Good morning, everyone, and thank you, Operator. I am Stephen Garvey, Chief Executive of Glenveagh Properties.

I'm joined today by my colleagues Conor Murtagh, our CFO, and Kate Halpin of Investor Relations. Thank you for joining our interim results call for the six months ended the 30th of June 2026.

This morning, I'll take you through the executive summary on the H1 performance, the market, the policy backdrop, and how our long-term strategy is showing up in homebuilding, partnerships, land, and innovation. Conor will take you through the financials, capital allocation, and the outlook, and I'll come back at the end for any closing remarks.

As always, we'll leave plenty of time for your questions towards the end. We begin on slide slide 4, which sets out the highlights of H1, including a sold-out 2026 and an EPS upgrade guidance amongst many other milestones of note.

Overall, this was a half of accelerating activity. Construction spend is up 34%, we launched six new sites, and the order book has grown to a record €1.8 billion, up 29% year on year.

The result that second half is now fully underwritten. Within our homebuilding segment, nearly 2,400 units are sold, contracted, or reserved, up 62%, and every home we expect to close this year is already sold, contracted, or reserved.

Within our partnerships segment, we have now seen strong increases in activity in the period, reflected by an increase of 43% in partnership revenue, standing at €176 million. Our landbank saw further enhancement, increasing to 21,000 units from 19,000 at year end, with limited incremental investment.

We have now doubled our buyback program, which which began in January of this year, expanding it to €100 million. On completion, this program of approximately €520 million will have been returned to shareholders since 2021.

Today, we've also upgraded guidance. We now expect to deliver almost 2,900 equivalent units across the group this year, up from 2,750, and with more than 1,700 homebuilding units, up from 1,600.

We have upgraded our full-year earnings per share guidance to at least 21 cents, whereas in March we guided up to 21 cents, a mark of continued confidence in the trajectory of the business. These upgrades come on the back of a fully sold order book for 2026 and strong activity evidenced from the construction spend on the ground.

Turning to slide 5 and the robust underlying market fundamentals we are experiencing here in Ireland. The demand picture hasn't changed.

Ireland's population continues to grow, increasing approximately 17% in the past decade. Our population is the youngest of our European peers, with the median age of now 39.6, over five years younger than the EU average.

This points to a population at prime household formation age and contributes to the sustained structural housing demand we are seeing today. Employment is at an all-time high, and the average weekly earnings rose 3.9% from Q2 2025, ahead of inflation.

Mortgage approvals reached a record €17 billion annualized to March 2026, with drawdown values up almost 8% year on year. Household income and access to credit both remain supportive of affordability.

Against that, national completions for the first half were just under 17,000 units, up 11% year on year. However, demand continues to outpace supply.

Although 40,000 completions may be achieved in 2026, planning and commencement data suggests this number may not be sustainable into 2027. Looking now at how policy at policy on slide 6, there has been decisive and supportive government policy set out.

The framework is now largely complete, while the focus has now shifted to implementation and delivery. The €275 billion in the National Development Plan front-loads housing and water infrastructure, with capital ceilings rising annually and the National Planning Framework rezoning underway.

These are all very encouraging developments. A number of key supports have been put in place, including Help to Buy has been extended to December 2029, the First Home funding of approximately €390 million was put in place with future plans to expand on which is now in progress, Croí Cónaithe continues to bridge the apartment viability gap, apartment VAT has been reduced from 13.5% to 9%, as well as the corporation tax deduction of €50,000 per apartment till the end of 2030.

The focus on implementation can be seen through. On the back of the Planning Act 2024, the Housing Activation Offices are making a real difference on the ground, as well as infrastructure progress on two projects that are critical to the medium-term housing supply: the Greater Dublin Drainage Project has moved into procurement and enabling works, while the Shannon Pipeline is in the final stages of planning.

However, there is still more to do. As outlined in our in our inaugural Homebuilding Horizons Report 2026, it is clear that zoning, servicing, and capacity-enabling infrastructure still remain as constraints.

The direction of travel is clearly right, and the job from here is implementation. We will continue to engage constructively to help translate policy into homes on the ground so that we can best contribute towards the national delivery targets.

Taking a look at slide 7 now, I'd like to focus on the policy picture that is providing strong support to buyers in terms of affordability. Help to Buy and the First Home Scheme together account for just 4.5% of government's €7.5 billion housing package.

When you look at the chart on the right-hand side, you can see that they can provide a significant impact for first-time buyers. To understand the relevance to our own platform, this is why we build own-door housing and why our product primarily sits below €500,000.

Our focus is to maximize affordability where the demand is strongest, and this is why our average selling price will trend down, not up. Which brings me to the to slide 8 and our landbank.

As we've previously mentioned, we own a high-quality, well-located, fully assembled landbank. This provides us with the visibility required to plan and achieve our medium-term objectives.

Our landbank has expanded to approximately 21,000 units after disposals, with limited incremental capital investment, up from 19,000 units at year end. Targeted land investment of €33 million added 1,100 plots to the business, planning and design gains added a further 900 units, and rezoning of our own strategic landholdings to residential use added a further 600 units at no extra cost.

Almost 75% of these homes will be located in the Greater Dublin Area, and the majority will be own-door project product, which is the deepest and most resilient part of the market. This will support the delivery of 2,900 to 3,700 units per annum through to 2030, without material further investment in the near term.

Slide 9 details our investment case, and having spoke to the compelling market opportunity, I'll turn now to our operational review to take you through the progress across the platform. Bringing us to slide 11, our homebuilding segment is underpinned by the fact that all units expected to close in 2026 are now sold, contracted, or reserved.

With 155 units closed in the first half and just under €64 million of revenue, our cumulative spend in the period, which is up 34% year under year year on year, underpins the delivery into the second half of the year. As we look into H2, our forward order book comprises of nearly 2,400 homebuilding units sold, contracted, or reserved, up 62% year on year.

We've launched six new sites in H1, with a further seven phases selling across other existing developments. Turning to slide 12, our partnerships segment continues to grow in scale and significance.

As we proudly operate as an established partner of choice for the state and state agencies for large-scale affordable delivery, underpinned by a provable and scalable model, we continue to make progress on our active sites in Belmayne, Oscar Traynor Road, and Moorefield continuing to contribute, and we are currently in active discussions on approximately 1,000 units on Glenveagh lands, with an expectation to provide further details on this at full-year results. Looking at slide 13, we have a robust pipeline of partnership opportunities, which provide a strong medium-term visibility, underpinning the next phase of growth.

With over 7,000 units and an established net development value of approximately €3 billion, there is ample opportunity that the business can capture over the medium turn term. An increasing proportion of the pipeline land is internally sourced, reflecting the natural progression of state-led procurement as it begins to ramp up their process on the back of policy directives.

Importantly, we know we have more land to bring forward, these opportunity as these opportunities convert, and we can continue to replenish the pipeline and sustain a healthy runway for future partnership opportunities. A meaningful share of the pipeline has planning granted, highlighting the quality and the maturity of these opportunities.

As I mentioned in March, we are not going after everything in this pipeline. We are focused on what is best suited for us, which is the best product we can build efficiently and at a scale we need, and where our platform adds the most value.

Partnership continues to be a key priority for the group, noting our status as a partner of choice continued sustainable growth as the segment continues to mature. Taking you now to slide 15, where I'll turn your attention to our Home of the Future, our manufacturing-led and innovation-driven strategy, including the rationale behind it.

Firstly, taking a step back and bringing your attention towards two central costs in the industry that are trending notably upwards. The carbon tax is at €71 a ton today, legislated to reach €100 per ton by 2030, which we expect to materially affect the cost of material down the line.

On the labor side, the industry employs approximately 178,000 people today and needs about 280,000 by 2030. Gross new entrants has added 40,000 40,000 people, retirees took out around 17,000, and policy and productivity measures are expected to contribute the equivalent of about 24,000 people over the next number of years.

This still leaves a shortfall of over 50,000 construction workers. That is before you account for the National Development Plan competing for the exact same workforce.

The cost and labor challenges are coming, and we have assembled a structured hedge against them. Which takes me onto slide 16.

Our integrated system tackles these challenges head-on, reducing our construction timeline from 18 weeks to less than 12 weeks across a network of three factories in Carlow, Arklow, and Dundalk, spanning 400,000 square foot in total. We are leveraging a system of sequential benefits by increasing the proportion of build process that we can pre-manufacture in-house.

Timber frame and light-gauge steel are already embedded across the entire platform. That sets us up for implementation of our external wall system, which reduces the reliance on wet trades on site.

Lighter wall unlocks our insulated raft foundation system, reducing concrete usage and lowering embodied carbon. Then our roof cladding substitutes heavier finishes with modular off-site friendly systems.

Finally, our energy and water systems, which are designed to reduce peak consumption, as well as lower the running costs for our customers, are already being implemented, with new systems rolling out into the second half of 2026. As we roll out each of these systems, we are progressively increasing the pre-manufactured value, or PMV, reaching 70% by 2030, if not there beforehand.

Slide 17, the rollout of the system from now until 2030. Timber frame and energy systems are 100% of the portfolio today, with the new energy specification phasing in from the second half of this year.

The external wall and foundation systems start with 200 units in 2027 and ramps up from there. The lightweight roof phases in from 2029.

All of them at 100% of production in 2030. The bottom row highlights the pre-manufactured value progression of these workstreams rolled out and the ramp-up.

Today, we sit at approximately 45%, with nearly half of Glenveagh's home already made indoors. By 2030, we'll sit at 70%.

We have built this integrated system of for approximately €75 million of capital, with a further €15 million remaining across this year and next year. To emphasize the scale and the sophistication of this strategy, it took us about seven years to assemble.

Part of its strength is that it's not easily replicated, requiring the standardization, design for manufacturing, and an attractive own-door focused landbank of scale and workforce experience. Combined with the market conditions and the government supports, we continue to view this as an exciting enhancement of our development and delivery capabilities, and I'm looking forward to keeping you updated as we roll out the integrated system into future updates.

With that, I'll hand you over to Conor to take you through the financials.

Thanks, Stephen, and good morning, everyone. I'll start with the income statement on slide 19, with a focus on the performance highlights for the half.

Revenue for the half was €240 million against €342 million for the same period last year. Homebuilding contributed €64 million from 155 closed units, and partnerships €176 million, up 43%, which includes approximately €10 million of land sales.

This step-down in group revenue relates to the phasing of homebuilding completions and the second-half weighting that we set out for you in March. As Stephen has said already, every home we expect to close in 2026 is sold, contracted, or reserved, and construction spend is 34% ahead in the period to June on similar volumes.

Looking closer at the mix, average selling price was approximately €402,000 in the first half against €377,000 in H1 2025, owing to site mix. Like-for-like pricing is firm across every active site.

We expect an ASP of approximately €380,000 for the full year and around €350,000 on a spot basis over the medium term, as our own standardized product takes an increasing share. That pricing direction is deliberate.

Affordability is the strategy, with a view to continuing to meet buyer needs. Group gross profit in H1 was €37 million, at a margin of 15.5% against 19.5% for the same period in 2025.

This movement purely reflects a higher proportion of partnerships revenue in the half, at 73% against 36% last year, with partnerships obviously carrying a lower margin. Underlying performance in both segments moved in the right way, however.

Homebuilding margin was 21.9%, up 50 basis points, and we expect approximately 21% for the full year, with H1 flattered by mix on low volumes. Partnerships gross profit grew 16% to €23 million at a 13.2% margin, in line with our expectations.

Administration expenses, including depreciation, reduced 3.6% to €24 million, and I will come on to talk about overhead trends a bit more in a few moments. Net finance costs were €12.3 million versus €9.6 million last year, reflecting higher average net debt and the write-off of unamortized borrowing costs on our previous facility.

We expect approximately €24 million in finance costs for the full year. That leaves profit before tax of €1 million.

As we mentioned, we have upgraded our full-year guidance from up to 21 cents to at least 21 cents on the back of a sold-out order book for 2026 and accelerated construction delivery. Moving to slide 20, this gives a picture of the progressive dilution of overheads we have seen as we scale the business.

Alongside scale benefits, active cost management and the deployment of AI across the business each support our expectation of an overhead base below 5% of revenue for the full year, with further declines as a percentage of revenue to follow in future years. Turning to the balance sheet on slide 21.

Total assets of approximately €1.45 billion, up from €1.25 billion at year end. Land excluding development rights was €559 million against €534 million at year end, an increase of 5%, resulting from the €33 million of targeted acquisitions and limited releases due to lower homebuilding volumes, which will all now come in H2.

Work in progress increased 46% to €505 million from €347 million a year ago, with construction spend up 34% year on year, underpinning the outturn for 2026. Contract assets were €137 million, and the unwind of this through H2, alongside a growing forward-funded component within partnerships, structurally improves cash conversion as we continue to scale.

The post-year-end contract asset balance will be significantly below €100 million. On slide 22, we take a look at net debt, which was €423 million at 30 June against €168 million at year end.

Operating cash outflow in the half was €209 million. We are guiding net debt to reduce to approximately €120 million by year end, underpinned by the order book position that we talked about and the unwind of the work-in-progress build from the first half, which converts to cash as those homes close, in addition to the natural unwind in the contract assets and partnerships.

Across WIP, land, and contract asset alone, there's approximately €300 million to unwind in H2. From 2027, we expect homebuilding completions to be spread more evenly, relatively speaking, across the year.

This will return net debt, both on average and half-year, to normalized ranges and give a more consistent, lower net debt position through the year. We continue to target average net debt of 15% to 25% of gross assets, with a swift transition from the upper end of the range this year to closer to the lower end of 15% in 2027.

Slide 23 then sets out our evolving landbank between now and the end of '27. As I noted, our land balance sits at approximately €558 million, which includes the €33 million spent in H1.

We continue to remain on track to take approximately €100 million out of total land investment by December 2027. This has been facilitated not only by our well-invested position in plots, but also by rezoning, planning, and design gains, which have added land to our landbank at zero additional cost.

As the country accelerates new land zonings, we expect our strategic land portfolio to continue to contribute developable plots to the business beyond what is in the 21,000 outlined, supporting the targeted reduction in balance sheet value, as there is no additional cost of these units. Land sale guidance for this year is now approximately €20 million, down from €45 million, with a further €25 million of land sales now anticipated in 2027.

Slide 24 highlights the group's refinancing, which we completed in April, and is future-proofing the group's funding position. Total committed funding is now €550 million, up from €450 million in the previous facilities.

This is a new five-year €450 million RCF with our existing lenders: AIB, Bank of Ireland, Barclays, and Home Building Finance Ireland, with ING now also joining the syndicate. Alongside it, a new €100 million of seven-year private placement was completed with MetLife, which brings long-dated institutional capital into the structure for the first time and further broadens the lender base.

With approximately €57 million of project-level facilities, total funding across the group is now over €600 million. The funding suite in its totality represents a step change for the business in terms of counterparty expansion, tenure, available liquidity, economics, and covenants.

The private placement carries a fixed coupon out to 2033, while a five-year interest rate cap is in place on €100 million of the RCF. Both combined largely de-risk the group's average debt requirements from interest rate risks in future periods.

Moving to capital allocation on slide 25. The priorities of discipline and balance are unchanged, but the demands on capital are now beginning to fall rapidly.

The landbank is fully assembled, the manufacturing program is substantially complete with approximately €15 million left to spend, and shorter build cycles and better delivery profiles means every unit delivered will benefit from greater economies of scale and sites will absorb less working capital. Which brings us to returns.

The current buyback began as a €25 million program in January and was extended to €50 million in May. Today, we've added a further €50 million.

That takes the authorized program to €100 million, running to no later than the 31st of March 2027. On completion, approximately €520 million will have been returned to shareholders since 2021, with share count down well over 40%.

Looking forward on slide 26, I want to point to key elements of our exceptionally strong 2026 outlook. This is underpinned by a resilient demand environment, clear policy visibility, and our ability to deliver the right product, principally high-quality own-door housing, in the best locations at the right price.

On EPS, we are now guiding full-year EPS for 2026 to be at least 21 cents, revised from up to 21 cents in March. We expect to complete more than 2,900 total equivalent units this year, and of those, in excess of 1,700 will be homebuilding units.

The combined 2026 and 2027 homebuilding output of 3,600 reflects a deliberate reallocation of some of our landbank towards partnerships, where units delivered on Glenveagh land are forward-funded and capital-light. As these schemes convert, the group sees scope for partnerships to outperform its €60 million average annual gross profit guidance, with a corresponding acceleration in group return on capital employed.

The segment is on track to deliver its guided annual profit of in excess of €60 million in 2026, with a further 1,000-unit pipeline on Glenveagh sites providing visibility into future periods. Homebuilding gross margin is expected to remain at approximately 21%, supported by standardization, scale benefits, and the site economics embedded in our portfolio.

Our land sales, as mentioned previously, are now expected to be approximately €20 million for 2026, with a further €5 million in 2027, and we remain on track to take €100 million out of the balance sheet value invested in land by 2027. Lastly, net debt is expected to materially reduce to approximately €120 million by year end, with the business having entered a structurally lower-capital phase of delivery from Q3 of this year.

Thanks again for joining this morning, and I'll pass you back to Stephen for his concluding remarks.

Thank you, Conor. Turning to slide 28, I want to conclude today's call with three things.

First, the market opportunity is real and is sustained: structural undersupply, particularly for affordable product, record employment, real earnings growth, and a policy framework that is now largely built. Secondly, our sector-leading platform is built to capture that opportunity at scale and serve the demand with high demand for own-door homes at accessible prices; a fully assembled landbank that carries us all the way to 2030, with planning secured or lodged on approximately 65% of it.

We have three factories and an integrated system that reduces our time on site, with greater efficiencies and margin expected as we pass through the rollout phases from now to 2030. Our partnership business is now operating at scale, with a pipeline of approximately €3 billion.

This has been assembled over seven years and is not easily replicated. Third, that platform is delivering strong, tangible outcomes.

We are sold out for 2026, we have upgraded both delivery and earnings guidance this morning, we have doubled the buyback to €100 million, and we expect the business to be highly cash-generative into the second half of the year. The strategy is working, and we are confident in our ability to sustain this momentum.

Before we open the lines for any questions, I would, as always, like to take this opportunity to thank our entire team at Glenveagh and all our partners across the industry and the supply chain for their commitment and hard work through the first half of the year. Together, we are realizing our vision and the state's ambition that everyone should have access and an opportunity to great value, high-quality homes and flourishing communities across Ireland.

Thank you for taking the time to join us this morning. I will now pass you back to the operator for any questions you may have.

Thank you.

Hi, good morning, guys. Thanks for the presentation and congratulation on a great set of results.

I've got three myself, if that's all right. The first two are actually on the land market.

Maybe just comment a little bit on what you're seeing going on in the land market, and maybe a little bit just in regard to the zoning upsides that you've seen during the course of H1, which must be pretty pleasing, and to what extent there might be further upside to be gained from strategic landbank and that front. The second bit on land is just on the reduction in values out to the end of 2027.

Conor, you referred to the €100 million coming out. The level that you're going to, does that feel even more sustainable than you had been talking about previously?

The last one then, it's just on the partnerships pipeline. It's obviously at a similar level as it was back earlier in the year, but looks like there's been a lot of progress made within the categories you look at it.

Does it feel a bit more real now, that pipeline, in terms of being closer to bringing stuff into the landbank for real? That's it for me.

Thanks, Colin. Good morning.

Land, I suppose just what we're seeing out there at the moment is there is more land coming into the system. I'll talk about zoning in a second, but there probably is a realization with landowners now that the RZLT is becoming real and their opportunity to sell on.

There is an element of land coming into the system. Obviously, we're at a low base because of the National Planning Framework restricted the amount of availability of land, as the minister noted during the summer.

The government artificially kept the land market low and didn't realize the consequence of that, and now we're reversing that position. I suppose they are instructing local authorities to really zone up.

We're seeing that firsthand. As we've said, we've seen some of our strategic land convert from agricultural-based to actually zoned residential land, and we've seen that gain.

I think I quoted in the March, or maybe it's a bit longer than that, that we expected somewhere between 3,000 and 4,000 units would come from our strategic landbank over the next number of years. I think where the positive step change will really happen is when local authorities enact 10-year development plans.

That will be a sea change, because in that one stroke of the pen, somewhere between 0.5 million and 600,000 will enter the system because they'll be going to 10-year life cycle. Our view is that kind of happens from around the mid-'28 into 2029.

We see a real uptick in the availability of land. I suppose what we called out this last week in our Horizons Report was we're in favor of RZLT to, I suppose, incentivize landowners to bring land into the system.

We see the availability of land in the coming years not being a challenge. For ourselves, we're not in the land market for the foreseeable future.

It's very small. It's acquisitions that are adjacent to existing opportunities that we have.

We're not really an active buyer, and we will remain that way probably now well into 2028. On the €100 million, yeah, and that reduction in value, Colin, yeah.

As we said, we'd over-invested intentionally in land at the end of '24 because we saw the shortages I think we're back online there. Apologies, we lost everybody.

What I was saying there, we'd intentionally over-invested in land, and what you're seeing now is a return to normality. I suppose those rezonings that you're seeing coming through the system, that demonstrates that the reduction in land is sustainable and that we can continue to operate the business at current levels and indeed grow volume at the same time as reducing that land balance to 450 and below.

Just on the last one, Colin, on partnerships, as we've called out, obviously we made a lot of progress as the year has evolved on our existing partnerships. I think there's three positive step changes.

Obviously, partnerships has really matured, and you've seen that revenue generate in the first half, and you'll obviously see it a lot stronger into the second half of the year. I think more importantly is the pipeline of partnerships.

Firstly, our own portfolio is now a lot more active. We're getting a lot more inbounds from both local authorities, approved housing bodies, and the Land Development Agency to partner up for cost rental, social housing, and affordable purchase.

As we've identified, we're in discussions on 1,000 units, and we'll update at full-year results. We've a bigger pipeline beyond that.

Probably really positive on our own existing portfolio and what it can deliver now on partnerships. Beyond that, I think what you would have seen from the early variations that have happened in local authorities is a lot of the land that was zoned in some of the local authorities is actually state land, and that will start to come into the system towards the back end of 20 2027.

We've identified the opportunities there. Very positive towards where partnerships is and then ultimately where partnerships can grow over the next number of years.

Thanks very much for the presentation. Two, if I can, please.

The first one is just in regards to kind of following on the partnerships landbank. Would you be able to give us a little bit more color around the transition that you said you're seeing from homebuilding land into partnerships land and how significant an opportunity that could be in terms of return on capital employed story?

The second one then, just in regards to obviously the H2 skew was well documented, could you give us a little bit of color though, maybe in terms of current trading and how kind of Q3 has evolved thus far in terms of while thinking about that kind of H2 skew? Thank you very much.

Hiya, Shane. Good morning.

No, to give context of where we are in I suppose Q3 is we would have closed more in July than we would have for the first half of the year, and we closed more in August than we did in July. I suppose we have the positive momentum.

It was a strategic decision we did flag it early in the year that obviously we were going to invest. A number of things that we've rolled out is, just examples of this is, we've rolled the new energy system out onto some of our sites.

We were letting that bed in. The interesting thing is we're seeing a real positive uptake with the actual buyer out there on the ground because of how energy-efficient our product is.

Your utility bills are cut in half, and there's a real buy-in from the consumer, and we're seeing strong uptick. It's letting all that bed in.

We're in a good place to monetize, as we've said, into H2. Most importantly, the order book is there, the demand is there.

I think particularly where we're seeing the strongest demand at the moment is particularly for own product. Where we standardized product on standardized sites, we're seeing real buy-in there, and that's positive.

The other one, on On

yeah, partnerships return on capital then.

I'll let you on the return on capital. I suppose where we're really seeing the benefits on the partnership side is, say where we've a scheme of maybe 1,000 units now, and that 1,000 units we might have said would have been a five-year delivery pipeline, introducing partnerships onto that site is bringing that timeline maybe back to a three-year timeline.

You're returning your capital at a faster turn on your land, instead of being five, you're bringing it into three, but then also on your WIP profile. A 200-unit site has a €40 million WIP, you're changing the WIP profile of that site from 40 maybe to €25 million by introducing partnerships.

There's massive wins for that, I suppose, and where we really see the wins into that is that 1,000 units that we're talking at the moment, monetizing that into 2027, it actually makes us in a really advantageous position from a capital's basis into that. If you want to talk about the return No,

no, that's exactly it. In terms of accelerating the use of our own landbank, but I think, more importantly, it de-risks the delivery profile in that business not only of the €60 million gross profit, but also gives us visibility on growing that into the future.

I think that's an important benefit as well. Obviously, with the pure state lands, you're reliant on the timing of master plans, zoning, then going to tender.

The benefit of having partnerships on our own land means that it's much more within our control, and the product we deliver on it is exactly the product that we're comfortable building. Very pleased with the direction of travel there.

Hi. Good morning.

I've got two questions please. First, I may miss some comments on build cost inflation this year, but how do you feel that trend into 2027?

Do you expect some alleviation in those pressures? Then secondly, just thinking about labor, there's the interesting chart you've got in your deck about the sort of shortfall, potential shortfall in the workforce.

How does that play into your thinking about sort of operating the business at a larger scale as you head to the latter years of the decade? Thank you.

I

thank you, Harry, and good morning. Two obviously geopolitical events are making it very volatile out there, particularly on the energy side.

I think what we've probably seen during the year is surcharges on cost, particularly with haulage, particularly with anything that's energy-intensive, and we've seen surcharges particularly being the thing of the moment. I suppose suppliers are going to see how that evolves.

I think for ourselves and where we see ourselves positioned is obviously we're well-hedged, an awful lot of our procurement is done, and any gains that we have there can offset obviously the challenges that have been seen from the energy side. I think more advantageous for us is obviously the standardized product, but then the manufacturing element.

By controlling your timber frame, by controlling your energy system, and then obviously introducing our new wall system, these are all benefits that can control or reduce our costs into future. I suppose for Glenveagh, we've more tools than most to navigate that.

Where we really see the gains across the portfolio is timelines. Because we are so integrated in the process now, it's the timelines on site.

Where a program might run for maybe 60 months, if you can take 6 months out of that program, it's a massive saving for us because we're just more efficient with the delivery because we control that supply chain. Obviously, that allows us to really navigate any challenges that potentially others can't navigate.

On the labor side, and we would have flagged this for the last couple of years, I think people have to realize that obviously the government are making a big investment in housing. They want to see targets increased, they want to see the delivery happening.

They're giving us as much tools as possible to do that, but there is a recognition there that also, on top of this, there's a massive investment from government in relation to the National Development Plan. Infrastructure, sewage upgrade, water upgrade, all of these things are going to demand a greater workforce.

Again, that was a strategic decision in our business to invest in the vertical integration to allow us to be more efficient when those challenges will come. I think in Conor's notes, he said our house price can trend down from here, not up.

That's a real advantage. I'm not sure the rest of the competition have those tools to play with.

We're not in a comfortable position, we're really happy where we're positioned, and obviously we'll navigate whatever the challenges are in front of us.

To follow up on the BCI point, I suppose very much in line with expectations where we thought we'd be in March and in May. I suppose all we're seeing from suppliers is, given we're one of the only two suppliers of scale in the Irish market, we're the last people that suppliers want to call with price increases.

What I'd say in that is, line ball with where we were expecting it to be.

Thank you very much, everyone, for joining the call, and we look forward to catching up with you over the next week or so. Thank you.