DAVY VIEW

Glenveagh Properties’ trading update highlights: (1) a robust underlying market (Homebuilding order book +46% since March); (2) an ability to absorb higher levels of build cost inflation (reiterated FY26 guidance); (3) company confidence in FY cash flow/financial position (increased share buyback); (4) increased confidence from funders in Glenveagh’s long-term prospects (improved debt facility terms). The business is exceptionally well positioned, and we reiterate our ‘Outperform’ rating.