Cairn Homes H2 Earnings Call Highlights

Cairn Homes (LON:CRN) outlined what absorption described arsenic a beardown 2025 show and raised its 2026 fiscal guidance, citing “exceptional demand,” a increasing multi-year bid book, and an operating exemplary that it said is scaling efficiently crossed its progressive improvement platform.

Chief Executive Officer Michael Stanley said the institution delivered gross “just shy of €945 million” successful 2025 from 2,365 caller homes sold. Chief Financial Officer Richard Ball reported full-year gross of €944.6 million, up 10% year-on-year.

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Ball said gross nett was €208.8 million, with gross borderline expanding 40 ground points to 22.1%. Operating nett roseate 12% to €168.6 million, portion nett aft taxation accrued 16% to €132.77 million. Management highlighted net per stock maturation of 19% and an operating borderline of 17.8%.

Stanley said the institution would instrumentality €0.10 per stock successful dividends, including a projected last dividend of €0.059 to beryllium paid successful May. Management said this represented year-on-year dividend maturation of 22% and that the projected last dividend reflected a 47% payout ratio.

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Ball besides stated the institution has returned implicit €490 cardinal to shareholders since the commencement of 2019, including the recently projected last dividend.

Management upgraded its outlook for 2026, with Stanley and Ball guiding to:

• Revenue: €1.05 cardinal to €1.08 billion

• Operating profit: €180 cardinal to €185 million

• Return connected equity: circa 16.5%

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Looking further ahead, absorption introduced portion guidance of astir 3,200 homes for 2027, which it said implies a 35% summation successful output implicit a two-year period. Stanley told analysts that the 3,200 projection for 2027 is “all connected progressive sites,” not connected uncommenced projects, and said the institution would not person issued the people without assurance successful delivery.

Stanley besides noted that adverse upwind created a “somewhat challenging start” to the year, but said the institution remains assured it tin retrieve clip and conscionable upgraded guidance.

Stanley said Cairn’s multi-year bid publication accrued to €1.32 billion, with a “significant portion” of maturation coming from first-time purchaser sales. He added that the institution had launched 11 caller backstage schemes successful 2025 and achieved an mean play income complaint of 4.2 homes.