Cairn Homes
Website:
Cairn Homes
Index:
Main Market
EPIC: CRN
Supersector:
Personal and Household Goods
Sector:
Household Goods and Home Construction
Subsector:
Home Construction
Market Cap:
£1.15B
Payout Frequency: Semi-Annual
Cairn Homes Dividend Analysis and Summary
Key dividend details
- FY2025 dividend per share (DPS): 10.0c (up 22% year-on-year from 8.2c)
- Proposed final dividend: 5.9c per share (subject to AGM approval on 30/04/2026)
- Ex-dividend date: 23/04/2026 (derived from record date)
- Record date: 24/04/2026 (5:00 p.m.)
- Payment date: 29/05/2026
- Interim dividend already paid: 4.1c on 15/10/2025
- FY2025 EPS: 21.3c; implied payout ratio c.47%
- Indicative cash cost of the proposed final dividend: ~€37.1m (based on shares in issue at 03/03/2026)
Analysis: sustainability, growth and coverage
- Earnings support: EPS rose +19% to 21.3c, operating profit up +12%, and ROE at 16.6%. The c.47% payout leaves headroom for reinvestment and buffers.
- Cash coverage: FY2025 operating cash flow of €70.6m comfortably covered cash dividends paid in the year (€52.9m). Note the proposed 5.9c final will be paid in 2026.
- Balance sheet and liquidity: Net debt €171.3m with available liquidity of €327.1m; leverage looks moderate relative to equity (€836.7m).
- Visibility: Record closed and forward order book of €1.32bn (3,452 homes) provides strong near-term revenue support. WIP is 3.2x covered by the order book.
- Trajectory: DPS lifted 22% in FY2025. Upgraded FY2026 guidance (revenue €1.05–€1.08bn, operating profit €180–€185m, ROE ~16.5%) suggests capacity to maintain or grow the dividend, assuming execution and market conditions hold.
Capital allocation and structural items that may affect dividends
- Capital returns mix: 2025 shareholder returns skewed to dividends (€52.9m) with minimal buybacks (€1.8m) after completing the FY24 programme. More treasury shares were held, which do not receive dividends, modestly reducing cash outflow per share in payment periods.
- Investment and growth: Significant scaling with record €800.8m WIP spend and €102.6m invested in development sites; disciplined land acquisitions include €77.1m on deferred terms (due 2026–2027). While supportive of growth (and future dividend capacity), this increases cash phasing demands.
- Financing: Committed debt facilities increased to €500m (Green Loans redesignation). A €42.5m private placement tranche matures on 31/07/2026—manageable given liquidity but a near-term cash call to plan for.
- Governance: Auditor change from KPMG to EY—no direct dividend impact.
- Policy backdrop: Supportive Irish housing policies and forward-fund arrangements with state-backed counterparties enhance volume visibility, indirectly supporting dividend resilience.
Risks and flags to dividend stability
- Market cyclicality and affordability: Exposure to Ireland’s residential cycle and FTB affordability; reliance on supportive schemes/policies introduces policy risk.
- Cost and supply chain: Although 2025 build cost inflation was contained (~1% vs industry ~2%), future geopolitical or material cost spikes could pressure margins and cash flows.
- Working capital intensity: Elevated WIP and €77.1m deferred land payments (2026–27) increase cash timing risk, especially alongside the July 2026 debt maturity.
- AGM approval: The 5.9c final DPS remains subject to shareholder approval on 30/04/2026.
- Currency: Dividends are in EUR; GBP-based investors face FX translation risk to sterling receipts.
Read more
Cairn Homes Annual Dividend Yield - 3.9%
Dividends Used in Calculation:
| Ex-Dividend Date |
Payment Date |
Type |
Amount |
Currency |
| 24/04/2025 |
16/05/2025 |
Final |
4.40¢ |
EUX |
| 18/09/2025 |
15/10/2025 |
Interim |
4.10¢ |
EUX |
Total (Annual Dividends Per Share):
7.34p
(Using exchange rate on 30/04/2026
EUR = £0.86341)
Dividend Yield =
Annual Dividends Per Share (7.34p)
÷ Share Price (188.2p)
= 3.9%
Cairn Homes Dividend History
| Ex Dividend Date |
Payment Date |
Type |
Amount |
Currency |
| 23/04/2026 |
29/05/2026 |
Final |
5.90¢ |
EUX |
| 18/09/2025 |
15/10/2025 |
Interim |
4.10¢ |
EUX |
| 24/04/2025 |
16/05/2025 |
Final |
4.40¢ |
EUX |
| 12/09/2024 |
04/10/2024 |
Interim |
3.80¢ |
EUX |
| 25/04/2024 |
17/05/2024 |
Final |
3.20¢ |
EUX |
| 14/09/2023 |
06/10/2023 |
Interim |
3.10¢ |
EUX |
| 20/04/2023 |
16/05/2023 |
Final |
3.10¢ |
EUX |
| 15/09/2022 |
07/10/2022 |
Interim |
3.00¢ |
EUX |
| 21/04/2022 |
17/05/2022 |
Final |
2.80¢ |
EUX |
| 16/09/2021 |
08/10/2021 |
Interim |
2.66¢ |
EUX |
| Year |
Interim |
Final |
Currency |
Total |
Change |
| 2024 |
3.800 |
3.200 |
EUX |
7.000 |
12.900 |
| 2023 |
3.100 |
3.100 |
EUX |
6.200 |
6.890 |
| 2022 |
3.000 |
2.800 |
EUX |
5.800 |
118.040 |
| 2021 |
2.660 |
|
EUX |
2.660 |
|
Cairn Homes Dividend Calculator
Cairn Homes Dividend Growth
| Dividend Growth (1Y) |
24.32%
|
| Dividend CAGR (5Y) |
30.74%
|
| Years of Growth |
6
|
| Payout Ratio |
47.13%
|
| Buyback Yield |
2.62%
|
| Shareholder Yield |
7.2%
|
| P/E Ratio (TTM) | 10.12 |
|---|
| Forward P/E | 9.38 |
|---|
| P/FCF | 19.06 |
|---|
| Earnings Yield | 10.07% |
|---|
| FCF Yield | 5.25% |
|---|
| ROE | 16.64% |
|---|
| ROCE | 15.97% |
|---|
| Profit Margin | 14.05% |
|---|
| Operating Margin | 17.85% |
|---|
| Gross Margin | 22.1% |
|---|