The National Asset Management Agency (NAMA) has today published its Annual Report and Financial Statements for 2025, its final annual report before the Agency is dissolved over the coming months.
NAMA is reporting an after-tax profit of €78m for 2025 – its 15th consecutive year of profitability. This compares with a profit of €197m in 2024.
NAMA transferred €875m in surplus cash and assets (€450m and €425m respectively) to the State during 2025, bringing the agency’s lifetime transfers of cash and other assets from NAMA to the State to €5.6bn. This includes corporation tax payments of approximately €450m.
During 2025, NAMA substantially completed all elements of the commercial and operational workstreams set up as part of its wind-own programme. The Agency is expected to be dissolved in the coming months following the expected enactment of enabling legislation by the Oireachtas that will give effect to the dissolution.
At that point, NAMA will cease operations completely and remaining activities, including an asset portfolio with a value of approximately €25 million, will transfer to the proposed Resolution Unit within the National Treasury Management Agency (NTMA). Unfinished activity is expected to comprise unresolved litigation and claims in bankruptcies, local authority bonds, and liquidations. The timing of resolution of these residual activities is outside of the hands of NAMA. The existence of such residual unresolved activity after a workout vehicle has concluded operations was anticipated and is typical of international experience of vehicles of this nature.
Financial information
- During 2025, NAMA generated €180m in cash.
- After-tax profit of €78m for 2025
- The Agency’s €32bn deleveraging programme was 99.9% complete at end-2025, with the carrying value of debtor loans portfolio reducing to €46m. It has since reduced to c€25m.
- Total cash generated from 2010 to end-2025 was €48.5bn, including €41.8bn from asset disposals and €6.7bn from non-disposal income.
- NAMA has been debt free since redeeming the last of its €31.8bn debt in March 2020.
NAMA Surplus - €5.6 billion lifetime contribution to the State delivered
- NAMA transferred cash to the value of €450m to the State in 2025.
- NAMA completed the transfer of assets with a value of €425 million to the State (the Land Development Agency) in 2025
- National Asset Residential Property Services DAC (NARPS), NAMA’s portfolio of 1,366 homes for social housing purposes, was transferred to the Land Development Agency (LDA) at a value of €356m
- NAMA transferred two residential development sites with the potential for 7,000 homes to the LDA at a value of €68.5m.
- Over its lifetime to date, NAMA transferred €4.7 billion in cash to the Exchequer.
- Over its lifetime, NAMA also paid €450 million in corporation tax, resulting in a total lifetime contribution to the State of €5.6 billion.
Residential Delivery – delivery programme completed in 2025.
The annual report sets out NAMA’s new homes output to end December 2025.
- The Residential Delivery programme completed during 2025 with all the residential land originally secured to NAMA built on, refinanced, or sold. This programme worked with debtors and receivers to enhance the value of secured residential assets and deliver much needed housing.
- Between the start of 2014 and the end of 2025, NAMA funded or facilitated the delivery of 44,566 new homes.
- Of these 44,566 homes, 14,660 were directly funded by NAMA, with the remainder delivered indirectly on sites for which NAMA had funded planning permission, enabling works, legal costs or holding costs before they were sold for completion under new ownership. NAMA’s residential delivery programme aims to strike an appropriate balance between direct and indirect delivery, de-risking a portion of the programme and delivering significant numbers of new units without putting taxpayer capital at risk.
- There is potential to deliver a further 7,000 residential units on two major sites in North Dublin and Kildare transferred in 2025 by NAMA to the LDA.
- The Agency has delivered approx. 3,000 homes for social housing, exceeding the original target of 2,000 units by 50%.
- It is estimated that over 9,000 people have been housed in social housing delivered by NAMA.
Strategic Development Zone - Dublin Docklands SDZ and Poolbeg SDZ
The report also sets out information on NAMA’s work programme of regenerating the Dublin Docklands SDZ and Poolbeg West SDZ:
- NAMA-linked sites in the Docklands with 4.2 million sq. ft. of commercial space and 2,183 homes are now construction complete or sold. This area is double the size of original IFSC and its regeneration accommodates 20,000 office workers and homes for 5,000 people.
- NAMA was instrumental in the consolidation and preparation of a 37.2 acre site for development in the Poolbeg West SDZ. The first homes have been delivered, and the site has potential for 3,800 homes (including 25% social and affordable), over 1 million sq. ft. of commercial space, and cultural and community facilities.
The Tánaiste and Minister for Finance, Simon Harris T.D., said:
““The publication of NAMA’s 2025 Annual Report, together with the introduction of legislation to provide for the dissolution of the Agency, marks a significant milestone, reflecting the fact that the very substantial work of NAMA is largely complete.
Since its establishment in 2009, NAMA has worked through a complex portfolio of loans and assets and has delivered significant results for the State.
As the Agency nears its conclusion, it is important to recognise the role it has played in restoring confidence in Ireland’s economy. NAMA has fulfilled the mandate set for it and has been recognised internationally as one of the most successful State-backed asset management agencies of its kind.
I would like to acknowledge the Board, CEO, management and staff of NAMA, past and present, for their dedication and professionalism in carrying out this important work on behalf of the State.”
NAMA Chief Executive Brendan McDonagh said:
“NAMA was never intended to be permanent, and it gives me immense pride to say that our work is substantially complete, with assets valued at less than €25 million plus €55m in cash to transition to the NTMA Resolution Unit for ongoing management.
Our legacy is broad and will continue to benefit the public long into the future. We recovered the €31.8 billion of debt required to acquire the troubled banking loans following the financial crash and a further €5.6 billion beyond that debt amount. We facilitated the delivery of 44,500 homes during a decade when supply from other avenues was not available. We enabled and accelerated transformational developments in the Dublin Docklands and on Poolbeg Peninsula that have reshaped Dublin’s landscape. During 2025, we transferred NARPS, our social housing vehicle of 1,366 homes, to the Land Development Agency (LDA). The LDA will also continue our work in progressing the development of two prime sites, one in Dublin and one in Kildare; sites which they believe can deliver at least 7,000 new homes.
I am grateful for the trust placed in us by successive Governments and Ministers for Finance. I am grateful to all the people who worked tirelessly to deliver substantial value for the State and make meaningful contributions to housing delivery and broader societal needs.
As we approach the end of our journey, I am proud knowing that we fulfilled the complex mandate given to us by the Oireachtas 16 years ago. As NAMA is nearing completion, the credit for the positive legacy we leave is shared by every person who contributed to the Agency over its lifetime.”
NAMA Chairman Aidan Williams said:
“NAMA was established at a time of profound financial crisis, with no precedent or roadmap, it has delivered a substantial return to the State while supporting financial stability and economic recovery.
During 2025, we increased our total lifetime contribution to the State to €5.6 billion – an increase of €400 million during the year. When we add that to the €5.6 billion that NAMA provided in State Aid to the five Participating Institutions as part of the loan acquisition process and which we have recouped in full, that brings the total benefit to the State arising from the Agency to €11.2 billion.
These achievements are a testament to the professionalism and commitment of the management and staff. As NAMA concludes its mandate, it does so having met its objectives and delivered lasting value for the Irish taxpayer. I want to express my thanks to everybody who has worked with the agency during the past 17 years, to my fellow Board members past and present, and to my predecessor as Chair, Frank Daly.”
