Earnings call transcript: Glenveagh lifts 2026 outlook on record order book, H1 2026

Glenveagh Properties raised its full-year earnings guidance to at least EUR 0.21 per share from up to EUR 0.21, indicating a stronger outlook for the year ahead. First-half revenue fell to EUR 240 million, down 30% from EUR 342 million in the previous year, primarily due to the company's decision to push home completions into the second half of the year.

The company reported a record order book of EUR 1.8 billion, a 29% increase from a year earlier, and highlighted a strong delivery momentum. Despite the revenue decline, management attributed it to a deliberate shift in completions and the contribution from partnerships, which typically carry lower margins than homebuilding. The company's gross margin fell to 15.5% from 19.5% in the previous year, but the underlying margin for homebuilding improved.

Glenveagh emphasized that demand remains firm, citing a record order book, a larger land bank, and a stronger construction pipeline. The company expects to deliver almost 2,900 equivalent units in 2026, up from 2,750 previously, with homebuilding deliveries expected to exceed 1,700 units. The stock rose 0.4% to $2.50 following the earnings guidance update, trading near the upper end of its 52-week range, suggesting the market has already given some credit to the company's execution story.