Cairn Homes PLC

Cairn Homes PLC reported a record first half with revenue up 60% year-on-year to EUR455 million and operating profit up 75% to EUR74.8 million, prompting an upgrade to full-year 2026 guidance. The company now expects revenue of circa EUR1.08 billion, operating profit of circa EUR185 million, and an improved return on equity of 17%. Homes sold rose approximately 60% to 1,139, with the average selling price up 1.6% to EUR393,000. Profit after tax increased 84% to EUR58.4 million, and earnings per share rose 82% to EUR0.093. The interim dividend was increased by 10% to EUR0.045 per share, and a new EUR50 million share buyback program was announced. Net debt fell to EUR194.5 million from EUR307 million, and the forward order book stands at over 5,000 homes valued at nearly EUR1.9 billion, providing visibility into 2028.