Cairn Homes | Annual Report 2025

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

At Cairn we’ve spent the past

10 years building

sustainable communities

where people can thrive.

We build living, breathing spaces, built for the

present, designed for our shared future. This is

what we mean when we say Built For Good.

Strategic Report

1 Positioning for the Future

2 10 years of Cairn

8 Our Investment Case

9 Highlights

10 Chairman’s Statement

12 CEO’s Statement

14 Market Overview

16 Our Strategy

25 Business Model & Value Chain

30 Stakeholder Engagement

32 CFO’s Statement

34 Risk Report

Sustainability Report

42 Introduction

46 Environment

64 Social

79 Sustainability Disclosures

Corporate Governance

97 Corporate Governance Report

100 Governance at a Glance

102 Board of Directors

104 Senior Leadership Team

110 Audit & Risk Committee Report

114 Nomination Committee Report

118 Directors’ Remuneration Report

132 Directors’ Report

Financial Statements

138 Statement of Directors’ Responsibilities in Respect

of the Annual Report and the Financial Statements

139 Independent Auditor’s Report

146 Consolidated Statement of Profit or Loss and

Other Comprehensive Income

147 Consolidated Statement of Financial Position

149 Consolidated Statement of Changes in Equity

151 Consolidated Statement of Cash Flows

152 Notes to the Consolidated Financial Statements

192 Company Statement of Financial Position

194 Company Statement of Changes in Equity

196 Notes to the Company Financial Statements

01 41 96 137

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Over the past decade Cairn has established a national

footprint, leading the market in creating sustainable

foundations upon which Ireland can thrive.

Positioning for the Future

Delivering homes

35,000+

people now living in Cairn built

neighbourhoods

Building at pace

12,000+

new homes delivered

Infrastructure

€600m+

contributed to infrastructure including

roads, bridges, parks and public realm

Growing team

5,500+

people employed on Cairn sites

Passive homes

3,000+

passive standard homes under construction

WIP spend

€3.5bn

invested in building new homes

National impact

170,000+

young people across Ireland participating in

the Cairn Community Games

Seven Mills: Irelands largest new town

3,500

residents living in a Cairn home in

Seven Mills

Celebrating 10 years

of Cairn

Cairn at 10

READ MORE  page 4

CAIRN AT 10

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

10 years

of Cairn

Ten years ago, Cairn began with a clear

vision: to create a homebuilding business

capable of delivering at scale, consistently

and responsibly, and to make a meaningful

contribution to Ireland’s long-term housing

needs. Established at a time when confidence

was returning but supply remained constrained,

the ambition was to create a platform that

combined commercial discipline with

a broader sense of social purpose.

WE BUILD FOR...

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Over the past decade, that vision has been

realised through sustained delivery. Cairn has

delivered over 12,000 new homes across 50

developments, supporting the growth of

communities. Cairn has built a national footprint

with a proven track record of delivery, underpinned

by long-term land investment and a scaled

operating platform. In a sector where consistency

matters, Cairn’s ability to deliver year after year is a

defining strength. The impact of this work extends

well beyond the houses we have built. Cairn’s

developments have supported the creation of new

neighbourhoods, integrating schools, transport

links, green spaces and local amenities into the

fabric of towns and villages.

Through close collaboration with local authorities

and state bodies, Cairn has contributed to the

delivery of social and affordable housing at scale,

reinforcing the role of homebuilding as a foundation

for economic participation, social cohesion and

national progress.

This growth has been enabled by the evolution of

the organisation itself. Over ten years, Cairn has built

a team of nearly 600 colleagues, supported by a

nationwide network of partners across design,

construction and infrastructure. Our investment in

skills, digital systems and modern construction

methods has improved efficiency, quality and

safety, while advancing environmental

performance. Through innovation in areas such as

energy efficiency, design standardisation and

delivery processes, Cairn has not only strengthened

its own platform, but has helped move standards

forward across the wider homebuilding sector.

As Cairn enters its second decade, the focus

remains on disciplined growth, continuous

improvement and long-term value creation.

Ireland’s housing challenge continues to evolve,

shaped by demographic change, climate

commitments and rising expectations of quality

and sustainability. With a strong foundation in

place and a proven track record of delivery, Cairn

is strategically positioned to continue building

homes and communities that support Ireland’s

future, while contributing constructively to the

ongoing evolution of the industry.

12,000+

Cairn homes delivered

581

Cairn employees

10 YEARS OF C AIRN HOMES

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Inderjeet & Harpreet

Cairn Homeowners for 5 years

Inderjeet and Harpreet moved to Graydon five years

ago, at a time when Newcastle was still finding its

feet. Today, they are raising a young family and the

neighbourhood has grown alongside them.

Shaping

Lives

WE BUILD FOR...

Cairn Homes plc | Annual Report 2025

Financial StatementsCorporate GovernanceSustainability ReportStrategic Report

SHAPING LIVES

The ambition at Graydon was to meet the needs

of modern families, by offering flexible, energy-

efficient homes and communal spaces. From the

outset, the objective was to create a

neighbourhood that would function as a village

extension – not simply a housing scheme. The

defining feature of the design is the landscape-led

masterplan.

As new homes were completed, local schools and

retail amenities opened, the greenway and park

became a feature of their daily routines. Being able

to walk to school, shops and open spaces has

shaped how they organise their week, reducing

reliance on cars and encouraging regular interaction

with neighbours.

In the early stages of the development, the Home

Together programme supported residents in

forming connections and fostering a sense of

community. Shared meals, cultural events and

informal gatherings provided a structure for

community-building while the neighbourhood was

still forming. Following the programme’s successful

conclusion, residents continue to organise events

independently, a clear indication that the social

infrastructure has taken hold.

For Inderjeet and Harpreet, Graydon represents

more than a new address. It is a place where both

their family and the surrounding village have grown

in tandem, supported by thoughtful planning and

long-term landscape design.

We moved in as two,

and now we’re three,

and the village has

grown with us.”

LINK TO STRATEGY:

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

After decades in a family house, Thomas and Laura

chose apartment living. What they found was not

compromise, but a different way of living that felt

considered, connected and convenient.

Thomas & Laura,

New Cairn Homeowners

Lasting

Impact

WE BUILD FOR...

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Marianella was designed to support high-quality

apartment living for people looking to downsize

without losing independence, connection or a

sense of community. Shared spaces, landscaped

gardens and clear pedestrian routes were

deliberately integrated to encourage everyday

interaction, while ensuring residents retain privacy

within their own homes.

The Marianella development in Rathgar comprises

people at different life stages. Young families,

older residents, people working from home and

others recently retired.

The development offered a practical alternative

to traditional downsizing options, combining

well-designed private apartments with communal

areas that encourage residents to spend time

outdoors and engage with one another. During the

Covid pandemic, these design features became

particularly important. Residents were able to check

in on neighbours, share information and offer

practical support, while using the park, paths and

seating areas to maintain safe social contact.

For Thomas and Laura, apartment living has not

meant stepping away from life or community. It has

meant living with ease, choice and connection,

in a home that reflects how apartments are being

designed and lived in today.

There’s life here. You

feel it every day. We love

hearing kids playing

in the park outside

our window.”

LINK TO STRATEGY:

LASTING IMPACT

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report Corporate Governance Financial Statements

Cairn Homes plc | Annual Report 2025

Our Investment Case

1. Market

Opportunity

3. Ireland’s

Largest

Self-Build

Apartment

Developer

2. Scaled

Operating

Platform

4. Leading

Sustainably

Ireland’s positive economic outlook, high employment levels,

growing population and supportive Government policies and

initiatives underpin the significant market opportunity.

This supportive macroeconomic background following a sustained

period of structural undersupply across all tenures of housing is

supporting exceptional levels of demand.

Increasing apartment output is critical in order to meet the

Government's ambitious housing targets. Apartment delivery needs

to increase from 29% of current output to c.50%. Over the past

decade, Cairn has developed significant knowledge capital in

high-density delivery. As Ireland’s largest self-build apartment

developer, Cairn has a proven track record of delivering high-quality

apartment schemes to a broad customer base and is ideally

positioned to increase this delivery.

We have delivered over 12,000 new homes at pace, scale and value for

money since 2015. This delivery has been driven by our investment in

our scaled operating platform, industry-leading margin performance

and productivity levels. Our outlook is underpinned by our c.18,400

unit landbank across 39 large-scale sites, our capital efficient land

acquisition strategy which provides strategic optionality and the

proven capability of our scalable operating platform.

We are committed to setting the standard for innovation and

sustainable construction in Ireland. This commitment is reflected in

our actions - delivering high-quality, A-rated energy-efficient homes.

In 2023, we took the next step in our sustainability journey and

became Ireland’s first developer to build to the Passive House

standard at scale. We are now a leader in European Passive House

construction with over 3,000 new homes commenced.

5. Disciplined

Capital

Allocation

Cairn’s consistent delivery of sustainable, profitable growth and

shareholder value is supported by a capital allocation strategy

focused on long-term value creation for all stakeholders.

Our approach emphasises balance sheet efficiency, driving significant

long-term cash generation, monetisation of our low-cost historic

landbank and quick asset turn of acquisition sites, all of which have

been key drivers of Cairn’s growth. Since 2019, Cairn has returned over

€490 million to shareholders in dividends and share buybacks, whilst

growing our balance sheet and delivering an ROE of 16.6% in 2025.

Our capital allocation strategy is clear and focused on maintaining

astrong balance sheet, investing in WIP and land to support our

long-term growth, deliveirng consistent returns and returning surplus

capital to our shareholders.

Delivering

Long-Ter m Va lue

Over the last 10 years, Cairn has established itself as one of

Ireland’s leading homebuilders, delivering high-quality and

affordable new homes at scale. Our market-leading position

has been achieved through consistent execution of our

strategy, positioning Cairn as the partner of choice.

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Highlights

Financial

Revenue

€944.6m

2024: €859.9m

Gross Margin

22.1%

2024: 21.7%

Operating Profit

€168.6m

2024: €150.0m

Operating Margin

17.8%

2024: 17.4%

Basic EPS

21.3c

2024: 17.9c

Total Equity

€836.7m

2024: €758.2m

ROE

16.6%

2024: 15.1%

DPS

10.0c

2024: 8.2 cent

Operational Sustainability

Units

2,365

2024: 2,241

Average Active Sites

2024: 21

Scope 1 & 2 Absolute Emissions

Reduction from a 2019 Baseline

71.6%

2024: 65.2%

Cumulative Passive House Unit

Commencements

3,000+

2024: c. 1,750

New Site Commencements

2024: 10

Year End Headcount

581

2024: 453

CDP Score

2024: B

Gender Pay Gap

22.8%

2024: 30%

1 ROE (Return on Equity) is defined as profit after tax divided by the average of the opening and closing total equity in the financial year.

2 FY25 10.0 cent dividend per ordinary share represents a 4.1 cent interim dividend per ordinary share paid in October 2025 and 5.9 cent proposed final dividend per ordinary share.

3 This comprises both closed and equivalent residential units. Equivalent units relate to forward fund transactions which are calculated on a percentage completion basis based on the

constructed value of work completed divided by total estimated cost.

OUR HIGHLIGHTS

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Chairman’s Statement

Celebrating

10 years of

Cairn

“We have a compelling strategy focused

on delivering sustainable growth,

leading to enhanced shareholder

returns while ensuring Cairn has a

consistently positive impact wherever

we operate.”

BERNARD BYRNE

CHAIRMAN OF THE BOARD

Dear Shareholder,

It is a privilege to present this Annual Report, my

first as Chairman of Cairn. 2025 was another year of

significant strategic progress for the Company, while

also delivering a strong operational and financial

performance. I was appointed Chairman in May

2025, having joined the Board in January. I have,

inthat time, been able to meet a wide range of

shareholders and other stakeholders, and also

visited Cairn sites and met many of the Cairn team

across Ireland. I have been struck by the pace at

which we are delivering against our strategy, as well

as the calibre and energy of the people within the

business. My views of the business from the outside

have been more than reaffirmed since joining Cairn,

and I am excited to lead the Board and support

Michael, our CEO, and the rest of the Senior

Leadership Team in the years ahead.

Continued Progress in 2025

Despite ongoing trade volatility in a number of

markets globally, the Irish economy continues to

perform strongly. To address the critical housing

shortages driven, in part, by this prolonged growth

cycle and related population expansion, the Irish

government has introduced significant new policy

initiatives and legislative changes. These have

targeted key strategic challenges with the aim of

increasing housing delivery. This culminated in the

publication of a comprehensive housing plan, with

the objective of building 300,000 new homes in

Ireland by 2030.

In response, Cairn has significantly increased our

investment in our own construction activities to

deliver more high-quality and affordable homes.

Against this backdrop, Cairn delivered another year

of strong financial performance in 2025.

This success reflects the hard work and dedication

of our employees, management and Board in

building and scaling our operating platform over the

past decade. With 2,365 units

delivered and total

revenue of €945 million in 2025, we achieved an

operating profit of €168.6 million and a Return on

Equity (ROE) of 16.6%, underscoring our strong

focus on value creation as the business continues

to scale and mature. Looking ahead, we are focused

on driving our unit delivery combined with industry-

leading returns. We will continue to focus on

delivering a growth strategy that minimises

financial risk and maintains appropriate financial

flexibility to ensure we have a strong and

sustainable business.

Board Changes

This year has been marked by the continued

renewal of the Board. In addition to my own

appointment, Orla O’Connor was appointed to

the Board, effective 1 January 2025. Orla’s

appointment deepened the expertise, diversity

and skills of the Board and she has already brought

a range of valuable contributions to deliberations

and discussions.

John Reynolds, who had been Chair since the

Company first listed, stepped down from the Board

in April and Giles Davies stepped down from the

Board on 31 December 2025. Both John and Giles

have played an instrumental role in leading the

business in the period since its IPO in 2015. On

behalf of the Board, I would like to thank them both

for their contributions and wish them well for the

future. In particular I want to thank John for ensuring

a very smooth handover as he stepped down from

the Board.

1 This comprises both closed and equivalent residential units. Equivalent units relate to forward fund transactions which are

calculated on a percentage completion basis based on the constructed value of work completed divided by the total estimated cost.

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Chairman’s Statement continued

I strongly believe that we need a diverse Board

which, I believe, has a positive effect on the quality

of decision-making in the boardroom. While I am

pleased that the Board has a very good gender

balance (currently 57% female), we are aware that

diversity stretches significantly further than gender.

We will continue to integrate a range of diversity

considerations, including ethnicity into our search

and appointment processes. You can read more

about our Board changes and Board Diversity

Policy in the Corporate Governance section of

this Annual Report.

Sustainability

We are, and continue to be, focused on the

transition to a greener and more sustainable

economy. Not only is this the right thing to do

but it drives tangible commercial benefit,

ensuring the quality homes we provide are in

greater demand and designed to be sustainable

in the long-term. Progress has been made in a

number of key areas, including ongoing reductions

against our science-based targets, through the

delivery of Passive House developments. These

energy-efficient homes significantly reduce

environmental impact while enhancing comfort

and delivering cost savings for residents.

In 2025, Cairn was recognised as one of Europe’s

Best Workplaces by Great Place to Work. The

business has also been shortlisted in the Health &

Safety Excellence Awards in the Construction

category and won the National Irish Safety

Organisation Construction Housebuilding Award.

This recognition is atestament to the positive,

inclusive and safe culture the business continues to

build and operate.

HIGHLIGHTS

2025 Full Year Dividend

10c

2024: 8.2c

Shareholder Returns

(since 2019)

€490m+

led by Michael, our CEO, across the whole

business for their amazing commitment and

exceptional performance.

I am excited to be working with them, our

shareholders and other stakeholders in the

coming years as we help Ireland deliver more

housing when it is so badly needed.

BERNARD BYRNE

CHAIRMAN OF THE BOARD

Looking Ahead

The last 12 months have demonstrated the

strength of Cairn’s platform, which is strategically

positioned to continue to increase the delivery

of homes over the long-term. As a business, we are

committed to driving earnings growth while

ensuring our business has a positive impact

wherever we operate.

Our performance and proven track record are

aresult of the hard work and dedication of the

Cairn team. I would like to thank my colleagues,

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

CEO’s Statement

Our Progress

for the Future

“In 2025, we celebrated a decade in

business. When we set up Cairn, we

had an ambition to create a new and

sustainable approach to homebuilding

in Ireland that would make a

meaningful contribution to the much-

needed housing supply.”

MICHAEL STANLEY

CEO

Dear Shareholder,

2025 was another year of significant growth in which

Cairn delivered competitively priced homes and created

new communities through responsible investment. This

has allowed our business to build at scale and, crucially,

with affordability for our broad range of customers at

the centre of our strategy. Through this, our focus is to

ensure that we balance the delivery of sustainable,

profitable growth with stakeholder value creation.

Cairn continues to demonstrate the strength of our

business model, with strong sales momentum and

significant investment in construction activities

broadening the depth of our scaled operating platform.

These strengths present a clear competitive advantage,

allowing us to deliver another year of growth in

volumes, revenue and profitability in 2025.

Strategy Delivering Record Performance

Our strategy continues to focus on delivering high-

quality, energy-efficient homes at scale while managing

costs through innovation, productivity improvements,

and procurement efficiencies. By managing build-cost

inflation, maintaining consistent and affordable average

sales prices, and prioritising high energy-efficiency

standards, a Cairn home offers a compelling proposition

for first-time buyers. In tandem, the delivery of

cost-effective homes for our State

partners, primarily through large-scale apartment

developments, continues to play an important role in

addressing the national housing challenge.

Irish Economy and Housing Market

It is unlikely that Ireland has ever witnessed the

current level of demand for residential homes.

Thisextraordinary demand is the result of a decade of

significant undersupply of new housing during a

period of sustained economic growth. Ireland’s

economic outlook remains positive, supported by near

full employment, growing disposable incomes,

and continued population growth. These economic

drivers have created exceptional levels of demand

across all tenures of housing.

In response to the supply and demand imbalances, the

Irish Government has introduced a wide range of

initiatives and legislative reforms over the past year to

boost housing supply and address key medium-term

delivery challenges. Supported by the Irish

Government’s Exchequer surplus, the introduction of

targeted measures including ‘Delivering Homes,

Building Communities’ the revised National

Development Plan and National Planning Framework,

changes in apartment regulations to reduce build cost

and improve apartment viability, extended

Government supports for home buyers and rent and

planning legislation. Thesesignificant steps will be very

impactful and will make meaningful progress towards

achieving Ireland’s annual housing target.

Whilst we believe these efforts will materially boost

housing supply, Cairn’s ambition remains unchanged.

We will continue to invest in our construction activities

to deliver an even greater number of high-quality and

competitively priced homes that support Ireland’s

housing needs accross all tenures. Asthe State

continues to expand its ownership of permanent

housing stock, we expect this demand to remain strong

in the coming years with our proven track record,

capability and capacity, positioning Cairn as a partner of

choice for State counterparties.

First-time Buyer and State Partner Demand

Driving Diverse Sales Momentum

During the year, the Company delivered 2,365 units

at an average selling price (ASP) of €392,000 (2024:

2,241 units at an ASP of €383,000).

A competitive mortgage market, effective State

supports for first time buyers, and robust personal

savings are driving strong momentum across our core

private market. In 2025, we launched 11 new schemes

1 This comprises both closed and equivalent residential units. Equivalent units relate to forward fund transactions which are calculated on a

percentage completion basis based on the constructed value of work completed divided by the total estimated cost.

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

CEO’s Statement continued

across Dublin, Kildare, Meath, Cork and Galway, all

ofwhich have experienced significant demand.

Thisincludes the successful launch of our first two

Croí Cónaithe (Cities) Scheme approved apartment

developments in Douglas (Cork City), and

Cherrywood (Dublin 18).

Croí Cónaithe is a positive Government initiative

that supports and promotes private apartment

ownership. The success of these private launches

supports our strategic objective to substantially

increase the delivery of new homes to first-time

buyers over the medium term. We expect this

positive sales momentum to continue into 2026.

Capital Allocation

We allocate capital with a clear focus on balance

sheet strength and efficiency, investment in WIP

and land to support our long-term growth, and

delivering consistent shareholder returns. We have a

progressive dividend policy and return surplus

capital to shareholders. In 2025, we returned €54.7

million to shareholders (2024: €115.3 million),

bringing our total shareholder returns over the past

five financial years to more than €490 million, which

was achieved while growing our balance sheet and

delivering an ROE of 16.6% in 2025.

Sustainability

Our sustainability agenda is fully embedded within

our scaled operating platform and is a key

component of our ambitious growth strategy.

Sustainability considerations are integrated into

every aspect of our decision-making, guiding our

commitments to Scope 1, 2, and 3 decarbonisation,

biodiversity protection, sustainable building

practices, and the highest standards of health,

safety, and quality.

Wecontinued to make strong progress on our

longer term decarbonisation targets, underpinned

by the implementation of the Passive House

standard, the leading benchmark for

energy-efficient buildings, with over 3,000 Passive

House homes underway. This has been recognised

with our Passive House at Scale project at Pipers

Square, Dublin 11, winning the Innovation in

Construction Award at the Irish Construction

Excellence Awards.

People and Culture

The professionalism and commitment of our people

is fundamental to our success as a business, and I

am immensely proud to lead such an exceptional

team. We view our people as the key differentiator

for our business, and we continue to invest in their

development and growth.

This year we established a People & Culture

Steering Committee, focused on empowering

employees toenhance and promote the unique

benefits and possibilities that distinguish Cairn

as an employer ofchoice. Our ambition is to be

recognised, both internally and externally, as a

leading driver of Equality, Diversity and Inclusion

within the construction industry in Ireland. In

delivering on this ambition, we will position Cairn to

continue to attract and retain diverse talent and

expand our broader industry impact.

Our Senior Leadership Team has also evolved,

withthe operations and investment functional

leads being elevated into C-Suite positions aswell as

the creation of a Chief Strategy & Sustainability

Officer role. These changes will support more agile

and efficient decision-making, clearer succession

plans for senior positions and our ability to enhance

the diversity pipeline and talent development.

Apprentices are also a key part of our people agenda

and our investment in this space through the Cairn

Apprenticeship Programme is beginning to show

tangible benefits, with over 250 apprentices

currently registered in the programme.

Our Strategic

Priorities

Cairn’s strategy is to deliver

sustainable new homes to our

customers at pace, scale and

value for money. We are

building communities that

serve our country’s present

and future needs.

People

Construction

READ MORE  PAGE 20

Customers

Sustainable

Communities

2026 Outlook

As we mark our tenth year in business, Cairn is

now one of Ireland’s leading companies. Over

that period, we have created communities,

provided homes for over 35,000 people and

delivered lasting value for all of our stakeholders.

These achievements are a testament to the hard

work, commitment, and deep expertise of our

colleagues and industry partners.

Whilst we continue to monitor the ongoing

geopolitical landscape and its potential impacts on

our business and supply chain, the outlook for 2026

remains very positive, underpinned by strong

market demand for our high-quality and

competitively priced homes.

Our scaled operating platform, cash generation

capability, balance sheet strength and proven track

record of delivery remain hallmarks of the business

which set us apart. These fundamental strengths of

our business will continue to position Cairn as the

partner of choice in the Irish market, supporting

the delivery of much needed housing supply

and generating sustainable long-term value

for our shareholders.

MICHAEL STANLEY

CEO

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Market Overview

Strong

Foundations

in Place for

Future Growth

Economic Overview

Ireland’s economy again demonstrated its resilience

in 2025. Against a backdrop of continued global

tariff uncertainty and weakening growth across

Europe, the Irish economy continued to outperform

many of its European peers. Modified domestic

demand (MDD), a measure that captures Ireland’s

growth while excluding short-term fluctuations in

multinational activity, grew by 4.9% in inflation-

adjusted terms in2025 compared to 1.2% economic

growth projected across the Euro-area. In the five

years to 2025, Ireland’s economy has grown by 29%.

Irish growth is forecast to slow to 2.1% in 2026 with

Euro-area projected growth falling slightly to 1.1%.

(Source: CSO, ESRI, IMF)

Employment in Ireland reached a new record high

in2025, with 2.83 million people in work in Q4

(+2.0% y-o-y). While the unemployment rate is

slightly higher this year than in 2024 (4.3% in Q4

2025 versus 4.0% in Q4 2024), this still reflects an

economy close to full employment. Consumer

prices rose by 2.8% in 2025, while building and

construction inflation was 2.0%. (Source: CSO)

Ireland’s economy outperformed its

European peers in 2025, delivering strong

growth and underpinning demand for

housing.

Confidence

Investment in Ireland increased by 10.9% in 2025, in

contrast to the 4.2% fall in 2024. Investment in new

dwellings, up 19.4% year-on-year, drove much of this

increase. Consumer spending grew by 2.9% in 2025,

in line with 2024 (2.9%). Together, these figures

show strengthening sentiment across businesses

and consumers, which will support the demand and

investment needed to accelerate housing delivery.

(Source: CSO)

Housing Demand and Supply

Ireland’s population grew by 1.5% to 5.46 million in

April 2025, an increase of 78,300 on 2024. Most of

this growth, 59,700 people, came from net inward

migration. Continued growth in Ireland’s

population is contributing to a greater demand for

housing. The Government’s updated targets of

300,000 homes between 2025 and 2030, through

its “Delivering Homes, Building Communities”

housing plan announced in November 2025,

highlights the continued need for increased housing

delivery to match Ireland’s long-term population

New Dwelling Commencements

WHAT IT IS:

The number of homes for which

construction works commenced in the year.

WHY IT’S IMPORTANT:

Forward indicator of housing delivery.

New Dwelling Completions

WHAT IT IS:

The number of homes completed

and ready to occupy.

WHY IT’S IMPORTANT:

Meeting housing need.

Housing Demand

WHAT IT IS:

The number of homes Ireland should deliver each

year to meet the needs of its growing population.

WHY IT’S IMPORTANT:

Determines the size of Cairn’s

addressable market.

Annual new home commencementsHomes granted planning consent New dwellings completed Housing demand/need

Planning Consents

WHAT IT IS:

The number of dwellings

granted planning permission.

WHY IT’S IMPORTANT:

Forward indicator of housing delivery.

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Market Overview continued

growth and strong inward migration. (Source: CSO,

DHLGH)

New dwelling commencements slowed to 16,412 in

2025, less than a quarter of the record 2024 level of

69,060, which was driven by a temporary waiver of

development levies and water connection charges.

This brings two-year rolling commencements to

85,472, which is 43% higher than the 2022-23 total.

(Source: DHLGH)

We started to see early signs of 2024’s record level of

commencements in new home completions.

36,284 new homes were completed in2025, a

20.4% increase on 2024 and the highest level since

2007. (Source: CSO)

Housing Affordability and Accessibility

In 2025, the ratio of average new home prices to

average incomes remained steady at 9.5 (2024: 9.5).

(Source: CSO)

The ECB deposit rate fell from 3.00% to 2.00% over

the course of 2025 and Irish mortgage lenders have

begun passing on these lower rates to borrowers,

with the average rate agreed for home purchase

falling from 3.82% in January 2025 to 3.50% in

December 2025. (Sources: ECB, CBI)

First time buyers purchasing new homes can

benefit from a range of schemes that improve

housing affordability and accessibility including

Help to Buy, the First Home Scheme and the Croí

Cónaithe (Cities) scheme. Household finances

remain in a relatively strong position with total

household savings rising 6.6% to €169.8 billion in

2025 and the volume of mortgage drawdowns

growing by 15.2% to €14.5 billion, including €8.8

billion (+13%) to first-time buyers.(Source: CBI, BPFI)

Policies and Funding in Place to Accelerate

the Supply of Housing

In 2024 and 2025, the Government introduced a

suite of policy and funding announcements to help

accelerate homebuilding and to improve viability.

The Government published revisions tothe

strategies underpinning planning and development

in Ireland this year: the National Planning

Framework and the National Development Plan.

These changes include a 66% increase to the

Department of Housing, Local Government and

Heritage’s capital budget from c.€4.6bn to c.€7.3bn,

additional funding to deliver infrastructure that will

enable new homes, and instructing local authorities

to zone additional land up to 50% above their

housing target, enough for up to 83,000 homes per

year.

Government’s new housing strategy, “Delivering

Homes, Building Communities”, provides a range of

measures promoting more sustainable land use and

support for significant infrastructure investment.

This promotes compact urban growth and

transport-oriented development, for which

increasing apartment output and more sustainable

land use will be critical.

A reduced 9% rate of VAT on the purchase of new

apartments, from 13.5% previously, and revisions to

rent regulations will also help to enable the

medium- and high-density development needed to

achieve compact growth.

The combination of these positive legislative and

policy changes are expected to play a central role in

enabling increased long-term supply.

Modified Domestic Demand

WHAT IT IS:

A measure of growth in the domestic economy,

stripping out the distortive impact from

multi-national corporations.

WHY IT’S IMPORTANT:

General indicator of national economic health.

Population Projections

WHAT IT IS:

The number of people projected

to live in Ireland in future years.

WHY IT’S IMPORTANT:

Critical driver of future housing demand.

Employment

WHAT IT IS:

The total number of people

employed in Ireland.

WHY IT’S IMPORTANT:

General indicator of economic health and

consumer demand.

General Government Balance

WHAT IT IS:

The Irish Government’s

budget surplus (deficit).

WHY IT’S IMPORTANT:

Influences funding available to support housing

and infrastructure delivery.

Economic Growth Population Projection Total Employment General Government Balance (€bn)

Our Strategy

Strategic Report Sustainability Report Financial StatementsCorporate Governance

Cairn Homes plc | Annual Report 2025

Delivering Sustainable New Homes

at Pace, Scale and Value for Money

We are building communities that serve our country’s present and future needs whilst creating long-term sustainable value

forour stakeholders. Cairn’s ongoing investment in the capacity and capability of our business supports our growth strategy,

optimising our product delivery. Our evolving strategy

links back to our purpose, with each pillar aligning to one of the four

component parts – People, Customers, Construction and Sustainable Communities.

People Customers Construction

Sustainable

Communities

Our people agenda is at the heart of

everything we do. We are committed to

driving employee engagement, acting on

feedback to ensure we continue to deliver

ahigh-performance culture, in a rewarding

working environment. We believe that

shared ownership delivers results.

Our customer strategy centres on the

needsof our broad customer base. Cairn

hasan established track record of meeting,

and exceeding, the needs of our broad and

diverse customer base.

Our scaled operating platform continues

toset us apart enhanced by our non-

negeotiable approach to operating safe sites.

Our investment in digital transformation and

innovation have improved the efficiency of

our construction delivery model,

underpinning our industry-leading

operational performance.

We define high-level principles to achieve

well-designed, quality-built and vibrant

developments with a network ofpublic

spaces that promote and enhance residents’

health and wellbeing. We are committed to

building homes in sustainable communities

where people can thrive.

Ranked Fifth in Top 10 Best Large Workplaces

Top 5

Units

2,365

Average Active Sites in 2025

Passive House Commencements to Date

3,000+

page 17

page 18

page 19

page 20

1 Cairn’s 2025 TCFD Disclosure, is presented on pages 50 to 55 of the Sustainability Report. These disclosures support our overall strategy, outlining how climate-related risks and opportunities are governed, integrated into strategic planning,

and measured across the business.

2 This comprises both closed and equivalent residential units. Equivalent units relate to forward fund transactions which are calculated on a percentage completion basis based on the contracted value of work completed divided by total estimated cost.

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Our Strategy continued

People

We remain focused on strengthening our employee value

proposition to Connect, Develop & Inspire, ensuring Cairn

continues to attract, retain and grow exceptional talent. In 2025,

we welcomed 228 new colleagues. Engagement levels remain high,

with 90% of our team affirming that Cairn is a great place to work.

P I L L A R 1

Employee Engagement

Listening to and understanding employee

sentiment is central to maintaining our position

as an employer of choice. Insights from our

annual engagement surveys continue to inform

targeted, high-value initiatives that enhance the

employee experience.

In 2025, our employee Net Promoter Score (eNPS)

increased to 61 (up from 58 in 2024), reflecting

sustained improvements in engagement, trust

and overall employee experience.

Building an Inclusive Future

Our ambition is clear: to be a leader in Equality,

Diversity and Inclusion (EDI) within Ireland’s

construction industry.

In 2025, females represented 50% of our Board

and 26% of our workforce, marking meaningful

progress toward gender balance across the

organisation. We also reduced our Gender Pay Gap

to 22.8%, a significant improvement from 30% in

2024. While we are proud of this momentum, we

remain committed to driving further progress

and ensuring Cairn is a place where female talent

is represented at every level.

During the year, we advanced our EDI strategy by

launching our Race & Ethnicity Employee Resource

Group (ERG), strengthening our Women in Cairn

ERG, and expanding our Families ERG to ‘Families &

Carers’ to better support caregivers across Cairn.

(See page 68 for further details on our ERGs.)

Industry Recognition

We are committed to creating an exceptional

workplace that supports a culture of trust,

collaboration and inclusion. In 2025, we achieved

a series of milestones that illustrate this

commitment including;

• Great Place to Work Ireland – Third Place

(Large Company Category);

• Best Workplaces for Health & Wellness –

Cairn was named among the Best

Workplaces for Health & Wellness, reflecting

our holistic approach to wellbeing; and

• Great Place to Work Europe – Cairn was

shortlisted, placing us amongst the top

employers in Europe

These achievements reinforce the strength and

maturity of our culture and the continued focus

on investing in our people.

2026 Priorities

In 2025, we established the People & Culture

Committee, supported by three working groups.

This structure has already delivered meaningful

progress across health and wellbeing, EDI, and

engagement. In 2026, we will further embed this

model by:

• broadening employee representation to bring

diverse perspectives;

• strengthening communication and

transparency; and

• deepening collaboration across working

groups to accelerate cultural progress.

This collective approach ensures that

responsibility for shaping our employee

experience is shared across the organisation,

OUR PERFORMANCE

Overall Engagement Sentiment

85%

EDI Engagement Scores

93%

amplifying employee voice and reinforcing an

inclusive, high-performing culture.

We will continue to embed our Manager

Competency Framework and integrate it across the

employee lifecycle, placing a stronger focus on

leadership capabilities such as strategic thinking,

inclusive decision-making, coaching for growth, and

fostering high-performing teams. By clearly defining

what great leadership looks like at Cairn and

equipping managers with practical tools and

development opportunities, we aim to unlock their

potential, strengthen their ability to inspire and

engage their teams, ultimately driving exceptional

business and employee outcomes.

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Cairn Homes plc | Annual Report 2025

Our Strategy continued

Customers

Our customer strategy centres around the needs of our broad

customer base, building on existing partnerships whilst actively

developing new opportunities. Cairn now has an established

track record of exceeding their needs through the delivery of

energy-efficient new homes in sustainable communities where

they can thrive.

P I L L A R 2

OUR PERFORMANCE

Cairn Customer Experience Rating

94%

Demand for our A-rated, new homes remained

exceptionally strong across all buyer profiles.

In 2025, we delivered 2,365 units to our private

buyers and our State partners across 22 active

selling sites.

We meaningfully increased our sales to our core

First-Time Buyer (FTB) market in 2025, with 11

new private sale launches. A competitive mortgage

market, impactful State supports, strong personal

savings and a limited supply of competitively priced

homes continue to drive strong demand and sales

momentum in this market. We delivered social and

affordable homes to our State partners, at pace,

scale and value for money, under both forward fund

and forward purchase transactions.

In 2025, we launched our first two Croí Cónaithe

approved developments in Douglas, Co. Cork and

Cherrywood, Dublin 18. Demand across both

developments was exceptional, with over 140

apartments sold to homeowners. This impactful

Government initiative supports private ownership

of apartments, which Cairn will continue to

support, with further launches on approved

schemes planned in 2026.

We take a holistic approach to placemaking,

withour customers at the heart of every design

consideration. This continued in 2025, with

thegrowth of our Home Together programme,

inpartnership with Neighbourhood Network,

across three additional development and the

launch of a new partnership with Grow it Yourself

(GIY). Please refer to page 20 for further detail on

our placemaking and commitment to developing

sustainable communities.

Customer Care

In 2025, we enhanced the procedures, technology

and team structures we put in place in 2024, to

support our aftercare strategy. Our continuing

improvement is reflected in our Cairn Customer

Experience rating of 94% and a 50% reduction in

the time taken to resolve cases.

In order to increase collaboration and improve

efficiencies, we combined our Customer and

Aftercare teams to operate as one team. This

decision has strengthened our full customer

journey, supported by our Health & Safety,

Construction, Technical, Commercial and Building

Services teams through regular engagement and

quarterly forums. This has delivered a significant

reduction in our case close out rate, creating

increased capacity within the function.

A key area of focus for 2025 was enhancing both

our existing private customer portal (adding

ongoing video uploads and launching detailed

product warranties and maintenance schedules)

and launching a customer portal for our business

customers and our partners in local authorities,

AHBs and the LDA.

2026 Priorities

In 2026, we will continue to strengthen our

relationships with our State partners, using our

established platform to deliver social and affordable

new homes at pace, scale and value for money.

Following the success of our first two Croí Cónaithe

approved developments we expect further

launches in 2026, supporting the much-needed

supply of apartments to private owners.

Our combined Customer and Aftercare team will

continue to focus on ensuring a best-in-class

customer experience for Cairn’s broad customer

base, with particular focus on:

• supporting the successful adoption and

implementation of our customer portal for our

business customers and our partners in local

authorities, AHBs and the LDA;

• enhancing our Quality and Aftercare hub

at our Seven Mills development; and

• continuing to improve our data collection

toidentify customer trends and product

robustness, to support our ‘right first-time’

approach to informed decision making.

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Our Strategy continued

Construction

Our scaled operating platform and industry-leading

productivity continue to set us apart. In 2025, we invested over

€800 million in construction work-in-progress, with c.5,000

new homes under construction across 25 active sites.

OUR PERFORMANCE

Average Number of Active Sites

New Homes Under Construction

c.5,000

Operational Performance

Our industry-leading productivity levels continue

togrow with a unit per week output increase of

20% on a number of high density sites and up to

twice the 2024 average output on certain low

density sites. We recorded 5.1 million hours worked

on site - a 102% increase on 2024, reflecting the

investment we have made in scaling our operating

platform.

Through our real-time portfolio dashboards and

standardised schedule metrics, we actively manage

all projects ensuring build programmes remain on

schedule. A new dynamic scheduling system (using

Schedule Performance Index and variance tracking)

enabled early interventions, ensuring that our

projects adhered closely to key milestones.

Oversight from our Construction Production

teamensured that resourcing allocation was agile,

actively reviewing site progress and helping to

mitigate any programme risks.

Procurement Efficiencies Delivering Value

Our centralised procurement model continues to

drive efficiencies, allowing us to leverage our scale

through multi-year, multi-project tenders. In 2025,

we increased multi-year framework agremeents by

30%. This strong pipeline allows us to maximise our

operational competitive advantages and optimise

our procurement efficiencies.

Digital Transformation & Innovation

Through the integration of digital tools and practices

across our operating platform we have improved

the efficiency of our construction delivery model,

with enhanced insights guiding data-driven

decisions.

We have significantly invested in our technological

and research capabilities, with all active sites now

using a suite of integrated digital platforms for

project monitoring and control. Key areas of

development include:

• Cairn Innovation Test Centre: located at our

Seven Mills development, we launched the first

phase of this research and development

facility which will allow Cairn and our industry

partners to develop and test ideas;

• Drone Deploy: launched our ‘Reality Capture’

programme across all sites, using 3D drone

surveys to provide a geospatially accurate

record of site progress from pre-acquisition to

aftercare;

• Digital Design Toolkit: this platform is the

next generation of the Cairn design platform,

streamlining high-quality design information

and enhancing a more integrated delivery

platform; and

• Lean Construction and Modern Methods of

Construction (MMC): continued to deploy

Lean and MMC methodologies including the

use of prefabricated canopies, Intewall (a

prefabricated internal wall system) and the

introduction and digitisation of our ‘Cairn Last

Planner’ (lean delivery approach).

Health, Safety & Wellbeing

Operating safe sites for our employees,

subcontractors, suppliers, customers and the

communtieis in which we work has always been

a non-negeotiable for Cairn. In the context of a

year where hours worked increased by 102%, we

retained our Grade A classifcation unter the Safe T

Cert programme and recorded a flat Accident

Frequency Rate (AFR) on prior year.

Our Black Hat training programme (site

supervisor safety training) continued with an

additional 272 subcontractor supervisors

undergoing intensive training in 2025. We also

completed 30 Safety Workshops with key supply

chain principals to set expectations and agree

improvement plans if needed. Please refer to our

Sustinability Statement on page 65 for further

detail on our Health and Safety agenda.

P I L L A R 3

2026 Priorities

We will continue to ensure we deliver the highest-

quality product at industry-leading pace and scale

whilst prioritising the health, safety and wellbeing

ofour team and subcontractor partners.

As we increase our capacity, we will continue to

engage with our subcontractor partners to ensure

acollaborative approach to procurement, capacity

planning and that best practice environmental,

health, safety and wellbeing standards are

maintained. Key areas of focus to achieve this

will be:

• supporting our supply chain’s development

andcapacity, through initiatives such as the

Apprenticeship Programme and the Supply

Chain Safety workshops;

• ongoing investment in innovation and digitial

construction; and

• integrating our ambitious sustainability targets

into our scaled operating platform, with every

project setting targets in relation to waste

reduction and increased recycling as well

as an ongoing focus on carbon reduction.

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Our Strategy continued

OUR PERFORMANCE

Participants in the Cairn Community

Games – 13,000 Added Since 2024

173,000

Increase in Non-Sport Cairn Community

Games Categories Since 2024

11%

We take a holistic approach to placemaking,

shaping environments through thoughtful

planning, high-quality public spaces, and

meaningful local engagement. This commitment

comes to life through initiatives such as the Cairn

Community Games, our Home Togerther

Programme, the Seven Mills Community Fund and

other initiatives such as our new partnership with

Grow It Yourself (GIY).

Cairn Community Games

Our partnership with the Community Games

remains a cornerstone of our approach to

wellbeing, inclusion and community spirit. Now

in our second year as title sponsor, Cairn’s four-year,

€3 million commitment supported more than

173,000 young people and 10,000 volunteers

across 430 towns nationwide during 2025.

To date we have seen outstanding progress in

participation and inclusion, adding 13,000 more

young people to the Community Games in 2025. At

Seven Mills, we hosted a Community Games Taster

Day for more than 500 residents, embedding the

games into the fabric of this growing community.

From athletics and dance to arts, crafts and

teamwork, the day brought residents together to

celebrate play, creativity and connection. Across

Ireland, the games continue to unite people through

shared values, fostering confidence, inclusion and

making lifelong memories for young participants

and families alike.

Home Together Programme

Our Home Together programme, run in

partnership with Neighbourhood Network,

continues to grow as the foundation of our

community development strategy. Designed to

empower residents to lead the way, it provides

resources, training and funding for locally driven

projects that sustain themselves long after the

initial handover.

In 2025, several of our early participants, including

Whitethorn, Donnybrook Gardens and Graydon,

graduated from the programme after completing

their initial three-year cycle, evolving into fully

self-led community networks. Meanwhile, new

Home Together programmes began across three

additional developments, each one building on

the lessons learned and relationships formed in

earlier years.

GIY Partnership

In 2025, we launched a new partnership with GIY,

an initiative encouraging residents to connect

and learn a deeper understanding of where food

comes from and its impact on health, climate,

and biodiversity. Residents came together to for

food growing demonstrations, learning simple

ways to live more sustainably.

Workshops and starter kits helped residents

turn balconies, gardens and shared spaces into

productive green hubs, while at Seven Mills, a

dedicated GIY corner became a community

focal point, blending social connection with

environmental awareness.

This partnership builds on our belief that

sustainable communities begin with small,

tangible actions that bring people together

and nurture a shared sense of care for place.

Seven Mills Community Fund

Launched in late 2024, the Seven Mills

Community Fund continues to make a real

impact across Dublin 22. With €30,000 allocated

to support seven local projects, the fund backs

clubs, groups and societies already doing

inspiring work in the community. These

projects range from youth and sports initiatives

to environmental and cultural programmes,

each one helping to build stronger, more

connected communities.

Sustainable

Communities

Building homes is about much more than just bricks and mortar. It is

about creating places where people can thrive, communities rooted in

connection, inclusion, and belonging. Our vision is to help build an

Ireland where everyone can prosper, and where new neighbourhoods

grow into strong, enduring communities.

P I L L A R 4

2026 Priorities

In 2026, we will embed the spirit of community

even more deeply into how we plan, build, and

support our neighbourhoods. Our ambitions

include:

• continuing to grow participation in the Cairn

Community Games through nationwide

campaigns;

• expanding Cairn Communtiy Games non-sport

categories following the 11% surge achieved

since the partnership began. We plan to

establish local games hubs in new Cairn

neighbourhoods and integrate the Community

Games ethos into our Home Together

programme;

• extending our GIY partnership to reach more

neighbourhoods and families across the

country;

• introducing Home Together in three additional

developments to strengthen long-term

community leadership; and

• extending our Community Fund initiative to

new development locations.

CASE STUDY

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

GRADUATE PROGRAMME

Overall ‘Learner Experience’ Rating of the

2024 - 2025 Graduate Programme

93%

Our Strategy in Action

Evolving our Graduate Programme

We expanded our Graduate Programme this year,

welcoming the largest cohort of graduates since

itcommeneced. Our programme has evolved

year-on-year with the addition of buddies to provide

onboarding support, quarterly face-to-face training

blocks to facilitate group learning and networking,

and individual milestone checklists to ensure

consistent learning and exposure in between

training blocks.

This year we introduced a group project at the end

ofthe programme designed to drive collaboration

and embed commercial thinking from the beginning

of our early careers pipeline. This project requires

ourGraduates to look at the full end to end delivery

of one of our early-stage sites, giving them the

opportunity to directly apply their learnings from

the programme. They present their proposal

to a senior panel made up of Construction and

Commercial functional leads at the closing

event of the programme.

Also new for 2025 is the introduction of rotations

for our Quantity Surveyor graduates, with six

months spent on site and three months spent

with our Procurement and Cost Planning teams

respectively. This is designed to facilitate broader

exposure across the Commercial function and

ensure they complete the programme with a

full understanding of the professional growth

opportunities available to them in Cairn.

Embedding People Manager Capability

This year the focus for our people managers was

embedding our manager competency framework

and expanding our manager development

programmes to ensure consistency and

sustainability across our organisational capability.

We launched digital copies of the competency

framework at the start of the year as part of our

manager objective setting workshops, followed

by physical booklets as part of our mid-year

review cycle.

We also designed and launched new modules to

drive manager capability in two key areas. Firstly,

focusing on how to lead inclusively across diverse

teams to support our E,D&I strategy. Secondly,

focusing on talent identification and career

conversations to support talent development and

employee progression.

To further enhance the capability of our delivery

leaders in the Construction function, we launched

our Project Manager & Project Director development

programme last year. This programme provides

additional support for these key roles through

group development planning workshops and

quarterly individual coaching withan external

consultant. With input from our Regional Managers,

the group is supported to set personal, team

andbusiness-wide goals over a12–18 month

period to support longer-term personal and

leadership capability.

Developing the

Next Generation

of Ta lent

LINK TO STRATEGY:

CASE STUDY CONTINUED

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Our Strategy in Action continued

OUR PERFORMANCE

84% of Employees Agree That Their

Manager Actively Demonstrates the Eight

Competencies Outlined in our Manager

Development Framework

84%

Cairn’s Future Leaders

In 2025, we re-designed and delivered a new version

of our top talent programme and re-named it the

‘Enterprise Mindset Programme’. This programme

builds the leadership and commercial capability of

our top talent through personal development and

coaching, whilst also driving an enterprise mindset

through a cross-functional group project.

The re-designed programme included a new

workshop on resilience and adaptive leadership,

acondensed timeline to drive momentum, and a

more focused approach to the project. Groups were

given a more structured brief based on an existing

business opportunity that is currently being

considered by the Leadership Team. This is designed

to constructively challenge participants while

providing them with a meaningful opportunity

tocontribute to Cairn’s future business plan.

A Platform for Female Talent

As part of our commitment to driving gender

balance across our organisation, we launched a

female-focused Sponsorship Programme in 2025.

Our aim is simple – drive female progression and

retention within our Construction and Commercial

functions as they are particularly under-represented

within these teams.

The programme is designed to provide a platform

which connects female employees with progression

opportunities, develop their self-belief and

confidence, and inspire them to continue moving

forward in their careers.

We currently have eight female employees

participating in this 12-month programme, each

paired with a senior leader in their function who

plays the role of sponsor. This involves advocating,

actively opening doors to potential development

opportunities internally and across the industry,

andbringing a broader perspective to career

conversations beyond their participants’ line

managers.

The roles currently targeted are from our Health &

Safety, Construction Planning, Technical, Quality and

Quantity Surveying teams. We are determined that

Cairn will be a place where female talent thrives and

that we will continue to highlight and give access

tothe innovation, personal growth and career

opportunities that exist.

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Our Strategy in Action continued

CASE STUDY

Passive House –

Strategy in Action

at Pipers Square

Setting the Standard:

Passive House Leadership

As an industry leader, we strongly believe that

commitment must be matched by action. In 2023,

we took the strategic decision to pioneer the

adoption of the Passive House standard in the Irish

market. This world-leading building standard far

exceeds current building regulations in terms of

energy performance. By applying Passive House

standard across some of our flagship developments,

we are significantly reducing heating and cooling

demand, lowering carbon emissions and energy

bills, whileenhancing indoor comfort and air quality

forresidents.

Adopting Passive House standard is a strategic

decision driven by three core priorities: reducing

operational carbon emissions, improving outcomes

and creating long-term value. This approach is now

central to how we assess sites, optimise design,

anddeliver homes at scale. Passive House homes

typically require half the heating energy demand of

homes built to current regulations. Beyond

Delivering one

of Europe’s largest

Passive House

apartment schemes

HIGHLIGHTS

Estimated Reduction in Energy Bills

Compared to Current Building

Regulations

41%

Estimated Cost Savings Over the

Building Lifecycle

c. €50m

Estimated Tonnes of CO

Saved Over

Four Passive Developments

c.30,000

emissions reductions, the approach lowers energy

demand in these homes, helping to support the

resilience of Ireland’s national grid.

Delivering Passive House

at Scale at Pipers Square

Pipers Square in Charlestown, Dublin 11, is our

flagship Passive House development and one of the

largest schemes of its kind in Europe. Comprising

598 apartments which we will deliver to our

partners at Respond Housing Association, the

project exemplifies Cairn’s leadership in delivering

sustainable, high-quality and affordable homes at

scale. By embedding Passive House principles early

in design and planning, we have delivered significant

carbon reductions, improved resident comfort, and

optimised construction efficiency - setting a new

standard for energy-efficient housing in Ireland.

The Pipers Square site was acquired with planning

LINK TO STRATEGY:

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Our Strategy in Action continued

permission for 598 units; however, the approved

design was not optimised for efficient construction.

Working within the existing planning grant,

ourplanning, design and construction teams

collaborated to optimise the scheme without

requiring an amendment application, while

successfully discharging all planning conditions.

Cairn also secured planning permission for a

further 243 apartments in Phase 2 which will also be

built to Passive House standard when construction

begins in 2026.

Key efficiencies included the removal of redundant

basement space, elimination of approximately one

kilometre of internal partitions through open-plan

layouts supported by sprinkler systems and a 20%

reduction in structural columns through efficient

design. These improvements reduced material use,

improved construction efficiency and improved

programme certainty. Crucially, these homes are

delivered at scale with our existing supply chain

partners.

Delivering for Customers,

Communities and Society

Placing customers at the centre of our

sustainability strategy, we have developed

atailored aftercare and training programme

tosupport residents, building managers and

maintenance teams beyond handover, ensuring

Passive House homes perform as intended in use

(further details on this can be found on page 78).

Pipers Square demonstrates how we can deliver

energy-efficeint, affordable homes at scale when

working in partnership with our State and supply

chain partners, lowering emissions and contributing

to Ireland’s long-term housing and climate

objectives.

Delivered Passive House standard

apartments to our State partners at our

Seven Mills, Pipers Square, Niven Oaks

and Whitehaven developments in 2025.

Passive House Standard Apartments

Delivered to Date

600+

Passive House Unit Commencements

toDate

3,000+

CASE STUDY CONTINUED

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Business Model & Value Chain

Adding Value at Every Step

Strategically Located and

Low-Cost Landbank

We have a landbank of c.18,400 units,

across 39 sites nationwide, located in areas

with excellent public transport and

infrastructure links, supported by a strong

strategic pipeline.

Trusted Subcontractors

and Suppliers

Our well-established subcontractor base

and supply chain partners have grown

their businesses with us, scaling and

developing to meet our increased capacity.

Scaled Operating Platform

We continue to invest in the capacity and

capability of our business, driving growth

and further leveraging our scaled and

sustainable operating platform.

People

The strength of our team is key to our

success as we continue to invest in our

people and extend our capacity and

capability.

KEY RESOURCES OUR END-TO-END OPERATING PLATFORM

Our unique end-to-end scaled operating platform means we control our

entire product life cycle, allowing us to leverage our operational competitive

advantages to deliver quality and value at every step.

THE LONG-TERM VALUE WE CREATE

For Our Customers

We deliver award-winning, value-for-money, energy-efficient new

homes in sustainable communities where our customers can thrive.

For Our Supply Chain

Our long-standing supply chain partners have grown with us. Since

our IPO in 2015, our top 20 subcontractors have accounted for 60%

of all procurement (an average of c.€100 million each).

For the Construction Industry

Through initiatives such as our €10 million Cairn Apprenticeship

Scheme, we are helping to attract and retain graduates in the

construction sector in Ireland.

For the Environment

We continue to be a leader in sustainable construction in Ireland,

evidenced by having commenced more than 3,000 new homes to

Passive House standard since 2023. In 2025, we were awarded an A CDP

score, placing us in the Top 4% of companies globally for leadership in

environmental transparency and action.

For Employees

We focus heavily on facilitating exposure and development opportunities

for our employees as we continue to invest in our capacity and capability.

We retained our Great Place to Work accreditation in 2025 and were

shortlisted as one of the top employers in Europe by Great Place to Work

Europe, evidencing the value we continue to create for our employees.

For Shareholders

Proven track record of delivering sustainable growth and attractive

returns for shareholders, returning over €490 million since 2019.

For Communities

We believe that delivering homes is not just about buildings, but also

about fostering environments where people can thrive and feel a sense

of belonging. Our communities of connection are embodied in our

initiatives such as Home Together, the Cairn Community Games and

our newly launched partnership with GIY.

1. Land Acquisition

Our evolved land acquisition strategy now includes partnerships, options

and joint ventures. These structures provide strategic optionality, allowing

us to leverage our operating platform, and are a capital efficient way to

acquire land. When acquiring sites we place an emphasis on identifying

sites that are complementary to our existing landbank, well-located near

excellent transport and infrastrucure links and areas of proven demand.

2. Planning

We manage all of our own planning applications, leading the full life cycle

of the application process to ensure that commercial outcomes are

maximised in a timely manner and aligned to our standardisad designs.

3. Pre-Construction

Our Pre-Construction team operates in tandem with the planning process,

allowing the Pre-Construction and Design teams to mobilise in

preparation to start on site as soon as we receive planning grants.

4. Construction

Our scaled operating platform allows our Construction Team to deliver

at pace, scale and value for money. We continue to leverage our proven

apartment capability as Ireland’s largest self-build developer delivering

much-needed apartments nationwide.

5. Sales and Customer Care

Understanding and exceeding the diverse needs of our broad customer

pool is at the heart of our operating platform. Our newly combined Sales

and Customer Care Team is dedicated to not only gathering but also acting

on our customer insights and feedback, ensuring that we remain their

partner of choice and consistantly deliver an industry-leading level of

customer service.

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Business Model & Value Chain continued

Business Model & Value Chain

We are committed to building sustainable communities where people can thrive.

This is the driving force behind our commitment to quality, Health & Safety, sustainable

building practices and respect for our people, our customers, and the world we live in.

OWN OPERATIONS – CONSTRUCTION OF RESIDENTIAL BUILDINGS

Acquisition,

Planning and Design

Marketing and Sales

Development Build

Procurement

Customer Use Extract and

Mine Resources

Subcontractor

Construction Activities

End of Life

Manufacture Materials

and Transport

Waste Management

UPSTREAM

DOWNSTREAM

Location in the value chain

Upstream

Own Operations

Downstream

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

UPSTREAM

Business Model & Value Chain continued

Extract and

Mine Resources

Materials Manufacture

and Transport

Subcontractor

Construction Activities

Extracting natural resources in the construction industry can

typically be categorised into two groupings: plant-based raw

materials obtained through forestry and logging; and mined

or quarried raw materials such as minerals and fossil fuels. At

Cairn, we rely on resources such as wood, iron, sand, and

limestone in the initial production phase of construction

products. These construction products are then used to

build our homes.

In this stage of our value chain, we do not engage directly

with extraction or mining companies. We work closely with

our supply chain partners who source products on our

behalf, making sure they understand our expectation that

they uphold the same standards and due diligence practices

that guide our own operations, including our established

policy of only using FSC certified timber.

Most raw materials extracted for use in the construction

sector must be manufactured into construction products.

Cairn is heavily reliant on these products to enable us to

build our homes. It is essential that these products comply

with Ireland’s high safety, durability, and quality standards

to ensure they contribute to the long-term viability

of our homes.

We rely on the supply chain not only to manufacture these

products but to also ensure the safe distribution, transport,

and delivery of them to our sites. Most of this distribution

and transport takes place by sea or road, which results in a

complex logistics system which must be managed

efficiently.

We work with all our direct suppliers at this stage of our

value chain to ensure they are aware of our materials and

products requirements, particularly regarding the delivery

of our sustainability objectives.

Cairn has an established subcontractor base and proven

operating platform on which we rely to ensure our

continued delivery of energy-efficient homes at pace, scale,

and value for money. This subcontractor base comprises a

broad range of skills and disciplines across numerous trades.

We also rely on our utilities providers to ensure the

successful supply of utilities to our sites such as water and

electricity, resulting in successful development completion.

We were active on 25 sites during 2025, supporting over

5,500 jobs with over 3,500 people accessing our sites daily.

This level of activity requires a significant focus on health and

safety, which remains our number one priority.

Our Responsible Sourcing Programme involves extensive

engagement with our subcontractors to improve the

sustainability performance of our supply chain. Collaborating

with our subcontractors to upskill and develop more

sustainable practices is a strategic priority for Cairn.

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

OWN OPERATIONS – CONSTRUCTION OF RESIDENTIAL BUILDINGS

Acquisition, Planning

and Design

Development

Build

Procurement Marketing

and Sales

Land acquisition is an integral part of

our commitment to building sustainable

communities where people can thrive. It

is the first stage in our value chain where

Cairn has direct control, and it is a critical

part of our strategy that we identify and

purchase sites that are complementary

to our existing landbank, are in areas

with excellent infrastructure and public

transport links, and are not subject to

flooding or other environmental risks.

We lead and manage the design and

submission of new development

designs and planning applications to

ensure key stakeholder objectives are

achieved. Our experienced planning and

design team work closely with external

professionals, including architects and

ecologists. This approach ensures we

consistently create vibrant and

sustainable communities which have

excellent amenities in a well-designed

and planned environment that maximises

the potential of every site.

This is supported by our Cairn Design

Platform which includes the Cairn

Technical Design Library, a repository

of knowledge accessible to our

consultants, which provides them

with extensive industry knowledge

and the preferred methods of Cairn’s

design specification and process.

The management and delivery of our build

schedule is a critical element of our business.

This is underpinned by the dedication of our

site teams in ensuring we build safely and

responsibly.

Innovation, quality, and professionalism are

at the forefront of everything we do, with the

diligence, hard work and dedication of our

people driving Cairn’s strong performance

and growth.

We leverage our proven delivery capability to

build partnerships with local authorities and

state agencies, delivering energy-efficient,

affordable homes at pace and scale.

To support our scaling business, we

launched our Group Procurement function

in 2023, enabling more effective and

efficient procurement across our growing

project pipeline.

Our focus on design efficiency and

standardisation has enabled Group

Procurement to establish strategic

framework agreements across key product

categories. This further enhances our supply

chain relationships, provides delivery

certainty, and de-risks our pipeline.

Our Sustainable Procurement Policy and our

Supplier Code of Conduct clearly set out our

expectations of our suppliers, subcontractors

and service providers, and the minimum

standards they are required to meet.

Our commitment to understanding our

customers and their needs begins at land

acquisition and remains at the core of our

entire business model.

With a focus on meeting the diverse needs of

a rapidly expanding customer base including

private and State buyers, we engage with our

customers through both our internal sales

and marketing functions and external selling

agents. Our marketing strategy has ensured

that we reach our customers through an

extensive out-of-home media campaign

including TV, radio, social media, and billboard

posters.

From the start of the customer journey, we

focus on providing clear, accurate, and

concise information on our homes and

their features. We also outline all the relevant

paths to ownership available to our

customers such as the ‘First Home Scheme’

(Shared Equity) and the ‘Help to Buy’

initiative.

Our fully integrated customer relationship

management system allows us to

continuously learn and improve on every

point of the customer journey from

enquiry through to aftercare.

Business Model & Value Chain continued

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

DOWNSTREAM

Customer Use Waste Management End of Life

We have always been committed to building high-quality,

energy-efficient homes. Our homes are built for good and

provide a healthy and comfortable home for our customers.

During the lifetime of our homes and as part of their daily

lives, our customers consume energy, water, and other

resources and materials, while also producing waste and

carbon emissions.

While we already build highly energy-efficient A-rated

homes, as part of our evolution, we are pushing what it

means to build to the highest possible standards by

adopting the Passive House standard in some

developments, facilitating energy savings and reduced

emissions through increased efficiencies.

Customer experience is at the centre of what we do. Our

dedicated aftercare team works with all our customers to

ensure the highest possible levels of aftercare, which

includes access to our customer portal. This portal contains a

central repository for all the information our residents need

to efficiently operate their new home.

We have identified waste management as a strategic part of

our downstream value chain. Through activity in our own

operations and customer use, the production of waste is

unfortunately unavoidable. However, we are committed to

reducing our waste production and increasing our level of

recycling as much as feasibly possible.

We are continuing to target net-zero soil import and export

by maximising onsite reuse of excavated material and

managing any remaining surplus, further reducing what is

sent to landfill. This approach lends itself to our initial foray

into the world of circular economy, while we continue to

upskill and investigate the adoption of circular design as part

of our strategy.

Our Waste Working Group is working to transform our

current waste management strategy into a more sustainable

solution. This is a strategic priority for Cairn.

Currently, the built environment is designed around a linear

model in which materials are sourced, used, and then

disposed of as waste. This approach has contributed to the

construction industry becoming one of the main consumers

of natural resources and raw materials and a large producer

of waste and carbon emissions.

When our homes reach their end of life and are

deconstructed, some components can be reused and/or

recycled. However, by adopting a circular economy

approach, renewable materials are used where possible,

energy is provided from renewable sources, and waste and

negative impacts are designed out.

Cairn is committed to developing building designs and

techniques that support circularity and waste reduction

while maintaining our high-quality standards.

Business Model & Value Chain continued

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Stakeholder Engagement

How did we engage?

In 2025, we strengthened our engagement by establishing a People & Culture

Committee supported by three dedicated working groups – Health &

Wellness; Equality, Diversity & Inclusion; and Engagement & Communication

– providing structured forums for colleagues to shape priorities and influence

decisions. Our primary feedback mechanism remained our employee

engagement survey, which achieved an exceptional 94% participation rate.

What did we learn?

• Shared ownership delivers results: the committee and working group

model helped colleagues see their input translated into action.

• Quality and consistency of communication matters: scores improved

across 15 of 17 engagement categories compared with the previous year.

• Recognition and inclusion sustain momentum: Our Employee Net

Promoter Score (eNPS), which measures advocacy and confidence in our

culture, rose by three points to 61, our highest ever score.

Our focus for 2026

In 2026, we will build on the strong foundations laid this year by deepening

shared ownership of our people and culture agenda. This means broadening

nominations to our working groups to ensure diverse perspectives and

representation, while strengthening collaboration across all areas of health

and wellbeing; equality, diversity and inclusion; and engagement. We will also

place a focus on communication in our regional site locations, ensuring clarity,

consistency and timely updates so colleagues remain informed and

connected.

People

Our Performance

• 61 – eNPS (our highest ever score)

• Highest-scoring construction company – Best Workplaces

inEurope

How did we engage?

In 2025, we combined our Customer and Aftercare teams to ensure the Cairn

customer journey is seamless. Using data-driven insights we focused on

enhancing, refining and strengthening engagement and relationships with

our broad customer base. Key areas of focus included:

• earlier interactions with our business customers and State partners to

enhance our already successful handover cycle;

• dedicated Passive House training for our State Partners buying Passive

House units; and

• increasing awareness and understanding of the Government’s new

impactful Croí Cónaithe (Cities) scheme through a customer information

evening at our first Croí Cónaithe approved development in Douglas, Co.

Cork.

What did we learn?

Our customers value open, timely and informative communication. Increased

access to on demand information through both our private customer and

newly established business customer and State partner portal, supported by

our Customer and Aftercare team is critical for our broad customer base.

Our focus for 2026

We will continue to improve our data collection to identify customer trends

and facilitate data-driven decisions. Following the succesful introduction and

onboarding of our customer portal for our business customers and State

Partners, in 2026 we will focus on its wider implementation and adoption.

Customers

How did we engage?

We utilised our established Supplier Relationship Management (SRM)

programme as a platform for open collaboration, innovation and joint

strategic planning to align supply capacity with our increasing scale, driving an

increase in the number of long-term supply and framework agreements with

key supply chain partners.

Health & Safety remained a critical focus area for us in 2025. We executed

asustained engagement strategy with leaders throughout our supply chain,

driving a culture of continuous improvement by collaboratively addressing

specific health, safety and wellbeing challenges.

What did we learn?

Our 2025 subcontractor survey highlighted several critical insights including

recognition for our investment in Health & Safety, and a growing appetite

amongst our supply chain partners for a transition towards more sustainable

practices. In order to support our supply chain partners in this area, our

evolving Responsible Sourcing Programme now includes training and

awareness sessions on ESG-related topics.

Our focus for 2026

We are committed to working collaboratively with our supply chain partners,

focusing on shared objectives, up-skilling and training. Three key ares of focus

for 2026 are:

• ensuring sustained focus on health, safety and wellbeing, working across

our supply chain to continually raise standards;

• deeper risk analysis across our supply chain as part of our responsible

sourcing programme, supported by additional training and supports for

our partners; and

• sharing our knowledge capital to support supply chain businesses to

grow sustainably in 2026 as Cairn continues to scale.

Supply Chain

Our Performance

• 94% – 2025 Cairn Customer Experience

• 50% reduction in time to resolve cases

Our Performance

• 20% increase in Supply Chain Engagement Survey participants

• 62% Net Promoter Score

Stakeholder Engagement

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

How did we engage?

We are committed to building new neighbourhoods that will grow into

strong, enduring communities integrating seamlessly with existing towns. In

2025, we continued to deepen our engagement with local communities and

enhance our national impact.

The Cairn Community Games remained the cornerstone of our community

engagement. With over 173,000 participants and 10,000 volunteers across

430 towns nationwide, this partnership allows us to provide meaningful

support to both established communities and new Cairn neighbourhoods.

We launched a new partnerhsip with Grow It Yourself (GIY), supporting

residents in connecting with one another whilst also gaining a deeper

understanding of food, health, climate and biodiversity.

What did we learn?

Engagement with communities, at both a national and local level, has a

profoundly positive impact on our residents and wider communities.

Impactful partnerships such as our Home Together Programme have

empowered our residents to lead the way, In 2025, several of our early

participating developments graduated from the programme after completing

their intial three-year cycle, evolving into fully self-led community networks.

This ownership highlights the signficant impact of engaging with

communities.

Our focus for 2026

Given the individual successes of our current partnerships, we will focus on

expanding and enchaning these intiatives in 2026 including introducing Home

Together to three additional developments and extending our GIY

partnership to reach more neighbourhoods.

Sustainable Communities

Our Performance

• 13,000 participants added to the Cairn Community Games since

2024

• 11% increase in non-sport Cairn Community Games categories

since the partnership began

How did we engage?

Cairn recognises the importance of regular communication and interaction

with shareholders, potential investors and the international financial and

investment community.

Executive Directors and the Investor Relations Team proactively engage with

investors throughout the year deploying an active engagement programme.

Members of the Cairn team engage with investors and shareholders during

financial results, presentations, meetings, roadshows, conferences, site visits

and conference calls. The Chairman also undertook an introductory roadshow

during his first year as Chairman, and the Chair of the Nomination Committee

also sought engagement with shareholders on a range of governance topics

We also engage viaour regulatory reporting through our Annual Report, full

year results, halfyear results, trading updates and our Annual General

Meeting.

What did we learn?

Shareholders continue to value the importance of in-person meetings with

Executive Directors, the Investor Relations team, the Chairman and respective

Board Committee Chairs. Direct engagement between the Non-Executive

members of the Board and shareholders is mutually beneficial, allowing both

to gain insights into what is high on their agendas. Meeting requests increased

in 2025 as investors look for engagement outside of the traditional

results-focused roadshows, with the Executive Directors and the Investor

Relations Team participating in three non-results roadshows and three equity

conferences.

Group meetings at conferences remained popular throughout 2025,

withshareholders (either prospective or existing) continuing to see these

meetings as an opportunity to enhance their knowledge and understanding

of Cairn’s business.

Our focus for 2026

We will look to increase our investor engagement by working with our

corporate brokers to identify meaningful opportunities for engagement,

through conferences, roadshows, site visits or meetings. We will also offer

further opportunity for engagement with Non-Executive Board members.

Shareholders

How did we engage?

In 2025, we strengthened our proactive engagement with key government

departments, officials, policymakers, and State agencies at both local and

national levels. Our approach was transparent and collaborative, ensuring

Cairn’s insights informed critical policy developments. Throughout the year,

we contributed to consultations and briefings on the revised National

Development Plan (NDP), the first revision of the National Planning

Framework (NPF), the Accelerating Infrastructure Report and the new housing

strategy, Delivering Homes, Building Communities. Our engagement

extended to appearances before the Joint Oireachtas Committee on Housing

and Planning, where we highlighted the importance of aligning housing

activation, enabling infrastructure investment and removing system

inefficiency. We hosted site visits for An Taoiseach, An Tánaiste, Ministers and

senior officials at multiple developments, including Seven Mills, which has

been named in the new housing plan as the exemplar for sustainable

transport-oriented development and as a model for future growth.

What did we learn?

Ireland’s housing crisis remains one of the most pressing national challenges.

While Government measures under Housing for All have delivered progress,

the scale of the problem demands accelerated action.

Our focus for 2026

We will continue to position Cairn as a leading business playing a constructive

and influential role in delivering quality homes for society and the State. Our

priorities include:

• advocacy for Housing as Infrastructure: Elevate housing within NDP

investment frameworks and secure enabling infrastructure ahead of

demand;

• apartments are Essential: Champion medium density, mixed tenure

developments like Seven Mills;

• collaborate on Policy Implementation: Work with Government and

agencies to operationalise the full suite of housing and infrastructure

plans; and

• engage at all Government Levels: Maintain active dialogue with the all

departments, Oireachtas Committees and other forums to ensure

housing delivery remains central to Ireland’s economic and social agenda.

Policymakers

Our Performance

• c.120 investor engagements

• Three non-results roadshows

Our Performance

• Consultations made across all key legislative, regulatory and

policy frameworks, including Building Homes, Delivering

Communities, NDP Review, Revised NPF and Accelerating

Infrastructure Taskforce Report

Stakeholder Engagement continued

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Cairn Homes plc | Annual Report 2025

CFO’s Statement

Trading Performance

The Group delivered a 10% increase in revenue from

2,365 unit closings, marking another year of strong

progress for the business. Our 2,365 closed units

was a 6% increase in output, as the Group's revenues

grew to €944.6 million, from €859.9 million in 2024.

Some €928.0 million of our revenue was delivered

from residential closed units, compared to €838.5

million in 2024, while development land and other

commercial sales contributed €16.6 million, down

from €21.3 million in 2024.

Cairn recorded a gross profit for the year of

€208.8million, an increase from €187.0 million in

2024, resulting in a gross margin of 22.1%, up 40bps

from 21.7% in 2024. With build cost inflation of

c. 1% in the year, the increase in our gross margin

clearlyevidences the impact of our procurement

strategies, efficiencies from large multi-site tender

awards and productivity across scaled sites.

This resulted in an increased operating profit for

theyear of €168.6 million, a 12% increase from the

€150.0 million operating profit achieved in 2024,

and an operating margin of 17.8% (2024: 17.4%).

Operating expenses were €40.2 million (2024:

€37.0million), or 4.25% of net revenue (2024: 4.30%)

highlighting the impact of our lean construction

platform.

Finance costs for the year increased to €16.7 million

(2024: €15.1 million), reflecting the Group’s higher

working capital investment during 2025. Profit

aftertax was €132.7 million (2024: €114.6 million),

equating to basic earnings per share of 21.3 cent

(2024: 17.9 cent).

Balance Sheet Strength

Total assets were €1,306.2 million at 31 December

2025 (2024: €1,072.3 million), including inventories

totalling €1,115.2 million, up from €862.1 million

asat 31 December 2024. This incorporated

€701.3million in land held for development

(31 December 2024: €615.7 million), and

construction work-in-progress (WIP) of €413.8

million (31 December 2024: €246.4 million). The

increase in land held for development followed the

release of land costs from the 2,365 closed units

2025, totalling €94.1million, offset by strategic land

acquisitions and other land costs during the year

totalling €179.7 million, including €77.1 million in

acquisitions on deferred payment terms payable in

2026 and 2027 (with a corresponding deferred

consideration trade payable). Investment of

€800.8million in WIP during the year, net of WIP

release of €633.3 million due to the release of costs

associated with the sale of 2,365units, resulted in

the €167.4million increase in WIP.

Net assets increased from €758.2 million to

€836.7million, an increase of €78.5 million which

reflects the continued investment the Group is

making into our future growth. With profit after

taxgrowth of 16% to €132.7 million, the Group

delivered a return on equity (ROE) of 16.6%,

anincrease of 150bps from 15.1% in 2024.

The Group refinanced its syndicate facility and

a US Private Placement loan note during 2025.

At31 December 2025, the Group had access

to€500million of committed debt facilities

(31 December 2024: €385 million), with a current

average maturity of nearly four years, of which

€402.5 million was a syndicate facility comprising

aterm loan of €102.5 million and revolving credit

facility of €300 million with Allied Irish Banks, Bank

of Ireland, and Home Building Finance Ireland (HBFI),

maturing in June 2029 with a one-year extension

option at the discretion of Group. We also have

aUSPrivate Placement of €97.5 million, repayable

1 This comprises both closed and equivalent residential units. Equivalent units relate to forward fund transactions which are

calculated on a percentage completion basis based on the constructed value of work completed divided by the total

estimated cost.

“The Group delivered another strong

and impressive financial and operational

performance in 2025 with a 10%

increase in revenue and a 16% rise

in profit after tax.”

RICHARD BALL

CHIEF FINANCIAL OFFICER

Chief Financial

Officer's

Statement

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

CFO’s Statement continued

on 31 July 2026 (€42.5 million) and 31 July 2030

(€55.0million).

As at 31 December 2025, the Company had available

liquidity, including cash and undrawn facilities, of

€327.1 million, compared to €229.6 million as at

31 December 2024. Net debt of €171.3 million

compared to the net debt of €154.4 million as at

31 December 2024. Our net debt to inventories

(athistoric cost) reduced to 15.4% (2024: 17.7%),

reflecting a lowly leveraged balance sheet and the

disciplined manner in which we continue to fund

the Group’s growth.

Cash Flow & Shareholder Returns

The Group generated operating cash flow of

€70.6million in the year (2024: €134.7 million),

after spending €100.7 million (2024: €99.5 million)

on strategic land acquisitions. Total shareholder

returns for 2025 were €54.7 million, including the

final €1.8 million spent on our FY24 €45 million

share buyback programme and €52.9 million

through our progressive dividend policy. The Board

has recommended a final dividend of 5.9 cent per

ordinary share, which, combined with the interim

dividend of 4.1 cent per ordinary share, results in a

total dividend of 10.0 cent per ordinary share for the

year (2024: 8.2 cent per share). The proposed final

dividend of 5.9 cent per ordinary share will be paid

on 29 May 2026 to ordinary shareholders on the

Company's register at 5:00 p.m. on 24 April 2026,

subject to shareholder approval at the Company's

Annual General Meeting on 30 April 2026.

Capital Allocation

As evidenced by our strong financial performance

in2025, Cairn remains in a period of significant

operational expansion underpinned by sustained

profitability growth. The Group is committed

toprioritising investment in WIP and through

disciplined execution of our land acquisition and

partnership strategy to fund this sustainable

multi-year growth and drive long-term value. With

aprogressive ordinary dividend policy, we distribute

surplus capital to shareholders. Our approach to

capital allocation is underpinned by our strong

balance sheet, the efficient use of capital in growing

ROE and driving significant long-term cash

generation and monetisation of our low-cost

historic landbank.

Operating Review

Demand across all buyer profiles, most notably

amongst first time buyers, remained exceptionally

strong in 2025, with the Company delivering

2,365units. This demand is also evidenced in our

weekly private sales rate per active selling site of 4.,

across nearly 1,000 private sales in the year and the

growth of our closed and forward order book which

has increased to 3,452 new homes with a net sales

value of over €1.32 billion as at 3 March 2026 (2,593

new homes and €989 million as at

26 February 2025).

We continue to partner with a number of State

supported counterparties to deliver competitively

priced social & affordable homes under both

forward purchase and forward fund transactions.

We started 2026 active on six forward fund projects

and expect to complete further forward fund

transactions throughout the year, supporting

efficient capital deployment and materially

increasing our supply of social & affordable homes.

In 2025, the Company significantly increased its

investment in construction activities with our

highest ever WIP spend of €800.8 million (2024:

€484.3 million). Our closing WIP balance of €413.8

million reflects the investment in the capacity and

capability of our scaled operating platform and is

3.2x (2024: 4.0x) covered by over c.€1.32 billion sales

in our closed and forward order book.

In 2025, we acquired scaled sites (average site size of

over 500 units) which are expected to deliver 4,500

new homes, primarily for the private market in the

medium term. Continuing our now established

strategic and disciplined capital allocation approach

to land acquisition, we converted two option deals

in the period, which will deliver c.2,800 of these

4,500 new homes.

Our land pipeline of up to 6,000 units provides

enhanced landbank flexibility, whilst also securing

our medium term growth in a capital efficient

manner. This pipeline reflects transactions that can

be executed opportunistically, ensuring flexibility to

address changing demand dynamics and execute

returns accretive opportunities as they arise.

Outlook

As we look to our second decade in business, 2026 is

expected to be another strong year for Cairn as we

continue to benefit from a fundamentally robust

housing market characterised by structural

undersupply and enhanced affordability supports.

These conditions, combined with our disciplined

capital allocation and substantial investment in

operational scaling, have created a platform for

consistent volume growth and strong financial

performance.

Revenue

€944.6m

Gross margin

22.1%

Operating profit

€168.6m

Earnings per share

21.3 cent

Dividends per share

10.0 cent

Land & WIP

€1,115. 2 m

Net debt

€171.3

Total equity

€836.7m

ROE

16.6%

The above performance measures are considered important by the Group in order for investors and analysts toassess how

effectively the Group manages its day-to-day business expenses to generate profit from sales, provides abasis for performance

benchmarking against competitors, and indicates financial strength and potential for growth inaddition to helping assess risk,

liquidity, movements in debt and long-term stability. Please see supplementary information section on page 203.

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Audit & Risk Committee (ARC)

The ARC monitors the effectiveness of the risk management framework,

on behalf of the Board, and maintains oversight of the Group’s

risk register. This includes ensuring the Group’s principal risks and

uncertainties are identified, assessed and appropriately mitigated. The

ARC receives a comprehensive risk report at each of its meetings, where

it also reviews and considers the Group’s risk register.

Risk Report

Risk management

Board of Directors

The Board is responsible for ensuring the

level of risk to which Cairn is exposed

matches its strategic objectives and overall

risk profile. It also sets Cairn’s appetite for

risk and oversees the effectiveness of the

risk management process.

Cairn’s continued operational scaling and growth changes our risk profile, which requires ongoing

assessment of the effectiveness of our approach to identifying, managing and anticipating risk.

Year in Review

Over the course of 2025, we completed a

comprehensive review of our risk management

framework to ensure it continues to meet our

business needs and contributes positively to the

development and delivery of our strategic aims.

As part of this review, we:

• re-evaluated our principal risks and uncertainties

to ensure they better align with our strategy and

overall risk profile. In addition to refining their

scope and description, we have identified data,

technology and cybersecurity risks as a separate

principal risk and uncertainty, reflecting the

importance of data and technology to our

growth and continued innovation;

• critically examined our risk appetite for each

principal risk and uncertainty to ensure they

continue to align with our strategic intent;

• introduced updated quantitative measures

for the effectiveness of our risk mitigations and

the management of our business within risk

appetite; and

• created a new Strategic Risk Group to provide

a specific forum for our Senior Leadership

Team to identify principal risks and monitor

our mitigations.

These changes have enhanced our overall risk

approach and improved its governance. The

re-evaluation of our principal risks and uncertainties

also means their overall likelihood and impact

weightings have been adjusted, better reflecting

Cairn’s risk profile (as illustrated in the heat map

onpage 35).

The Economic Environment in which

Cairn Operates

Cairn takes a proactive approach to identifying risks

in our operating environment and implementing

strategies to address and mitigate those risks.

As we continue to scale our operations and build

along-term sustainable business, we are aware

external factors could impact our operations.

Geopolitical risks in particular have become more

pronounced in recent years, and these are overlayed

by ongoing global trade tensions.

The ‘Market Overview’ on pages 14 and 15 provides

a synopsis of the Irish macro-economic landscape.

The strength of the Irish economy, the continuing

supply demand imbalance and supportive and

impactful Government housing policies, initiatives

and legislative changes in 2025 give context to our

risk management environment.

Risk Governance

Cairn’s updated risk management framework,

continues to align with accepted risk management

standards and closely reflects our overall risk

appetite, strategic objectives, and scaling

operational activities. Everyone working in Cairn

has a level of responsibility for risk management.

This supports a holistic approach to identifying risk

whilst ensuring the upward reporting of risks and

opportunities. This culminates in Cairn’s Strategic

Risk Group, comprised of members of our Senior

Leadership Team, which has oversight of the

organisational risk management plan with a

proactive role in assessment, mitigation and

monitoring. The Strategic Risk Group also

determine the strategic approach to risk,

theestablishment of our structure for risk

management, and inform Cairn’s risk appetite.

RISK GOVERNANCE FRAMEWORK

RISK FRAMEWORK

RISK STRATEGY

Strategic Risk

Group

Identify principal risks

—

Approve and monitor

mitigation plans

Functional

Tea ms

Identify risks

—

Define and implement

mitigation plans

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Risk Report continued

Cairn’s Risk Management Process

The risk management process is supported by expertise and resources that help ensure it is

optimised to Cairn’s strategic, operational, and financial objectives, and applied in a consistent way.

Rare Unlikely Possible Likely Almost

Certain

Insignificant Minor Moderate Major Catastrophic

Probability

Principal Risks

Macro-Economic &

Market Forecasting

Economic conditions may

adversely affect the prices at

which Cairn can sell its homes,

or demand for its homes.

Finance & Liquidity

Cairn substantively fails

to meet financial targets

or obligations, suffers

unexpected financial

loss, or misstates its

financial position.

People

Cairn fails to recruit,

engage, and retain the

right employees, in the

right positions, to deliver

its strategy.

Government Policy

Local and national policy

or regulation in respect

of residential property

development adversely

impacts Cairn.

Land, Planning &

Development

Developments fail to meet

the operational or financial

targets set for them.

Sustainability

Cairn fails to manage its

business sustainably,

or in a way that meets

environmental, social and

governance expectations.

Brand & Reputation

Brand reputation is damaged

through failures to meet

stakeholder expectations,

such as in respect of business

practices, the quality of

homes, or ability to fulfil

commitments.

Health, Safety &

Compliance

Cairn fails to meet its legal

and regulatory obligations

(such as Health & Safety or

data protection).

Data, Technolog y

& Cybersecurity

Cairn fails to ensure

appropriate levels of

cybersecurity, system

resilience, and technology

governance to support

sustainable growth and

innovation.

Principal Risks and Uncertainties

Following the review of our risk management framework, Cairn has now identified nine

principal risks. These risks, the profile of each which has been modified as part of the

review, could have a material impact on our ability to meet strategic and financial

objectives. These risks, and the risk appetite Cairn has for each, are described in further

detail from page 36. The risk heat map below shows each principal risk’s likelihood and

impact weighting over the next 12 months.

Everyone at Cairn is tasked with supporting risk

identification and evaluation. The Strategic Risk

Group actively engages in this process and meets

formally throughout the year to review risks

identified by functional management, identify

principal risks and uncertainties, and approve

and monitor mitigation plans.

Once a risk is identified, it is aligned and allocated

to a principal risk. This validates the risk and supports

the identification of emerging risk themes.

Any assessment of risk requires consideration

of how likely it is the risk will occur, and then the

financial and non-financial impacts of the risk on

Cairn should it occur. This is assessed based on the

relevant controls that are already in place in respect

ofthe risk.

Having assessed the risk, the outcome is evaluated

to determine whether the risk, having regard to the

controls that have been implemented to manage it,

is within Cairn’s tolerance for the risk – its ‘risk

appetite’. Where the risk appetite is exceeded it

must be actively managed with additional controls,

or escalated to Cairn’s executive or Board

(depending on the risk area).

All risks are assigned to functional risk owners, who

are responsible for ensuring the risk is appropriately

managed. Plans for managing risks are monitored

for implementation and progress by the Strategic

Risk Group. The management of Cairn’s principal

risks is overseen by the Audit & Risk Committee on

behalf of the Board.

The risk management process and the risks it

identifies informs Cairn’s strategy development,

aswell as its monitoring and review. The risks

associated with the Group’s business are deeply

understood by management and the opportunities

they present are reflected in how Cairn has

developed and grown its business.

Consequences/Impact of Event

Risk

identification

and review

Risk

allocation

Risk informed

decision-

making

Assessment

of risks

Risk response

defined

Risk response

actioned

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Risk Report continued

Our Strategic Opportunity:

Achieve the next phase of growth in our business through

exceptional performance across our expanding product

mix and markets, evolving our current offerings and

exploring broader opportunities.

Risk Appetite:

We accept moderate macro-economic and market

demand forecasting risk, provided we maintain robust

planning, market segment forecasting and mitigation

strategies to manage adverse impacts.

This risk is currently being managed within risk

appetite.

Risk Mitigations:

• There is active management of the broad customer

pool. The potential risk of over exposure to any

particular market is offset by our capability to access

other markets. Cairn’s development mix also means

we are able to quickly adapt to changing market

conditions with existing stock and planned

developments.

• Regular review of the interest rate environment,

including discussions with Treasury advisors in our

funding banks, to understand interest rate

expectations and forecasts.

• Ongoing monitoring, review and analysis of housing

market conditions to help ensure development

activity matches anticipated market demand.

• Monitoring of mortgage availability and conditions,

mortgage lending, mortgage market participants and

mortgage interest rates is carried out on an ongoing

basis.

• Strong liquidity is maintained to ensure the business

can withstand short and medium-term changes in

market fundamentals.

• Land values enhanced by seeking planning on land

banks and ensuring they are development ready.

• 70% of Cairn’s landbank benefits from effective full

planning permission or is in the planning process.

Our Strategic Opportunity:

Play an industry-leading role in increasing housing

delivery across all tenures, leveraging our established

andscaled operating platform and evolving product

range to respond to this opportunity.

Risk Appetite:

We accept a moderate level of Government policy risk,

balancing flexibility to pursue opportunities whilst also

understanding the impact of changing regulations and

standards.

This risk is currently being managed within risk

appetite.

Risk Mitigations:

• Engagement with all stakeholders on a regular basis,

providing information and education on Cairn’s

market position and experience in the context of

Government policy aims.

• Promoting Cairn’s operational and delivery capabilities

to demonstrate how this positively support the

delivery of Government policy in respect of housing.

• Supporting policy development through consultation

and advocacy recommendations.

• Monitoring and scrutinising Government’s pre-

legislative programme to identify significant policy

changes through legislation.

• Maintaining a research function to identify national

and international best practices to help inform

decisions in respect of Cairn’s strategy, as well as

supporting engagement with stakeholders.

Risk trend key:

Risk increased Risk decreased Risk unchanged

Macro-economic

and Market

Forecasting

Economic conditions,

including mortgage

availability and affordability,

may adversely affect house

prices and sales rates.

Risk Landscape:

Whilst geopolitical risk and trade

tensions remain a concern, the Irish

economy continued to outperform its

EU peers with strong economic and

population growth, near full

employment, resilient consumer

spending and a €10.2 billion exchequer

surplus.

The ECB continued its easing of

monetary policy in 2025 with four

25bps reductions in the first half of the

year. Domestic mortgage interest

rates have followed, with the average

interest rate falling to 3.53% – its

lowest in three years.

Supported by a stable mortgage

market, strong demand was

maintained across all of Cairn’s

product range, underpinning our

committed development pipeline and

investment in construction activities.

Government

Policy

National policy, regulation

and legislation in respect of

residential property

development adversely

impacts the Group.

Risk Landscape:

Significant Government policy

changes have now been effected. The

National Development Plan Review,

with €36 billion allocated to housing

until 2030, together with the Revised

National Planning Framework, new

planning legislation (Planning and

Development Act 2024) and Budget

2026 taxation measures support the

supply of new homes - particularly

high-density developments. This

aligns with the Government’s new

Delivering Homes, Building

Communities 2025-2030 housing

strategy, which provides a delivery

target of 300,000 new homes by 2030.

The number of State and State-

supported stakeholders involved in

housing policy remains high, including

the Department of Housing, Local

Government and Heritage, the

Housing Agency, the Housing Finance

Agency, and the First Home Scheme.

This is in addition to Approved

Housing Bodies (AHBs) and local

authorities. This raises the potential of

variances in policy interpretation and

implementation, requiring Cairn to

adopt a multilateral approach.

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Risk Report continued

Our Strategic Opportunity:

Drive Cairn’s brand equity across its portfolio and

represent this externally, showcasing Cairn and its

proposition as a leading Irish business. Continue to

pursue our sustainability strategy, with a focus on Cairn’s

long-term, future success.

Risk Appetite:

We have a low appetite for risks that could harm our

brand and reputation, prioritising cautious engagement

and strict quality standards.

This risk is currently being managed within risk

appetite.

Risk Mitigations:

• Established Anti-Slavery Policy and Supplier Code of

Conduct seeks to ensure there is no breach of human

rights or labour standards by subcontractors. Cairn’s

promotion of the Supply Chain Sustainability School

allows us to direct and monitor contractor education

relating to sustainability, including anti-slavery.

• Audits of contractors are completed to obtain

assurance they adhere to Cairn’s standards.

• Significant investment in quality management, led by

a dedicated quality function overseeing the

attainment of quality standards within a quality

management system aligned to ISO:9001 and

integrated with Cairn’s supply chain.

• Quality assurance provided through frequent quality

audits and benchmark inspections implemented as

part of the quality management system. Aftersales

feedback is monitored to identify trends and inform

design improvements and specification decisions.

• Established aftersales processes ensure quality issues

and defects are managed and remediated in line with

Cairn’s quality commitments and obligations.

Our Strategic Opportunity:

Leverage Cairn’s strong balance sheet, access to capital

and liquidity, assurance-based processes and delivery

capability, so Cairn can to drive continued strong

financial performance underpinning sustainable

investment in our growth.

Risk Appetite:

We accept moderate financial risk when it supports

strategic growth and delivers expected returns within

a defined financial control environment.

This risk is currently being managed within risk

appetite.

Risk Mitigations:

• A robust financial, budgeting and forecasting

controls framework is deployed, accompanied by

rigorous cost and revenue oversight, analysis and

review. This includes external, independent

assessment and audit which monitors our cost

management of active developments.

• Credit and liquidity risks are managed through an

established liquidity management framework,

review and analysis of rolling monthly cash flow

forecasts, credit facility terms and covenants,

actual and projected financial performance and

risk monitoring.

• Cairn utilises bespoke, fit for purpose systems

toensure we meet all our obligations and

commitments in the sale of our new homes to

abroad buyer pool. This includes rigorous

construction programming, development

management processes, and business information

and management tools. This is supported by the

deployment of data and technology resources to

ensure better process integration, transparency,

and oversight.

Risk trend key:

Risk increased Risk decreased Risk unchanged

Brand and

Reputation

Cairn’s reputation could be

impacted through failures

tomeet stakeholder

expectations, such as in

respect of business practices,

the quality of homes, market

competitiveness or ability to

fulfil commitments.

Risk Landscape:

Cairn’s scaling increases the potential

exposure to performance, compliance

and assurance risks. This includes a

growing supply chain network that is

extensive and international,

encompassing subcontractors,

manufacturers and material suppliers

where assurance becomes more

complex and difficult to manage.

There has been continued investment

in quality management systems which

are embedded into our construction

programmes and our aftersales

supports to reduce the incidence of

quality issues and defects, whilst

effectively identifying and remediating

any that do arise in a timely manner.

Finance and

Liquidity

Cairn substantively fails to

meet financial targets or

obligations, suffers unexpected

financial loss, or misstates its

financial position.

Risk Landscape:

Cairn’s financial controls, accounting

procedures, and forecasting processes

continue to be tested for assurance, with

no material or high-risk findings being

identified in 2025. With the investment in

our construction activities increasing in

the year, established operational

assurance processes have been further

improved and operationally embedded.

These operational processes are

augmented by a stringent financial

management framework. This supports

an established budgeting and forecasting

process, with performance against budget

and benchmarked internal KPIs being

continuously monitored, aligned to

broader liquidity management and the

timing of revenue inflows. Cairn’s

committed credit facilities are flexible,

covenant-compliant and have an average

maturity of nearly four years. Our scale,

strong balance sheet, and credit funder

appetite support our ongoing refinancing

capacity.

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Risk Report continued

Our Strategic Opportunity:

Assessment of commercial opportunities, capital allocation and land

strategies and program efficiencies to deliver on the market

opportunity.

Risk Appetite:

We maintain a low appetite for risks to land, planning and

development, emphasising sound investments, on-time delivery and

strict budget management to ensure successful project execution.

This risk is currently being managed within risk appetite.

Risk Mitigations:

• A dedicated business development team leads site acquisitions,

with planning and technical teams supporting legal and

commercial due diligence to ensure compliance with Cairn’s

standards and requirements.

• Cairn’s development project management process governs all

planning applications, aided by external planning consultants,

legal reviews, and insights from past refusals. This includes

feasibility, pre-application, planning lodgement, and final grant

gateways. This is supported by early and ongoing engagement

with local authorities, stakeholders, and policymakers. Prioritising

sites with full planning permission allows us to build flexibility

into our future development plans.

• Based on our 3-year plan, our dedicated commercial and

procurement teams proactively and persistently engage with

suppliers to understand their resource capacity and delivery

capability, communicate Cairn’s requirements, and seek initial

commitments.

• Cairn has developed and launched an apprenticeship programme

to facilitate and encourage the engagement of apprentices within

the supply chain. By challenging our construction designs we have

been able to reduce on-site labour input requirement and so

alleviate capacity constraints, particularly in specialist trades.

• Our dedicated procurement team deploy multiple strategies to

maintain our competitive delivery. These include continually

reviewing our operating platform to identify and capture

efficiencies in product, logistics and programmes, all designed to

reduce the impact of inflation on overall development costs.

• Cairn has an established process for engaging with utility

providers to ensure connections to Cairn sites are delivered within

the constraints imposed by those providers. This process ties into

Cairn’s project delivery planning, ensuring there is an ongoing and

active dialogue at both operational and management level.

Risk trend key:

Risk increased Risk decreased Risk unchanged

Land, Planning and

Development

Developments fail to meet the operational

or financial targets set for them.

Risk Landscape:

As Cairn scales, the number of sites it acquires with

zoning and planning continues to grow to support

longer-term development plans. This increases exposure

to title and legal risks, as well as risks associated with

building out our developments based on planning

consents Cairn did not originally manage.

Objections, appeals, and judicial reviews still have the

potential to delay developments, with the potential to

create disproportionate impacts on Cairn’s pipeline.

However, the incidence is reducing, and new planning

processes are working effectively.

Cairn is engaging an increasing number of subcontractors

to support its scaled delivery targets. This tests the

effectiveness of our processes and systems for ensuring

our quality and conduct standards are always being met.

There remains pressure on the availability and capacity of

subcontractors in the Irish construction market. This is

exacerbated by continued constraints on access to skilled

labour.

Cairn has managed build cost inflation within budget at

c.1% for 2025 and the impact of US tariffs did not

adversely affect our supply chain. We expect to see

modest inflationary pressures during 2026.

Utility companies are increasingly finding it difficult to

meet connection demands and service levels for

residential developments, increasing the risks associated

with connection delays or utility capacity constraints.

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Risk Report continued

Our Strategic Opportunity:

Provide careers in construction that are rewarding, as well

as offer purpose and progress, so providing Cairn with

access to the talent and skills for our continued growth

and development.

Risk Appetite:

Build future leaders and career development

opportunities continuing to motivate teams, through a

supportive diverse and inclusive environment.

This risk is currently being managed within risk

appetite.

Risk Mitigations:

• Cairn continues to build partnerships across its supply

chain to ensure effective workforce planning to meet

Cairn’s needs. Ongoing initiatives promoted and

supported by Cairn, such as the Cairn Apprenticeship

Programme, further enhance retention and capability

across the supply chain by providing structured entry

routes for new talent.

• Cairn invests heavily in professional and personal

development across all levels, supported by

leadership mobilisation and clear internal progression

pathways, particularly within Cairn’s construction and

commercial functions. This includes mentoring and

sponsorship initiatives, with a particular focus on

supporting and advancing talent.

• Cairn actively seeks to be an employer of choice,

reinforced through competitive reward and

recognition strategies, enhanced onboarding

experiences, and the achievement of Best Workplace

Accreditation. Continuous engagement through

surveys and feedback frameworks ensures employee

voices shape the evolving workplace experience.

Our Strategic Opportunity:

Optimise Cairn’s health, safety and compliance systems

to ensure our impact is positive, enduring and

sustainable.

Risk Appetite:

Cairn has no appetite for failures that give rise to injury or

loss or life. We have minimal appetite for compliance risk,

aiming for full adherence to all laws and building

regulations with zero tolerance for breaches.

This risk is currently being managed within risk

appetite.

Risk Mitigations:

• Cairn reviews its Health & Safety plan annually to

ensure it identifies and responds to the specific risks

arising from Cairn’s enterprise goals, in the context of

its growing operations. Health & Safety objectives are

updated to respond to these specific risks and any

other identified trends. These objectives address the

protection and enhancement of Health & Safety

performance, key safety risks, supply chain safety and

safety leadership.

• The compliance obligations to which Cairn is subject

are addressed by our Code of Conduct and managed

by discrete controls designed to provide assurance

that Cairn is meeting those obligations. This includes

in respect of anti-bribery and corruption, conflicts of

interest, market abuse, lobbying and data protection.

The effectiveness of these controls is reviewed

periodically by external assurance providers, allowing

Cairn to identify areas for improvement.

Risk trend key:

Risk increased Risk decreased Risk unchanged

People

Cairn fails to recruit, engage,

and retain the right

employees, in the right

positions, to deliver its

strategy.

Risk Landscape:

There remains constraints in the

availability of key trades, as well as

construction professionals, which has

given rise to capacity risks in the

supply chain, with the potential for

increasing delivery timescales or

increasing supply chain costs.

The ongoing competition for talent in

the construction industry means Cairn

must continue to maintain its position

as a leading employer in the sector to

ensure we have the internal skills and

resources needed to scale and deliver

our goals and objectives.

Cairn’s strategic objectives rely on

improving and enhancing our

methodologies and operations. This in

turn requires the ongoing training and

development of our teams to develop

and implement these changes.

Health, Safety and

Compliance

Cairn fails to meet its legal

and regulatory obligations

(such as Health & Safety or

data protection).

Risk Landscape:

Our development operations continue

to scale to meet Cairn’s strategic

objectives. This gives rise to an

increasing exposure to health and

safety risks as more developments are

commenced and total working hours

trend upwards.

The expansion of Cairn’s supply-chain

increases risks associated with the

introduction of new subcontractors

and suppliers onto our active

developments.

Cairn’s business operations and

corporate activities are subject to a

wide range of regulatory and legal

obligations which Cairn is committed

to meet.

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Risk Report continued

Our Strategic Opportunity:

Pursue greater operational effectiveness and capability

through data-led insights and system optimisation,

ensuring optimal scaling of our delivery and the best

utilisation of assets and capital.

Risk Appetite:

Cairn has a low appetite for data, technology and

cybersecurity risks, particularly where it threatens data

security, operational continuity or commitments to

customers. We will proactively invest in cybersecurity,

system resilience, and technology governance to support

sustainable growth and innovation.

This risk is currently being managed within risk

appetite.

Risk Mitigations:

• Data alignment and quality processes have been

developed and implemented to ensure data is

consistent, accurate, and effectively deployed. This is

supported by ongoing investment in data

management, data management systems, and data

standardisation.

• Identifying and managing information security risks is

a priority, supported by an information security

framework comprising technical and organisational

measures aligned with internationally recognised

standards, and reviewed on a periodic basis for

effectiveness by external auditors and information

security professionals.

• All employees are required to participate in periodic

cybersecurity training to help them identify, avoid,

and report information security risks and

cybersecurity attacks.

• Extensive business continuity and disaster recovery

plans have been developed and tested. These plans

anticipate relevant risks and facilitate the continuity

and recovery of Cairn’s operations should the

risks arise.

Risk trend key:

Risk increased Risk decreased Risk unchanged

NEW

Dat a, Technolog y

and Cybersecurity

Cairn fails to ensure

appropriate levels of

cybersecurity, system

resilience, and technology

governance to support

sustainable growth and

innovation.

Risk Landscape:

The effective use of data to support

operational activity, inform business

decisions and drive Cairn’s strategy

relies on data being accurate, available

and appropriately deployed.

Information security risks that could

impact on the confidentiality, integrity

and availability of Cairn’s data assets

continue to evolve and become more

sophisticated. The deployment of AI in

cybersecurity attacks further

heightens these risks.

Being able to respond to events that

threaten the continuity of our

activities has become more complex

and challenging as Cairn becomes

more operationally integrated.

Our Strategic Opportunity:

Drive continued focus in Cairn’s ESG capabilities,

supported by our market leading position and knowledge

capital.

Risk Appetite:

Cairn has a moderate risk appetite for sustainability-

related challenges, accepting measured risk and added

cost to meet evolving ESG standards, while prioritising

flexibility, control, and long-term strategic value.

This risk is currently being managed within risk

appetite.

Risk Mitigations:

• Developed and adopted a comprehensive

sustainability strategy which responds to its

sustainability risks and opportunities, and is

accompanied by a climate transition plan. Together,

these are sponsored and promoted by executive and

senior management, supported by a dedicated

sustainability team.

• Compliance with corporate governance codes and

adoption of associated best practices supports the

attainment of Cairn’s commitments in respect

of sustainability.

Sustainability

Cairn fails to manage its

business sustainably, or in a

way that meets

environmental, social and

governance expectations.

Risk Landscape:

A failure to meet market and

shareholder expectations in respect of

the sustainability of Cairn’s business

model, as well as the manner in which

we address environmental, social and

governance risks may diminish Cairn’s

attractiveness as an investment

proposition, reducing access to capital

and investor support.

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

2025 marks Cairn’s tenth year in business.

Since our foundation we have placed a priority

on being a leader in sustainability, embedding

itacross our business.

Sustainability

Report

In this section

42 Introduction

46 Environment

64 Social

79 Disclosures

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

This means thinking beyond the home itself

towards the kind of communities, environments

and lives we help create. As a leading Irish business,

that is a responsibility we take seriously every day.

2025 marks Cairn’s tenth year in business. Since our

foundation we have placed a priority on being a

leader in sustainability, embedding it across our

business, and we have made strong progress.

We’re reducing energy use, cutting emissions

and helping our homeowners live more

sustainably – while scaling our business to

meet the housing needs of our country.

During this time, we have seen a clear and

consistent culture change at site level. Through

education and upskilling there has been a marked

shift in how sustainability, biodiversity, carbon

reduction and circularity are understood and

applied across our sites. Site teams routinely

identify opportunities, have created a shared

culture of proactive sustainability driven

problem-solving, and integrate sustainability

considerations into daily decision-making.

We have created a culture that reflects

ownership, not just compliance, when it comes

to integrating sustainability. Improving our

environmental and social impacts has become

part of our identity. Our people are driving

Sustainability Report – Introduction

Building Sustainable Communities

At Cairn our mission goes beyond building houses – our purpose is to

build sustainable communities where people can thrive for generations.

improvements because they believe in the

outcomes and have a genuine commitment to

improvement, not because they are required to.

High capability, strong collaboration, and clear

alignment are strengths that exist across the

organisation, and the business has developed

the confidence and operational discipline to

commit to more integrated, long-term

sustainability objectives.

We are proud of the progress we have made,

but there is much to be done. The road ahead

will require partnership, innovation and

resilience. We are committed to driving our

sustainability agenda which is integrated into

every aspect of our business, strategy and culture.

As we look to the future and tackling the societal

and environmental challenges that Ireland faces,

werecognise the need to refresh our approach.

Our goal is always to provide the

reader with a clear view and

understanding of how Cairn

minimises environmental and

social impact, whilst taking

positive steps to build a more

sustainable future.

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Sustainability Report – Introduction continued

We have begun a comprehensive review of our

sustainability strategy, including our long-term

decarbonisation roadmap and transition planning.

Once complete, we will resubmit Net Zero targets

that are fully aligned with and supported by our

updated strategy. Considering impacts over

actions is central to our approach, ensuring the

homes we build and the places we create are

sustainable and long-lasting, meeting the needs of

present and future generations.

We are also committed to continuously improving

our sustainability reporting, ensuring the reader

gets a clear understanding of Cairn’s

environmental and social impacts and the ways in

which we are working to minimise any negative

impacts.

Over the last two years, we have been preparing

extensively to report under the Corporate

Sustainability Reporting Directive (CSRD). The

introduction of the Omnibus Directive proposal

and its subsequent approval during 2025, mean

that Cairn is not currently in scope for CSRD

reporting. Despite no longer having a legislative

requirement to align with CSRD, we are continuing

to include our sustainability reporting in our

Annual Report demonstrating our commitment

to transparency.

We also remain committed to utilising the results

ofour Double Materiality Assessment (DMA)

whichwe completed during 2024 as part of our

CSRD preparation. Incorporating our stakeholders’

views into our sustainability strategy and reporting

has always been important to Cairn and has been a

constant underpin since we undertook our first

Materiality Assessment in 2020. This approach

highlights our commitment to both our

sustainability agenda and related sustainability

reporting, ensuring we not only deliver on our

ambitions but also report our progress in an

accurate, comparable and transparent way.

Our goal is to always provide the reader with a clear

view and understanding of how Cairn minimises

environmental and social impact, whilst taking

positive steps to build a more sustainable future.

In the following pages we detail our approach, our

policies and the actions we have taken in relation to

our priority focus areas – Environment, People and

Communities.

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Audit & Risk

Committee

Oversight of the Group’s

risk profile and health and

safety strategy

Remuneration

Committee

Oversight of the

remuneration elements of

our employee value

proposition

Nomination

Committee

Oversight of the diversity

and inclusion strategy and

employee engagement

initiatives

Chief Strategy and Sustainability Officer

Chief Executive Officer

Sustainability Team

Our Board

Oversight and Ultimate Responsibility

Sustainability Report – Introduction continued

Sustainability Governance at Cairn

Our commitment to strong governance underpins our

strategic decision-making, and our ability to create value

for our stakeholders.

It drives ethical behaviours, enables the effective

running of our business and builds trust internally

and externally across our stakeholders. As a publicly

listed company subject to national, UK, and

European regulation, we manage our business with

integrity and transparency, ensuring we minimise

operational risk, including sustainability risks.

The strength of our leadership and the breadth of

skills and expertise on our Board, enables us to

make sound and balanced decisions, and the Board

is collectively responsible for promoting the

long-term sustainable success of the Group.

In exercising this responsibility, the Board considers

all relevant stakeholders including customers,

employees, suppliers, shareholders, regulators and

Government and the effect of the activities of the

Group on the environment and society.

In 2024, the Board established a new role to

facilitate increased oversight and support for Cairn’s

sustainability agenda, the Director responsible for

Sustainability and Environmental Impact:

• oversees operational workstreams, engages and

interacts with various personnel across key

functions, who are responsible for sustainability

matters such as carbon reduction, waste

management and biodiversity; and

• reports their findings, recommendations, and

any other pertinent information that is relevant

to the Board.

Under the strategic direction of our CEO, Cairn

has been building a strong foundation for several

years, demonstrated by our consistent progress

beyond regulatory requirements, our high-

quality sustainability team, and a clear

commitment to improving sustainability and

environmental performance.

Recognising the progress we have made to date,

but also the need for focused ownership of our

sustainability agenda and ambitions, we

developed a Strategy and Sustainability function

spearheaded by our Chief Strategy and

Sustainability Officer (CSSO) during 2025.

The Sustainability Team within the CSSO

function is responsible for ensuring our

sustainability strategy and considerations are

fully embedded into the business and the overall

business strategy. The team are also responsible

for ensuring the accurate and transparent

reporting of Cairn’s progress against, and

impacts on, sustainability matters. This includes

our continued focus on improving how we

collect and report our sustainability information,

in particular relating to our environmental and

social impacts.

Operationally, there are numerous working

groups with input from each function of the

business which support Cairn’s Sustainability

Strategy, including our Waste Working Group,

Carbon Working Group, Engagement Working

Group and Employee Resource Groups.

SUSTAINABILITY GOVERNANCE STRUCTURE

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report Corporate GovernanceStrategic Report Sustainability Report

Sustainability Report – Introduction continued

Defining Our Priorities

We conducted our first Double Materiality Assessment (DMA) during 2024,

identifying our material sustainability impacts and issues and thus helping

us todefine what our priorities should be.

Double materiality requires us to consider both

‘Impact Materiality’ – Cairn’s actual or potential

impacts on people and planet and ‘Financial

Materiality’ – the financial effects (risks and

opportunities) sustainability topics may have

on Cairn.

During the DMA process we engaged with various

key stakeholder groups to ensure we were

gathering an informed view and incorporating

anin-depth evaluation of the significance of

sustainability issues to our stakeholders.

Cairn have always had a strong focus on the

Environment, People and Communities and we are

committed to limiting any negative impact on these

focus areas.

We are pleased that the results of our DMA remain

aligned to these existing priorities, and thus we are

continuing with our efforts in these areas.

For more information on our DMA Process please

see pages 52-53 in our 2024 Annual Report.

Double Materiality Approach

Impact materiality

Cairn’s impact on

people and planet

Financial materiality

Sustainability and climate

impact on Cairn

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Cairn Homes plc | Annual Report 2025

Corporate Governance Financial StatementsStrategic Report Sustainability Report

Environment

We are committed to shaping a more resilient and sustainable

Ireland by delivering low-carbon housing at scale while

protecting the environment. We are aware of the impacts we

canhave on the environment through our construction activity,

and we are striving to reduce any negative impact.

Potential impacts on the environment

canalso occur throughout our value chain.

We take a holistic approach to addressing

any negative impacts and driving initiatives

for positive change, not only in our own

operations, but across our entire value

chain.

Collaboration and innovation will be key

toreducing negative impacts on the

environment and unlocking the potential

to build sustainable homes that give back

to the environment, prioritise nature, and

reduce our dependency on carbon

intensive materials.

Through our position of leadership in the

construction industry, we are committed

toadvocating for systemic improvements

and policy changes, which will assist in

thedelivery of a more sustainable built

environment in Ireland. We are also

committed to driving the development of

new products, processes and technologies

that minimise environmental impact

andconserve natural resources.

In this section

47 Climate Change

50 TCFD

56 Pollution

57 Water

58 Biodiversity

61 Circular Economy

CASE STUDY

We are focusing our

efforts on an area

where we have

complete control –

our site compounds.

READ MORE  page 49

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Climate Change

Cairn recognises the wide-

ranging impact that climate

change will have across our

operations, sector and supply

chain, ultimately impacting

our customers and society.

It is our responsibility to

work across our own

operations and with our

value chain to ensure that we

reduce our environmental

impact as much as possible.

Sustainability Report – Environment

Our Approach and Policies

We are tackling climate change holistically,

ensuring we are addressing both embodied and

operational carbon. We know that every action

we take has a reaction, but this cannot prevent

us from pursuing initiatives that may help us

achieve our climate change objective of

delivering high-quality, energy-efficient homes

at scale, with a focus on reducing emissions and

protecting and restoring biodiversity to meet

the needs of present and future communities

inIreland.

Cairn takes a proactive approach to climate

change mitigation in our own operations. This

approach also covers how we manage and

influence upstream carbon emissions by

engaging with our suppliers, and downstream,

relating to the energy efficiencies of the homes

we build.

We are focused on reducing our GHG emissions

in line with our approved science based targets

which are aligned to a 1.5 degree scenario. We

have committed to a 46.2% absolute reduction

in Scope 1 and 2 emissions and 61% intensity

reduction in Scope 3 emissions by 2030.

To ensure we can fulfil our climate change

objective, Cairn commits to actively addressing

climate change by:

• supporting the transition to a net-zero

economy; and

• building homes and creating places that are

resilient to the impacts of climate change.

This approach and related targets are supported

by our Sustainability Strategy and our

Environmental and Climate Action policies.

Our Actions

Scope 1 and 2

We have been proactive in our approach to

reducing our Scope 1 and 2 emissions which has

resulted in us exceeding our reduction target.

Wehave reduced our Scope 1 and 2 emissions by

71.6% to date from a 2019 baseline. This is largely

due to the reduction in our Scope 1 emissions

from our switch from diesel to hydrotreated

vegetable oil (HVO) fuel across our sites which

weinitiated towards the end of 2022, and our

move away from natural gas as an energy source.

During 2025, less than 1% of our energy

consumption was sourced from natural gas.

To reduce our Scope 2 emissions, we are

continuing our move to 100% renewable energy

across our operations. with 95% of our electricity

consumption in 2025 coming from renewable

electricity. This has led to us dramatically reducing

our Scope 2 market-based emissions.

We are taking deliberate steps to make our site

compounds as energy-efficient as possible,

rethinking how we design and operate them,

andembracing innovative solutions that support

renewable energy use. This approach helps us

optimise energy use while creating a better

working environment. Please see our case study

on page 49 for more information.

Scope 3

We have implemented many meaningful

updates to our build methodologies in recent

years, such as using timber frames in our houses,

low-rise apartment and duplex units and

modular balconies and bathroom pods in our

apartments.

We know that there is much more to do when it

comes to reducing our embodied carbon and this

is dependent on collaboration with our supply

chain partners. We must be ambitious in our

pursuit of innovative low-carbon products and

construction methods. We are continuously

challenging our teams internally and our supply

chain partners in relation to design and materials

efficiencies.

We use GGBS concrete as standard in our

reinforced concrete structures, which can reduce

the embodied carbon by up to 50%. We have also

replaced conventional Blast Furnace (BOF) rebar

with Electric Arc Furnace (EAF) reinforcing steel

due to its reduced embodied carbon content.

We have immediately initiated design changes

toreduce the operational (in-use) carbon of our

apartments by adopting the Passive House

standard on several of our developments.

OUR TARGETS

46.2%

Scope 1 & 2 combined absolute reduction

by 2030 from a 2019 baseline

61%

Scope 3 intensity reduction target by

2030

2025 reduction in Scope 1 & 2 emissions

71.6%

CDP Grade A

achieved for 2025

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Cairn Homes plc | Annual Report 2025

Sustainability Report – Environment continued

Scope 3 continued

Passive House delivers outstanding levels of energy-

efficiency, typically requiring half the heating energy

of a building regulations-compliant, new-build

home.

While we are continuing to increase our delivery of

units to Passive House standard, it is not our only

focus when it comes to reducing our operational

carbon-related Scope 3 emissions. We are relentless

in our pursuit of innovative solutions to help us

build homes which are as energy-efficient as

possible.

This is led by our consistent challenging of design

efficiencies and developing of new housing

typologies, which drive operational efficiencies

thathelp to achieve our targets, reduce our

environmental impact, and reduce the running costs

of our homes for their residents. Our Innovation

Centre – a research and development facility

wherenew ideas can be developed in a zero-risk

environment, is currently researching the impacts of

using innovative breakthroughs such as PV roof tiles,

digital homes and upgraded utility pods.

Finally, we have renewed our focus on our data

during 2025 with a review and update of our Life

Cycle Assessments (LCA), which feed into our Scope

3 emissions calculations. Our Carbon Working

Group have been busy interrogating our data and

updating our LCAs to ensure we are reporting as

transparently and accurately as possible. These

updated LCAs capture the improvements we have

been making since 2020 in relation to our embodied

and operational carbon, and we are delighted to

recognise an intensity reduction of 17.5% in our

Scope 3 emissions from a 2019 baseline.

This project aims to have individual LCAs that

capture everything from the carbon used in our site

works to the carbon content of each material and

product used during the construction process,

calculated for each of our developments. This

willenable us to compare our embodied and

operational carbon on a site-by-site basis, ensuring

we are making informed decisions and maximising

the potential of every development.

Our Actions continued

Units commenced to Passive Standard

3,000+

Scope 3 intensity reduction

from a 2019 baseline

17.5%

Individual Life Cycle

Assessments completed (sites)

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Construction is a carbon-

intensive industry. While we have

been making great strides in

reducing the carbon emissions of

the homes we build in line with

our science-based targets, we are

taking things back to basics and

focusing our efforts on an area

where we have complete control

– our site compounds.

Decarbonising our site compounds has

reduced our environmental impact by

decreasing both our operational and embodied

emissions. This approach began with our use

ofenergy-efficient cabins featuring improved

insulation, LED and motion-activated lighting.

These efficiencies resulted in lower heating

andcooling demand, reduced lighting-related

energy consumption and reduced operating

costs.

We have progressed this further by leaning

oncircular economy principles and our site

compounds are now set up using modular,

reusable cabins rather than single-use site

offices where possible. Additionally, we have

begun deploying smart energy management

systems across our compounds, so we can

optimise our energy use and reduce wastage.

These monitoring and control systems are

Sustainability Report – Environment continued

CASE STUDY

installed in cabins, welfare units and plant

connections. They impact positively on

stakeholders who use our sites daily by lowering

operating costs and providing a more reliable power

supply, and on the environment through reduced

energy consumption.

Initiative Impacts

• Improved working environment.

• Optimised energy use.

• Improved efficiencies across temporary

site infrastructure.

• Reduced noise and air pollution.

• Reduced waste generation.

Renewable Site Compounds

95%

of our energy consumption on site comes

from renewable electricity

LINK TO STRATEGY:

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Cairn Homes plc | Annual Report 2025

Governance

The Board is ultimately responsible for sustainability

at Cairn. During 2025, we appointed a Chief

Strategyand Sustainability Officer (CSSO) who now

maintains full strategic and operational oversight

of our sustainabilty agenda, reporting progress,

findings, recommendations and any other pertinent

information to the Board throughout the year.

Separately, the Chief Financial Officer (CFO) is

responsible for ensuring the financial impacts of

climate-related issues are fully understood and

reflected in Company budgets.

For more information on sustainability governance

in Cairn, please see pages 44 and 98.

Governance and Strategy

At each Board meeting (approximately seven per

year), progress towards our strategic objectives is

discussed, together with factors that are affecting

ormay affect those objectives and our strategy.

Climate-related issues are a key lever in our strategic

objectives and, consequently, form an integral part

not only of the strategic reporting cycle, but also the

annual strategic review.

The Chief Executive Officer (CEO) has responsibility

for defining the strategic direction of the business

and Cairn’s climate-related performance.

Governance and Risk Management

The Audit & Risk Committee maintains oversight

ofthe risk register, monitors our response to risk,

and has identified climate change impacts as a key

component of the Sustainability principal risk.

Cairn’s risk management framework supports and

promotes the identification and management of

climate-related issues on a business-wide basis,

managed through our embedded risk management

process.

This is reflected in the inclusion of sustainability-

related metrics within our remuneration

frameworks (approved by the Remuneration

Committee), including our annual bonus plans,

long-term incentive plans and in our Green Loan

Facility. This ensures that the business’s targets as

well as the individual goals and objectives of our

employees, including Executive Directors, are

fullyaligned.

All employees at Cairn, regardless of seniority,

areresponsible for supporting the delivery of goals

and objectives, identifying and managing risks,

andpromoting the Company values.

Our disclosure is in line with latest TCFD guidance,

recommendations, and publications. As we

continue to improve our reporting of sustainability

information, we will continue to review our TCFD

disclosure and update our response where necessary.

Sustainability Report – Environment continued

Task Force on

Climate-Related

Financial

Disclosures

(TCFD)

Climate change sits at the

heart of Cairn’s Sustainability

principal risk. Recognising

and addressing its challenges

proactively is integral to our

purpose and long-term

strategy.

Our expanded TCFD

response outlines how

climate-related risks and the

transition to a lower-carbon

economy may influence our

operations and business

model.

We assess these risks within

our strategy while working

continuously to reduce

exposure and strengthen our

ability to capture emerging

opportunities.

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Sustainability Report – Environment continued

Strategy

Our Risk Management Framework, which has

identified sustainability-related issues as a principal

risk and uncertainty, considers all risks based on

three horizons.

The climate-related risks and opportunities

presented on pages 52 and 53 were identified

through our climate-related scenario analysis. These

risks and opportunities were also considered during

our Double Materiality Assessment and were

included during the identification of our preliminary

impacts, risks and opportunities.

Scenario Analysis

Our latest scenario analysis is more detailed and

robust than completed previously, drawing on two

science-based, physical scenarios and a bespoke,

industry-specific scenario relevant to our industry.

Itbuilds on our earlier analysis and uses quantitative

measures to assess the impacts of climate-related

risks and opportunities.

This climate-related scenario analysis identified our

material risks and opportunities, and informed our

strategy for managing them. Where possible, we

have estimated the potential financial impact of

climate-related risks and opportunities. We are

continuously striving for improved accuracy of our

scenario analyses and are working toward fully

disclosing the financial significance of our climate

risks and opportunities in the coming years.

1 4°C world – This scenario refers to a high-emissions trajectory in which global mean surface temperatures rise by approximately 4 degree Celsius above pre-industrial levels.

2 2°C world – This scenario refers to a moderate-emissions trajectory in which global mean surface temperatures rise by approximately 2 degree Celsius above pre-industrial levels.

3 1.5°C world – This scenario refers to a pathway in which the goals of the Paris Agreement have been achieved and the global mean surface temperature risk has been limited to 1.5 degrees Celsius above pre-industrial levels.

Impact on Business Strategy of Risks

and Opportunities

The transitional and physical climate risks and

opportunities of our strategy directly influence our

financial planning through three key processes:

1. Risks and opportunities influence financial

planning through ongoing cost benefit analysis

of new technologies and options for more

sustainable construction or green building. The

known and material environmental benefits of

new technologies are considered and addressed

in a qualitative manner in this analysis while

financial impacts on costs and revenues are

recorded in monetary terms.

2. Project-level financial appraisals that account for

the additional costs associated with mitigating

known risks as well as savings or increased

revenues associated with climate opportunities.

This includes a tender assessment for each

element procured. The total cost of all known

inputs then forms the budget for the project.

3. Strategic cost planning for the business as a

whole is undertaken annually and is based on

projections of costs and revenues for future

developments and operations including those

associated with climate risks and opportunities.

This process covers an eight-year time horizon.

We recognise that climate change represents a

principal risk and uncertainty to our strategic intent.

Consequently, our process for identifying and

reviewing that strategic intent incorporates a

comprehensive analysis and understanding of the

climate-related risks and opportunities presented

by our purpose and our vision. This informs our

strategy and goals, creating a positive feedback

process in which climate risks and opportunities

play a fundamental role in defining strategy, with

goals and objectives to mitigate or capitalise on

opportunities having budgeted cost and margin

impacts.

Our SBTi-aligned targets for reducing Scope 1, 2

and3 emissions were approved in September

2023(see page 47), confirming that our strategy

supports the Paris Agreement goal of limiting

global temperature rise to 1.5°C above pre-industrial

levels. We modelled a range of current and future

emissions-reduction scenarios to inform these

targets, giving us clearer insight into the operational

changes the business will need to make.

Our Climate Transition Plan outlines the actions

andmeasures we have implemented to:

1)transition our operations and business model

to a decarbonisation trajectory that aligns with

climate science recommendations, and 2) assist us

in achieving our emissions reduction targets.

As mentioned on page 43, we have begun a

comprehensive review of our sustainability strategy

including our long-term decarbonisation roadmap

and transition planning. Once complete, we will

resubmit Net Zero targets that are fully aligned

withand supported by our updated sustainability

strategy. Since 2022, we have linked our emissions-

reduction commitments to a Sustainability Linked

Loan. This required measured annual progress on

our Scope 1, 2 and 3 targets, independently verified

each year. In2025, we successfully redesignated this

facility toa Green Loan facility.

Scenario 1 –

A 4°C world

The first scenario was a

physical scenario in line with

a 4°C

world based on

climate modelling from the

Environmental Protection

Agency (EPA) Ireland. This

showed Ireland’s climate

from 2041-2060 modelled

with the Intergovernmental

Panel on Climate Change

(IPCC) Representative

Concentration Pathway

(RCP) SSP5-8.5 scenario.

Scenario 2 –

A 2°C world

The second scenario was a

physical scenario in line with a

2°C

world based on climate

modelling from EPA Ireland.

This showed Ireland’s climate

from 2041-2060 modelled

with the IPCC Representative

Concentration Pathway

(RCP) SSP2-4.5 scenario.

Scenario 3

A 1.5°C world

The third and final scenario

was a transitional scenario in

line with a 1.5°C

world which

included inputs from Ireland’s

Climate Action Plan 2021,

International Energy

Authority (IEA) Net Zero by

2050 Scenario, the London

Energy Transformation

Initiative (LETI), the Irish Green

Building Council (IGBC) and

Network for Greening the

Financial System (NGFS).

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Strategy continued





Risk Time Horizon Explained

Here and Now

Risks to the immediate term

(one year or less) goals and

objectives of the business.

Medium-Term

Risks with a horizon of between

one year and four years.

Long-Term

Risks with a horizon of

more than four years.

Climate-related risks are categorised

into: “transitional risks”, being the

risks related to the transition to a

lower-carbon economy, and “physical

risks”, being risks arising from the

physical effects of climate change.

Climate-Related Risks and Opportunities

TCFD RISK/

OPPORTUNITY TYPE DESCRIPTION

T I M E

HORIZON RESPONSE

Transitional

Risk

Technology There is a risk that Cairn may be unable to transition

to low-carbon products at the pace needed.

For example, there are often public/local authority

obstacles to using reused materials within Cairn

sites. Where these obstacles are overcome, there

may be issues with securing a reliable supply of

those materials on a large scale. Some targets for

reduction would require timber frame in

apartments, which is not normal practice in Ireland.

There is also a consideration that financiers may not

lend to potential customers if units are not built to

certain specifications, e.g. no brick and clad.



Long-

Term

Our Technical Team continues to

review low-carbon products,

systems and processes for our house

types.

We are members of the Irish Green

Building Council and actively

participate in the Healthy Homes

Ireland Forum with the aim of

delivering greener healthier homes.

Transitional

Risk

Emerging

Regulation

Future regulation may lead to restrictions on what

Cairn is able to build, increased costs, or longer build

times, or affect the ability to gain permits.

For example, carbon pricing may lead to an increase

in material costs as manufacturers face higher input

costs, in addition to increased costs associated with

excavated materials disposal. Energy-efficiency

requirements may increase costs and reduce build

options. An increasing focus on retrofitting existing

homes and quotas on new builds in net-zero

scenarios for Ireland may limit capacity for new

builds. Broader planning conditions are expected

toinclude greater environmental mitigation,

specifically related to biodiversity, water and

climate resilience.



Medium-

Term

We set a science based target aligned

with a 1.5°C pathway, verified by the

Science Based Targets inititiave (SBTi)

in 2023, committed to the SBTi

Net-Zero standard in December

2023, and are now reviewing our

sustainability strategy to develop a

net-zero pathway and related targets

that are fully aligned with and

supported by our updated strategy.

This updated sustainability strategy

will guide our internal planning and

continue to align it with national and

EU climate regulation under the Paris

Agreement, helping to mitigate risk

from emerging regulation.

Transitional

Opportunities

Products

and Services

Scenarios to keep in line with national climate

reduction targets show all new builds should be

A-rated and have heat pumps as a heating source.

This demand may come from any or all parts of our

customer base including individual homebuyers

and institutional buyers, particularly Government

agencies.



Medium-

Term

All of our new houses have heat

pumps by default and all of our

homes have a BER rating of A3 or

above. We have adopted the

principles of Passive House on a

number of developments across our

portfolio, further reducing the energy

demand in the homes we build.

Transitional

Opportunities

Market In the chosen scenarios, more sustainable-focused

policies will lead to an increased onus on the

financial sector to facilitate the transition to net

zero. An outcome of this is financing at lower rates

for companies with strong sustainability

performance.



Medium-

Term

As part of the business’ refinancing in

2025, Cairn successfully redesignated

its Sustainability Linked Loan facility

to a Green Loan facility, recognising

our commitment to sustainable

activities.

Sustainability Report – Environment continued

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report





Risk Time Horizon Explained

Here and Now

Risks to the immediate term

(one year or less) goals and

objectives of the business.

Medium-Term

Risks with a horizon of between

one year and four years.

Long-Term

Risks with a horizon of

more than four years.

Climate-related risks are categorised

into: “transitional risks” being the risks

related to the transition to a

lower-carbon economy, and “physical

risks”, being risks arising from the

physical effects of climate change.

Climate-Related Risks and Opportunities continued

TCFD RISK/

OPPORTUNITY TYPE DESCRIPTION

T I M E

HORIZON RESPONSE

Physical

Risk

Chronic

Physical

There is expected to be an increase in

temperatures overall in Ireland, and in extreme

scenarios increased heatwaves. Homes sold by

Cairn need to be able to withstand these rising

temperatures and not overheat whilst also

accounting for increasing rainfall intensity.

Additionally, increased heatwaves or intense

periods of rainfall may result in reduced outdoor

labour productivity due to unsafe working

conditions.

An increase in dry periods may also lead to

increased dust levels on site. Excess dust exiting

sites can result in a work stoppage, or site closure

by the Environmental Protection Agency (EPA),

local authorities or the Health and Safety Authority

(HSA). A decrease in rain in the summer may also

lead to stress on water systems. Increased rainfall

may require changes to construction practices and

methods to ensure output can be maintained

without impacting on safety or quality.



Long-

Term

Our Technical, Construction and

Environmental Teams are analysing

the impact of shifts in climate

patterns such as prolonged increasing

temperatures on our house types. As

an ongoing project they are assessing

mitigating overheating in our homes

through altering our home designs.

We closely monitor weather

forecasts to ensure worker safety,

and make preparations or adjust

build schedules where needed.

Remediations are designed on a site-

by-site basis, informed by a pre-

commencement risk assessment and

responsive mitigation plan.

Physical

Risk

Acute

Physical

Rising sea levels and increased rainfall in winter are

expected to lead to a higher risk of flooding in Ireland.

This may pose an issue for Cairn if potential

customers face challenges when looking for

mortgage approval or home insurance due to

changing flood plains. For example, where homes are

built on areas that were not deemed to be flood

plains during development but are expected to

become floodplains in the future in a >3°C scenario.



Long-

Term

The impacts of severe weather events

and extreme conditions are actively

monitored and evaluated by the

Group’s Technical, Construction and

Environmental Teams on a site-by-site

basis with remediations developed to

respond to site-specific risk and mitigate

the cost impact.

Flood risk assessments are a key part of

our land appraisals. None of our homes

are within flood zones. Where part of a

site is within a potential flood zone, this

area is incorporated in the open space

design to ensure no risk to property.

All of our developments incorporate

Sustainable Urban Drainage systems

(SUDs), designed to accommodate one-

in-100-year flood events.

Strategy continued

Sustainability Report – Environment continued

RISK MANAGEMENT PROCESS

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Rare Unlikely Possible Likely Almost Certain

Insignificant Minor Moderate Major Catastrophic

Consequences/Impact of Event

Probability

Our Risk Management Framework assesses

climate-related risks and opportunities, through

engagement across all levels of the business to

ensure comprehensive identification and

evaluation. The assessment considers both the

likelihood of each risk occurring and the potential

impact should it materialise, taking into account

the effectiveness of existing controls. This process

guides how Cairn’s risk appetite is applied and

informs the materiality of each risk or opportunity.

The purpose of the process is to ensure that risks

and opportunities are evaluated in line with Cairn’s

risk appetite, to guide the development of

Sustainability

Cairn fails to manage

its business

sustainably, or in

a way that meets

environmental, social

and governance

expectations.

strategies and controls that mitigate risks or enable

the organisation to capture opportunities, and to

ensure that all risks, controls, and accountability

formanaging them are clearly documented and

consistently monitored.

Risk Identification

Our Risk Management Framework is an important

tool, allowing us to consider the potential impact

and opportunity presented by all types of risk

affecting our business. During 2025, a holistic review

of risk management was undertaken and resulted

inour Climate principal risk being absorbed into a

broader Sustainability principal risk. Further details

Risk Management

See our Risk Report for more information on our Risk Management Process

READ MORE  PAGE 35

on the changes to our Risk Management Framework

are in our Risk Report. When considering climate

risks within our Sustainability principal risk, we seek

to identify and consider all existing and emerging

material factors relevant to our core activities:

• Policy risks: how Government policy in respect

of climate may impact on our business model,

for example, through planning policies or

economic policies.

• Brand risks: how our brand is impacted by our

response to climate-related risk, for example,

ifour developments do not meet customer

requirements.

• Economic risks: how climate-led factors impact

economic conditions, such as increases in supply

chain costs.

• Development risks: how climate-related issues

impact on our ability to deliver developments,

including through local development plans.

• Compliance risks: such as how the Company

complies with regulatory constraints on what

and how we build.

This is Cairn’s fifth year disclosing against the

TCFDframework, reflecting a continued effort

tostrengthen the quality and clarity of our

sustainability disclosures. As our approach evolves,

we aim to provide more comprehensive, coherent,

and transparent reporting, while integrating newly

identified risks and opportunities as they emerge.

Risk Management

Our approach to the assessment of risk is

consistently applied to all identified risks, including

Climate risk. Any assessment of risk requires

consideration of how likely it is the risk will occur,

and then the impact on Cairn should it occur. Having

assessed the risk, the outcome is evaluated to

determine whether the risk is within Cairn’s

tolerance for the risk – its ‘risk appetite’.

When a risk exceeds our risk appetite, it must be

actively managed or formally accepted by Cairn’s

Executive or Board, depending on the risk area. Our

Risk Management Process, outlined below, applies

to all risks. Climate risk, as part of the Sustainability

principal risk, is currently being managed within our

risk appetite.

Risk

Identification

and review

Risk

Allocation

Risk informed

decision

making

Assessment

of risks

Risk response

defined

Risk response

actioned

Sustainability Report – Environment continued

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

For the 2025 reporting period we are disclosing the

metrics below, which we use to assess and manage

the climate-related risks and opportunities as set

out on pages 52 and 53.

As a homebuilder, we operate in an energy-

intensive industry. Carbon emissions are the key

driver of global temperature rise and result in many

of the regulatory changes we are now facing.

Measuring our carbon emissions allows us to gain a

full and thorough understanding of the emissions

we produce directly and indirectly. Our Scope 1 and

2 emissions are reported under GRI 305-1 and GRI

305-2. Our Scope 3 emissions are reported under

GRI 305-3. See page 47 for our related Scope 1, 2 and

3 emission reduction targets.

Measurable Impact

This year we solidified our commitments to change

for the better at Cairn and led the way for our

industry by:

• increasing our delivery of units to the Passive

House standard following our adoption of the

principles in 2024, mitigating climate change by

dramatically reducing the amount of energy

required to heat our homes and, by default,

thecarbon emissions produced;

• developing and implementing our Waste

Strategy, which is focused on increasing our

recycling efforts and shifting from a linear

approach to waste management toward a more

circular model that prioritises keeping materials

and products in use for as long as possible; and

Assessment Metrics

• prioritising the minimisation of nature loss in the

design of each development while incorporating

nature-based solutions such as Sustainable

Urban Drainage systems (SuDS) as standard to

mitigate the risk of flooding events.

Demonstrating the importance we place on

accountability for our sustainability commitments,

we incorporate sustainability metrics into our

annual remuneration frameworks. We have:

• incorporated environmental metrics of No-net

Biodiversity Loss into our long-term incentive

plan;

• incorporated a carbon-related metric on climate-

related targets into our long-term incentive plan

through Passive House targets; and

Metrics and Targets

• incorporated social metrics, including our

customer and people framework with a

health & safety underpin, into our short-term

incentive plan.

All metrics are reported in line with appropriate

standards including GRI, SASB (page 79) and

Industry (page 83) standards.

KPI CODE 2025 2024 2023 2022

Gross direct (Scope 1) GHG emissions GRI305-1 689 tCO

e 638 tCO

e 793 tCO

e 1,680 tCO

Gross market-based energy indirect

(Scope 2) GHG emissions

GRI305-2 28 tCO

e 240 tCO

e 241 tCO

e 299 tCO

Gross other indirect (Scope 3) GHG

emissions by category (including

embodied carbon)

GRI305-3 344,116 tCO

(1.43 per square metre)

326,369 tCO

(1.79 per square metre)

259,393 tCO

(1.60 per square metre)

237,132 tCO

(1.59 per square metre)

Total energy consumption within the

organisation

GRI302-1 17,641,067 kWh

(73.17 per square metre)

15,260,678 kWh

(83.78 per square metre)

13,050,001 kWh

(80.33 per square metre)

10,647,906 kWh

(71.51 per square metre)

Total weight of waste generated

including breakdown by disposal route

GRI306-3,

GRI306-4

18,740 tonnes

2.8% sent to landfill (523t)

97.2% recycled or recovered

(4,565t recycled and 13,652t

recovered)

10,250 tonnes

2.8% sent to landfill (286t)

97.2% recycled or recovered

(1,599t recycled and 8,365t recovered)

12,207 tonnes

3.6% sent to landfill (443t)

96.4% recycled or recovered

(1,869t recycled and 9,895t recovered)

12,810 tonnes

3.9% sent to landfill (495t)

96% recycled or recovered

(1,096t recycled and 11,219t

recovered)

Percentage of sites with biodiversity

impact assessments

Industry 100% of our developments

meet this standard

100% of our developments

meet this standard

100% of our developments

meet this standard

100% of our developments

meet this standard

Sustainability Report – Environment continued

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Cairn Homes plc | Annual Report 2025

Our Actions

We are committed to building high-

quality, sustainable homes at scale. To

help us achieve this, we have created an

Environmental Management System

(EMS) which outlines how we address and

manage environmental issues and identifies

the actions we are taking to minimise our

potential impact on the environment

during the construction phase of all

Cairn developments.

As disclosed through TCFD (see page 53), we

monitor dust and particle levels on all

our sites ensuring air, soil and water

pollution is minimised. We implement a

robust dust minimisation plan across our

sites with regular water suppression of dust

on site roads, dust fogging systems, and

systematic dust suppression.

When we commence a new development,

asite specific ‘Impact and Aspect’ register

iscreated. This is a live register of potential

hazards and risks. Our remediation efforts

are designed on a site-by-site basis and are

informed by these pre-commencement risk

assessments and related mitigation plans.

Our Approach and Policies

Cairn strives to implement best practice

environmental management on all sites which

enables continuous improvement and growth

as the business scales.

We are acutely aware that the production of

construction materials and the construction

process itself can impact air, soil and water

quality. To mitigate the creation and impact of

these pollutants, careful process management

is crucial.

We actively manage the potential impacts

ofpollution in our own operations through

implementation of our ISO 14001 accreditation

which we achieved in 2023. ISO 14001 is the

internationally recognised standard for

Environmental Management Systems (EMS),

and we successfully re-certified our

accreditation in 2025. By adhering to this

standard, we can ensure we are taking

proactive measures to minimise emissions

andany negative impacts associated with

pollution. Our Environmental Policy supports

our approach to the management of our

construction activities to anticipate and

mitigate the risk of pollution.

Understanding where potential air, soil and

water pollutants may arise in our upstream

operations is vital in addressing the potential

negative impacts that may occur in that part

ofour value chain, particularly for people and

local biodiversity.

This is supported by our Supplier Code of

Conduct.

Pollution

Construction activities have

the potential to cause water,

air, and soil pollution,

particularly through the

extraction, processing, and

transportation of raw

materials.

Careful process management

is key to minimise the impact

of these pollutants.

ISO Certification reflects our unwavering

commitment to excellence

ISO 14001

Sustainability Report – Environment continued

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Cairn Homes plc | Annual Report 2025

Water

The construction of new

homes necessitates the

consumption of water.

It is important we take a

leading role in developing

innovative methods

designed to ensure the

conservation of water

throughout the full lifecycle

of a Cairn home.

Our Actions

We incorporate water conservation measures

into the design of our developments to ensure

we are minimising the consumption of water.

These measures come as standard and include:

• installation of rainwater swales that capture

and divert excess rainwater to adjacent tree

pits, green areas, and hedgerows to enable

further growth;

• we incorporate permeable pavement and

Sustainable Urban Drainage systems (SuDS)

into the design of our schemes, enabling

clean surface water to return to natural

watercourses; and

• development of attenuation tanks that

ensure storm events do not lead to an

overburden of storm sewer networks which

can lead to localised flooding.

During Construction

Across our sites and central office, Cairn is not

currently, nor has ever been, an intensive

consumer of water. We measure consumption

on site and promote the reuse of water for

dustsuppression by using groundwater where

possible.

Where part of a site is within a potential flood

zone, this area is incorporated in the open space

design to ensure no risk to property. All our

developments incorporate SuDS and significant

attenuation infrastructure designed to

accommodate once-in-100-year flood events.

Additionally, we do not build or operate in

regions with high or extremely high baseline

water stress.

Post-Construction Phase

At design stage we consider how new homes

can use water as efficiently as possible once they

are occupied.

All our homes are fitted with water fixtures that

aim to minimise the amount of water used by

the homeowner, and their performance is rated

by the Dwelling Energy Assessment Procedure

(DEAP). These flow-restricting fittings ensure

that not only is water conserved but also that

the heating of such water is minimised.

We also design water butts into our build

designs, encouraging residents to collect

rainwater for re-use as needed, promoting the

conservation and re-use of water where

possible.

Our Approach and Policies

Our approach to effective water management is reflected in our work from

the design phase right through to when our homes are occupied by our

customers, ensuring the responsible consumption of water throughout

ourvalue chain.

We are dependent on water as a natural resource in our upstream

operations for the extraction, processing, and transportation of

construction materials. We recognise that poor water management

practices in our supply chain could result in significant water withdrawal

and consumption.

Our Supplier Code of Conduct requires our supply chain partners to actively

manage the environmental impact of their activities through their core

environmental practices and this is also applicable to water management.

Percentage of our developments that

incorporate Sustainable Urban Drainage

Systems (SuDS)

100%

Sustainability Report – Environment continued

Cairn Homes plc | Annual Report 2025

Strategic Report Sustainability Report

Cairn Homes plc | Annual Report 2025

Corporate Governance Financial Statements

Sustainability Report

Biodiversity

Our biodiversity key mission

is to advance efforts towards

our ultimate goal to halt and

reverse nature loss.

As a construction company,

we are acutely aware of the

potentially devastating

impact we could have

onnature and our local

biodiversity.

42%

of unit commencements in 2025 were on

Biodiversity Net Gain sites

Trees planted since 2017

c.110,000

Our Approach and Policies

We depend on diverse, healthy ecosystems

to survive, and we are committed to reducing our

impact on these ecosystems as much as possible.

Landscape delivery and ecological enhancement

are central requirements across all our

developments – from initial concept and master

planning to design, site execution and handover.

We seek to design each development to

minimise nature loss and ensure that when

wehave finished on site, we are leaving the

biodiversity of the site improved and protected

for the future. This is part of our commitment

to deliver sustainable communities which

positively impact the health and wellbeing

of the people who live and work there.

Biodiversity remains a material issue for

both Cairn and our stakeholders and as such

we have included Biodiversity targets within

our remuneration framework.

Our Biodiversity Policy supports our

commitment to the maintenance of the

existing biodiversity on and around our sites

and ensures any negative biodiversity impact

of our developments is understood,

addressed, and mitigated.

“ We depend on diverse,

healthy ecosystems to

survive, and we are

committed to reducing

our impact on these

ecosystems as much

as possible.”

Sustainability Report – Environment continued

Cairn Homes plc | Annual Report 2025

Corporate Governance Financial StatementsSustainability ReportStrategic Report

Sustainability Report

Biodiversity Loss Mitigation Hierarchy

Net gainNo Net Loss

Predicted

impact on

biodiversity

Residual

Biodiversity

impact

Residual

Biodiversity

impact

Reduction

measures

Reduction

measures

Avoidance

measures

Avoidance

measures

Avoidance

measures

Compensation

measures

(including

restoration)

Our Actions

Nature underpins the world’s economy. During

2025, our Landscaping and Planning teams have

been re-evaluating our biodiversity strategy to

ensure we are continuously evolving, reducing

our impact on nature, and delivering real

change at scale.

To date we have targeted Biodiversity Net Gain

(BNG) across a percentage of our sites, using the

UK BNG methodology. We have been successful

in achieving, and in some instances exceeding, our

BNG targets with 42% of unit commencements

in2025 being on Biodiversity Net Gain sites.

As we mature as a business and improve our

knowledge, we have identified challenges and

shortcomings in measuring this way, which has

led to us updating our approach for going

forward. We are now targeting BNG on a

portfolio-wide basis which includes a minimum

achievement standard of No Net Loss across the

portfolio, i.e. we cannot recognise BNG on any

site until we achieve no net loss.

Only once we have achieved no net loss across

our portfolio, will we recognise Biodiversity Net

Gain. This holistic approach now forms the

foundation of our remuneration targets, ensuring

we consider, track and measure our impacts on

nature across our entire portfolio.

In practice there are many non-negotiables that

are embedded into our efforts to protect the

natural environment. All Cairn sites are subject to

comprehensive pre-commencement Ecological

Impact Assessments (EIA), which form the basis

ofthe biodiversity considerations included in our

planning and design process. Tree and hedgerow

management is undertaken on all sites with

existing trees and hedgerows with protection

measures applied where necessary.

Nature-based solutions are incorporated into our

planning and design processes and have become

akey component of our placemaking. Additionally,

we incorporate bat and bird boxes into public

open spaces on our developments, and ensure

theuse of bat-sensitive lighting.

We truly believe understanding why we do

something is key to our success. During 2025,

wedelivered a focused Ecology and Biodiversity

education campaign to all employees, ensuring

every employee understands their part in

minimising our impact on nature. Three sessions

covering an introduction to; Biodiversity Net Gain,

Environmental Impact Assessments, and Tree and

Hedgerow Protection were held with the aim of

giving everyone the same baseline knowledge

regardless of their role.

As part of World Green Building Week 2025,

wehosted a Biodiversity Event in our Seven Mills

development in partnership with the Irish Green

Building Council (IGBC), where our Head of

Landscaping and Urban Design gave an in-depth

overview of the measures we are implementing

on site to enhance nature and protect the local

biodiversity, followed by a site walk showcasing

these on-site measures in action.

Sustainability Report – Environment continued

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

The Delivery of Green Communities at Scale

As one of Ireland’s leading home builders, quality in

placemaking, landscape delivery and ecological enhancement

are central requirements across all our developments – from

initial concept to design, site execution, and handover.

CASE STUDY

Our largest-ever development in Seven Mills gives

us the opportunity to strive for leadership in

creating a sustainable community with nature at its

core. Due to our size and scale, we have a unique

position in our market to allow us to incorporate

nature-based solutions into our placemaking

designs like never before.

Every site begins with a simple but vital

question: How can we protect and enhance

the nature that’s already here? Our

developments are designed to enhance nature,

not destroy it. Native hedgerows, woodlands,

wetlands and meadows are not seen as

obstacles to progress – they’re integral to it.

Using Nature as a Tool

As we have seen over recent months severe

weather events and storms are increasing in

Ireland. One impact of this has been an increased

risk of flooding. Nature-based Sustainable Urban

Drainage systems (SuDS) have been designed into

the streetscapes of Seven Mills to control the risk of

these flooding events. SuDS are a key component of

our placemaking in Seven Mills and are central to the

character of the development from the earliest

stages of master planning.

The roads and streets within the development

have been designed so that rainwater flows to

deliberately designed bioswales, tree pits and

planted areas. We have included individual SuDS

soak aways for roof top run off within rear back

gardens, permeable paving in private driveways

and connected and singular SuDS tree pits. We

have also incorporated above ground natural

attenuation basins within amenity areas with

enhanced native planting.

Biodiverse green roofs on apartment complexes

and green streets throughout the development add

to the natural landscape but also provide many

benefits such as:

• Protecting and providing habitats for a variety

of species.

• Plant growth encouragement.

• Climate resilience through sustainable

landscape design.

• Aesthetically pleasing public open space areas.

Seven Mills is located next to the Grand Canal, so

it was vital we took steps to protect that natural

environment and prevent encroachment and the

negative impact that could have on the hundreds of

ecosystems that call the Grand Canal their home.

This has been achieved through protection

fencing and designated planting on the street

side of the boundary, which has the added

benefit of creating an enjoyable walkway on

the street side and a feeling of being in the

countryside rather than the city for its users.

Communicating Our Vision

It is imperative we ensure our residents

understand our ambition when it comes to

nature and creating sustainable communities.

We want to create an environment that

positively impacts on the community’s health

and wellbeing, and where the tangible benefits

of living in such an environment are felt by the

people who live and work there. We use

signage throughout our Seven Mills

development to illustrate the design intent of

our nature-based solutions and SuDS and the

resulting benefits to both them and the natural

environment we’re trying to protect.

Equally, engaging with our supply chain

partners and providing insights on our

ambitions is essential. Construction is highly

impactful and drives significant pressure on

land and ecosystems. Educating our supply

chain partners on our implementation

methodologies and our approach is central to

ensuring they understand why protecting

nature is a priority for Cairn but also how we

propose to do so.

Early collaboration is key, and we are

committed to bringing them on this journey

with us.

LINK TO STRATEGY:

Sustainability Report – Environment continued

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Circular Economy

The built environment sector

is one of the world’s most

resource-intensive industries

and is currently designed

around a linear model in

which materials are sourced,

used, and then disposed of.

This has resulted in the

construction industry

becoming one of the main

consumers of natural

resources and raw materials.

2025 Recycling Rate

24.4%

2024: 15.6%

Our Approach and Policies

The use of these resources in this linear

fashion has a negative impact on the

environment, results in the production

of large volumes of waste, and increases

carbon emissions.

To support our transition to a more

sustainable built environment, enabling us to

deliver the homes and infrastructure Ireland

needs requires a different approach. We

must move towards a circular model which

uses innovations in design and results in

reducing waste. The initial design and

planning phases of construction offer the

best opportunities for increasing circularity

and minimising waste.

Our Innovation and Design teams are

focused on incorporating these principles

into our ways of working, designing for

waste efficiency, materials optimisation,

reuse, and recycling and deconstruction.

Additionally, our Procurement team are

working with our supply chain to promote

off-site construction methods. Bathroom

pods and prefabricated balconies are used

as standard on our sites, and are just some

of the examples demonstrating these

principles in action.

Our Actions

A key focus for Cairn in 2025 was to maintain

and build on our waste reduction and recycling

efforts across all our developments and ensure

we have robust structures in place to support

this. This follows from the development of our

Waste Strategy in 2024 and is detailed further

in our case study on page 62.

Some notable achievements in 2025 include:

• Increasing our recycling rate by 9%.

• Appointing a dedicated Environmental

Manager.

• Appointing Waste Coordinators across all

sites to focus on waste reduction and

increased recycling.

• Delivering toolbox talks to supply chain

partners across all sites on waste

management and segregation.

• Successfully completing an external

waste audit.

The recovery, reconfiguration and reuse of

reclaimed site material in soil stabilisation, the

backfilling of service trenches, and landscaping

operations have enabled Cairn to significantly

reduce the quantities going to landfill as waste.

These practices have enabled Cairn to recover

over 66% of reclaimed site material across our

portfolio. The screening and crushing of this

material has resulted in Cairn being able to

produce many different types of material for

use on site including:

• 6F2 crushed rock – utilised as capping on

permanent roads and for compound

construction;

• clause 808 structural stone– drainage and

service installation, Sustainable Drainage

Systems (SuDS);

• clause 505 graded round stone – drainage

infill and protection, driveway and footpath

installalation;

• structural soil – carparking bays, green and

brown roofs and tree pit infill; and

• topsoil – creation of green areas for the

residents to enjoy.

Please see our case study on page 63 for

more information on these efforts.

Circular Economy

Sustainability Report – Environment continued

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability ReportStrategic Report Sustainability Report

CASE STUDY

Moving Beyond the Linear Economy

At Cairn, we are committed to improving all aspects of the

construction process to enable real world change that will

reduce our negative impact on the environment.

As outlined in our Climate Transition Plan, we

understand the critical importance of transitioning

to a Net Zero economy. With this in mind, we are

developing an action-orientated strategy to enable

us to create communities that set the standard for

sustainable development in Ireland and beyond.

Our Waste Strategy

According to the Environmental Protection Agency

(EPA), 9 million tonnes of construction and

demolition waste were generated in 2023, an

increase from 8.3 million tonnes in 2022. As part of

our efforts to adapt our business model to prepare

for Net Zero, we developed a five-year Waste

Strategy during 2024, and we saw measurable

improvements in 2025, our first full year of

measurement.

This strategy identifies key areas of focus for Cairn as

we strive to reduce the volume of waste generated

through our day-to-day operations.

Our Strategic Objectives

• To reduce waste generated.

• To increase our recycling rates.

• To generate a clear focus and accountability

for our site teams.

• To embed best practice in our supply chain.

Our Actions for Success

• Waste Coordinators have been appointed

across all sites, who are dedicated to

managing all waste generated during the

construction process.

• Standardised waste segregation areas and

signage to further improve clarity on

material segregation and management

have been implemented across all sites.

• Full implementation across all levels of the

business to promote greener construction

processes.

• Continuous monitoring and training for

both direct employees and contractors

to align processes and support the

implementation of key actions.

Our Results

• 9% increase in recycling rates across

the business.

• Clear and concise waste management

plans across all sites.

• Implementation of staff-led initiatives

across the business.

• Site level KPIs introduced to promote

best practice.

LINK TO STRATEGY:

Sustainability Report – Environment continued

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Sustainability Report – Environment continued

A Renewed Focus

A critical focus of our Waste Strategy is shifting

from a linear approach to waste management,

toward a more circular model that incorporates

the Irish Governments “Waste Action Plan for a

Circular Economy”.

81% of Ireland’s Construction waste is attributed

to soil and stone going to landfill. Traditionally

landfilled, soil from excavations can instead be

seen as a raw material generated as part of the

construction process itself. The drive to reduce

waste across the construction industry has led

to innovations in how this soil and stone is

treated and disposed of.

Traditionally our industry has followed a “take-

make-dispose” model, where resources are

extracted, used and then discarded. We are

transitioning to a circular approach that

prioritises keeping materials and products in

use for as long as possible through reuse, repair,

recycling and regeneration. This shift is essential

to reducing waste, conserving valuable resources

and supporting long-term environmental

sustainability.

Applying this circular approach on our sites,

we are reusing soil and stone as a resource in

our siteworks. This actively reduces our waste

production. Adaption of circular economy

principles such as this, gives our industry more

options to utilise this primary resource within

everyday construction. This is a positive step in

enabling the development of a road map for our

industry to incorporate the management and

reuse of site won material into everyday

operations.

As a leader in the construction industry, we have

been investing significant time and resources into

the management of soil and site-won materials

across our portfolio. Through collaboration with

the EPA and local councils, Cairn has been reusing

soil as a resource on site, in line with Regulation 27

of the European Communities (Waste Directive)

Regulations. Soil is transferred between sites

across our portfolio under Article 27 as a by-product

for use on site as capping on permanent roads,

installing driveways and footpaths, and

constructing the site compounds.

The reuse of soil and stone in this way, allows

the business to replace a virgin material within

its construction practices and use it as a resource

rather than dispose of it as waste.

Building on our success during 2024, Cairn

successfully diverted and reused over 66% of

the soil and stone waste generated across the

portfolio through the Article 27 process in 2025.

We were further able to use remaining surplus

soil to manufacture different soil types for use

in various landscaping operations, resulting in

zero soil and stone export to landfill. This also

has the additional impact of significantly

reducing the associated transport and export

emissions.

By embracing these circular principles, we

can build more responsibly, help tackle our

industry’s waste reduction goals and

innovate for future circularity.

CASE STUDY

Our ERG Programme

is designed to

address the needs

of our growing

workforce.

READ MORE  page 68

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability ReportStrategic Report Sustainability Report

Social

During 2025, housing remained a pressing need for

Irish society. A home is one of the most basic and essential

needs a person has. At Cairn, we are committed to helping to

address this need, but the scale of the challenge is clear.

It requires collaboration across our industry,

service providers and policy makers to

ensure we all understand our role in

delivering a resilient housing system.

Our People Agenda is at the heart of

everything we do. We want to be an

employer of choice in Ireland, attracting

and retaining the best talent to help us

tackle the housing crisis.

Tackling the significant skills shortage in our

industry is a top priority and building our

early careers pipeline remains a key focus

area for Cairn. We know Ireland has an aging

workforce and we need to invest now to

attract younger talent into our industry.

Being proactive in tackling this gap is vital to

ensuring we can continue to deliver

sustainable homes at scale.

As part of our efforts, we are focused on

creating sustainable communities that

promote connection and belonging –

bothwithin our developments and the

communities that exist around them.

Placemaking is a key part of this, shaping

environments through thoughtful

planning, high-quality public spaces and

meaningful engagement.

We take a holistic approach to planning

new communities, prioritising essential

elements such as infrastructure, access to

public transport and active travel routes, as

well as schools, childcare facilities and local

sporting and social amenities.

Through close collaboration with local

authorities and State bodies, we are

contributing to delivering social and

affordable housing at scale.

This cohesive approach is what creates

neighbourhoods that will thrive and grow

into strong enduring communities.

In this section

65 Our People

71 Workers in Our Value Chain

75 Affected Communities

76 Our Customers

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Our People

Building strong communities starts

with building strong teams. We know

we cannot build sustainable homes and

communities without a workforce that

feels supported, connected and valued.

We have been scaling our business over the past ten years

and with that, growing our highly skilled team who drive

our success.

We are unwavering in our belief that a diverse and inclusive

workforce leads to greater success, and we are committed

to cultivating a workplace that thrives on a culture of

equality, diversity, inclusion and respect. Giving people

theopportunity to be the best version of themselves is

animportant element of an engaged workforce.

In 2025, we established the People & Culture Committee

tostrengthen our culture and ensure every voice is heard.

This Committee brings together leaders from across the

business to champion initiatives that enhance engagement,

wellness, and inclusion. The Committee provides strategic

oversight and guidance to three dedicated working groups;

Health & Wellness, Equality, Diversity & Inclusion (EDI) and

Engagement & Communication – each group playing a key

role in enhancing our culture, advancing key initiatives and

ensuring that employee feedback informs how we evolve.

Clear, consistent and meaningful communication is

criticalto an engaged workforce. Our Engagement &

Communication Working Group is focused on how we

share information, celebrate our people and reinforce our

values. Through improved channels, recognition initiatives

and more accessible updates, we continue to ensure our

people feel heard, informed, involved and appreciated.

Further detail on the work of our Health & Wellness and

EDI Working Groups can be found on pages 66 and 67.

Our Approach and Policies

The Health & Safety of our people is a

non-negotiable and remains our number

one priority. It is woven into every aspect of

our business, is central to our strategic

direction and we work tirelessly to reinforce

a safety-first culture. Ensuring our people are

in a safe working environment is the most

important element of our strategy.

Leadership through a top-down approach is

at the heart of how we protect and support

our people, strengthening our safety-first

culture through continuous improvement,

collaboration and innovation. Our

commitment goes beyond meeting

standards, it is our objective to push the

boundaries of excellence in Health & Safety

across the business. We empower our

people to drive consistency and

accountability through continuous

education, training and upskilling. The

success of this approach is evident. Despite

more than doubling our productivity levels

in 2025, control of our performance was

maintained with accident frequency rates

remaining stable.

Regular site audits, and inspections across all

active projects help us proactively identify

opportunities for improvement and uphold

our increasingly rigorous standards. In

addition, our Health, Safety and

Environmental ISO accreditation was

successfully renewed, and we maintained

our Grade A classification under the Safe T

Cert

programme.

Our Actions

Our Health & Safety team have continued

to support the embedment of day-to-day

safety behaviours across our activities,

using the structured approaches

outlined in our management system.

During 2025 we have:

• Held monthly leadership Safety

Committee meetings, facilitating

reflection on progress and

performance, enabling the direction

of future approaches.

• Tracked Senior Leadership and

Management Health & Safety site

engagement visits, supporting

mangements “boots-on-the-ground”

presence.

• Established site-by-site key

performance indicators to create

visibility and prompt proactive actions.

• Completed three independent Health

& Safety audits. No non-conformances

were raised, confirming the high

standards upheld on site.

• Collaborated with industry partners

asmembers of the IBEC Safety Policy

Committee to raise awareness of

organisational efforts and contribute

to industry direction and progress.

• Issued our first quarterly EHS

Newsletter.

Health & Safety

Safe-T-Cert certification http://www.safe-t-cert.ie is based on the International Labour Office (ILO)

“Guidelines on Occupational Safety and Health Management Systems”. Safe-T-Cert is recognised by the

Government Construction Contracts Committee (GCCC) in Ireland as meeting the requirements for public

procurement and is accredited by Safety Schemes in Procurement (SSIP) Forum in the UK.

Sustainability Report – Social

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Our Approach and Policies

Creating a great place to work means enabling

people to perform at their best. At Cairn, we

believe in supporting the whole person and their

financial, mental, physical and emotional

wellbeing – as that’s how employee satisfaction

and long-term commitment are sustained. We

are committed to delivering an industry-leading

wellbeing programme for all employees that

combines comprehensive benefits with practical

initiatives that make a real difference for our

people.

Our Mental Health Strategy remains a

cornerstone of our Wellbeing programme.

Wecontinue to partner with The Lighthouse

Charity, a charity dedicated to providing

specialist support to construction workers and

their families. We now have 44 Mental Health

First Aiders (MHFAs) across the business,

complementing our Employee Assistance

Programme (EAP) and ensuring timely,

confidential support is available when our

people need it.

When it comes to physical health, we encourage

our teams to adopt healthy lifestyles and

continue to drive initiatives that promote

Our Actions

To champion our wellbeing programme going

forward, we have established a Health &

Wellness Working Group, a sub-group of our

People & Culture Committee. The group has

identified three priority areas of focus: mental

health, physical health, and broader wellbeing

support. Under these priority areas the group

actively promotes health awareness, and

provides access to education and resources.

Key initiatives the working group focused on in

2025 include:

• Health screenings through our ‘Know Your

Numbers’ campaign.

• Manager masterclasses focused on mental

health awareness and proactive wellbeing

leadership.

• Reinforcing our existing supports and

messaging, through active employee

intranet campaigns.

We also offered financial wellbeing support

through group webinars as well as financial

advisor 1:1s to ensure employees could access

tailored advice depending on their stage of life.

Core supports offered to our people include:

• Annual Kick Off Party, Summer BBQ, and

Christmas Grotto.

• Cost of living supports throughout the year.

• Paid maternity and paternity leave.

• Enhanced family leave, including marriage

leave.

• Paid sick leave.

• Life assurance and income protection.

• Full health insurance to the value of €3,000.

• Employee Assistance Programme (EAP).

• Mental Health First Aiders with accredited

training.

• Weekly fruit deliveries.

By providing wellbeing education and

resources to our teams, we aim to support

them to manage their personal wellness

effectively, reduce stress and enhance their

overall wellbeing.

Wellbeing at Cairn

Health and Wellbeing

96%

of employees believe Cairn invests in the

Health and Wellbeing of it’s employees

Mental Health First Aiders in 2025

2024: 25

physical good health such as our running club

and walking challenges. These initiatives spark

a sense of competition and camaraderie and

help our people feel connected in activity.

Our Workplace Wellbeing Policy sets out how

Cairn promotes the wellbeing of our people

bycreating a safe, positive and supportive

environment. Our focus is on building

awareness, encouraging open conversations

and equipping our managers with the skills to

recognise and respond to employee needs,

fostering an environment where people feel

safe to seek help.

Named among the

Best Workplaces for

Health & Wellness

Our People continued

Sustainability Report – Social continued

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Our Approach and Policies

Equality, Diversity & Inclusion (EDI) remained a

central component of our people strategy in 2025.

Inclusivity shapes our culture and is championed by

our senior leadership. In a collaborative industry

such as construction, it is essential that we bring

together people with different backgrounds,

experiences and perspectives.

We recognise that diverse teams make better

decisions, and we believe that a workplace where

every voice is respected, and every person feels

they belong will achieve better business outcomes.

At Cairn, everyone is encouraged to be themselves

and is valued for their unique contribution.

Our interactions across teams, partners,

customers and communities are built on

afoundation of respect, integrity and shared

accountability.

Our Actions

Our EDI Working Group, the third pillar of

ourPeople & Culture Committee, includes

representatives from across the business who

are passionate about celebrating diversity,

fostering inclusion and ensuring equity in every

aspect of our workplace.

The EDI Working Group aims to:

• lead the development and implementation

of Employee Resource Groups (ERGs),

creating communities where our people

can connect and support one another,

• influence and shape our EDI agenda,

ensuring it reflects the diverse

perspectives and needs of our people; and

• promote learning and awareness through

initiatives that embed inclusive practices

into everyday work life.

Gender diversity remains a core focus of our

strategy with continued effort focused on

connecting, developing and inspiring our

female employees through our Women in

Cairn Network. In 2025, 30% of all promotions

at Cairn were awarded to women, which

isabove our overall female workforce

representation of 26%. Our Gender Pay Gap

also reduced during the period to 22.8% –

down from 30% in 2024.

We remain focused on strengthening our

future talent pipeline and we successfully

hosted three Transition Year (TY) weeks during

the year as part of our TY Programme. 45% of

participating students were female, reflecting

our commitment to fostering gender diversity

in the industry. It is our hope that by exposing

young women to the wide range of available

career paths in our industry, it will inspire

themto consider a career in construction in

thefuture.

Please see page 119 for more detail on how

weare improving gender balance across our

organisation.

Equality, Diversity & Inclusion

Ranked

5th

in the Top 10 Best Large Workplaces in Ireland

In 2025, we developed a comprehensive EDI

Strategy that drives purposeful action and

supports our ambition to be a leader in

equality, diversity and inclusion within

Ireland’s construction industry. Our aims are

simple;

• ensure everyone feels a genuine sense

of belonging at work;

• ensure equal treatment, fair access and

balanced representation across our

business;

• attract and retain diverse talent, creating

awelcoming and supportive workplace

forall; and

• lead by example in our industry and

inspire others.

This framework empowers employees to

shape meaningful initiatives, address real

needs and ensure every voice is heard.

Recognised for the first time

as one of Europe’s Best

Workplaces for 2025

93%

2025 Great Place to Work

Diversity & Inclusion Category

Our People continued

Sustainability Report – Social continued

FAMILY AND

CARERS LOGO

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

CASE STUDY

Supportive Spaces for Connection

Employee Resource Groups (ERGs) are one of the most practical and

meaningful ways we invest in inclusion at Cairn. They provide safe

supportive spaces for connection, discussion and action. They help

our people grow personally and professionally, build networks and

have a clear voice in shaping our culture.

Following the launch of our ERG Programme in 2023, we have expanded it to meet

evolving needs and strengthen belonging across the organisation.

Families & Carers in Cairn –

Supporting Employees at Every Stage of Life

We first launched the Families in Cairn Network in

2023 to support parents, caregivers, parents-to-be

and anyone navigating family life. Initially focused

on working parents, the network provided a

dedicated space to share lived experiences and

practical advice on balancing responsibilities,

planning leave, accessing benefits and returning

to work confidently.

Recognising that families today exist in many

forms, we relaunched the group in 2025 as the

Families & Carers ERG, expanding support to

colleagues with caring responsibilities for children,

older relatives, or loved ones with additional needs.

Our Purpose

• Ensure that everyone who provides care is

supported and valued, regardless of their

family structure, caregiving role, or personal

circumstances.

• Create a safe and empathetic environment

where people can share challenges, celebrate

achievements, and access meaningful,

practical support.

• Champion policies and practices that make

work-life integration more achievable.

• Build understanding across the organisation

of the realities of caring responsibilities.

The Families & Carers ERG partners with our

Cairn Christmas Grotto Event, to ensure accessibility

by reviewing mobility and sensory needs and

offering a mobile sensory space. This space

offered a calm, supportive setting for those

needing reduced sensory stimulation.

CASE STUDY

LINK TO STRATEGY:

Sustainability Report – Social continued

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Women in Cairn – Improving

Gender Balance in our Industry

Established in 2024, the Women in Cairn Network

continues to play a pivotal role in improving the

experience, visibility and progression of women in

an industry where female representation remains

limited. In 2025, the network continued to build

momentum, creating spaces that support women

to Connect, Develop and Inspire one another.

Connect

Two site walks incorporating breathwork and

yoga sessions during the summer brought

women together on our live sites, supporting

wellbeing and connection.

Develop

Masterclasses delivered during the year by an

external coach focused on goal setting, personal

purpose, developing an influential voice and

leadership presence.

Inspire

To mark International Women’s Day 2025, we

hosted an event featuring a female CEO from

within our sector, followed by a panel conversation

with female Board members and male senior

leaders—reinforcing our commitment to gender

equality and allyship.

Race & Ethnicity in Cairn –

Celebrating the Diversity of

Our Workforce

Our newest ERG, Race & Ethnicity in Cairn was

launched in October 2025.

With 28 nationalities represented across Cairn that

are not Irish – the equivalent of 24% of our direct

workforce, the group was established to celebrate

the cultural diversity that enriches Cairn and to

create a stronger sense of inclusion and belonging.

Our Purpose

• Provide a space to share experiences and

challenge bias.

• Celebrate cultural traditions and differences.

• Empower non-native English speakers to

communicate with confidence.

Looking to 2026, the group will explore ways to

celebrate all the cultures that exist in Cairn, support

communication, and continue to build community.

Everyone is invited, whether you identify with a

minority group or want to be an ally, this is a space

for everyone to learn, connect and grow together,

while shaping a workplace where everyone belongs.

Sustainability Report – Social continued

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Our Approach and Policies

Our industry is changing, and the skills required to

achieve better business outcomes are constantly

evolving. Our Learning & Development (L&D) Strategy

supports the continued development of our people,

by enabling them to develop the skills needed for the

workforce of the future, whether that be in the

innovation, digital, sustainability or leadership space.

We want our people to be empowered, continually

learning and taking ownership of their development

and career progression.

Our strategy supports all levels and roles

throughout the organisation, beginning with our

new starters and early career roles, right through

to site management and senior leadership.

Development opportunities within Cairn are

plentiful, meaningful and practical, we grow

capability across every role combining on-

the-job learning, structured exposure, targeted

programmes and individual support.

Our development offering is structured across three

complementary areas:

• Professional Development – we actively

support employees to pursue further

education opportunities aligned to their

professional background and career path.

• Technical Development – we build role-

specific skills through technical training

calendars, forums and communities of

practice, ensuring learnings can be applied

immediately on site and in functions.

• Personal Development – we deliver a suite of

programmes focused on strengthening

communication, influence, decision-making and

leadership.

Learning & Development

Our Actions

It’s critical to our business that all employees

arriving to work with Cairn are given a clear view

of our vision, brand, purpose, and values. As the

business has scaled, being able to reach all new

hires with timely information and a consistent

learning experience is a growing priority.

In 2025, we focused on designing and launching

an e-Learning Orientation pathway delivered

online through our Learning Management

System and complemented by an interactive

face-to-face group workshop.

This was a significant evolution of our

orientation experience which we have been

continuously investing in as we grow.

Each online module focuses on a key aspect of

the employee onboarding experience, from a

practical new starter checklist and information

on our benefits and policies, through to an

overview of our operating model and the broad

range of functions, teams and sites that make up

our business.

The face-to-face workshop opens with an

introduction and overview from one of our

Leadership Team followed by a deep dive into

our culture and values. The session also offers

employees the invaluable chance to network

with other new starters in person and visit our

central office in Dublin.

For more information on our Learning &

Development programmes, our case study

on page 21 and 22 provides additional examples

of our strategy in action.

All employees are encouraged to incorporate

learning and development objectives into

their annual goals to personalise their

development and support their career

progression. We are committed to growing

and developing our people so they can

continue bringing value and impact across

the business and the wider industry.

Our People continued

95%

of Cairn employees participated in at least

one L&D opportunity during 2025.

Sustainability Report – Social continued

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Workers in our

Value Chain

During 2025 we have

continued to scale. We were

live on 25 sites across Ireland

and recorded over five

million hours worked. This

growth would not be

possible without our Supply

Chain Partners, their people

and the strong relationships

we have built over the last ten

years.

Our Supplier Code of Conduct

summarises the minimum standards we

require from our supply chain partners

and equals the standards we hold

ourselves accountable to. Conducting our

business in a sustainable, responsible, and

ethical manner is our top priority.

+5million

Hours worked on Cairn sites to date

5,500

Jobs supported by Cairn

Health & Safety

Our Approach and Policies

As with our direct workforce, the Health &

Safety (H&S) of everyone who works on a Cairn

site is non-negotiable and our top priority. We

do not take lightly our responsibility to ensure

every individual finishes their day’s work safely,

and this is why we embed our expectations on

H&S across our sites regardless of who you are.

Our Environmental Health & Safety (EHS)

Director and their team have been busy

ensuring our EHS agenda remains best-in-class

and aligns fully with our strategic priorities.

During 2025 our operational output doubled.

We had nine new site commencements, and

our hours worked doubled in comparison to

2024. Despite this increase in activity, our

Accident Frequency Rate (AFR) remains stable

in 2025. This is a direct result of our maintained

focus and approach to Health & Safety

throughout the business supported by our

Leadership Team.

Our Actions

Focused objectives for our EHS Function during

2025 included:

• supply Chain engagement to set Cairn

expectations for safety;

• empowering our people to drive consistency

and accountability;

• maintaining and building our focus on

Wellbeing and Mental Health within our

supply chain; and

• enhancing our safety systems and culture

through continuous improvement,

collaboration and innovation.

The successful delivery of these objectives

requires collaboration, communication and

engagement. Regular engagement is a constant

key feature of our approach, and this is welcomed

by our supply chain partners.

An important element of our interaction with our

supply chain partners is our Supply Chain Survey

which invites feedback from our partners on our

performance. Our highest scores from the survey

were in relation to Health & Safety and mental

health, a strong endorsement of the investment

we are making with our supply chain.

Some of the initiatives delivered during 2025

include:

• Introduction of quarterly Safety Leadership

Days, bringing together senior leaders, site

managers and subcontractor supervisors to

review performance, share lessons learned

and co-create solutions for emerging risks.

• Held c.50 Supply Chain Principal one-to-one

review sessions.

• Trained an additional 272 ‘Blackhats

’ on site,

bringing the total number trained to 467.

• 464 workers availed of health screenings as

part of our ‘Know Your Numbers’ health

campaign across multiple sites. Following our

lead, two members of the supply chain

organised their own dedicated screening

days.

• Implemented structured quarterly site

stand-downs on focus areas such as ‘Incident

Causation Trends’ and ‘Getting the Basics

Right’, to raise awareness and drive continued

improvement.

• Continued our partnership with The

Lighthouse Charity to offer mental health

support where needed.

• Mental health and resilience speakers

delivered eight sessions during our H&S

Campaign.

• H&S signage on site is displayed in multiple

languages ensuring our value chain workers

are informed and protected from risk.

• Provided sun cream and water during the

hotter months raising awareness of skin

exposure and promoting hydration.

1 “Black Hats” at Cairn refer to supervisors on-site within

our subcontractors who are responsible for, and

oversee, our H&S practices. These supervisors are

supplied with black hard hats so that their presence on

site is visible, leading to greater compliance with

expected safety standards.

Sustainability Report – Social continued

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

CASE STUDY

Building Ireland’s Future

We are committed to supporting the long-term vitality and vigour

of the construction sector in Ireland. The success of our industry is

dependent on ensuring the future pipeline of staff and addressing

the significant skills shortages across the industry.

There is an on-board tutor who travels with the rig,

talks to students about different trade careers, and

answers any questions they may have. The trades

featured on the rig include electrical and mechanical,

blockwork, carpentry and joinery. There are also a

range of interactive audio and visual aids on board,

such as virtual reality welding demonstrations.

Over the past 18 months the Mobile Training Unit

has been travelling the country, appearing at

national events such as the National Ploughing

Championship and World Skills Ireland, while it is

also regularly used for careers fairs and construction

sector events.

The rig has visited dozens of schools across Ireland,

and has seen over 1,750 students, both male and

female, go on board and make use of the practical

demonstration stations. During our May Transition

Year programme, we invited 40 students and their

guidance councillors to visit our Seven Mills

development where we had the Mobile Training

Unit set up.

This allowed students to sample different trade

apprenticeships, followed by a site walk with our

Site Management Team who showed them these

trades in action on a live site. This outreach has

generated significant interest, positioning

construction apprenticeships as a viable, exciting

and future-proof career path.

To tackle retention, we have introduced a structured

bursary system, paying over €270,000 in financial

supports since the programme was launched. These

payments are strategically timed to coincide with

key phases of training, helping apprentices

overcome barriers to retention at common dropout

points on the apprenticeship journey.

The Government’s previous housing plan ‘Housing

for All’ and now the current ‘Delivering Homes,

Building Communities’ strategy has identified that

increasing the number of apprentices across the

residential construction sector is critical to delivering

the strategy’s targets. In 2024, we launched the

Cairn Apprenticeship Programme to assist in

attempts to tackle this challenge.

Investing in the Future of the Industry

The Cairn Apprenticeship Programme is designed to

attract and train the next generation of workers in

our industry, so they can contribute to building a

sustainable Ireland where people can thrive. A career

in construction starts with the right foundation. As

Ireland’s largest homebuilder we’re investing €10

million over the next five years in the Cairn

Apprenticeship Programme.

By partnering with our wide network of

subcontractors and the wider industry, Cairn is

helping to pave the way for the next generation

of construction professionals through mentoring,

training and education programmes, financial

support and collaboration with educational

institutions.

Challenges and Opportunities

The programme aims to tackle two key

challenges: apprenticeship recruitment, and

greater apprenticeship retention.

To tackle recruitment and strengthen the future

talent pipeline, we launched the Mobile Training

Unit in partnership with Laois and Offaly Education

and Training Board (LOETB), Mount Lucas. This

mobile rig provides a large, mobile, interactive and

multi-functional showcase space, including

demonstration facilities aimed at promoting

awareness of construction trades careers.

LINK TO STRATEGY:

Sustainability Report – Social continued

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Alongside financial support, apprentices benefit

from mentorship by Cairn experts, examination

preparation workshops, and flexible learning

options delivered both in-person and online.

United for Success

We know collaboration is key to the

programme’s success. Our collaborative

approach is not restricted to our subcontractors

and industry partners, but also extends to higher

education institutions.

We have partnered with Atlantic Technological

University (ATU) and formed an industry

consortium to develop a new Quantity Surveyor

Apprenticeship, due to launch in the first half of

2026. This initiative will create 40 new

apprenticeship places annually, with plans to

expand nationally.

In 2025 we recruited a Partnership Lead for the

Apprenticeship Programme, dedicated to project

managing and developing relationships.

Implementing this dedicated resource allows Cairn

to grow, improve and broaden the influence of the

programme.

1,755

students have accessed the Cairn

Mobile Training Unit to date

Enrolement target of

500

apprentices enrolled by the end of 2028

To date we have

278

active or qualified apprentices in the

programme

Measuring our Impact

Our impact will be measured in two strands:

• the total apprentices enrolled on the

programme across its lifecycle; and

• the number of apprentices completing the

programme, gaining a relevant qualification for a

career in their chosen trade.

To ensure the success of this programme we

regularly engage with both our subcontractors

and apprentices who engage with the programme

for their feedback. This provides a means of

adapting and improving elements of the

programme where necessary.

A key action already undertaken, has been the

establishment of a stakeholder map and

engagement plan. This plan aims to enhance current

relationships with subcontractors engaged on the

Programme, and develop new relationships with

subcontractors not yet engaged.

In addition, high-potential external stakeholder

relationships have been identified that would allow

Cairn to increase the scope and influence of its

Apprenticeship Programme, across state authorities,

education and training facilities and industrial

representation groups.

Sustainability Report – Social continued

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Our Approach and Policies

Our success is built upon strong partnerships

across our supply chain. We are committed to

helping our partners grow to continue to succeed

together. This does not reduce the responsibility

we have to ensure that the delivery of our

sustainability objectives is supported by our

supply chain partners.

The high standards we hold ourselves to must

also be understood and represented across our

supply chain, with a focus on carbon management,

energy and resource efficiency, sustainable

materials, biodiversity, health & safety, and

human and labour rights. Our Supplier Code of

Conduct sets out the minimum standards that our

Supply chain partners are required to meet and

requires that products, materials and services

should be sourced in a way that supports

environmental stewardship and respects human

rights and social responsibility.

We require our supply chain partners to uphold

human rights and fair labour practices within all

business activities and condemn all forms of

exploitation. At tender stage, our supply chain is

asked to review and confirm their understanding of

these standards.

Working collaboratively with our supply chain

partners is vital to meeting our sustainability goals.

This approach helps us adopt more innovative,

low-impact products and processes. Many of our

key partners are Irish suppliers, and we continually

seek the most sustainable building materials to

strengthen our leadership in green construction.

Responsible Sourcing

Our Actions

We maintain regular engagement with our

supply chain partners beginning before they

start on site and continuing throughout project

delivery. This ensures we capture as much

insight as possible and have well-informed

relationships.

We incorporate site and factory visits into this

engagement ensuring we have visibility of the

working environment and conditions our value

chain workers are operating in, enabling the

opportunity to identify issues of concern, and

take action where needed. All forms of modern

slavery are prohibited, including child labour,

forced or compulsory labour, servitude, slavery,

and human trafficking. Cairn does not tolerate

any form of complicity in human rights abuses,

whether through direct action, negligence, or

enablement.

Additionally, we maintain a confidential

reporting mechanism on our website to ensure

that any concerns can be raised in confidence by

relevant stakeholders. Through this confidential

reporting line, any conduct of concern can be

reported, investigated, and addressed with

appropriate remedial action where required.

In 2025, our Procurement Team undertook a

detailed review of our Responsible Sourcing

Programme to ensure this crucial workstream

fully captures any evolving risks or opportunities

in the market and our supply chain. This activity

has resulted in an updated phased responsible

sourcing roadmap that is currently being

actioned, and will be a strategic priority during

2026. Main areas of focus include enhanced Risk

Assessments, Sustainable Procurement Actions

and Due Diligence.

Improving the sustainability performance of our

supply chain strengthens resilience and drives

efficiencies, resulting in lower costs and a

reduced risk of negative environmental or social

impacts.

As a Founding Partner of the Supply Chain

Sustainability School (Ireland) we encourage

our supply chain to upskill and expand their

sustainability knowledge. In order to support our

supply chain partners in this area, our evolving

Responsible Sourcing Programme also now

includes training and awareness sessions on

sustainability related topics. Our aim is to

develop a transparent and ethical value chain

that shares our values and conducts their

business responsibly.

Management of Suppliers

Whilst we expect our supply chain partners to

conduct their business responsibly, we also

recognise our reliance on them. We provide fair,

transparent and timely payment terms, helping

us maintain strong relationships with existing

suppliers and attract new ones. Clear and

prompt payment practices give suppliers

certainty around cash flow, which is particularly

important for the SMEs within our network.

Workers in our Value Chain continued

Sustainability Report – Social continued

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Affected

Communities

The local communities

livingbeside or around our

developments are just as

important to Cairn as the

communities we are building.

It is always our intention to

cause minimal disruption

toexisting neighbourhoods

pre, during, and post the

construction phase.

Our Approach and Policies

We want to foster relationships and work in

partnership with those that may be impacted

by our operations. This is achieved by

facilitating regular meetings with the existing

communities around our developments under

construction, keeping them informed of our

plans, project timelines, works that may

impact the local area and how these will be

managed to reduce disruption.

Our Environmental Policy supports our

efforts to reduce the impact of our

developments through noise, dust and

water emissions during construction on the

surrounding communities.

We know that communities thrive not just

within the walls of homes but in the spaces

between them. Our placemaking framework

places a strong emphasis on providing

amenities that encourage community

Amount contributed to

infrastructure to date

+€600m

Our Actions

We use the planning process and

engagement with local authorities to

ensure our developments fit within the

local area and do not have a negative

impact on the wellbeing of its residents.

Ensuring our developments contribute to

the social fabric of existing communities

and their wellbeing is important to us. We

implement preventative measures to

minimise noise, disturbances, dust and

traffic related impacts on the

communities located around our

developments.

To date we have contributed over €600m

to infrastructure, including roads, bridges,

parks and public realm, and we continue

to support our local communities

through initiatives such as our national

and community funding commitments

and our educational interactions with

local schools. Our partnership with the

Cairn Community Games remains central

to how we champion wellbeing, inclusion

and community spirit. Read more about

Cairn Community Games on page 20.

Our Seven Mills Community Fund,

launched in 2024, has been making a

meaningful difference across the local

area in 2025. With €30,000 allocated to

support seven local projects, the initiative

funds projects that span from youth and

sports initiatives to environmental and

cultural programmes, each one

strengthening the local community.

bonding and interaction, while also

attracting the wider local community. This

commitment has led to significant placemaking

projects such as greenways, and parks with

state-of-the-art sporting facilities for the

enjoyment of the whole community.

We encourage all our employees to become actively

engaged in local community initiatives

and we support this by offering two days volunteer

leave per year for employees to participate in

volunteering activities.

Our Supplier Code of Conduct and Sustainable

Procurement Policy support our approach to

affected communities in our supply chain,

ensuring Cairn’s Responsible Sourcing policies

and procedures are adopted by our supply chain

partners and that they seek to minimise the

impact of their operations on their surrounding

communities.

Sustainability Report – Social continued

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Cairn Homes plc | Annual Report 2025

Our Customers

Our commitment to

understanding our customers

begins at land acquisition

and remains at the core of our

entire business model

Our dedication to customer

insights and feedback, at all

stages, allows us to be a

partner of choice and deliver

new homes that exceed the

expectations of our

customers.

94%

Cairn customer experience

rating in 2025

50%

Reduction in aftercare-case

resolution time

Our Approach and Policies

We build communities not just houses, and

it is important to us that our customer needs

are reflected and answered in what we build.

Shops, schools, creches, green spaces, sports

and social amenities are all part of our

placemaking strategy.

Our customer strategy is to continue to build

on our current partnerships and explore new

opportunities with our customer base. Over

80% of our homes sold to private customers

during 2025 were available at prices which are

below State-support pricing caps, allowing

more of our prospective customers to qualify for

impactful initiatives such as the Help to Buy (HTB)

and First Home Equity Schemes.

We have established strong partnerships with

Approved Housing Bodies and other State-

supported entities to deliver social and affordable

homes at scale. These partnerships ensure the

sustained delivery of much needed social and

affordable homes to the market.

The quality of our homes is pivotal to the long-term

success of our business. We build high-quality

A-rated new homes which comply with all relevant

regulatory requirements and consistently exceed

our customer expectations.

The next step in our journey is to demonstrate the

positive impact building better can have. By

adopting the Passive House standard, we are

showing how we are striving for excellence, to make

a difference at a national scale. Our key policy which

supports our approach is our Customer Strategy.

This focuses on our customers wellbeing through

home and development design, and the provision

of our aftercare service to address customer needs.

Sustainability Report – Social continued

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability ReportStrategic Report Sustainability Rep

Our Actions

Customer and Aftercare is a functional

objective for our Constructions and

Operations Team, ensuring our customers

are at the heart of our unique end-to-end

operating platform. We provide all our

homeowners with an aftercare service

which provides them with quality

information and all the details they need to

successfully own, manage and maintain

their homes.

Our Customer Care Team ensures that our

customers remain supported upon moving

into their new Cairn home. Our 12-month

aftercare commitment strengthens our

customer relationships and trust sentiment.

As part of our ongoing commitment to

delivering a best-in-class customer

experience to our homeowners, we have

created a dedicated Customer Care Portal

which has helped us achieve a 50% decrease

in the time required to resolve after-care

cases and provides:

• an engaging and interactive self-service

platform that can be accessed from

anywhere, anytime through any device;

• a central hub for documentation relating

to our homes such as – Homeowner’s

Manual, Warranties and Knowledge Hub;

• self-service facility providing proactive

customer service that supports

customers to troubleshoot and find

their own solutions to frequently

asked questions; and

• ticketing capability to generate an

aftercare case where customers cannot

resolve the issue they are experiencing or

find the information they require.

Our Customer Care Team continue to measure

and monitor the success of our customer

experience through customer surveys and the

handover process, ensuring our aftercare

experience is best-in-class with focus placed on

the post-occupation experience. Our post-

occupation check-ins with all our customers

ensures we are capturing the sentiment of our

customers and allows us to make changes where

necessary to improve our customer offering.

We want to ensure we fully understand what

matters to our customers – what worked well and

where we can improve. To underline the

importance of this, we have linked the

achievement of our customer satisfaction targets

to our remuneration frameworks.

As a leader in sustainable construction, we are the

first homebuilder to deliver new homes to Passive

House standard at scale in Ireland, having

commenced more than 1,750 homes during 2024.

At the end of 2025, we have over 3,000 new

homes commenced to the Passive House

standard in total with over 600 homes already

delivered – an important milestone in our

commitment to sustainable construction. This

evolution is an investment in our customers and

the residents who will live in the homes we build,

enabling them to experience a better quality of life

with increased comfort and reduced utility bills.

Our Home Together programme, run in

collaboration with Neighbourhood Network,

is an ongoing and expanding programme that

focuses on developing communities that are

sustainable in the long term. This approach

ensures that our developments evolve and grow

over time, giving residents the power to drive

actions and initiatives that fulfil their needs.

In 2025, the initiative was active across seven

Cairn neighbourhoods, including for the first

time two regional developments outside the

Greater Dublin area, in Cork and Kilkenny. We

have revised the programme over the past two

years to ensure it is financially viable and scalable

nationally, with tailored offerings for non-private

buyers and affordable housing organisations. The

programme will continue to evolve to ensure

ongoing engagement, sustainability and

inclusivity for all residents.

Sustainability Report – Social continued

“ We are committed to supporting the

residents, building managers, and

maintenance people who are new to

the experience of living in or

managing a Passive House home. ”

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Cairn Homes plc | Annual Report 2025

Living the Standard

Passive House is a tried-and-tested, high-performance building standard, under

which every building must be certified to prove that it will perform as intended.

Being the first homebuilder to deliver new homes

to Passive House standard at scale in Ireland

brings huge responsibility – the responsibility to

ensure our homeowners are equipped with the

information they need for this new way of living.

Care taken in ensuring proper handover and

maintenance of the building will ensure optimal

performance.

Every Building Deserves Support

and Aftercare

Change is not easy and getting to grips with new

ideas can be tough. It’s especially difficult if the

new ideas challenge concepts our customers have

grown up with. In 2025, the shift from solid fuel

to central heating is a distant memory to most

people and it has largely been forgotten how

disruptive this change in how people heated

their homes was at the time.

This is why we are committed to supporting the

residents, building managers, and maintenance

people who are new to the experience of living

in or managing a Passive House. Through leaning

on the lessons learned over the past 30 years of

Passive House, and our own experience and

expertise delivering high-quality, high-density

housing, we have developed a robust and

comprehensive aftercare programme to

support our customers far beyond the

handover of their homes.

CASE STUDY

Support to Encourage Positive

Behavioural Change

The central promise of the Passive House standard

is that you have a home that is always comfortable,

without much heating, and with a ventilation

system that is left to run itself. However, most

building users will be used to managing their

comfort through their heating system or the

opening and closing of windows to ventilate their

homes.

To get the most benefit out of our Passive House

homes, the residents and building managers will

need to learn how to run these buildings to keep

them comfortable, efficient and running smoothly.

For building managers, that may be as simple as

teaching residents to forget about their heating and

ventilation.

Care must be taken to help residents adapt and

understand their new home as a system and

how best to run it – particularly in the case of

vulnerable residents, or residents for whom

English is not their first language. Support like this

is especially important when behaviour can feel

counterintuitive, like keeping windows closed

during a heatwave to keep the hot air outside

and the cooler air inside.

A Toolkit for Success

We have designed a toolkit covering the basic

information needed to ensure a smooth

transition for new Passive House residents and

building managers through dedicated onboarding

and ongoing support.

Specifically tailored to each audience – Resident,

Building Management Teams, and Maintenance

Personnel – materials include:

• Before you move into your new Passive

House home pack – a residents guide to

what to expect from their new home;

• Moving-in Day guidebook – a guidebook

forresidents detailing how to operate the

technology in your new home; and

• Heavyweight handbook – a comprehensive

handbook for building managers about Passive

House and their specific development, to enable

them to better support their residents.

This is part of our commitment to delivering

homes which are as energy-efficient as possible,

high-performing, sustainable, and built for good.

LINK TO STRATEGY:

Sustainability Report – Social continued

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability ReportSustainability ReportStrategic Report

Sustainability

Disclosures

We are committed to continuously improving our sustainability

reporting, ensuring the reader gets a clear understanding of

Cairn’s environmental and social impacts.

Our sustainability reporting continues to

incorporate disclosures as set out by the

IFRS Sustainable Accounting Standards

Board (SASB), the Global Reporting Initiative

(GRI) and the Task Force on Climate Related

Financial Disclosures (TCFD). We also report

in line with Ireland’s Gender Pay Gap (GPG)

Information Act 2021.

This approach highlights our commitment

to both our sustainability agenda and

related sustainability reporting, ensuring

we not only deliver on our ambitions but

also report our progress in a transparent,

comparable and accurate way.

In this section

80 SASB Sandards Index

84 Gender Pay Gap

84 Industry

85 GRI Index

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Sustainability Report – Disclosures

SASB Standards Index

TOPIC SASB CRITERIA CODE 2025 DISCLOSURE

Activity Metrics Number of controlled lots IF-HB-000.A 18,071

Number of homes

delivered

IF-HB-000.B 2,365 units

Number of active selling

communities

IF-HB-000.C There were new homes sales at 22 developments in 2025.

Land Use and

Ecological Impacts

Number of (1) lots and (2)

homes delivered on

redevelopment sites

IF-HB -160a.1 1) Cairn had 2,002 lots contractually available on redevelopment sites as at the end of 2025 (c.11% of our total landbank). The total

number of lots available is an estimate based on the expected future development potential of the landbank.

2) In 2025, 376 (16%) of the 2,365 units

sold were on redevelopment sites.

Number of lots and homes

delivered in regions with

High or Extremely High

Baseline Water Stress

IF-HB -160a.2 No homes or lots in regions with High to Extremely High Baseline Water Stress.

Total amount of monetary

losses as a result of legal

proceedings associated

with environmental

regulations

IF-HB -160a.3 No losses were recorded (unchanged from 2024).

1 Homebuilders Sustainability Accounting Standard, Industry Standard | Version 2023-12, December 2023.

2 This comprises both closed and equivalent residential units. Equivalent units relate to forward fund transactions which are calculated on a percentage completion basis based on the constructed value of work completed divided by total estimated cost.

The activity metrics are reported as of the last day of the fiscal year, 31 December 2025 as per SASB

guidelines.

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Cairn Homes plc | Annual Report 2025

Sustainability Report – Disclosures continued

TOPIC SASB CRITERIA CODE 2025 DISCLOSURE

Land Use and Ecological

Impacts (continued)

Discussion of process to

integrate environmental

considerations into site

selection, site design, and

site development and

construction

IF-HB -160a.4

Site Selection

Prior to acquisition all candidate sites are subject to a rigorous due diligence process which includes scoping of environmental and

ecological sensitivities and constraints. The process is led by our multi-disciplinary Planning Team with additional support from our

Environmental Health and Safety team. We obtain additional expert scientific and engineering input on environmental issues that arise.

As part of this process all candidate sites are assessed under a number of environmental and sustainability criteria such as: proximity to

public transport networks; access to schools; childcare and community facilities; greenfield or brownfield condition; known

contamination; flood risk; and other environmental impacts.

Site Design

At the commencement of site design all projects are scoped out for environmental impacts. This process is led by our in-house Planning

Team with assistance from planning and environmental consultants. This establishes whether a full Environmental Impact Assessment

report (EIAR) or a series of focussed impact assessments on key issues is required. The impact assessment is fully integrated with the

design process and our baseline studies and early impact assessment feed back into the developed design. The EIAR is coordinated by

the planning consultants who attend all design team meetings to ensure full coordination and consideration of all issues.

Once the planning application for a project is submitted, the Cairn Enviornmental Health & Safety (EHS) Team review all applicable

environmental planning compliance documents. This includes the EIAR, Construction Environmental Management Plan (CEMP),

Ecological Impact Assessment, Bat Report, and other appropriate assessments as needed.

Once all environmental planning compliance documents are reviewed, the EHS Team engage with the site Project Manager to ensure all

environmental mitigation measures are addressed at the earliest stages of a project and monitored on an ongoing basis.

Site Development and Construction

Site-specific CEMP and a waste management plan are drafted by the EHS Team for all sites and these address all environmental risks

associated with that site.

The CEMP will outline the environmental risks and detail best practice environmental management which will enable the site to

proceed while limiting its environmental impact. The waste management plan summarises how waste will be managed, stating the

responsibilities within the site team, and includes estimates of expected waste, and reusability of soil under Article 27 of the European

Communities (Waste Directive) Regulations 2011.

The CEMP provides both the site team and the EHS Team a platform to work from and ensures all environmental risks are managed and

reduced. All environmental concerns raised by the public and/or any third-party regulatory body are dealt with in a timely manner and

addressed immediately throughout the construction phase of a project.

Any environmental Planning Condition issued by the Local Authority will be addressed prior to works commencing. Cairn will engage

with third-party environmental consultants to ensure compliance with environmental planning conditions. All necessary environmental

monitoring is adhered to with all consultant reports saved and recorded for future reference.

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

TOPIC SASB CRITERIA CODE 2025 DISCLOSURE

Workforce Health

& Safety

(1) Total recordable

incident rate (TRIR) and

(2) fatality rate for

(a) direct employees and

(b) contract employees

IF-HB-320a.1 (1) TRIR = 2.60

(2) There were no fatalities in 2025 nor were there any fatalities in previous years. 2025 Health and Safety indidents are as follows:

Direct employees: 28 work-related health and safety incidents were recorded in 2025, of which 14 were treated as first aid, and 14

were reported to the Health and Safety Authority (HSA) of Ireland in line with our statutory obligations.

Contractor incidents on our sites: 227 work-related health and safety incidents were recorded in 2025, of which 146 were treated as

first aid, 33 were categorised as accidents and 48 were reported to the HSA in line with our statutory obligations.

Total: 255 work-related health and safety incidents were recorded in 2025 in total, of which 160 were treated as first aid, 41 were

categorised as accidents and 54 were reported to the Health and Safety Authority of Ireland in line with our statutory obligations.

Design for Resource

Efficiency

(1) Number of homes

that obtained a certified

residential energy

efficiency rating and

(2) average rating

IF-HB-410a.1 In Ireland, all homes are subject to our Building Energy Ratings (BER) assessment.

(1) All our homes sold in 2025 are either BER-rated or externally certified to Passive House Standard.

(2) A rating is our average, with all homes rated A1, A2 or A3: BER ratings range from A1 (most efficient) to G.

Percentage of installed

water fixtures certified

to a water efficiency

standard

IF-HB-410a.2 We ensure that all of our homes are fitted with water fixtures that aim to minimise the amount of water used by the homeowner, and

their performance is rated by the DEAP software used in the BER assessments. (See above).

Number of homes

delivered certified to a

third-party multi-attribute

green building standard

IF-HB-410a.3 All Cairn homes are nZEB-compliant and meet strict energy use and resource efficiency standards. All our homes are BER A-rated and

some also meet the Passive House Standard, both of which are externally certfied. During 2022 we began assessing homes on new sites

in line with the Home Performance Index (HPI), a multi-attribute green building certification explicitly designed for homes that are

available in Ireland. This practice is standard for all new site activations.

Description of risks and

opportunities related to

incorporating resource

efficiency into home

design, and how benefits

are communicated to

customers

IF-HB-410a.4 Ireland has one of the most rigorous energy standards for new homes in Europe, and we design the homes we build to meet or exceed

these standards, as well as other efficiency standards defined by planning authorities, Government, and EU regulation. Homebuyers are

increasingly demanding greater resource efficiency, driven by climate-related concerns, rising energy costs, sustainability demands and

lender preferences. This creates a dynamic landscape for home design which can result in increasing development costs and where

expectations are not met, adverse impacts on the value of the homes we build. This gives rise to a variety of development, financial and

compliance risks, as well as opportunities.

As part of Cairn’s sustainability commitments, we constantly seek new ways to improve the resource efficiency of the homes we build.

This ensures we remain at the forefront of sustainable home design, so meeting the demands of our target market. This means

developing homes that use more sustainable building materials such as timber frames in our houses, always meeting a Building Energy

Rating of A3 or above and researching new materials to pilot through our employee led Innovation Forum, who are tasked with

reviewing and improving current ways of working as well as testing modern methods of construction to ensure we remain at the

forefront of sustainable innovations in construction.The building energy rating of the homes we build is one of the core benefits to our

home buyers and is communicated through all marketing materials for our developments.

Sustainability Report – Disclosures

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

TOPIC SASB CRITERIA CODE 2025 DISCLOSURE

Design for Resource

Efficiency (continued)

Description of risks and

opportunities related to

incorporating resource

efficiency into home

design, and how benefits

are communicated to

customers

IF-HB-410a.4

(continued)

In 2024 we launched our first Passive House developments, and have since commenced construction on over 3,000 units to the Passive

House standard. Passive House delivers outstanding levels of energy-efficiency, typically requiring half the heating energy of a buildings

regulations-compliant new-build home. In September 2024 we released our Passive House Position Paper (available publicly on our

website) which outlines our commitment to building energy-efficient homes that significantly reduce environmental impact while

detailing the benefits of building to this standard such as enhancing comfort and cost savings for residents.

Our Annual Report which contains a dedicated sustainability section is available to the public, ensuring that key information is available

to all interested stakeholders. Additionally, our corporate social media accounts are used to communicate with a broad range of

stakeholders on innovation and sustainability matters at Cairn.

Community Impacts of

New Developments

Description of how

proximity and access to

infrastructure, services,

and economic centres

affect site selection and

development decisions

IF-HB-410b.1 Proximity to services and public transport is a central tenet of our sustainable development model and is a strategic consideration in site

selection. Prior to acquisition all candidate sites are subject to a rigorous due diligence process which includes scoping of environmental

and ecological sensitivities and constraints. The process is led by our multi-disciplinary Planning Team with additional support from our

Environmental Health and Safety (EHS) team. We obtain additional expert scientific and engineering input on environmental issues that

arise. Our Corporate Development Team evaluate the local amenities and transport links available to our prospective customers. As part

of this process all candidate sites are assessed under a number of criteria including: proximity to public transport networks; access to

schools, childcare and community facilities; greenfield or brownfield condition; known contamination; and other environmental

impacts.

We build quality homes in great locations; in practice this means that we build close to existing public transport nodes and urban

centres. 100% of all active developments are within 1km of a public transport node and many are connected to road and rail as well as

sustainable transport options such as cycleways. We provided c.19 acres of open space in 2025 including the completion of a substantial

4-acre park, contributing to the c.150 acres of open space provided since the Company was founded.

Number of (1) lots and

(2) homes delivered on

infill sites

IF-HB-410b.2 (1) Cairn had 1,894 lots contractually available on infill sites as at the end of 2025 (c.10% of our total landbank). The total number of lots

available is an estimate based on the expected future development potential of the landbank.

(2) In 2025, 329 (14%) of the 2,365 units

sold were on infill sites.

(1) Number of homes

delivered in compact

developments and

(2) average density

IF-HB-410b.3 (1) Cairn had c.15,600 lots contractually available on compact developments as at the end of 2025. The total number of lots available is

an estimate based on the expected future development potential of the landbank. In 2025, 2,365 (100%) of units

sold were on

compact developments.

(2) The average density for Cairn developments planned in 2025 is:

• Future Sites (planned for development but not commenced in the reporting period): 69 units per hectare.

• Active Sites (where construction is under way): 84 units per hectare.

• Sales Sites (where construction is complete and sales are ongoing): 85 units per hectare.

1 This comprises both closed and equivalent resiential units. Equivalent units relate to forward fund transactions which are calculated on a percentage completion basis based on the constructed value of work completed divided by total estimated cost.

Sustainability Report – Disclosures continued

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

ADDITIONAL INDICATORS

DEFINITION/CRITERIA FRAMEWORK 2025 DISCLOSURE

Gender Pay Gap GPG Information Act

2021

Our mean gender pay gap is 22.8%. Our median gender pay gap is 24.8%. Please see page 117 for more information. We report our

[Gender Pay Gap] in line with Irish legislation and a full report detailing our pay gap, and the actions we are taking to close it is available

on our website.

Number of graduates/apprentices/trainees

enrolled in reporting year

Industry 20 Interns and 26 Graduates hired during 2025.

Percentage of sites with biodiversity impact

assessments in place

Industry 100% of our developments meet this standard.

TOPIC SASB CRITERIA CODE 2025 DISCLOSURE

Climate Change

Adaptation

Number of lots located in

100-year flood zones

IF-HB-420a.1 None of our homes are within flood zones. Where part of a site is within a potential flood zone this area is incorporated in the open

space design to ensure no risk to property. 100% of our developments incorporate Sustainable Urban Drainage Systems (SuDS) designed

to accomodate one-in-100-year flood events.

Description of climate

change risk exposure

analysis, degree of

systematic portfolio

exposure, and strategies

for mitigating risks

IF-HB-420a.2 Climate change risk is considered on the basis of risks associated with the transition to a carbon neutral economy and physical risks

affecting construction activity and developments. When considering climate change risks, we seek to identify and consider all existing

and emerging material factors relevant to the business’ core activities, including policy risk, brand risk, economic risks, development

risks, and compliance risks.

Our approach to the assessment of risk is consistently applied based on the probability of the risk arising, and the consequences of the

risk (which includes a materiality assessment based on a range of financial and non-financial factors). Our response to the risk is then

dependent on the overall risk rating (low, medium, high or extreme) and the Company’s appetite for the risk.

All risks (other than low risks), are managed and alleviated unless they are accepted by the business, with high risks being tolerable only

with the approval of the Board, and extreme risks not being tolerated in any circumstances.

In line with our risk management framework, decisions on how risks are to be managed are determined on a case-by-case basis,

informed by a range of factors that are considered in the context of the specific risk and its wider business impact. Please see our TCFD

disclosures on pages 50 to 55 for further information.

Sustainability Report – Disclosures

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

DISCLOSURE TITLE

AND DESCRIPTION

DISCLOSURE

NUMBER 2025 DISCLOSURE

GENERAL DISCLOSURES

GRI 2: GENERAL DISCLOSURES

THE ORGANISATION & ITS REPORTING PRACTICES

Organisational details 2.1 Cairn Homes PLC, 45 Mespil Road, Dublin 4, Ireland, D04 W2F1

Cairn operates only in Ireland.

Entites included in organisation’s

sustainability reporting

2.2

Entities within the Group

Company’s Holding

Group Company Principal Activity Direct Indirect

Cairn Homes Holdings Limited Holding company 100% –

Cairn Homes Properties Limited Holding of property – 100%

Cairn Homes Construction Limited Construction company – 100%

Cairn Homes Butterly Limited No activity in period 100% –

Cairn Homes Galway Limited Holding of property 100% –

Cairn Homes Killiney Limited Holding of property 100% –

Cairn Homes Finance Designated Activity Company Financing activities 100% –

Cairn Homes Montrose Limited Holding of property 100% –

Balgriffin Investment No.2 HoldCo Designated Activity Company Holding company 100% –

Cairn Homes Property Holdco Limited Holding company – 100%

Cairn Homes Property Holding Three Limited No activity in period – 100%

Balgriffin Investment No.2 Designated Activity Company No activity in period – 100%

Joint Venture Undertaking

Clonburris Infrastructure Limited Construction company – 80.57%

Baggotcove Limited Holding company – 50%

Forreston Developments Limited Holding of property – 50%

Reporting period, frequency and

contact point

2.3 Our reporting period is the calendar year for 2025 and this aligns to our financial reporting period. Our preliminary financial results were published on

March 4, 2026.

Restatements of information 2.4 To support accurate and transparent reporting, we continue to strengthen our processes for collecting and disclosing non-financial information.

As part of preparing our 2025 disclosures, we re-assessed our 2024 disclosures. We are pleased to confirm that no restatements were required for the

2024 reporting year.

External assurance 2.5 We have conducted assurance readiness assessments annually since 2021. The insights from these assessments inform the development of our

policies and processes, as well as our approaches to data collection, verification, and testing methods

GRI Index

Sustainability Report – Disclosures continued

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

DISCLOSURE TITLE

AND DESCRIPTION

DISCLOSURE

NUMBER 2025 DISCLOSURE

ACTIVITIES & WORKERS

Activities, value chain and other business

relationships

2.6 Cairn is an Irish homebuilder. Our activities primarily comprise the building of houses, duplexes, and apartments. Commercial buildings and

infrastructure comprise a smaller share of our activities where needed, to support a new housing development or the existing community in which we

are building.

Cairn operates only in Ireland, predominantly in the greater Dublin area.

Employees 2.7

Diversity by Gender and Age

2025 2024

All 0-30 30-50 50+ All 0-30 30-50 50+

All 517 107 337 73 400 69 272 59

Female 133 31 91 11 99 16 75 8

Male 384 76 246 62 301 53 197 51

2025 2024

All 0-30 30-50 50+ All 0-30 30-50 50+

All 100% 21% 65% 14% 100% 18% 68% 15%

Female 26% 29% 27% 15% 25% 23% 28% 14%

Male 74% 71% 73% 85% 75% 77% 72% 86%

Workers who are not employees 2.8 This data is not collected centrally at present. We have 517 direct employees. Typically, we also have c.250 employees who are who are contracted to

work for Cairn and are under our direct supervision. This quantum can vary depending on the stage of development, time of year, and other factors.

There are typically an additional c.3,500 employees who are not part of our day-to-day supervision but who are working on our sites on any given day.

This supports more than 5,500 jobs.

GOVERNANCE

Governance structure and composition 2.9 Please see page 102 and 103.

Nomination and selection of the highest

governance body

2.10 Please see page 115.

Chair of the highest governance body 2.11 Chairman of the Board, Bernard Byrne.

Delegation of responsibility

for managing impacts

2.13 Please see page 44 and 50.

Role of the highest governance body

in sustainability reporting

2.14 Please see page 44.

Conflicts of Interest 2.15 Please see page 107.

Communication of critical concerns 2.16 Please see page 113.

Collective knowledge of the highest

governance body

2.17 Please see page 116.

Remuneration policies 2.19 Please see pages 118 to 135

Process to determine remuneration 2.20 Please see page 118 and 119.

Annual total compensation ratio 2.21 Please see page 121 and 122.

Sustainability Report – Disclosures

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

DISCLOSURE TITLE

AND DESCRIPTION

DISCLOSURE

NUMBER 2025 DISCLOSURE

STRATEGY, POLICIES AND PRACTICES

Statement on sustainable

development strategy

2.22 Please see pages 10 and 11 of the [Cairn Homes PLC 2023 Sustainability Report].

Compliance with laws and regulations 2.27 There were no significant instances of non-compliance to report in the period.

Significant instances would include those where legal action is taken, and would not include simple fines for minor breaches.

STAKEHOLDER ENGAGEMENT

Approach to stakeholder engagement 2.29 Please see page 30 and 31.

MATERIAL TOPICS

GRI 3: MATERIAL TOPICS

Process to determining material topics 3.1 Please see page 52 and 53 of the [Cairn Homes PLC 2024 Annual Report].

List of material topics 3.2 Cairn has consistently maintained a strong focus on the Environment, People and Communities and we remain committed to minimising any negative

impact on these areas, while actively pursuing opportunities to enhance our positive contributions.

During 2024, we conducted a CSRD aligned Double Materiality Assessment (DMA). We are pleased that the results of our DMA remain aligned to our

existing priorities, and thus we are continuing with our efforts in these areas.

Management of material topics 3.3 Please see pages 46 to 78.

GRI 201: ECONOMIC PERFORMANCE

Financial implications and other risks

and opportunities due to climate change

201-2 Please see pages 50 to 55 where our TCFD disclosures are set out.

Financial assistance received

from the Government

201-4 The Group did not avail of any subsidies or tax credits during the period and has not done so since the Company was founded in 2015.

GRI 205: ANTI CORRUPTION

Operations assessed for risks

related to corruption

205-1 Our Company Code of Conduct sets the standards and behaviours expected of all employees and supports a healthy corporate culture. It applies to all

staff and addresses topics such as conflicts of interest, bribery, gifts and entertainment and our wider sustainability commitments.

Bribery is illegal and fundamentally incompatible with ethical business practice. Violation of anti-bribery and corruption laws may result in fines or

imprisonment for associated employees. Cairn adopts a zero tolerance approach to all forms of bribery and corruption. Our [Anti-Bribery & Corruption

Policy] clearly states that Cairn does not condone under any circumstances the offering, receiving or facilitation of bribes or any form of improper

payments, and that we comply fully with all applicable anti corruption laws. It also describes in detail the rules governing gifts and hospitality: value

limits apply, and any exceptions require prior approval from the Company Secretary and Chief Financial Officer. Each business function is required to

maintain a Gift and Hospitality register which is overseen by the Company Secretary.

Our [Confidential Reporting Policy] details how concerns relating to misconduct, financial malpractice, fraud, or regulatory breaches can be raised

confidentially. It applies across all business activities and encourages employees, suppliers, and contractors to report issues promptly through our

confidential reporting platform so they can be fully investigated. No reports were raised during the period. All our policies form part of our employee

induction and are accessible through our information management system. Employees must confirm they have read, understood and will comply

with the Group’s policies. The Audit & Risk Committee monitor and review any breaches of our Anti-Bribery & Corruption and Confidential Reporting

policies.

Sustainability Report – Disclosures continued

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

DISCLOSURE TITLE

AND DESCRIPTION

DISCLOSURE

NUMBER 2025 DISCLOSURE

GRI 206: ANTI COMPETITIVE BEHAVIOUR

Legal actions for anti-competitive

behaviours, anti-trust and monopoly

practices

206-1 There were no legal actions relating to anti-competitive behaviour or violations of anti-trust and monopoly legislation.

GRI 302: ENERGY

Topic management 3.3 Please see our [Climate Action Policy.]

Total energy consumption within the

organization

302-1 17,641,067 is the total absolute kWh for FY25 including Gas, Electricity, Hydrotreated Vegetable Oil (HVO), Diesel and Petrol purchased by Cairn (2024:

15,260,678; 2023: 13,050,001; 2022: 10,647,906).

Energy intensity ratio for the organisation 302-3 17,641,067 is the total absolute kWh for FY25 including Gas, Electricity, Hydrotreated Vegetable Oil (HVO), Diesel and Petrol purchased by Cairn.

The energy intensity

ratio reflects:

1) kWh per sqm sold in FY25 of 73.17 kWh per sqm sold (the number of sqm sold in the year was 241,108sqm); and

2) kWh per unit sold in FY25 of 7,459 kWh per completion (there were 2,365 units

sold in the year).

Reduction of energy consumption 302-4 Although the total quantum of energy purchased has increased from 15,260,678 kWh in 2024 to 17,641,067 kWh in 2025, our intensity per sqm sold

value has reduced by 13%.

Additionally, we have increased the share of renewable energy sources. 95% of our electricity and 95% of our compound fuel comes from renewable

sources, thereby reducing total emissions from that energy use.

GRI 303: WATER AND EFFLUENTS

Topic management 3.3 Please see page 57 and our [Environmental Policy].

Interactions with water as a shared

resource

303-1 Cairn’s main use of water is for dust suppression during the construction phase, and for module cleaning in the operations phase of our projects.

Various water sources are used in different locations including groundwater and potable water from municipal water networks.

Management of water discharge-related

impacts

303-2 We do not discharge water from our sites. This forms the basis of our approach to water management which is under review and being formalised.

Water withdrawal 303-3 Although we have begun monitoring our water withdrawals, this data is not currently available in a consolidated format.

Water discharge 303-4 We do not discharge water from our sites. This forms the basis of our approach to water management which is under review and being formalised.

Water consumption 303-5 Although we have begun monitoring our water consumption, this data is not currently available in a consolidated format.

GRI 304: BIODIVERSITY

Topic management 3.3 Please see pages 58 to 60 and our [Biodiversity Policy].

Habitats protected or restored 304-3 Please see pages 58 to 60.

1 It is important to note that these intensity values do not reflect the energy in use of a Cairn-built home, rather it is a means of assessing the energy used by Cairn over 12 months for a given level of output. This allows like-for-like comparisons to be made year on year

as we scale the business and increase output.

2 This comprises both closed and equivalent residential units. Equivalent units relate to forward fund transactions which are calculated on a percentage completion basis based on the constructed value of work completed divided by total estimated cost.

Sustainability Report – Disclosures

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

DISCLOSURE TITLE

AND DESCRIPTION

DISCLOSURE

NUMBER 2025 DISCLOSURE

GRI 305: GHG EMISSIONS

Topic management 3.3 Please see pages 47 to 49 and our [Climate Action Policy].

Gross direct (Scope 1) GHG emissions 305-1 689 tCO

e (2024: 638; 2023: 793; 2022: 1,680; 2021: 1,522; 2020: 1,741; 2019: 1,664).

Gross location and market-based energy

indirect (Scope 2) GHG emissions

305-2 Location-Based: 643 tCO

e (2024: 786; 2023: 633; 2022: 737; 2021: 742; 2020 and 2019 are not available).

Market-Based: 28 tCO

e (2024: 240; 2023: 241; 2022: 299; 2021: 695; 2020: 626; 2019: 862).

Other indirect (Scope 3) GHG emissions

by category (including embodied carbon)

305-3 344,116 tCO

e (2024: 326,369; 2023: 259,393; 2022: 237,132; 2021: 177,138; 2020: 130,235; 2019: 217,711).

1.43 tCO

e per sqm (2024: 1.79; 2023: 1.60; 2022: 1.59; 2021: 1.49; 2020: 1.54; 2019: 1.73).

GHG emissions intensity 305-4 344,832 tCO

e is the total emissions figure for FY25 for Scope 1, Scope 2 and Scope 3.

The total emissions intensity value reflects:

1) tCO

e per sqm sold in FY25 of 1.43 tCO

e per sqm sold (the number of sqm sold in the year was 241,108sqm); and

2) tCO

e per home sold in FY25 of 146 tCO

e per completion (there were 2,365

units

sold in the year).

2025 GHG Emissions Disclosure

Scope 1 & 2

We have exceeded our SBTi 2030 Targets and have reduced our combined Scope 1 & 2 emissions by 71.6% to date from our 2019 baseline. This improvement is primarily driven by the sharp reduction in our Scope 1

emissions following our transition from diesel to hydrotreated vegetable oil (HVO) across our sites, as well as our shift away from natural gas. In 2025, natural gas accounted for less than 1% of our total energy

consumption.

We are continuing our progress toward sourcing 100% renewable energy for our operations. In 2025, 95% of the electricity we used came from renewable sources, which has significantly lowered our market-based Scope

2 emissions.

Scope 3

Throughout 2025, we renewed our focus on data quality by updating the Life Cycle Assessments (LCAs) which underpin our Scope 3 emissions calculations, commissioning multiple ‘Project level’ LCAs to ensure our

reporting is as accurate and transparent as possible. These updated LCAs reflect the progress we have made since 2020 in reducing embodied carbon. Our ultimate aim is to produce specific whole-life carbon calculations

for each development, capturing everything from the carbon associated with site works to the carbon content of every material and product used and the associated in-use emissions. By calculating this at a site-specific

level, we will be able to compare embodied and operational carbon across our portfolio, supporting more informed decision-making and helping us maximise the potential of every development.

Having these updated LCAs has enabled us to identify a 17.5% reduction in our Scope 3 emissions intensity, directly linked to the improvements we’ve made. We expect further reductions as this workstream progresses,

particularly as the working group incorporates updated site works calculations into the LCAs and the overall data set becomes more robust with each new assessment added.

1 This comprises both closed and equivalent residential units. Equivalent units relate to forward fund transactions which are calculated on a percentage completion basis based on the constructed value of work completed divided by total estimated cost.

Sustainability Report – Disclosures continued

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

DISCLOSURE TITLE

AND DESCRIPTION

DISCLOSURE

NUMBER 2025 DISCLOSURE

GRI 306: EFFLUENTS AND WASTE

Topic management 3.3 Please see pages 56, 61 to 63, and our [Environmental Policy].

Total weight of waste generated

including breakdown by disposal route

306-3,306-4 18,740 tonnes of general waste was generated in 2025 (10,250 tonnes in 2024) 2.8%, 523 tonnes was sent to landfill (2.8% or 286 tonnes in 2024).

97.2% was either recycled or recovered (97.2% in 2024), of which 24.4%, 4,565 tonnes were recycled (15.6%, 1,599 tonnes in 2024) and 72.9%, 13,652

tonnes were recovered (81.6%, 8,365 tonnes in 2024).

GRI 307: ENVIRONMENTAL COMPLIANCE

Topic management 3.3 Please see pages 47 to 49.

Environmental non-compliance 307-1 There were no significant instances of non-compliance to report in the period. Significant instances would include those where legal action is taken,

and would not include simple fines for minor breaches.

GRI 401: EMPLOYMENT

Topic management 3.3 Please see pages 65 to 70

New employee hires and

employee turnover

401-1 The employee turnover for the period was 101 employees or 20% of our average headcount for the year.

Total number and rate of new

employee hires

401-1

Turnover by Gender and Age

2025 2024

All 0-30 30-50 50+ All 0-30 30-50 50+

All 20% 38% 14% 18% 16% 31% 13% 12%

Female 19% 39% 13% 9% 12% 12% 13% 0%

Male 20% 38% 14% 19% 18% 37% 13% 14%

Hiring by Gender and Age

2025 2024

All 0-30 30-50 50+ All 0-30 30-50 50+

All 228 93 118 17 168 67 91 10

Female 65 34 28 3 41 18 20 3

Male 163 59 90 14 127 49 71 7

2025 2024

All 0-30 30-50 50+ All 0-30 30-50 50+

All 100% 41% 52% 7% 100% 40% 54% 6%

Female 29% 37% 24% 18% 24% 27% 22% 30%

Male 71% 63% 76% 82% 76% 73% 78% 70%

Benefits provided to full-time employees

that are not provided to temporary or

part-time employees

401-2 Benefits including life insurance, health care, and parental leave are available to all employees.

Pension coverage is available to all employees with enhanced matched employer contributions available.

All employees were awarded the maximum BIK exemption of €1,500 in line with Budget 2025 through prepaid gift cards. This benefit is dependent on

start date conditions, where employees must be employed in Cairn for one to three months on issue date to be eligible.

Cairn has one significant location of operation: Ireland.

Sustainability Report – Disclosures

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

DISCLOSURE TITLE

AND DESCRIPTION

DISCLOSURE

NUMBER 2025 DISCLOSURE

GRI 401: EMPLOYMENT CONTINUED

Parental Leave 401-3 Parents in Ireland are entitled to both Parental leave and Parents’ leave, two categories of unpaid leave protected under Irish legislation.

Parental leave consists of an entitlement to 26 weeks of unpaid leave available to be used until a child turns 12, while Parents’ leave comprises nine

weeks and is available until the child turns two. Parental leave is fully unpaid, Parents Leave is paid by the Government Department for Social

Protection.

Separately, parents are entitled to either Maternity or Paternity leave following the birth of a child of 26 weeks ordinary and an additional 16 weeks

unpaid Maternity leave and two weeks Paternity leave respectively, again this is protected under Irish legislation.

At Cairn, we offer the mandatory Parental and Parents’ leave entitlements along with enhanced Maternity and Paternity benefits: employees can

access 26 weeks of paid maternity leave and two weeks of paid paternity leave after one year’s tenure. This leave is available only to permanent

employees.

The number of employees entitled to such leave can only be estimated by those who self-report becoming parents or being parents of older children.

There may be employees who are parents but who have not made this known to Cairn despite the range of benefits on offer.

Nine female employees and 34 male employees took some form of Parental Leave in 2025.

Parental Leave Tables

Employees that took leave Employees that returned to work Return rate 2024

Leave Type Male Female Male Female Male Female

Maternity 0 4 0 3 75%

Paternity 29 0 29 0 100%

Parental 4 3 4 3 100% 100%

Parents 10 6 10 6 100% 100%

Retention rates, all parental leave types Male Female

Returned from leave in 2024 25 14

Remained employed 12 months later 24 13

Retention rate 96% 93%

Sustainability Report – Disclosures continued

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

DISCLOSURE TITLE

AND DESCRIPTION

DISCLOSURE

NUMBER 2025 DISCLOSURE

GRI 403: OCCUPATIONAL HEALTH & SAFETY

Topic management 3.3 Please see page 65.

Occupational health and safety 403-1 Our safety management system and structure enables us to manage all interactions from pre-construction to development completion. Our safety

management system is aligned to ISO 45001, with our related accreditation being successfully renewed in 2025. Additionally, we continue to maintain

our Grade A classification under the Safe-T Cert programme. Our Health and Safety policy and supporting systems give us a clear framework to

manage and coordinate every aspect of the health, safety, and welfare of all personnel, including both direct employees and subcontractors. Our

organisational structure enables active engagement, ensures appropriate training and supervision, and promotes collaboration with all contracting

principals to strengthen and streamline the safety culture across the business. Regular site audits and inspections across all active projects help us

maintain our increasingly rigorous standards and proactively identify areas where further improvement is needed. All employees are responsible for

supporting management to maintaining a healthy and safe workplace. This includes taking reasonable care of their own wellbeing and that of others.

They are also encouraged to promptly report any hazards they identify.

We are committed to ensuring:

• Continuous improvement in the safe systems of work adapted through all aspects of the organisation;

• Continuous improvement and development of the Safety Culture within the Company;

• Continuous development of employees through CPD training;

• Continuous communication of workplace hazards and information across all sites and departments; and

• Continuous review and provision of information to contractors through site meetings safety bulletins.

Worker training on occupational

health and safety

403-5 Please see page 65 and 71.

Prevention and mitigation of

occupational health and safety impact

403-7 Please see page 65 and 71, as well as our [Health & Safety Policy].

Work-related injuries 403-9 There were no fatalities in 2025 nor were there any fatalities in previous years. 2025 Health and Safety Incidents are as follows:

Direct employees: 28 work-related health and safety incidents were recorded in 2025, of which 14 were treated as first aid and 14 were reported

to the Health and Safety Authority (HSA) of Ireland in line with our statutory obligations.

Contractor incidents on our sites: 227 work-related health and safety incidents recorded in 2025, of which 146 were treated as first aid, 33 were

categorised as accidents and 48 were reported to the HSA in line with our statutory obligations.

Total: 255 work-related health and safety incidents were recorded in 2025 in total, of which 160 were treated as first aid, 41 were categorised as

accidents and 54 were reported to the HSA in line with our statutory obligations.

TRIR: 2.60

GRI 404: EDUCATION & TRAINING

Topic management 3.3 Please see page 21 and 70.

Percentage of employees receiving

regular performance career development

reviews

404-3 100% of employees received a regular performance and career development review.

Sustainability Report – Disclosures

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

DISCLOSURE TITLE

AND DESCRIPTION

DISCLOSURE

NUMBER 2025 DISCLOSURE

GRI 405: DIVERSITY & EQUAL OPPORTUNITY

Topic management 3.3 Please see page 17, page 76 and our policies on [Board Diversity.]

Percentage of women on the Board & in

management (Diversity of governance

bodies and employees)

405-1 As at 31 December 2025, there were four women on our Board of eight (50% female), from 1 January 2026, there were four women on our Board of

seven (57% female). Our Senior Leadership team is comprised of seven men and three women (30% female). 26% of the average headount of 517

employees over the course of 2025 were female.

Diversity by Gender and Age

2025 2024

All 0-30 30-50 50+ All 0-30 30-50 50+

All 517 107 337 73 400 69 272 59

Female 133 31 91 11 99 16 75 8

Male 384 76 246 62 301 53 197 51

2025 2024

All 0-30 30-50 50+ All 0-30 30-50 50+

All 100% 21% 65% 14% 100% 18% 68% 15%

Female 26% 29% 27% 15% 25% 23% 28% 14%

Male 74% 71% 73% 85% 75% 77% 72% 86%

Turnover by Gender and Age

2025 2024

All 0-30 30-50 50+ All 0-30 30-50 50+

All 20% 38% 14% 18% 16% 31% 13% 12%

Female 19% 39% 13% 9% 12% 12% 13% 0%

Male 20% 38% 14% 19% 18% 37% 13% 14%

Hiring by Gender and Age

2025 2024

All 0-30 30-50 50+ All 0-30 30-50 50+

All 228 93 118 17 168 67 91 10

Female 65 34 28 3 41 18 20 3

Male 163 59 90 14 127 49 71 7

2025 2024

All 0-30 30-50 50+ All 0-30 30-50 50+

All 100% 41% 52% 7% 100% 40% 54% 6%

Female 29% 37% 24% 18% 24% 27% 22% 30%

Male 71% 63% 76% 82% 76% 73% 78% 70%

Ratio of basic salary and remuneration

of women to men

405-2 Our mean gender pay gap is 22.8%. Our median gender pay gap is 24.8%. Please see page 117 for more information. We report our Gender Pay Gap in

line with Irish legislation and a full [report] detailing our pay gap and the actions we are taking to close it, is available on our website.

Sustainability Report – Disclosures continued

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

DISCLOSURE TITLE

AND DESCRIPTION

DISCLOSURE

NUMBER 2025 DISCLOSURE

GRI 406: NON-DISCRIMINATION

Topic management 3.3 Please see our policies on [Dignity at Work] and [Equality Diversity and Inclusion].

Incidents of discrimination and corrective

actions taken

406-1 There were no incidents of discrimination across our operations in the reporting period.

GRI 411: RIGHTS OF INDIGENOUS PEOPLE

Incidents of violations involving rights of

indigenous peoples

411-1 This is not relevant in our jurisdiction, Ireland.

GRI 413: LOCAL COMMUNITIES

Topic management 3.3 Please see pages 20, 75 and 77.

Operations with local community

engagement, impact assessments, and

development programs

413-1 100% of operations have implemented local community engagement, impact assessments, and/or development programmes.

Operations with significant actual and

potential negative impacts on local

communities

413-2 Please see pages 20, 75 and 77.

GRI 414: SUPPLIER SOCIAL ASSESSMENT

New suppliers that were screened using

social criteria

414-1 We do not currently screen our suppliers based on social criteria however we are careful to work with reputable sub-contractors and suppliers,

ensuring we continue to build on the high standards we have set to date. We became a founding partner of the Supply Chain Sustainabilty School

Ireland in 2023. We encourage our supply chain to access the school’s resources and upskill and expand their knowledge on topics such as Modern

Slavery and Human Rights.

During 2025, our Procurement Team undertook a detailed review of our Responsible Sourcing Programme to ensure this crucial workstream fully

captures any evolving risks or opportunities in the market and our supply chain. For further information, please see page 74.

GRI 416: CUSTOMER HEALTH & SAFETY

Incidents of non-compliance concerning

health and safety of products and

services

416-2 Cairn received no Health and Safety warnings in 2025. Where inspections of sites were performed, reports on Health and Safety performance and

activity were issued to the Audit & Risk Committee.

Sustainability Report – Disclosures

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Sustainability Report continued

To find out more about our policies visit:

www.cairnhomes.com/about/our-policies

Environment



Sustainability



Biodiversity



Climate Action



Environmental



Sustainable Procurement

Social



Anti-Slavery



Dignity at Work



Equality, Diversity and Inclusion



Health and Safety



Gender Pay Gap Report



Supplier Code of Conduct

Governance



Anti-Bribery and Corruption



Anti-Trust



Business Continuity



Board

Diversity



Confidential Reporting



Conflicts of Interest

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Corporate

Governance

In this section

97 Corporate Governance Report

100 Governance at a Glance

102 Board of Directors

104 Senior Leadership Team

110 Audit & Risk Committee Report

114 Nomination Committee Report

118 Directors’ Remuneration Report

132 Directors’ Report

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Cairn Homes plc | Annual Report 2025

Chairman’s

Introduction

“High standards of governance are

key to our continued success.”

BERNARD BYRNE

CHAIRMAN OF THE BOARD

Compliance with the Irish Corporate Governance Code

The Board confirms that the Company complied with

all provisions of the Irish Code throughout the year as

seen below.

1. Board Leadership and Company Purpose

105 A: Long-term sustainable success, generating

value for shareholders and contributing to

wider society

105 B: Purpose, values, strategy and culture

98 C: Governance reporting

99 D: Engagement with stakeholders

113 E: Workforce policies and practices

2. Division of Responsibilities

106 F: Leadership of the Chairman

100-101 G: Board composition and clear division

ofresponsibilities

107 H: Role and time commitment of

Non-Executive Directors

106-107 I: Company Secretary and board resources

3. Composition, Succession and Evaluation

115 J: Board appointments and

succession planning

107 K: Board and Committee skills, experience,

knowledge and refreshment

98 L: Board evaluation

4. Audit, Risk and Internal Control

111-113 M: Independence and effectiveness of internal

and external audit functions

110-113 N: Fair, balanced and understandable

assessment of company’s position and

prospects

112 O: Risk management and internal control

framework

5. Remuneration

118 -131 P: Policies and practices

118-119 Q: Procedure for developing policy on executive

remuneration

118-131 R: Independent judgement and discretion

Dear Shareholder,

I am pleased to present our Corporate Governance Report

for 2025. I joined the Board in January 2025 as a Non-

Executive Director and Chair Designate, assuming the role

of Chairman in May, succeeding John Reynolds who

successfully led the Board through its first decade since

IPO. I want to begin this report by expressing my gratitude

to John for his service to the Board and the Company,

and the considerable time he invested in my induction,

sharing valuable insights about Cairn and ensuring a

seamless transition of responsibilities. Throughout this

process, itwas clear that John and the entire Board

consider strong governance as fundamental to our

business success – aprinciple that I will continue to

place at the centre of Board decision-making.

This report details how our Board operates and

provides oversight of management, strategy, and

operations. TheBoard is responsible for leading the

business and promoting the long-term sustainable

success of the Company, generating value for

shareholders while promoting positive outcomes

for society. 2025 represented another significant

milestone, with record financial performance,

underscoring the collective achievements of our

Board, management, and employees in building and

scaling our operating platform since IPO.

Corporate Governance Report

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report Corporate Governance

Transition to the Irish Corporate

Governance Code

2025 marked the first year that Cairn reported against

the Irish Corporate Governance Code (the Irish Code).

The introduction of Euronext Dublin’s inaugural Irish

Code in September 2024 marked a significant

development for Irish-listed companies. Building

upon the established principles of the UK Code while

being specifically tailored to the Irish market and

broader EU regulatory framework, the Irish Code

applies to Irish-incorporated companies with equity

listings on Euronext Dublin for financial years

beginning on or after 1 January 2025. This report

outlines how we have applied the principles and

provisions of the Irish Code throughout the year.

Amapping of our governance reporting against the

provisions of the Irish Code is available in this report.

Board Changes

Orla O’Connor joined the Board alongside me in

January 2025, bringing deep legal and financial

expertise complemented by a strong track record in

business development. Her appointment further

enhanced the diversity, skills, and experience of our

Board as the Company embarked upon its next

phase of growth. Giles Davies retired from the Board

on 31 December 2025, having served as a Non-

Executive Director since 2015. Additional details

regarding Board changes can be found in the

Nomination Committee Report.

Board and Committees Evaluation

During 2025, the Board considered the findings of our

triennial external Board and Committees evaluation

conducted by Independent Audit Limited (IAL) in

2024. The evaluator observed that the Board and

Committees met regularly and were operating

effectively, with areas where the Board could

challenge itself to develop further and set Cairn up for

continued success, were with regard to strategy

formulation and risk management, whilst retaining

itsfocus on people and culture. The 2025 internal

Board evaluation, conducted in the form of an

anonymous survey, recorded progress in the

strategy setting and risk management processes,

while recognising the need for continued

improvement, including in the oversight of

non-financial risks. Overall, the Board and its

Committees were viewed as maintaining a strong

mix of skills and a clear understanding of their

respective roles and responsibilities. Accordingly,

the Board was satisfied that its size and structure

was appropriate. Following the retirement of Giles

Davies at the end of 2025, the process to recruit a

new Non-Executive Director began in January 2026.

Corporate Governance Report continued

Sustainability

Our commitment is to build homes that are

thoughtfully designed and Built For Good, and

our sustainability agenda is woven into every

aspect of our business and culture. Following

the formalisation of Board oversight of

sustainability matters, Giles Davies, our former

Non-Executive Director responsible for

Sustainability & Environmental Impact,

completed four site visits (two in 2024 and

two in 2025); held regular meetings with the

Sustainability Team; coordinated engagements

with key business functions, including

Technical, Procurement, Carbon Working

Group and Environmental Health & Safety

(EHS) team members; and continuously

reviewed emerging initiatives, internal

processes and practical constraints across

livedevelopments.

Giles’ areas of focus in 2024 were biodiversity

integration, Passive House performance and

design implications, waste reduction and

materials handling, and EHS management.

In2025, he focused on lean design approaches

and efficiency opportunities, the development

of the Carbon Working Group, and circular

economy practices and waste system

optimisation.

Prior to Giles’ departure from the Board, he

shared his learnings in December 2025, noting

a marked shift over the last 24 months in how

sustainability, biodiversity, carbon reduction

and circularity are understood and applied

across sites.

Outside of our environmental efforts,

wecontinued the Cairn Apprenticeship

Programme and the ‘Women in Cairn’

Employee Resource Group in 2025. We also

continue to be placed in the top 20 of Best

Workplaces in Ireland in the Large Category,

while maintaining our Great Place to Work

Certification for 2025, reflecting our efforts

across the broad spectrum of sustainability

considerations. Cairn’s sustainability

management capacity was also reinforced

through the appointment of Madeleina

Loughrey-Grant, as Chief Strategy and

Sustainability Officer, in October 2025.

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Corporate Governance Report continued

Shareholder Engagement

The Company attaches considerable importance

to shareholder engagement. There is regular

dialogue with institutional shareholders, including

detailed presentations and roadshows after the

announcement of interim and preliminary results.

The Executive Directors meet with institutional

investors during the year and participate in

broker/investor conferences.

As Board Chairman, I am responsible for

ensuring that the views of our shareholders are

communicated to the Board. In addition to being

available to answer any questions shareholders

may have at the Company’s Annual General

Meeting, I remain available to all shareholders

should they wish to engage throughout the year.

The Executive Directors report regularly to the

Board on their engagement with shareholders,

and the Board also regularly receives analysts’

reports on the Company.

In the second half of 2025, I wrote to the

stewardship teams of our 20 largest shareholders,

representing c.70.5% of issued share capital, to

organise introductory meetings. Eight shareholders,

representing c.30.8% of issued share capital,

accepted the invitation to meet. During these

meetings, shareholders communicated their views

across a wide range of topics, including strategy,

performance, capital allocation, relationships with

management, Board oversight, succession planning

and remuneration. These views have been shared

with the full Board and will help inform our

decision-making in the period ahead.

Conclusion

As Cairn continues to grow and evolve its

governance framework, we remain committed to

the high standards of governance that have

supported the Company’s success over the past

decade, including the integration of our key

stakeholders’ perspectives in future Board

decisions.

BERNARD BYRNE

CHAIRMAN OF THE BOARD

Workforce Engagement

The work carried out in 2025 by Orla

O’Gorman in her capacity as Workforce

Engagement Director continued to provide a

valuable forum for the Board to hear employee

views. During the year, following a review and

assessment of employee engagement scores

and sentiment, Orla engaged with the Chief

People Officer, the People Team, the People &

Culture Committee, and directly with four

employee focus groups. Orla held meetings

across three sites, as well as Cairn’s central

office, with employees at all levels of the

organisation, across functions and with a

mix of tenures, to ensure a comprehensive

level of feedback was provided.

Orla reported her findings to the Board in

December 2025. She noted that, overall, Cairn

is perceived as a good employer and people

feel valued, connected and protected. As Cairn

continues to grow, employees shared their

views about the importance of effectively

transitioning between sites and projects,

integrating Cairn’s Health & Safety culture in

subcontractors, recognising the contributions

of long-standing employees, and further

developing collaboration between teams.

The People & Culture Committee was

established in 2025 in order to have collective

ownership of the people and culture agenda

throughout the organisation. It is co-chaired by

our Chief People Officer and our Director of

Commercial & Procurement. It includes three

sub-committees focused on Health &

Wellness, Diversity, Equity & Inclusion (DEI),

and Engagement & Communication. In her

report to the Board, Orla noted that the People

& Culture Committee appears to be working

well with the wider organisation taking

responsibility for people and culture supported

by the People team. Many of the themes that

emerged at the focus groups were articulated

and are being addressed by the Committee.

Orla recommended that the Committee

provide updates to the Board about its work

on an annual basis.

With effect from 1 January 2026, Orla

O’Connor succeeded Orla O’Gorman as the

Workforce Engagement Director.

100

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Governance at a Glance

Board Composition as at 31 December 2025

Name Role

Independence

Classification

Meetings

attended

Michael Stanley CEO No 9/9

Richard Ball CFO No 9/9

Bernard Byrne Chairman N/A (Yes – on appointment) 9/9

Linda Hickey Senior Independent Director Yes 9/9

Giles Davies

Non-Executive Director Yes 8/9

Orla O’Connor Non-Executive Director Yes 9/9

Orla O’Gorman Non-Executive Director Yes 9/9

Julie Sinnamon Non-Executive Director Yes 9/9

Our Governance Structure Board Diversity

Male – 50% Female – 50%

Board Members

as at 31 December 2025

Male – 43% Female – 57%

Board Members

as at 1 January 2026

Board Overview

The Board defines the Company’s purpose and sets a strategy to deliver it, underpinned

bythe values and behaviours that shape its culture and the way it conducts its business.

The Board

Senior Leadership Team

Audit & Risk Committee Nomination Committee Remuneration Committee

1 Giles Davies retired as a Non-Executive Director at the end of 2025. Following this, the proportion of independent Directors on the Board changed to 66.6%.

2 John Reynolds served as Chairman until 30 April 2025, and chaired all four Board meetings held in that period.

Linda Hickey

Bernard Byrne

Michael Stanley

Richard Ball

Giles Davies

Orla O’Gorman

Julie Sinnamon

Board Tenure

As at 31 December 2025

Board Independence classification

(as at 31 December 2025)

71.4%

Orla O’Connor

101

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Governance at a Glance continued

Nomination Committee

• Overseeing Board and Senior Leadership Team structure,

size, composition and appointments.

• Ensuring that the Board comprises individuals with the

necessary skills, knowledge, experience and diversity.

• Succession planning of the Board and overseeing Senior

Leadership Team succession to deliver the Company’s

strategy and develop a diverse pipeline of talent.

• Monitoring the implementation of the Gender Pay Gap

action plan.

• Reviewing employee engagement and Great Place to Work

survey findings as well as overseeing the programme of

activity for the Workforce Engagement Director.

Remuneration Committee

• Setting the Remuneration Policy and framework for

theGroup.

• Overseeing the implementation of the Remuneration

Policy for the Senior Leadership Team, including salary,

annual incentive, pension contributions and

compensation payments, in order to promote the

long-term success of the Group.

• Overseeing the granting and vesting of awards within

theGroup’s share plans.

* Giles Davies stepped down from the Committee and the Board at the end

of 2025. He was replaced on the Committee by Julie Sinnamon on

1 January 2026.

* Giles Davies stepped down from the Committee and the Board at the end of

2025. He was replaced on the Committee by Linda Hickey on 1 January 2026.

Board Committees Overview

In carrying out its duties, the Board is supported by three Committees with clearly defined responsibilities.

The responsibilities of each Committee, as set out in each of their Terms of Reference, are as follows:

Committee Members Meeting Attendance Committee Tenure

Orla O’Gorman (Chair) 4 years

Linda Hickey 7 years

Julie Sinnamon 4 years

Orla O’Connor 1 year

Committee Members Meeting Attendance Committee Tenure

Julie Sinnamon (Chair) 4 years

Giles Davies* 10 years

Orla O’Gorman 4 years

Committee Members Meeting Attendance Committee Tenure

Linda Hickey (Chair) 7 years

Giles Davies* 10 years

Orla O’Connor 1 year

Audit & Risk Committee

• Assessing the integrity of financial and non-financial

reporting, and monitoring the effectiveness of internal

controls, internal and external auditors and confidential

reporting (whistle-blowing).

• Monitoring and reviewing the overall effectiveness of the

Group’s risk management systems, and overseeing its

strategic response to risk, in particular, the principal and

emerging risks to its strategic objectives.

• Overseeing the strategy, implementation and annual

objectives of the Group’s Health & Safety function,

as well as monitoring Cybersecurity and Data Protection

compliance.

The Terms of Reference for each of the Committees are reviewed annually, updated as appropriate and are available on the Group’s website, www.cairnhomes.com. All members of each of the Committees are

independent Non-Executive Directors. The Chairman of the Board, the Chief Executive Officer, Chief Financial Officer, and other members of the Senior Leadership Team attend Committee meetings on an ad hoc

basis at the invitation of the Committee Chairs and provide information and support as requested. Other individuals such as representatives from the finance and Health & Safety functions, our Risk Management

Consultant, and representatives of the External Auditor as well as the outsourced Internal Auditors also attend the Audit & Risk Committee meetings as required.

102

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Cairn Homes plc | Annual Report 2025

Board of

Directors

Board of Directors

Bernard Byrne (57)

Chairman

Appointed: 1 May 2025

Joined Board as Non-Executive Director and Chair Designate

on 1 January 2025 prior to becoming Chairman

Michael Stanley (60)

Chief Executive Officer (CEO)

Appointed: 12 November 2014

Richard Ball (48)

Chief Financial Officer (CFO)

Appointed: 10 April 2024

Experience:

Bernard most recently served as CEO of J+E Davy,

Ireland’s largest independent stockbroking and

wealth management business, and led the

subsequent sale of the business and its integration

into the Bank of Ireland Group plc. Prior to this,

Bernard served as CEO of AIB Group plc leading the

successful rationalisation and IPO of the bank.

Before joining AIB Group, Bernard was Group

Finance and Commercial Director at ESB, Deputy

CEO and Finance Director of IWP International plc

and Commercial Director of ESB International.

Bernard is a Chartered Accountant, having qualified

with PwC, and also a Certified Bank Director.

Michael co-founded Cairn Homes plc and was

appointed CEO prior to the IPO in June 2015. He was

previously CEO of Stanley Holdings, a large Irish

homebuilder and real estate investment company.

Michael also has extensive experience in the

packaging, energy, agritech and healthcare sectors.

Richard was previously Partner in Urbeo Residential,

one of Ireland’s leading residential property

businesses. Prior to that, he was Chief Investment

Officer at Hibernia REIT plc, an Irish real estate

company, for a period of five years from its IPO.

Richard also held several corporate finance roles at

various organisations including at commercial

property company, Clancourt Group.

Skills:

Bernard brings extensive board, governance and

leadership skills, as well as a wealth of finance and

commercial experience from his career leading

large private and public companies.

Michael has vast entrepeneurial and leadership

skills, with a strong pedigree in residential

development and the broader property industry.

Richard brings strong financial, commercial and

operational skills, and a deep knowledge of the

construction and real estate sector, within the

broader industry.

Other current appointments:

Co-Chair of Balance for Better Business and

Chairman of SOAR. Non-Executive Director at

Greencoat Renewables plc.

Board Member of IBEC Ireland. None.

Committee membership

Audit & Risk Committee

Remuneration Committee

Nomination Committee

Committee Chair

103

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Board of Directors continued

Linda Hickey (64)

Senior Independent

Non-Executive Director

Appointed: 12 April 2019

Orla O’Gorman (53)

Non-Executive Director

Appointed: 10 November 2021

Julie Sinnamon (67)

Non-Executive Director

Appointed: 15 September 2021

Orla O’Connor (56)

Non-Executive Director and

Workforce Engagement Director

Appointed: 1 January 2025

Experience:

Linda was previously Head of Corporate Broking at

Goodbody Stockbrokers, where she worked for 15

years, and where she advised corporate clients on a

range of capital markets and corporate governance

matters. Prior to this, Linda worked at both NCB

Stockbrokers in Dublin and Merrill Lynch in New

York. Linda served as a Non-Executive Director of

Kingspan Group plc until May 2025 and was also

formerly Chair of the Irish Blood Transfusion Service.

Linda has a degree in Business Studies from Trinity

College Dublin.

Orla spent seven years at the Irish Stock Exchange

(ISE), where she was Head of Equity. She was

centrally involved in the sale of the ISE to Euronext

in 2018 and, following that transaction, was

appointed as Head of Listing for UK and Ireland. Prior

to joining the ISE, Orla founded OR Associates, and

previously held senior management positions at

Eurologic Systems, ABN AMRO and PwC. Orla is a

Chartered Accountant, holds a Bachelor of

Commerce from University College Dublin and a

Master of Accounting from UCD Smurfit School.

Julie had a highly successful career at Enterprise

Ireland where she held a number of senior roles

including the position of CEO from 2013 until her

retirement in 2021. Julie is a business graduate of

the University of Ulster, holds a Master’s in

International Business from Fordham University,

USA and is a graduate of the Stanford Executive

Programme, USA.

Orla was formerly a Financial Services Partner and

Chair of Arthur Cox LLP, one of Ireland’s leading law

firms. She was appointed as Chair of Arthur Cox LLP

in 2019 for a term running until 2025 and previously

served on the firm’s Management Committee for

five years. Orla has over 25 years’ experience in

financing and restructuring transactions across

multiple sectors including property development

and investment, financial services and private

equity. Orla has an LLB degree from Trinity College

and a BCL degree from Oxford University.

Skills:

Linda is a highly experienced Non-Executive

Director, and brings a wealth of skills and

experience, particularly in the areas of capital

markets, corporate governance, remuneration,

financial expertise and the construction industry.

Orla has strong financial and leadership skills, with

in-depth knowledge of capital markets, regulation

and scaling businesses.

Julie brings valuable insights into growing and

scaling Irish businesses, and has strong leadership

skills, with an excellent understanding of policy,

regulation and government engagement.

Orla brings vast legal, financial and corporate

governance skills, as well as extensive leadership

and stakeholder management skills.

Other current appointments:

Non-Executive Director at Greencore Group plc,

Non-Executive Director of Avolon, and Member of

the Investment Committee of the Irish Strategic

Investment Fund.

Non-Executive Director of Mincon Group plc, Bons

Secours Hospital System CLG and Elite SpA.

Member of Scale Ireland Steering Group, Chartered

Accountants Ireland Ethics and Governance

Committee and Sustainability Expert Working

Group.

Chair of European Movement Ireland and APC Ltd,

Director of PwC Ireland Public Interest Body,

Insurance Ireland, The Agricultural Trust and The

Young Scientist & Technology Exhibition. Julie is also

Chair of the Implementation Oversight Group for the

Commission on the Defence Forces and a member

of the External Oversight Body of the Defence Forces.

Member of Electoral Committee Football

Association of Ireland, Non-Executive Director of

AsIAm and Focus Ireland, and Council Member of

Chartered Accountants Ireland.

Committee membership

Audit & Risk Committee Nomination Committee

Remuneration Committee

Committee Chair

104

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Senior Leadership Team

Maura Winston

Chief People Officer

Maura joined Cairn in June 2019. Formerly Director of

Innovation and Change at Federal Court of

Australia, Maura spent ten years with Accenture

specialising in Organisational Development.

Gavin Whelan

Chief Operating Officer

Gavin joined Cairn in January 2021. Previously

Managing Director and founder of Bailey Brothers

Construction Management Services, Gavin also held

senior roles in Skanska and Laing O’Rourke.

Fergus McMahon

Director of Commercial &

Procurement

Fergus joined Cairn in April 2016. Previously Cairn

Group Managing Surveyor responsible for our team of

quantity surveyors. Formerly an Associate Director of

McInerney Homes Ltd.

Tara Grimley

Company Secretary

Tara joined Cairn in March 2018. Previously Deputy

Company Secretary & Head of Group Integration at

UDG Healthcare plc. Member of the Chartered

Governance Institute.

Madeleina Loughrey-Grant

Chief Strategy and

Sustainability Officer

Madeleina joined Cairn in October 2025, after a decade

at international engineering and construction firm

Laing O’Rourke where she helped to set strategy for

the business and was the architect of its group

sustainability strategy and agenda.

Declan Murray

Director of Corporate Affairs

Declan joined Cairn in February 2016. Previously

Director, Structured Solutions at Royal Bank of Scotland

plc. Formerly held management positions in two

domestic banks.

James Benson

Director of Strategic Delivery &

Policy

James joined Cairn in August 2022 from the Irish House

Builders’ Association (IHBA) where he was Director of

Housing, Planning and Development. James is a

qualified engineer and quantity surveyor.

Gerald Hoare

Chief Investment Officer

Gerald joined Cairn in June 2017. Previously Director of

Business Development and Group Pre-Construction

Manager. Formerly worked with leading Main

Contractors in the UK specialising in residential

developments.

Michael Stanley

Chief Executive Officer (CEO)

FOR FULL BIOGRAPHY, SEE PAGE 103

Richard Ball

Chief Financial Officer (CFO)

FOR FULL BIOGRAPHY, SEE PAGE 103

Our Senior Leadership Team

105

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Board Leadership and Company Purpose

Role of the Board

The Board is collectively responsible for promoting

the long-term sustainable success of the Group,

generating value for shareholders as a whole and

contributing to wider society by fulfilling its purpose.

In exercising this responsibility, the Board takes into

account all relevant stakeholders including

customers, employees, suppliers, shareholders,

regulators and Government and the effect of the

activities of the Group on the environment. The

Board provides effective leadership by setting the

strategic priorities of the Group and overseeing

management’s execution of the strategy in a way

that enables sustainable long-term growth, while

maintaining a balanced approach to risk within a

framework of prudent and effective controls. The

Board ensures that the necessary resources, policies

and practices are in place for the Group to meet its

objectives and measure performance against them.

Our policies are available on our website, www.

cairnhomes.com/about/our-policies.

Our Purpose and Values

Our purpose is building homes and creating

communities where people can thrive. Developing a

business based on strong, sustainable foundations,

and where our employees have the opportunity to

achieve their full potential, provides the platform

for our continued success. We recognise that this

success is dependent upon strong engagement

with, and delivery for, all of our stakeholders. The

Board and Senior Leadership Team aim to ensure

that our values are lived within the business and

integrated into decision-making at all levels.

Our values are:

• Agile & Innovative

• Honest & Straight Talking

• Collaboration

• Commercially Minded

• Committed & Engaged

The Board also recognises its role in setting the tone,

and ensuring that policies and behaviours set at

Board level are effectively communicated and

implemented throughout the Group. Where

behaviour is not aligned with these values, the

Board and Senior Leadership Team seek to ensure

that appropriate action is taken. Information on our

Equality, Diversity & Inclusion Policy, Health & Safety

Policy, and Confidential Reporting (whistle-blowing)

Policy is set out in the Nomination Committee

Report and the Audit & Risk Committee Report.

The Board is satisfied that the culture within Cairn is

aligned with its purpose, values and strategy. The

culture is assessed through the work of the

Workforce Engagement Director, who regularly

meets with employees from across all areas of the

business. More information on the work of

Workforce Engagement Director in 2025 is available

on page 100. The incentive plan metrics put in place

by the Remuneration Committee each year

including environmental, customer, and people

metrics, are reflective of the strategic priorities of

the Group, and are fully aligned to our purpose and

values. More information on these metrics can be

found in the Directors Remuneration Report.

Corporate Governance Report continued

106

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Corporate Governance Report continued

Division of Responsibilities

The Board has a formal schedule of matters

reserved for its decision which includes the approval

of significant acquisitions or disposals, significant

capital expenditures, financial statements and

budgets, risk management processes and the

Principal Risks and Uncertainties, and the approval

of the Terms of Reference for each of the

Committees of the Board. Certain governance

responsibilities have been delegated by the Board

to Board Committees, to ensure there is

independent oversight of internal control and risk

management and to assist the Board with carrying

out its responsibilities.

Three Board Committees have been established,

the Audit & Risk Committee, the Nomination

Committee and the Remuneration Committee.

Each of the Committees are comprised of

independent Non-Executive Directors. Each

individual Committee Chair reports to the Board on

matters discussed at Committee meetings and

highlights any significant issue that requires Board

attention. The roles of the Board Committees are

set out on page 101. There were two additional

Non-Executive Board roles in 2025: Workforce

Engagement Director and Director Responsible for

Sustainability & Environmental Impact. Both roles

have an approved remit delegated by the Board and

each role reports back to the Board at least once per

year. The roles of Chairman and Chief Executive

Officer are set out in writing, clearly defined and

approved by the Board. Day-to-day management

responsibility rests with the Senior Leadership

Team, the members of which are listed on page 104.

Role Responsibilities

Chairman The Chairman is responsible for leadership of the Board and ensuring effectiveness in all aspects of its role. The Chairman is

responsible for setting the Board’s agenda and ensuring adequate time is available for discussion of all agenda items, including

strategic issues. The Chairman is responsible for encouraging and facilitating active engagement by and between all Directors,

drawing on their skills, knowledge and experience.

Chief Executive

Officer (CEO)

The CEO is responsible for recommending the Group’s strategy to the Board and for delivering the strategy once approved.

Inundertaking such responsibilities, the CEO takes advice from, and is provided with support by, the Senior Leadership Team

and all Board colleagues. Together with the Chief Financial Officer (CFO), the CEO monitors the Group’s operating and financial

results and directs the day-to-day business of the Group. The CEO is also responsible for development of the Group’s Senior

Leadership Team below Board level.

Senior

Independent

Director (SID)

The SID acts as a sounding board for the Chairman and as an intermediary for the other Directors when necessary. The SID is

responsible for evaluating the performance of the Chairman in consultation with the other Non-Executive Directors. The SID

isalso available to address shareholders’ concerns that have not been resolved through the normal channels of

communication with the Chairman, CEO or CFO.

Non-Executive

Directors

The Non-Executive Directors provide an external perspective, sound judgement and objectivity to the Board’s deliberations

and decision-making. With their diverse range of skills and expertise, they support and constructively challenge the Executive

Directors and monitor and scrutinise the Group’s performance against agreed goals and objectives. The Non-Executive

Directors are also responsible for determining appropriate levels of executive remuneration, appointing and removing

Executive Directors, and succession planning through their membership of the Remuneration and Nomination Committees.

The Non-Executive Directors together with the Chairman meet regularly and informally without any Executive Directors

beingpresent.

Company

Secretary

The Company Secretary works closely with the Chairman, the CEO and the Chairs of the Board Committees in setting agendas

for meetings of the Board and its Committees, and ensuring that the essence of the discussions and decisions at meetings are

accurately captured in the minutes. The Company Secretary also advises the Board and Senior Leadership Team on all

governance matters, supporting accurate, timely and clear information flows to and from the Board and its Committees, and

between the Senior Leadership Team and Non-Executive Directors. In addition, the Company Secretary supports the design

and delivery of Directors’ induction and training programmes and the Board and Committee performance evaluations. The

Company Secretary also advises the Board on corporate governance matters, ensuring Board procedures are complied with

and is responsible for monitoring and administering Market Abuse Regulation compliance, the Company’s Share Dealing Code

and General Meetings.

107

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Commitment and External Appointments

As part of the Board evaluation process, the Board

considers the individual Directors’ attendance, their

contribution and their external appointments, and

is satisfied that each of the Directors is able to

allocate sufficient time to the Group to discharge his

or her responsibilities effectively. As evidenced by

the attendance table presented on page 100, the

Directors have maintained the ability to devote

sufficient time to their roles and the Company.

Contracts and letters of appointment with

Directors are made available at the Annual

General Meeting or upon request.

Executive Directors are permitted to take up

non-executive positions on the Boards of other

listed companies so long as this is not deemed to

interfere with the business of the Group. Executive

Directors’ appointments to such positions are

subject to the approval of the Board which

considers, amongst other things, the time

commitment required. In line with the Code,

Non-Executive Directors are also encouraged to

seek Board approval prior to taking on any

additional external appointments.

In May 2025 Bernard Byrne was appointed as a

Non-Executive Director of Greencoat Renewables

plc, a listed renewable infrastructure company. In

May 2026 Bernard is due to assume the role of

Chairman of Greencoat Renewables plc. The Board

considered this appointment, taking into account

Bernard’s other external commitments at

non-profit organisations. The Board noted that this

new appointment would not give rise to any conflict

of interest and that Bernard would continue to have

sufficient time to devote to his role as Chairman of

Cairn. Therefore the Board deemed it appropriate to

approve the appointment.

Board Meetings

The Board meets regularly and would typically hold

seven scheduled meetings during the year, including

a strategy day. The Board met nine times for Board

meetings during 2025. Generally, each formal Board

meeting follows a carefully tailored agenda agreed

in advance by the Chairman, Chief Executive Officer,

Chief Financial Officer and Company Secretary.

A typical meeting will comprise of reports on

current trading and financial performance from

the Chief Executive Officer and Chief Financial

Officer, sustainability, risk, governance, Health &

Safety and investor relations updates and ‘deep

dives’ into areas of particular strategic importance.

Information and Support

All members of the Board are supplied with

appropriate, clear and accurate information in a

timely manner covering matters which are to be

considered at forthcoming Board or Committee

meetings. The papers for each meeting are made

available via an electronic Board portal along with

a wealth of supporting and reference materials.

Should Directors judge it necessary to seek

independent legal advice about the performance

of their duties with the Group, they are entitled to

do so at the Company’s expense.

Directors also have access to the advice and services

of the Company Secretary, who is responsible for

advising the Board on all governance matters and

ensuring that Board procedures are complied with.

The appointment and removal of the Company

Secretary is a matter requiring Board approval.

Composition, Succession and Evaluation

Board Appointment Process

The Nomination Committee is responsible for

leading the process with respect to appointments

to the Board. Further information on the

appointment process can be found in the

Nomination Committee Report. Following this

process, the Nomination Committee makes a

recommendation to the Board for its consideration.

Following Board approval, the appointment is

announced in line with requirements of the rules

applying to public companies. In the event that a

candidate is identified through an alternative

channel than a search firm, the suitability of the

candidate’s profile is assessed through the same

process, against the role specification and through

the interview process.

Directors’ Terms of Appointment

The Executive Directors have service agreements

with the Company which have notice periods of

12months or less. The Non-Executive Directors

have Letters of Appointment which set out their

terms of appointment. The initial period of

appointment is three years, and any term renewal

issubject to review by the Nomination Committee

and a recommendation to the Board. Appointments

are terminable on one month’s notice. Under the

Company’s Constitution, one third of all Directors

must retire by rotation at each Annual General

Meeting and may seek re-election. However, in

keeping with best corporate governance practice,

the Board has decided that all Directors will seek

re-election annually.

Induction and Training

The induction programme for new Board members,

which was established in early 2019, was further

enhanced in 2024. The formal induction process is

designed to provide new Board members with an

in-depth understanding of their role, a background

to the business and an introduction to key

individuals within the organisation. The programme

includes dedicated time with the Executive

Directors, Non-Executive Directors and senior

management, along with scheduled site visits and

the provision of necessary resources to enhance

their understanding of the business and their role.

The Board considers on an ongoing basis the need

for additional training in respect of any matters

relevant to the development and operation of the

Board or any of its Committees.

Corporate Governance Report continued

Conflicts of Interest

The Board reviews potential conflicts of interest

as a standing agenda item at each Board meeting.

Directors have continuing obligations to update

the Board on any changes to these conflicts.

Independence

As is done annually, the independence of the

Non-Executive Directors was reviewed during

2025. Further details on independence can be

found in the Nomination Committee Report.

Directors’ & Officers’ Insurance

The Company maintains appropriate Directors’ &

Officers’ liability insurance cover in respect of legal

action against Directors, the level of which is

reviewed annually. Subject to the provisions of, and

so far as may be permitted by the Companies Act

2014 and the Company’s Constitution, every

Director, Secretary or other officer of the Company

is entitled to be indemnified by the Company

against all costs, charges, losses, expenses and

liabilities incurred by them in the execution and

discharge of their duties.

Board Evaluation

The performance of the Board and its Committees is

evaluated annually. An external evaluation is carried

out every three years. More information on related

activities in 2025 is available on page 98.

108

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Audit, Risk and Internal Control

The Board has overall responsibility for the

Company’s system of internal control, for

reviewing its effectiveness and for confirming

that there is an ongoing process in place for

identifying, evaluating and managing the

significant risks facing the Company. The process

was in place throughout the year under review and

up to the date of approval of the Annual Report and

Financial Statements. The Board has reviewed the

effectiveness of the Company’s risk management

and internal control systems, with the assistance

of the Audit & Risk Committee.

The Company has documented its financial policies,

processes and controls which will be reviewed and

updated on an ongoing basis. The key elements of

the system of internal control include the following:

• clearly defined organisation structure and lines

of authority;

• Company policies for financial reporting,

treasury management, information

technology and security, and project appraisal;

• annual budgets and business plans; and

• monitoring performance against budget.

The preparation and issuance of financial reports is

managed by the finance function. The financial

reporting process is controlled using the Company’s

accounting policies and reporting system. The

financial information is reviewed by the Chief

Financial Officer and the Chief Executive Officer.

The interim and preliminary results and the

Annual Report and Financial Statements are

reviewed by the Audit & Risk Committee who

recommend their approval to the Board.

The Company considers risk management to be

of paramount importance and will continue to

monitor and improve its risk management

framework. The Senior Leadership Team, at the

recommendation of the Company Secretary and

external risk consultant, recommended the

establishment of a Strategic Risk Group which

Corporate Governance Report continued

109

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

adresses the ongoing monitoring and assessment

of risks to the business. These procedures, approved

by the Audit & Risk Committee and Board during

2025 as part of a review of the Risk Management

Framework, are designed to ensure that all

applicable risks pertaining to the Company can be

identified, monitored and managed at all times.

Further information on the principal risks applicable

to the Company are outlined in the Risk Report.

The financial risk management objectives and

policies of the Company are set out in Note 29 to

the consolidated financial statements.

Remuneration

Details on the Company’s compliance with the

provisions of the Irish Corporate Governance Code

in relation to remuneration are set out in the

Directors’ Remuneration Report.

Other

General Meetings

The Company holds a general meeting each year as

its Annual General Meeting in addition to any other

meeting in that year. Not more than 15 months shall

elapse between the date of one Annual General

Meeting and that of the next. The Board is

responsible for the convening of general meetings.

The 2026 Annual General Meeting of the Company is

scheduled to be held at The Merrion Hotel, Merrion

Street Upper, Dublin 2, D02 KF79 at 12pm on 30 April

2026. The 2025 Annual Report and 2026 Notice of

the Annual General Meeting will be circulated at least

20 working days prior to the meeting and will be

available to download from the Company’s website.

The Notice contains a description of the business to

be transacted at the Annual General Meeting. The

Chairman, Chief Executive Officer, Chief Financial

Officer and Non-Executive Directors will be available

at the Annual General Meeting to answer

shareholder questions. Every shareholder has the

right to attend and vote at the Annual General

Meeting and to ask questions related to the items

onthe agenda of the Annual General Meeting.

Voting Rights

(a) Votes of Members: Votes may be given either

personally or by proxy. Subject to any rights or

restrictions for the time being attached to any

class or classes of shares, on a show of hands

every member present in person and every

proxy shall have one vote, so, however, that no

individual shall have more than one vote, and on

a poll every member shall have one vote for

every share carrying voting rights of which they

are the holder. The Chairman shall be entitled to

a casting vote where there is an equality of votes.

(b) Resolutions: Resolutions are categorised as

either ordinary or special resolutions. The

essential difference between an ordinary

resolution and a special resolution is that a bare

majority of more than 50% of the votes cast by

members voting on the relevant resolution is

required for the passing of an ordinary

resolution, whereas a qualified majority of 75%

or more of the votes cast by members voting on

the relevant resolution is required in order to

pass a special resolution. Matters requiring a

special resolution include, for example:

• altering the Objects of the Company;

• altering the Constitution of the Company; and

• approving a change of the Company’s name.

Disclosure of Information

The Company discloses information to the market

as required by the Listing Rules of Euronext Dublin

and the Listing Rules of the London Stock Exchange

and Financial Conduct Authority, including inter alia:

• periodic financial information such as interim

and preliminary results;

• price-sensitive information, which for example,

might be a significant change in the Company’s

financial position or outlook, unless there is a

reason not to disclose such information

(e.g., prejudicing commercial negotiations);

• information regarding major developments

inthe Company’s activities;

• information regarding dividend decisions;

• any changes to the Board once a decision has

been made; and

• information in relation to any significant changes

notified to the Company of shares held by a

substantial shareholder.

The Company will make an announcement if it has

reason to believe that a leak may have occurred

about any ongoing negotiations of a price-sensitive

nature. Any decisions by the Board which might

influence the share price must be announced as

soon as possible and in any event before the start

of trading the next day. Information relayed at a

shareholders’ meeting, which could be price-

sensitive, must be announced no later than the

timethe information is delivered at the meeting.

Inrelation to any uncertainty regarding the

communication of a particular matter, advice will

be sought from the Company’s sponsors and/or

legal advisor(s).

Corporate Governance Report continued

110

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Audit & Risk

Committee

Report

Audit & Risk Committee Report

Dear Shareholder,

On behalf of the Audit & Risk Committee (the Committee)

and the Board, I am pleased to present the Committee

report, detailing the work we undertook during 2025.

This report describes how the Committee has fulfilled its

responsibilities during the year under its Terms of Reference

(which are available on our website) and under the relevant

requirements of the Irish Corporate Governance Code (the

Code). The Committee is satisfied that its role and authority

include those matters envisaged by the Code that should

fall within its remit and that the Board has delegated

authority to the Committee to address those tasks for

which it has responsibility.

For information on the composition of the Committee and

meeting attendance in 2025, see the ‘Governance at a Glance’

section of the Corporate Governance Report. All members

of the Committee are determined by the Board to be

independent Non-Executive Directors in accordance

withprovision 25 of the Irish Corporate Governance Code

withseveral members deemed to have competence in

accounting or auditing. The biographical details on

page 103 demonstrate that members of the Committee have

a wide range of financial, capital markets, commercial, legal,

and business experience relevant to the sector in which the

Group operates.

In 2025, the Committee focused particularly on the

appropriateness of the Group’s financial statements. In

accordance with the reporting requirements of the Code,

the Committee confirms to the Board that, in our view,

theAnnual Report, taken as a whole, is fair, balanced and

understandable, and provides the information necessary for

shareholders to assess the Group’s position and performance,

business model and strategy.

As we entered 2025 we were preparing extensively to

comply with the requirements of the Corporate

Sustainability Reporting Directive (CSRD). Due to changes

as a result of the Omnibus proposal the Company is not

currently in scope, however non-financial reporting remains

a high priority for the business and we will continue to

ensure accurate and transparent information is shared

each year in our Sustainability Reports.

“Continued focus on

enhancing our Risk

Management framework.”

ORLA O’GORMAN

CHAIR OF THE AUDIT & RISK

COMMITTEE

Key Areas of Activity in 2025

• Reviewed the Group’s financial statements,

announcements and financial performance during

the year.

• Reviewed the Group’s Annual Report.

• Approved the appointment of the external auditors

and monitored the effectiveness and quality of the

external audit process.

• Oversaw the review of the Group’s risk management

systems, and implementation of the new risk

management framework.

• Oversaw the workstreams undertaken by the Health

& Safety function, completed a Health & Safety

focused meeting including a site walk, and oversaw

the achievement of key Health & Safety objectives.

• Reviewed the scope, resourcing, findings and

effectiveness of the Internal Auditor, and set the

Internal Audit plan for 2026.

• Alongside the broader review of the effectiveness of

the Board, evaluated the Committee’s effectiveness.

• Reviewed and approved its annual agenda and Terms

of Reference.

• Reviewed the Confidential Reporting (whistle-

blowing) Policy and monitored its application.

• Reviewed site-by-site margin analysis during the year.

111

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Cairn Homes plc | Annual Report 2025

Audit & Risk Committee Report continued

Financial Reporting

During 2025 the Committee reviewed the draft

trading updates, preliminary results, Annual Report

and interim results before recommending their

approval to the Board. The Committee considered

the appropriateness of the relevant accounting

policies and significant judgements and key

estimates adopted in the preparation of the

financial statements. The Committee also

considered the views of the External Auditors in

making these assessments. The significant issues in

relation to the financial statements considered by

the Committee and how these were addressed are

set out in this Report. The Committee also reviewed

the observations on internal control prepared by

the External Auditor as part of the auditprocess.

During the year, the Committee alsoreviewed

management’s preparation and submission of

detailed responses to the Irish Auditing &

Accounting Supervisory Authority (IAASA) queries

issued in 2025, ensuring that the matters raised

were fully considered and appropriately addressed

in the Group’s Annual Report.

Going Concern, Viability and Directors’

Compliance Statements

The Committee reviewed the draft Going Concern

Statement, Viability Statement and Directors’

Compliance Statement prior to recommending

them to the Board for its review and approval.

The Going Concern Statement, Viability Statement

and Directors’ Compliance Statement are included

in the Directors’ Report.

External Auditor

In line with rotation requirements, Ernst & Young

Chartered Accountants have been appointed as the

statutory auditor for the Group for the financial year

ended 31 December 2025. This appointment

followed a competitive tender process led by the

Committee during 2024, in order to allow for

orderly transition. The Committee considered the

recommendations of the FRC’s Audit Committees

and the External Audit: Minimum Standard while

overseeing the effectiveness of the external

audit tender process.

The Committee reviewed the External Auditor’s

overall audit plan for the 2025 audit and approved

the remuneration and terms of engagement of the

External Auditor. The Committee also considered

the quality and effectiveness of the external audit

process and the independence and objectivity of

the External Auditor. The Committee met with the

External Auditor privately without management

present at least once during the year.

In order to ensure the independence of the External

Auditor, the Committee received confirmation from

the External Auditors that they are independent

ofthe Group under the requirements of the IAASA

Ethical Standard for Auditors (Ireland). The External

Auditors also confirmed that they were not aware of

any relationships between the firm and the Group

or between the firm and persons in financial

reporting oversight roles in the Group that may

affect its independence. The Committee considered

and was satisfied that the relationships between

the External Auditor and the Group including those

relating to the provision of non-audit services did

not impair the External Auditor’s judgement or

independence.

Non-Audit Services

The Committee reviews the engagement of the

External Auditor to provide non-audit services on an

ongoing basis and in line with our non-audit services

policy. In considering any proposal for the provision

of non-audit services by the External Auditor, the

Committee considered several matters including:

• threats to independence and objectivity

resulting from the provision of such services and

any safeguards in place to eliminate or reduce

these threats to a level where they would not

compromise the External Auditor’s integrity

and objectivity;

• the nature of the non-audit services;

• whether the skills and experience of the

external audit firm make it the most suitable

supplier of the non-audit services;

• the fees incurred, or to be incurred, for non-audit

services both for individual services and in

aggregate, relative to the audit fee; and

• any relevant legislation.

The External Auditor will not be engaged for any

non-audit services without the approval of the

Committee. The External Auditor is precluded from

providing certain services under Regulation (EU) No

537/2014 or from providing any non-audit services

that have the potential to compromise its

independence or judgement.

Details of the audit and non-audit services provided

by the External Auditor for 2025 and their related

fees are disclosed in Note 9 to the consolidated

financial statements. The Committee has

undertaken a review of non-audit services provided

during 2025 and is satisfied that these services were

efficiently provided by the External Auditor with the

benefit of their knowledge of the business and did

not prejudice their independence or objectivity.

In line with EU audit regulations, the Group’s

non-audit fees for 2025 were less than 70% of the

average of the audit fees over the previous

three-year period.

Estimates and Judgements

The Committee reviewed in detail the areas of

significant judgement, complexity and estimation

in connection with the financial statements for

2025. The Committee considered a report from the

External Auditors on the audit work undertaken and

conclusions reached as set out in their independent

audit report. The Committee also had an in-depth

discussion on these matters with the External

Auditors. The significant area identified was the

carrying value of inventories and profit recognition.

As Chair of the Committee, I have engaged

withthe Company Secretary, the Chief Financial

Officer, the Chief Operating Officer, the

Environmental Health & Safety Director,

representatives from the finance function,

theoutsourced Internal Audit function, our Risk

Management Consultant, and the External

Auditor, EY, in preparation for each Committee

meeting.

The Committee will continue to focus on key

areas of financial reporting processes, risk

management, internal controls and Health &

Safety in 2026. I also attend the Annual General

Meeting and am available to respond to any

questions that shareholders may have

concerning the activities of the Committee.

ORLA O’GORMAN

CHAIR OF THE AUDIT & RISK

COMMITTEE

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

112

Audit & Risk Committee Report continued

Carrying Value of Inventories

The Group is involved in the acquisition of land

and the development of residential properties.

Inventories include development land, work in

progress, and completed units held for sale.

Determining the carrying value of inventories

requires management to assess the costs to

complete ongoing developments and to

estimate the expected net realisable value of

completed units.

A key area of judgement relates to the recognition,

valuation and measurement of contract provisions

for forecast construction costs, including estimated

remediation costs, rectification of defects, and

other development-related obligations. There is

arisk that such provisions may be understated,

whether due to error or bias, resulting in an

overstatement of inventory values and gross

profit margins. This requires judgement by

management in assessing future costs,

contractual terms, and the likely outcome of

identified obligations, particularly in the context

of current market conditions and cost inflation

in the construction sector.

The scale and mix of each development and

associated planning permission involves

assumptions on new or amended planning

permission applications. This judgement then

feeds into the process of forecasting expected

profitability by development which is used to

determine the profit that the Group is able to

recognise on its developments in each reporting

period and the net realisable value of inventories.

As the business continues to scale its construction

activities, the Group has been investing capital in

developing its landbank and construction work in

progress. As a result, the carrying value of

inventories is a crucial area for management and

audit judgement. At year end the Group conducted

a detailed net realisable value test with input from

relevant internal and external stakeholders to

ensure that the investment in development land

and related construction work in progress was not

impaired. The test examined the performance of

each site individually to determine its net realisable

value, including an assessment of the number of

units that could be achieved on each site and a full

evaluation of the likely sales prices of those units,

which were then compared to actual sales prices

achieved to date.

All costs related to individual sites are regularly

evaluated and updated based on new information

and actual experience. If the net realisable value of a

site is found to be lower than its cost, it is considered

impaired, and its value is written down to its net

realisable value. This process is subject to review by

management and is thoroughly tested during the

annual audit process.

The net realisable value test did not show any

evidence of impairment on a site-by-site basis.

TheGroup calculates its gross profit for each sale by

considering the specific unit sold and its associated

total cost. Since the construction cost of a site can

span multiple reporting periods, determining the

cost of sale for each unit sold relies on current cost

forecasts and anticipated profit margins for the

entire project. There is a possibility that some or all

of the assumptions used in these forecasts may be

incorrect, which could affect the carrying value

ofinventories or the amount of profit recognised.

Tomanage this risk, the Group regularly updates its

site profitability forecasts and makes any necessary

adjustments in the appropriate reporting period.

The Committee considered the evidence from

impairment reviews and profit forecasting models

across the various sites and discussed the results

with management and is satisfied with the carrying

values of inventories (development land and

construction work in progress) and with the

methodology for the release of costs on the sale

of individual units.

Risk Management and Internal Control

Responsibility for monitoring the effectiveness

ofthe Group’s system of risk management and

internal control is delegated to the Committee by

the Board. Following a substantive review of the

riskmanagement system in 2025, the Committee

issatisfied with the procedures established for

identifying, assessing and managing key risks, and

will continue to evaluate those procedures against

best practice for the industry. Further information

on the Group’s risk management process and

changes during the year are outlined in the Risk

Report.

Health & Safety

The Committee met with the Group’s Environmental

Health & Safety Director and Chief Operating Officer

on a number of occasions during the year. These

meetings included reviewing key Health & Safety

statistics, monitoring resourcing requirements

forthe function, reviewing the findings and

recommendations from four targetedaudits

(conducted during the year by an independent,

specialist external audit firm), and overseeing the

achievement of key objectives during 2025 which

were set at the beginning of the year in order to

make a recommendation to the Remuneration

Committee on the achievement ofthe Health &

Safety underpin.

The Committee also has a dedicated Health & Safety

focused meeting on site each year, which includes

presentations and a site walk with members of the

Health & Safety team. The Chair of the Committee

also frequently engaged with the relevant Health &

Safety team members outside of meetings.

113

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Health & Safety Policy

In complying with the statutory requirements and

implementing our safety management system the

Company ensures, so far as reasonably practicable,

the safety, health and welfare of all employees

whilst at work and provides such information,

training and supervision as is required for this

purpose. It is the policy of the Company to protect,

so far as is reasonably practicable, persons not

employed by the Group who may be affected

byour activities.

It is also the policy of the Company to ensure

thatadequate consultation takes place between

management, employees, subcontractors and

others on all Health & Safety related matters and

employees are encouraged to notify management

of identified hazards in the workplace. All

employees have the responsibility to co-operate

with supervisors and management to achieve a

healthy and safe workplace and to take reasonable

care of themselves and others.

The Health & Safety Policy is available at all work

locations for consultation and review by all

employees. The Policy is kept up to date and

amended as necessary to meet changes in the

nature and size of the business. The Policy is

communicated to employees at the commencement

of their employment and on an annual basis

thereafter as the safety statement review is carried

out. The Company continues to strive to work for

the ongoing integration of Health & Safety into

allofits activities, with the objective of retaining

high standards of Health & Safety performance.

Data Protection

The Committee has engaged with the Company

Secretary who has overall responsibility for the

Group’s lawful use of personal data in accordance

with Irish and European data protection laws,

including Regulation (EU) 2016/679 (the General

Data Protection Regulation) (GDPR). The Group

has designated an independent Data Protection

Officer who has access to the Committee, advises

the Company Secretary and carries out the tasks

mandated by the GDPR.

Throughout 2025, the Committee continued to

monitor the progress and effectiveness of the

Group’s data protection programme, consistent

with the data protection risks faced by the Group.

Cybersecurity

The Group relies heavily on information

technology and systems to support the

management of its operations and reporting.

A failure of these systems or the loss of corporate

data is a risk which is actively managed by a

dedicated team in line with CIS, NIS2 and other

relevant standards, monitored by the Senior

Leadership Team. All Cairn employees receive

regular, periodic information security training,

aswell as monthly cybersecurity assessments.

The status of this risk is assessed externally and

reported regularly to the Committee, with a

formal report to the Board at least annually.

Internal Audit

The Group’s Internal Audit function is outsourced

to Grant Thornton, however the Committee

continues to maintain oversight of and

responsibility for the function’s effectiveness.

The Internal Audit function completed five

Internal Audit reviews during the year;

(1) Cybersecurity

(2) Dynamics 365

(3) Procurement – Supply Chain

(4) Payroll

(5) Construction Accounting – Follow-up audit

The Committee considered reports and updates

from the Internal Audit function for each of these

reviews which summarised the work undertaken,

findings, recommendations and management

responses to audits conducted during the year.

Audit & Risk Committee Report continued

A register is maintained internally which monitors

progress against any recommended process and

control enhancements to ensure that they are

implemented appropriately, and in a timely and

controlled manner.

The Committee considered and approved the

programme of work to be undertaken by the

Internal Audit function in 2025 and the planned

programme of work for 2026. The Committee

alsomet with the members of the Internal

Auditfunction privately without management

present at least once during the year.

Confidential Reporting and

Anti-Bribery & Corruption

The Group’s Confidential Reporting and Anti-Bribery

& Corruption Policies were reviewed during the year.

The policies are published on the Group’s website

and intranet, and employees are required to confirm

they have read them. The Committee continues to

monitor and review any breaches to these policies.

The Company also has a Confidential Reporting

platform available to employees and subcontractors

to raise any concerns. No reports were raised during

the period.

114

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Nomination

Committee

Report

Nomination Committee Report

“Ensuring effective succession

planning for the Board and Senior

Leadership Team.”

JULIE SINNAMON

CHAIR OF THE NOMINATION

COMMITTEE

Dear Shareholder,

On behalf of the Nomination Committee (the Committee)

and the Board, I am pleased to present the Committee

report, detailing the work undertaken by the Committee

during 2025. For information on the composition of the

Committee and meeting attendance in 2025, see the

‘Governance at Glance’ section of the Corporate

Governance Report.

Following their appointments as Non-Executive

Directors in January 2025, Bernard Byrne and Orla

O’Connor both engaged in the Company’s rigorous

induction process, as set out in the Corporate

Governance Report. As part of this induction process,

and together with their fellow Board members, Bernard

and Orla visited our sites in Galway and Donabate in June

and October 2025, respectively. Bernard’s appointment

in January also allowed for time with former Chairman

John Reynolds in order to ensure a smooth and timely

transition of responsibilities.

During 2025, the Committee reviewed the existing skills

matrix to ensure it continues to align with the evolution

of strategy, business priorities, stakeholder expectations

and our external operating environment. As part of this

process, we assessed the skills on our Board, considering

current Board composition as well as future Non-

Executive Director rotations, including the anticipation of

Giles Davies stepping down from the Board at the end of

2025, having served on the Board since our IPO in 2015.

Our new skills matrix is presented on page 116.

In January 2026, Linda Hickey replaced Giles as a member

of the Nomination Committee, I replaced Giles as a

member of the Remuneration Committee and Orla

O’Connor became Workforce Engagement Director.

Further information on Board and Committee changes

isset out on page 115.

During 2025, the Committee, with support from the Chief

People Officer and external advisors, continued to refine

succession plans and will review those plans for all key

personnel on an annual basis.

Key Areas of Activity in 2025

• Considered the composition of the Board and

Committees and the succession of Non-Executive

Directors with reference to skills, knowledge,

experience, diversity and attributes required of

current and future Non-Executive Directors.

• Reviewed the Board skills matrix.

• Oversight of the succession plans in place for the

Senior Leadership Team, with consideration of the

Group’s talent development programmes and the

requirements to build technical and leadership

capability.

• Developed a process to enable an annual review

of succession plans for key executives.

• Oversight of the recruitment process leading to

the appointment of Madeleina Loughrey-Grant as

our Chief Strategy and Sustainability Officer.

• Oversight of the internal Board evaluation process

and discussion of the feedback, observations and

recommendations from the review of the Board

and Committees, including the action plan from

the findings. Details of the Board evaluation

process are set out in the Corporate Governance

Report on page 98.

• Reviewed the Board Diversity Policy to ensure it

remains fit for purpose; ensured its continued

application; and reviewed progress made against

the agreed objectives.

• Considered the findings from both the internal

employee engagement survey and Great Place to

Work survey, providing important insights into

employees expectations and needs.

• Oversight of the programme of activity for the

Workforce Engagement Director with

observations presented to the Board at the end

of the year.

115

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Nomination Committee Report continued

The Committee also oversaw the appointment

of Madeleina Loughrey-Grant, our new Chief

Strategy and Sustainability Officer, further

enhancing our C-Suite capability within the

business. Madeleina joined Cairn after a decade

at international engineering and construction

firm Laing O’Rourke where she helped to set

strategy for the business and was the architect

of its group sustainability strategy and agenda.

Madeleina, as Chief Strategy and Sustainability

Officer, will lead Cairn’s strategy, risk,

sustainability, people, corporate affairs, legal,

and digital functions, supporting the Company’s

long-term direction, impact, and growth

objectives. With her appointment, female

representation on our Senior Leadership Team

increased to 30%, making notable progress

toward achieving the 40% target set

by the Balance for Better Business to be reached

by the end of 2028.

Further improving gender diversity and the

gender pay gap throughout the organisation

remains a priority for the Committee.

Additionally, we recognise the importance of

broadening our approach to diversity, which will

continue to be part of our future considerations.

JULIE SINNAMON

CHAIR OF THE NOMINATION

COMMITTEE

Board & Committee Changes

When making Board appointments, the

Nomination Committee reviews and approves

an outline brief and role specification and appoints

an external search consultancy for the assignment.

The Chairman of the Board (except in relation to his

own succession), the Chief Executive Officer and

Company Secretary, meet to discuss the

specification and search parameters, as well as

the Group’s need for enhancing diversity. An

external search consultancy is appointed and

prepares an initial longlist of candidates from

which the Nomination Committee assembles a

shortlist. Interviews are held with the Chairman,

Chief Executive Officer and a selection of

Nomination Committee members, supported

by the Company Secretary.

All Board appointments are made on an objective

and shared understanding of merit, in line with

required competencies relevant to the Company

as identified by the Committee, and consistent

with the Board’s Diversity Policy. We are also

conscious that diversity extends beyond gender

and the Committee will continue to identify

suitablecandidates based on merit against

objective criteria and with due regard for the

benefits of diversity on the Board.

Succession plans are based on merit and objective

criteria, reviewed against the needs of the business,

and the skills and experience needed to strengthen

the Board. The Committee also carefully considers

the importance of achieving a healthy balance

between longer-serving Non-Executive Directors

and those with shorter tenures.

The refreshment and orderly succession of the

Board continued to be a key focus of the

Committee during 2025. As outlined in last year’s

Annual Report, Bernard Byrne joined the Board as

an independent Non-Executive Director and

Chair-Designate on 1 January 2025, and succeeded

former Chairman, John Reynolds, at the end of April

2025, who had served as Non-Executive Chairman

since Cairn’s IPO in 2015. Bernard has been a strong

addition as Chairman, bringing extensive knowledge

and leadership skills to the Board. Orla O’Connor also

joined the Board in January 2025 as an independent

Non-Executive Director, further diversifying the skills

and experience of the Board. Full details on the

appointments of both Directors were set out in last

year’s Annual Report.

Giles Davies, the last Board member having served

since the Company IPO in 2015, stepped down

from the Board at the end of 2025. In January 2026,

Linda Hickey replaced Giles Davies as a member

of the Nomination Committee, while Julie

Sinnamon replaced Giles Davies as a member of

the Remuneration Committee. Orla O’Connor,

having served one year on the Board, replaced Orla

O’Gorman as the Workforce Engagement Director.

The Nomination Committee started a process to

recruit a new Non-Executive Director in January

2026 and anticipates making an appointment in

the coming months.

Board Independence

As is done annually, the independence of the

Non-Executive Directors was reviewed during 2025.

In doing so, the Board considered factors such as

length of tenure and relationships or circumstances

that are likely to affect, or appear to affect, the

Directors’ judgement, in determining whether they

remain independent. Following this year’s review,

all of the Non-Executive Directors are considered

independent in character and judgement and are

free from any business or other relationships that

could materially affect the exercise of their

judgement. The Chairman of the Board was deemed

independent on appointment.

In assessing the independence of Giles Davies, the

Board had due regard for the fact that his tenure on

the Board reached ten years during 2025. The Board

was satisfied that Giles continued to be fully

independent, underpinned by his continued

contributions and challenge at Board and

Committee meetings and with the knowledge that

he was stepping down as a Non-Executive Director

at the end of 2025.

In considering the independence of Orla O’Connor,

the Committee had particular regard for her

position as Chair and Partner of Arthur Cox LLP, one

of the Company’s legal advisors, until mid-2025. The

Committee concluded that Ms O’Connor was fully

independent, taking into account various factors,

relating to the Group’s engagement with and fees

paid to Arthur Cox over the prior years, and

acknowledging that she had no role in the selection

and retention of legal advisors to the Group.

The Committee will continue to closely monitor the

independence of all Board members, guided by the

terms of the Company’s Conflicts of Interest Policy.

116

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Nomination Committee Report continued

Board Diversity, Skills and Expertise

The topic of diversity, equality and inclusion

remains a key priority for Cairn across all levels

of the business. The Committee is of the view that

diversity and inclusion are key drivers of business

success, as they promote balanced decision-making,

with consideration of the wider strategy of the

business and its impact on stakeholders. In 2019,

the Board adopted a formal Diversity and Equality

Policy applicable to the Company, which is available

on our website. The Board and management

continue to recognise the benefits of diversity

and the recommendations of the Balance for

Better Business and Parker reviews, and recognise

the clear benefits of increasing diversity at all

levels of the organisation.

We are pleased to report that at the end of 2025,

women represented 50% of Board members,

exceeding the target of 40% set by the Balance

for Better Business Review. The Committee is

also aware of widening considerations around

Skillset Number of Non-Executive Directors

Housebuilding / Construction (direct and indirect)

Entrepreneurial / Scaling

Finance / Accounting

M&A / Corporate Development / Capital Markets

ESG / Sustainability

Policy & Government Relations / Regulatory / Legal

Board Skills Matrix

diversity beyond gender, and whilst we have not

set formal targets in this regard, the Committee

will continue to take steps to ensure that such

considerations are integrated into succession

planning and recruitment efforts.

During 2025, the Board conducted an in-depth

review of its skills matrix, led by the Nomination

Committee with support from external consultancy

firm Korn Ferry. The objective of this review was to

ensure the Board skills matrix continued to align

with our strategy, business priorities, stakeholder

expectations and external operating environment.

This key tool supports us in identifying the

strengths and skills gaps on our Board and enables

us to make appointments based on merit and

objective criteria to support the effective

functioning of the Board and its Committees.

The review commenced with an assessment of

current Board skills and compared the Company’s

existing skills matrix to a group of peers including

relevant Irish-listed businesses as well as UK-listed

housebuilders to identify and consider any

additional skills that may be required on the Board

going forward. Each individual Board member

self-assessed across the new Board skills matrix,

followed by individual conversations between the

consultant and Board members to further calibrate

the matrix, validating both assessments and skills

gaps identified.

The Nomination Committee agreed that the

revised skills matrix comprehensively covered

the most important themes for the Cairn Board.

It was acknowledged that not all skills across the

matrix carried equal weight, with some themes

(those core to the workings of a Board, such as

finance) requiring more extensive representation,

whereas other themes (such as legal) may

adequately be covered across the skillsets of

one or two Board members.

The revised matrix was formally validated by

boththe Nomination Committee and the Board.

While the structure of the matrix is not intended

toundergo annual updates, the Nomination

Committee will regularly review it to ensure

itcontinues to reflect the skills most needed

toeffectively oversee the development and

execution of the Company’s strategy.

117

Cairn Homes plc | Annual Report 2025

Financial StatementsCorporate GovernanceStrategic Report Financial StatementsSustainability Report

the Committee, with formal updates considered

atleast once a year. On succession, at least annually,

the Committee reviews the existing internal

pipeline of candidates for immediate and medium-

to longer-term movement into key leadership and

functional roles. This is subject to routine challenge

to ensure understanding of the breadth of internal

potential and experience relative to external talent

pools. The Committee is also regularly apprised

onhow talent is benchmarking externally, and

onspecific initiatives to encourage more gender

andethnic diversity into senior leadership

talentpipelines.

Gender Pay Gap

The Company’s Gender Pay Gap Reports are

available in the reports and presentations section

on our website at www.cairnhomes.com and

details are included on page 119 of this report. The

mean Gender Pay Gap for the Group in 2025 was

22.8% (2024: 30%). The median Gender Pay Gap was

24.8% in 2025 (2024: 29%). During 2025, the gender

balance of the Group was 26% female and 74% male.

While the Group’s Gender Pay Gap is, in part, driven

by the shape of our workforce and the limited

female representation in the construction industry

generally, the Board together with its Committees

and senior management are taking proactive steps

that we believe will begin to address the gap over

the long-term.

Nomination Committee Report continued

Leadership Succession,

Talent Capability and Development

The Senior Leadership Team plays a central role

in delivering Cairn’s strategy, the ongoing

development of our talent pipeline and in fostering

the culture and values required to continue to

deliver on our strategy. The Committee consistently

reviews its approach to executive management

development and succession planning, over the

short, medium, and longer-term. The aim of these

reviews is to ensure the Company is in a strong

position in the event of any planned or unplanned

departures, including ensuring that senior

management and wider employees are receiving

the appropriate training and development

opportunities in line with the challenges and

opportunities of the business.

Succession for senior leadership roles, and our

strategy to support talent development by

building capability for the future, is overseen by

Non-Irish hires in 2025

30.2%

Nationalities of Cairn employees

Females participating in development

opportunities in 2025

81%

Mean Gender Pay Gap in 2025

22.8%

118

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Directors’

Remuneration

Report

Directors’ Remuneration Report

“Overseeing alignment of

remuneration outcomes with strong

performance”

LINDA HICKEY

CHAIR OF THE REMUNERATION

COMMITTEE

Dear Shareholder,

On behalf of the Remuneration Committee (the

Committee) and the Board, I am pleased to present

our Directors’ Remuneration Report to shareholders.

2025 represented the second year of the implementation

of the Remuneration Policy (the Policy) approved at the

2024 Annual General Meeting (AGM).

For information on the composition of the Committee

and meeting attendance in 2025, see the ‘Governance

at a Glance’ section of the Corporate Governance Report.

Remuneration Philosophy

The Committee and the Board ensure that our

Remuneration Policy stays aligned with market practices,

supports our corporate strategy and, where appropriate,

reflects shareholder feedback. The Policy aims to align the

interests of Executive Directors and senior management

with those of shareholders. It focuses on long-term,

performance-based incentives and encourages share

ownership, fostering an ‘ownership mindset’ within the

Company’s performance-orientated culture.

The main goal of the Policy is to support the Company’s

long-term success by effectively linking pay to business

results and individual contributions, including

sustainability objectives, creating long-term value for

shareholders and positive outcomes for stakeholders.

Performance and Outcomes under

Remuneration Policy

Management delivered another year of strong

operational and financial performance, continuing to

grow the business and leverage our leading platform for

housing output. Reflecting the strength of performance

during the year, including another year of record home

delivery, profitability and significant progress against

stakeholder measures, the Annual Bonus Plan payouts

were at maximum. In addition, based on cumulative

Earnings per Share (EPS)growth over the performance

period, further improvement in Return on Equity (ROE)

and substantial progress on the key sustainability

measures integrated into the Long-Term Incentive Plan

(LTIP), the 2023 awards vested in full. The Committee

considers that the Remuneration Policy hascontinued to

operate effectively during the year, supporting Cairn’s

Key Areas of Activity in 2025

• Reviewed annual performance of the Executive

Directors.

• Determined fixed and variable remuneration for

Executive Directors and Senior Leadership team.

• Set 2025 LTIP and Annual Bonus targets.

• Evaluated performance outcomes for the 2023

LTIP award.

• Evaluated performance outcomes for the first

award under the Stretch CEO LTIP award.

• Assessed efficacy and stretch of LTIP targets

through all in-flight awards.

• Reviewed and made progress against the

remuneration strategy agreed to execute the

Remuneration Policy.

• Worked with the Committee’s consultants during

2025 to ensure rigour of Committee analysis and

decisions as well as reviewing remuneration

trends, extensive benchmarking reports and

evolving market practices.

• Considered and approved the Directors’

Remuneration Report and remuneration

disclosure requirements.

• Alongside the broader review of the effectiveness

of the Board, evaluated the Committee’s

effectiveness.

• Reviewed and approved the Committee's annual

agenda and Terms of Reference.

119

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Cairn Homes plc | Annual Report 2025

strong performance and ability to pursue

substantial investments in growth opportunities.

The Committee has therefore not exercised

discretion to alter the formulaic remuneration

outcomes for the Executive Directors under the

annual LTIP. Full details of performance under the

annual bonus and LTIP are disclosed on pages

122-123 and pages 125-126.

Stretch CEO LTIP

At the EGM held on 31 August 2023, following

extensive consultation, shareholders approved an

additional long-term incentive plan, the 'Stretch CEO

LTIP', which operates outside the Remuneration

Policy approved at the 2024 AGM. The plan was

designed to ensure that the Chief Executive Officer

(CEO) is not only incentivised to increase business

growth through upscaled new homes delivery

against ambitious profitability and ROE targets, but

also to maximise performance and shareholder

value throughout the full performance period and

beyond, as shares vest in years three and four from

the year of grant, with a two-year holding period.

The CEO was not eligible for a salary increase for the

four-year combined performance period over the

two tranches of the Stretch CEO LTIP. The CEO

remains on a salary which is significantly below

market benchmarks, and his salary has remained

unchanged since IPO in2015, reaffirming a greater

emphasis on performance-based pay than our

market peers.

The first tranche of the Stretch CEO LTIP, awarded in

2023 over 3,158,845 shares, vested at 97.15% of

maximum, based on compound profit after tax

growth of 17.9% between FY23 and FY25,

from a baseline of €81.0m profit after tax in FY22,

and ROE of 15.9% in FY25 (see note on page 125).

Separate to the performance conditions governing

the award, during the performance period, the

Company’s share price has increased by 236% and

housing unit delivery has increased by 55%.

The Committee is satisfied that the Stretch CEO LTIP

is achieving its purpose, transforming the business

through incentivisation of exceptional performance,

driving strong financial outcomes, growth in

shareholder returns and positive outcomes for

stakeholders. Performance over the first three years

of the Stretch CEO LTIP has supported Cairn’s goals

of continuous reinvestment as a key enabler of

increasing housing output, with 2025 representing

the Company’s largest ever outlay in construction

activities and new site commencements. The

Committee is comfortable that vesting levels under

the first tranche of the Stretch CEO LTIP are fully

aligned with Company performance, the CEO’s

contribution and stakeholder experience over

thepast three years. As detailed on page 126, in

acknowledging the significant growth in the value

of the award over the performance period, the

Committee determined that dividend equivalents

would not be paid on the vested award. Further

details on outcomes under the 2023 award are

disclosed on pages 125 and 126 .

The 2024 award was made over an identical number

of shares and subject to a four-year performance

period (FY23 – FY26), ensuring that the achievement

of growth targets becomes more challenging for the

second tranche. Further details are available on page

126.

Gender Pay Gap

Cairn's Gender Pay Gap decreased in 2025, with the

mean Gender Pay Gap for the Group falling to 22.8%

(2024: 30.0%). The median Gender Pay Gap also

decreased, to 24.8% (2024: 29.0%). As at

31 December 2025, the gender balance of the Group

was 26% female and 74% male. While the Group’s

Gender Pay Gap is, in part, driven by the shape of our

workforce and the limited female representation in

the construction industry generally, the Board and

senior management are taking proactive steps that

we believe will begin to address the gap over the

long-term. Gender representation targets were

alsointroduced into the Annual Bonus Plan in 2025,

demonstrating the importance of directly linking

performance on greater gender balance in senior

roles and remuneration outcomes.

Employee Engagement and

Workforce Remuneration

The Committee is fundamentally aware of its

responsibility to review workforce remuneration

and ensure a level of understanding amongst the

workforce on how executive remuneration aligns

with wider Company pay strategies. Throughout

2025, the Committee received regular updates from

the Chief People Officer, detailing key initiatives

throughout the workforce and the development

ofthose in senior leadership roles. The Committee

also ensures that management present the Annual

Bonus Plan metrics and targets to all employees as

part of our performance management programme,

and details of the LTIP awards to select recipients,

ensuring employees understand the link between

Executive remuneration, our Remuneration Policy

and the remuneration of the wider workforce.

In December 2025, the former Workforce

Engagement Director, Orla O’Gorman shared her

findings with the Board from her most recent

meetings with the workforce, which are set out in

further detail in the Corporate Governance Report.

That process highlighted a continued appreciation

of how Cairn rewards employees, including the

attribution of tax-free gift cards, support

programmes and the various wellbeing initiatives.

During the year, over half of employees received a

salary increase of €1,500 per annum, reflecting the

portion of employees whose salaries were below

adefined threshold. While inflationary pressures

have reduced in Ireland, we remain committed

tosupporting employees in 2026. An inflationary

increase of 4% will be awarded to all employees

earning below a similar threshold, reflecting 64%

ofemployees. In addition, all employees will also

receive tax-free gift cards worth €1,000 in 2026.

Implementation of Policy in 2026

The Committee believes that the Policy remains

appropriate and continues to incentivise

management to deliver financial performance and

attractive shareholder returns. We are proud of our

track record in incentivising superior performance

and returns from our management team. As the

current LTIP expires in 2027, we will be seeking

shareholder approval of a new structure at the

2027AGM, the terms of which will be detailed in

the2026 Annual Report.

On behalf of the Committee, I would like to thank

employees, shareholders, and other stakeholders

for their continued support during 2025.

LINDA HICKEY

CHAIR OF THE REMUNERATION

COMMITTEE

Directors’ Remuneration Report (continued)

120

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

REMUNERATION POLICY AT A GLANCE

The purpose of this section is to provide an overview of the remuneration of our Executive Directors during the year and the implementation of the Policy for the year ahead. The Committee has determined that Executive

Directors’ base salaries, pension contributions, benefits, maximum bonus and LTIP opportunities, bonus deferral arrangements, and the performance metrics and weightings for both the annual bonus and LTIP will remain

unchanged for 2026. Targets for the 2026 LTIP are presented on page 127, while targets for the 2026 annual bonus will be disclosed in next year’s Remuneration Report.

Directors’ Remuneration Report (continued)

BASE SALARY

€425,000 €375,000

(CEO) (CFO)

PENSION CONTRIBUTIONS

10% of base salary

BENEFITS

Health insurance and car allowance

2026

BASE SALARY

€425,000 €375,000

(CEO) (CFO)

PENSION CONTRIBUTIONS

10% of base salary

BENEFITS

Health insurance and car allowance

MAXIMUM OPPORTUNITY

150% of salary 115% of salary

(CEO) (CFO)

BONUS DEFERRAL

33% of total bonus is deferred into shares

ANNUAL GRANT

150% of salary 150% of salary

(CEO) (CFO)

PERFORMANCE, VESTING AND HOLDING PERIODS

Three year performance period and two year post-

vesting holding period

MAXIMUM OPPORTUNITY

150% of salary 115% of salary

(CEO) (CFO)

BONUS DEFERRAL

33% of total bonus is deferred into shares

ANNUAL GRANT

150% of salary 150% of salary

(CEO) (CFO)

PERFORMANCE, VESTING AND HOLDING PERIODS

Three year performance period and two year post-

vesting holding period

2025

Performance Measures Weightings

EBIT 70%

Stakeholder: People & Customer

(Health & Safety Underpin)

20%

Personal & Strategic 10%

Further details on pages 122 to 124.

Performance Measures Weightings

Cumulative Basic EPS 55%

ROE 25%

Biodiversity Net Gain 10%

Passive Housing/ Energy Efficiency 10%

Further details on pages 125 to 127.

Fixed Pay

Variable Pay

Annual Bonus

2025 and 2026

Variable Pay

Long Term

Incentive Plan

121

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

2025 SINGLE TOTAL FIGURE REMUNERATION

Remuneration Outcomes for Executive and Non-Executive Directors for the Year Ended 31 December 2025

The table below sets out the details of the remuneration paid to the Executive Directors and Non-Executive Directors for the year ended 31 December 2025, with comparatives for the prior year ended 31 December 2024.

Salary/Fees Pension & Benefits

Total

Fixed Annual Bonus LTIP Stretch CEO LTIP

Total

Variable

Total

Pay

Ratio of Fixed

to Variable

Executive Directors

2025

€’000

2024

€’000

2025

€’000

2024

€’000

2025

€’000

2024

€’000

2025

€’000

2024

€’000

2025

€’000

2024

€’000

2025

€’000

2024

€’000

2025

€’000

2024

€’000

2025

€’000

2024

€’000 2025 2024

Michael Stanley (CEO) 425 425 53 53 478 478 638 622 1,398 1,061 6,046 – 8,082 1,683 8,560 2,161 06/94 22/78

Richard Ball (CFO)

375 241 56 35 431 276 431 270 – – – – 431 270 862 546 50/50 51/49

Non-Executive

Directors

Bernard Byrne

143 – 143 –

Giles Davies 92 80 92 80

Linda Hickey 95 95 95 95

Orla O'Connor

70 – 70 –

Orla O'Gorman 95 80 95 80

John Reynolds

79 180 79 180

Julie Sinnamon 85 85 85 85

1 Richard Ball joined the business on 10 April 2024 and became an Executive Director on 10 May 2024. The remuneration in the above table for 2024 is reflective of his tenure from 10 May 2024.

2 The base annual fee for Non-Executive Directors is €70,000. Additional annual fees for specific roles are as follows; Committee Chair fee of €15,000; Senior Independent Director fee of €10,000; Workforce Engagement Director fee of €10,000; and Director

responsible for Sustainability & Environmental Impact fee of €10,000.

3 Bernard Byrne was appointed as a Non-Executive Director and Chair-Designate on 1 January 2025 and as Chairman on 1 May 2025. John Reynolds stepped down from the Board at the end of April 2025. Fees for the Chairman role have been paid on a pro-rata basis

toBernard and John based on time spent in the role in 2025.

4 Orla O'Connor was appointed as a Non-Executive Director on 1 January 2025.

The LTIP value for 2025 represents an estimate of the value of the 2023 LTIP award, including dividend equivalents. The Stretch CEO LTIP value for 2025 represents an estimate of the value of the first vesting of the Stretch

CEO LTIP, excluding dividend equivalents. Both awards are due to vest in April 2026, and were valued at the average share price for the three months ended 31 December 2025 (€1.97). The LTIP values for 2024 represent

thefinal value of the 2022 LTIP awards, plus dividend equivalents, which vested in April 2025.

Base Salary

Base salaries of both Executive Directors remained unchanged in 2025. As part of the implementation of the Stretch CEO LTIP, approved at the EGM in August 2023, the Committee detailed its commitment not to

adjustthe CEO’s fixed pay during the lifetime of the plan. The Company’s approach to remuneration is built on a commitment to restrained fixed salaries, supplemented with significant ‘at-risk’ variable pay, designed

toincentivise superior performance and alignment with shareholder interests. For 2026, there will be no changes to Executive Director salaries.

Pension & Benefits

The maximum pension contribution for Cairn’s Executive Directors is 10% of salary. For 2026, there will be no changes to Executive Director pensions. Benefits for both Executive Directors include healthcare and

carallowance.

Directors’ Remuneration Report (continued)

122

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Annual Bonus 2025

The maximum bonus opportunity for 2025 was 150% of salary for the CEO and 115% for the CFO. Annual incentives were based on a mix of financial and non-financial objectives.

The financial measure employed was EBIT, the non-financial stakeholder measures related to people and customer metrics with a Health & Safety underpin, with personal and strategic objectives relating to strategy and

leadership for the CEO, and strategy, leadership, financial frameworks and governance for the CFO. There was full achievement under each component of the bonus. The Committee considers the final 2025 Annual Bonus

outcome to be aligned with strong financial performance and a fair outcome for Executive Directors and broader stakeholders. Further details are set out below:

Measure Weighting

Threshold

(25%)

Max

(100%)

2025

Performance Payout

Financial EBIT 70% €150.0m €165.0m €168.5m 70%

Non-Financial Customer Experience (10%)

People (10%)

(Health & Safety underpin)

20% N/A N/A See below 20%

Personal (Strategy & Leadership) 10% N/A N/A See overleaf 10%

Total 100% 100%

Non-Financial Performance Review

The non-financial stakeholder measures, targets and associated performance for 2025 are detailed below:

Measure Pillar Objective & Weighting Performance Target Performance Outcome Payout

People Investment in our People

Development

Engagement & Employee

Satisfaction

• Increase female representation (5%)

• Drive a high-performance culture (5%)

Threshold 25% payout for achieving 50% increase in

females in senior positions.

Maximum 100% payout for achieving 100% increase

in females in senior positions.

Maintain our engagement sentiment, ED&I and EVP

scores across both employee engagement survey

and Great Place to Work survey within 10% range.

Embed manager development framework as

measured by our people manager performance

scores.

100% increase in females in senior positions,

with six appointments/promotions being

made in 2025.

Across both surveys, scores year on year either

remained the same or improved for

engagement sentiment, ED&I & EVP.

Our people manager performance scores also

improved in 2025, providing evidence that the

management development framework has

been successfully embedded.

5% achieved

Customer Customer Satisfaction • Measure success of customer experience through

customer surveys and handover processes. Ensure

aftercare experience is best in class with focus on

post-occupation experience (10%)

Threshold 25% for customer satisfaction rate of 75%.

Maximum 100% for customer satisfaction rate of

90% or above.

Customer satisfaction rate of 94%. 10% achieved

The stakeholder measures for People focused on the introduction of gender-specific targets, in order to incentivise an increase in female representation in senior positions across the business. This was successfully

delivered during 2025 through six senior female appointments/promotions. Another focus of the People measure was to drive a high-performance culture by maintaining strong employee engagement scores and

recognising that manager performance is a critical component of our growth agenda. Through engagement sentiment, ED&I and EVP surveys, changes in scores year on year were within the ranges proposed, and people

manager scores also improved in 2025, evidencing the successful embedding of the management development framework.

Directors’ Remuneration Report (continued)

123

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

The stakeholder measures for Customer continued to focus on ensuring the various stages of our customer journey are captured, measured, and improved upon year-on-year to ensure a best-in-class service and

experience. The four main areas measured and assessed by the Committee include our customer handover process, customer survey results, aftercare KPI's and post-occupation review feedback. Surveys are measured

using the likert scale and each score contributes to the overall customer satisfaction rating. In relation to the handover process, we ensure our customers are well informed and armed with all of the details they need to

own, manage and maintain their properties. We are also keen to ensure we understand what is important to our customers, what went well and what could be improved upon from feedback obtained through our survey

process to improve our customer offering. There is also focus on ensuring our customer and aftercare experience is best in class and our post-occupation check in with all of our customers ensures we are capturing the

sentiment of our customers and their residents.

The above measures were also subject to a Health & Safety underpin, performance of which was determined by the Audit & Risk Committee and a recommendation on achievement made to the Remuneration

Committee. The Audit & Risk Committee determined that the underpin for 2025 had been successfully met, by reference to the achievement of the 2025 annual objectives, which included measuring increased

engagement of the supply chain, improvement of their Environmental, Health & Safety KPIs, a reduction in waste with increase in recycling and ensuring the Health and wellbeing strategy is promoted and understood.

During the past year, exemplified by the strong financial performance of the Company, the below Personal and Strategic measures were achieved:

Chief Executive Officer – Michael Stanley

Area & Weighting Aims and Measures Performance Review Outcome

Strategy (5%) • Define and lead strategy to continue to grow and scale

thebusiness

• Strategic management of existing landbank to balance market demand, build optionality, maximise revenue and

deliver unit targets, driving business expansion.

• Drove the strategic rebalancing of Cairn's customer profile.

• Continued development of Cairn’s Sustainability strategy, including the key hire of a Chief Strategy & Sustainability

Officer.

Leadership (5%) • Support corporate reputation, brand and position within

theexternal market

• Enhance leadership structures

• Significant engagement with external stakeholders, showcasing the ability of Cairn’s platform to deliver homes

atscale and pace, resulting in substantial momentum in new opportunities and partnerships.

• Successfully established new C-Suite and strengthened Leadership Team talent pipeline.

Chief Financial Officer – Richard Ball

Area & Weighting Aims and Measures Performance Review Outcome

Strategy &

Leadership (5%)

• Support the CEO in the definition and leadership of strategy

to grow and scale the business

• Worked alongside the CEO to deliver a 3 Year Plan and Budget covering capital structure, capital allocation anddriving

shareholder value.

• Enhanced the Investor Relations programme.

• Strong relationships with the banking market maintained.

Financial

Frameworks/

Governance (5%)

• Ensure excellence in all matters pertaining to the Board,

governance, and reporting

• Provide the financial frameworks and roadmap to create an

environment that supports profit and cash maximisation

• Drive commercial decision making across all functions to

alignoutcomes/performance with Company targets

• Provided support to the new Chair of the Audit & Risk Committee throughout the year.

• Implemented the new risk management framework.

• Implemented a new Group tax operating model.

• Provided real-time modelling to the CEO / C-Suite in relation to understanding the impact of various potential output

scenarios, on a regular basis.

Directors’ Remuneration Report (continued)

124

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Bonus Deferral

For 2025, 33% of bonus paid to the CEO and the CFO will be deferred into shares. The following was the resulting breakdown of the payout for 2025:

Name

Maximum Bonus

(% of salary)

Payout

(% of salary)

Actual Bonus

Awarded

Value of Bonus

Paid in Cash

Value of Bonus

Deferred into Shares

Michael Stanley (CEO) 150% 150% €637,500 €427,125 €210,375

Richard Ball (CFO) 115% 115% €431,250 €288,937 €142,313

Annual Bonus 2026

The maximum annual bonus opportunity will remain at 150% of base salary for the CEO and 115% for the CFO. 33% of any bonus payout will be deferred into shares for a two-year period. The annual bonus for 2026 for

Executive Directors will be based on the following criteria:

Measure

Percentage of

Maximum

Opportunity

Earnings Before Interest and Tax (EBIT) 70%

Stakeholder Measures: Customer & People

(with Health & Safety underpin)

20%

Personal and Strategic Objectives 10%

The bonus plan will continue to include a focus on stakeholder measures through i) Customer satisfaction and ii) People measures, each weighted equally at 10% of the bonus. With the underlying and overarching role

ofHealth & Safety considerations across all our operations, the stakeholder measures will continue to be subject to a Health & Safety underpin. The achievement of the underpin will only be confirmed following a review

by the Audit & Risk Committee based on all key Health & Safety priorities throughout the year.

The selection of measures and targets reflects the strategic priorities of the Company. Targets for the 2026 annual bonus will be disclosed in next year’s Remuneration Report.

Directors’ Remuneration Report (continued)

125

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Directors’ Remuneration Report (continued)

Vesting of Long Term Incentive Plan Awards

Annual Awards under the 2017 LTIP

Awards granted in 2023 will vest on 4 April 2026 and are related to the three-year performance period ended 31 December 2025. The CEO is the only current Executive Director to have received an LTIP award in 2023.

The value of shares awarded to the CEO was €637,500 or 615,347 shares. The share price at the date of grant was €1.036. The 2023 LTIP awards were also eligible for dividend equivalents. Each recipient will receive

anequivalent value in the form of additional shares, following the vesting of the award in April 2026. As at 31 December 2025, the estimated value of the shares that are due to vest to the CEO, was €1,398,360 based

on a vesting outcome of 100% and a share price of €1.97.

At the time of vesting of all LTIP awards, the Committee holistically reviews Company performance and stakeholder experience over the performance period in confirming final vesting levels. Having reviewed the

shareprices at and before the grant date, during the performance period, and at its conclusion in December 2025, the Committee is satisfied that the outcomes under the LTIP are an accurate reflection of strong

performance under each metric, as well as across broader business measures, and the outcomes are aligned to the overall stakeholder experience. In particular, the Committee was satisfied that management had directly

contributedto performance under each of the LTIP measures, which had played a key role in delivering superior returns to shareholders over the performance period. The performance criteria and resulting outcomes

are detailed below:

Metric Weighting

Threshold

(25% vesting)

Maximum

(100% vesting) Actual Payout

Cumulative Basic Eearnings Per Share (EPS) 60% 38.0c 40.0c 48.7c 60%

Return on Equity (ROE) 20% 12% 15% 15.9%* 20%

Units Commencing on Biodiversity Net Gain (BNG) sites as a % of All Units Commencing 20% 40% 50% 66% 20%

Total 100% 100%

* At the time of the grant of the 2023 LTIP award, ROE was calculated based on total equity at year-end. In 2025, the calculation of ROE was altered and is based on the average of opening and closing total equity for a given year. Consequently, there is a difference

between reported ROE (16.6%) and ROE performance for the purposes of calculating vesting in the incentive plans (15.9%), which continues to be calculated using the previous methodology for in-flight awards, as set at the time of grant.

Stretch CEO LTIP

The Stretch CEO LTIP operates outside the Company’s remuneration policy, having been approved by shareholders at an EGM held on 31 August 2023. The plan was designed to incentivise the CEO to achieve ambitious

profitability and return on equity targets above and beyond the annual LTIP. In addition to setting stretching targets, the Committee was cognisant of ensuring that performance and shareholder value maximisation were

not only achieved throughout the performance periods but also beyond it, with shares vesting in years three and four from the original date of grant, with a two-year holding period applying to each award. The Stretch

CEO LTIP is a one-off arrangement, which was granted in two tranches (in 2023 and 2024) to the CEO, with awards over two equal amounts of ordinary shares.

The 2023 award was made over 3,158,845 shares and was subject to a three-year performance period (FY23 – FY25). The performance criteria and resulting outcomes are detailed below:

Measure Weighting

Threshold

(25% vesting)

Stretch

(85% vesting)

Maximum

(100% vesting) Actual Payout

CAGR in reported (unadjusted) Profit After Tax (FY23 – FY25 inclusive) 75% 7.5% C AGR 10.0% CAGR 12.5% CAGR 17.9% C AGR 75.00%

Return on Equity (ROE) in FY25 25% 14.0% 15.5% 17.0% 15.9%* 22.15%

Total 100% 97.15%

* At the time of the grant of the Stretch CEO LTIP, ROE was calculated based on total equity at year-end. In 2025, the calculation of ROE was altered and is based on the average of opening and closing total equity for a given year. Consequently, there is a difference

126

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Directors’ Remuneration Report (continued)

The 2024 award was made over an identical number of shares and remains subject to a four-year performance period (FY23 – FY26). Any vesting of that portion of the award will be disclosed in the 2026 Annual Report,

based on the following criteria:

Measure Weighting

Threshold

(25% vesting)

Stretch

(85% vesting)

Maximum

(100% vesting)

CAGR in reported (unadjusted) Profit After Tax (FY23 - FY26 inclusive) 75% 7.5% C AGR 10% CAGR 12.5% CAGR

Return on Equity (ROE) in FY26 25% 14% 15.5% 17%

The value of the shares due to vest in the first tranche has been calculated using the average share price over the three month period ended 31 December 2025 (€1.97). The table below provides a breakdown showing the

face value of these shares on the date they were granted, in April 2026, and the additional value that is attributable to share price appreciation over the performance period.

Number of Shares Granted Face Value at Grant Performance Outcome Number of Shares Vesting Value of Shares Vesting

Additional Value due to

Share Price Appreciation

3,158,845 €3,500,000 97.15% 3,068,818 €6,045,571 €2,645,321*

* The additional value is the difference between the value of shares vesting and the value of the percentage of shares vesting at date of grant.

While the strength of our operating platform drove profit growth of 64% over the three-year performance period, our disciplined approach to capital allocation also allowed us to achieve a ROE of 16.6% in FY25 and the

share price has increased by 236% between 1 January 2023 and 31 December 2025.

The Committee was satisfied that the outcome under the incentive plan was directly correlated with the CEO's contribution, Company performance and stakeholder experience, taking into account the achievement of

performance targets, operational and financial growth and increases in housing output, all of which played a key role in delivering superior returns to shareholders over the performance period. Outside of performance

under the metrics employed in the Stretch CEO LTIP, the table below summarises the wider performance of the business over the performance period, against which the Committee holistically evaluated vesting levels:

FY22

(Base Year)

FY25

(Final Year of Performance) Growth

Housing Output

1,525 units delivered 2,365 units delivered +55%

Revenue

€617.4m €944.6m +53%

Market Capitalisation

€603.4m €1,300m +115%

Employees

321 521 +62%

As disclosed at the time the Stretch CEO LTIP was proposed, the aim of the plan was to ensure that the CEO is not only incentivised to increase business growth through upscaled new homes delivery resulting in ambitious

profitability and return on equity targets, but also to maximise performance and shareholder value throughout the full performance period and beyond it, as shares vest in years three and four from the original date

ofgrant. The Committee is satisfied that those aims are being achieved with respect to the vesting of the first tranche of awards. Following the vesting of the Stretch CEO LTIP, and in light of the increase in the value of

shares under award over the performance period, the Committee determined that dividend equivalents would not be paid for the Stretch CEO LTIP, reducing the final vesting amount by €924,312. The performance of the

Company during the first three years of the performance period have positioned Cairn to continue to invest in growth opportunities and increase housing delivery, which the Committee is confident will result in continued

shareholder value creation and positive outcomes for stakeholders.

127

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Directors’ Remuneration Report (continued)

Granting of Long Term Incentive Plan Awards

2025 Annual LTIP

On 26 March 2025, the following conditional share awards were granted under the LTIP to Michael Stanley, CEO and Richard Ball, CFO:

Director

Face Value at

Date of Grant

Share Price

at Date of Grant

Number of

Shares Granted

Michael Stanley (CEO) €637,500 €2.08 306,490

Richard Ball (CFO) €562,500 €2.08 270,433

The vesting of the 2025 LTIP awards will be determined by performance against the following metrics:

Metric Weighting

Threshold

(25% vesting)

Max

(100% vesting)

Cumulative Basic Earnings Per Share 55% 59.0c 65.6c

ROE (in FY27) 25% 15.5% 17%

Biodiversity Net Gain 10% 25% 30%

Passive Housing/Energy Efficiency 10% 24% 30%

2026 Annual LTIP

LTIP awards to be granted in April 2026 to the CEO and CFO will have the same face value at grant as the 2025 awards, representing 150% of their base salary. Performance metrics and weightings will also remain the same

as the prior year.

Metric Weighting

Threshold

(25% vesting)

Max

(100% vesting)

Cumulative Basic Earnings Per Share 55% 69.9c 77.7c

ROE (in FY28) 25% 16% 17.5%

Biodiversity Net Gain 10% 30% 35%

Passive Housing/Energy Efficiency 10% 26% 33.3.%

The Committee is satisfied that the performance measures employed under the LTIP remain the most appropriate metrics to incentivise performance. Cumulative EPS provides an easily understandable and transparent

framework for all stakeholders and is designed to motivate participants to deliver Cairn’s strategy and increased profitability over the performance period. The ROE target, a key metric for the business and our

shareholders, is calculated based on performance in FY27 and incentivises strong returns on equity through efficiency of profitability over the three-year period. Cairn continues to integrate measures that align

with its commitment to responsible business practices, as it works towards reducing its carbon footprint and enhancing biodiversity across its sites.

128

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Directors’ Remuneration Report (continued)

Directors’ & Secretary’s Interests in the LTIP

Details of outstanding nil cost share awards granted to the Directors, former Directors and the Company Secretary under the LTIP are set out below:

Number of Shares Under Award

At 1 January

2025

Granted

During the

Year

Dividend

Equivalents

Exercised

During the

Year

Lapsed/

Forfeited

During the

Year

31 December

2025

Market Price

at Date of

Award

€

Market Price

at Date of

Vesting

€

Date of

Award

Vesting

Date

Michael Stanley (CEO) 514,113 – 81,977 499,718 14,395 – 1.24 1.824 04.04.22 04.04.25

615,347 – – – – 615,347* 1.036 N/A 04.04.23 04.04.26

401,448 – – – – 401,448 1.588 N/A 10.04.24 10.04.27

– 306,490 – – – 306,490 2.08 N/A 26.03.25 26.03.28

1,530,908 1,323,285

Richard Ball (CFO) 472,292 – – – – 472,292 1.588 N/A 10.04.24 10.04.27

– 270,433 – – – 270,433 2.08 N/A 26.03.25 26.03.28

472,292 742,725

Shane Doherty (Former CFO) 453,629 – 68,313 416,431 37,198 – 1.24 1.824 04.04.22 04.04.25

542,954 – – – – 542,954* 1.036 N/A 04.04.23 04.04.26

996,583 542,954

Tara Grimley (Company Secretary) 91,134 – 14,530 88,582 2,552 – 1.24 1.824 04.04.22 04.04.25

119,449 – – – – 119,449* 1.036 N/A 04.04.23 04.04.26

94,458 – – – – 94,458 1.588 N/A 10.04.24 10.04.27

– 72,115 – – – 72,115 2.08 N/A 26.03.25 26.03.28

305,041 286,022

* these awards will vest at 100% in April 2026.

Directors’ & Secretary’s Interests in Other Share Plans

Michael Stanley also had outstanding nil cost share awards under the Stretch CEO LTIP of 6,317,690 shares at 31 December 2025 split equally over two awards. 97.15% of the first tranche of these shares will vest in

April2026. Further details can be found on pages 125 and 126. The second tranche of shares will be tested at the end of 2026. Both awards have a two year hold period to the end of 2028 and 2029 respectively.

Richard Ball and Tara Grimley held options at 31 December 2025 to acquire 12,587 shares through the Company’s Save as You Earn (SAYE) scheme in December 2027. The SAYE scheme is a Revenue approved savings plan

where participants are granted a right to acquire discounted shares in the Company following a three-year savings period.

129

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Directors’ & Secretary’s Interests in Ordinary Share Capital

The interests of the Directors and Company Secretary who held office at 31 December 2025 in the issued ordinary share capital of the Company are set out in the table below. The interests disclosed below include both

direct and indirect interests in shares.

Director

No. of Ordinary Shares at

31 December 2025

No. of Ordinary Shares at

31 December 2024

Bernard Byrne (Chairman) 200,000 100,000

Michael Stanley (Chief Executive Officer) 14,856,072 14,354,751

Richard Ball (Chief Financial Officer) 53,329 –

Giles Davies (Non-Executive Director)

50,000 50,000

Linda Hickey (Non-Executive Director) 75,000 75,000

Orla O’Connor (Non-Executive Director) 51,000 –

Orla O’Gorman (Non-Executive Director) – –

Julie Sinnamon (Non-Executive Director) 25,000 –

Tara Grimley (Company Secretary) 181,907 104,291

1 Retired on 31 December 2025

All of the interests noted above are beneficially owned.

There were no changes in the above Directors’ and Company Secretary’s interests between 31 December 2025 and 13 March 2026. The Company’s Register of Directors’ Interests (which is open to inspection) contains full

details of Directors’ shareholdings and other interests. The Company has apolicy on dealing in shares that applies to all Directors. Under this policy, Directors are required to obtain clearance from the Company before

dealing in Company shares. Directors are restricted from dealing during designated close periods and at any other time when they are in possession of Inside Information (as defined by the Market Abuse Regulation).

Directors’ Shareholding as Percentage of Salary

The table below sets out the percentage of base salary held in shares in the Company by the Executive Directors, as at 31 December 2025, based on the closing share price of €2.08.

Name Base Salary

No. of

Shares Held

Percentage of

Salary Held

Michael Stanley (Chief Executive Officer) €425,000 14,856,072 7,271%

Richard Ball (Chief Financial Officer) €375,000 53,329 30%

Under the 2024 Remuneration Policy, Executive Directors are required to hold shares equivalent to 100% of base salary. In normal circumstances, the CEO is required to hold shares equivalent to 300% of base salary while

his direct reports are required to hold 100% of base salary. As part of the terms of the Stretch CEO LTIP, the CEO has agreed to hold at least 25% of his existing shareholding (being 5.5 million shares at the time of approval

ofthe plan) for the six-year period under which the plan is in operation.

Relative Importance of Spend on Pay

The table below shows total employee remuneration (excluding LTIP awards) and distributions to shareholders, in respect of years 2022 to 2025.

2022 2023 2024 2025

Total Employee Remuneration €32.6m €38.0m €42.8m €55.9m

Distributions to Shareholders* €115.8m €84.6m €115.3m €54.7m

* Dividends and buybacks of own shares in 2025 and 2024.

Directors’ Remuneration Report (continued)

130

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Directors’ Remuneration Report (continued)

Change in Remuneration of the Directors Compared to the Average Employee

The table below shows the annual percentage change in remuneration paid to the Executive and Non-Executive Directors in comparison to the average overall percentage change for employees (excluding Executive

Directors) across the Group (on a full-time equivalent basis) over the past five years.

Director

2021

v 2020

2022

v 2021

2023

v 2022

2024

v 2023

2025

v 2024

2025

€’000

Bernard Byrne (Chairman)

– – – – N/A 143

Michael Stanley (Chief Executive Officer) 119% -1% 93% 5% 296% 8,560

Richard Ball (Chief Financial Officer)

– – – N/A 58% 862

Shane Doherty (Former Chief Financial Officer)

72% 103% 9% -6% -56% 754

Andrew Bernhardt (Former Non-Executive Director)

0% -100% N/A N/A N/A N/A

Gary Britton (Non-Executive Director)

0% 0% 0% 13% N/A N/A

Linda Hickey (Non-Executive Director)

0% 0% 0% 32% 0% 95

Jayne McGivern (Former Non-Executive Director)

-32% -100% N/A N/A N/A N/A

Alan McIntosh (Non-Executive Director)

0% 0% 0% -83% N/A N/A

David O’Beirne (Former Non-Executive Director)

0% -62% -100% N/A N/A N/A

Orla O’Gorman (Non-Executive Director)

N/A 609% 0% 33% 19% 95

Julie Sinnamon (Non-Executive Director)

N/A 247% 0% 42% 0% 85

John Reynolds (Former Chairman)

0% 0% 0% 20% -56% 79

Orla O’Connor (Non-Executive Director)

– – – – N/A 70

Giles Davies (Former Non-Executive Director)

0% 0% 0% -2% 14% 92

Group Performance

Profit Before Tax 240% 86% 6% 36% 53% 152,425

Average Remuneration on a full-time equivalent basis of employees

Employees of the Group 2% -1% 9% -1% -1% 102

1 Mr Byrne was appointed as a Non-Executive Director and Chair-Designate on 1 January 2025, and as Chairman on 1 May 2025.

2 Mr Ball was appointed as an Executive Director on 10 May 2024.

3 Mr Doherty was appointed as an Executive Director on 13 April 2020 and resigned as Director on 10 May 2024. Mr Doherty ceased employment with the Company effective 31 October 2024.

4 Mr Bernhardt retired as a Non-Executive Director on 31 December 2021.

5 Mr Britton resigned as a Non-Executive Director on 31 December 2024.

6 Ms Hickey, Ms McGivern and Mr O’Beirne were appointed as Non-Executive Directors on 12 April 2019, 1 March 2019 and 1 March 2019 respectively. Ms McGivern resigned as a Non-Executive Director on 3 September 2021 and David O’Beirne retired

as a Non-Executive Director in May 2022.

7 Mr McIntosh stepped down as an Executive Director in August 2018 and retired as a Non-Executive Director on 25 January 2024.

8 Ms O’Gorman and Ms Sinnamon were appointed as Non-Executive Directors on 10 November 2021 and 17 September 2021 respectively.

9 Mr Reynolds retired as Chairman on 30 April 2025.

10 Ms O'Connor was appointed as a Non-Executive Director on 1 January 2025.

11 Mr Davies retired as a Non-Executive Director on 31 December 2025.

131

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Directors’ Remuneration Report (continued)

Payments for Loss of Office

There were no payments for loss of office paid during 2025.

Payments to Former Directors

During the year there were no payments to former Directors other than what has been outlined on page 128 in the Directors’ & Secretary’s Interests table in relation to Shane Doherty (former Chief Financial Officer).

Statement of Shareholder Voting

The Company is committed to ongoing shareholder dialogue and takes shareholder views into consideration when formulating remuneration policy and practice. The following table sets out the actual votes at the 2025

Annual General Meeting in respect of the Directors’ Remuneration Report.

Directors’ Remuneration Report For Against Withheld*

Number of Votes 418,952,617 5,741,035 77

Percentage 98.65% 1.35% –

* A vote withheld is not a vote in law and is therefore excluded from the calculation of votes for and against the resolution.

Advisors

The Committee relied on ad hoc advisory support during the year from FTI Consulting (FTI), engaged by the Company to provide independent advisory corporate governance support to the Board, as well as both the

Nomination and Remuneration Committees. The Committee also engaged Korn Ferry for remuneration related advices and benchmarking analysis. The Committee is satisfied that the engagement with both Korn Ferry

and FTI was objective and independent and neither firm has any connection with Cairn that may impair their independence.

132

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Directors’ Report

The Directors present their report to the shareholders together with the audited financial statements for the year ended 31 December 2025.

Principal Activities, Business Review and Future Developments

Cairn Homes plc is one of Ireland’s leading homebuilders, constructing high-quality new homes with an emphasis on design, innovation and customer service. At 31 December 2025, the Group consisted of the Company,

CairnHomes plc, and a number of subsidiaries, which are detailed in Note 27 to the consolidated financial statements. Shareholders are referred to the Chairman’s Statement, Chief Executive Officer’s Statement and Chief

Financial Officer’s Statement which contain a review of operations and the financial performance of the Group for 2025, the outlook for 2026 and the key performance indicators used to assess the performance of the Group.

These are deemed to be incorporated in the Directors’ Report.

Results for the Year

The Consolidated Statement of Profit or Loss and Other Comprehensive Income for the year ended 31 December 2025 and the Consolidated Statement of Financial Position at that date are set out on pages 146 and 192

respectively. The Group’s profit for the year ended 31 December 2025 was €132.7 million (2024: €114.6 million).

Accounting Records

The Directors are responsible for ensuring that adequate accounting records are maintained by the Group as required by Sections 281 – 285 of the Companies Act, 2014. The Directors believe that they have complied with this

requirement through the employment of suitably qualified accounting personnel and the maintenance of appropriate accounting systems. The accounting records of the Company are maintained at the registered office:

45 Mespil Road, Dublin 4, D04 W2F1.

Dividends

The Company paid a final 2024 dividend of 4.4 cent per ordinary share on 16 May 2025 and an interim dividend of 4.10 cent per ordinary share on 15 October 2025. The Board has also proposed a final dividend of 5.9 cent per

ordinary share for the year ended 31 December 2025. Subject to shareholder approval at the Company’s Annual General Meeting on 30 April 2026, the proposed final dividend of 5.9 cent per ordinary share will be paid on

29 May 2026 to ordinary shareholders on the Company’s register at 5p.m. on 24 April 2026.

Directors

The names of the Directors and a biographical note on each appear on pages 102 and 103. In accordance with the provisions contained in the Irish Corporate Governance Code (the Code), all Directors at that time retired at

the Annual General Meeting of the Company on 8 May 2025 and, being eligible, offered themselves for re-election with the exception of John Reynolds, who retired as from his position as Non-Executive Director and Chairman

on 30 April 2025. Giles Davies retired as a Non-Executive Director on 31 December 2025.

Any Director appointed to the Board by the Directors will be subject to election by the shareholders at the first Annual General Meeting held following their appointment. Furthermore, under the Company’s Constitution,

one-third of all Directors must retire by rotation at each Annual General Meeting and may seek re-election. However, in accordance with the provisions of the Code, the Board has decided that all Directors should retire at the

2026 Annual General Meeting and offer themselves for re-election.

Directors’ and Company Secretary’s Interests

Details of the Directors’ and Company Secretary’s share interests and interests in unvested share awards of the Company are set out in the Directors’ Remuneration Report on page 128.

Financial Instruments

In the normal course of business, the Group has exposure to a variety of financial risks, including foreign currency risk, interest rate risk, liquidity risk and credit risk. The Company’s financial risk objectives and policies are set out

in Note 29 of the financial statements.

Share Dealing

The Company has in place a Share Dealing Code which gives guidance to the Directors and certain employees of the Company to be followed when dealing in the shares of the Company or any other type of securities issued

133

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Directors’ Report continued

by or related to the Company. It is designed to ensure that these individuals neither abuse, nor set themselves under suspicion of abusing, information about the Company which is not in the public domain. It is also designed

to ensure compliance with the EU Market Abuse Regulation (596/2014) which came into effect on 3 July 2016. A copy of the Share Dealing Code is available on the Company’s website at www.cairnhomes.com.

Share Capital

The Company has one authorised class of ordinary shares. As at 31 December 2025 and 13 March 2026, the Company had 625,576,122 ordinary shares in issue, with a nominal value of €0.001 each. Thenumber of shares held as

treasury shares at the beginning of the year was 4,991,284 (0.80% of the then issued share capital) with a nominal value of €4,991. As at 31 December 2025, the number of treasury shares held was 7,847,231 (1.25% of the issued

share capital) with a nominal value of €7,847. Further information on the Company’s share capital and treasury shares is set out in Notes 19 and 20 of the consoidated financial statements.

Substantial Shareholdings

As at 31 December 2025 and 13 March 2026, the Company had been notified of the following details of interests of over 3% in the ordinary share capital of the Company.

Except as disclosed below, the Company has not been notified as at 13 March 2026, the latest practicable date prior to approval of this report, of any interest of 3% or more in its ordinary share capital, nor is it aware of any

person who directly or indirectly, jointly or severally, exercises or could exercise control over the Company.

Shareholder

Notified Holding

13 March 2026 %

Notified Holding

31 December 2025 %

Fidelity Investments Limited 75,540,588 12.08 72,554,015 11.60

JP Morgan Asset Management (UK) Limited 44,357,308 7.09 48,793,665 7.80

The Capital Group Companies, Inc. 44,452,315 7.11 44,452,315 7.11

Fidelity Management & Research Company 37,535,726 6.00 37,535,726 6.00

Aberdeen Group plc 29,088,051 4.65 34,296,344 5.48

Ameriprise Financial 30,487,326 4.87 30,487,326 4.87

Blackrock, Inc. 20,732,430 3.31 20,732,430 3.31

Regal Partners (RE) Limited 19,141,268 3.06 19,141,268 3.06

Total Shares in Issuance 625,576,122 625,576,122

Principal Risks and Uncertainties

Under Irish company law, the Group is required to give a description of the Principal Risks and Uncertainties which it faces. These Principal Risks and Uncertainties are set out in the Risk Report on pages 36 to 40 and are deemed

to be incorporated in the Directors’ Report.

Subsidiaries

Information on the Company’s subsidiaries is set out in Note 27 to the consolidated financial statements.

Political Contributions

No political contributions were made by the Group during the year that require disclosure in accordance with the Electoral Acts 1997 to 2002 and the Electoral Political Funding Act 2012.

Takeover Regulations 2006

For the purposes of Regulation 21 of Statutory Instrument 255/2006 ‘European Communities (Takeover Bids (Directive 2004/25/EC)) Regulations 2006’, the details provided on share capital in Note 19 to the consolidated

financial statements, substantial shareholdings above, and the disclosures on Directors’ remuneration and interests in the Directors’ Remuneration Report on pages 118 to 131 are deemed to be incorporated in this section

ofthe Directors’ Report.

134

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Rules concerning the appointment and replacement of the directors and amendment of the Company’s Articles

Unless otherwise determined by the Company in general meeting, the number of directors shall not be more than ten or less than two. Subject to that limit, the shareholders in general meeting may appoint any person to be

adirector either to fill a vacancy or as an additional director and may also determine the rotation in which any additional directors are to retire.

The Company’s Articles require that each director must retire not later than the third annual general meeting (AGM) following their last appointment or re-appointment in general meeting. At each AGM, at least one third of the

Board (rounded down) are subject to retirement by rotation. This includes any director reaching the end of their three year term but excludes directors who choose to retire and do not seek re appointment. If there is only one

director who is subject to retirement by rotation then they shall retire. The directors retiring by rotation are those who have served the longest since their last appointment or re-appointment. Where directors were appointed

on the same date, the retiring director is agreed between them or, if required, determined by lot. Retiring directors are eligible for re appointment and, if not re appointed, continue in office until the close of the meeting or until

asuccessor is appointed. If, after the AGM, the number of directors in office would fall below the minimum required to form a quorum, the retiring directors may nominate from among themselves a sufficient number of them

to continue in office in order to meet this requirement. The continuing directors may act only to maintain the Company’s business and must convene a further general meeting as soon as practicable to appoint new directors.

The continuing directors remain in office until such meeting. If any continuing director resigns before that meeting, the remaining continuing directors may appoint additional directors to ensure the Board meets the minimum

requirement of two directors.

The Board may appoint a director to fill a vacancy or as an additional director, provided this does not exceed the maximum number permitted under the Articles. Any director appointed by the Board in this way will hold

officeuntil the next AGM unless their appointment is approved or ratified by shareholders before that meeting. These directors are not included when determining those retiring by rotation. If not re appointed at the AGM,

thedirector’s term ends at the conclusion of the meeting. Subject to the Companies Act, shareholders may, by ordinary resolution with at least 28 days’ notice, remove a director before the end of their term and, if desired,

appoint a replacement. Any replacement director is subject to retirement at the same time as the director they succeed. Removal under this provision does not affect any entitlement a director may have to compensation

ordamages arising from the termination of their appointment. The Company’s Articles may be amended by special resolution (75% majority of votes cast) passed at a general meeting.

Change of Control Provisions

Some of the Group’s banking facilities include provisions that, in the event of a change of control of the Company, could oblige early prepayment of the facilities. Some of the Company’s joint venture arrangements also

contain provisions that would allow the counterparty to terminate the agreement in the event of a change of control of the Company. The Company’s Long Term Incentive Plans contain change of control provisions which

allow for theacceleration of the exercise of share options/awards in the event of a change of control of the Company, at the Remuneration Committee’s discretion. There are no agreements between shareholders that

areknown to the Company which may result in restrictions on the transfer of securities or voting rights. There are no agreements between the Company and its directors or employees providing for compensation for loss

of office or employment (whether through resignation, purported redundancy or otherwise) that occurs because of a takeover bid.

Transparency Regulations 2007

For the purposes of information required by Statutory Instrument 277/2007 ‘Transparency (Directive 2004/109/EC) Regulations 2007’ concerning the development and performance of the Group, the following sections

of this Annual Report shall be treated as forming part of this Directors’ Report:

1. The Chairman’s Statement on pages 10 and 11, the Chief Executive Officer’s Statement on pages 12 and 13, and the Chief Financial Officer’s Statement on pages 32 and 33.

2. The Corporate Governance Report on pages 97 to 109.

3. The Principal Risks and Uncertainties on pages 36 to 40.

4. Details of Earnings Per Share in Note 28 of the consolidated financial statements.

5. Details of the Capital Structure of the Company in Note 19 of the consolidated financial statements.

Corporate Governance Regulations

As required by company law, the Directors have prepared a Corporate Governance Report which is set out on pages 97 to 109 and which, for the purposes of Section 1373 of the Companies Act 2014, is deemed to be

incorporated in this part of the Directors’ Report. Details of the capital structure and employee share schemes are included in Notes 19 and 20 to the consolidated financial statements respectively.

Directors’ Compliance Statement

The Directors, in accordance with Section 225(2) of the Companies Act 2014, acknowledge that they are responsible for securing the Company’s compliance with certain obligations specified in that section arising from

the Companies Act 2014, the Market Abuse (Directive 2003/6/EC) Regulations 2005, the Prospectus (Directive 2003/71/EC) Regulations 2005, the Transparency (Directive 2004/109/EC) Regulations 2007, and Tax laws

(relevant obligations).

Directors’ Report continued

135

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

The Directors confirm that:

• a compliance policy statement has been drawn up setting out the Group’s policies that in their opinion are appropriate with regard to such compliance;

• appropriate arrangements and structures have been put in place that, in their opinion, are designed to provide reasonable assurance of compliance in all material respects with those relevant obligations; and

• a review has been conducted, during the financial year, of those arrangements and structures.

Going Concern

The Group delivered a strong operational and financial performance in 2025 with a 10% increase in revenue to €944.6 million (2024: €859.9 million) and a 16% increase in profit after tax to €132.7 million

(2024: €114.6million). The Group had a total committed debt facility of €500.0 million at the start of 2026 with an average maturity of nearly four years. Net debt at 31 December 2025 was €171.3 million

(31 December 2024 – €154.4million). As at 31 December 2025, the Company had available liquidity, including cash and undrawn facilities, of €327.1 million, compared to €229.6 million as at 31 December 2024.

The Directors have carried out a detailed assessment of the principal risks facing the Group and have considered the impact of these risks on the going concern of the business. In making this assessment, consideration has

been given to the uncertainty inherent in financial forecasting including future market conditions such as sales prices. Where appropriate, severe but plausible downside-sensitivities have been applied to the key factors

affecting the future financial performance of the Group. Having considered the Group’s forecasts and outlook including the strength of its forward order book, the Directors have a reasonable expectation that the Group

hasadequate resources to continue in operational existence for the foreseeable future. Accordingly, they are satisfied that it is appropriate to continue to adopt the going concern basis in preparing this consolidated financial

information.

Viability Statement

In accordance with the Irish Corporate Governance Code Provision 32, the Directors have assessed the prospects of the business and its ability to meet its liabilities as they fall due over the medium term. The Directors

have concluded that three years is an appropriate period for assessment as this constitutes the Group’s rolling strategic planning horizon. The Group has developed a financial forecasting model as part of our three-year

plan, which is updated at least bi-annually and is regularly tested and assessed by the Board. Progress against the three-year plan is regularly reviewed by the Board through presentations from senior management

on the performance of the business.

The Group’s Principal Risks and Uncertainties were re-evaluated during 2025 to ensure they better align with its strategy and overall risk profile. In addition to refining their scope and description, a new principal risk was

identified in data, technology and cybersecurity. These Principal Risks and Uncertainties aggregate the risks identified, as well as the mitigation plans implemented as part of this process. They include the risks that may

have short-term impacts as well as those which may threaten the long-term viability of the Group. The Directors have made a considered assessment of the potential impact that these risks may have on the Group’s

business model, future performance, solvency and liquidity.

The three-year plan has been tested for a range of scenarios which assess the potential impact of severe but plausible downside-sensitivities to the long-term viability of the Group. These scenarios included the

stresstesting of the Group’s business model assuming that a combination of events result in a continued reduction in sales over the three-year period from 2025 to 2027, with a deterioration in employment levels and

consumer confidence, coupled with a reduced bank risk appetite, leading to a material reduction in credit availability in the mortgage market in addition to reduced demand for scaled apartment developments from

State-supported agencies across both turnkey and forward fund transactions. In assessing these severe downside scenarios, it is assumed that there is a considerable slowdown in construction and sales activities

including a sudden decline in demand compared to the Group’s forecasts, leading to reduced sales volumes and a reduction in sales prices, followed by a gradual recovery in sales volumes. In these scenarios, the Directors

assumed they would take appropriate actions to ensure that the overall financial risk was minimised through this cycle, including:

• reducing capital returns to shareholders;

• disposing of non-core sites;

• reducing planned construction work-in-progress spend; and

• deferring or not proceeding with planned site acquisitions and commencements.

Having reviewed the three-year plan and considered the above stress testing, the Directors confirm that they have a reasonable expectation that the Group will continue to operate and meet its liabilities as they

fall due over the three-year period from 2026 to 2028.

Post-Balance Sheet Events

Information in respect of events since the year end is contained in Note 32 to the consolidated financial statements.

Directors’ Report continued

136

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Directors’ Report continued

Audit & Risk Committee

The Group has an established Audit & Risk Committee comprising of four independent Non-Executive Directors. Details of the Committee and its activities are set out on pages 101 and pages 110 to 113.

Non-Financial Information Statement

The Group aims to comply with the requirements of the Non-Financial Reporting Directive (SI 360/2017) and these requirements are addressed throughout the Strategic Report and Corporate Governance Section.

The following non-financial information constitutes our Non-Financial Information Statement, pursuant to the EU Directive 2014/95/EU and covers the requirements in respect of the environment, people, social and

community issues, human rights, anti-bribery and corruption, and is intended to help stakeholders understand our position on these non-financial matters.

Certain of the non-financial information required pursuant to the EU Directive 2014/95/EU is also provided by reference to the following locations:

Non-Financial Information Section Pages

Description of our Business Model Business Model Pages 25 to 29

Environmental, Social & Employee Matters Sustainability Statements Pages 42 to 96

Human Rights, Bribery & Corruption Sustainability Statements Pages 74 and 87

Our Policies Company Website https://www.cairnhomes.com/about/our-policies/

Principal Risks Risk Report Pages 36 to 40

Non-Financial Key Performance Indicators Our Strategy, TCFD, SASB, GRI and Gender Pay Gap Pages 16 to 24 and 42 to 96

Our Annual Report collectively contains a range of non-financial information. We have a variety of policies and guidance that support our key outcomes for all our stakeholders. Policies, guidance and statements of intent

are in place to ensure consistent governance and are available to view on our website at www.cairnhomes.com.

External Auditor

Ernst & Young Chartered Accountants were appointed statutory auditor on 1 June 2025 for the financial year ending 31 December 2025 following the conclusion of a competitive tender process led by the Company’s

Audit & Risk Committee in 2024. This appointment is subject to approval by the Company’s shareholders at the Annual General Meeting to be held in April 2026. A resolution authorising the Directors to fix the remuneration

ofErnst & Young Chartered Accountants as external auditor for the year ending 31 December 2026 will be proposed at the forthcoming 2026 Annual General Meeting.

Disclosure of Information to the External Auditor

Each of the Directors who held office at the date of approval of the Directors’ Report confirms that:

• so far as they are aware, there is no relevant audit information of which the External Auditor is unaware; and

• they have taken all steps that they ought to have taken as a Director to make themselves aware of any relevant audit information and to establish that the External Auditor is aware of such information.

Approval of Financial Statements

The Financial Statements were approved by the Board on 13 March 2026.

Signed on behalf of the Board

MICHAEL STANLEY RICHARD BALL

DIRECTOR DIRECTOR

Cairn Homes plc | Annual Report 2025

137

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Financial

Statements

In this section

138 Statement of Directors’ Responsibilities in respect

ofthe Annual Report and the Financial Statements

139 Independent Auditor’s Report

146 Consolidated Statement of Profit or Loss and

Other Comprehensive Income

147 Consolidated Statement of Financial Position

149 Consolidated Statement of Changes in Equity

151 Consolidated Statement of Cash Flows

152 Notes to the Consolidated Financial Statements

191 Company Statement of Financial Position

192 Company Statement of Changes in Equity

196 Notes to the Company Financial Statements

138

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Statement of Directors’ Responsibilities

in respect of the Annual Report and the Financial Statements

The Directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the Directors to prepare Group and Company financial statements for each financial year. Under that law, the Directors are required to prepare the Group financial statements in accordance with IFRS

as adopted by the European Union and applicable law including Article 4 of the IAS Regulation. The Directors have elected to prepare the Company financial statements in accordance with FRS101 as applied in accordance

with the provisions of Companies Act 2014.

Under company law the Directors must not approve the Group and Company financial statements unless they are satisfied that they give a true and fair view of the assets, liabilities and financial position of the Group and

Company and of the Group’s profit or loss for that year. In preparing the Group and Company financial statements, the Directors are required to:

• select suitable accounting policies and then apply them consistently;

• make judgements and estimates that are reasonable and prudent;

• state whether applicable Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

• assess the Group’s and Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and

• use the going concern basis of accounting unless they either intend to liquidate the Group or Company or to cease operations, or have no realistic alternative but to do so.

The Directors are also required by the Transparency (Directive 2004/109/EC) Regulations 2007 and the Transparency Rules of the Central Bank of Ireland to include a management report containing a fair review of the

business and a description of the principal risks and uncertainties facing the Group.

The Directors are responsible for keeping adequate accounting records which disclose with reasonable accuracy at any time the assets, liabilities, financial position and profit or loss of the Company and which enable them

to ensure that the financial statements are prepared in accordance with the applicable accounting framework and comply with the provision of the Companies Act 2014. The Directors are also responsible for taking all

reasonable steps to ensure such records are kept by its subsidiaries which enable them to ensure that the financial statements of the Group comply with the provisions of the Companies Act 2014 including Article 4 of the

IAS Regulation. They are responsible for such internal controls as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and

have general responsibility for safeguarding the assets of the Group, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Directors are also responsible for preparing

a Directors’ report that complies with the requirements of the Companies Act 2014.

The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Group’s and Company’s website www.cairnhomes.com. Legislation in the Republic of Ireland

concerning the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Responsibility Statement as required by the Transparency Directive and Irish Corporate Governance Code

Each of the Directors, whose names and functions are listed on pages 102 to 103 of this annual report, confirm that, to the best of each person’s knowledge and belief:

• the Group financial statements, prepared in accordance with IFRS as adopted by the European Union and the Company financial statements prepared in accordance with IFRS as adopted by the European Union as

applied in accordance with the provisions of Companies Act 2014, give a true and fair view of the assets, liabilities, and financial position of the Group and Company at 31 December 2025 and of the profit or loss of the

Group for the year then ended;

• the Directors’ report contained in the annual report includes a fair review of the development and performance of the business and the position of the Group and Company, together with a description of the principal

risk and uncertainties that they face; and

• the annual report and financial statements, taken as a whole, provides the information necessary to assess the Group’s performance, business model and strategy and is fair, balanced and understandable and provides

the information necessary for shareholders to assess the Company’s position and performance, business model and strategy.

On behalf of the board

MICHAEL STANLEY RICHARD BALL

DIRECTOR DIRECTOR

12 MARCH 2026

139

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Independent Auditor’s Report

To the members of Cairn Homes plc

Report on the audit of the financial statements

Opinion

We have audited the financial statements of Cairn Homes plc (‘the Company’) and its subsidiaries (‘the Group’) for the year ended 31 December 2025, which comprise the Consolidated Statement of Profit or Loss and

Other Comprehensive Income, the Consolidated Statement of Financial Position, the Consolidated Statement of Changes in Equity, the Consolidated Statement of Cash Flows, the Company Statement of Financial

Position, the Company Statement of Changes in Equity, and notes to the financial statements, including the material accounting policy information set out in note 3 for the Group and note 2 for the Company, respectively.

The financial reporting framework that has been applied in their preparation is Irish Law and International Financial Reporting Standards (IFRS) as adopted by the European Union and, as regards the Company financial

statements, Accounting Standards including FRS 101 Reduced Disclosure Framework issued in the United Kingdom by the Financial Reporting Council.

In our opinion:

• the Group financial statements give a true and fair view of the assets, liabilities and financial position of the Group as at 31 December 2025 and of its profit for the year then ended;

• the Company financial statements give a true and fair view of the assets, liabilities and financial position of the Company as at 31 December 2025;

• the Group financial statements have been properly prepared in accordance with IFRS as adopted by the European Union;

• the Company financial statements have been properly prepared in accordance with FRS 101 Reduced Disclosure Framework; and

• the Group financial statements and Company financial statements have been properly prepared in accordance with the requirements of the Companies Act 2014 and, as regards the Group financial statements, Article

4 of the IAS Regulation.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (Ireland) (ISAs (Ireland)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s Responsibilities

for the Audit of the Financial Statements section of our report. We are independent of the Group and Company in accordance with ethical requirements that are relevant to our audit of financial statements in Ireland,

including the Ethical Standard as applied to public interest entities issued by the Irish Auditing and Accounting Supervisory Authority (IAASA), and we have fulfilled our other ethical responsibilities in accordance with these

requirements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our evaluation of the Directors’

assessment of the Group and the Company’s ability to continue to adopt the going concern basis of accounting included:

• In conjunction with our walkthrough of the Group’s financial close process, we confirmed our understanding of management’s going concern assessment process and also engaged with management early to ensure

all key factors were considered in their assessment;

• We obtained management’s going concern assessment, including the cash forecast and covenant calculation for the going concern period which covers a year from the date of signing this audit opinion. The Group has

modelled a number of adverse scenarios in their cash forecasts and covenant calculations in order to incorporate unexpected changes to the forecasted liquidity of the Group.

• We considered the appropriateness of the methods used to calculate the cash forecasts and covenant calculations and determined through inspection and testing of the methodology and calculations that the

methods utilised were appropriately sophisticated to be able to make an assessment for the Group.

• We considered the mitigating factors included in the cash forecasts and covenant calculations that are within control of the Group. This includes review of the Group’s non-operating cash outflows and evaluating the

Company’s ability to control these outflows as mitigating actions if required. We also verified credit facilities available to the Group.

• We have performed reverse stress testing in order to identify what factors would lead to the Group utilising all liquidity or breaching the financial covenant during the going concern period.

• We reviewed the Group’s going concern disclosures included in the annual report in order to assess whether the disclosures were appropriate and in conformity with the reporting standards.

The Group continued to generate significant operating cash flows which amounted to €70.6 million in 2025. At 31 December 2025, the Group has unrestricted cash and cash equivalents of €55.1 million and unused

committed debt facilities of up to €272 million with an average maturity of nearly four years.

140

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Independent Auditor’s Report continued

Conclusion

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group or the Company’s ability

to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

In relation to the Group and Company’s reporting on how they have applied the Irish Corporate Governance Code, we have nothing material to add or draw attention to in relation to the Directors’ statement in the

financial statements about whether the Directors considered it appropriate to adopt the going concern basis of accounting.

Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report. However, because not all future events or conditions can be predicted, this

statement is not a guarantee as to the Group’s ability to continue as a going concern.

141

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Key audit matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period and include the most significant assessed risks of material

misstatement (whether or not due to fraud) that we identified, including those which had the greatest effect on: the overall audit strategy, the allocation of resources in the audit; and directing the efforts of the

engagement team. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Risk Our response to the risk Key observations communicated to the Audit and Risk Committee

Carrying value of inventories

(2025: €1,115.2m, 2024: €862.1m)

Refer to the Audit and Risk Committee

Report (pages 111-112); Accounting policies

(pages 157-158); and Note 16 of the

Consolidated Financial Statements (page

171)

The Group is involved in the acquisition of

land and the development of residential

properties. Inventories include development

land, work in progress, and completed units

held for sale. Determining the carrying value

of inventories requires management to

assess the costs to complete ongoing

developments and to estimate the future

selling prices of completed units.

A key area of judgement relates to the

recognition, valuation and measurement of

contract provisions included in forecast total

construction costs, and other development-

related obligations. There is a risk that such

provisions may be understated, whether due

to error or bias, resulting in an overstatement

of inventory values and gross profit margins.

This requires significant judgement by

management in assessing future costs,

contractual terms, and the likely outcome of

identified obligations.

We obtained an understanding of management’s process for identifying, estimating and

recording contract provisions, and evaluated the design and implementation of key controls over

cost estimation, budgeting, and project forecasting.

We assessed the appropriateness of the Group’s accounting policies for inventories and

provisions to assess compliance with relevant standards in particular (IAS 2 Inventories).

For a sample of significant developments, we tested the reasonableness of cost-to-complete

forecasts by comparing budgeted to actual costs incurred to date, and evaluated key

assumptions used in estimating remaining costs. We vouched Cairn’s internal Quantity Surveyors

cost estimates to third party evidence for a sample of subcontractors in each development

selected.

We inspected supporting documentation for a sample of significant developments (e.g.

correspondence with contractors, engineers, and legal advisors) to assess whether provisions are

complete and appropriately measured. This included an inspection of post year end cost

appraisals and subcontractor payments to identify any unrecorded liabilities as of year end.

For a sample of significant developments, we assessed how costs are allocated to contracts.

For a sample of significant developments, we performed a retrospective review of costs incurred

to date to assess the accuracy of management’s forecasting ability and the estimation

uncertainty associated with contract provisions.

Senior members of the audit team, conducted site visits at a sample of developments to (i)

enhance our understanding of each of the developments, (ii) hold direct discussions with the

lead Quantity Surveyors for each site and assess what, if any, challenges have been faced during

the development, and (iii) directly discuss the Quantity Surveyor’s assessment of costs to

complete as well as their percentage completion assessment. These site visits were conducted

solely with members of the Audit Team and the Lead Quantity Surveyor for each development.

We performed analytical procedures to identify any unusual project margins or trends that may

indicate understated provisions, and obtained information and explanation for those identified.

We evaluated whether the disclosures in the financial statements adequately describe the

estimation uncertainty and sensitivity of assumptions relating to inventories and contract

provisions.

Our observations included an outline of the audit procedures

performed, management’s key judgements and the results of our

testing.

Our planned audit procedures in respect of carrying value of

inventories were completed without exception.

Independent Auditor’s Report continued

142

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Independent Auditor’s Report continued

In the prior year two further key audit matters were identified, being “Revenue Recognition” which was relevant to the Group financial statements and “Amounts due from subsidiary undertakings” which was relevant to

the Company financial statements. In the current year, we reassessed the key audit matter related to revenue recognition as based on our understanding of the revenue recognition process, we have determined that there

is a low level of subjectivity associated with revenue recognition. In the current year, we have reassessed the key audit matter related to amounts due from subsidiary undertakings as there is low subjectivity and

estimation uncertainty associated with this matter.

Our application of materiality

We apply the concept of materiality in planning and performing the audit, in evaluating the effect of identified misstatements on the audit and in forming our audit opinion.

Materiality

Materiality is the magnitude of an omission or misstatement that, individually or in the aggregate, could reasonably be expected to influence the economic decisions of the users of the financial statements. Materiality

provides a basis for determining the nature and extent of our audit procedures.

We determined materiality for the Group to be €7.6 million (2024: €6.5 million), which is approximately 5% of the Group’s profit before tax. Profit before tax is a key performance indicator for the Group and is also a key

metric used by the Group in the assessment of the performance of management. We therefore considered the Group’s profit before tax to be the most appropriate performance metric on which to base our materiality

calculation as we consider it to be the most relevant performance measure to the stakeholders of the Group.

We applied the same materiality for the Company as the Company materiality is set at the lower of the Group and Company. The Company materiality was initially calculated at 2% of total equity (2024: 0.5% of total asset)

being €7.8 million (2024: €1.6 million).

During the course of our audit, we reassessed the initial materiality and, having considered the actual financial results for the year, determined that the reassessed amount appropriately represents the final materiality

level for the audit.

Performance materiality

Performance materiality is the application of materiality at the individual account or balance level. It is set at an amount to reduce to an appropriately low level the probability that the aggregate of uncorrected and

undetected misstatements exceeds materiality.

On the basis of our risk assessments, together with our assessment of the Group’s overall control environment, our judgement was that performance materiality was 50% of our planning materiality, namely €3.8 million

(2024: €4.88 million). We have set performance materiality at this percentage as this is an initial audit and based on our assessment of the risk of misstatements.

Reporting threshold

Reporting threshold is an amount below which identified misstatements are considered as being clearly trivial. We agreed with the Audit and Risk Committee that we would report to them all uncorrected audit

differences in excess of €381k (2024: €325k), which is set at 5% of planning materiality, as well as differences below that threshold that, in our view, warranted reporting on qualitative grounds.

We evaluate any uncorrected misstatements against both the quantitative measures of materiality discussed above and in light of other relevant qualitative considerations in forming our opinion.

An overview of the scope of our audit

Tailoring the scope

Our assessment of audit risk, our evaluation of materiality and our allocation of performance materiality determine our audit scope for the Group. This enables us to form an opinion on the financial statements. We take

into account size, risk profile, the organisation of the Group and effectiveness of controls, including controls and changes in the business environment when assessing the level of work to be performed. All audit work was

performed directly by the audit engagement team.

143

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Independent Auditor’s Report continued

Other information

The Directors are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. Our opinion on

the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise

appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a

material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Corporate Governance Statement

We have reviewed the Director’s statement in relation to going concern, longer-term viability and that part of the Corporate Governance Statement relating to the Group and Company’s compliance with the provision of

the Irish Corporate Governance Code specified for our review by the Euronext Dublin Listing Rules.

Based on the work undertaken as part of our audit, we have concluded that each of the following statements of the Corporate Governance Statement is materially consistent with the financial statements or our

knowledge obtained during the audit:

• the Directors’ statement with regards to the appropriateness of adopting the going concern basis of accounting and any material uncertainties identified set out on page 135;

• the Directors’ explanation as to its assessment of the Company’s prospects, the period this assessment covers and why the period is appropriate set out on page 135;

• the Directors’ statement as to whether they have a reasonable expectation that the Group and the Company will be able to continue in operation and meet its liabilities as they fall due over the period of their

assessment, including any related disclosures drawing attention to any necessary qualifications or assumptions set out on page 135;

• the Directors’ statement on fair, balanced and understandable and the information necessary for shareholders to assess the entity’s performance, business model and strategy set out in pages 110 - 113;

• the Board’s confirmation that it has carried out a robust assessment of the emerging and principal risks set out on page 34;

• the section of the annual report that describes the review of effectiveness of risk management and internal control systems set out on page 34; and

• the section describing the work of the Audit and Risk Committee set out on pages 110-113.

We have nothing to report in respect of our responsibility to report when the Directors’ statement relating to the Group’s compliance with the Code does not properly disclose a departure from a relevant provision of the

Code specified under the Euronext Dublin Listing Rules for review by the auditors.

Opinions on other matters prescribed by the Companies Act 2014

In our opinion, based solely on the work undertaken in the course of the audit, we report that:

• the information given in the Directors’ Report, other than those parts dealing with the non-financial statement pursuant to the requirements of S.I. No. 360/2017 on which we are not required to report in the current

year, is consistent with the financial statements; and

• the Directors’ Report, other than those parts relating to sustainability reporting where required by Part 28 of the Companies Act 2014, and those parts dealing with the non-financial statement pursuant to the

requirements of S.I. No. 360/2017 on which we are not required to report in the current year, has been prepared in accordance with the Companies Act 2014.

We have obtained all the information and explanations which, to the best of our knowledge and belief, are necessary for the purposes of our audit.

In our opinion the accounting records of the Company were sufficient to permit the financial statements to be readily and properly audited and the Company statement of financial position is in agreement with the

accounting records.

144

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Independent Auditor’s Report continued

Corporate Governance Statement required by the Companies Act 2014

We report, in relation to information given in the Corporate Governance Statement on pages 97 to 109 that:

• in our opinion, based on the work undertaken during the course of the audit, the information given in the Corporate Governance Statement pursuant to subsections 2(c) and (d) of section 1373 of the Companies Act

2014 is consistent with the Company’s statutory financial statements in respect of the financial year concerned and such information has been prepared in accordance with the Companies Act 2014. Based on our

knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified any material misstatements in this information;

• in our opinion, based on the work undertaken during the course of the audit, the Corporate Governance Statement contains the information required by Regulation 6(2) of the European Union (Disclosure of Non-

Financial and Diversity Information by certain large undertakings and Groups) Regulations 2017; and

• in our opinion, based on the work undertaken during the course of the audit, the information required pursuant to section 1373(2)(a),(b),(e) and (f) of the Companies Act 2014 is contained in the Corporate Governance

Statement.

Matters on which we are required to report by exception

Based on the knowledge and understanding of the Group and the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors’ report.

The Companies Act 2014 requires us to report to you if, in our opinion, the disclosures required by sections 305 to 312 of the Act, which relate to disclosures of Directors’ remuneration and transactions, are not complied

with by the Company. We have nothing to report in this regard.

The Companies Act 2014 also requires us to report to you if, in our opinion, the Company has not provided the information required by Section 1110N in relation to its remuneration report for the financial year ending

31 December 2024. We have nothing to report in this regard.

Respective responsibilities

Responsibilities of Directors for the financial statements

As explained more fully in the Directors’ responsibilities statement set out on page 138, the Directors are responsible for the preparation of the financial statements in accordance with the applicable framework that give a

true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Directors are responsible for assessing the Group and the Company’s ability to continue as going concerns, disclosing, as applicable, matters related to going concern and using the

going concern basis of accounting unless management either intends to liquidate the Group or the Company or to cease operations, or has no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our

opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (Ireland) will always detect a material misstatement when it exists. Misstatements can

arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

145

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Independent Auditor’s Report continued

Explanation to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud, that could reasonably

be expected to have a material effect on the financial statements. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve

deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. In addition, the further removed any non-compliance is from the events and transactions reflected in the financial

statements, the less likely it is that our procedures will identify such non-compliance. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary

responsibility for the prevention and detection of fraud rests with both those charged with governance of the Company and management.

Our approach was as follows:

• We obtained an understanding of the legal and regulatory frameworks that are applicable to the Group and determined that the most significant are those that relate to the form and content of external financial and

corporate governance reporting including company law, tax legislation, employment law and regulatory compliance;

• We understood how Group is complying with those frameworks by making enquiries of management, internal audit, those responsible for legal and compliance procedures and the Company Secretary. We

corroborated our enquiries through our review of the Group’s Compliance Policies, board minutes, papers provided to the Audit and Risk Committee and correspondence received with regulatory bodies;

• We assessed the susceptibility of the Group’s financial statements to material misstatement, including how fraud might occur by meeting with management, including within various parts of the business, to

understand where they considered there was susceptibility to fraud. We also considered performance targets and the potential for management to influence earnings or the perceptions of analysts. Where this risk was

considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included testing manual journals and were designed to provide reasonable assurance that the financial

statements were free from fraud or error; and

• Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures included a review of board minutes to identify any non-compliance with

laws and regulations, a review of the reporting to the Audit and Risk Committee on compliance with regulations, and enquiries of internal and external legal counsel and management.

A further description of our responsibilities for the audit of the financial statements is located on the IAASA’s website at:

https://iaasa.ie/wp-content/uploads/docs/media/IAASA/Documents/audit-standards/Description_of_auditors_responsibilities_for_audit.pdf. This description forms part of our auditor’s report.

Other matters which we are required to address

We were appointed by the Board of Directors on 1 June 2025 to audit the financial statements for the year ending 31 December 2025 and subsequent financial periods.

The non-audit services prohibited by IAASA’s Ethical Standard were not provided to the Group and we remain independent of the Group in conducting our audit.

Our audit opinion is consistent with the additional report to the Audit and Risk Committee.

The purpose of our audit work and to whom we owe our responsibilities

Our report is made solely to the Company’s members, as a body, in accordance with section 391 of the Companies Act 2014. Our audit work has been undertaken so that we might state to the Company’s members those

matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the

Company’s members, as a body, for our audit work, for this report, or for the opinions we have formed.

IAN VENNER

FOR AND ON BEHALF OF

ERNST & YOUNG CHARTERED ACCOUNTANTS AND STATUTORY AUDIT FIRM

DUBLIN

13 MARCH 2026

146

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Consolidated Statement of Profit or Loss and Other Comprehensive Income

For the year ended 31 December 2025

		2025	2024
	Note	€’000	€’000
Continuing operations
Revenue	6	944 ,606	859, 871
Cost of sales		(73 5, 8 41)	(6 72, 910)
Gross profit		20 8 , 76 5	186,96 1
Administrative expenses	7	(4 0 , 17 9)	(36 , 954)
Operating profit		16 8 , 5 8 6	15 0 ,0 07
Finance costs	8	(16 , 7 07)	(15,095)
Share of loss of equity-accounted investee, net of tax	15	–	(203)
Finance income		546	16 3
Profit before taxation		152 , 42 5	134, 872
Tax charge	10	(19 ,7 10)	(20, 3 0 0)
Profit for the year attributable to owners of the Company		132 , 715	114 , 57 2
Other comprehensive loss
Fair value movement on cashflow hedges		(23 4)	1 24
Cashflow hedges reclassified to profit and loss		124	(455)
	14	(110)	(3 31)
Total comprehensive income for the year attributable to owners of the Company		132 , 6 05	114 , 241
Basic earnings per share	28	21 . 3 cent	1 7. 9 cent
Diluted earnings per share	28	21 . 1 cent	17. 8 cent

147

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Consolidated Statement of Financial Position

At 31 December 2025

		2025	2024
	Note	€’000	€’000
Assets
Non-current assets
Property, plant and equipment	11	6 , 717	7, 1 7 0
Right of use assets	12	4 , 74 7	5 , 592
Intangible assets	13	4, 4 55	4, 423
Equity-accounted investee	15	34	34
Trade and other receivables	17	1 , 255	10 , 78 8
Financial asset	26	6,964	–
		24 , 17 2	28 , 0 07
Current assets
Inventories	16	1 ,115,154	8 6 2 ,1 24
Trade and other receivables	17	111 , 74 0	14 1 , 5 3 2
Current taxation		–	12, 8 92
Cash and cash equivalents	18	5 5 , 11 8	27,623
Derivatives	14	–	10 5
		1, 282 ,012	1 , 0 4 4 , 2 76
Total assets		1,306,18 4	1, 072 , 283
Equity
Share capital	19	625	621
Share premium	19	201 , 89 4	201, 8 94
Other undenominated capital	19	223	222
Treasury shares	20	(14 , 2 02)	(8 , 202)
Share-based payment reserve	20	14 ,7 81	14 , 7 2 1
Cashflow hedge reserve	14	(5)	105
Retained earnings		633 , 352	54 8 , 8 47
Total equity		836, 668	75 8 , 2 0 8

148

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Consolidated Statement of Financial Position continued

		2025	2024
	Note	€’000	€’000
Liabilities
Non-current liabilities
Derivative	14	5	–
Loans and borrowings	21	183 , 957	1 6 7, 0 5 4
Lease liabilities	12	4 , 203	5 ,19 1
Deferred taxation	23	2 ,715	3,09 0
Trade and other payables	24	28 , 306	–
		219, 186	17 5 , 33 5
Current liabilities
Loans and borrowings	21	42 ,4 64	14 , 9 9 2
Lease liabilities	12	1 , 3 31	1, 254
Trade and other payables	24	204 , 25 8	1 0 7, 4 5 3
Current taxation		2 , 277	15 , 0 41
		25 0, 33 0	1 3 8 , 74 0
Total liabilities		4 6 9 , 516	314 , 0 7 5
Total equity and liabilities		1,306,18 4	1, 072 , 283

On behalf of the board

MICHAEL STANLEY RICHARD BALL

DIRECTOR DIRECTOR

12 MARCH 2026

149

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Consolidated Statement of Changes in Equity

For the year ended 31 December 2025

			Attributable to owners of the Company
			Other		Share-based
	Ordinary	Share	undenominated	Treasury	payment	Cashflow	Retained
	shares	premium	capital	shares	reserve	hedge reserve	earnings	Total
	€’000	€’000	€’000	€’000	€’000	€’000	€’000	€’000
As at 1 January 2025	621	201 , 894	222	(8 , 20 2)	14 , 72 1	10 5	54 8 , 8 47	75 8 , 20 8
Total comprehensive income for the year
Profit for the year	–	–	–	–	–	–	132 ,7 15	1 32, 715
Fair value movement on cashflow hedges	–	–	–	–	–	(2 34)	–	(23 4)
Cashflow hedges reclassified to profit and loss	–	–	–	–	–	1 24	–	1 24
	–	–	–	–	–	(110)	132 , 715	132 , 60 5
Transactions with owners of the Company
Purchase of own shares – share buybacks (Note 19)	–	–	–	(1, 83 3)	–	–	–	(1, 8 33)
Cancellation of repurchased shares	(1)	–	1	1 , 833	–	–	(1 , 8 33)	–
Purchase of own shares – held in trust (Note 20)	–	–	–	(6,000)	–	–	–	(6, 000)
Equity-settled share-based payments (Note 20)	–	–	–	–	6,5 63	–	–	6,563
Settlement of dividend equivalents (Note 20)	–	–	–	–	(79 6)	–	796	–
Shares issued on vesting/exercise of share awards and options (Note 20)	5	–	–	–	–	–	–	5
Transfer from share-based payment reserve to retained earnings in relation
to vesting/exercise or lapsing of share awards and options (Note 20)	–	–	–	–	(5 ,707)	–	5, 707	–
Dividends paid to shareholders (Note 25)	–	–	–	–	–	–	(52 , 8 8 0)	(52, 8 8 0)
	4	–	1	(6,000)	60	–	(4 8 , 2 10)	(5 4 , 14 5)
As at 31 December 2025	625	201 , 894	223	(14 , 2 0 2)	14 , 781	(5)	6 33, 352	836,6 68

150

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Consolidated Statement of Changes in Equity continued

For the year ended 31 December 2024

			Attributable to owners of the Company
			Other		Share-based
	Ordinary	Share	undenominated	Treasury	payment	Cashflow	Retained
	shares	premium	capital	shares	reserve	hedge reserve	earnings	Total
	€’000	€’000	€’000	€’000	€’000	€’000	€’000	€’000
As at 1 January 2024	655	20 1 , 10 0	183	(3, 19 6)	13 , 588	436	54 4, 39 6	7 5 7, 1 6 2
Total comprehensive income for the year
Profit for the year	–	–	–	–	–	–	114 , 5 7 2	1 14 , 5 7 2
Fair value movement on cashflow hedges	–	–	–	–	–	1 24	–	1 24
Cashflow hedges reclassified to profit and loss	–	–	–	–	–	(455)	–	(4 55)
	–	–	–	–	–	(331)	11 4 , 5 7 2	11 4 , 2 41
Transactions with owners of the Company
Purchase of own shares – share buybacks (Note 19)	–	–	–	(70 , 59 1)	–	–	–	(70 , 5 91)
Cancellation of repurchased shares	(39)	–	39	70 , 591	–	–	(7 0 , 59 1)	–
Purchase of own shares – held in trust (Note 20)	–	–	–	(5 ,0 0 6)	–	–	–	(5 ,0 0 6)
Equity-settled share-based payments (Note 20)	–	–	–	–	6 ,9 42	–	–	6 ,9 42
Settlement of dividend equivalents (Note 20)	–	–	–	–	(619)	–	–	(61 9)
Shares issued on vesting/exercise of share awards and options (Note 20)	5	794	–	–	–	–	–	799
Transfer from share-based payment reserve to retained earnings in relation
to vesting/exercise or lapsing of share awards and options (Note 20)	–	–	–	–	(5 ,19 0)	–	5 ,19 0	–
Dividends paid to shareholders (Note 25)	–	–	–	–	–	–	(4 4 ,7 20)	(4 4 , 72 0)
	(34)	794	39	(5, 0 06)	1 ,1 33	–	(110 , 1 21)	(11 3 , 19 5)
As at 31 December 2024	621	201 , 89 4	222	(8 , 2 02)	14 ,7 21	105	5 48 , 847	758 , 2 0 8

151

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Consolidated Statement of Cash Flows

For the year ended 31 December 2025

		2025	2024
	Note	€’000	€’000
Cash flows from operating activities
Profit for the year		132 , 715	114 , 5 7 2
Adjustments for:
Share-based payments expense		5,986	6 , 07 7
Finance costs	8	16 , 70 7	15,095
Finance income		(5 46)	(16 3)
Depreciation of property, plant and equipment		671	209
Depreciation of right of use assets		619	987
Amortisation of intangible assets		1, 343	1, 532
Taxation		19 ,7 10	20, 30 0
		17 7, 2 0 5	15 8 ,6 09
(Increase)/decrease in inventories	16	(17 3 , 4 2 3)	83 ,4 92
Decrease/(increase) in trade and other receivables	17	3 9, 32 5	(9 8 , 263)
Increase in trade and other payables	24	47,524	8 ,70 0
Tax paid		(20 ,0 0 9)	(1 7, 8 7 8)
Net cash from operating activities		70, 622	13 4, 66 0
Cash flows from investing activities
Loan to joint venture	15	(6, 9 65)	–
Purchases of property, plant and equipment	11	(1 , 4 4 8)	(2, 655)
Purchases of intangible assets	13	(1 , 4 0 2)	(1 , 74 4)
Net cash used in investing activities		(9, 8 15)	(4, 399)
Cash flows from financing activities
Purchase of own shares – share buybacks	19	(1 , 8 33)	(7 0 , 59 1)
Proceeds from issue of share capital		5	799
Settlement of dividend equivalents	20	–	(61 9)
Purchase of own shares – held in trust	20	(6, 000)	(5 ,0 0 6)
Dividends paid		(52 , 8 8 0)	(4 4 , 72 0)
Proceeds from loans and borrowings net of debt issue costs	21	491 , 521	392, 85 0
Repayment of loans and borrowings	21	(4 4 7, 7 0 6)	(385 ,000)
Repayment of lease liabilities	12	(1 , 414)	(1, 0 0 4)
Interest and other finance costs paid		(15 , 0 0 5)	(14 , 9 0 0)
Net cash used in financing activities		(3 3 , 312)	(1 28 ,19 1)
Net increase in cash and cash equivalents in the year		2 7, 4 9 5	2 , 070
Cash and cash equivalents at beginning of the year		2 7, 6 2 3	25 , 553
Cash and cash equivalents at end of the year		55 , 118	27,623

152

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

1. Basis of Preparation 153

2. Key Judgements and Estimates 154

3. Material Accounting Policies 155

4. Measurement of Fair Values 161

5. Segment Information 162

6. Revenue 162

7. Administrative Expenses 163

8. Finance Costs 163

9. Statutory and Other Information 163

10. Taxation 165

11. Property, Plant and Equipment 166

12. Leases 167

13. Intangible Assets 168

14. Derivatives and Cashflow Hedge Reserve 169

15. Equity-Accounted Investee 170

16. Inventories 171

17. Trade and Other Receivables 172

18. Cash and Cash Equivalents 172

19. Share Capital and Share Premium 173

20. Share-Based Payments 174

21. Loans and Borrowings 176

22. Reconciliation of Movement of Liabilities to Cash Flows Arising from Financing Activities 177

23. Deferred Taxation 178

24. Trade and Other Payables 180

25. Dividends 180

26. Related Party Transactions 181

27. Group Entities 181

28. Earnings Per Share 182

29. Financial Instruments and Risk Management 182

30. Other Commitments and Contingent Liabilities 190

31. Profit or Loss of the Parent Company 190

32. Events After the Reporting Period 190

33. Approval of Financial Statements 190

Notes to the Consolidated Financial Statements

For the year ended 31 December 2025

153

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Notes to the Consolidated Financial Statements continued

1. Basis of Preparation

(a) Reporting entity

Cairn Homes plc with registered number 552564 (the Company) is a company domiciled in Ireland. The Company’s registered office is 45 Mespil Road, Dublin 4, D04 W2F1. These consolidated financial statements

cover the year ended 31 December 2025 for the Company and its subsidiaries (together referred to as ‘the Group’) and the Group’s interest in a joint venture undertaking. The Group is predominantly involved in the

development of residential property for sale.

(b) Statement of compliance

These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) and their interpretations approved by the International Accounting Standards Board

(IASB), as adopted by the European Union (EU), and those parts of the Companies Act 2014 applicable to companies reporting under IFRS and Article 4 of the IAS Regulation.

The following standards and interpretations were effective for the Group for the first time from 1 January 2025. They did not have a material effect on the consolidated results of the Group:

• Amendments to IAS 21, The Effects of Changes in Foreign Exchange Rates: lack of exchangeability.

The following amendments to standards have been endorsed by the EU, and are effective on or after 1 January 2026. The Group has not adopted these amendments early. The potential impact of these amendments

on the Group is under review:

• Contracts Referencing Nature-dependent Electricity – Amendments to IFRS 9 and IFRS 7.

• Amendments to the Classification and Measurement of Financial Instruments – Amendments to IFRS 9 and IFRS 7.

• Annual Improvements to IFRS Accounting Standards – Volume 11.

• IFRS 18 – Presentation and Disclosure in Financial Statements.

The following standards and interpretations are not yet endorsed by the EU. The potential impact of these standards on the Group is under review:.

• Translation to a Hyperinflationary Presentation Currency (Amendments to IAS 21) (issued on 13 November 2025).

The Group notes that IFRS 18 Presentation and Disclosure may have a material impact on the Financial Statements in the future as follows:

This new pronouncement aims to give users of financial statements more transparent and comparable information about an entity’s financial performance. The new standard will replace IAS 1 ‘Presentation of Financial

Statements’ but will retain many of the requirements from that standard. The key new concepts introduced in IFRS 18 relate to:

• the structure of the Income Statement;

• required disclosures in the financial statements for certain profit or loss performance measures that are reported outside an entity’s financial statements (management defined performance measures); and

• enhanced principles on aggregation and disaggregation which apply to the primary statements and notes.

The amendments are subject to endorsement by the EU. The effective date is for financial periods beginning on or after 1 January 2027. While IFRS 18 will not change recognition criteria or measurement basis, it may have

a significant impact on presenting information in the financial statements. The Group is currently assessing any impact.

(d) Functional and presentation currency

These consolidated financial statements are presented in Euro, which is the functional currency of the Company and presentation currency of the Group, rounded to the nearest thousand.

154

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

1. Basis of Preparation continued

(e) Going concern basis of accounting

(2024: €114.6 million).

The Group had a total committed debt facility of €500.0 million at the start of 2026 with an average maturity of nearly four years. Net debt at 31 December 2025 was €171.3 million (31 December 2024 €154.4 million).

As at 31 December 2025, the Company had available liquidity, including cash and undrawn facilities, of €327.1 million, compared to €229.6 million as at 31 December 2024.

has been given to the uncertainty inherent in financial forecasting including future market conditions such as sales prices. Where appropriate, severe but plausible downside-sensitivities have been applied to the

key factors affecting the future financial performance of the Group.

Having considered the Group’s forecasts and outlook including the strength of its forward order book, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational

existence for the foreseeable future. Accordingly, they are satisfied that it is appropriate to continue to adopt the going concern basis in preparing this consolidated financial information.

2. Key Judgements and Estimates

The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses.

Actual results could differ materially from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively.

The significant accounting judgements impacting these financial statements, in order of significance, are:

• scale and mix of each development and the achievement of associated planning permissions on longer term developments.

This may involve assumptions on new or amended planning permission applications. This judgement then feeds into the process of forecasting expected profitability by development which is used to determine the

profit that the Group is able to recognise on its developments in each reporting period and the net realisable value of inventories.

The key sources of estimation uncertainty impacting these financial statements are:

• forecast selling prices;

• build cost inflation in relation to sites that are not fully procured; and

• carrying value of inventories and allocations from inventories to cost of sales (see Note 3 (g) and Note 16).

Due to the nature of the Group’s activities and, in particular the scale of its development costs and the length of the development cycle, the Group has to allocate site-wide development costs between units completed in

the current year and those in future years. It also has to forecast the costs to complete on such developments and make estimates relating to future sales prices. Forecast selling prices and build cost inflation are inherently

uncertain due to changes in market conditions. These estimates impact management’s assessment of the net realisable value of the Group’s inventories and also determine the extent of profit or loss that should be

recognised in respect of each development in each reporting period. Note 16 includes disclosures on judgements and estimates in relation to profit margins and carrying values of inventories. In making such assessments

and allocations, there is a degree of inherent estimation uncertainty.

The Group has developed internal controls designed to effectively assess and review carrying values and profit recognition and the appropriateness of estimates made. The Group recognises its gross profit on each sale,

based on the particular unit sold and the total cost attaching to that unit. As the build cost on a site can take place over a number of reporting periods the determination of the cost of sale to release on each individual unit

sale is dependent on up-to-date cost forecasting and expected profit margins across the scheme.

Notes to the Consolidated Financial Statements continued

155

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Notes to the Consolidated Financial Statements continued

2. Key Judgements and Estimates continued

In preparing the financial statements, the Directors have considered the impact of climate change and the Group’s commitment to the Science Based Targets initiative (SBTi) Net Zero standard as well as any additional

costs, savings and revenues associated with climate risks or opportunities as identified in the Task Force on Climate-Related Financial Disclosures on pages 50 to 55 of the annual report. Costs and revenues associated

with climate risks or opportunities are reflected in the Group’s forecasts used to determine margins on active and non-active developments. There has been no other material impact identified on the financial reporting

judgements and estimates as a result of climate change. In particular, the Directors considered the impact of climate change in respect of the following areas: going concern and viability of the Group over the next three

years; cash flow forecasts used in the impairment assessments of inventories; and carrying value and useful economic lives of property, plant and equipment. Whilst there is currently no expected material medium-term

impact on the Group from climate change, the Directors are aware of the ever-changing risks attached to climate change and will regularly assess these risks against judgements and estimates made in preparation of the

Group’s financial statements.

3. Material Accounting Policies

The accounting policies set out below have been applied in these financial statements.

(a) Basis of consolidation

The consolidated financial statements include the results of Cairn Homes plc and all its subsidiary undertakings and the Group’s share of its joint venture undertaking for the year ended 31 December 2025.

Subsidiaries

Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through

its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases. Changes in the

ownership interest in a subsidiary that do not result in loss of control are recognised in equity.

Transactions eliminated on consolidation

Intra-group balances and transactions, and any unrealised income and expenses arising from intra-group transactions, are eliminated.

(b) Joint ventures

A joint venture is an arrangement where the Group has joint control and the Group has rights to the net assets of the arrangement. Investments in joint ventures are accounted for using the equity method. The investment

in a joint venture is initially recognised at cost. Subsequent to initial recognition, the carrying amount of the investment in a joint venture is increased or decreased to recognise the Group’s share of the profit or loss and

other comprehensive income of the joint venture, adjusted where necessary to ensure consistency with the accounting policies of the Group until the joint control ceases. The Group does not continue to recognise its

share of losses of joint ventures when the carrying value has been reduced to nil.

Property, plant and equipment are initially recognised at cost. Depreciation is provided using the straight-line method to write off the cost less any residual value over the estimated useful life of the asset on the

following basis:

• leasehold improvements 7-10 years;

• motor vehicles 4 years; and

• computers & equipment 3-7 years.

The assets’ useful economic lives and residual values are reviewed and adjusted, if appropriate, at each financial reporting date. An impairment loss is recognised for the amount by which the asset’s carrying amount

exceeds its recoverable amount .

156

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Notes to the Consolidated Financial Statements continued

3. Material Accounting Policies continued

(d) Leases

All assets held by the Group under lease agreements which are greater than twelve months in duration are recognised as right-of-use assets within the statement of financial position representing its rights to use the

underlying asset. The present value of future payments to be made under those lease agreements is recognised as a liability representing its obligation to make lease payments.

The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement

date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group’s incremental borrowing rate. The lease liability is subsequently increased by the interest costs on the

lease liability and decreased by the lease payments made. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability plus any initial direct costs, and subsequently at cost

less accumulated depreciation. Depreciation is charged on a straight-line basis over the lease term from the lease commencement date.

The right-of-use assets and lease liabilities recognised represent the Group’s leases on the central support office and vehicles. The right-of-use assets and related lease liabilities have been determined by discounting

the lease payments over the expected term of the leases at discount rates reflecting the Group’s incremental borrowing rate at inception.

(e) Intangible assets

Computer software

Acquired computer software is capitalised as intangible assets on the basis of the costs incurred to acquire and bring to use the specific software.

Costs that are directly attributable to the production of identifiable and unique software products controlled by the Group, and that will probably generate economic benefits exceeding costs beyond one year,

are recognised as intangible assets.

Computer software costs are amortised over their estimated useful lives from three to ten years for specialised software which is expected to provide benefits over those periods. Other costs in respect of computer

software are recognised as an expense.

The assets’ useful lives and residual values are reviewed and adjusted, if appropriate, at each financial reporting date. An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds

its recoverable amount.

(f) Revenue

Revenue represents the fair value of consideration received or receivable, net of value-added tax. The Group recognises revenue using point in time or over time methodology based on the specific terms of the contractual

arrangements for each transaction.

Point in time transactions

Revenue is recognised at the point in time for single unit and some multi-unit transactions when control over the property has been transferred to the customer, which occurs at legal completion. Revenue is measured

at the transaction price agreed under the contract.

Booking and contract deposits on units sold by the Group are held by the Group’s legal advisors, externally to the Group, until legal completion of the sale, at which point all such deposits and the final payment are paid

to the Group and recognised as revenue. Where a multiple unit contract involves a number of phases being delivered over phased delivery dates, the Group recognises revenue on legal completion of each phase when

control passes to the customer, with each phase having its own pre-agreed pricing for a defined number of units and a pre-determined handover date.

157

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Notes to the Consolidated Financial Statements continued

3. Material Accounting Policies continued

(f) Revenue continued

Over time transactions

During the year, the Group entered into a number of forward fund transactions with State-supported and other counterparties. The forward fund transactions involve the Group delivering new homes under a contractual

relationship where land is sold up-front to the State-supported counterparties and the cost of delivering the new homes is paid by the State-supported counterparties to the Group on a phased basis. The accounting

treatment for revenue is assessed based on the specific terms of the contractual arrangements for each transaction.

Judgement was applied in considering whether the delivery of land and residential units under these arrangements formed a single performance obligation or separate performance obligations. Based on the facts and

circumstances it was determined that for these transactions the delivery of land and residential units formed a single performance obligation to be delivered over time. In assessing the appropriate timing of revenue

recognition for forward-funded transactions, the Directors considered the guidance in IFRS 15. The sale of land and the development of housing units are not capable of being distinct, as the customer cannot benefit from

the land without development and do not have access to readily available alternative developers. Further, the land and development activities are highly interdependent and represent a combined, transformative output

within the context of the contract. Accordingly, the Group determined that these contractual arrangements constitute a single performance obligation satisfied over time under IFRS 15.35(c), and revenue is recognised

over time based on the stage of completion.

Revenue relating to these transactions is recognised over time on a cost completion basis. This is measured by the proportion of total costs incurred at the reporting date relative to the estimated total costs of the contract

using an independent third-party valuation of the work performed. These contracts may give rise to contract assets and/or contract liabilities. Contract assets are calculated as the amount by which the cumulative value

of revenue earned on certain long-term contracts exceeds the amounts invoiced to the customer or consists of revenue earned on forward fund transactions with State-supported counterparties where the right to timing

of receipt of consideration is conditioned on something other than the passage of time. Conversely, contract liabilities represent the amount by which the cumulative amounts invoiced for stage payments on certain

long-term contracts exceed the revenue recognised.

Rental income

Rental income is recognised on a straight-line basis over the life of the operating lease. This income principally arises from properties let on a short-term basis.

(g) Inventories

Units in the course of development and completed units are valued at the lower of cost and net realisable value. Cost includes the cost of land, raw materials, stamp duty, direct labour, direct wages and salaries and

development costs, but excludes indirect overheads. Land purchased for development, including land in the course of development, is initially recorded at cost. For development property acquired through business

combinations, cost is the sum of the fair value at acquisition plus subsequent direct costs. The Group’s developments can take place over several reporting periods and the Group has to allocate site-wide development

costs between units built in the current year and in future years. It also has to estimate the costs to completion of such developments. In making these assessments, which impact on estimating the appropriate amounts

from inventories to be recognised as cost of sales on units sold, there is a degree of inherent uncertainty.

The Group is predominantly involved in the development of residential property units for sale. Because the nature of such individual units is that they are produced in large quantities on a repetitive basis over a relatively

short period of time, the Group’s inventories are not considered to be qualifying assets for the purposes of capitalisation of borrowing costs.

Inventories are carried at the lower of cost and net realisable value, such that provision is made, where appropriate, to reduce the value of inventories to their net realisable value.

Where a site has commenced selling units, the Group compares the margin recognised on a site in the year to the forecast margin on a site over the life of the development, taking account of updated sales prices and

cost estimates. Where a site has not yet commenced selling, the Group compares the most recent forecast to prior forecasts for that site. The Group assesses whether any such updated margin forecasts indicate that the

inventory balance needs to be adjusted to reflect the net realisable value.

Where a site purchased for redevelopment includes existing rental properties which will be demolished or vacated as part of the planned redevelopment of the site, the full cost of the site is classified within inventories.

158

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

3. Material Accounting Policies continued

(g) Inventories continued

Contract deposits for purchases of development land are recognised as deposits when paid and are transferred to inventories on legal completion of the contract when the remainder of the contract price is paid. Where

land is purchased on deferred settlement terms (which may include amounts where contingent liabilities are deemed probable), and the cost differs from the amount that will subsequently be paid in settling the liability,

this difference is charged as a finance cost in the statement of profit or loss and other comprehensive income over the period to settlement.

Non-refundable land option payments are initially recognised in inventory. These represent options to purchase land at market value at a future point in time. They are reviewed regularly and written off to profit or loss

if it is probable that the option will not be exercised.

(h) Share-based payments

The Group has issued equity-settled share-based payments to certain employees (compromising long-term incentive awards, the stretch CEO long-term incentive plan, restricted share unit awards and share options).

The grant-date fair value of equity-settled share-based payment awards granted to employees is generally recognised as an expense, with a corresponding increase in equity over the vesting period of the awards. The

amounts recognised as an expense are adjusted to reflect the number of awards for which the related service and non-market performance conditions are expected to be met, such that the amount ultimately recognised

is based on the number of awards that meet the related service and non-market performance conditions, where applicable at the vesting date.

The amount recognised as an expense is not adjusted for market conditions not being met. For share-based payment awards with non-vesting conditions, the grant-date fair value of the share-based payment is

measured to reflect such conditions and there is no true-up for differences between expected and actual outcomes.

(i) Taxation

Tax expense comprises current tax and deferred tax. Tax expense is recognised in profit or loss except to the extent that it relates to a business combination or items recognised in other comprehensive income or equity.

Current tax is the expected tax payable on taxable profit or loss for the period and any adjustment to tax payable in respect of previous years. It is measured using tax rates that have been enacted or substantively enacted

by the reporting date.

Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not

recognised for:

• temporary differences relating to investments in subsidiaries to the extent that the Group is able to control the timing of the reversal of the temporary differences and it is probable that they will not reverse in the

foreseeable future; and

• taxable temporary differences arising on the initial recognition of goodwill.

Deferred tax assets are recognised for unused tax losses, unused tax credits and deductible temporary differences to the extent that it is probable that future taxable profits will be available against which they can be used.

Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised; such reductions are reversed when the probability of future taxable

profits improves. Unrecognised deferred tax assets are reassessed at each reporting date and recognised to the extent that it has become probable that future taxable profits will be available against which they can be used.

Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rates enacted or substantively enacted at the reporting date. The measurement of deferred

tax reflects the tax consequences that would follow from the manner in which the Group expects, at the reporting date, to recover or settle the carrying amounts of its assets and liabilities.

The Group has adopted international Tax Reform – Pillar Two Model Rules (Amendments to IAS 12) upon their release on 23 May 2023. The amendments provide a temporary mandatory exception from deferred tax

accounting for the top-up tax and requires disclosures about the Pillar Two exposure (see Note 10). The mandatory exception is applied retrospectively. However, because no new legislation to implement the top-up tax

was enacted or substantively enacted at 31 December 2023 in the jurisdiction in which the Group operates and no related deferred tax was recognised at that date, the retrospective application had no impact on the

Group’s consolidated financial statements. This is the second year that the amendment is in effect. The Group applied the mandatory exception from recognising deferred tax accounting related to Pillar Two models.

Notes to the Consolidated Financial Statements continued

159

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

3. Material Accounting Policies continued

(j) Pensions

The Group operates defined contribution schemes for employees. The Group’s contributions to the schemes are charged to profit or loss in the year in which the contributions fall due.

(k) Construction bonds receivables

Construction bonds are development bonds that are put in place with local authorities or utility providers until development sites are fully completed and conditions of planning have been met or utilities are taken in

charge. All construction bonds are considered current assets as they will be realised in the Group’s normal operating cycle, which is such that a proportion of construction bonds will not be recovered within 12 months.

Construction bonds not recoverable in 12 months are disclosed in Note 17.

(l) Cash and cash equivalents

Cash and cash equivalents include cash and bank balances in bank accounts with no notice or on short-term deposits which are subject to insignificant risk of changes in value.

Any cash and bank balances that are not available for use by the Group are presented as restricted cash. Amounts of restricted cash which are restricted from being exchanged or used to settle a liability for at least

12 months after the end of the reporting year are classified as non-current assets.

(m) Provisions

Provisions are recognised in the statement of financial position when the Group has a present legal or constructive obligation as a result of a past event and it is probable that an outflow of economic benefits will be

required to settle the obligation, and the amount can be reliably estimated.

(n) Ordinary shares

Incremental costs directly attributable to the issue of ordinary shares, net of any tax effects, are recognised as a deduction from equity through retained earnings.

(o) Segment reporting

Operating segments are reported in a manner consistent with the internal organisational and management structure and the internal reporting information provided to the Chief Operating Decision Maker (CODM)

(designated as the Board of Directors), which is responsible for allocating resources and assessing performance of operating segments. The Group is managed as a single business unit, building and property development.

As the Group operates in a single geographic market, Ireland, no Geographical segmentation is provided. Management determined that all construction sites exhibit similar economic characteristics and meet the

aggregation criteria in IFRS 8.12(a-e), and accordingly the Group is reported as a single operating segment.

(p) Finance income and costs

Interest income and expense is recognised using the effective interest method. The effective interest method is a method of calculating the amortised cost of a financial asset or financial liability (or group of financial

assets or financial liabilities) and of allocating the interest income, interest expense and fees paid and received over the relevant period. Commitment fees in relation to undrawn loan facilities are accounted for on the

accruals basis, within finance costs.

The Group is required to capitalise borrowing costs directly attributable to the acquisition, construction and production of a qualifying asset, as part of the costs of that asset. Inventories which are produced in large

quantities on a repetitive basis over a relatively short period of time are not qualifying assets. The Group does not generally produce qualifying assets.

Notes to the Consolidated Financial Statements continued

160

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

3. Material Accounting Policies continued

(q) Financial instruments

(i) Financial assets and financial liabilities

Under IFRS 9, financial assets and financial liabilities are initially recognised at fair value and are subsequently measured based on their classification as described below. Their classification depends on the purpose for

which the financial instruments were acquired or issued, their characteristics and the Group’s designation of such instruments. IFRS 9 requires that all financial assets and financial liabilities be classified as fair value through

profit or loss (FVTPL), amortised cost or fair value through other comprehensive income (FVOCI).

(ii) Classification of financial instruments

The following summarises the classification and measurement the Group has elected to apply to each of its significant categories of financial instruments:

Type	IFRS 9 classification
Financial assets
Cash and cash equivalents	Amortised cost
Trade and other receivables	Amortised cost
Financial liabilities
Derivatives	Fair value (cash flow hedge accounting)
Loans and borrowings	Amortised cost
Trade payables and accruals, including deferred consideration	Amortised cost

(iii) Financial liabilities

Financial liabilities are initially recognised at fair value and are subsequently measured at amortised cost using the effective interest method.

Deferred consideration

In certain circumstances the Group acquires land on deferred payment terms. In accordance with IFRS 9 ‘Financial Instruments’ the creditor is initially recorded at fair value, being the price paid for the land discounted to

present day, and subsequently at amortised cost. The difference between the nominal value and the initial fair value is amortised over the deferred term to finance expenses, increasing the land creditor to its full cash

settlement value on the payment date. If the fair value of land purchased differs from the amount that will subsequently be paid in settling the liability, the difference is charged as a notional finance expense in the income

statement over the period to settlement.

Liabilities in respect of consideration for land payable on the occurrence of certain future events is measured at fair value at the date of acquisition using a probability weighted discounted cash flow model. The fair value

measurement is based on significant unobservable inputs (Level 3). At the acquisition date, the contingent consideration was recognised at its fair value as management estimated the underlying events are highly

probable and classified as a financial liability. Subsequent changes in the fair value of the contingent consideration liability will be recognised in the cost of land acquired.

(iv) Derecognition and modification of financial liabilities

The Group derecognises a financial liability when it is extinguished (when its contractual obligations are discharged, cancelled, or expire).

The Group also derecognises a financial liability when there is a substantial modification of the liability. A substantial modification is deemed to have occurred when the present value of the cash flows under the modified

terms, discounted using the original effective interest rate, is at least 10% different from the discounted present value of the remaining cash flows under the original terms. If the financial liability is deemed to have been

substantially modified, a new financial liability is recognised at fair value. The difference between this fair value and the previous carrying amount of the financial liability prior to its derecognition is recognised in profit or loss.

A non-substantial modification of a financial liability is deemed to have occurred when the present value of the cash flows under the modified terms, discounted using the original effective interest rate, is less than 10%

different from the discounted present value of the remaining cash flows under the original terms, and there are no other qualitative factors which indicate that a substantial modification has occurred. For non-substantial

Notes to the Consolidated Financial Statements continued

161

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Notes to the Consolidated Financial Statements continued

3. Material Accounting Policies continued

(q) Financial instruments continued

(iv) Derecognition and modification of financial liabilities continued

modifications, the amortised cost of the liability is recalculated by discounting the modified cash flows at the original effective interest rate and any resulting gain or loss is recognised in profit or loss. For non-substantial

modifications where the impact is that the interest on floating rate liabilities has been repriced at current market terms, the original effective interest rate is adjusted to reflect the current market terms at the time of the

modification. Any costs and fees directly attributable to the modification of the financial liability are recognised as an adjustment to the carrying amount of the modified financial liability and amortised over its remaining

term under the effective interest method. Any unamortised costs attributable to the original financial liability, with the exception of unamortised arrangement fees, are recognised as an adjustment to the carrying

amount of the modified financial liability and amortised over the remaining term of the modified liability under the effective interest method. Unamortised arrangement fees relating to the original financial liability are

recognised in profit or loss on modification.

(vi) Derivatives and hedging

The Group has transacted derivatives relating to an interest rate swap to manage the interest rate risk arising from floating rate borrowings. Derivatives are initially recognised at fair value on the date a derivative contract is

entered into, and they are subsequently remeasured to their fair value at the end of each reporting period. The accounting for subsequent changes in fair value depends on whether the derivative is designated as a hedging

instrument and, if so, the nature of the item being hedged. The Group designates certain derivatives as hedges of a particular risk associated with the cash flows of recognised assets and liabilities and highly probable

forecast transactions (cash flow hedges).

Changes in the fair value of derivative hedging instruments designated as cash flow hedges are recognised in other comprehensive income to the extent that the hedge is effective. The gain or loss relating to the

ineffective portion is recognised immediately in profit or loss.

Amounts accumulated in other comprehensive income are reclassified to profit or loss in the same periods that the hedged items affect profit or loss. The reclassified gain or loss relating to the effective portion of interest

rate swaps hedging variable rate borrowings is recognised in profit or loss within finance income or costs respectively.

If the hedging instrument no longer meets the criteria for hedge accounting, expires or is sold, terminated or exercised, then hedge accounting is discontinued prospectively. The cumulative gain or loss previously

recognised in other comprehensive income remains there until the forecast transaction occurs, unless the hedged transaction is no longer expected to occur, in which case the cumulative gain or loss that was previously

recognised in other comprehensive income is transferred to profit and loss.

At inception of the hedge relationship, the Group documents the economic relationship between hedging instruments and hedged items, including whether changes in the cash flows of the hedging instruments are

expected to offset changes in the cash flows of hedged items. The Group documents its risk management objective and strategy for undertaking its hedge transactions.

The full fair value of a hedging derivative is classified as a non-current asset or liability when the remaining maturity of the hedged item is more than 12 months; it is classified as a current asset or liability when the

remaining maturity of the hedged item is less than 12 months.

4. Measurement of Fair Values

Certain of the Group’s accounting policies and disclosures require the determination of fair value, for both financial and non-financial assets and liabilities. Fair value is defined in IFRS 13, Fair Value Measurement, as the price

that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When measuring the fair value of an asset or a liability, the Group uses

observable market data as far as possible.

Fair values are categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques, as follows:

• Level 1: quoted prices, (unadjusted) in active markets for identical assets or liabilities;

• Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and

• Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).

162

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

4. Measurement of Fair Values continued

If the inputs used to measure the fair value of an asset or a liability fall into different levels of the fair value hierarchy, then the fair value measurement is categorised in its entirety in the same level of the fair value hierarchy

as the lowest level input that is significant to the entire measurement.

The Group recognises transfers between levels of the fair value hierarchy at the end of the reporting year during which the change has occurred.

Further disclosures about the assumptions made in measuring fair values are included in Note 29 Financial Instruments and Risk Management.

5. Segment Information

Segment information is presented on the same basis as that used for internal reporting purposes. Operating segments are reported in a manner consistent with the internal reporting provided to the CODM. The CODM

has been identified as the Board of Directors of the Company.

Having considered the criteria in IFRS 8 Operating Segments and considering how the Group manages its business and allocates resources, the Group has determined that it has one reportable segment. The Group is

managed as a single business unit, building and property development. As the Group operates in a single geographic market, Ireland, no geographical segmentation is provided. Management determined that all

construction sites exhibit similar economic characteristics and meet the aggregation criteria in IFRS 8.12(a-e), and accordingly the Group is reported as a single operating segment.

6. Revenue

	2025	2024
Residential property sales	€’000	€’000
Recognised at a point in time	481,930	382,802
Recognised over time	446,024	455,706
Total residential property sales	927,954	838,508
Site and other sales – recognised at a point in time	13,670	21,310
Site and other sales – recognised over time	2,937	–
Revenue from contracts with customers	944,561	859,818
Other revenue
Income from property rental	45	53
	944,606	859,871

Revenue is recognised either at a point in time or over time, according to the specific contractual arrangements. Revenue recognised at a point in time is recognised when control over the property has been transferred to

the customer, which occurs at legal completion.

Revenue recognised over time arises on forward fund contracts where land is sold up-front and the cost of delivering the new homes and commercial units is paid for by the purchaser on a phased basis. This revenue is

measured based on total costs incurred at the reporting date relative to the estimated total cost of the contract, using an independent third-party valuation of the work performed.

Notes to the Consolidated Financial Statements continued

163

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Notes to the Consolidated Financial Statements continued

7. Administrative Expenses

	2025	2024
	€’000	€’000
Employee benefits expense (Note 9)	26,467	23,223
Depreciation	1,448	1,458
Other expenses	12,264	12,273
	40,179	36,954

8. Finance Costs

	2025	2024
	€’000	€’000
Interest expense on financial liabilities measured at amortised cost	14,359	14,474
Cashflow hedges reclassified from other comprehensive income	124	(455)
Other finance costs	1,197	843
Interest on lease liabilities (Note 12)	230	233
Interest on deferred term land payables	797	–
	16,707	15,095

Interest expense includes interest and amortised arrangement fees and issue costs on the drawn term loans, revolving credit facility and loan notes. Other finance costs include commitment fees on the undrawn element

of the revolving credit facility.

The discounting of the deferred payments for land purchases produces a notional interest payable amount and this is charged to finance expenses.

9. Statutory and Other Information

(i) Employees

The average number of persons employed by the Group (including Executive Directors) during the year was:

	2025	2024
Number of employees	521	397

The average number of persons employed by the Group (including Executive Directors) during the financial year was 521 (Executive Committee: 7; Non-Executive Directors: 6, Construction: 407; and Other: 101), (2024

average: 397; (Executive Committee: 4; Non-Executive Directors: 6; Construction: 290; and Other: 97)).

164

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Notes to the Consolidated Financial Statements continued

9. Statutory and Other Information continued

(ii) Other information

The aggregate payroll costs of these employees were:

	2025	2024
	€’000	€’000
Wages and salaries	53,282	41,255
Social welfare costs	4,621	4,455
Pension costs – defined contribution schemes	2,664	1,528
Share-based payments charge	6,557	6,942
	67,124	54,180
Amounts included in cost of sales or capitalised into inventories	(40,530)	(30,826)
Amounts capitalised into intangibles	(127)	(131)
Employee benefits expense	26,467	23,223

	2025	2024
	€’000	€’000
Net foreign currency loss recognised in profit or loss	–	–
Auditor’s remuneration
Audit of Group, Company and subsidiary financial statements	377	339
Other assurance services	43	30
Tax advisory services	–	90
Other non-audit services	–	71
	420	530

Auditor’s remuneration for the audit of the Company financial statements was €20,000 (2024: €20,000).

Directors’ remuneration
Salaries, fees and other emoluments	2,556	2,533
Pension contributions – defined contribution schemes	80	84
Gains on vesting of awards under LTIP scheme	1,945	1,988
	4,581	4,605

Pension contributions were made to two Directors during the year (31 December 2024: three Directors).

165

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Notes to the Consolidated Financial Statements continued

10. Taxation

	2025	2024
	€’000	€’000
Current tax charge for the year
Corporation tax – current year	20,041	20,569
Adjustment in respect of prior year	44	(220)
	20,085	20,349
Deferred tax credit for the year (Note 23)	(375)	(49)
Total tax charge	19,710	20,300

The tax assessed for the year differs from the standard rate of tax in Ireland. The differences are explained below.

	2025	2024
	€’000	€’000
Profit before tax	152,425	134,872
Tax charge at standard Irish income tax rate of 12.5%	19,053	16,859
Effects of:
Expenses not deductible for tax purposes	1,347	1,203
Income taxed at the higher rate	279	1,285
Adjustment in respect of prior year	44	(220)
Other	(1,013)	1,173
Total tax charge	19,710	20,300

Global minimum top-up tax

The Group operates in Ireland, which has enacted legislation to implement the global minimum top-up tax. There is no amount of tax in relation to Pillar II in 2025 and 2024. The Group does not expect to be subject to the

top-up tax in relation to its operations in Ireland in the medium term.

166

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

11. Property, Plant and Equipment

	Leasehold	Motor	Computers &	2025
	improvements	vehicles	equipment	Total
	€’000	€’000	€’000	€’000
Cost
At 1 January 2025	2,905	–	11,028	13,933
Additions	–	–	1,448	1,448
Disposals	(455)	–	(539)	(994)
At 31 December 2025	2,450	–	11,937	14,387
Accumulated depreciation
At 1 January 2025	(1,088)	–	(5,675)	(6,763)
Depreciation	(261)	–	(1,640)	(1,901)
Disposals	455	–	539	994
At 31 December 2025	(894)	–	(6,776)	(7,670)
Net book value
At 31 December 2025	1,556	–	5,161	6,717

The main additions during the period related to equipment purchases for construction sites. Depreciation of €1.2 million (2024: €1.3 million) in relation to construction related assets was included in construction work in

progress in inventories. All property, plant and equipment is pledged as security against the Group’s borrowings (Note 21).

	Leasehold	Motor	Computers &	2024
	improvements	vehicles	equipment	Total
	€’000	€’000	€’000	€’000
Cost
At 1 January 2024	2,905	59	8,436	11,400
Additions	–	–	2,592	2,592
Disposals	–	(59)	–	(59)
At 31 December 2024	2,905	–	11,028	13,933
Accumulated depreciation
At 1 January 2024	(828)	(58)	(4,394)	(5,280)
Depreciation	(260)	–	(1,281)	(1,541)
Disposals	–	58	–	58
At 31 December 2024	(1,088)	–	(5,675)	(6,763)
Net book value
At 31 December 2024	1,817	–	5,353	7,170

Notes to the Consolidated Financial Statements continued

167

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

12. Leases

The Group leases its central support office property and certain motor vehicles. The office lease formed the majority of the right of use assets and lease liabilities balance as at 31 December 2025 and 31 December 2024.

The discount rate attributed to the office lease is 2.6%.

The additions during the year ended 31 December 2025 relate to vehicle leases which have various commencement dates throughout the year. The average discount rate associated with these leases is 4.74% (2024: 6.03%)

which reflects the Group’s incremental borrowing rate at the date of commencement.

Right of use assets

	2025	2024
	€’000	€’000
Cost
At 1 January	7,999	7,139
Additions	504	1,022
Disposal	(24)	(162)
At 31 December	8,479	7,999
Accumulated depreciation
At 1 January	(2,407)	(1,582)
Disposal	24	162
Depreciation	(1,349)	(987)
At 31 December	(3,732)	(2,407)
Net book value
At 31 December	4,747	5,592

Depreciation of €0.7 million (2024: €0.4 million) in relation to construction related assets was included in construction work in progress in inventories.

Lease liabilities

	2025	2024
	€’000	€’000
Current liabilities
Repayable within one year	1,331	1,254
	1,331	1,254
Non-current liabilities
Repayable as follows:
Between one and two years	1,105	1,194
Between two and five years	2,311	2,427
Greater than five years	787	1,570
	4,203	5,191
Total lease liabilities	5,534	6,445

Notes to the Consolidated Financial Statements continued

168

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

12. Leases continued

The movements in total lease liabilities during 2025 and 2024 were as follows:

	2025	2024
	€’000	€’000
At 1 January	6,445	6,427
Additions	504	1,022
Interest on lease liabilities (Note 8)	230	233
Lease payments	(1,645)	(1,237)
At 31 December	5,534	6,445

The undiscounted remaining contractual cash flows for leases at 31 December 2025 were as follows:

			Contractual cash flows
		6 months	6-12	1-2
	Total	or less	months	years	2-5 years	5 years +
As at 31 December 2025	€’000	€’000	€’000	€’000	€’000	€’000
Lease liabilities	(6,020)	(770)	(736)	(1,211)	(2,494)	(809)

The undiscounted remaining contractual cash flows for leases at 31 December 2024 were as follows:

			Contractual cash flows
		6 months	6-12	1-2
	Total	or less	months	years	2-5 years	5 years +
As at 31 December 2024	€’000	€’000	€’000	€’000	€’000	€’000
Lease liabilities	(7,120)	(750)	(713)	(1,356)	(2,683)	(1,618)

13. Intangible Assets

	2025	2024
Software	€’000	€’000
Cost
At 1 January	8,375	6,630
Additions	1,402	1,744
At 31 December	9,777	8,374
Accumulated amortisation
At 1 January	(3,952)	(2,419)
Amortisation	(1,370)	(1,532)
At 31 December	(5,322)	(3,951)
Net book value
At 31 December	4,455	4,423

During the year ended 31 December 2025 payroll costs totalling €0.1 million (2024: €0.1 million) were capitalised into Intangible Assets (Note 9) .

Notes to the Consolidated Financial Statements continued

169

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

14. Derivatives and Cashflow Hedge Reserve

	2025	2024
Current assets	€’000	€’000
Derivative financial instruments
Interest rate swaps – cash flow hedges	-	105

	2025	2024
Non-current liabilities	€’000	€’000
Derivative financial instruments
Interest rate swaps – cash flow hedges	5	-

In the year ended 31 December 2025, the Group completed a refinancing of its syndicate facility. As part of this, the interest rate swap (swap) in respect of €18.75 million of its sustainability linked syndicate term loan

facility was terminated, and a new €17.80 million interest rate swap was entered into on 31 March 2025 at a fixed interest rate of 2.303% and maturity date of 29 June 2029.

Changes in the fair value of derivative hedging instruments designated as cash flow hedges are recognised in the cashflow hedge reserve to the extent that the hedge is effective. Any gain or loss relating to the ineffective

portion is recognised in profit or loss in the period incurred. The hedge was fully effective for the year ended 31 December 2025 and the year ended 31 December 2024. Amounts accounted for in the cashflow hedge

reserve in respect of the swap during the current and prior year have been set out in the Consolidated Statement of Changes in Equity on page 149.

The full fair value of a hedging derivative is classified as a non-current asset or liability when the remaining maturity of the derivative is more than 12 months; it is classified as a current asset or liability when the remaining

maturity of the derivative is less than 12 months. The fair value of the swap as at 31 December 2025 was in a liability position of €5,000 (31 December 2024: current asset position €105,000). As the swap is maturing in

June 2029, the Group has classified this as a non-current liability as at 31 December 2025.

Cashflow hedge reserve

The cashflow hedge reserve comprises the effective portion of the cumulative net change in the fair value of hedging instruments used in cash flow hedges pending subsequent recognition in profit or loss or directly

included in the initial cost or other carrying amount of a non-financial asset or non-financial liability.

Notes to the Consolidated Financial Statements continued

170

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Notes to the Consolidated Financial Statements continued

15. Equity-Accounted Investee

During the year, the Group entered into a joint venture with Castlegate Investments Limited. As part of this transaction the Group subscribed for 50% in equity and €6.97 million in loan notes (Note 26). The remaining 50%

is owned by Castlegate Investments Limited.

During the year, the Group established a new entity with Clockstrike Limited. As part of this transaction the Group subscribed for 50% in equity. The remaining 50% is owned by Clockstrike Limited.

In 2022 the Group acquired an 80.57% shareholding in a joint venture arrangement, Clonburris Infrastructure Limited. The remaining shareholding is shared between the other parties. The business of Clonburris

Infrastructure Limited is to procure the planning, design, construction and delivery of the infrastructure in the Clonburris Strategic Development Zone (SDZ).

Clonburris Infrastructure Limited has three Directors who are appointed to represent each of the shareholders of the company and all Directors have equal voting rights. Although the Group has the largest shareholding,

it can only appoint one Director with the other Directors being appointed by the remaining shareholders. The voting rights are shared between the three Directors equally and unanimous consent is required for all

key decisions impacting on the operations of this entity. Accordingly the Group has classified its interest in Clonburris Infrastructure Limited as a joint venture as it does not have control in its own right over this entity.

The movement during 2025 pertains to the funding and expenses incurred in respect of delivering the infrastructure in the Clonburris SDZ.

	2025	2024
	€’000	€’000
Opening investment in joint ventures	34	237
Group’s share of loss	-	(203)
Closing investment In joint ventures	34	34

See Note 27 for details of the registered offices.

Summarised financial information relating to the Joint Ventures:

	2025	2024
	€’000	€’000
Summarised statement of financial position
Non-current assets	–	–
Current assets	21,081	2,132
Current liabilities	(21,038)	(2,089)
Non-current liabilities	–	–
Net assets (100%)	43	43
Group share of net assets recognised as investment in joint venture	34	34
Summarised income statement
Revenue	29,603	26,682
Operating expenses	(29,603)	(26,934)
Tax	–	–
Loss for the year (100%)	–	(252)
Group share of loss for year recognised in profit or loss	–	(203)

171

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Notes to the Consolidated Financial Statements continued

16. Inventories

	2025	2024
	€’000	€’000
Land held for development	701,333	615,743
Construction work in progress	413,821	246,381
	1,115,154	862,124

Land held for development includes land acquisitions and land to be acquired under deferred payment terms where risks and rewards have been transferred to the Group. The Group had land acquisitions and land to be

acquired under deferred payment terms which includes amounts where contingent liabilities are deemed probable, during the year ended 31 December 2025 of €177.8 million (2024: €99.5 million). In accordance with

IFRS 9 ‘Financial Instruments’ the creditor is initially recorded at fair value, the price paid for the land being discounted to present day and subsequently at amortised cost. The difference between the nominal value and

the initial fair value is amortised over the deferred term to finance expenses, increasing the land creditor to its full cash settlement value on the payment date.

The Directors consider that all inventories are essentially current in nature although the Group’s operational cycle is such that a considerable proportion of inventories will not be realised within 12 months. It is not possible

to determine with accuracy when specific inventories will be realised as this will be subject to a number of factors such as consumer demand, the timing of planning permissions and site commencement dates.

The cost of inventories includes direct labour costs and other direct wages and salaries as well as the cost of land, raw materials, and other direct costs. During the year ended 31 December 2025 and 31 December 2024

no direct wages and salaries for employees in construction related roles were estimated to be non-productive and therefore all such costs were included in the cost of inventories or cost of sales.

As the build costs on each development can take place over a number of reporting periods the determination of the cost of sales to release on each sale is dependent on up to date cost forecasting and expected profit

margins across the various developments. The Directors review forecasting and profit margins on a regular basis and have incorporated any additional costs as a result of inflation. The Directors have also considered the

impact of climate change and the Group’s commitment to the Science Based Targets initiative (SBTi) Net Zero standard as well as any additional costs, savings and revenues associated with climate risks or opportunities as

identified in the Task Force on Climate-Related Financial Disclosures on pages 50 to 55 of the annual report in relation to costs and expected profit margins. There has been no other material impact identified on the financial

reporting judgements and estimates as a result of climate change. Nearer-term costs are largely fixed as they are in most cases fully procured, and others are variable and particular focus has been given to these items to

ensure they are accurately reflected in forecasts and profit margins. There is a risk that one or all of the assumptions may require revision as more information becomes available, with a resulting impact on the carrying value

of inventories or the amount of profit recognised. The risk is managed through ongoing development profitability reforecasting with any necessary adjustments being accounted for in the relevant reporting period.

All active developments on which construction has commenced are profitable and due to the forecasting process by which cost of sales is determined as referred to above, the Directors therefore concluded that the net

realisable value of active sites was greater than their carrying amount at 31 December 2025 and 31 December 2024 and hence those sites were not impaired.

All developments on which construction has not yet commenced were also assessed for impairment at 31 December 2025 and at 31 December 2024. This assessment was based on the current development plan for the

development, reflecting the number and mix of units expected to be built. For each of these developments, the forecast revenue based on current market prices was greater than the sum of the site cost and the estimated

construction costs. The Directors therefore concluded that the net realisable value of sites on which construction has not yet commenced was greater than their carrying amount at 31 December 2025 and 31 December 2024

and hence those developments were not impaired.

There were no reasonably foreseeable changes in assumptions that would have resulted in an impairment of inventories at 31 December 2025 and 31 December 2024. As a result of the detailed reviews undertaken the

Directors are satisfied with the carrying values of inventories (development land and work in progress), which are stated at the lower of cost and net realisable value, and with the methodology for the release of costs on the

sale of inventories.

The total amount charged to cost of sales from inventories during the year was €727.4 million (2024: €665.5 million).

172

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

17. Trade and Other Receivables

	2025	2024
Current assets	€’000	€’000
Trade receivables	21,766	73,495
Contract assets	72,397	45,331
Prepayments	1,604	1,311
Construction bonds	11,530	11,938
Other receivables	4,443	9,457
	111,740	141,532

	2025	2024
Non-current assets	€’000	€’000
Contract assets	–	10,001
Other receivables	1,255	787
	1,255	10,788

Trade receivables relate to amounts due in relation to residential property sales to institutional investors and State-supported counterparties. Included within trade receivables are amounts of €1.3 million

(2024: €65.4 million) which relate to funds due from State-supported counterparties. Within the trade receivables, €17.2 million (2024: €18.5 million) relates to retentions.

Contract assets of €72.4 million (31 December 2024: €55.3 million) consists of revenue earned on both forward fund transactions and non-forward fund transactions with State-supported and other counterparties

that is either unbilled or the timing of receipt of consideration is conditioned on something other than the passage of time.

The Directors consider that all construction bonds are current assets as they will be realised in the Group’s normal operating cycle, which is such that a proportion of construction bonds will not be recovered within

12 months. It is estimated that €6.6 million (2024: €6.4 million) of the construction bond balance at 31 December 2025 will be recovered after more than 12 months from that date.

The carrying value of all trade and other receivables is approximate to their fair value.

18. Cash and Cash Equivalents

	2025	2024
	€’000	€’000
Cash and cash equivalents	55,118	27,623

Cash deposits are made for varying short-term periods depending on the immediate cash requirements of the Group. All deposits can be withdrawn without any changes in value and accordingly the fair value of cash

and cash equivalents is identical to the carrying value.

Notes to the Consolidated Financial Statements continued

173

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Notes to the Consolidated Financial Statements continued

19. Share Capital and Share Premium

		2025		2024
Authorised	Number	€’000	Number	€’000
Ordinary shares of €0.001 each	1,000,000,000	1,000	1,000,000,000	1,000
Total authorised share capital		1,000		1,000

		2025		2024
Issued and fully paid	Number	€’000	Number	€’000
As at 31 December 2025
Ordinary shares of €0.001 each	625,576,122	625	201,894	202,519
Total issued and fully paid		625	201,894	202,519

		2024		2024
Issued and fully paid	Number	€’000	Number	€’000
As at 31 December 2024
Ordinary shares of €0.001 each	621,051,046	621	201,894	202,515
Total issued and fully paid		621	201,894	202,515

Reconciliation of shares in issue

	2025	2024
	€’000	€’000
In issue at 1 January 2024	621,051,046	654,888,041
Purchase and cancellation of own shares under share buyback programme	(803,939)	(39,514,286)
Shares issued in relation to long-term incentive plan	4,644,889	4, 817,522
Shares issued in relation to dividend equivalents	684,126	–
Other share options	–	500,000
Shares issued in relation to SAYE scheme	–	359,769
Total issued and fully paid	625,576,122	621,051,046

Share buyback programme

On 3 March 2023 the Company commenced a €40 million share buyback programme, and on 6 September 2023 the Company increased the size of the share buyback programme by a further €35 million, for a total of

€75 million (the FY23 programme). The total cost of ordinary shares repurchased under the FY23 programme during 2024 was €27.4 million which was recorded directly in equity in retained earnings. In accordance with

the share buyback programme, all repurchased shares are subsequently cancelled. 17,743,924 shares were repurchased under the FY23 programme (at an average share price of €1.54) and were cancelled during the year

ended 31 December 2024.

On 3 July 2024, the Company announced a new €45.0 million share buyback programme, which represented €40.0 million in respect of a new programme and the remaining €5.0 million of the FY23 programme (the FY24

programme). As at 31 December 2024 the total cost of shares repurchased under the FY24 programme was €43.2 million which was recorded directly in equity in retained earnings. In accordance with the share buyback

programme, all repurchased shares are subsequently cancelled. 21,770,362 shares were repurchased under the FY24 programme (at an average share price of €1.98) and were cancelled in the year ended 31 December

2024. Between 2 January 2025 and 9 January 2025, the Company repurchased 803,939 shares at a cost of €1.8 million which completed the FY24 programme. These shares were subsequently cancelled.

174

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

19. Share Capital and Share Premium continued

Share issues

During the year, 4,644,889 ordinary shares at a nominal value of €0.001 per share in relation to the vesting of the 2022 long-term incentive plan (LTIP) were issued. In the prior year, the Company issued 4,817,522 ordinary

shares at a nominal value of €0.001 per share in respect of the vesting of awards under the 2021 LTIP.

There were no save as you earn (SAYE) option schemes which vested during 2025. In the prior year the Company issued 359,769 ordinary shares at a nominal value of €0.001 in relation to the vesting of the 2021 option

scheme. This resulted in €0.377 million being included in share premium. €0.153 million was transferred from the share-based payments reserve to retained earnings relating to the 2021 vesting.

	2025	2024
Other undenominated capital	€’000	€’000
At 1 January	222	183
Nominal value of own shares purchased	1	39
At 31 December	223	222

20. Share-Based Payments

Long-term incentive plan (LTIP)

The Group operates an equity settled LTIP, which was approved at the May 2017 Annual General Meeting, under which conditional awards of 13,012,990 shares made to employees remain outstanding as at

31 December 2025 (2024: 16,166,510). The shares will vest on satisfaction of service and performance conditions attaching to the LTIP over a three-year period. During the year ended 31 December 2025 the Company

issued 4,644,889 ordinary shares at par in relation to the vesting of the 2022 LTIP (2024: 4,817,522 ordinary shares at par vested in relation to the 2021 LTIP). €5.707 million (2024: €4.927 million) was transferred from the

share-based payments reserve to retained earnings in relation to the 2022 (2024: 2021) vesting.

The 2023, 2024 and 2025 LTIP awards are subject to both financial and non-financial metrics. 60% of the 2023 award will vest subject to the achievement of cumulative EPS targets over the three-year performance period

from 2023 to 2025. 55% of the 2024 and 2025 awards will vest subject to the achievement of cumulative EPS targets over the three-year performance period from 2024 to 2026 and from 2025 to 2027 respectfully. 20% of

the 2023 award will vest subject to the achievement of a return on equity (ROE) target and 20% subject to the achievement of a biodiversity target. 25% of the 2024 and 2025 award will vest subject to the achievement

of an ROE target, 10% subject to the achievement of a biodiversity target and 10% dependent on passive standard unit commencements. Awards to Executive Directors are also subject to an additional two-year holding

period after vesting.

The Group recognised a charge related to the LTIP during the year ended 31 December 2025 of €3.230 million (2024: €3.845 million) of which €2.912 million (2024: €3.157 million) was charged to administrative expenses

in profit or loss and a charge of €0.318 million (2024: €0.688 million) was included in construction work in progress within inventories. Conditional awards of 1,623,564 shares (2024: 5,423,265 shares) were made to

employees at market value at time of the award under the LTIP in the year ended 31 December 2025.

The number of outstanding conditional share awards under the LTIP are as follows:

	2025	2024
	€’000	€’000
Outstanding at beginning of year	16,166,510	15,775,886
Forfeited during the year	(132,195)	(215,119)
Vesting during the year	(4,644,889)	(4, 817,522)
Granted during the year	1,623,564	5,423,265
Outstanding at end of year	13,012,990	16,166,510

Notes to the Consolidated Financial Statements continued

175

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Notes to the Consolidated Financial Statements continued

20. Share-Based Payments continued

Dividend equivalents

The Group operates a dividend equivalent scheme linked to its equity settled LTIP. Under this scheme employees are entitled to shares or cash (the choice of settlement is as determined by the Group) to the value of

dividends declared over the LTIP’s vesting period based on the number of shares that vest. During the year ended 31 December 2025 the Group settled dividend equivalents in shares for €0.796 million (2024: €0.619 million

settled in cash) and this amount was deducted from the share-based payment reserve.

The Group recognised a charge related to dividend equivalents during the year ended 31 December 2025 of €1.099 million (2024: €1.084 million) of which €1.099 million (2024: €0.946 million) was charged to administrative

expenses in profit or loss and a charge of €0.058 million (2024: €0.138 million) was included in construction work in progress within inventories.

Stretch CEO LTIP

On 31 August 2023 shareholders approved the adoption and implementation of an additional LTIP to deliver certain bespoke awards of shares to the Company’s CEO, Mr. Michael Stanley (the Stretch CEO LTIP). The award

is structured in two tranches, with an equal number of ordinary shares in the capital of the Company granted to the CEO in each of 2023 and 2024. The 2023 Award will be subject to a three-year performance period

(2023-2025) and the 2024 Award will be subject to a four-year performance period (2023-2026), both from the baseline year of 2022 and subject to the achievement of certain performance conditions linked to profit after

tax and ROE weighted 75% and 25% respectively.

The 2023 award was granted in 2023, at a value of €3.5 million, with the number of conditional share awards determined by the closing share price on the evening preceding the grant date. The number of conditional

share awards granted under the 2024 award was identical to the first award. The 2023 grant took place on 8 September 2023 with a grant price of €1.108 per share equating to 3,158,845 ordinary shares. The 2024 grant

of 3,158,845 ordinary shares took place on 10 April 2024.

Due to the nature of the awards and given that the performance period for the 2023 and 2024 awards commenced on 1 January 2023, the Group recognised a charge in profit or loss related to the Stretch CEO LTIP of

€1.952 million (2024: €1.952 million) during the year ended 31 December 2025.

During the year the Group purchased 2,855,947 shares (2024: 2,581,487 shares), for the purpose of the stretch CEO LTIP, at a total cost of €6.0 million (2024: €5.0 million) and were recorded directly in equity as treasury

shares. A trust structure was set up with Computershare Trustees (Jersey) Limited to hold these shares until any future vesting arises. As at 31 December 2025 an aggregate of 6,317,688 shares have been purchased

at a total cost of €14.2 million.

Save as you earn (SAYE) scheme

The Group operates a Revenue approved SAYE scheme, which was approved at the May 2019 Annual General Meeting, under which the Group recognised a charge during the year ended 31 December 2025 of €0.279

million (2024: €0.061 million) of which €0.086 million (2024: €0.022 million) was charged to profit or loss and €0.193 million (2024: €0.039 million) was included in construction work in progress within inventories. There

was not an active vesting during the year ended 31 December 2025. In the prior year the Company issued 359,769 ordinary shares at a nominal value of €0.001 in relation to the vesting of the 2021 option scheme. This

resulted in €0.377 million being included in share premium. €0.153 million was transferred from the share-based payments reserve to retained earnings relating to the 2021 vesting.

Other share options

500,000 ordinary share options were issued in the year ended 31 December 2015 to a Director at that time. 250,000 of these options vested during 2018 and the remaining 250,000 vested during 2019. The exercise

price of each ordinary share option was €1.00. At grant date, the fair value of the options that vested during 2018 was calculated at €0.219 per share while the fair value of options that vested during 2019 was calculated

at €0.220 per share. During the year ended 31 December 2024, 500,000 ordinary share options were exercised and €0.110 million was transferred from share-based payment reserve to retained earnings.

176

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

20. Share-Based Payments continued

Treasury shares disclosure

		2025			2024
		Nominal			Nominal
	No. of	value	Total	No. of	value	Total
	shares	€	€	shares	€	€
At 1 January	4,991,284	0.001	4,991	2,409,797	0.001	2,410
Repurchase of shares – held in trust	2,855,947	0.001	2,856	2,581,487	0.001	2,581
Repurchase of shares – share buyback	803,939	0.001	804	39,514,286	0.001	39,514
Cancellation of shares – share buyback	(803,939)	0.001	(804)	(39,514,286)	0.001	(39,514)
At 31 December	7,847,231	0.001	7,847	4,991,284	0.001	4,991

The Company repurchased 3,659,886 shares during the year (2024: 42,095,773 shares).

The Company holds 1.25% (2024: 0.80%) of issued ordinary shares capital as treasury shares.

21. Loans and Borrowings

	2025	2024
	€’000	€’000
Bank and other loans
Current liabilities
Repayable within one year	42,464	14,992
	42,464	14,992
Non-current liabilities
Repayable as follows:
Between one and two years	–	42,495
Between two and five years	183,957	124,559
Greater than five years	–	–
	183,957	167,054
Total	226,421	182,046

The Group had a total committed debt facility of €385.0 million at the start of 2025. This increased to €460.0 million on 26 February 2025, of which €402.5 million was a syndicate facility comprising a term loan of

€102.5 million and revolving credit facility of €300.0 million with Allied Irish Banks, Bank of Ireland, and Home Building Finance Ireland (HBFI), maturing in June 2029 with a one-year extension option at the discretion of

Group. During the year ended 31 December 2025, the €402.5 million syndicate facility sustainability linked loans were redesignated to Green Loans

, reflecting the Group’s alignment with globally recognised best practices

in sustainable finance. The drawn revolving credit facility as at 31 December 2025 was €28.0 million (31 December 2024: €35.0 million).

Additionally, at 1 January 2025, the Group had €57.5 million of committed debt facilities with PGIM Private Capital. The Group completed a refinance of part of the private placement debt in July 2025, increasing the facility

by €40.0 million to €97.5 million, repayable on 31 July 2026 (€42.5 million) and 31 July 2030 (€55.0 million). €15.0 million of the proceeds of the new €55.0 million private placement facility were used to discharge the

€15.0 million July 2025 maturity. The Group now has access to €500.0 million of committed debt facilities, with an average maturity of nearly four years.

Notes to the Consolidated Financial Statements continued

1 Aligned with the Loan Market Association’s Green Loan Principles.

177

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Notes to the Consolidated Financial Statements continued

21. Loans and Borrowings continued

All debt facilities are secured by a debenture incorporating fixed and floating charges and assignments over all the assets of the Group. The carrying value of inventories as at 31 December 2025 pledged as security was

€1,115.2 million (31 December 2024: €862.1 million). The amount presented in the financial statements is net of related unamortised arrangement fees and transaction costs of €1.6 million (31 December 2024:

€1.0 million).

The Group’s €500 million committed debt facilities with Allied Irish Banks, Bank of Ireland, HBFI and PGIM Private Capital are subject to the following primary financial covenants calculated on a quarterly and annual

(where stated) basis:

• Maximum total debt to gross asset value ratio of 45%.

• Maximum excluded properties to gross asset value of 50%.

• Minimum EBITDA to gross interest paid of 3 times.

• Maximum net debt to EBITDA of 2.5 times at year end.

• Maximum net debt at year end to projected EBITDA in the immediately succeeding financial year of 2.5 times.

• Maximum total debt to EBITDA of 4.5 times.

• Maximum total debt at year end to projected EBITDA in the immediately succeeding financial year of 4.5 times.

All covenants have been complied with in 2025 and 2024.

22. Reconciliation of Movement of Liabilities to Cash Flows Arising from Financing Activities

				Liabilities
				Loans and	Accrued
				borrowings	interest and
		Revolving		Total	other	Lease
	Term loan	credit facility	Loan notes	(Note 21)	finance costs	liabilities	Total
	€’000	€’000	€’000	€’000	€’000	€’000	€’000
Balance at 1 January 2025	89,558	35,000	57,488	182,046	46	6,445	188,537
Proceeds from borrowings	33,873	403,000	54,648	491,521	–	–	491,521
Repayment of loans	(22,705)	(410,000)	(15,000)	(447,705)	–	–	(447,705)
Interest and other finance costs paid	–	–	–	–	(14,775)	(230)	(15,005)
Repayment of lease liabilities	–	–	–	–	–	(1,414)	(1,414)
Total changes from financing cash flows	11,168	(7,000)	39,648	43,816	(14,775)	(1,644)	27, 397
Other changes
Amortisation of transaction costs	522	–	37	559	–	–	559
Interest and other finance costs for the year	–	–	–	–	15,788	230	16,018
Recognition of lease liabilities for new leases	–	–	–	–	–	503	503
Total other changes	522	–	37	559	15,788	733	17,080
Balance at 31 December 2025	101,248	28,000	97,173	226,421	1,059	5,534	233,014

178

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Notes to the Consolidated Financial Statements continued

22. Reconciliation of Movement of Liabilities to Cash Flows Arising from Financing Activities continued

				Liabilities
				Loans and	Accrued
				borrowings	interest and
		Revolving		Total	other	Lease
	Term loan	credit facility	Loan notes	(Note 21)	finance costs	liabilities	Total
	€’000	€’000	€’000	€’000	€’000	€’000	€’000
Balance at 1 January 2024	76,348	25,000	72,480	173,828	672	6,427	180,927
Proceeds from borrowings	12,850	380,000	–	392,850	–	–	392,850
Repayment of loans	–	(370,000)	(15,000)	(385,000)	–	–	(385,000)
Interest and other finance costs paid	–	–	–	–	(14,667)	(233)	(14,900)
Repayment of lease liabilities	–	–	–	–	–	(1,004)	(1,004)
Total changes from financing cash flows	12,850	10,000	(15,000)	7,850	(14,667)	(1,237)	(8,054)
Other changes
Amortisation of transaction costs	360	–	8	368	–	–	368
Interest and other finance costs for the year	–	–	–	–	14,041	233	14,274
Recognition of lease liabilities for new leases	–	–	–	–	–	1,022	1,022
Total other changes	360	–	8	368	14,041	1,255	15,664
Balance at 31 December 2024	89,558	35,000	57,488	182,046	46	6,445	188,537

23. Deferred Taxation

	2025	2024
Movement in net deferred tax liability:	€’000	€’000
Opening balance	3,090	3,139
Credit to profit or loss (Note 10)	(375)	(49)
As at year end	2,715	3,090

Deferred tax arises from temporary differences relating to tax losses and lease liabilities and land held for development and right of use assets. The movements in gross deferred tax assets and liabilities are set out below.

	Deferred tax	Deferred tax	Net deferred
	assets	liabilities	tax liability
2025	€’000	€’000	€’000
Opening balance	1,335	(4,425)	(3,090)
Credit to profit or loss	1,504	(1,129)	375
Closing balance	2,839	(5,554)	(2,715)

179

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Notes to the Consolidated Financial Statements continued

23. Deferred Taxation continued

There are tax losses of €0.517 million carried forward on which no deferred tax asset is recognised as the losses are not expected to be utilised.

	Deferred tax	Deferred tax	Net deferred
	assets	liabilities	tax liability
2024	€’000	€’000	€’000
Opening balance	476	(3,615)	(3,139)
Credit/(charge) to profit or loss	859	(810)	49
Closing balance	1,335	(4,425)	(3,090)

During the year ended 31 December 2024, the Group recognised deferred tax assets of €0.859 million and deferred tax liabilities of €0.810 million in relation to its lease liabilities and right of use assets as the company

holding the majority of these leases and assets within the Group now expects to recover the related net deferred tax asset of €0.049 million. There was an unrecognised deferred tax asset of €0.129 million

as at 31 December 2024 relating to losses not expected to be utilised.

The deductible and taxable temporary differences at the year end dates in respect of which deferred tax has been recognised are analysed as follows:

	2025	2024
	€’000	€’000
Deferred tax assets (deductible temporary differences)
Lease liabilities	691	806
Property, plant and equipment	1,671	53
Other	477	476
Total	2,839	1,335
Deferred tax liabilities (deductible temporary differences)
Right of use assets	(593)	(700)
Property, plant and equipment	(1,346)	(110)
Other	(3,615)	(3,615)
Total	(5,554)	(4,425)
Net deferred tax liability	(2,715)	(3,090)

Movements in deferred tax assets and liabilities, at the year end dates, were as follows:

		Property,
	Leased	plant &
	assets	equipment	Other	Total
2025	€’000	€’000	€’000	€’000
At 1 January 2025	106	(57)	(3,139)	(3,090)
Recognised in the Consolidated Statement of Profit or Loss	(8)	382	1	375
At 31 December 2025	98	325	(3,138)	(2,715)

180

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

23. Deferred Taxation continued

		Property,
	Leased	plant &
	assets	equipment	Other	Total
2024	€’000	€’000	€’000	€’000
At 1 January 2024	–	–	(3,139)	(3,139)
Recognised in the Consolidated Statement of Profit or Loss	106	(57)	–	49
At 31 December 2024	106	(57)	(3,139)	(3,090)

24. Trade and Other Payables

	2025	2024
Current trade and other payables	€’000	€’000
Trade payables	42,899	26,896
Deferred consideration	49,538	7, 500
Deferred income	3,090	–
Accruals	86,328	52,168
VAT liability	20,695	17,920
Other creditors	1,708	2,969
	204,258	107,453
	2025	2024
Non-current trade and other payables	€’000	€’000
Deferred consideration	28,306	–
	28,306

During the year, €77.84 million of deferred consideration was recorded, relating to €77.04 million of deferred land payments and €0.80 million of finance expenses. Deferred consideration relates to amounts payable in

relation to land purchased whereby the Group acquired land on deferred payment terms (Note 16). In accordance with IFRS 9 ‘Financial Instruments’ the creditor is initially recorded at fair value, the price paid for the land

being discounted to present day, and subsequently at amortised cost. The difference between the nominal value and the initial fair value is amortised over the deferred term to finance expenses, increasing the land

creditor to its full cash settlement value on the payment date.

Other creditors represents amounts due for payroll taxes and Relevant Contracts Tax. The carrying value of all trade and other payables is approximate to their fair value.

25. Dividends

Dividends of €52.9 million were paid by the Company during the year (2024: €44.7 million). A dividend of 4.4 cent per ordinary share, totalling €27.5 million, was paid on 16 May 2025 and a dividend of 4.1 cent per ordinary

share, totalling €25.4 million, was paid on 15 October 2025. Details of proposed dividends subsequent to the year end are set out in Note 32.

Notes to the Consolidated Financial Statements continued

181

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Notes to the Consolidated Financial Statements continued

26. Related Party Transactions

Key management personnel compensation was as follows:

	2025	2024
	€’000	€’000
Short-term employee benefits	2,556	2,987
Post-employment benefits (pension contributions – defined contribution schemes)	80	106
Share-based payment expense – LTIP/Stretch CEO LTIP	3,027	3,324
Total key management personnel compensation	5,663	6,417

During the year, the Group entered into a joint venture agreement with Castlegate Investments Limited. As part of this transaction the Group subscribed for 50% in equity and €6.97 million in loan notes which was interest

free and repayable on completion of development. The remaining 50% is owned by Castlegate Investments Limited. Please refer to Note 15 for further information.

27. Group Entities

The Company’s subsidiaries and its joint venture undertakings as at 31 December 2025 are set out below. All of the Company’s subsidiaries and its joint venture undertakings are resident in Ireland, with all subsidiaries

and Forreston Development Limited having a registered address at 45 Mespil Road, Dublin 4,D04 W2F1, the Clonburris Infrastructure limited has a registered address of 88 Harcourt Street, Dublin 2, D02 DK18.

Baggotcove Limited has a registered address of 47 Stephen’s Place, Dublin 2, D02 NX78. All Group entities operate in Ireland only.

Subsidiaries
			Company’s holding
Group company	Principal activity	Direct	Indirect
Cairn Homes Holdings Limited	Holding company	100%	–
Cairn Homes Properties Limited	Holding of property	–	100%
Cairn Homes Construction Limited	Construction company	–	100%
Cairn Homes Butterly Limited	Holding of property	100%	–
Cairn Homes Galway Limited	Holding of property	100%	–
Cairn Homes Killiney Limited	Holding of property	100%	–
Cairn Homes Finance Designated Activity Company	Financing activities	100%	–
Cairn Homes Montrose Limited	Holding of property	100%	–
Balgriffin Investment No.2 HoldCo Designated Activity Company	Holding company	100%	–
Cairn Homes Property Holdco Limited	Holding company	–	100%
Cairn Homes Property Holding Three Limited	Holding company	–	100%
Balgriffin Investment No.2 Designated Activity Company	No activity in period	–	100%

			Company’s holding
Joint Venture Undertaking	Principal activity	Direct	Indirect
Clonburris Infrastructure Limited (Note 15)	Construction company	–	80.57%
Baggotcove Limited	Holding company	–	50%
Forreston Development Limited	Holding of property	–	50%

182

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

28. Earnings Per Share

The basic EPS for the year ended 31 December 2025 is based on the earnings attributable to ordinary shareholders of €132.7 million (2024: €114.6 million) and the weighted average number of ordinary shares outstanding

for the period.

	2025	2024
	€’000	€’000
Profit for the year attributable to the owners of the Company	132,715	114,572
Numerator for basic and diluted earnings per share	132,715	114,572

	Number of	Number of
	Shares	Shares
Weighted average number of ordinary shares for the year (basic)	624,294,747	640,183,692
Dilutive effect of LTIP awards	3,498,332	4,491,305
Denominator for diluted earnings per share	627,793,079	644,674,997
Earnings per share (cent)
– Basic	21.3	17.9
– Diluted	21.1	17.8

The diluted earnings per share calculation reflects the dilutive impact of LTIP awards (Note 20).

29. Financial Instruments and Risk Management

The Group has exposure to the following risks arising from financial instruments:

• credit risk;

• liquidity risk; and

• market risk.

This note presents information about the Group’s exposure to each of the above risks, the Group’s objectives, policies and processes for measuring and managing risk, and the Group’s management of capital.

(a) Risk management framework

The Board of Directors has overall responsibility for the establishment and oversight of the Group’s risk management framework. Identifying, understanding and managing risk is fundamental to the delivery of our

strategy, our financial performance, and the effectiveness of our business operations. We continue to improve and refine our risk management controls, ensuring they are fully integrated into our activities, from the

Board and Executive to site development, whilst informing business improvement plans and our ongoing strategy.

The Group Audit & Risk Committee keeps under review the adequacy and effectiveness of the Group’s internal financial controls and the internal control and risk management systems.

(b) Credit risk

Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the Group’s trade and other receivables and

cash and cash equivalents. The carrying amount of financial assets represents the maximum credit exposure.

Exposure to credit risk

Group management, in conjunction with the Board, manages the risk associated with cash and cash equivalents by depositing funds with a number of Irish financial institutions and BBB+ rated international institutions.

Credit risk associated with trade counterparties (including associates) is managed through careful assessment of the counterparty risk and only extending credit or loans to counterparties who group management

concludes have sufficient ability to repay.

Notes to the Consolidated Financial Statements continued

183

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Notes to the Consolidated Financial Statements continued

29. Financial Instruments and Risk Management continued

(b) Credit risk continued

Exposure to credit risk continued

Trade and other receivables (excluding prepayments) of €111.4 million at 31 December 2025 (31 December 2024: €151.0 million) were not past due. Trade receivables relate to amounts due in relation to residential

property sales to institutional investors and State-supported counterparties. Included within trade receivables are amounts of €1.3 million (31 December 2024: €65.4 million) which relate to funds due from

State-supported counterparties. Within the trade receivables, €17.2 million (31 December 2024: €18.5 million) relates to retentions. All trade receivables excluding retentions have been received post year end.

The maximum amount of credit exposure is therefore:

	2025	2024
	€’000	€’000
Trade and other receivables (excluding prepayments)	111,391	151,009
Cash and cash equivalents	55,118	27,623
Financial asset	6,964	–
	173,473	178,632

Expected credit losses in relation to all financial assets are immaterial due to the Group’s revenue model. Cash in relation to private sales is received when the sale closes. Cash in relation to all other sales is received as it is

billed based on specific contractual terms, as the majority of these sales are with institutional investors and State-supported counterparties the expected credit loss is deemed immaterial.

Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or other financial assets. The Group’s approach to managing

liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the

Group’s reputation.

The Group monitors the level of expected cash inflows from residential property sales, site and other sales, income from rental properties, and other receivables together with expected cash outflows on trade and other

payables and commitments. All trade and other payables at 31 December 2025 are considered current with the expected cash outflow equivalent to their carrying value.

Management monitors the adequacy of the Group’s liquidity reserves (comprising undrawn borrowing facilities as detailed in Note 21 and cash and cash equivalents as detailed in Note 18, i.e. available funds) against

rolling cash flow forecasts. In addition, the Group’s liquidity risk management policy involves monitoring short-term and long-term cash flow forecasts.

The Group had committed syndicate facilities at 31 December 2025 totalling €402.5 million until June 2029, with a one-year extension option, including a €300 million revolving credit facility to manage Group liquidity.

The undrawn revolving credit facility at 31 December 2025 was €272 million (2024: €202 million).

184

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Notes to the Consolidated Financial Statements continued

29. Financial Instruments and Risk Management continued

	2025	2024
	€’000	€’000
Financial liabilities due in less than one year
Trade payables and accruals	129,227	79,064
Deferred consideration	49,538	7,500
Deferred income	3,090	–
Lease liabilities	1,331	1,254
Loans and borrowings	42,464	14,992
	225,650	102,810
Financial liabilities due after more than one year
Lease liabilities	4,203	5,191
Loans and borrowings	183,957	167,054
Deferred consideration	28,306	–
	216,466	172,245
Total financial liabilities	442,116	275,055
Available funds:
Cash and cash equivalents	55,118	27,623
Revolving credit facilities undrawn	272,000	202,000
	327,118	229,623

The Directors have reviewed the Group financial forecasts and associated risks for the period beyond one year from the date of approval of the financial statements. The forecasts reflect key assumptions, based on

information available to the Directors at the time of the preparation of the financial forecasts.

These forecasts are based on:

• detailed forecasting by site for the period 2026-2028 reflecting trends experienced up to the date of preparation of the financial forecasts; and

• future revenues for 2026-2028 based on management’s assessment of trends across principal development sites.

The Group is in a strong financial position and has a strong outlook (Note 1 (e)). The Directors expect that the Group will meet all of its obligations as they fall due on the basis that there is expected to be sufficient liquidity

available to the Group for the period beyond one year from the date of approval of these financial statements.

185

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Notes to the Consolidated Financial Statements continued

29. Financial Instruments and Risk Management continued

The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross and undiscounted and include contractual interest payments.

			Contractual cash flows
	Carrying		6 months
	amount	Total	or less	6-12 months	1-2 years	2-5 years	>5 years
31 December 2025	€’000	€’000	€’000	€’000	€’000	€’000	€’000
Trade payables and accruals	129,227	(129,227)	(129,227)	–	–	–	–
Deferred consideration	77,845	(79,650)	(19,000)	(30,650)	(30,000)	–	–
Lease liabilities	5,534	(6,020)	(770)	(736)	(1,211)	(2,494)	(809)
Loans and borrowings	226,421	(249,909)	(4,691)	(46,594)	(5,608)	(193,016)	–
	439,027	(464,806)	(153,688)	(77,980)	(36,819)	(195,510)	(809)

			Contractual cash flows
	Carrying		6 months
	amount	Total	or less	6-12 months	1-2 years	2-5 years	>5 years
31 December 2024	€’000	€’000	€’000	€’000	€’000	€’000	€’000
Trade payables and accruals	79,064	(79,064)	(79,064)	–	–	–	–
Deferred consideration	7,500	(7,500)	(3,750)	(3,750)	–	–	–
Lease liabilities	6,445	(7,120)	(750)	(713)	(1,356)	(2,683)	(1,618)
Loans and borrowings	182,046	(199,659)	(3,847)	(18,516)	(48,958)	(128,338)	–
	275,055	(293,343)	(87,411)	(22,979)	(50,314)	(131,021)	(1,618)

(d) Market risk

Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices will affect the Group’s income or the value of its holdings of financial instruments. The objective of market

risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return.

(i) Currency risk

The Group is not exposed to significant currency risk. The Group operates only in Ireland.

(ii) Interest rate risk

At 31 December 2025, the Group had the following facilities:

(a) €402.5 million syndicate term loan and revolving credit facilities with Allied Irish Banks, Bank of Ireland, and HBFI all committed until 30 June 2029 with the option to extend by one year at the discretion of the Group,

that had principal drawn balances of €102.5 million (term loan) (31 December 2024: €90.5 million) and €28.0 million (revolving credit facility) (31 December 2024: €35.0 million).

• the revolving credit facility has a variable interest rate of three-month Euribor (with a 0% floor) plus a margin of 2.35%. The average interest rate on the revolving credit facility during the year was 4.28% (2024: 5.94%);

• €84.7 million of the syndicate term loan facility (31 December 2024: €58.75 million) has a four-year fixed interest rate until 29 June 2029 plus a margin of 2.35%. The balance of €17.8 million (31 December 2024:

€31.75 million) of the term loan has a variable interest rate of three-month Euribor plus a margin of 2.35%. The Group entered into a four-year interest rate swap on 31 March 2025 (Note 14), maturing on 29 June

2029, in relation to €17.8 million of the variable element of its term loan in order to manage its interest rate risk (see Note 29(e)). The average interest rate on the term loan during the year was 4.67% (2024: 3.96%);

and

• the Group has an exposure to cash flow interest rate risk where there are changes in Euribor rates.

(b) a €97.5 million (2024: €57.5 million) private placement of loan notes with PGIM Private Capital which have a blended fixed coupon of 3.92% (2024: 3.36%).

186

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

29. Financial Instruments and Risk Management continued

(d) Market risk continued

(ii) Interest rate risk continued

	2025	2024
	€’000	€’000
Interest rate profile of loans and borrowings
Fixed rate	180,895	115,527
Variable rate	45,526	66,519
Loans and borrowings	226,421	182,046
Variable rate instruments
Gross variable rate borrowings	45,526	66,519
Impact of interest rate swaps	(17, 526)	(18,519)
Total variable rate instruments	28,000	48,000

Cash flow sensitivity analysis for variable-rate instruments

A reasonably possible change of 100 basis points in Euribor benchmark interest rates at the reporting date would have increased/(decreased) profit or loss by the amounts shown below. This analysis assumes that all other

variables remain constant and the rate change is only applied to the loans that are exposed to movements in Euribor.

	Profit or loss		Equity
	100 bp	100 bp	100 bp	100 bp
	increase	decrease	increase	decrease
31 December 2025	€’000	€’000	€’000	€’000
Variable rate instruments – loans and borrowings	(1,542)	1,542	(1,542)	1,542
Cash flow sensitivity (net)	(1,542)	1,542	(1,542)	1,542

	Profit or loss		Equity
	100 bp	100 bp	100 bp	100 bp
	increase	decrease	increase	decrease
31 December 2024	€’000	€’000	€’000	€’000
Variable rate instruments – loans and borrowings	(1,308)	1,308	(1,308)	1,308
Cash flow sensitivity (net)	(1,308)	1,308	(1,308)	1,308

The Group is also exposed to interest rate risk on its cash and cash equivalents. These balances attract low interest rates and therefore a relative increase or decrease in their interest rates would not have a material effect

on profit or loss .

Notes to the Consolidated Financial Statements continued

187

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Notes to the Consolidated Financial Statements continued

29. Financial Instruments and Risk Management continued

(e) Derivatives and hedging activities

The Group has the following derivative financial instruments in the statement of financial position:

	2025	2024
	€’000	€’000
Current assets – Derivative Financial Instruments
Interest rate swaps – cash flow hedges	–	105

	2025	2024
	€’000	€’000
Non-current liability – Derivative Financial Instruments
Interest rate swaps – cash flow hedges	5	–

facility was terminated, and a new €17.8 million interest rate swap was entered into on 31 March 2025 at a fixed interest rate of 2.303% and maturity date of 29 June 2029.

The swap is designated as a cash flow hedge and is set so as to closely match the critical terms of the underlying debt being hedged. Hedge ineffectiveness is determined at the inception of the hedge relationship and

through periodic prospective hedge effectiveness assessments to ensure that an economic relationship exists between the hedged item and the hedging instrument. The Group determines the existence of an economic

relationship between the hedging instrument and hedged item based on the reference interest rates, tenors, repricing dates and maturities and notional amounts. The Group does not hedge 100% of its loans, therefore

the hedged item is identified as a proportion of the outstanding loans up to the notional amount of the swaps. The hedge is transacted with a ratio of 1:1. As the Group enters into hedge relationships where the critical

terms of the hedging instrument materially match the terms of the hedged item, a qualitative assessment of effectiveness is performed. If changes in circumstances affect the terms of the hedged item such that the

critical terms no longer match exactly with the critical terms of the hedging instrument, the Group uses the hypothetical derivative method to assess effectiveness.

Hedge ineffectiveness for interest rate swaps may occur due to:

• consideration of any floors on the interest basis of the floating rate funding that is not replicated in the interest basis of the interest rate swap;

• differences in the timing and the interest rate basis of cash flows on the hedged item and hedging instrument;

• reduction or modification of the highly probable hedged item below the notional level of the interest rate swap; and

• significant change in the credit risk of either party to the hedging relationship.

There was no material ineffectiveness in hedged risk in relation to this hedging arrangement in 2025. Amounts accounted for in the cashflow hedge reserve in respect of the swap have been set out in other comprehensive

income. These fair value gains and losses reflected in the cash flow hedge reserve are expected to impact on profit and loss in 2025, in line with the underlying debt being hedged.

The following table shows a breakdown of the cash flow hedge reserve and the movements in this reserve during the year:

	Cash flow	Cash flow
	hedge reserve	hedge reserve
	2025	2024
Interest rate swaps	€’000	€’000
Opening balance 1 January	105	436
Change in fair value of hedging instrument recognised in cash flow hedge reserve	(234)	124
Reclassified from cash flow hedge reserve to profit or loss – included in finance cost	124	(455)
Closing balance 31 December	(5)	105

188

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

29. Financial Instruments and Risk Management continued

(f) Capital management

The Board’s policy is to maintain a strong capital base (defined as shareholders’ equity) so as to maintain investor, creditor and market confidence and to sustain the future development of the business. The Group takes

a conservative approach to bank financing and the net debt to total asset value ratio was 13.11% at 31 December 2025 (2024: 14.6%). Net debt is defined as loans and borrowings (Note 21) less cash and cash equivalents

(Note 18). Net debt of €171.3 million as at 31 December 2025 (31 December 2024: €154.4 million) comprised of drawn debt of €226.4 million (net of unamortised arrangement fees and issue costs) (31 December 2024:

€182.0 million) and available cash of €55.1 million (31 December 2024: €27.6 million).

From a capital allocation perspective, the Group distributes surplus capital after investing in our business and paying dividends to shareholders through share buybacks.

On 3 July 2024, the Company announced a new €45.0 million share buyback programme, which represents €40.0 million in respect of a new programme and the remaining €5.0 million of the FY23 programme

(the FY24 programme). As at 31 December 2024 the total cost of shares repurchased under the FY24 programme was €43.2 million which was recorded directly in equity in retained earnings. In accordance with the

share buyback programme, all repurchased shares are subsequently cancelled. 21,770,362 shares were repurchased under the FY24 programme (at an average share price of €1.98) and were cancelled in the year ended

31 December 2024. Between 2 January 2025 and 9 January 2025, the Company repurchased 803,939 shares at a cost of €1.8 million which completed the FY24 programme. These shares were subsequently cancelled.

Dividends of €52.9 million (Note 25) were paid by the Company during the year ended 31 December 2025 (2024: €44.7 million). Details of proposed dividends after the year end are set out in Note 32.

(g) Fair value of financial assets and financial liabilities

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

For financial reporting purposes, fair value measurements are categorised into Level 1, 2 or 3 based on the degree to which inputs to the fair value measurements are observable and the significance of the inputs to the

fair value measurement in its entirety, which are described as follows:

• Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities;

• Level 2: valuation techniques for which the lowest level of inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly; and

• Level 3: valuation techniques for which the lowest level of inputs that have a significant effect on the recorded fair value are not based on observable market data.

The following table shows the Group’s financial assets and liabilities and the methods used to calculate fair value.

Asset/Liability	Carrying value	Level	Method	Assumptions
Loans and borrowings	Amortised cost	2	Discounted Cash Flow	Valuation based on future repayment and interest cashflows discounted at a year-end market interest rate.
Interest rate swaps	Fair Value	2	Discounted Cash Flow	Valuation based on the present value of the estimated future cash flows based on observable yield curves.
Deferred consideration	Fair Value	3	Discounted Cash Flow	Valuation based on present value of the estimated future cash outflows based on management judgement.

The following table shows the carrying values of financial assets and liabilities including their values in the fair value hierarchy. A fair value disclosure for lease liabilities is not required. The table does not include fair value

information for other financial assets and liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value.

Notes to the Consolidated Financial Statements continued

189

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Notes to the Consolidated Financial Statements continued

29. Financial Instruments and Risk Management continued

(g) Fair value of financial assets and financial liabilities continued

	2025		Fair value
	Carrying
	value	Level 1	Level 2	Level 3
	€’000	€’000	€’000	€’000
Financial assets measured at amortised cost
Trade and other receivables (excluding prepayments)	111,391
Cash and cash equivalents	55,118
Financial asset	6,964
	173,473
Financial liabilities measured at amortised cost
Derivative interest rate swap	5		5
Trade payables and accruals	129,227
Deferred revenue	3,090
Loans and borrowings	226,421		226,066
	358,743
Financial liabilities measured at fair value
Deferred consideration	77,845			77,845
	77,845

	2024		Fair value
	Carrying
	value	Level 1	Level 2	Level 3
	€’000	€’000	€’000	€’000
Financial assets measured at fair value
Derivative interest rate swap	105		105
Financial assets measured at amortised cost
Trade and other receivables (excluding prepayments)	151,009
Cash and cash equivalents	27,623
	178,632
Financial liabilities measured at amortised cost
Trade payables and accruals	79,064
Deferred consideration	7,500
Loans and borrowings	182,046		181,912
	268,610

190

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Notes to the Consolidated Financial Statements continued

30. Other Commitments and Contingent Liabilities

Pursuant to the provisions of Section 357, Companies Act 2014, the Group has guaranteed the liabilities and commitments of its subsidiary undertakings for their financial years ending 31 December 2025 and as

a result such subsidiary undertakings have been exempted from the filing provisions of Companies Act 2014. Details of the Group’s subsidiaries are included in Note 27 and all subsidiaries listed there are covered by the

Section 357 exemption.

The Group has given guarantees to third parties in respect of specific borrowings drawn down by one of its subsidiaries. Further details are set out in Note 2(b) to the Company financial statements.

At 31 December 2025, the Group had a contingent liability in respect of construction surety bonds in the amount of €23.6 million (2024: €14.5 million).

The Group in the normal course of business has given counter indemnities in respect of performance bonds relating to the Group’s own contracts. The possibility of any outflow in settlement for these is remote.

The Group is not aware of any other commitments or contingent liabilities that should be disclosed.

31. Profit or Loss of the Parent Company

The parent company of the Group is Cairn Homes plc. In accordance with Section 304 of the Companies Act 2014, the Company is availing of the exemption from presenting its individual statement of profit or loss and

other comprehensive income to the Annual General Meeting and from filing it with the Registrar of Companies. The Company’s profit after tax for the year ended 31 December 2025, determined in accordance with FRS

101, is €90.6 million (2024: €69.0 million).

32. Events After the Reporting Period

On 4 March 2026, the Company proposed a final 2025 dividend of 5.9 cent per share subject to shareholder approval at the 2026 AGM on 30 April 2026. Based on the ordinary shares in issue at 3 March 2026, the amount of

dividend proposed is €37 .1 million. The proposed final dividend of 5.9 cent per ordinary share will be paid on 29 May 2026 to ordinary shareholders on the Company’s register on 24 April 2026.

33. Approval of Financial Statements

The financial statements were approved by the Board of Directors on 12 March 2026.

191

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Company Financial Statements

1. Company Statement of Financial Position 192

2. Company Statement of Changes in Equity 194

3. Notes to the Company Financial Statements 196

192

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Company Statement of Financial Position

At 31 December 2025

Note

2025

€’000

2024

€’000

Assets

Non-current assets

Property, plant and equipment 4 2,348 2,550

Right of use assets 5 3,715 4,334

Intangible assets 6 4,439 4,379

Investments in subsidiaries 7 26,744 26,744

Amounts due from subsidiary undertakings 8 397,399 –

Deferred taxation 345 –

434,990 38,007

Current assets

Trade and other receivables 9 943 659

Cash and cash equivalents 3,556 1,798

Amounts due from subsidiary undertakings 8 – 360,200

4,499 362,657

Total assets 439,489 400,664

Equity

Share capital 10 625 621

Share premium 10 201,894 201,894

Other undenominated capital 223 222

Treasury shares 10 (14,202) (8,202)

Share-based payment reserve 10 14,781 14,721

Retained earnings 190,782 148,415

Total equity 394,103 357,671

Liabilities

Non-current liabilities

Deferred taxation – 8

Lease liabilities 5 3,760 4,454

193

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Company Statement of Financial Position continued

Note

2025

€’000

2024

€’000

3,760 4,462

Current liabilities

Trade and other payables 12 28,922 26,507

Current taxation 12,011 11,347

Lease liabilities 5 693 677

41,626 38,531

Total liabilities 45,386 42,993

Total equity and liabilities 439,489 400,664

On behalf of the board

MICHAEL STANLEY RICHARD BALL

DIRECTOR DIRECTOR

12 MARCH 2026

In accordance with Section 304 of the Companies Act 2014, the Company is availing of the exemption from presenting its individual statement of profit or loss and other comprehensive income to the

Annual General Meeting and from filing it with the Registrar of Companies. The Company’s profit after tax for the year ended 31 December 2025, determined in accordance with FRS 101, is €90.6 million (2024: €69.0

million).

194

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Company Statement of Changes in Equity

For the year ended 31 December 2025

Ordinary

€’000

premium

€’000

Other

undenominated

capital

€’000

Treasury

€’000

Share-based

payment

reserve

€’000

Retained

earnings

€’000

Total

€’000

As at 1 January 2025 621 201,894 222 (8,202) 14,721 148,415 357,671

Total comprehensive income for the year

Profit for the year – – – – – 90,577 90,577

– – – – – 90,577 90,577

Transactions with owners of the Company

Purchase of own shares – share buybacks – – – (1,833) – – (1,833)

Cancellation of repurchased shares (1) – 1 1,833 – (1,833) –

Purchase of own shares – held in trust – – – (6,000) – – (6,000)

Equity-settled share-based payments (Note 11) – – – – 6,563 – 6,563

Shares issued on vesting/exercise of share awards and options 5 – – – – – 5

Settlement of dividend equivalents – – – – (796) 796 –

Transfer from share-based payment reserve to retained earnings in relation to

vesting/exercise or lapsing of share awards – – – – (5,707) 5,707 –

Dividends paid to shareholders (Note 10) – – – – – (52,880) (52,880)

4 – 1 (6,000) 60 (48,210) (54,145)

As at 31 December 2025 625 201,894 223 (14,202) 14,781 190,782 394,103

195

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Company Statement of Changes in Equity continued

For the year ended 31 December 2024

Ordinary

€’000

premium

€’000

Other

undenominated

capital

€’000

Treasury

€’000

Share-based

payment

reserve

€’000

Retained

earnings

€’000

Total

€’000

As at 1 January 2024 655 201,100 183 (3,196) 13,588 189,521 401,851

Total comprehensive income for the year

Profit for the year – – – – – 69,015 69,015

– – – – – 69,015 69,015

Transactions with owners of the Company

Purchase of own shares – share buybacks – – – (70,591) – – (70,591)

Cancellation of repurchased shares (39) – 39 70,591 – (70,591) –

Purchase of own shares – held in trust – – – (5,006) – – (5,006)

Equity-settled share-based payments (Note 11) – – – – 6,942 – 6,942

Shares issued on vesting/exercise of share awards and options 5 794 – – – – 799

Settlement of dividend equivalents – – – – (619) – (619)

Transfer from share-based payment reserve to retained earnings in relation to

vesting/exercise or lapsing of share awards – – – – (5,190) 5,190 –

Dividends paid to shareholders (Note 10) – – – – – (44,720) (44,720)

(34) 794 39 (5,006) 1,133 (110,121) (113,195)

As at 31 December 2024 621 201,894 222 (8,202) 14,721 148,415 357,671

196

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Notes to the Company Financial Statements

For the year ended 31 December 2025

1. Basis of Preparation 197

2. Material Accounting Policies 197

3. Statutory and Other Information 198

4. Property, Plant and Equipment 198

5. Leases 199

6. Intangible Assets 200

7. Investments in Subsidiaries 201

8. Amounts Due from Subsidiary Undertakings 201

9. Trade and Other Receivables 201

10. Share Capital and Share Premium 201

11. Share-Based Payments 201

12, Trade and Other Payables 202

13. Financial Instruments 202

14. Related Party Transactions 202

15. Events after the Reporting Period 202

16. Approval of Financial Statements 202

197

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Notes to the Company Financial Statements continued

1. Basis of Preparation

The financial statements have been prepared on a going concern basis under the historical cost convention in accordance with the Companies Act 2014 and Generally Accepted Accounting Practice in the Republic of Ireland

(Financial Reporting Standard 101 Reduced Disclosure Framework (FRS101)). Note 2 describes the principal accounting policies under FRS 101, which have been applied. During the year, the company transitioned to

FRS101 effective from 1 January 2024, to enhance the relevance and clarity of information presented to users of the financial statements. There was no material effect on the financial statements other than the reduction

in disclosures due to the exemptions adopted as set out:

• requirements of IAS 7 Statement of Cash Flows;

• disclosures in respect of transactions with wholly owned subsidiaries;

• certain requirements of IAS 1 Presentation of Financial Statements;

• disclosures required by IFRS 7 Financial Instrument Disclosures;

• disclosures required by IFRS 13 Fair Value Measurement;

• disclosures required by IFRS 2 Share-based Payments;

• disclosures required by IAS 24 Related Party Disclosures;

• the effects of new but not yet effective IFRSs; and

• disclosures in respect capital management.

The above information is included in the consolidated Financial Statements of the Company. As noted in the consolidated financial statements, the Company has also availed of the exemption from presenting the

individual statement of profit or loss and other comprehensive income.

2. Material Accounting Policies

The individual financial statements of the Company have been prepared in accordance with FRS 101 and as applied in accordance with the Companies Act 2014. As described in Note 31 of the consolidated financial

statements, the Company has availed of the exemption from presenting its individual statement of profit or loss and other comprehensive income. The Company’s profit after tax for the year ended 31 December 2025 is

€90.6 million (2024: €69.0 million).

The material accounting policies applicable to these individual Company financial statements which are not reflected within the accounting policies for the consolidated financial statements are detailed below.

(a) Investments in subsidiaries

Investments in subsidiaries are accounted for in these individual financial statements on the basis of the direct equity interest, rather than on the basis of the reported results and net assets of investees. Investments

insubsidiaries are carried at cost less any impairment.

The recoverable amount of investments in subsidiary undertakings is assessed with regard to the net assets of the subsidiary undertakings.

(b) Intra-group guarantees

The Company has given guarantees to third parties in respect of specific borrowings arising in the ordinary course of business of subsidiaries.

The Company considers these guarantees to be insurance contracts. Following the introduction of IFRS17 Insurance Contracts in 2023, the Company elected to apply IFRS9 Financial Instruments, being eligible, in relation

to these intra-group financial guarantees. The Company determined that the fair value of its intra-group guarantees at inception was not material to the financial statements based on the estimated difference between

the guaranteed and unguaranteed borrowing rates of the Group. The Company has also considered the expected credit loss arising from intra -group guarantees and determined that these are not material to the

financialstatements based on the fact that the main underlying assets (inventories) on which the Group’s borrowings are secured against are primarily held by the subsidiary which has borrowed the debt within the

Group structure and whereby the assets of this subsidiary are substantially greater than the amount borrowed. On this basis, no amounts have been reflected in the financial statements in relation to these intra-group

financial guarantees.

198

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

3. Statutory and Other Information

The average number of persons employed by the Company (including Executive Directors) during the year was:

2025

€’000

2024

€’000

Number of employees 114 111

The average number of persons employed by the Company (including Executive Directors) during the financial year was 114 (Executive Committee: 7; Non-Executive Directors: 6; and Other: 101), (2024 average 111

(Executive Committee: 4; Non-Executive Directors: 6; and Other: 101)).

4. Property, Plant and Equipment

Leasehold

improvements

€’000

Computers &

equipment

€’000

2025

Total

€’000

Cost

At 1 January 2025 2,907 2,224 5,131

Additions – 469 469

Disposals (455) (498) (953)

At 31 December 2025 2,452 2,195 4,647

Accumulated depreciation

At 1 January 2025 (1,089) (1,492) (2,581)

Depreciation (261) (410) (671)

Disposals 455 498 953

At 31 December 2025 (895) (1,404) (2,299)

Net book value

At 31 December 2025 1,557 791 2,348

Leasehold

improvements

€’000

Computers &

equipment

€’000

2024

Total

€’000

Cost

At 1 January 2024 2,907 1,850 4,757

Additions – 374 374

At 31 December 2024 2,907 2,224 5,131

Accumulated depreciation

At 1 January 2024 (829) (1,149) (1,978)

Depreciation (260) (343) (603)

At 31 December 2024 (1,089) (1,492) (2,581)

Net book value

At 31 December 2024 1,818 732 2,550

Notes to the Company Financial Statements continued

199

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Notes to the Company Financial Statements continued

5. Leases

Right of use assets

The Company has a lease liability and a right-of-use-asset in respect of the lease of its central support office property.

The lease relates to a ten-year lease agreement for an office with a lease commencement date of 01 January 2022. The lease liability and related right-of-use asset were determined by discounting the lease payments

over the term of the lease at a discount rate of 2.6% reflecting the Group’s incremental borrowing rate at the time.

2025

€’000

2024

€’000

Cost

At 1 January 6,193 6,193

Disposal – –

At 31 December 6,193 6,193

Accumulated depreciation

At 1 January (1,859) (1,240)

Depreciation (619) (619)

Disposal – –

At 31 December (2,478) (1,859)

Net book value

At 31 December 3,715 4,334

Lease liabilities

2025

€’000

2024

€’000

Current liabilities

Repayable within one year 693 677

693 677

Non-current liabilities

Repayable as follows:

Between one and two years 725 693

Between two and five years 2,248 2,191

More than five years 787 1,570

3,760 4,454

Total lease liabilities 4,453 5,131

200

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Notes to the Company Financial Statements continued

5. Leases continued

Lease liabilities continued

The movements in total lease liabilities during 2025 and 2024 were as follows:

2025

€’000

2024

€’000

At 1 January 5,131 5,789

Interest on lease liabilities 133 151

Lease payments (811) (809)

At 31 December 4,453 5,131

The undiscounted remaining contractual cash flows at 31 December 2025 were as follows:

Contractual cash flows

As at 31 December 2025

Total

€’000

6 months

or less

€’000

6-12 months

€’000

1-2 years

€’000

2-5 years

€’000

>5 years

€’000

Lease liabilities (4,853) (404) (405) (809) (2,426) (809)

The undiscounted remaining contractual cash flows at 31 December 2024 were as follows:

Contractual cash flows

As at 31 December 2024

Total

€’000

6 months

or less

€’000

6-12 months

€’000

1-2 years

€’000

2-5 years

€’000

>5 years

€’000

Lease liabilities (5,663) (404) (405) (809) (2,427) (1,618)

6. Intangible assets

Software

2025

€’000

2024

€’000

Cost

At 1 January 8,287 6,547

Additions 1,402 1,740

At 31 December 9,689 8,287

Accumulated amortisation

At 1 January (3,908) (2,403)

Amortisation (1,342) (1,505)

At 31 December (5,250) (3,908)

Net book value

At 31 December 4,439 4,379

201

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Notes to the Company Financial Statements continued

7. Investments in Subsidiaries

2025

€’000

2024

€’000

Cost

At the beginning of the year 26,744 26,744

At the end of the year 26,744 26,744

8. Amounts Due from Subsidiary Undertakings

Current assets

2025

€’000

2024

€’000

Amounts due from subsidiary undertakings – 360,200

– 360,200

Non-current assets

2025

€’000

2024

€’000

Amounts due from subsidiary undertakings 397,399 –

397,399 –

All amounts due from subsidiary undertakings are interest-free and repayable on demand. At year end management assessed the future economic benefits expected to be generated by each subsidiary to ensure balances

were recoverable. As a result of the Group’s debt refinancing, intercompany loans were reclassified as a non current asset reflecting revised terms and extended maturities such that settlement is no longer expected within

twelve months of the reporting date.

The amounts owed by subsidiaries have been reviewed and have a credit loss of €4.77 million (2024: €4.77 million). The total amount provided for of €4.77 million was previously charged to the profit and loss in 2024 and

the amounts due from subsidiary undertakings are shown net of this expected credit loss provision. The Group applies the simplified approach for expected credit losses (ECL) under IFRS 9 Financial Instruments.

9. Trade and Other Receivables

2025

€’000

2024

€’000

Prepayments 943 659

943 659

10. Share Capital and Share Premium

For further information on share capital and share premium refer to Note 19 of the consolidated financial statements. For further information on treasury shares refer to Note 20 of the consolidated financial statements.

For further information on dividends refer to Note 25 of the consolidated financial statements.

11. Share-Based Payments

For further information on share-based payments refer to Note 20 of the consolidated financial statements.

202

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

12. Trade and Other Payables

2025

€’000

2024

€’000

Trade payables 489 655

Accruals 7,321 6,255

VAT liability 20,695 17,920

Other creditors 417 1,677

28,922 26,507

Other creditors relate to amounts due for payroll taxes.

13. Financial Instruments

Relevant disclosures on consolidated financial instruments and risk management are given in Note 29 of the consolidated financial statements.

14. Related party disclosures

See Note 26 of the consolidated financial statements for information in relation to related party transactions.

Remuneration of key management

Key management of the Company is defined as the Directors of the Company. The compensation of key management personnel is set out in Note 26 of the consolidated financial statements.

15. Events after the Reporting Period

dividend proposed is €37.1 million. The proposed final dividend of 5.9 cent per ordinary share will be paid on 29 May 2026 to ordinary shareholders on the Company’s register on 24 April 2026.

16. Approval of Financial Statements

The financial statements were approved by the Board of Directors on 12 March 2026.

Notes to the Company Financial Statements continued

203

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

APMS

The Group reports certain alternative performance measures (“APMs”) that are not required under IFRS, which is the framework under which the consolidated financial statements are prepared. The Group believes that

these metrics assist investors in evaluating the financial performance of the underlying business and provide a more meaningful understanding of how senior management review and monitor the business on an ongoing

basis. These performance measures are considered important by the Group in order for investors and analysts to assess how effectively the Group manages its day-to-day business expenses and investment in its

construction activities to generate profit from sales, and provides a basis for performance benchmarking against competitors. They also assist in assessing the financial strength of the business and potential for growth in

addition to helping assess risk, liquidity, movements in debt and long-term stability. These performance measures are referred to throughout our strategy and business update and the discussion of our reported financial

position. These performance measures may not be uniformly defined by all companies and accordingly they may not be directly comparable with similarly titled measures and disclosures by other companies.

The principal APMs used by the Group are defined as follows:

1. Gross Margin

An APM representing a metric the Group uses to measure financial performance in a given financial period. It is defined as gross profit divided by total revenue for the financial year.

Financial statements reference

2025

€’000

2024

€’000

Gross Profit Consolidated Statement of Profit or Loss and Other Comprehensive Income 208,765 186,961

Total Revenue Consolidated Statement of Profit or Loss and Other Comprehensive Income 944,606 859,871

Gross Margin 22.1% 21.7%

2. EBIT

An APM representing a metric the Group uses to measure profitability. It is defined as earnings before financing and tax in a given financial period and is used to present underlying operating performance excluding capital

structure and tax considerations. It is used by management and investors to assess core profitability and compare performance consistently across financial periods.

Financial statements reference

2025

€’000

2024

€’000

Operating profit Consolidated Statement of Profit or Loss and Other Comprehensive Income 168,586 150,007

3. Operating Margin

An APM representing a metric the Group uses to measure financial performance in a given financial period. It is defined as operating profit divided by total revenue for the financial year.

Financial statements reference

2025

€’000

2024

€’000

Operating Profit Consolidated Statement of Profit or Loss and Other Comprehensive Income 168,586 150,007

Total Revenue Consolidated Statement of Profit or Loss and Other Comprehensive Income 944,606 859,871

Operating Margin 17.8% 17.4%

Supplementary Information

For The Financial Year Ended 31 December 2025

204

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

Supplementary Information

For The Financial Year Ended 31 December 2025

4. Net Debt

An APM representing a metric the Group uses to measure its overall financing position and liqudity. It is defined as current and non-current loans and borrowings less cash and cash equivalents and provides a clearer view

of the Group’s leverage and liquidity position. It is used by management and investors to assess financial strength, funding capacity and overall balance sheet resilience.

Financial statements reference

2025

€’000

2024

€’000

Loan and Borrowings Consolidated Statement of Financial Position 226,421 182,046

Less: Cash and Cash Equivalents Consolidated Statement of Financial Position 55,118 27,623

Net Debt 171,303 154,423

5. Total Shareholder Returns

An APM representing a metric the Group uses to qualify total returns made to shareholders in a given financial period. It is defined as ordinary dividends paid to shareholders during a financial year plus amounts paid

forordinary shares purchased by the Group through share buyback programmes.

Financial statements reference

2025

€’000

2024

€’000

Dividends Paid Consolidated Statement of Cash Flows 52,880 44,720

Purchase of Own Shares – Share Buybacks Consolidated Statement of Cash Flows 1,833 70,591

Total Shareholder Returns 54,713 115,311

6. Return on Equity

An APM representing a metric the Group uses to measure of the efficiency of returns generated from shareholder equity in a given financial period. It is defined as profit after tax divided by the average of the opening and

closing total equity in the financial year. In 2025, the Group revised the methodology used to calculate return on equity. In 2024, return on equity of 15.1% was calculated as profit after tax divided by closing total equity for

the financial year (€114.6 million divided by €758.2 million). From 2025 return on equity is calculated using average equity rather than closing equity as this provides a more reliable and relevant measure of performance

throughout the year. Average equity better reflects the level of capital employed by the Group over the period during which profits are generated, whereas closing equity represents a point-in-time balance that may be

materially affected by equity movements occurring late in the year. The use of average equity therefore reduces distortions arising from the timing of retained earnings, dividends or other capital movements and provides

a more meaningful and comparable assessment of returns generated for shareholders over the financial year. To ensure comparability on a consistent basis, the table below presents return on equity for both 2024 and

2025 calculated using the average of opening and closing total equity for each year. Under this revised methodology, the 2024 return on equity remains unchanged at 15.1%.

Financial statements reference

2025

€’000

2025

€’000

2024

€’000

2024

€’000

Profit after Tax Consolidated Statement of Profit or Loss and Other Comprehensive Income 132,715 114,572

Opening Total Equity Consolidated Statement of Financial Position 758,208 757,162

Closing Total Equity Consolidated Statement of Financial Position 836,668 758,208

Average Total Equity 797,438 757,685

Return on Equity 16.6% 15.1%

205

Cairn Homes plc | Annual Report 2025

Corporate GovernanceStrategic Report Financial StatementsSustainability Report

TEMPORARY PAGE UNTIL PAGINATION FINALISED – SG

Nis adiam nisci la tate acidui bla alis ptatueros esse e

adigniscipisy atet. Wiscin 20 luptat modit lummolessi, ip

vullutat modiat tio ting elis dolortin bla dolorem in

digniamet.

INSIDE BACK COVER

FSC DETAILS TBC

Cairn Homes plc

45 Mespil Road

Dublin 4

D04 W2F1

T: +353 1696 4600

E: info@cairnhomes.com

www.cairnhomes.com

BACK COVER