Half Yearly Results

14 August 2026

I-RES H1 2026 Results

Irish Residential Properties REIT plc

RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2026

Strong Operational and Strategic Delivery Drives Earnings Growth and Shareholder Returns

Key Highlights

Irish Residential Properties REIT plc (“I-RES” or the “Company”), the leading provider of rental homes in Ireland, today issues its interim results for the six-month period from 1 January 2026 to 30 June 2026.

• EPRA EPS growth of 5.8% for the period increasing EPRA Earnings to €15.3 million (H1 2025: €14.5 million).
• Adjusted Earnings (excluding fair value movements) growth of 6.2% to €17.0 million (H1 2025: €16.0 million).
• Like-for-like residential annualised passing rent growth of 2.1% in the period (H1 2025: 0.3%).
• Net Rental Income (“NRI”) margin improvement to 78.1% (H1 2025: 78.0%) due to our continued focus on operational efficiency.
• IFRS NAV per share of 138.8 cent, grew by 5.4% in the six months (FY 2025: 131.7 cent).
• Net LTV reduction to 42.6% (FY 2025: 43.6%).
• Total Accounting Return (“TAR”) of 6.8% in H1 2026 (H1 2025: 2.8%).
• H1 2026 dividend per share of 2.50 cent (H1 2025: 2.36 cent) an increase of 5.9%.
• Acquisition announced of 77 new units – reinvesting the proceeds from the successful asset recycling programme.

Eddie Byrne, I-RES’ Chief Executive Officer, said:

“The first six months of 2026 have seen I-RES continue to build on the strong progress delivered in 2025, with further operational momentum, continued disciplined cost management alongside a focus on growing earnings and creating shareholder value. The new rental regulations, which came into effect on 1 March 2026, represent a significant and welcome step forward for the Irish property rental sector. It provides much-needed certainty for residents, operators and investors, improving the outlook for investment returns and creating a more supportive environment for the delivery of new rental accommodation. The revised framework has unlocked renewed capital flows into the sector, which should improve development viability over time and support a healthier, more sustainable rental market. As part of our continued focus on disciplined growth, our forward purchase agreement to acquire 77 high-quality apartments in Naas demonstrates the strategic reinvestment of capital generated through our asset recycling programme into portfolio-enhancing opportunities. We continue to actively consider further opportunities to reinvest and grow the business across a healthy pipeline as market activity continues to build momentum. We remain focused on maintaining a strong balance sheet, managing LTV within our target range and assessing all capital allocation options against our objective of maximising long-term shareholder value creation. As a long-term Irish investor with permanent capital, we hold a unique position in the market and our approach enables us to play a vital role in addressing the country’s ongoing residential accommodation needs.”

Financial and Operational Highlights

• Achieved earnings growth of 5.3% for the period with EPRA earnings of €15.3 million (H1 2025: €14.5 million) and 5.8% growth in EPRA EPS to 2.9 cent (H1 2025: 2.8 cent). This growth in earnings was achieved despite the disposal of 1.1% of our units period on period, as part of our asset recycling programme. Adjusted Earnings (excluding fair value movements) grew by 6.2% to €17.0 million (H1 2025: €16.0 million) and reflects the asset recycling programme generating sales premia significantly ahead of book values.
• Revenue increased 1.1% to €43.1 million (H1 2025: €42.6m). Like-for-like annualised residential passing rent increased by 2.1% in the period reflecting the permitted rental growth across existing tenancies and the portion of units that have turned over since 1 March 2026 reset to market rents. Absolute revenue growth was curtailed by the reduced portfolio. With the announcement of the forward purchase of 77 new units in Naas, we have begun to reinvest the proceeds of our asset recycling programme into higher returning assets, also demonstrating our ability to fund the development of new residential accommodation in Ireland. 
• Average Monthly Rent (“AMR”) increased by 1.7% to €1,884 (FY 2025: €1,852) in the period aided by our strong letting performance in the first half of the year.
• The portfolio continues to be effectively fully occupied at 99.4% (FY 2025: 99.5%) which reflects both our highly effective operating platform and the continued strong underlying demand for high quality rental properties in Dublin. Turnovers for the period of 6% remained in line with the prior period (H1 2025: 6%).
• Achieved an incremental improvement in NRI margin of 10 bps period on period at 78.1% (H1 2025: 78.0%) despite Local Property Tax (LPT) increases having a negative margin impact of 20bps. This follows the strong 120bps expansion achieved in 2025. NRI for the period of €33.7 million increased by 1.2% versus prior period. This strong performance reflects our continued intense focus on cost management.
• The Company completed the disposal of 18 units in H1 2026, achieving sales premia of c. 30% above book value, equivalent to a below 4% Net Initial Yield. Disposals completed during the period generated total gross proceeds of €7.5 million and a €1.7 million gain versus book value. As at 30 June 2026, the Company had a further 20 units held for sale which we expect to complete in the coming months.
• Profit before tax of €48.0 million versus €16.3 million in the prior period driven by the non-cash fair value movement of our assets which was underpinned by performance of the portfolio and stable yields.

Balance Sheet and Capital Allocation

• As at 30 June 2026, I-RES’ portfolio had a total value of €1,277 million (31 December 2025: €1,247 million) including assets held for sale. This represents a 2.4% increase in the period. Strong organic growth in the performance of the assets and rents achieved has delivered valuation increases offset by the disposal of 18 units as part of our ongoing asset recycling programme. Yields remained broadly flat in the period with EPRA Net Initial Yield of 5.2% at 30 June 2026 (31 December 2025: 5.2%). Weighted average equivalent yield across the portfolio of 6.1% (FY 2025: 6.1%) which highlights the significant reversion in our portfolio.
• We continue to reinvest in our portfolio of assets, to ensure we maintain our exceptional levels of occupancy, resident demand and resident service. The Group’s portfolio is estimated to be 20% under-rented versus market rates in line with the 31 December 2025 position. This embeds long-term upside in the business without the requirement for a significant increase in investment in our assets. This long-term income potential will be realised over time as units turn over and new leases commence.
• Net LTV at 30 June 2026 stood at 42.6%, reduced from 43.6% at 31 December 2025. Our leverage level remains well below the 50% maximum allowed by the Irish REIT regime and the Group’s debt financial leverage ratio covenant. The decrease can be attributed to the increased property valuations and the success of our ongoing asset recycling programme.
• Total Accounting Return of 6.8% in H1 2026 versus H1 2025 of 2.8%. The primary drivers for this performance are the strong recurring dividend paid, the organic growth in our asset portfolio and the gain on disposals.
• Proceeds from the asset recycling programme will be deployed towards continuing to actively manage LTV within the target range of 40% to 45%. Thereafter we will prioritise excess capital towards enhancing shareholder value through our capital allocation framework as evidenced by our re-investment into 77 new units.
• The Board decided to declare a dividend of 2.50 cents per share, in line with the requirements of Irish REIT legislation and representing the Company’s dividend policy of paying out 85% of property income from the property rental business.
• As market activity and momentum improve, we continue to monitor our capital allocation policy and returns-consistent growth opportunities.

Outlook

• I-RES enters the second half of 2026 with a stronger platform, improved efficiency, a more supportive regulatory framework and a constructive investment backdrop. Together, these factors provide a clearer pathway to sustainable earnings growth, supported by continued focus on revenue optimisation, cost discipline and operational efficiency.
• The new rental regulations effective from 1 March 2026 provide a balanced framework for residents, operators and long-term investors. The framework maintains controls on annual rent increases and strengthens security of tenure, while providing greater certainty for investment in the rental sector. While new supply will take time to emerge, early indicators are positive, with improving liquidity, stronger confidence among investors and developers, and supportive Irish economic and demographic fundamentals.
• Disciplined capital allocation remains central to the Company’s strategy. I-RES will continue to focus on opportunities that enhance portfolio quality, support earnings growth and create long-term shareholder value. The forward purchase of 77 apartments in Naas for €31.75 million reflects this approach, recycling capital from asset sales into a high-quality asset expected to be earnings accretive following lease-up.
• The Company will maintain a prudent balance sheet, with LTV expected to remain within the target range of 40% to 45%. This financial flexibility supports both portfolio investment and the continued payment of ordinary dividends.
• Looking ahead, I-RES is well positioned to benefit from improving sector fundamentals, a scalable internalised operating platform and a clearer investment environment. The Company remains committed to delivering high-quality, professionally managed homes, supporting Ireland’s housing needs and creating sustainable long-term value for shareholders through disciplined growth.

Financial Highlights