Completion of €75 Million Share Buyback Programme

Dublin / London, 25 October 2022: Cairn Homes plc (“Cairn”, “the Company” or “the Group”) (Euronext Dublin / LSE: CRN) today announces that it has completed its €75 million share buyback programme which commenced on 13 January 2022.

Between 13 January 2022 and 24 October 2022, 65,330,038 ordinary shares in the Company were repurchased on Euronext Dublin and the London Stock Exchange for cancellation at an average price of €1.15. This represented 8.7% of the issued share capital of the Company (excluding treasury shares, of which there are none) when the programme commenced.

The Company has now returned just under €96 million to shareholders of the minimum €115 million committed in the current financial year. This includes the €75 million share buyback programme just completed which forms part of its broader capital allocation strategy in the context of expecting to generate in excess of €500 million in operating cashflow  in the three years to 2024.

Cairn remains focused on generating significant operating cashflows, driving balance sheet efficiency and executing strategic initiatives to create and deliver shareholder value over the medium-term.

For further information, contact:

Cairn Homes plc                  

Shane Doherty, Chief Financial Officer

Declan Murray, Head of Investor Relations

Drury Communications                 

Billy Murphy

Morwenna Rice

Claire Rowley        

Notes to Editors 

Cairn Homes plc (“Cairn”) is the leading Irish homebuilder committed to building high-quality, competitively-priced, sustainable new homes in great locations. At Cairn, the homeowner is at the very centre of the design process and we strive to provide an unparalleled customer service throughout each stage of the home-buying journey. A new Cairn home is thoughtfully designed and built to last with a focus on creating shared spaces and environments where communities prosper. Cairn owns a c. 17,700 unit land bank across 38 residential development sites, over 90% of which are located in the Greater Dublin Area (“GDA”) with excellent public transport and infrastructure links.

 Before any capital allocation considerations, including reductions of debt, dividends, accretive strategic acquisitions, JVs or investments