Trading Statement

Glenveagh Properties plc ("Glenveagh" or the "Group") a leading Irish homebuilder is holding its 2024 AGM today at 1:00 p.m. at the Herbert Park Hotel, Ballsbridge, Dublin 4, Ireland. This statement comments on the Group's year-to-date trading and outlook.

FY 2024 Performance Summary

• Strong forward order book which now totals €963m across our three business segments, up from €805m at the end of February 2024
• 1,440 suburban units are now either sold, signed or reserved for FY 2024, compared to 1,106 units at the end of February 2024. Strong reservation trends continued in our Suburban business segment, reflecting healthy underlying private market demand supported by a durable domestic economy, the range of Housing for All initiatives, and further underpinned by the structural undersupply of high-quality, affordable housing in Ireland
• Contracted urban projects are proceeding as planned and are expected to deliver approximately 650 units this year. In addition, we have agreed commercial terms for a forward fund transaction on one of our existing higher density urban developments
• Our Partnerships business segment is on track with ongoing construction at our Ballymastone and Oscar Traynor Road developments. We are also in advanced negotiations on a third partnerships agreement
• Strong planning momentum has continued, with permissions granted for over 1,000 units so far in FY 2024. We are also on track to lodge planning applications for over 2,000 units over the course of this year, underpinning unit delivery in FY 2025 and beyond
• We have continued to progress our sustainability ambitions, including the launch of our biodiversity and circular economy strategies 'Building a Better Habitat' and 'Building Better Circularity' which set out how we are taking action in these important areas
• We continue to anticipate an EPS outturn for FY 2024 of approximately 17 cent
• Glenveagh will release a H1 2024 trading update in early July 2024 in advance of its 2024 Interim Results on 5 September 2024

CEO STEPHEN GARVEY COMMENTED:

"We've had a strong start to 2024, with our business benefiting from favourable market conditions and greater scale. We're continuing to see robust demand for the homes we deliver - high-quality, energy-efficient, and sustainable homes at prices that are affordable for our customers. This leaves us very well positioned to deliver over 2,700 much needed homes across our three business segments this year.

This greater scale has been achieved in a sustainable way, powered by our talented and engaged workforce and reinforced by the increased standardisation of our product range and processes, our enhanced planning and design capabilities, and the significant advantages from our off-site manufacturing business NUA.

It is now clear that the Government's targeted and effective initiatives are having the desired effect on industry performance and output. The range of demand and supply side incentives, coupled with enhanced compact growth guidelines and encouraging improvements in planning policy and system, supported an increase in annual completions to approximately 33,000 in 2023, up 55% since 2019. The 63% increase in commencements in Q1 this year indicates that output levels are very likely to increase further in 2024.

Building on this momentum is critical so that the industry can meet the next phase of output growth, to deliver well over 50,000 homes per annum. The review of the national planning framework needs to provide a housing target that accurately reflects current and future population requirements, a target that is designed for viable and desirable homes in locations where there is demand. Effective delivery can be enabled by comprehensive resourcing of all aspects of the design, planning and development lifecycle and by streamlining design standards at a national level. The partnership model can also be increasingly used alongside the established capabilities of the LDA to accelerate the development of homes on the State landbank. Most importantly, this next phase of growth will need the industry and private sector capital to work together with the State to achieve this increased supply in a sustainable manner."