60% Revenue Growth Drives Cairn Homes to €1.8bn Forward Sales Pipeline
€450m first-half revenue, 1,130 homes delivered and average weekly sales of 100 units keep the builder on track for more than €1bn in annual revenue.
7 July 2026 | editor@irishrealestate.news
Cairn Homes has reported a sharp acceleration in trading during the first half of 2026, with revenue increasing to approximately €450 million and sales volumes rising by almost 60%, reinforcing confidence in the delivery pipeline of one of Ireland’s largest listed homebuilders.
The trading update, covering the six months to the end of June, shows the company sold approximately 1,130 new homes during the period, compared with 708 homes in the first half of 2025. Revenue increased from €284.5 million to approximately €450 million, reflecting both higher output and continued strong demand across private, affordable and State-supported housing.
For residential investors, the update provides further evidence that Ireland’s largest volume housebuilders continue to benefit from exceptionally strong underlying demand despite affordability pressures, while government apartment interventions are beginning to support larger urban developments moving into active delivery.
One of the strongest indicators in the update is Cairn’s expanding forward order book. The company now has approximately 4,800 homes either sold or contracted for future delivery, representing a net sales value of around €1.8 billion. This provides significant revenue visibility beyond the current financial year and supports management’s decision to reaffirm full-year guidance.
Sales momentum also remains exceptionally strong. Since the end of April, Cairn says it has averaged approximately 100 home sales each week, suggesting buyer demand has remained resilient despite higher mortgage costs than those experienced earlier in the decade.
The company continues to forecast full-year revenue of between €1.05 billion and €1.08 billion, alongside operating profit of between €180 million and €185 million.
Operationally, Cairn expanded its development programme during the first half of the year, commencing construction on five new sites. The builder is now active across 26 developments spanning the Greater Dublin Area, Cork and Galway, broadening both its geographical reach and future delivery capacity.
The update also points to continued discipline on construction costs. Build cost inflation is running at approximately 2.5% year-to-date, substantially below the levels experienced during the post-pandemic construction inflation cycle. Lower cost inflation provides greater certainty around project viability and helps protect development margins while maintaining pricing competitiveness.
Apartment delivery also featured prominently in the update. Cairn confirmed that more than 150 apartments have already been sold following the launch of Exchange Square at its Seven Mills development, representing the first phase of Croí Cónaithe (Cities) apartments offered to private purchasers within the scheme.
Located at Seven Mills, which is expected to accommodate nearly 4,000 residents, the apartments are priced between approximately €235,000 and €400,000. The sales performance provides further evidence that State-supported viability schemes are helping to reactivate apartment developments that had previously struggled to proceed under prevailing construction costs.
For investors, the significance extends beyond Cairn’s own performance. The company expects to deliver approximately 6,000 new homes across 2026 and 2027, including around 3,200 homes during 2027 alone, representing a projected 35% increase in housing output over the two-year period.
This aligns with wider market indicators showing improving delivery capacity across Ireland’s residential sector. CSO data recorded more than 7,850 housing completions during the first quarter of 2026, the strongest opening quarter on record, while commencements remain substantially ahead of last year’s levels.
However, strong demand continues to underpin the market. Recent industry data indicates homes are typically selling above asking price, available second-hand stock remains historically constrained, and transaction volumes continue to be limited by supply rather than demand.
Against that backdrop, Cairn’s growing development pipeline, expanding order book and controlled build cost inflation position the company to remain one of the largest contributors to Ireland’s new housing supply over the coming two years.
The company also confirmed that its board intends to announce an interim dividend of 4.5 cent per ordinary share when half-year results are published on 2 September 2026.
