The Irish National Stud Company last year narrowed its pre-tax losses by 16.5% to €1.5m as it continued to recover from the loss of income from its star stallion Invincible Spirit.
New accounts for the Irish National Stud (INS) Company show that the firm’s losses narrowed despite revenues decreasing by 4% from €7m to €6.7m.
In her report, Interim Chairperson Dairine Walsh stated that “2025 has been a year of operational and net gains from last year, as we continue our transition through the inevitable decline in income arising from Invincible Spirit”.
“The company has continued to make strong progress, posting a much-improved operating loss of €140,538 from a loss of €447,011 in 2024,” Ms Walsh said.
“Our greatest challenge remains the development of stallion income to replace Invincible Spirit. Progress has been made but the reality is that investments in stallions are for the long term and take time to bear fruit,” she said.
Ms Walsh said that in 2017, Invincible Spirit was responsible for approximately 70% of the entire company’s revenue and as recently as 2020 this was 40%.
“In 2024, Invincible Spirit was retired from stud duty and 2025 marks the first year where there was no income attributable to him. He continues to have a happy and healthy retirement at the stud,” she said.
“In order to complete the transition, post Invincible Spirit, our strategy has been to invest in, and diversify income streams, while simultaneously managing costs, retaining full-service delivery, and maintaining cash flows. The group has made significant progress in executing this strategy in developing alternative income sources,” she added.
Ms Walsh reports that income from the sale of bloodstock increased significantly in 2024 and further progress was made in 2025.
“We had an extremely strong foal sales season. The Irish National Stud (INS) sold two of the top five lots and finished as the second leading vendor at the Goffs November Foal Sale with gross sales of almost €2m. At the Tattersalls Ireland Sapphire Sale, INS sold the top lot and finished as the leading vendor, by average,” she said.
Elsewhere in her report, Ms Walsh said: “Shouldvebeenaring, a group winning son of Champion first and second sire Havana Grey, was a new addition to the INS roster in 2025. He covered a very strong book of 126 mares in his first season, with 10% of his book being black type winners and 25% black type horses”.
“Both Nando Parrado and Lucky Vega welcomed their first two-year-olds to the racetrack in 2025. Lucky Vega posted the second highest winners total amongst his peers and the highest winner to runners’ ratio. His achievement of two black type winners at over 4% was also very strong,” she said.
“Likewise, Nando Parrado progeny performed very well with 37% winners to runner’s ratio and one black type winner. Both have been given an excellent opportunity to succeed in the coming years,” she added.
“Phoenix of Spain, in his sixth season at stud, had a remarkable year on the track, posting no fewer than 7 Black Type winners. His Black type winner to runners’ ratio in Europe was almost 6% and he produced a first Group 1 winner in Caballo De Mar. His stock proved very popular at the foal sales in November and with 160 yearlings next season he has a strong possibility of further enhancing his reputation in the coming years,” she stated.
Ms Walsh was appointed Interim Chairperson after the death of INS chairman Dan Flinter in March of this year. Ms Walsh says in her report that Mr Flinter “brought great enthusiasm and dynamism to his role, leading with exceptional integrity and wisdom”.
The loss last year takes account of non-cash depreciation costs of €1.4m.
The INS revenues were last year made up of €4m in stud activity and tourism revenues of €2.62m.
“Tourism has become a vital source of income for the company. In 2025 we welcomed over 146,000 visitors compared to 144,000 in 2024. Since the Covid pandemic the business has recovered very strongly compared to market average, and we expect continued growth in the years to come,” she said.
Numbers employed increased from 74 to 78 as staff costs increased marginally from €3.01m to €3.06m.
The pay package for CEO Cathal Beale last year totalled €152,408 that included salary and other short term benefits of €125,036 and pension contributions of €27,500. In 2024, Mr Beale signed a three year extension to his contract.
Last year, the INS board proposed Mr Beale’s salary should be increased to €170,000 and Public Expenditure Minister Jack Chambers and Agriculture Minister Martin Heydon sanctioned the pay rise, which took effect from December 29, 2025.
Reporting by Gordon Deegan
