the reporting date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-360": { "value": "8.6\u2002Exceptional items Exceptional items are those that are separately disclosed by virtue of their nature or amount in order to highlight such items within the consolidated statement of profit or loss for the financial year. Group management exercises judgement in assessing each particular item which, by virtue of its scale or nature, should be highlighted as an exceptional item. Exceptional items are included within the profit or loss caption to which they relate. During the financial year, there were no income or costs considered exceptional items. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-401": { "value": "8.7 Property, plant and equipment Property, plant and equipment is carried at historic purchase cost less accumulated depreciation. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use. Depreciation is provided to write-off the cost of the assets on a straight-line basis to their residual value over their estimated useful lives at the following annual rates: + Buildings 2.5% + Plant and machinery 14 \u2013 20% + Fixtures and fittings 20% + Computer equipment 33% ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-361": { "value": "8.7 Property, plant and equipment Property, plant and equipment is carried at historic purchase cost less accumulated depreciation. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use. Depreciation is provided to write-off the cost of the assets on a straight-line basis to their residual value over their estimated useful lives at the following annual rates: + Buildings 2.5% + Plant and machinery 14 \u2013 20% + Fixtures and fittings 20% + Computer equipment 33% The assets\u2019 residual values, carrying values and useful lives are reviewed on an annual basis and adjusted if appropriate at each reporting date. Where an impairment is identified, the recoverable amount of the asset is identified and an impairment loss, where appropriate, is recognised in the statement of profit or loss and other comprehensive income. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within administration expenses in the statement of profit or loss and other comprehensive income. Subsequent expenditure is capitalised only if it is probable that the future economic benefits associated with the expenditure will flow to the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-402": { "value": "8.8\u2002Intangible assets Goodwill arising on the acquisition of subsidiaries is measured at cost less accumulated impairment losses. Goodwill impairments are not reversed. Goodwill is not amortised but is subject to impairment testing on an annual basis and at any time during the year if an indicator of impairment is considered to exist. The annual goodwill impairment tests are undertaken at a consistent time in each annual period. Development expenditure is capitalised only if the expenditure can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable and the Group intends to and has sufficient resources to complete development and to use or sell the asset. Otherwise, it is recognised in profit or loss as incurred. Subsequent to initial recognition, development expenditure is measured at cost less accumulated amortisation and any accumulated impairment losses. Capitalised development expenditure has an indefinite useful life. Indefinite life intangible assets are those for which there is no foreseeable limit to their expected useful life. The classification of intangible assets as indefinite is assessed annually. Subsequent expenditure is capitalised only if it is probable that the future economic benefits associated with the expenditure will flow to the Group. Computer software is capitalised as intangible assets as acquired and amortised on a straight-line basis over its estimated useful life of three years, in line with the period over which economic benefit from the software is expected to be derived. Licence costs are capitalised as intangible assets as acquired and amortised on a straight-line basis over their estimated useful life in line with the period over which economic benefit from the software is expected to be derived. The assets\u2019 useful lives and residual values are reviewed and adjusted, if appropriate, at each reporting date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-362": { "value": "8.8\u2002Intangible assets Goodwill arising on the acquisition of subsidiaries is measured at cost less accumulated impairment losses. Goodwill impairments are not reversed. Goodwill is not amortised but is subject to impairment testing on an annual basis and at any time during the year if an indicator of impairment is considered to exist. The annual goodwill impairment tests are undertaken at a consistent time in each annual period. Development expenditure is capitalised only if the expenditure can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable and the Group intends to and has sufficient resources to complete development and to use or sell the asset. Otherwise, it is recognised in profit or loss as incurred. Subsequent to initial recognition, development expenditure is measured at cost less accumulated amortisation and any accumulated impairment losses. Capitalised development expenditure has an indefinite useful life. Indefinite life intangible assets are those for which there is no foreseeable limit to their expected useful life. The classification of intangible assets as indefinite is assessed annually. Subsequent expenditure is capitalised only if it is probable that the future economic benefits associated with the expenditure will flow to the Group. Computer software is capitalised as intangible assets as acquired and amortised on a straight-line basis over its estimated useful life of three years, in line with the period over which economic benefit from the software is expected to be derived. Licence costs are capitalised as intangible assets as acquired and amortised on a straight-line basis over their estimated useful life in line with the period over which economic benefit from the software is expected to be derived. The assets\u2019 useful lives and residual values are reviewed and adjusted, if appropriate, at each reporting date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-435": { "value": "Development expenditure is capitalised only if the expenditure can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable and the Group intends to and has sufficient resources to complete development and to use or sell the asset. Otherwise, it is recognised in profit or loss as incurred. Subsequent to initial recognition, development expenditure is measured at cost less accumulated amortisation and any accumulated impairment losses. Capitalised development expenditure has an indefinite useful life. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-363": { "value": "8.9\u2002Inventory Inventory comprises property in the course of development, completed units, land, and land development rights. Inventories are valued at the lower of cost and net realisable value. Direct cost comprises the cost of land, raw materials, and development costs but excludes indirect overheads. Land purchased for development, including land in the course of development, is initially recorded at cost. Where such land is purchased on deferred settlement terms, 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. A provision is made, where appropriate, to reduce the value of inventories and work-in-progress to their net realisable value. Raw material and finished good stock are valued at the lower of cost and net realisable value. Stocks are determined on a first-in first-out basis. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition. Full provision is made for obsolete and slow-moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-436": { "value": "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. The standards require that all financial assets and financial liabilities be classified as fair value through profit or loss (\u2018FVTPL\u2019), amortised cost, or fair value through other comprehensive income (\u2018FVOCI\u2019). Financial liabilities Financial liabilities such as inventory accruals and other accruals are recorded at amortised cost and include all liabilities. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-403": { "value": "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. The standards require that all financial assets and financial liabilities be classified as fair value through profit or loss (\u2018FVTPL\u2019), amortised cost, or fair value through other comprehensive income (\u2018FVOCI\u2019). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-404": { "value": "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 receivables
Amortised cost
Contract assets
Amortised cost
Other receivables
Amortised cost
Contract receivables
Amortised cost
Restricted cash
Amortised cost
Deposits for sites
Amortised cost
Construction bonds
Amortised cost
Financial liabilities
Lease liabilities
Amortised cost
Trade payables
Amortised cost
Inventory accruals
Amortised cost
Other accruals
Amortised cost
Loans and borrowings
Amortised cost
Derivative contracts
Fair value (cash flow hedge accounting)
Contingent consideration
Fair value through profit or loss
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForReclassificationOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-405": { "value": "Cash and cash equivalents Cash and cash equivalents include cash, short-term investments with an original maturity of three months or less and minimum cash balances required under the terms of the debt facilities. Interest earned or accrued on these financial assets is included in finance income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-406": { "value": "Trade and other receivables Such receivables are included in current assets, except for those with maturities more than 12 months after the reporting date, which are classified as non-current assets. Loans and other receivables are included in trade and other receivables on the balance sheet and are accounted for at amortised cost. These assets are subsequently measured at amortised cost. The amortised cost is reduced by impairment losses. The Group recognises impairment losses on an \u2018expected credit loss\u2019 model (\u2018ECL model\u2019) basis in line with the requirements of IFRS 9. Interest income and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-407": { "value": "Contract receivables Contract receivables includes recoverable revenue recognised over time with reference to the stage of completion arising on contracts under a development agreement which are receivable within 12 months of the reporting date. ", "dimensions": { "concept": "glenveaghpropplc:DescriptionOfAccountingPolicyFroContractReceivables", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-408": { "value": "Contract assets Contract assets are amounts recoverable on long-term contracts where revenue is recognised over time. ", "dimensions": { "concept": "glenveaghpropplc:DescriptionOfAccountingPolicyForContractAssets", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-409": { "value": "Deposits for sites Deposits for sites includes a percentage amount paid of the total purchase price for the acquisition of land intended for development. ", "dimensions": { "concept": "glenveaghpropplc:DescriptionOfAccountingPolicyForDepositsForSites", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-410": { "value": "Restricted cash Restricted cash includes cash amounts which are classified as current assets and held in escrow until the completion of certain criteria. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-411": { "value": "Construction bonds Construction bonds includes amounts receivable in relation to the completion of construction activities on sites. These assets are included in trade and other receivables on the consolidated balance sheet and are accounted for at amortised cost. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-412": { "value": "Derivative contracts Derivative contracts are contracts for interest rate swaps 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. 8.16 Derivative contracts and hedge accounting 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:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-437": { "value": "Loans and borrowings Loans and borrowings include debt facilities, interest accrued, and borrowing costs classified as current and non-current liabilities. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-413": { "value": "Loans and borrowings Loans and borrowings include debt facilities, interest accrued, and borrowing costs classified as current and non-current liabilities. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-414": { "value": "Contingent consideration Contingent consideration includes amounts payable if conditions relating to a business combination are satisfied. Contingent consideration is recognised at fair value on the acquisition date as part of the consideration transferred. Where the contingent consideration is classified as a financial liability, it is subsequently measured at fair value through profit or loss (\u2018FVTPL\u2019) at each reporting date, with any changes in fair value recognised in profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-364": { "value": "8.11\u2002Provisions Provisions are recognised when the Group has a present legal or constructive obligation as a result of past events and it is probable that an outflow of resources will be required to settle that obligation, and the amount has been reliably estimated. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability, where the effect of discounting is considered significant. The unwinding of the discount is recognised as a finance cost. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-365": { "value": "8.12\u2002Pensions The Group operates a defined contribution scheme. The assets of the scheme are held separately from those of the Group in a separate fund. Obligations for contributions to defined contribution plans are expensed as the related service is provided. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-366": { "value": "8.13\u2002Leases At the inception of a contract, the Group assess whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. As a lessee At commencement or on modification of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease component and non-lease component on the basis of its relative stand-alone prices. However, for the leases of property the Group has elected not to separate non-lease components and account for the lease and non-lease components as a single lease component. The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term, unless the lease transfers ownership of the underlying asset to the Group by the end of the lease term or the cost of the right-of-use asset reflects that the Group will exercise a purchase option. In that case the right-of-use asset will be depreciated over the useful life of the underlying asset, which is determined on the same basis as those of property and motor vehicles. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. 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. Generally, the Group uses its incremental borrowing rate as the discount rate. The Group determines its incremental borrowing rate with reference to its current financing sources and makes certain adjustments to reflect the terms of the lease and type of the asset leased. Lease payments included in the measurement of the lease liability comprise fixed payments, including in-substance fixed payments. The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in the future lease payments arising from a change in an index or rate, if there is a change in the Group\u2019s estimate of the amount expected to be payable under a residual value guarantee, if the Group changes its assessment of whether it will exercise a purchase, extension or termination option, or if there is a revised in-substance fixed lease payment. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset or is recorded in profit or loss if the carrying amount of the right-of- use asset has been reduced to zero. The Group presents right-of-use assets that do not meet the definition of investment property in \u2018property, plant and equipment\u2019 and lease liabilities in \u2018lease liability\u2019 in the consolidated balance sheet. Short-term leases and leases of low-value assets The Group has elected not to recognise right-of-use assets and lease liabilities for leases of low-value assets and short-term lease. The Group recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term in the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-367": { "value": "8.14 Share capital Ordinary shares Incremental costs directly attributable to the issue of ordinary shares are recognised as a deduction from equity (retained earnings). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-438": { "value": "8.15 Finance income and costs The Group\u2019s finance income and finance costs include: + Interest income + Interest expense + Lease interest Interest income, interest expense, and lease interest is recognised using the effective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-415": { "value": "8.15 Finance income and costs The Group\u2019s finance income and finance costs include: + Interest income + Interest expense + Lease interest Interest income, interest expense, and lease interest is recognised using the effective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-368": { "value": "8.15 Finance income and costs The Group\u2019s finance income and finance costs include: + Interest income + Interest expense + Lease interest Interest income, interest expense, and lease interest is recognised using the effective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-439": { "value": "8.16 Derivative contracts and hedge accounting 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:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-369": { "value": "8.16 Derivative contracts and hedge accounting 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:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-370": { "value": "
9\u2002Segmental information
The Group has considered the requirements of IFRS 8 Operating Segments in the context of how the
business is managed and resources are allocated.
In 2024 the Group was organised into three key reportable operating segments being Suburban,
Urban, and Partnerships. As noted in the Group\u2019s 2024 Annual Report, the Group\u2019s activities and
operating segments have been restructured from 2025 onwards into new operating segments in line
with our refined strategy, being Homebuilding and Partnerships. As a result of this change in the
Group\u2019s reportable segments, the Group has restated the previously reported segment information
for the year ended 31 December 2024.
The Group is organised into two key reportable segments, being Homebuilding and Partnerships.
Internal reporting to the Chief Operating Decision Maker (\u2018CODM\u2019) is provided on this basis. The
CODM has been identified as the Executive Committee.
The Group currently operates solely in Ireland and therefore no geographically segmented financial
information is provided.
Homebuilding
The Homebuilding segment is primarily focused on delivering high-quality own-door single-family
focused developments, with a particular emphasis on Dublin, the Greater Dublin Area, and Cork. This
segment is driven by strong demand from both private purchasers, state agencies, and institutional
investors. It also allows for the selective realisation of residential land opportunities that align with
long-term strategic objectives.
Partnerships
The Partnerships segment focuses on the delivery of sustainable communities across Ireland through
a mix of suburban single-family focused and urban multi-family focused developments. These projects
are typically supported by state agencies and entities with similar funding characteristics. The segment
maintains the flexibility to invest in, develop, or dispose of land assets where such actions support
broader placemaking, delivery, or strategic aims.
Segmental financial results
As restated
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Revenue
Homebuilding
544,989
631,939
Partnerships
380,890
237,258
Revenue for reportable segments
925,879
869,197
As restated
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Operating profit/(loss)
Homebuilding
118,063
123,929
Partnerships
61,197
37,658
Operating profit for reportable segments
179,260
161,587
Reconciliation to results for the financial year
Segment results
179,260
161,587
Finance expense
(18,940)
(18,323)
Directors\u2019 remuneration
(4,576)
(3,492)
Corporate function payroll costs
(8,204)
(8,358)
Depreciation and amortisation
(3,611)
(2,774)
Professional fees
(4,255)
(4,499)
IT costs
(3,994)
(2,748)
Share-based payment expense
(8,092)
(5,180)
Loss on sale of property, plant and equipment
(28)
(8)
Other corporate costs
(2,372)
(2,389)
Profit before tax
125,188
113,816
Excluding loss on the sale of property, plant and equipment, there are no individual costs included
within other corporate costs that is greater than the amounts listed in the above table.
Segment assets and liabilities
31 December 2025
As restated 31 December 2024
Homebuilding Partnerships Total Homebuilding Partnerships Total
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Segment assets
700,351
367,087
1,067,438
669,937
372,613
1,042,550
Reconciliation to Consolidated balance sheet
Deferred tax asset
2,075
1,339
Trade and other receivables
903
1,179
Cash and cash equivalents
75,196
63,165
Property, plant and equipment
67,739
62,404
Income tax receivable
2,296
\u2013
Intangible assets
8,592
7,277
1,224,239
1,177,914
Segment liabilities
129,542
51,087
180,629
135,744
34,084
169,828
Reconciliation to Consolidated balance sheet
Trade and other payables
6,975
11,407
Loans and borrowings
239,034
238,168
Derivative contracts
823
1,576
Lease liabilities
4,211
4,415
Income tax payable
\u2013
1,350
431,672
426,744
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-371": { "value": "
10\u2002Revenue
As restated
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Homebuilding
Core
538,387
631,280
Non-core
6,602
659
544,989
631,939
Partnerships
Core
380,890
237,258
Non-core
\u2013
\u2013
380,890
237,258
Total revenue
925,879
869,197
The Group has presented revenue as a split between core and non-core by business segment. This
split is consistent with internal reporting to the Chief Operating Decision Maker (\u2018CODM\u2019). As stated
in note 9, the Group\u2019s activities and operating segments have been restructured from 2025 onwards
into new operating segments in line with our refined strategy, being Homebuilding and Partnerships.
As a result of this change in the Group\u2019s reportable segments, the Group has restated the previously
reported revenue disclosures by operating segment for the year ended 31 December 2024.
Core Homebuilding revenue relates to affordable own-door single-family homes for first-time buyers.
Non-core Homebuilding revenue relates to the sale of high-end, private developments and sites.
These revenues are recognised at a point in time.
Core Partnerships revenue includes income from the sale of units recognised at a point in time and
development revenue from construction contracts that are recognised over time by reference to the
stage of completion of the contract with the customer. Non-core Partnerships revenue relates to the
sale of high-end, private developments and sites, which are recognised at a point in time.
All revenue is earned in Ireland.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-372": { "value": "
11\u2002Finance expense
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Interest on secured bank loans
18,318
18,859
Cash flow hedges reclassified from other comprehensive income
441
(694)
Finance cost on lease liabilities
181
158
18,940
18,323
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-455": { "value": "11\u2002Finance expense
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Interest on secured bank loans
18,318
18,859
Cash flow hedges reclassified from other comprehensive income
441
(694)
Finance cost on lease liabilities
181
158
18,940
18,323
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-440": { "value": "11\u2002Finance expense
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Interest on secured bank loans
18,318
18,859
Cash flow hedges reclassified from other comprehensive income
441
(694)
Finance cost on lease liabilities
181
158
18,940
18,323
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-416": { "value": "11\u2002Finance expense
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Interest on secured bank loans
18,318
18,859
Cash flow hedges reclassified from other comprehensive income
441
(694)
Finance cost on lease liabilities
181
158
18,940
18,323
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-373": { "value": "
12\u2002Statutory and other information
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Amortisation of intangible assets (note 18)
1,015
522
Depreciation of property, plant and equipment (note 17)*
5,933
6,587
Employment costs (note 13)
63,052
60,314
Loss/(profit) on disposal of property, plant and equipment
28
8
Audit of Group, Company, and subsidiary financial statements**
355
330
Other assurance services
165
218
Tax advisory services
71
103
Tax compliance services
53
39
Other non-audit services
9
13
653
703
Directors\u2019 remuneration
Salaries, fees, and other emoluments
4,524
3,440
Pension contributions
52
52
4,576
3,492
* Includes \u20ac3.3 million (2024: \u20ac4.4 million) capitalised in inventory during the year ended 31 December 2025.
** Included in the auditor\u2019s remuneration for the Group is an amount of \u20ac0.02 million (2024: \u20ac0.02 million) that relates to the
Company financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-456": { "value": "12\u2002Statutory and other information
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Amortisation of intangible assets (note 18)
1,015
522
Depreciation of property, plant and equipment (note 17)*
5,933
6,587
Employment costs (note 13)
63,052
60,314
Loss/(profit) on disposal of property, plant and equipment
28
8
Audit of Group, Company, and subsidiary financial statements**
355
330
Other assurance services
165
218
Tax advisory services
71
103
Tax compliance services
53
39
Other non-audit services
9
13
653
703
Directors\u2019 remuneration
Salaries, fees, and other emoluments
4,524
3,440
Pension contributions
52
52
4,576
3,492
* Includes \u20ac3.3 million (2024: \u20ac4.4 million) capitalised in inventory during the year ended 31 December 2025. ** Included in the auditor\u2019s remuneration for the Group is an amount of \u20ac0.02 million (2024: \u20ac0.02 million) that relates to the Company financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-441": { "value": "12\u2002Statutory and other information
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Amortisation of intangible assets (note 18)
1,015
522
Depreciation of property, plant and equipment (note 17)*
5,933
6,587
Employment costs (note 13)
63,052
60,314
Loss/(profit) on disposal of property, plant and equipment
28
8
Audit of Group, Company, and subsidiary financial statements**
355
330
Other assurance services
165
218
Tax advisory services
71
103
Tax compliance services
53
39
Other non-audit services
9
13
653
703
Directors\u2019 remuneration
Salaries, fees, and other emoluments
4,524
3,440
Pension contributions
52
52
4,576
3,492
* Includes \u20ac3.3 million (2024: \u20ac4.4 million) capitalised in inventory during the year ended 31 December 2025. ** Included in the auditor\u2019s remuneration for the Group is an amount of \u20ac0.02 million (2024: \u20ac0.02 million) that relates to the Company financial statements.
13\u2002Employment costs
The average number of persons employed by the Group (including Executive Directors) during the
financial year was 618 (Executive Committee: 4; Non-executive Directors: 7; Construction: 402; and
Other: 205). (2024: 635 (Executive Committee: 6; Non-executive Directors: 7; Construction: 425;
and Other: 197)).
The aggregate payroll costs of these employees for the financial year were:
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Wages and salaries
47,753
48,533
Social welfare costs
5,411
4,964
Pension costs \u2013 defined contribution
1,796
1,637
Share-based payment expense (note 14)
8,092
5,180
63,052
60,314
\u20ac26.7 million (2024: \u20ac26.4 million) of employment costs were capitalised in inventory during the
financial year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-417": { "value": "12\u2002Statutory and other information
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Amortisation of intangible assets (note 18)
1,015
522
Depreciation of property, plant and equipment (note 17)*
5,933
6,587
Employment costs (note 13)
63,052
60,314
Loss/(profit) on disposal of property, plant and equipment
28
8
Audit of Group, Company, and subsidiary financial statements**
355
330
Other assurance services
165
218
Tax advisory services
71
103
Tax compliance services
53
39
Other non-audit services
9
13
653
703
Directors\u2019 remuneration
Salaries, fees, and other emoluments
4,524
3,440
Pension contributions
52
52
4,576
3,492
* Includes \u20ac3.3 million (2024: \u20ac4.4 million) capitalised in inventory during the year ended 31 December 2025. ** Included in the auditor\u2019s remuneration for the Group is an amount of \u20ac0.02 million (2024: \u20ac0.02 million) that relates to the Company financial statements. 18\u2002Intangible assets
Capitalised
development Computer
Goodwill expenditure Licence software Total
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Cost
At 1 January 2025
5,697
1,359
3,882
4,755
15,693
Additions
\u2013
639
753
938
2,330
At 31 December 2025
5,697
1,998
4,635
5,693
18,023
Accumulated amortisation
At 1 January 2025
\u2013
\u2013
\u2013
(2,719)
(2,719)
Charge for the year
\u2013
\u2013
\u2013
(1,015)
(1,015)
At 31 December 2025
\u2013
\u2013
\u2013
(3,734)
(3,734)
Net book value
At 31 December 2025
5,697
1,998
4,635
1,959
14,289
Capitalised
development Computer
Goodwill expenditure Licence software Total
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Cost
At 1 January 2024
5,697
719
800
3,459
10,675
Additions
\u2013
640
3,082
1,296
5,018
At 31 December 2024
5,697
1,359
3,882
4,755
15,693
Accumulated amortisation
At 1 January 2024
\u2013
\u2013
(40)
(2,157)
(2,197)
Charge for the year
\u2013
\u2013
40
(562)
(522)
At 31 December 2024
\u2013
\u2013
\u2013
(2,719)
(2,719)
Net book value
At 31 December 2024
5,697
1,359
3,882
2,036
12,974
17\u2002Property, plant and equipment
Land Fixtures Plant & Computer
& buildings & fittings machinery equipment Total
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Cost
At 1 January 2025
47,877
2,240
27,734
1,845
79,696
Additions
1,857
1,457
7,675
396
11,385
Disposals
\u2013
\u2013
(425)
(41)
(466)
At 31 December 2025
49,734
3,697
34,984
2,200
90,615
Accumulated depreciation
At 1 January 2025
(4,109)
(1,145)
(10,861)
(1,177)
(17,292)
Charge for the financial year
(1,920)
(258)
(3,330)
(425)
(5,933)
Disposals
\u2013
\u2013
308
41
349
At 31 December 2025
(6,029)
(1,403)
(13,883)
(1,561)
(22,876)
Net book value
At 31 December 2025
43,705
2,294
21,101
639
67,739
Land Fixtures Plant & Computer
& buildings & fittings machinery equipment Total
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Cost
At 1 January 2024
46,555
2,096
25,660
1,500
75,811
Additions
1,342
153
3,508
345
5,348
Disposals
(20)
(9)
(1,434)
\u2013
(1,463)
At 31 December 2024
47,877
2,240
27,734
1,845
79,696
Accumulated depreciation
At 1 January 2024
(2,205)
(896)
(7,701)
(825)
(11,627)
Charge for the financial year
(1,904)
(258)
(4,073)
(352)
(6,587)
Disposals
\u2013
9
913
\u2013
922
At 31 December 2024
(4,109)
(1,145)
(10,861)
(1,177)
(17,292)
Net book value
At 31 December 2024
43,768
1,095
16,873
668
62,404
The depreciation charge for the year includes \u20ac3.3 million (2024: \u20ac4.4 million) which was capitalised in inventory at 31 December 2025. Property, plant and equipment includes right of use assets of \u20ac3.8 million (2024: \u20ac3.9 million) related to leased properties and motor vehicles.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-374": { "value": "
14\u2002Share-based payments
The Group operates two equity-settled share-based payment arrangements being the Long-Term
Incentive Plan (\u2018LTIP\u2019) and the Savings Related Share Option Scheme (known as the Save As You Earn
or \u2018SAYE\u2019 scheme). As described below, options were granted under the terms of the LTIP and SAYE
schemes during the financial year.
(a)\u2002LTIP
In March 2025, the Remuneration Committee approved the grant of 5,090,826 options to certain
members of the management team in accordance with the terms of the Company\u2019s LTIP. These options
will vest on completion of a three-year service period from grant date subject to the achievement of
certain performance condition hurdles based on the Company\u2019s Return on Equity (\u2018ROE\u2019) and Earnings
per Share (\u2018EPS\u2019) across the vesting period. 50% of the awards will vest based on the Group\u2019s ROE*
for the financial year ended 31 December 2027. The EPS based options will vest based on the Group\u2019s
EPS** for the financial year ended 31 December 2027. 25% of ROE based options vest should the Group
achieve ROE of 11.0% with the remaining options vesting on a pro rata basis up to 100% if ROE of 16.2%
is achieved. 25% of EPS based options will vest should the Group achieve Group EPS** of 19.0 cent per
share with the remaining options vesting on a pro rata basis up to 100% if Group EPS** of 24.0 cent per
share is achieved.
In line with the Group\u2019s remuneration policy, LTIP awards granted to Executive Directors from 2020
onwards include a holding period of at least two years post exercise.
Number of Number of
options options
2025 2024
LTIP options in issue at 1 January
15,972,572
13,960,427
Granted during the financial year
5,090,826
6,037,390
Forfeited during the financial year
(268,470)
(137,797)
Lapsed during the financial year
(1,385,938)
(1,897,319)
Exercised during the financial year
(3,768,081)
(1,990,129)
LTIP options in issue at 31 December
15,640,909
15,972,572
Exercisable at 31 December
389,703
286,856
LTIP options were exercised during the financial year with the average share price being \u20ac1.75 (2024: \u20ac1.39). The options outstanding at 31 December 2025 had an exercise price of \u20ac0.001 (2024: \u20ac0.001) and a weighted-average contractual life of seven years (2024: seven years). The EPS and ROE related performance conditions are non-market conditions and do not impact the fair value of the EPS or ROE based awards at grant date which is equivalent to the share price at grant date. The fair value of LTIP options granted in the prior periods which were based on market conditions were measured using a Monte Carlo simulation. There is no Total Shareholder Return (TSR) linked performance condition for options granted in the period and therefore no fair value exercise was performed related to this performance condition. Service and non-market conditions attached to the arrangements were not taken into account when measuring fair value. The inputs used in measuring fair value at the grant date were as follows:
2025
2024
Fair value at grant date
\u20ac1.49
\u20ac1.60
The exercise price of all options granted under the LTIP to date is \u20ac0.001 and all options have a seven-year contractual life. The Group recognised an expense of \u20ac7.9 million (2024: \u20ac5.1 million) in the consolidated statement of profit or loss in respect of options granted under the LTIP. * Group ROE is defined as Return on Equity that Group management apply to measure the Group\u2019s efficiency of returns generated from shareholder equity after taxation and is calculated as profit after tax attributable to shareholders divided by the 12-month average of closing shareholders\u2019 funds. This is subject to adjustment by the Remuneration Committee at its discretion, for items deemed not reflective of the Group\u2019s underlying performance for the financial year. ** Group EPS is defined as Basic Earnings per Share as calculated in accordance with IAS 33 Earnings per Share subject to adjustment by the Remuneration Committee at its discretion, for items deemed not reflective of the Group\u2019s underlying performance for the financial year
(b)\u2002SAYE Scheme
Under the terms of the scheme, employees may save up to \u20ac500 per month from their net salaries
for a fixed term of three or five years and at the end of the savings period they have the option to
buy shares in the Company at a fixed exercise price. On 10 November 2025, the Remuneration and
Nomination Committee approved the grant of 414,007 options to employees of the Group and a fair
value exercise of the scheme was performed.
Details of options outstanding and grant date fair value assumptions
2025
2024
Number of Number of Number of Number of
options options options options
3 Year 5 Year 3 Year 5 Year
SAYE options in issue at 1 January
1,098,019
470,778
66,000
165,000
Granted during the financial year
343,646
70,361
1,098,019
380,571
Forfeited during the financial year
(98,531)
\u2013
\u2013
(24,793)
Lapsed during the financial year
(16,363)
(14,876)
\u2013
\u2013
Exercised during the financial year
\u2013
(115,000)
(66,000)
(50,000)
SAYE options in issue at 31 December
1,326,771
411,263
1,098,019
470,778
Exercisable at 31 December
\u2013
\u2013
\u2013
\u2013
The weighted average exercise price of all options granted under the SAYE to date is \u20ac1.24
(2024: \u20ac1.17).
The expected share price and TSR volatility was based on the historical volatility of a comparator
group of peer companies over the expected life of the equity instruments granted together with
consideration of the Group\u2019s actual trading volatility to date.
The Group recognised an expense of \u20ac0.2 million (2024: \u20ac0.03 million) in the consolidated statement
of profit or loss in respect of options granted under the SAYE scheme.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-375": { "value": "
15\u2002Earnings per share
(a)\u2002Basic earnings per share
The calculation of basic earnings per share has been based on the profit attributable to ordinary
shareholders and the weighted average numbers of shares outstanding for the financial year.
There were 520,472,536 ordinary shares in issue at 31 December 2025 (2024: 560,878,503).
2025
2024
Profit for the financial year attributable to ordinary shareholders
(\u20ac\u2019000)
107,612
97,755
Weighted average number of shares for the financial year
538,784,466
576,527,130
Basic earnings per share (cent)
20.0
17.0
2025 2024
Number of Number of
shares shares
Reconciliation of weighted average number of shares
Number of ordinary shares at beginning of financial year
560,878,503
578,049,118
Effect of share buyback
(23,744,327)
(2,903,732)
Effect of SAYE maturity
84,384
59,863
Effect of LTIP maturity
1,595,906
1,321,881
538,784,466
576,527,130
(b)\u2002Diluted earnings per share
2025*
2024
Profit for the financial year attributable to ordinary shareholders
107,612
97,755
(\u20ac\u2019000)
Weighted average number of shares for the financial year
547,357,362
579,822,418
Diluted earnings per share (cent)
19.7
16.9
2025** 2024
Number of Number of
shares shares
Reconciliation of weighted average number of shares (diluted)
Weighted average number of ordinary shares (basic)
538,784,466
576,527,130
Effect of potentially dilutive shares
8,572,896
3,295,288
547,357,362
579,822,418
* The number of potentially issuable shares in the Group held under option arrangements at 31 December 2025 is 15,640,909
(2024: 15,972,572).
** Under IAS 33, LTIP arrangements have an assumed test period ending on 31 December 2025. Based on the assumed test period
only the TSR performance condition was met related to LTIP options and therefore only ordinary shares related to this condition
would be issued through the conversion of LTIP options. SAYE options matured in the year with ordinary shares related to this
being issued through the conversation of the SAYE options.
At 31 December 2025 Nil options (2024: Nil options) were excluded from the diluted weighted average
number of ordinary shares because their effect would have been anti-dilutive.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-376": { "value": "
16\u2002Income tax
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Current tax charge for the financial year
18,500
16,122
Deferred tax credit for the financial year
(924)
(61)
Total income tax charge
17,576
16,061
The tax assessed for the financial year differs from the standard rate of tax in Ireland for the financial
year. The differences are explained below.
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Profit before tax for the financial year
125,188
113,816
Tax charge at standard Irish income tax rate of 12.5%
15,649
14,227
Tax effect of:
Income taxed at the higher rate of corporation tax
2,182
637
Deductible capital items
(174)
\u2013
Non-deductible expenses \u2013 other
39
1,081
Recognition of previously unrecognised taxable temporary differences
80
\u2013
Adjustment in respect of prior year (over)/under accrual
(200)
116
Total income tax charge
17,576
16,061
Movement in deferred tax balances
Recognised
Balance at in other Balance at
1 January comprehensive Recognised in 31 December
2025 income profit or loss 2025
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Expenses deductible in future periods
1,339
(188)
924
2,075
1,339
(188)
924
2,075
The expenses deductible in future periods arise in Ireland and have no expiry date. Based on
profitability achieved in the period, the continued forecast profitability in the Group\u2019s strategic plan
and the sensitivities that have been applied therein, management has considered it probable that
future profits will be available against which the above tax expenses can be recovered and, therefore,
the related deferred tax asset can be realised.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-418": { "value": "Movement in deferred tax balances
Recognised
Balance at in other Balance at
1 January comprehensive Recognised in 31 December
2025 income profit or loss 2025
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Expenses deductible in future periods
1,339
(188)
924
2,075
1,339
(188)
924
2,075
The expenses deductible in future periods arise in Ireland and have no expiry date. Based on profitability achieved in the period, the continued forecast profitability in the Group\u2019s strategic plan and the sensitivities that have been applied therein, management has considered it probable that future profits will be available against which the above tax expenses can be recovered and, therefore, the related deferred tax asset can be realised. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-378": { "value": "
18\u2002Intangible assets
Capitalised
development Computer
Goodwill expenditure Licence software Total
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Cost
At 1 January 2025
5,697
1,359
3,882
4,755
15,693
Additions
\u2013
639
753
938
2,330
At 31 December 2025
5,697
1,998
4,635
5,693
18,023
Accumulated amortisation
At 1 January 2025
\u2013
\u2013
\u2013
(2,719)
(2,719)
Charge for the year
\u2013
\u2013
\u2013
(1,015)
(1,015)
At 31 December 2025
\u2013
\u2013
\u2013
(3,734)
(3,734)
Net book value
At 31 December 2025
5,697
1,998
4,635
1,959
14,289
Capitalised
development Computer
Goodwill expenditure Licence software Total
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Cost
At 1 January 2024
5,697
719
800
3,459
10,675
Additions
\u2013
640
3,082
1,296
5,018
At 31 December 2024
5,697
1,359
3,882
4,755
15,693
Accumulated amortisation
At 1 January 2024
\u2013
\u2013
(40)
(2,157)
(2,197)
Charge for the year
\u2013
\u2013
40
(562)
(522)
At 31 December 2024
\u2013
\u2013
\u2013
(2,719)
(2,719)
Net book value
At 31 December 2024
5,697
1,359
3,882
2,036
12,974
(i)\u2002Impairment of goodwill
Goodwill acquired in business combinations are allocated to the Group\u2019s cash-generating units
(\u2018CGUs\u2019) that are expected to benefit from the business acquisition, rather than where the assets
are owned. The CGUs represent the lowest level within the Group at which the associated goodwill
is monitored for internal management purposes and are not larger than the operating segments
determined in accordance with IFRS 8 Operating Segments. CGUs are kept under review to ensure
that they reflect changing interdependencies of cash inflows within the Group and how management
monitors operations. The goodwill carrying amount is allocated to the Homebuilding operating
segment with the recoverable amount of this CGU being based on value in use. The value in use
was determined by the cash flows to be generated from the continuing use of the CGU over a
three-year period.
a)\u2002Key assumptions
The Group has established internal controls designed to effectively assess and centrally review future
cash flows generated from CGUs. The key assumptions on which management has based its cash
flows are revenue and construction costs. Revenue assumptions relate to unit sales prices for sites
delivering over the period based on prices achieved to date, current market prices, historic prices,
and sales agent reports. Construction cost assumptions are based on contracted/procured package
pricing or where packages are not procured, historic pricing achieved, or pricing achieved on similar
packages in reference to other sites.
The impact of sustainability and other macroeconomic factors have been considered in the Group\u2019s
assessment of these cash flows, particularly with regard to the potential implications for future selling
prices, development expenditure, and construction programming. Management has considered
scenarios on each of its active developments and the consequential impact on future profitability
based on current facts and circumstances together with any implications for future projects in
undertaking its impairment analysis.
As part of the assessment, the Group has re-evaluated its most likely exit strategies on all developments
in the context of the current market environment and reflected these in revenue assumptions within the
forecast models. The results of this exercise determined that the no impairment was required at the
reporting date.
The cash flow projections used to determine the value in use of the Homebuilding CGU are based
on three years of cash flows from the Group\u2019s Strategic Plan.
A discount rate based on the Group\u2019s incremental borrowing rate and a growth rate into perpetuity
was applied to these cash flows.
A sensitivity analysis on the discount rate has been conducted in respect of the value in use of the
CGU. There is no reasonably possible movement in the key assumptions that would result in material
impairment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-457": { "value": "18\u2002Intangible assets
Capitalised
development Computer
Goodwill expenditure Licence software Total
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Cost
At 1 January 2025
5,697
1,359
3,882
4,755
15,693
Additions
\u2013
639
753
938
2,330
At 31 December 2025
5,697
1,998
4,635
5,693
18,023
Accumulated amortisation
At 1 January 2025
\u2013
\u2013
\u2013
(2,719)
(2,719)
Charge for the year
\u2013
\u2013
\u2013
(1,015)
(1,015)
At 31 December 2025
\u2013
\u2013
\u2013
(3,734)
(3,734)
Net book value
At 31 December 2025
5,697
1,998
4,635
1,959
14,289
Capitalised
development Computer
Goodwill expenditure Licence software Total
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Cost
At 1 January 2024
5,697
719
800
3,459
10,675
Additions
\u2013
640
3,082
1,296
5,018
At 31 December 2024
5,697
1,359
3,882
4,755
15,693
Accumulated amortisation
At 1 January 2024
\u2013
\u2013
(40)
(2,157)
(2,197)
Charge for the year
\u2013
\u2013
40
(562)
(522)
At 31 December 2024
\u2013
\u2013
\u2013
(2,719)
(2,719)
Net book value
At 31 December 2024
5,697
1,359
3,882
2,036
12,974
(i)\u2002Impairment of goodwill Goodwill acquired in business combinations are allocated to the Group\u2019s cash-generating units (\u2018CGUs\u2019) that are expected to benefit from the business acquisition, rather than where the assets are owned. The CGUs represent the lowest level within the Group at which the associated goodwill is monitored for internal management purposes and are not larger than the operating segments determined in accordance with IFRS 8 Operating Segments. CGUs are kept under review to ensure that they reflect changing interdependencies of cash inflows within the Group and how management monitors operations. The goodwill carrying amount is allocated to the Homebuilding operating segment with the recoverable amount of this CGU being based on value in use. The value in use was determined by the cash flows to be generated from the continuing use of the CGU over a three-year period. a)\u2002Key assumptions The Group has established internal controls designed to effectively assess and centrally review future cash flows generated from CGUs. The key assumptions on which management has based its cash flows are revenue and construction costs. Revenue assumptions relate to unit sales prices for sites delivering over the period based on prices achieved to date, current market prices, historic prices, and sales agent reports. Construction cost assumptions are based on contracted/procured package pricing or where packages are not procured, historic pricing achieved, or pricing achieved on similar packages in reference to other sites. The impact of sustainability and other macroeconomic factors have been considered in the Group\u2019s assessment of these cash flows, particularly with regard to the potential implications for future selling prices, development expenditure, and construction programming. Management has considered scenarios on each of its active developments and the consequential impact on future profitability based on current facts and circumstances together with any implications for future projects in undertaking its impairment analysis. As part of the assessment, the Group has re-evaluated its most likely exit strategies on all developments in the context of the current market environment and reflected these in revenue assumptions within the forecast models. The results of this exercise determined that the no impairment was required at the reporting date. The cash flow projections used to determine the value in use of the Homebuilding CGU are based on three years of cash flows from the Group\u2019s Strategic Plan. A discount rate based on the Group\u2019s incremental borrowing rate and a growth rate into perpetuity was applied to these cash flows. A sensitivity analysis on the discount rate has been conducted in respect of the value in use of the CGU. There is no reasonably possible movement in the key assumptions that would result in material impairment.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-442": { "value": "18\u2002Intangible assets
Capitalised
development Computer
Goodwill expenditure Licence software Total
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Cost
At 1 January 2025
5,697
1,359
3,882
4,755
15,693
Additions
\u2013
639
753
938
2,330
At 31 December 2025
5,697
1,998
4,635
5,693
18,023
Accumulated amortisation
At 1 January 2025
\u2013
\u2013
\u2013
(2,719)
(2,719)
Charge for the year
\u2013
\u2013
\u2013
(1,015)
(1,015)
At 31 December 2025
\u2013
\u2013
\u2013
(3,734)
(3,734)
Net book value
At 31 December 2025
5,697
1,998
4,635
1,959
14,289
Capitalised
development Computer
Goodwill expenditure Licence software Total
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Cost
At 1 January 2024
5,697
719
800
3,459
10,675
Additions
\u2013
640
3,082
1,296
5,018
At 31 December 2024
5,697
1,359
3,882
4,755
15,693
Accumulated amortisation
At 1 January 2024
\u2013
\u2013
(40)
(2,157)
(2,197)
Charge for the year
\u2013
\u2013
40
(562)
(522)
At 31 December 2024
\u2013
\u2013
\u2013
(2,719)
(2,719)
Net book value
At 31 December 2024
5,697
1,359
3,882
2,036
12,974
(i)\u2002Impairment of goodwill Goodwill acquired in business combinations are allocated to the Group\u2019s cash-generating units (\u2018CGUs\u2019) that are expected to benefit from the business acquisition, rather than where the assets are owned. The CGUs represent the lowest level within the Group at which the associated goodwill is monitored for internal management purposes and are not larger than the operating segments determined in accordance with IFRS 8 Operating Segments. CGUs are kept under review to ensure that they reflect changing interdependencies of cash inflows within the Group and how management monitors operations. The goodwill carrying amount is allocated to the Homebuilding operating segment with the recoverable amount of this CGU being based on value in use. The value in use was determined by the cash flows to be generated from the continuing use of the CGU over a three-year period. a)\u2002Key assumptions The Group has established internal controls designed to effectively assess and centrally review future cash flows generated from CGUs. The key assumptions on which management has based its cash flows are revenue and construction costs. Revenue assumptions relate to unit sales prices for sites delivering over the period based on prices achieved to date, current market prices, historic prices, and sales agent reports. Construction cost assumptions are based on contracted/procured package pricing or where packages are not procured, historic pricing achieved, or pricing achieved on similar packages in reference to other sites. The impact of sustainability and other macroeconomic factors have been considered in the Group\u2019s assessment of these cash flows, particularly with regard to the potential implications for future selling prices, development expenditure, and construction programming. Management has considered scenarios on each of its active developments and the consequential impact on future profitability based on current facts and circumstances together with any implications for future projects in undertaking its impairment analysis. As part of the assessment, the Group has re-evaluated its most likely exit strategies on all developments in the context of the current market environment and reflected these in revenue assumptions within the forecast models. The results of this exercise determined that the no impairment was required at the reporting date. The cash flow projections used to determine the value in use of the Homebuilding CGU are based on three years of cash flows from the Group\u2019s Strategic Plan. A discount rate based on the Group\u2019s incremental borrowing rate and a growth rate into perpetuity was applied to these cash flows. A sensitivity analysis on the discount rate has been conducted in respect of the value in use of the CGU. There is no reasonably possible movement in the key assumptions that would result in material impairment.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-377": { "value": "
17\u2002Property, plant and equipment
Land Fixtures Plant & Computer
& buildings & fittings machinery equipment Total
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Cost
At 1 January 2025
47,877
2,240
27,734
1,845
79,696
Additions
1,857
1,457
7,675
396
11,385
Disposals
\u2013
\u2013
(425)
(41)
(466)
At 31 December 2025
49,734
3,697
34,984
2,200
90,615
Accumulated depreciation
At 1 January 2025
(4,109)
(1,145)
(10,861)
(1,177)
(17,292)
Charge for the financial year
(1,920)
(258)
(3,330)
(425)
(5,933)
Disposals
\u2013
\u2013
308
41
349
At 31 December 2025
(6,029)
(1,403)
(13,883)
(1,561)
(22,876)
Net book value
At 31 December 2025
43,705
2,294
21,101
639
67,739
Land Fixtures Plant & Computer
& buildings & fittings machinery equipment Total
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Cost
At 1 January 2024
46,555
2,096
25,660
1,500
75,811
Additions
1,342
153
3,508
345
5,348
Disposals
(20)
(9)
(1,434)
\u2013
(1,463)
At 31 December 2024
47,877
2,240
27,734
1,845
79,696
Accumulated depreciation
At 1 January 2024
(2,205)
(896)
(7,701)
(825)
(11,627)
Charge for the financial year
(1,904)
(258)
(4,073)
(352)
(6,587)
Disposals
\u2013
9
913
\u2013
922
At 31 December 2024
(4,109)
(1,145)
(10,861)
(1,177)
(17,292)
Net book value
At 31 December 2024
43,768
1,095
16,873
668
62,404
The depreciation charge for the year includes \u20ac3.3 million (2024: \u20ac4.4 million) which was capitalised
in inventory at 31 December 2025.
Property, plant and equipment includes right of use assets of \u20ac3.8 million (2024: \u20ac3.9 million) related
to leased properties and motor vehicles.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-419": { "value": "(i)\u2002Impairment of goodwill Goodwill acquired in business combinations are allocated to the Group\u2019s cash-generating units (\u2018CGUs\u2019) that are expected to benefit from the business acquisition, rather than where the assets are owned. The CGUs represent the lowest level within the Group at which the associated goodwill is monitored for internal management purposes and are not larger than the operating segments determined in accordance with IFRS 8 Operating Segments. CGUs are kept under review to ensure that they reflect changing interdependencies of cash inflows within the Group and how management monitors operations. The goodwill carrying amount is allocated to the Homebuilding operating segment with the recoverable amount of this CGU being based on value in use. The value in use was determined by the cash flows to be generated from the continuing use of the CGU over a three-year period. ", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-379": { "value": "
19\u2002Inventory
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Land
533,965
556,163
Development expenditure work in progress
283,766
283,746
Development rights
19,989
24,444
837,720
864,353
During the year ended 31 December 2025, \u20ac718.7 million (2024: \u20ac676.7 million) of inventory was
recognised in \u2018cost of sales\u2019. Sustainable materials such as heat pumps, PV panels, timber frames, light
gauge steel frames, and building expenditure necessary to deliver A1/A2 Building Energy Rating (\u2018BER\u2019)
homes are included within development expenditure work in progress.
(i)\u2002Impairment of inventories
The Group carried out a net realisable value assessment of its inventories at the reporting date. This
assessment has resulted in a net impairment charge or reversal of \u20acNil for the year (2024: \u20ac2.0 million
net impairment reversal). An impairment charge or reversal of \u20acNil was recognised in cost of sales in
the financial year (2024: \u20ac1.5 million impairment charge) on remaining non-core assets.
(ii)\u2002Employment cost capitalised
\u20ac26.7 million of employment costs incurred in the financial year have been capitalised in inventory
(2024: \u20ac26.4 million).
(iii)\u2002Development rights
Mooretown, Swords, Co. Dublin
In March 2025, the Group entered into a Development Agreement (\u2018DA\u2019) with Fingal County Council
(\u2018FCC\u2019). Under the terms of the DA and following planning permission being granted, the Group acquired
certain development rights in respect of the site at Mooretown, Swords, Dublin for consideration of
approximately \u20ac7.1 million exclusive of stamp duty and acquisition costs. The development rights will
(subject to planning permission) entitle the Group to develop approximately 350 residential units in
accordance with the terms of the DA.
Oscar Traynor Road, Coolock, Dublin 5
In December 2022, the Group entered into a Development Agreement (\u2018DA\u2019) with Dublin City Council
(\u2018DCC\u2019). Under the terms of the DA and following planning permission being granted in February 2023,
the Group acquired certain development rights in respect of the site at Oscar Traynor Road, Coolock,
Dublin 5 for consideration of approximately \u20ac14.0 million exclusive of stamp duty and acquisition costs.
Under the granted planning permission for the site, the development rights will entitle the Group to
develop approximately 850 residential units alongside commercial elements in accordance with the
terms of the DA.
Ballymastone, Donabate, Co. Dublin
In December 2021, the Group entered into a Development Agreement (\u2018DA\u2019) with Fingal County
Council (\u2018FCC\u2019). Under the terms of the DA and following planning permission being granted in March
2023, the Group acquired certain development rights in respect of the site at Ballymastone, Donabate,
Co. Dublin for consideration of approximately \u20ac11.0 million exclusive of stamp duty and acquisition
costs. The development rights will (subject to planning permission) entitle the Group to develop
approximately 1,200 residential units in accordance with the terms of the DA.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-380": { "value": "
20\u2002Trade and other receivables
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Trade receivables
23,328
20,617
Contract receivables
27,374
38,522
Contract assets
141,804
79,252
Other receivables
7,264
5,915
Prepayments
1,318
1,287
Construction bonds
19,928
21,086
Deposits for sites
3,908
6,542
224,924
173,221
The carrying value of all financial assets and trade and other receivables is approximate to their fair
value and are short-term in nature with the exception of construction bonds.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-458": { "value": "20\u2002Trade and other receivables
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Trade receivables
23,328
20,617
Contract receivables
27,374
38,522
Contract assets
141,804
79,252
Other receivables
7,264
5,915
Prepayments
1,318
1,287
Construction bonds
19,928
21,086
Deposits for sites
3,908
6,542
224,924
173,221
The carrying value of all financial assets and trade and other receivables is approximate to their fair value and are short-term in nature with the exception of construction bonds. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-420": { "value": "
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Trade receivables
23,328
20,617
Contract receivables
27,374
38,522
Contract assets
141,804
79,252
Other receivables
7,264
5,915
Prepayments
1,318
1,287
Construction bonds
19,928
21,086
Deposits for sites
3,908
6,542
224,924
173,221
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-459": { "value": "Sustainability Statement Financial Statements Corporate Governance Strategic Report 21\u2002Trade and other payables
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Current
Trade payables
14,115
11,339
Payroll and other taxes
6,492
7,830
Inventory accruals
74,846
66,135
Other accruals
76,407
61,061
VAT payable
15,744
34,870
187,604
181,235
The carrying value of all financial liabilities and trade and other payables is approximate to their fair value and are repayable under the normal credit cycle.
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Non-current
\u2013
\u2013
Current
187,604
181,235
187,604
181,235
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-382": { "value": "21\u2002Trade and other payables
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Current
Trade payables
14,115
11,339
Payroll and other taxes
6,492
7,830
Inventory accruals
74,846
66,135
Other accruals
76,407
61,061
VAT payable
15,744
34,870
187,604
181,235
The carrying value of all financial liabilities and trade and other payables is approximate to their fair value and are repayable under the normal credit cycle.
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Non-current
\u2013
\u2013
Current
187,604
181,235
187,604
181,235
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-421": { "value": "
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Current
Trade payables
14,115
11,339
Payroll and other taxes
6,492
7,830
Inventory accruals
74,846
66,135
Other accruals
76,407
61,061
VAT payable
15,744
34,870
187,604
181,235
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-443": { "value": "
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Current
Trade payables
14,115
11,339
Payroll and other taxes
6,492
7,830
Inventory accruals
74,846
66,135
Other accruals
76,407
61,061
VAT payable
15,744
34,870
187,604
181,235
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-444": { "value": "
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Non-current
\u2013
\u2013
Current
187,604
181,235
187,604
181,235
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-381": { "value": "
22\u2002Loans and borrowings
(a)\u2002Loans and borrowings
The Group has a five-year sustainability linked finance facility of \u20ac450.0 million (Term Loan: \u20ac150.0
million, Revolving Credit Facility \u20ac300.0 million) with a syndicate of domestic and international
financial institutions. The facility commenced in February 2023, with an interest rate of one-month
EURIBOR (subject to a floor of 0%) plus a margin of 2.7-2.8% during the year ended 31 December 2025
(31 December 2024: margin of 2.65-2.75%). The interest rates are linked to the Group meeting certain
sustainability performance targets aligned to its sustainability strategy. The loan is repayable in full at
the end of the five-year term.
At 31 December 2025, \u20ac150.0 million has been drawn on the term loan element of the debt facility
(31 December 2024: \u20ac150.0 million). Pursuant to the debt facility agreement, there are fixed and
floating charges and assignments in place over the total assets of the Group as continuing security
for the discharge of any amounts drawn down. The carrying value of the total assets of the Group
as at 31 December 2025 is \u20ac1,224.2 million (31 December 2024: \u20ac1,177.9 million).
31 December 31 December
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Debt facilities
240,000
240,000
Unamortised borrowing costs
(2,581)
(3,771)
Interest accrued
1,615
1,939
Total loans and borrowings
239,034
238,168
Loans and borrowings are payable as follows:
31 December 31 December
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Less than one year
2,803
3,129
Between one and two years
1,191
1,191
More than two years
235,040
233,848
Total loans and borrowings
239,034
238,168
The Group\u2019s debt facilities were entered into with AIB, Bank of Ireland, Barclays, and Home Building
Finance Ireland (\u2018HBFI\u2019) and are subject to compliance with financial covenants which are calculated
on a quarterly basis. The financial covenants require the Group to meet certain interest cover, EBITDA,
and total debt requirements, as well as maintaining a minimum cash balance of \u20ac25.0 million
throughout the term of the debt facility. All financial covenants have been complied with during 2025,
and the Group anticipates continued compliance within the next 12 months after the reporting date.
(b)\u2002Reconciliation of movements of liabilities to cash flows arising from financing activities
Cash flows
Non-cash changes
Transaction
costs
Credit Credit related to Payment of Interest Amortisation New
Opening facility facility loans and lease received/ of transaction hedging Closing
2025 drawdown repayment borrowings liability (paid) costs Interest instrument New leases 2025
2025 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Liabilities:
Loans and borrowings
240,000
190,000
(190,000)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
240,000
Unamortised transaction costs
(3,771)
\u2013
\u2013
\u2013
\u2013
\u2013
1,190
\u2013
\u2013
\u2013
(2,581)
Derivative contracts
1,576
\u2013
\u2013
\u2013
\u2013
(441)
\u2013
\u2013
(312)
\u2013
823
Lease liability
4,415
\u2013
\u2013
\u2013
(1,649)
\u2013
\u2013
152
\u2013
1,293
4,211
Interest accrual
1,939
\u2013
\u2013
\u2013
\u2013
(18,010)
\u2013
17,686
\u2013
\u2013
1,615
244,159
190,000
(190,000)
\u2013
(1,649)
(18,451)
1,190
17,838
(312)
1,293
244,068
Cash flows
Non-cash changes
Transaction
Credit Credit costs related Interest Amortisation New
Opening facility facility to loans and Payment of received/ of transaction hedging Closing
2024 drawdown repayment borrowings lease liability (paid) costs Interest instrument New leases 2024
2024 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Liabilities:
Loans and borrowings
116,667
268,333
(145,000)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
240,000
Unamortised transaction costs
(3,697)
\u2013
\u2013
(1,087)
\u2013
\u2013
1,013
\u2013
\u2013
\u2013
(3,771)
Derivative contracts
1,623
\u2013
\u2013
\u2013
\u2013
694
\u2013
\u2013
(741)
\u2013
1,576
Lease liability
5,449
\u2013
\u2013
\u2013
(1,342)
\u2013
\u2013
158
\u2013
150
4,415
Interest accrual
2,675
\u2013
\u2013
\u2013
\u2013
(19,595)
\u2013
18,859
\u2013
\u2013
1,939
122,717
268,333
(145,000)
(1,087)
(1,342)
(18,901)
1,013
19,017
(741)
150
244,159
(c)\u2002Net debt reconciliation
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Cash and cash equivalents
75,196
63,165
Restricted cash
\u2013
458
Loans and borrowings
(239,034)
(238,168)
Lease liabilities
(4,211)
(4,415)
Total net debt
(168,049)
(178,960)
(d)\u2002Lease liabilities
Lease liabilities are payable as follows:
31 December 2025
Present value Future value
of minimum of minimum
lease lease
payments Interest payments
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Less than one year
1,594
98
1,692
Between one and two years
1,223
110
1,333
More than two years
1,394
173
1,567
4,211
381
4,592
24\u2002Derivatives and cash flow hedge reserve
(a)\u2002Interest rate swap
In February 2023, the Group entered into an interest rate swap to hedge the interest rate risk
associated with \u20ac100.0 million of the term loan element of our debt facilities (note 22). The interest
rate swap is in place for the five-year period of the facility agreement. The nominal amount hedged
for years one and two was \u20ac100.0 million with this stepping down to \u20ac50.0 million for the remaining
three years of the facility agreement. The interest rate swap has a fixed interest rate of 3.035%.
During 2025, the nominal amount hedged reduced to \u20ac50.0 million in line with the terms of the
interest rate swap.
Derivative financial instruments
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Interest rate swaps \u2013 cash flow hedges
(823)
(1,576)
Included in other comprehensive income
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Fair value movement on cash flow hedges
312
741
Cash flow hedges reclassified to profit or loss
441
(694)
Cash flow hedges \u2013 deferred tax
(188)
394
565
441
(b)\u2002Cash flow hedge reserve
The cash flow hedge reserve reflects the effective portion of the cumulative net change in the fair value
of derivatives that are designated and qualify as cash flow hedges. Amounts accumulated in the hedging
reserve are recycled to the income statement in the periods when the hedged item affects income or
expense, or are included in the initial cost of a hedged non-financial item, depending on the hedged item.
27\u2002Financial instruments and financial risk management
(a)\u2002Accounting classification and fair value
The Group classifies and discloses the fair value for each class of financial instrument based on the
fair value hierarchy in accordance with IFRS 13. The fair value hierarchy distinguishes between market
value data obtained from independent sources and the Group\u2019s own assumptions about market value.
The hierarchy levels are defined below:
+ Level 1 \u2013 Inputs based on quoted prices in active markets for identical assets or liabilities.
+ Level 2 \u2013 Inputs based on factors other than quoted prices included in Level 1 and may include
quoted prices for similar assets and liabilities in active markets, as well as inputs that are
observable for the asset or liability (other than quoted prices), such as interest rates and yield
curves that are observable at commonly quoted intervals.
+ Level 3 \u2013 Inputs which are unobservable for the asset or liability and are typically based on the
Group\u2019s own assumptions as there is little, if any, related market activity. The Group\u2019s assessment
of the significance of a particular input to the fair value measurement in its entirety requires
judgement and considers factors specific to the asset or liability.
The Group\u2019s assessment of the significance of a particular input to the fair value measurement
in its entirety requires judgement and considers factors specific to the asset or liability.
The following table presents the Group\u2019s estimates of fair value on a recurring basis based on
information available at 31 December 2025, aggregated by the level in the fair value hierarchy within
which those measurements fall.
Level 1
Quoted prices in Level 2 Level 3
active markets for Significant other Significant
identical assets & observable unobservable
liabilities inputs inputs Total
31 December 2025 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Recurring measurement liabilities
Derivative contracts
\u2013
823
\u2013
823
Total
\u2013
823
\u2013
823
Level 1
Quoted prices in Level 2 Level 3
active markets for Significant other Significant
identical assets & observable unobservable
liabilities inputs inputs Total
31 December 2024 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Recurring measurement liabilities
Derivative contracts
\u2013
1,576
\u2013
1,576
Total
\u2013
1,576
\u2013
1,576
The consolidated financial assets and financial liabilities are set out below. While all financial assets
and liabilities are measured at amortised cost, the carrying amounts of the consolidated financial
assets and financial liabilities approximate to fair value. Trade and other receivables and trade and
other payables approximate to their fair value as the transactions which give rise to these balances
arise in the normal course of trade and, where relevant, with industry standard payment terms and
have a short period to maturity (less than one year) The tables do not include fair value information
for financial assets and financial liabilities not measured at fair value such as loans and borrowings.
Financial instruments: financial assets
The consolidated financial assets can be summarised as follows:
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Trade receivables
23,328
20,617
Contract receivables
27,374
38,522
Contract assets
141,804
79,252
Other receivables
7,264
5,915
Construction bonds
19,928
21,086
Deposits for sites
3,908
6,542
Cash and cash equivalents
75,196
63,165
Restricted cash (current)
\u2013
458
Total financial assets
298,802
235,557
Cash and cash equivalents are short-term deposits held at variable rates.
Financial instruments: financial liabilities
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Trade payables
14,115
11,339
Lease liabilities
4,211
4,415
Inventory accruals
74,846
66,135
Other accruals
76,407
61,061
Loans and borrowings
239,036
238,168
Total financial liabilities
408,615
381,118
Trade payables and other current liabilities are non-interest-bearing.
* The fair value of the Group\u2019s loans and borrowings is \u20ac244.4 million at 31 December 2025 (31 December 2024: \u20ac235.5 million).
The valuation is based on future repayment and interest cash flows discounted at a period-end market interest rate.
(b)\u2002Financial risk management objectives and policies
As all of the operations carried out by the Group are in Euro there is no direct currency risk, and
therefore the Group\u2019s main financial risks are primarily:
+ liquidity risk \u2013 the risk that suitable funding for the Group\u2019s activities may not be available;
+ credit risk \u2013 the risk that a counter-party will default on their contractual obligations resulting
in a financial loss to the Group; and
+ market risk \u2013 the risk that changes in market prices, such as interest rates and equity prices will
affect the Group\u2019s income or the value of its holdings of financial instruments.
This note presents information and quantitative disclosures about the Group\u2019s exposure to each of the
above risks, its objectives, policies, and processes for measuring and managing risk, and the Group\u2019s
management of capital.
Liquidity risk
Liquidity risk is the risk that the Group may not be able to generate sufficient cash reserves to settle
its obligations in full as they fall due or can only do so on terms that are materially disadvantageous.
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\u2019s liquidity
forecasts consider all planned development expenditure.
As disclosed in note 22, the Group has a five-year sustainability linked finance facility of \u20ac450.0 million
(Term Loan: \u20ac150.0 million, Revolving Credit Facility \u20ac300.0 million) with a syndicate of domestic and
international financial institutions. The facility commenced in February 2023, with an interest rate
of one-month EURIBOR (subject to a floor of 0%) plus a margin of 2.7-2.8% during the year ended
31 December 2025 (31 December 2024: margin of 2.7-2.8%). The interest rates are linked to the Group
meeting certain sustainability performance targets aligned to its sustainability strategy. The loan
is repayable in full at the end of the five-year term. At 31 December 2025, \u20ac240.0 million has been
drawn on the debt facility (2024: \u20ac240.0 million). The Group has an exposure to cash flow interest
rate risk where there are changes in the EURIBOR rates.
Management monitors the adequacy of the Group\u2019s liquidity reserves against rolling cash flow
forecasts. In addition, the Group\u2019s liquidity risk management policy involves monitoring short-term and
long-term cash flow forecasts. Set out below are details of the Group\u2019s contractual cash flows arising
from its financial liabilities and funds available to meet these liabilities.
31 December 2025
Carrying Contractual Less than 1 year More than
amount cash flows 1 year to 2 years 2 years
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Lease liabilities
4,211
4,592
1,692
1,333
1,567
Trade payables
14,115
14,115
14,115
\u2013
\u2013
Inventory accruals
74,846
74,846
74,846
\u2013
\u2013
Other accruals
76,407
76,407
76,407
\u2013
\u2013
Derivative contracts
823
914
389
359
166
Loans and borrowings
239,034
251,274
11,274
11,274
228,726
409,436
422,148
178,723
12,966
230,459
31 December 2024
Carrying Contractual Less than 1 year More than
amount cash flows 1 year to 2 years 2 years
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Lease liabilities
4,415
4,885
1,375
1,219
2,291
Trade payables
11,339
11,339
11,339
\u2013
\u2013
Inventory accruals
66,135
66,135
66,135
\u2013
\u2013
Other accruals
61,061
61,061
61,061
\u2013
\u2013
Derivative contracts
1,576
1,653
185
211
1,257
Loans and borrowings
238,168
264,444
18,504
16,565
229,374
382,694
409,517
158,599
17,995
232,922
Funds available:
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Debt facilities (undrawn committed)
210,000
210,000
Cash and cash equivalents
75,196
63,165
Restricted cash
\u2013
458
285,196
273,623
As disclosed in note 22, the Group\u2019s debt facilities are subject to various financial covenants which are
calculated on a quarterly basis. A future breach of any of these covenants may require the Group to
repay the related loan earlier than indicated above. All financial covenants have been complied with
during the year ended 31 December 2025, and the Group anticipates continued compliance within the
next 12 months after the reporting date.
Credit risk
The Group\u2019s exposure to credit risk encompasses the financial assets being: trade and receivables,
contract assets, and cash and cash equivalents. Credit risk is managed by regularly monitoring the
Group\u2019s credit exposure to each counter-party to ensure credit quality of customers and financial
institutions in line with internal limits approved by the Board.
There has been no impairment of trade receivables in the year presented. The impairment loss
allowance allocated against trade receivables, contract assets, cash and cash equivalents, and
restricted cash is not material. The credit risk on cash and cash equivalents is limited because
counter-parties are leading international banks and Home Building Finance Ireland (\u2018HBFI\u2019), a private
lending company established by the Irish state. The international banks have minimum long-term
BBB+ credit-ratings assigned by international credit agencies. The maximum amount of credit
exposure is the financial assets in this note.
Market risk
The Group\u2019s exposure to market risk relates to changes to interest rates and stems predominately
from its debt obligations. Interest rate risk reflects the Group\u2019s exposure to fluctuations in interest rates
in the market. This risk arises from bank loans that are drawn under the Group\u2019s debt facilities with
variable interest rates based upon EURIBOR. At the year ended 31 December 2025 it is estimated that
an increase of 100 basis points to EURIBOR would have decreased the Group\u2019s profit before tax by
\u20ac4.1 million (2024: \u20ac3.9 million) assuming all other variables remain constant, and the rate change is
only applied to the loans that are exposed to movements in EURIBOR.
As part of the Group\u2019s strategy to manage our interest rate risk, the Group entered into an interest
rate swap in February 2023 to hedge the interest rate risk associated with \u20ac100.0 million of the term
loan element of our new debt facilities. The interest rate swap is in place for the five-year period of the
facility agreement. The nominal amount hedged for years one and two was \u20ac100.0 million with this
stepping down to \u20ac50.0 million for the remaining three years of the facility agreement. During 2025,
the nominal amount hedged reduced to \u20ac50.0 million in line with the terms of the interest rate swap.
The Group is also exposed to interest rate risk on its cash and cash equivalents. These balances attract low interest rates and therefore a reasonably possible change in interest rates would not have a
material effect on the Group\u2019s profit.
The amounts relating to items designated as hedging instruments and hedge ineffectiveness were as follows:
As at 31 December 2025
For the year ended 31 December 2025
Carrying amount
Changes in
the value of
hedging Hedge Line items in Amount Line items in
instruments ineffectiveness profit or loss that reclassed from profit or loss
recognised in recognised in includes hedge hedging reserve affected by the
Nominal amount
Assets
Liability OCI profit or loss ineffectiveness to profit or loss
reclassification
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Loss on
derivative
financial Finance
Interest rate swap
50,000
\u2013
(823)
312
\u2013
instruments
441
expense
As at 31 December 2024
For the year ended 31 December 2024
Carrying amount
Changes in
the value of
hedging Hedge Line items in Amount Line items in
instruments ineffectiveness profit or loss that reclassed from profit or loss
recognised in recognised in includes hedge hedging reserve affected by the
Nominal amount
Assets
Liability OCI profit or loss ineffectiveness to profit or loss
reclassification
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Loss on
derivative
financial Finance
Interest rate swap
100,000
\u2013
(1,576)
714
\u2013
instruments
(668)
expense
The Group held the following instruments to hedge exposures to changes in interest rates:
Interest rate swaps
2025
2024
Net exposure (\u20ac\u2019000)
823
1,576
Average fixed interest rate
3.035%
3.035%
The amounts at the reporting date relating to items designated as hedged items were as follows:
Change in
value used for
calculating Cash flow
hedge hedge
ineffectiveness reserve
As at 31 December 2025 \u20ac\u2019000 \u20ac\u2019000
Interest rate swap
\u2013
(823)
\u2013
(823)
Change in
value used for
calculating Cash flow
hedge hedge
ineffectiveness reserve
As at 31 December 2024 \u20ac\u2019000 \u20ac\u2019000
Interest rate swap
\u2013
(1,576)
\u2013
(1,576)
(c)\u2002Capital management
The Group finances its operations through a combination of shareholders\u2019 funds, long-term
borrowings, and working capital. The Group\u2019s objective when managing capital is to maintain an
appropriate capital structure in the business to allow management to focus on creating sustainable
long-term value for its shareholders, with flexibility to take advantage of opportunities as they arise in
the short and medium term. The Group\u2019s capital allocation policy is to invest in supply chain, land, and
work-in-progress. Once the business has invested sufficiently in each of these priorities, excess capital
is returned to shareholders.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-422": { "value": "22\u2002Loans and borrowings (a)\u2002Loans and borrowings The Group has a five-year sustainability linked finance facility of \u20ac450.0 million (Term Loan: \u20ac150.0 million, Revolving Credit Facility \u20ac300.0 million) with a syndicate of domestic and international financial institutions. The facility commenced in February 2023, with an interest rate of one-month EURIBOR (subject to a floor of 0%) plus a margin of 2.7-2.8% during the year ended 31 December 2025 (31 December 2024: margin of 2.65-2.75%). The interest rates are linked to the Group meeting certain sustainability performance targets aligned to its sustainability strategy. The loan is repayable in full at the end of the five-year term. At 31 December 2025, \u20ac150.0 million has been drawn on the term loan element of the debt facility (31 December 2024: \u20ac150.0 million). Pursuant to the debt facility agreement, there are fixed and floating charges and assignments in place over the total assets of the Group as continuing security for the discharge of any amounts drawn down. The carrying value of the total assets of the Group as at 31 December 2025 is \u20ac1,224.2 million (31 December 2024: \u20ac1,177.9 million).
31 December 31 December
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Debt facilities
240,000
240,000
Unamortised borrowing costs
(2,581)
(3,771)
Interest accrued
1,615
1,939
Total loans and borrowings
239,034
238,168
Loans and borrowings are payable as follows:
31 December 31 December
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Less than one year
2,803
3,129
Between one and two years
1,191
1,191
More than two years
235,040
233,848
Total loans and borrowings
239,034
238,168
The Group\u2019s debt facilities were entered into with AIB, Bank of Ireland, Barclays, and Home Building Finance Ireland (\u2018HBFI\u2019) and are subject to compliance with financial covenants which are calculated on a quarterly basis. The financial covenants require the Group to meet certain interest cover, EBITDA, and total debt requirements, as well as maintaining a minimum cash balance of \u20ac25.0 million throughout the term of the debt facility. All financial covenants have been complied with during 2025, and the Group anticipates continued compliance within the next 12 months after the reporting date. (b)\u2002Reconciliation of movements of liabilities to cash flows arising from financing activities
Cash flows
Non-cash changes
Transaction
costs
Credit Credit related to Payment of Interest Amortisation New
Opening facility facility loans and lease received/ of transaction hedging Closing
2025 drawdown repayment borrowings liability (paid) costs Interest instrument New leases 2025
2025 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Liabilities:
Loans and borrowings
240,000
190,000
(190,000)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
240,000
Unamortised transaction costs
(3,771)
\u2013
\u2013
\u2013
\u2013
\u2013
1,190
\u2013
\u2013
\u2013
(2,581)
Derivative contracts
1,576
\u2013
\u2013
\u2013
\u2013
(441)
\u2013
\u2013
(312)
\u2013
823
Lease liability
4,415
\u2013
\u2013
\u2013
(1,649)
\u2013
\u2013
152
\u2013
1,293
4,211
Interest accrual
1,939
\u2013
\u2013
\u2013
\u2013
(18,010)
\u2013
17,686
\u2013
\u2013
1,615
244,159
190,000
(190,000)
\u2013
(1,649)
(18,451)
1,190
17,838
(312)
1,293
244,068
Cash flows
Non-cash changes
Transaction
Credit Credit costs related Interest Amortisation New
Opening facility facility to loans and Payment of received/ of transaction hedging Closing
2024 drawdown repayment borrowings lease liability (paid) costs Interest instrument New leases 2024
2024 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Liabilities:
Loans and borrowings
116,667
268,333
(145,000)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
240,000
Unamortised transaction costs
(3,697)
\u2013
\u2013
(1,087)
\u2013
\u2013
1,013
\u2013
\u2013
\u2013
(3,771)
Derivative contracts
1,623
\u2013
\u2013
\u2013
\u2013
694
\u2013
\u2013
(741)
\u2013
1,576
Lease liability
5,449
\u2013
\u2013
\u2013
(1,342)
\u2013
\u2013
158
\u2013
150
4,415
Interest accrual
2,675
\u2013
\u2013
\u2013
\u2013
(19,595)
\u2013
18,859
\u2013
\u2013
1,939
122,717
268,333
(145,000)
(1,087)
(1,342)
(18,901)
1,013
19,017
(741)
150
244,159
(c)\u2002Net debt reconciliation
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Cash and cash equivalents
75,196
63,165
Restricted cash
\u2013
458
Loans and borrowings
(239,034)
(238,168)
Lease liabilities
(4,211)
(4,415)
Total net debt
(168,049)
(178,960)
(d)\u2002Lease liabilities Lease liabilities are payable as follows:
31 December 2025
Present value Future value
of minimum of minimum
lease lease
payments Interest payments
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Less than one year
1,594
98
1,692
Between one and two years
1,223
110
1,333
More than two years
1,394
173
1,567
4,211
381
4,592
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-445": { "value": "(b)\u2002Reconciliation of movements of liabilities to cash flows arising from financing activities
Cash flows
Non-cash changes
Transaction
costs
Credit Credit related to Payment of Interest Amortisation New
Opening facility facility loans and lease received/ of transaction hedging Closing
2025 drawdown repayment borrowings liability (paid) costs Interest instrument New leases 2025
2025 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Liabilities:
Loans and borrowings
240,000
190,000
(190,000)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
240,000
Unamortised transaction costs
(3,771)
\u2013
\u2013
\u2013
\u2013
\u2013
1,190
\u2013
\u2013
\u2013
(2,581)
Derivative contracts
1,576
\u2013
\u2013
\u2013
\u2013
(441)
\u2013
\u2013
(312)
\u2013
823
Lease liability
4,415
\u2013
\u2013
\u2013
(1,649)
\u2013
\u2013
152
\u2013
1,293
4,211
Interest accrual
1,939
\u2013
\u2013
\u2013
\u2013
(18,010)
\u2013
17,686
\u2013
\u2013
1,615
244,159
190,000
(190,000)
\u2013
(1,649)
(18,451)
1,190
17,838
(312)
1,293
244,068
Cash flows
Non-cash changes
Transaction
Credit Credit costs related Interest Amortisation New
Opening facility facility to loans and Payment of received/ of transaction hedging Closing
2024 drawdown repayment borrowings lease liability (paid) costs Interest instrument New leases 2024
2024 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Liabilities:
Loans and borrowings
116,667
268,333
(145,000)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
240,000
Unamortised transaction costs
(3,697)
\u2013
\u2013
(1,087)
\u2013
\u2013
1,013
\u2013
\u2013
\u2013
(3,771)
Derivative contracts
1,623
\u2013
\u2013
\u2013
\u2013
694
\u2013
\u2013
(741)
\u2013
1,576
Lease liability
5,449
\u2013
\u2013
\u2013
(1,342)
\u2013
\u2013
158
\u2013
150
4,415
Interest accrual
2,675
\u2013
\u2013
\u2013
\u2013
(19,595)
\u2013
18,859
\u2013
\u2013
1,939
122,717
268,333
(145,000)
(1,087)
(1,342)
(18,901)
1,013
19,017
(741)
150
244,159
", "dimensions": { "concept": "ifrs-full:DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesExplanatory", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-383": { "value": "
23\u2002Restricted cash
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Current
\u2013
458
\u2013
458
During the year, \u20ac0.5 million of previously restricted cash was released following the satisfaction of the
relevant contractual conditions and has been reclassified to cash and cash equivalents (note 27).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-423": { "value": "23\u2002Restricted cash
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Current
\u2013
458
\u2013
458
During the year, \u20ac0.5 million of previously restricted cash was released following the satisfaction of the relevant contractual conditions and has been reclassified to cash and cash equivalents (note 27). ", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-446": { "value": "24\u2002Derivatives and cash flow hedge reserve (a)\u2002Interest rate swap In February 2023, the Group entered into an interest rate swap to hedge the interest rate risk associated with \u20ac100.0 million of the term loan element of our debt facilities (note 22). The interest rate swap is in place for the five-year period of the facility agreement. The nominal amount hedged for years one and two was \u20ac100.0 million with this stepping down to \u20ac50.0 million for the remaining three years of the facility agreement. The interest rate swap has a fixed interest rate of 3.035%. During 2025, the nominal amount hedged reduced to \u20ac50.0 million in line with the terms of the interest rate swap. Derivative financial instruments
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Interest rate swaps \u2013 cash flow hedges
(823)
(1,576)
Included in other comprehensive income
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Fair value movement on cash flow hedges
312
741
Cash flow hedges reclassified to profit or loss
441
(694)
Cash flow hedges \u2013 deferred tax
(188)
394
565
441
(b)\u2002Cash flow hedge reserve The cash flow hedge reserve reflects the effective portion of the cumulative net change in the fair value of derivatives that are designated and qualify as cash flow hedges. Amounts accumulated in the hedging reserve are recycled to the income statement in the periods when the hedged item affects income or expense, or are included in the initial cost of a hedged non-financial item, depending on the hedged item. ", "dimensions": { "concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-424": { "value": "24\u2002Derivatives and cash flow hedge reserve (a)\u2002Interest rate swap In February 2023, the Group entered into an interest rate swap to hedge the interest rate risk associated with \u20ac100.0 million of the term loan element of our debt facilities (note 22). The interest rate swap is in place for the five-year period of the facility agreement. The nominal amount hedged for years one and two was \u20ac100.0 million with this stepping down to \u20ac50.0 million for the remaining three years of the facility agreement. The interest rate swap has a fixed interest rate of 3.035%. During 2025, the nominal amount hedged reduced to \u20ac50.0 million in line with the terms of the interest rate swap. Derivative financial instruments
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Interest rate swaps \u2013 cash flow hedges
(823)
(1,576)
Included in other comprehensive income
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Fair value movement on cash flow hedges
312
741
Cash flow hedges reclassified to profit or loss
441
(694)
Cash flow hedges \u2013 deferred tax
(188)
394
565
441
(b)\u2002Cash flow hedge reserve The cash flow hedge reserve reflects the effective portion of the cumulative net change in the fair value of derivatives that are designated and qualify as cash flow hedges. Amounts accumulated in the hedging reserve are recycled to the income statement in the periods when the hedged item affects income or expense, or are included in the initial cost of a hedged non-financial item, depending on the hedged item. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-384": { "value": "
25\u2002Subsidiaries
The principal subsidiary companies and the percentage shareholdings held by Glenveagh Properties
plc, either directly or indirectly, pursuant to Section 314 of the Companies Act 2014 at 31 December
2025 are as follows:
Company
Principal activity
%
Reg. office
Glenveagh Properties (Holdings) Limited
Holding company
100%
1
Glenveagh Treasury DAC
Financing activities
100%
1
Glenveagh Contracting Limited
Property development
100%
1
Glenveagh Homes Limited
Property development
100%
1
Greystones Devco Limited
Property development
100%
1
Marina Quarter Limited
Property development
100%
1
GLV Bay Lane Limited
Property development
100%
1
Glenveagh Living Limited
Property development
100%
1
GL Partnership Opportunities DAC
Property development
100%
1
Castleforbes Development Company DAC
Property development
100%
1
The Freight Building Limited
Property development
100%
1
Nua Manufacturing MMC Limited
Manufacturing operations
100%
1
Blackrock Villas Holdings Limited
Holding company
100%
1
Blackrock Villas Limited
Property development
100%
1
GMP Developments Limited
Holding company
100%
1
1. Block C, Maynooth Business Campus, Straffan Road, Maynooth, Co. Kildare.
Pursuant to Section 316 of the Companies Act 2014, a full list of subsidiaries will be annexed to the
Company\u2019s Annual Return to be filed in the Companies Registration Office in Ireland.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-426": { "value": "25\u2002Subsidiaries The principal subsidiary companies and the percentage shareholdings held by Glenveagh Properties plc, either directly or indirectly, pursuant to Section 314 of the Companies Act 2014 at 31 December 2025 are as follows:
Company
Principal activity
%
Reg. office
Glenveagh Properties (Holdings) Limited
Holding company
100%
1
Glenveagh Treasury DAC
Financing activities
100%
1
Glenveagh Contracting Limited
Property development
100%
1
Glenveagh Homes Limited
Property development
100%
1
Greystones Devco Limited
Property development
100%
1
Marina Quarter Limited
Property development
100%
1
GLV Bay Lane Limited
Property development
100%
1
Glenveagh Living Limited
Property development
100%
1
GL Partnership Opportunities DAC
Property development
100%
1
Castleforbes Development Company DAC
Property development
100%
1
The Freight Building Limited
Property development
100%
1
Nua Manufacturing MMC Limited
Manufacturing operations
100%
1
Blackrock Villas Holdings Limited
Holding company
100%
1
Blackrock Villas Limited
Property development
100%
1
GMP Developments Limited
Holding company
100%
1
1. Block C, Maynooth Business Campus, Straffan Road, Maynooth, Co. Kildare. Pursuant to Section 316 of the Companies Act 2014, a full list of subsidiaries will be annexed to the Company\u2019s Annual Return to be filed in the Companies Registration Office in Ireland.", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-447": { "value": "25\u2002Subsidiaries The principal subsidiary companies and the percentage shareholdings held by Glenveagh Properties plc, either directly or indirectly, pursuant to Section 314 of the Companies Act 2014 at 31 December 2025 are as follows:
Company
Principal activity
%
Reg. office
Glenveagh Properties (Holdings) Limited
Holding company
100%
1
Glenveagh Treasury DAC
Financing activities
100%
1
Glenveagh Contracting Limited
Property development
100%
1
Glenveagh Homes Limited
Property development
100%
1
Greystones Devco Limited
Property development
100%
1
Marina Quarter Limited
Property development
100%
1
GLV Bay Lane Limited
Property development
100%
1
Glenveagh Living Limited
Property development
100%
1
GL Partnership Opportunities DAC
Property development
100%
1
Castleforbes Development Company DAC
Property development
100%
1
The Freight Building Limited
Property development
100%
1
Nua Manufacturing MMC Limited
Manufacturing operations
100%
1
Blackrock Villas Holdings Limited
Holding company
100%
1
Blackrock Villas Limited
Property development
100%
1
GMP Developments Limited
Holding company
100%
1
1. Block C, Maynooth Business Campus, Straffan Road, Maynooth, Co. Kildare. Pursuant to Section 316 of the Companies Act 2014, a full list of subsidiaries will be annexed to the Company\u2019s Annual Return to be filed in the Companies Registration Office in Ireland.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-385": { "value": "
26\u2002Capital and reserves
(a)\u2002Authorised share capital
2025
2024
Number of Number of
shares
\u20ac\u2019000
shares
\u20ac\u2019000
Ordinary shares of \u20ac0.001 each
1,000,000,000
1,000
1,000,000,000
1,000
Deferred shares of \u20ac0.001 each
\u2013
\u2013
200,000,000
200
1,000,000,000
1,000
1,200,000,000
1,200
(b)\u2002Issued and fully paid share capital and share premium
Share Share
Number of capital premium
At 31 December 2025 shares \u20ac\u2018000 \u20ac\u2019000
Ordinary shares of \u20ac0.001 each
520,472,536
520
179,857
Deferred shares of \u20ac0.001 each
\u2013
\u2013
\u2013
520,472,536
520
179,857
Share Share
Number of capital premium
At 31 December 2024 shares \u20ac\u2018000 \u20ac\u2019000
Ordinary shares of \u20ac0.001 each
560,878,504
561
179,788
Deferred shares of \u20ac0.001 each
81,453,077
81
\u2013
642,331,581
642
179,788
(c)\u2002Reconciliation of shares in issue
Ordinary Deferred Undenominated Share
shares shares capital premium Share
In respect of current year \u2018000 \u2018000 \u20ac000 \u20ac\u2018000 capital
In issue at 1 January 2025
560,878
81,453
418
179,788
642,331,581
Purchase and cancellation of
own shares
(43,365)
\u2013
44
\u2013
(43,365,410)
Exercise of options
2,959
\u2013
\u2013
69
2,959,443
Cancellation of deferred shares
\u2013
(81,453)
81
\u2013
(81,453,077)
520,472
\u2013
543
179,857
520,472,537
Ordinary Deferred Undenominated Share
shares shares capital premium Share
In respect of prior year \u2018000 \u2018000 \u20ac000 \u20ac\u2018000 capital
In issue at 1 January 2024
578,049
81,453
399
179,719
659,502,196
Purchase and cancellation of
own shares
(19,138)
\u2013
19
\u2013
(19,137,925)
Exercise of options
1,967
\u2013
\u2013
69
1,967,310
560,878
81,453
418
179,788
642,331,581
(d)\u2002Rights of shares in issue
Ordinary shares
The holders of ordinary shares are entitled to one vote per ordinary share at general meetings
of the Company and are entitled to receive dividends as declared by the Company.
(e)\u2002Nature and purpose of reserves
Share-based payment reserve
The share-based payment reserve comprises amounts equivalent to the cumulative cost of awards
by the Group under equity-settled share-based payment arrangements being the Group\u2019s Long-Term
Incentive Plan (\u2018LTIP\u2019) and the SAYE scheme. Details of the share awards, in addition to awards which
lapsed in the year, are disclosed in note 14.
(f)\u2002Share buyback programme
First commenced in September 2024, the Group completed its fifth share buyback programme in
December 2025 for a maximum aggregate consideration of \u20ac105 million. During the year ended
31 December 2025, the total number of shares purchased was 43,365,410 at a total cost of \u20ac74.9
million. All repurchased shares were cancelled in the year ended 31 December 2025.
(g)\u2002Deferred shares
On 22 May 2025, the shareholders approved the cancellation of the remaining deferred shares.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-425": { "value": "(a)\u2002Authorised share capital
2025
2024
Number of Number of
shares
\u20ac\u2019000
shares
\u20ac\u2019000
Ordinary shares of \u20ac0.001 each
1,000,000,000
1,000
1,000,000,000
1,000
Deferred shares of \u20ac0.001 each
\u2013
\u2013
200,000,000
200
1,000,000,000
1,000
1,200,000,000
1,200
(b)\u2002Issued and fully paid share capital and share premium
Share Share
Number of capital premium
At 31 December 2025 shares \u20ac\u2018000 \u20ac\u2019000
Ordinary shares of \u20ac0.001 each
520,472,536
520
179,857
Deferred shares of \u20ac0.001 each
\u2013
\u2013
\u2013
520,472,536
520
179,857
Share Share
Number of capital premium
At 31 December 2024 shares \u20ac\u2018000 \u20ac\u2019000
Ordinary shares of \u20ac0.001 each
560,878,504
561
179,788
Deferred shares of \u20ac0.001 each
81,453,077
81
\u2013
642,331,581
642
179,788
(c)\u2002Reconciliation of shares in issue
Ordinary Deferred Undenominated Share
shares shares capital premium Share
In respect of current year \u2018000 \u2018000 \u20ac000 \u20ac\u2018000 capital
In issue at 1 January 2025
560,878
81,453
418
179,788
642,331,581
Purchase and cancellation of
own shares
(43,365)
\u2013
44
\u2013
(43,365,410)
Exercise of options
2,959
\u2013
\u2013
69
2,959,443
Cancellation of deferred shares
\u2013
(81,453)
81
\u2013
(81,453,077)
520,472
\u2013
543
179,857
520,472,537
Ordinary Deferred Undenominated Share
shares shares capital premium Share
In respect of prior year \u2018000 \u2018000 \u20ac000 \u20ac\u2018000 capital
In issue at 1 January 2024
578,049
81,453
399
179,719
659,502,196
Purchase and cancellation of
own shares
(19,138)
\u2013
19
\u2013
(19,137,925)
Exercise of options
1,967
\u2013
\u2013
69
1,967,310
560,878
81,453
418
179,788
642,331,581
(d)\u2002Rights of shares in issue Ordinary shares The holders of ordinary shares are entitled to one vote per ordinary share at general meetings of the Company and are entitled to receive dividends as declared by the Company. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-427": { "value": "(e)\u2002Nature and purpose of reserves Share-based payment reserve The share-based payment reserve comprises amounts equivalent to the cumulative cost of awards by the Group under equity-settled share-based payment arrangements being the Group\u2019s Long-Term Incentive Plan (\u2018LTIP\u2019) and the SAYE scheme. Details of the share awards, in addition to awards which lapsed in the year, are disclosed in note 14. (f)\u2002Share buyback programme First commenced in September 2024, the Group completed its fifth share buyback programme in December 2025 for a maximum aggregate consideration of \u20ac105 million. During the year ended 31 December 2025, the total number of shares purchased was 43,365,410 at a total cost of \u20ac74.9 million. All repurchased shares were cancelled in the year ended 31 December 2025. (g)\u2002Deferred shares On 22 May 2025, the shareholders approved the cancellation of the remaining deferred shares.", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-428": { "value": "(a)\u2002Accounting classification and fair value The Group classifies and discloses the fair value for each class of financial instrument based on the fair value hierarchy in accordance with IFRS 13. The fair value hierarchy distinguishes between market value data obtained from independent sources and the Group\u2019s own assumptions about market value. The hierarchy levels are defined below: + Level 1 \u2013 Inputs based on quoted prices in active markets for identical assets or liabilities. + Level 2 \u2013 Inputs based on factors other than quoted prices included in Level 1 and may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates and yield curves that are observable at commonly quoted intervals. + Level 3 \u2013 Inputs which are unobservable for the asset or liability and are typically based on the Group\u2019s own assumptions as there is little, if any, related market activity. The Group\u2019s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgement and considers factors specific to the asset or liability. The Group\u2019s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgement and considers factors specific to the asset or liability. The following table presents the Group\u2019s estimates of fair value on a recurring basis based on information available at 31 December 2025, aggregated by the level in the fair value hierarchy within which those measurements fall.
Level 1
Quoted prices in Level 2 Level 3
active markets for Significant other Significant
identical assets & observable unobservable
liabilities inputs inputs Total
31 December 2025 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Recurring measurement liabilities
Derivative contracts
\u2013
823
\u2013
823
Total
\u2013
823
\u2013
823
Level 1
Quoted prices in Level 2 Level 3
active markets for Significant other Significant
identical assets & observable unobservable
liabilities inputs inputs Total
31 December 2024 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Recurring measurement liabilities
Derivative contracts
\u2013
1,576
\u2013
1,576
Total
\u2013
1,576
\u2013
1,576
The consolidated financial assets and financial liabilities are set out below. While all financial assets and liabilities are measured at amortised cost, the carrying amounts of the consolidated financial assets and financial liabilities approximate to fair value. Trade and other receivables and trade and other payables approximate to their fair value as the transactions which give rise to these balances arise in the normal course of trade and, where relevant, with industry standard payment terms and have a short period to maturity (less than one year) The tables do not include fair value information for financial assets and financial liabilities not measured at fair value such as loans and borrowings. Financial instruments: financial assets The consolidated financial assets can be summarised as follows:
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Trade receivables
23,328
20,617
Contract receivables
27,374
38,522
Contract assets
141,804
79,252
Other receivables
7,264
5,915
Construction bonds
19,928
21,086
Deposits for sites
3,908
6,542
Cash and cash equivalents
75,196
63,165
Restricted cash (current)
\u2013
458
Total financial assets
298,802
235,557
Cash and cash equivalents are short-term deposits held at variable rates. Financial instruments: financial liabilities
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Trade payables
14,115
11,339
Lease liabilities
4,211
4,415
Inventory accruals
74,846
66,135
Other accruals
76,407
61,061
Loans and borrowings
239,036
238,168
Total financial liabilities
408,615
381,118
Trade payables and other current liabilities are non-interest-bearing. * The fair value of the Group\u2019s loans and borrowings is \u20ac244.4 million at 31 December 2025 (31 December 2024: \u20ac235.5 million). The valuation is based on future repayment and interest cash flows discounted at a period-end market interest rate. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-448": { "value": "(a)\u2002Accounting classification and fair value The Group classifies and discloses the fair value for each class of financial instrument based on the fair value hierarchy in accordance with IFRS 13. The fair value hierarchy distinguishes between market value data obtained from independent sources and the Group\u2019s own assumptions about market value. The hierarchy levels are defined below: + Level 1 \u2013 Inputs based on quoted prices in active markets for identical assets or liabilities. + Level 2 \u2013 Inputs based on factors other than quoted prices included in Level 1 and may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates and yield curves that are observable at commonly quoted intervals. + Level 3 \u2013 Inputs which are unobservable for the asset or liability and are typically based on the Group\u2019s own assumptions as there is little, if any, related market activity. The Group\u2019s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgement and considers factors specific to the asset or liability. The Group\u2019s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgement and considers factors specific to the asset or liability. The following table presents the Group\u2019s estimates of fair value on a recurring basis based on information available at 31 December 2025, aggregated by the level in the fair value hierarchy within which those measurements fall.
Level 1
Quoted prices in Level 2 Level 3
active markets for Significant other Significant
identical assets & observable unobservable
liabilities inputs inputs Total
31 December 2025 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Recurring measurement liabilities
Derivative contracts
\u2013
823
\u2013
823
Total
\u2013
823
\u2013
823
Level 1
Quoted prices in Level 2 Level 3
active markets for Significant other Significant
identical assets & observable unobservable
liabilities inputs inputs Total
31 December 2024 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Recurring measurement liabilities
Derivative contracts
\u2013
1,576
\u2013
1,576
Total
\u2013
1,576
\u2013
1,576
The consolidated financial assets and financial liabilities are set out below. While all financial assets and liabilities are measured at amortised cost, the carrying amounts of the consolidated financial assets and financial liabilities approximate to fair value. Trade and other receivables and trade and other payables approximate to their fair value as the transactions which give rise to these balances arise in the normal course of trade and, where relevant, with industry standard payment terms and have a short period to maturity (less than one year) The tables do not include fair value information for financial assets and financial liabilities not measured at fair value such as loans and borrowings. Financial instruments: financial assets The consolidated financial assets can be summarised as follows:
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Trade receivables
23,328
20,617
Contract receivables
27,374
38,522
Contract assets
141,804
79,252
Other receivables
7,264
5,915
Construction bonds
19,928
21,086
Deposits for sites
3,908
6,542
Cash and cash equivalents
75,196
63,165
Restricted cash (current)
\u2013
458
Total financial assets
298,802
235,557
Cash and cash equivalents are short-term deposits held at variable rates. Financial instruments: financial liabilities
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Trade payables
14,115
11,339
Lease liabilities
4,211
4,415
Inventory accruals
74,846
66,135
Other accruals
76,407
61,061
Loans and borrowings
239,036
238,168
Total financial liabilities
408,615
381,118
Trade payables and other current liabilities are non-interest-bearing. * The fair value of the Group\u2019s loans and borrowings is \u20ac244.4 million at 31 December 2025 (31 December 2024: \u20ac235.5 million). The valuation is based on future repayment and interest cash flows discounted at a period-end market interest rate. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-460": { "value": "Financial instruments: financial assets The consolidated financial assets can be summarised as follows:
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Trade receivables
23,328
20,617
Contract receivables
27,374
38,522
Contract assets
141,804
79,252
Other receivables
7,264
5,915
Construction bonds
19,928
21,086
Deposits for sites
3,908
6,542
Cash and cash equivalents
75,196
63,165
Restricted cash (current)
\u2013
458
Total financial assets
298,802
235,557
Cash and cash equivalents are short-term deposits held at variable rates. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-461": { "value": "Financial instruments: financial liabilities
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Trade payables
14,115
11,339
Lease liabilities
4,211
4,415
Inventory accruals
74,846
66,135
Other accruals
76,407
61,061
Loans and borrowings
239,036
238,168
Total financial liabilities
408,615
381,118
Trade payables and other current liabilities are non-interest-bearing. * The fair value of the Group\u2019s loans and borrowings is \u20ac244.4 million at 31 December 2025 (31 December 2024: \u20ac235.5 million). The valuation is based on future repayment and interest cash flows discounted at a period-end market interest rate. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-429": { "value": "(b)\u2002Financial risk management objectives and policies As all of the operations carried out by the Group are in Euro there is no direct currency risk, and therefore the Group\u2019s main financial risks are primarily: + liquidity risk \u2013 the risk that suitable funding for the Group\u2019s activities may not be available; + credit risk \u2013 the risk that a counter-party will default on their contractual obligations resulting in a financial loss to the Group; and + market risk \u2013 the risk that changes in market prices, such as interest rates and equity prices will affect the Group\u2019s income or the value of its holdings of financial instruments. This note presents information and quantitative disclosures about the Group\u2019s exposure to each of the above risks, its objectives, policies, and processes for measuring and managing risk, and the Group\u2019s management of capital. Liquidity risk Liquidity risk is the risk that the Group may not be able to generate sufficient cash reserves to settle its obligations in full as they fall due or can only do so on terms that are materially disadvantageous. 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\u2019s liquidity forecasts consider all planned development expenditure. As disclosed in note 22, the Group has a five-year sustainability linked finance facility of \u20ac450.0 million (Term Loan: \u20ac150.0 million, Revolving Credit Facility \u20ac300.0 million) with a syndicate of domestic and international financial institutions. The facility commenced in February 2023, with an interest rate of one-month EURIBOR (subject to a floor of 0%) plus a margin of 2.7-2.8% during the year ended 31 December 2025 (31 December 2024: margin of 2.7-2.8%). The interest rates are linked to the Group meeting certain sustainability performance targets aligned to its sustainability strategy. The loan is repayable in full at the end of the five-year term. At 31 December 2025, \u20ac240.0 million has been drawn on the debt facility (2024: \u20ac240.0 million). The Group has an exposure to cash flow interest rate risk where there are changes in the EURIBOR rates. Management monitors the adequacy of the Group\u2019s liquidity reserves against rolling cash flow forecasts. In addition, the Group\u2019s liquidity risk management policy involves monitoring short-term and long-term cash flow forecasts. Set out below are details of the Group\u2019s contractual cash flows arising from its financial liabilities and funds available to meet these liabilities.
31 December 2025
Carrying Contractual Less than 1 year More than
amount cash flows 1 year to 2 years 2 years
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Lease liabilities
4,211
4,592
1,692
1,333
1,567
Trade payables
14,115
14,115
14,115
\u2013
\u2013
Inventory accruals
74,846
74,846
74,846
\u2013
\u2013
Other accruals
76,407
76,407
76,407
\u2013
\u2013
Derivative contracts
823
914
389
359
166
Loans and borrowings
239,034
251,274
11,274
11,274
228,726
409,436
422,148
178,723
12,966
230,459
31 December 2024
Carrying Contractual Less than 1 year More than
amount cash flows 1 year to 2 years 2 years
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Lease liabilities
4,415
4,885
1,375
1,219
2,291
Trade payables
11,339
11,339
11,339
\u2013
\u2013
Inventory accruals
66,135
66,135
66,135
\u2013
\u2013
Other accruals
61,061
61,061
61,061
\u2013
\u2013
Derivative contracts
1,576
1,653
185
211
1,257
Loans and borrowings
238,168
264,444
18,504
16,565
229,374
382,694
409,517
158,599
17,995
232,922
Funds available:
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Debt facilities (undrawn committed)
210,000
210,000
Cash and cash equivalents
75,196
63,165
Restricted cash
\u2013
458
285,196
273,623
As disclosed in note 22, the Group\u2019s debt facilities are subject to various financial covenants which are calculated on a quarterly basis. A future breach of any of these covenants may require the Group to repay the related loan earlier than indicated above. All financial covenants have been complied with during the year ended 31 December 2025, and the Group anticipates continued compliance within the next 12 months after the reporting date. Credit risk The Group\u2019s exposure to credit risk encompasses the financial assets being: trade and receivables, contract assets, and cash and cash equivalents. Credit risk is managed by regularly monitoring the Group\u2019s credit exposure to each counter-party to ensure credit quality of customers and financial institutions in line with internal limits approved by the Board. There has been no impairment of trade receivables in the year presented. The impairment loss allowance allocated against trade receivables, contract assets, cash and cash equivalents, and restricted cash is not material. The credit risk on cash and cash equivalents is limited because counter-parties are leading international banks and Home Building Finance Ireland (\u2018HBFI\u2019), a private lending company established by the Irish state. The international banks have minimum long-term BBB+ credit-ratings assigned by international credit agencies. The maximum amount of credit exposure is the financial assets in this note. Market risk The Group\u2019s exposure to market risk relates to changes to interest rates and stems predominately from its debt obligations. Interest rate risk reflects the Group\u2019s exposure to fluctuations in interest rates in the market. This risk arises from bank loans that are drawn under the Group\u2019s debt facilities with variable interest rates based upon EURIBOR. At the year ended 31 December 2025 it is estimated that an increase of 100 basis points to EURIBOR would have decreased the Group\u2019s profit before tax by \u20ac4.1 million (2024: \u20ac3.9 million) assuming all other variables remain constant, and the rate change is only applied to the loans that are exposed to movements in EURIBOR. As part of the Group\u2019s strategy to manage our interest rate risk, the Group entered into an interest rate swap in February 2023 to hedge the interest rate risk associated with \u20ac100.0 million of the term loan element of our new debt facilities. The interest rate swap is in place for the five-year period of the facility agreement. The nominal amount hedged for years one and two was \u20ac100.0 million with this stepping down to \u20ac50.0 million for the remaining three years of the facility agreement. During 2025, the nominal amount hedged reduced to \u20ac50.0 million in line with the terms of the interest rate swap. The Group is also exposed to interest rate risk on its cash and cash equivalents. These balances attract low interest rates and therefore a reasonably possible change in interest rates would not have a material effect on the Group\u2019s profit. The amounts relating to items designated as hedging instruments and hedge ineffectiveness were as follows:
As at 31 December 2025
For the year ended 31 December 2025
Carrying amount
Changes in
the value of
hedging Hedge Line items in Amount Line items in
instruments ineffectiveness profit or loss that reclassed from profit or loss
recognised in recognised in includes hedge hedging reserve affected by the
Nominal amount
Assets
Liability OCI profit or loss ineffectiveness to profit or loss
reclassification
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Loss on
derivative
financial Finance
Interest rate swap
50,000
\u2013
(823)
312
\u2013
instruments
441
expense
As at 31 December 2024
For the year ended 31 December 2024
Carrying amount
Changes in
the value of
hedging Hedge Line items in Amount Line items in
instruments ineffectiveness profit or loss that reclassed from profit or loss
recognised in recognised in includes hedge hedging reserve affected by the
Nominal amount
Assets
Liability OCI profit or loss ineffectiveness to profit or loss
reclassification
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Loss on
derivative
financial Finance
Interest rate swap
100,000
\u2013
(1,576)
714
\u2013
instruments
(668)
expense
The Group held the following instruments to hedge exposures to changes in interest rates:
Interest rate swaps
2025
2024
Net exposure (\u20ac\u2019000)
823
1,576
Average fixed interest rate
3.035%
3.035%
The amounts at the reporting date relating to items designated as hedged items were as follows:
Change in
value used for
calculating Cash flow
hedge hedge
ineffectiveness reserve
As at 31 December 2025 \u20ac\u2019000 \u20ac\u2019000
Interest rate swap
\u2013
(823)
\u2013
(823)
Change in
value used for
calculating Cash flow
hedge hedge
ineffectiveness reserve
As at 31 December 2024 \u20ac\u2019000 \u20ac\u2019000
Interest rate swap
\u2013
(1,576)
\u2013
(1,576)
(c)\u2002Capital management The Group finances its operations through a combination of shareholders\u2019 funds, long-term borrowings, and working capital. The Group\u2019s objective when managing capital is to maintain an appropriate capital structure in the business to allow management to focus on creating sustainable long-term value for its shareholders, with flexibility to take advantage of opportunities as they arise in the short and medium term. The Group\u2019s capital allocation policy is to invest in supply chain, land, and work-in-progress. Once the business has invested sufficiently in each of these priorities, excess capital is returned to shareholders. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-449": { "value": "Liquidity risk Liquidity risk is the risk that the Group may not be able to generate sufficient cash reserves to settle its obligations in full as they fall due or can only do so on terms that are materially disadvantageous. 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\u2019s liquidity forecasts consider all planned development expenditure. As disclosed in note 22, the Group has a five-year sustainability linked finance facility of \u20ac450.0 million (Term Loan: \u20ac150.0 million, Revolving Credit Facility \u20ac300.0 million) with a syndicate of domestic and international financial institutions. The facility commenced in February 2023, with an interest rate of one-month EURIBOR (subject to a floor of 0%) plus a margin of 2.7-2.8% during the year ended 31 December 2025 (31 December 2024: margin of 2.7-2.8%). The interest rates are linked to the Group meeting certain sustainability performance targets aligned to its sustainability strategy. The loan is repayable in full at the end of the five-year term. At 31 December 2025, \u20ac240.0 million has been drawn on the debt facility (2024: \u20ac240.0 million). The Group has an exposure to cash flow interest rate risk where there are changes in the EURIBOR rates. Management monitors the adequacy of the Group\u2019s liquidity reserves against rolling cash flow forecasts. In addition, the Group\u2019s liquidity risk management policy involves monitoring short-term and long-term cash flow forecasts. Set out below are details of the Group\u2019s contractual cash flows arising from its financial liabilities and funds available to meet these liabilities.
31 December 2025
Carrying Contractual Less than 1 year More than
amount cash flows 1 year to 2 years 2 years
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Lease liabilities
4,211
4,592
1,692
1,333
1,567
Trade payables
14,115
14,115
14,115
\u2013
\u2013
Inventory accruals
74,846
74,846
74,846
\u2013
\u2013
Other accruals
76,407
76,407
76,407
\u2013
\u2013
Derivative contracts
823
914
389
359
166
Loans and borrowings
239,034
251,274
11,274
11,274
228,726
409,436
422,148
178,723
12,966
230,459
31 December 2024
Carrying Contractual Less than 1 year More than
amount cash flows 1 year to 2 years 2 years
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Lease liabilities
4,415
4,885
1,375
1,219
2,291
Trade payables
11,339
11,339
11,339
\u2013
\u2013
Inventory accruals
66,135
66,135
66,135
\u2013
\u2013
Other accruals
61,061
61,061
61,061
\u2013
\u2013
Derivative contracts
1,576
1,653
185
211
1,257
Loans and borrowings
238,168
264,444
18,504
16,565
229,374
382,694
409,517
158,599
17,995
232,922
Funds available:
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Debt facilities (undrawn committed)
210,000
210,000
Cash and cash equivalents
75,196
63,165
Restricted cash
\u2013
458
285,196
273,623
As disclosed in note 22, the Group\u2019s debt facilities are subject to various financial covenants which are calculated on a quarterly basis. A future breach of any of these covenants may require the Group to repay the related loan earlier than indicated above. All financial covenants have been complied with during the year ended 31 December 2025, and the Group anticipates continued compliance within the next 12 months after the reporting date. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-450": { "value": "Credit risk The Group\u2019s exposure to credit risk encompasses the financial assets being: trade and receivables, contract assets, and cash and cash equivalents. Credit risk is managed by regularly monitoring the Group\u2019s credit exposure to each counter-party to ensure credit quality of customers and financial institutions in line with internal limits approved by the Board. There has been no impairment of trade receivables in the year presented. The impairment loss allowance allocated against trade receivables, contract assets, cash and cash equivalents, and restricted cash is not material. The credit risk on cash and cash equivalents is limited because counter-parties are leading international banks and Home Building Finance Ireland (\u2018HBFI\u2019), a private lending company established by the Irish state. The international banks have minimum long-term BBB+ credit-ratings assigned by international credit agencies. The maximum amount of credit exposure is the financial assets in this note. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-451": { "value": "Market risk The Group\u2019s exposure to market risk relates to changes to interest rates and stems predominately from its debt obligations. Interest rate risk reflects the Group\u2019s exposure to fluctuations in interest rates in the market. This risk arises from bank loans that are drawn under the Group\u2019s debt facilities with variable interest rates based upon EURIBOR. At the year ended 31 December 2025 it is estimated that an increase of 100 basis points to EURIBOR would have decreased the Group\u2019s profit before tax by \u20ac4.1 million (2024: \u20ac3.9 million) assuming all other variables remain constant, and the rate change is only applied to the loans that are exposed to movements in EURIBOR. As part of the Group\u2019s strategy to manage our interest rate risk, the Group entered into an interest rate swap in February 2023 to hedge the interest rate risk associated with \u20ac100.0 million of the term loan element of our new debt facilities. The interest rate swap is in place for the five-year period of the facility agreement. The nominal amount hedged for years one and two was \u20ac100.0 million with this stepping down to \u20ac50.0 million for the remaining three years of the facility agreement. During 2025, the nominal amount hedged reduced to \u20ac50.0 million in line with the terms of the interest rate swap. The Group is also exposed to interest rate risk on its cash and cash equivalents. These balances attract low interest rates and therefore a reasonably possible change in interest rates would not have a material effect on the Group\u2019s profit. The amounts relating to items designated as hedging instruments and hedge ineffectiveness were as follows:
As at 31 December 2025
For the year ended 31 December 2025
Carrying amount
Changes in
the value of
hedging Hedge Line items in Amount Line items in
instruments ineffectiveness profit or loss that reclassed from profit or loss
recognised in recognised in includes hedge hedging reserve affected by the
Nominal amount
Assets
Liability OCI profit or loss ineffectiveness to profit or loss
reclassification
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Loss on
derivative
financial Finance
Interest rate swap
50,000
\u2013
(823)
312
\u2013
instruments
441
expense
As at 31 December 2024
For the year ended 31 December 2024
Carrying amount
Changes in
the value of
hedging Hedge Line items in Amount Line items in
instruments ineffectiveness profit or loss that reclassed from profit or loss
recognised in recognised in includes hedge hedging reserve affected by the
Nominal amount
Assets
Liability OCI profit or loss ineffectiveness to profit or loss
reclassification
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Loss on
derivative
financial Finance
Interest rate swap
100,000
\u2013
(1,576)
714
\u2013
instruments
(668)
expense
The Group held the following instruments to hedge exposures to changes in interest rates:
Interest rate swaps
2025
2024
Net exposure (\u20ac\u2019000)
823
1,576
Average fixed interest rate
3.035%
3.035%
The amounts at the reporting date relating to items designated as hedged items were as follows:
Change in
value used for
calculating Cash flow
hedge hedge
ineffectiveness reserve
As at 31 December 2025 \u20ac\u2019000 \u20ac\u2019000
Interest rate swap
\u2013
(823)
\u2013
(823)
Change in
value used for
calculating Cash flow
hedge hedge
ineffectiveness reserve
As at 31 December 2024 \u20ac\u2019000 \u20ac\u2019000
Interest rate swap
\u2013
(1,576)
\u2013
(1,576)
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-452": { "value": "(c)\u2002Capital management The Group finances its operations through a combination of shareholders\u2019 funds, long-term borrowings, and working capital. The Group\u2019s objective when managing capital is to maintain an appropriate capital structure in the business to allow management to focus on creating sustainable long-term value for its shareholders, with flexibility to take advantage of opportunities as they arise in the short and medium term. The Group\u2019s capital allocation policy is to invest in supply chain, land, and work-in-progress. Once the business has invested sufficiently in each of these priorities, excess capital is returned to shareholders. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-386": { "value": "
28\u2002Leases
(a)\u2002Leases as lessee
The Group leases a property and motor vehicles. Motor vehicle leases typically run for a period of
1-3 years, with an option to renew the lease after that date. Lease payments are renegotiated every
1-3 years to reflect market rentals. The property lease is for 15 years with a break clause after 7 years.
The Group leases certain motor vehicles with contract terms of one year. These leases are short term
and leases of low-value items. The Group has elected not to recognise right-of-use assets and lease
liabilities for these leases.
Information about leases for which the Group is a lessee is presented as follows.
Right-of-use assets Right-of-use assets related to leased properties (that do not meet the definition of investment property) and motor vehicles are presented as property, plant and equipment (see note 17).
Motor
Property vehicles Total
2025 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Balance at 1 January
3,069
858
3,927
Additions to right-of-use assets
\u2013
1,281
1,281
Depreciation charge for the year
(658)
(789)
(1,447)
Balance at 31 December
2,411
1,350
3,761
Motor
Property vehicles Total
2024 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Balance at 1 January
3,727
1,190
4,917
Additions to right-of-use assets
\u2013
150
150
Depreciation charge for the year
(658)
(482)
(1,140)
Balance at 31 December
3,069
858
3,927
Amounts recognised in profit or loss
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Leases under IFRS 16
Interest on lease liabilities
152
158
Expenses relating to short-term leases
63
83
Amounts recognised in statement of cash flows
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Total cash outflow on leases
1,649
1,342
(b)\u2002Leases as lessor In certain instances, the Group acts as a lessor in relation to certain property assets. These arrangements are not material to the Group\u2019s consolidated financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-430": { "value": "
Right-of-use assets
Right-of-use assets related to leased properties (that do not meet the definition of investment
property) and motor vehicles are presented as property, plant and equipment (see note 17).
Motor
Property vehicles Total
2025 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Balance at 1 January
3,069
858
3,927
Additions to right-of-use assets
\u2013
1,281
1,281
Depreciation charge for the year
(658)
(789)
(1,447)
Balance at 31 December
2,411
1,350
3,761
Motor
Property vehicles Total
2024 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Balance at 1 January
3,727
1,190
4,917
Additions to right-of-use assets
\u2013
150
150
Depreciation charge for the year
(658)
(482)
(1,140)
Balance at 31 December
3,069
858
3,927
", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-390": { "value": "
29\u2002Related party transactions
(i)\u2002Key management personnel remuneration
Key management personnel comprise the Non-executive Directors and the Executive Committee. The
aggregate compensation paid or payable to key management personnel in respect of the financial
year was the following:
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Short-term employee benefits
4,079
5,736
Post-employment benefits
94
240
LTIP and SAYE share-based payment expense
1,461
2,442
5,634
8,418
Compensation of the Group\u2019s key management personnel includes salaries, non-cash benefits, and
contributions to a post-employment defined contribution plan.
(ii)\u2002Other related party transactions
Acquisition of site at Gateway Retail Park, Knocknacarra, Co. Galway
During 2025, the Group completed the acquisition of a site at Gateway Retail Park, Knocknacarra,
Co. Galway for consideration of approximately \u20ac0.4 million from Targeted Investment Opportunities
ICAV (\u2018TIO\u2019), a wholly-owned subsidiary of OCM Luxembourg EPF III S.a.r.l. (\u2018OCM\u2019) (and an entity in
which John Mulcahy is a director).
This transaction terminates the previously held development rights arrangement in regard to the
site at Gateway Retail Park, Knocknacarra, Co. Galway that was previously disclosed in note 29
of the 2024 consolidated financial statements. These development rights were held pursuant to an
Acquisition and Profit Share Agreement (\u2018APSA\u2019) with TIO that was originally signed in 2018. The total
aggregate consideration paid for the site, including the \u20ac0.4 million paid during 2025, amounted to
\u20ac3.4 million (excluding stamp duty and transaction costs). Management considers the terms of the
acquisition, including pricing and termination of the APSA development rights, to be consistent with
market conditions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-431": { "value": "(i)\u2002Key management personnel remuneration Key management personnel comprise the Non-executive Directors and the Executive Committee. The aggregate compensation paid or payable to key management personnel in respect of the financial year was the following:
2025 2024
\u20ac\u2019000 \u20ac\u2019000
Short-term employee benefits
4,079
5,736
Post-employment benefits
94
240
LTIP and SAYE share-based payment expense
1,461
2,442
5,634
8,418
Compensation of the Group\u2019s key management personnel includes salaries, non-cash benefits, and contributions to a post-employment defined contribution plan. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-432": { "value": "(ii)\u2002Other related party transactions Acquisition of site at Gateway Retail Park, Knocknacarra, Co. Galway During 2025, the Group completed the acquisition of a site at Gateway Retail Park, Knocknacarra, Co. Galway for consideration of approximately \u20ac0.4 million from Targeted Investment Opportunities ICAV (\u2018TIO\u2019), a wholly-owned subsidiary of OCM Luxembourg EPF III S.a.r.l. (\u2018OCM\u2019) (and an entity in which John Mulcahy is a director). This transaction terminates the previously held development rights arrangement in regard to the site at Gateway Retail Park, Knocknacarra, Co. Galway that was previously disclosed in note 29 of the 2024 consolidated financial statements. These development rights were held pursuant to an Acquisition and Profit Share Agreement (\u2018APSA\u2019) with TIO that was originally signed in 2018. The total aggregate consideration paid for the site, including the \u20ac0.4 million paid during 2025, amounted to \u20ac3.4 million (excluding stamp duty and transaction costs). Management considers the terms of the acquisition, including pricing and termination of the APSA development rights, to be consistent with market conditions.", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-387": { "value": "
30\u2002Commitments and contingent liabilities
Commitments arising from development land acquisitions
The Group had no contingent liabilities at 31 December 2025. The Group had the following
commitments at 31 December 2025 relating to development land acquisitions:
Hollystown Golf and Leisure Limited (\u2018HGL\u2019)
During 2018, the Group acquired 100% of the share capital of HGL. Under the terms of an overage
covenant signed in connection with the acquisition, the Group has committed to paying the vendor an
amount equal to an agreed percentage of the uplift in market value of the property should any lands
owned by HGL, that are not currently zoned for residential development be awarded a residential
zoning. This commitment has been treated as contingent consideration and the fair value of the
contingent consideration at the acquisition date was initially recognised at \u20acNil. At the reporting
date, the fair value of this contingent consideration was considered insignificant.
Contracted acquisitions
At 31 December 2025, the Group had contracted to acquire five development sites; two in County
Westmeath, one in County Galway, one in County Meath, and one in County Wicklow for aggregate
consideration of approximately \u20ac30.0 million (excluding stamp duty and legal fees). Deposits totalling
\u20ac3.9 million were paid pre-year end and are included within trade and other receivables at
31 December 2025 (note 20).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-453": { "value": "30\u2002Commitments and contingent liabilities Commitments arising from development land acquisitions The Group had no contingent liabilities at 31 December 2025. The Group had the following commitments at 31 December 2025 relating to development land acquisitions: Hollystown Golf and Leisure Limited (\u2018HGL\u2019) During 2018, the Group acquired 100% of the share capital of HGL. Under the terms of an overage covenant signed in connection with the acquisition, the Group has committed to paying the vendor an amount equal to an agreed percentage of the uplift in market value of the property should any lands owned by HGL, that are not currently zoned for residential development be awarded a residential zoning. This commitment has been treated as contingent consideration and the fair value of the contingent consideration at the acquisition date was initially recognised at \u20acNil. At the reporting date, the fair value of this contingent consideration was considered insignificant. Contracted acquisitions At 31 December 2025, the Group had contracted to acquire five development sites; two in County Westmeath, one in County Galway, one in County Meath, and one in County Wicklow for aggregate consideration of approximately \u20ac30.0 million (excluding stamp duty and legal fees). Deposits totalling \u20ac3.9 million were paid pre-year end and are included within trade and other receivables at 31 December 2025 (note 20).", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-433": { "value": "30\u2002Commitments and contingent liabilities Commitments arising from development land acquisitions The Group had no contingent liabilities at 31 December 2025. The Group had the following commitments at 31 December 2025 relating to development land acquisitions: Hollystown Golf and Leisure Limited (\u2018HGL\u2019) During 2018, the Group acquired 100% of the share capital of HGL. Under the terms of an overage covenant signed in connection with the acquisition, the Group has committed to paying the vendor an amount equal to an agreed percentage of the uplift in market value of the property should any lands owned by HGL, that are not currently zoned for residential development be awarded a residential zoning. This commitment has been treated as contingent consideration and the fair value of the contingent consideration at the acquisition date was initially recognised at \u20acNil. At the reporting date, the fair value of this contingent consideration was considered insignificant. Contracted acquisitions At 31 December 2025, the Group had contracted to acquire five development sites; two in County Westmeath, one in County Galway, one in County Meath, and one in County Wicklow for aggregate consideration of approximately \u20ac30.0 million (excluding stamp duty and legal fees). Deposits totalling \u20ac3.9 million were paid pre-year end and are included within trade and other receivables at 31 December 2025 (note 20).", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-391": { "value": "
31\u2002Subsequent events
On 15 January 2026, the Group announced a sixth share buyback programme for a maximum
aggregate consideration of up to \u20ac25 million, which is expected to run until the Group\u2019s AGM in May
2026. On 11 March 2026, the number of shares repurchased in respect of this buyback programme
had reached 2,349,831 shares for a cost of \u20ac4.9 million. All repurchased shares were cancelled.
On 20 February 2026, the Group\u2019s subsidiary, Blackrock Villas Limited, entered into a new debt facility
agreement with AIB for up to \u20ac57 million, the proceeds of which will be used to finance the construction
of a development at Blackrock Villas, Blackrock, Co. Cork. On 23 February 2026, the subsidiary drew
down \u20ac11.4 million under the new facility. As these transactions occurred after the reporting date
and do not relate to conditions existing at year end, they are considered non-adjusting subsequent
events in accordance with IAS 10. Accordingly, no adjustments have been made to the consolidated
financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-388": { "value": "
32\u2002Profit or loss of the Parent Company
The Parent Company is Glenveagh Properties 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 at the
Companies Registration Office. The Company\u2019s loss after tax for the financial year was \u20ac0.035 million
(for the year ended 31 December 2024: loss of \u20ac0.044 million).
", "dimensions": { "concept": "glenveaghpropplc:DisclosureOfProfitOfTheParentCompany", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-346": { "value": "Glenveagh Properties plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-389": { "value": "
33\u2002Approval of financial statements
The Board of Directors approved the financial statements on 12 March 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:635400QUQ2YYGMOAK834", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }