19 February 2026 I-RES FY 2025 Results Irish Residential Properties REIT plc RESULTS FOR THE YEAR ENDED 31 DECEMBER 2025 Continued Strong Operational Delivery Drives Earnings Growth and Value Creation Key Highlights Irish Residential Properties REIT plc (“I-RES” or the “Company”), the leading provider of rental homes in Ireland, today issues its preliminary results for the twelve-month period from 1 January 2025 to 31 December 2025. Adjusted Earnings (excluding fair value movements) growth of 7.4% to €32.8 million in 2025 (2024: €30.5 million), reflecting the ongoing success of the asset recycling programme in generating sales premia significantly ahead of book values. Adjusted EPRA Earnings growth of 1.5% for the year. 2.3% growth in adjusted EPRA EPS to 5.6 cent, notwithstanding the sale of approximately 3% of units in the portfolio over the last 18 months. Net Rental Income (“NRI”) margin increase of 120 bps in 2025 with a margin of 78.0% (2024: 76.8%) due to our continued focus on operational efficiency and successful implementation of cost management and recovery initiatives. IFRS NAV per share of 131.7 cent, grew by 4.4% (2024: 126.2 cent). Net LTV reduction to 43.6% (2024: 44.4%). Successful debt refinancing in H1, new facilities in place for 5 years with the option of two one-year extensions. Successfully converted to sustainability linked loan in H2. Total Accounting Return (“TAR”) of 8.1% in 2025 (2024: Negative 1.0%). Return of surplus capital to shareholders by way of an accretive share buyback of €5 million in H1. New rental regulation which will take effect from 1st March 2026, along with other measures implemented by government have strengthened the outlook for the market and for the business. The business has continued to execute on its asset recycling programme, disposing of 41 units in the period for a gain of €3.4 million versus book value. Proceeds will be directed towards enhancing shareholder value through our capital allocation framework. This framework includes exploring opportunities to grow our portfolio through the acquisition of new, high quality assets to replace the units we have sold. Given the positive market dynamics, the Company’s pipeline of opportunities is strong. Eddie Byrne, I-RES’ Chief Executive Officer, said: “I’m pleased to report that 2025 marked a major step forward in I-RES’ operational and financial performance, delivering strong margin expansion and meaningful earnings growth against the backdrop of our sales programme. We advanced our strategic priorities at pace, leveraging our operational platform to drive significant efficiency gains and achieving asset disposals at more than a 25% premium to book value. Throughout the year, we remained disciplined in our capital allocation decisions, executing on a share buyback programme, with our focus firmly on creating shareholder value and managing LTV. We are now actively pursuing re-investment opportunities to enhance the portfolio by investing in higher quality and higher yielding assets. With an improving regulatory backdrop and market conditions, we enter 2026 with strong momentum and clear confidence in our ability to build on this progress. Importantly, we continue to play a vital role in addressing Ireland’s housing needs through the provision of high-quality, in-demand rental accommodation, supported by a market-leading service offering for our residents.” Financial and Operational Highlights Achieved incremental earnings growth of 1.5% for the year with adjusted EPRA earnings of €29.4 million (2024: €28.9 million) and 2.3% growth in adjusted EPRA EPS to 5.6 cent (2024: 5.5 cent). This growth in earnings was achieved despite the sale of approximately 3% of units in the portfolio over the past 18 months, through our asset recycling programme. Adjusted Earnings (excluding fair value movements) grew by 7.4% to €32.8 million in 2025 (2024: €30.5 million) and reflects the success of our ongoing asset recycling programme in generating sales premia significantly ahead of book values. As a result of the disposals and a low Harmonised Index of Consumer Prices (“HICP”) rate in H1, limiting our ability to raise rents, revenue increased modestly by 0.2% in 2025 to €85.5 million (2024: €85.3 million). Through continued focus on portfolio optimisation, Average Monthly Rent (“AMR”) increased by 2.1% to €1,852 (2024: €1,814) aided by our asset recycling, retrofit programme and focused management of renewals. The portfolio continues to be effectively fully occupied at 99.5% (31 December 2024: 99.4%) which reflects both our highly effective operating platform and the continued strong underlying demand for high quality rental properties in Dublin. Achieved a significant NRI margin increase of 120 bps year on year, with a 2025 margin of 78.0% (2024: 76.8%). NRI for the period of €66.7 million increased by 1.9% versus 2024. This strong performance reflects the intense focus on costs and successful implementation of cost management and recovery initiatives over the last year building on the momentum achieved in H2 2024. We will continue to focus on driving efficiencies in order to sustain the increases achieved. EPRA Earnings of €29.4 million grew by 15.1% vs the prior year of €25.5 million due to the elimination of non-recurring costs in 2025 and improved NRI margin. Profit before tax of €49.7 million versus a loss of €6.7 million in 2024 driven by the fair value movement of our assets underpinned by the improved operational performance of the assets and stabilised valuation yields in 2025. Successful refinancing of the Revolving Credit Facility (“RCF”) in H1 ensures financial position remains robust, with the new facilities in place for 5 years with two one-year extension options. The current weighted average cost of interest across the Group’s facilities for 2025 is approximately 3.71%, broadly in line with the Group’s weighted average financing costs in 2024 (3.79%). In line with our ongoing ESG commitment, we successfully converted the RCF into a Sustainability Linked Loan (“SLL”) in November 2025 which ties our financing costs to Sustainability Performance Indicators. The Company completed the disposal of 41 units in 2025 as part of the previously announced asset recycling programme of 315 units, achieving sales premia in excess of 25% above book value. This takes the total number of units disposed of to date under the programme to 82 marking continued good progress against the overall target. Disposals completed during the year generated total gross proceeds of €16.1 million and a €3.4 million gain versus book value. As at 31 December 2025, the Company had a further 21 units held for sale which we expect to complete in the coming months. Balance Sheet and Capital Allocation As at 31 December 2025, I-RES’ portfolio had a total value of €1,247 million (31 December 2024: €1,232 million) including assets held for sale. This represents a 1.2% increase in the year. Strong organic growth in the performance of the assets has delivered valuation increases offset by the disposal of 41 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 31 December 2025 (31 December 2024: 5.1%). We have seen a continuation of yield stability in 2025 with valuers’ prime residential yields remaining at 4.75%. We continue to reinvest in our portfolio of assets, to ensure we maintain our exceptional levels of occupancy and tenant demand, whilst also future proofing our assets. We expect the change in rental regulation, now approved by government to have a positive impact on valuations over time. The Group’s portfolio is currently estimated to be 20% under-rented versus market rates. This embeds significant long-term revenue upside in the business without the requirement for a significant increase in investment in our assets given our ongoing capex programme. Net LTV at 31 December 2025 stood at 43.6%, reduced from 44.4% at 31 December 2024. 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 ongoing asset recycling programme offset by the successful completion of the share buyback programme and the upfront transaction costs associated with the refinancing. The Company executed a share buyback of €5 million in 2025, with approximately 5.1 million shares purchased at an average price per share of 97.3 cents. Achieved a Total Accounting Return of 8.1% versus 2024 of negative 1.0%. 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. The Board intends to declare a dividend of 2.53 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. This brings the full year dividend to 4.89 cents and represents a 19.9% increase on the 2024 dividend of 4.08 cents per share. Outlook The Company will continue to focus on delivering against its strategic priorities to maximise shareholder value by growing revenue and managing costs, with a strong focus on optimising the operational performance of the business. Backed by a highly efficient and scalable internalised platform, set against the backdrop of positive regulatory change and improving market conditions, the Company is exceptionally well positioned to take advantage of tailwinds to drive earnings growth and enhanced shareholder value. The Company remains committed to a disciplined capital allocation strategy, prioritising robust balance sheet management, delivering consistent shareholder returns through its ordinary dividend, whilst pursuing long-term value creation by re-investing sales proceeds in strategically located assets that enhance shareholder value or continuing to return capital to shareholders. In line with this capital allocation strategy and against a backdrop of improving valuations, the successful asset recycling programme has given I-RES the flexibility to pursue, in the first instance, recycling the sales proceeds into portfolio enhancing opportunities whilst continuing to manage LTV. The Company has welcomed the Government’s proactive approach towards reviving housing construction. The new rental regulation measures taking effect on 1 March 2026 will have a positive impact on both the market and the Company. We have already begun to see an increase in market activity and an increase in development activity. I-RES sees itself playing an important role in the delivery of new high-quality rental accommodation in Ireland in the coming years. Financial Highlights
| For the year ended | 31 December 2025 | 31 December 2024 | % |
| | | | |
| Revenue from Investment Properties (€ millions) | 85.5 | 85.3 | 0.2% |
| Net Rental Income (€ millions) | 66.7 | 65.5 | 1.9% |
| Net Rental Income Margin % | 78.0% | 76.8% | |
| Adjusted EBITDA (€ millions) (1) | 54.6 | 53.2 | 2.5% |
| Financing costs (€ millions) | (24.3) | (23.4) | (4.0%) |
| | | | |
| Adjusted EPRA Earnings (€ millions)(1) | 29.4 | 28.9 | 1.5% |
| Deduct: Non-recurring costs (€ millions) | — | (3.4) | |
| EPRA Earnings (€ millions)(1) | 29.4 | 25.5 | 15.1% |
| | | | |
| Adjusted EPRA Earnings (€ millions)(1) | 29.4 | 28.9 | 1.5% |
| Add: Gain on disposal of investment property (€ millions) | 3.4 | 1.6 | |
| Adjusted Earnings (excluding fair value movements) (1) | 32.8 | 30.5 | 7.4% |
| | | | |
| Increase/(Decrease) in fair value revaluation of investment properties (€ millions) | 17.0 | (33.7) | |
| Profit/(Loss) before tax (€ millions) | 49.7 | (6.7) | |
| | | | |
| Basic EPS (cents) | 9.5 | (1.3) | |
| EPRA EPS (cents) (1) | 5.6 | 4.8 | 16.0% |
| Adjusted EPRA EPS (cents)(1) | 5.6 | 5.5 | 2.3% |
| Interim Dividend per share (cents) | 2.36 | 1.88 | |
| Proposed Dividend per share (cents) | 2.53 | 2.20 | |
| Proposed Full Year Dividend (cents) | 4.89 | 4.08 | 19.9% |
| | | | |
| Portfolio Performance | | | |
| Total Number of Residential Units | 3,627 | 3,668 | (1.1%) |
| Overall Portfolio Occupancy Rate(1) | 99.5% | 99.4% | |
| Overall Portfolio Average Monthly Rent (€)(1) | 1,852 | 1,814 | 2.1% |
| As at | 31 December 2025 | 31 December 2024 | % |
| Assets and Funding | | | |
| Total Property Value (€ millions) | 1,246.9 | 1,232.2 | 1.2% |
| Net Asset Value (€ millions) | 690.5 | 668.2 | 3.3% |
| IFRS Basic NAV per share (cents) | 131.7 | 126.2 | 4.4% |
| Group Net LTV | 43.6% | 44.4% | |
| Gross Yield at Fair Value(1) | 7.0% | 7.0% | |
| EPRA Net Initial Yield(1) | 5.2% | 5.1% | |
| Total Accounting Return | 8.1% | (1.0%) | |
| | | | |
| Other | | | |
| Market Capitalisation (€ millions) | 493.0 | 481.9 | |
| Total Number of Shares Outstanding | 524,442,218 | 529,578,946 | |
| Weighted Average Number of Shares – Basic | 525,604,518 | 529,578,946 | |
(1) For definitions, method of calculation and other details, refer to the Business Review and Glossary. For further information please contact: Investor Relations: Eddie Byrne, Chief Executive Officer Tel: +353 (1) 5570974 Email:
investors@iresreit.ie Media enquiries: Cathal Barry, Drury Tel: +353 (0) 87 227 9281 Gavin McLoughlin, Drury Tel: +353 (0) 86 035 3749 email: iresreit@drury.ie Results Presentation: webcast and conference call details: I-RES will host a live audio webcast and conference call of the results presentation this morning at 09:00am BST. Access details are listed below:
| Ireland (Local): +353 1 691 7842 | United-States (Local): +1 646 233 4753 |
| Ireland (Toll-Free): +353 1800 816 490 | United-States (Toll-Free): +1 855 979 6654 |
| United Kingdom (Local): +44 20 3936 2999 | Canada (Local): +1 613 699 6539 |
| United Kingdom (Toll-Free): +44 808 189 0158 | Canada (Toll-Free): +1 833 294 2546 |
Global Dial-In Numbers Participant access Code: 527787 To listen to the investor conference call using the Live Webcast Facility, please register at:
Webcast Link This report and a copy of the presentation slides will also be available to download on the investor relations section of the I-RES website at 07:00am BST:
https://www.iresreit.ie/investors. About Irish Residential Properties REIT plc Irish Residential Properties REIT plc (“I-RES”) is a Real Estate Investment Trust providing quality professionally managed homes in sustainable communities in Ireland. I-RES aims to be the provider of choice for the Irish living sector, known for excellent service and for operating responsibly, minimising its environmental impact and maximising its contribution to the community. The Company's shares are listed on Euronext Dublin. Further information at
www.iresreit.ie. Forward-Looking Statements This Report includes statements that are, or may be deemed to be, forward-looking statements. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms “may”, “will”, “should”, “expect”, “anticipate”, “project”, “estimate”, “intend”, “continue”, “maintain”, “forecast”, “potential”, “target” or “believe”, or, in each case, their negative or other comparable terminology, or by discussions of strategy, plans, objectives, trends, goals, projections, future events or intentions. Such forward-looking statements are based on the beliefs of management as well as assumptions made and information currently available to the Company. Forward-looking statements speak only as of the date of this report and save as required by law, the Irish Takeover Rules, the Euronext Dublin Listing Rules and/or by the rules of any other securities regulatory authority, the Company expressly disclaims any obligation or undertaking to release any update of, or revisions to, any forward-looking statements or risk factors in this report, including any changes in its expectations, new information, or any changes in events, conditions or circumstances on which these forward-looking statements are based. Due to various risks and uncertainties, actual events or results or actual performance of the Company may differ materially from those reflected or contemplated in such forward-looking statements. No representation or warranty is made as to the achievement or reasonableness of and no reliance should be placed on, such forward-looking statements. There is no guarantee that the Company will generate a particular rate of return. Business Review Internalised Operating Platform Drives Strong Operational Performance The Company delivered a strong financial and operational performance in 2025, making progress against strategic objectives and delivering improvements across numerous key performance indicators. Our high-quality portfolio of modern and sustainable properties remained effectively fully occupied at 31 December 2025 at 99.5% (2024: 99.4%), reflecting the consistent efficiency of our property management operations, the mid-market positioning of our assets and the continued strength of demand in the Irish Private Rental Sector (“PRS”) market. Organic rental increases in Ireland under the existing rental regulations are limited to the lower of 2% or the Harmonised Index of Consumer Prices (“HICP). Rent increases were impacted by the low rate of HICP inflation in the first half of 2025 and as a result of this, combined with the disposal of 41 units completed as part of our ongoing asset recycling plan, reported revenue increased by 0.2% in the period to €85.5 million. During the year, 14% of the portfolio units turned over, in line with last year despite the fact that a number of units where leases ended were not turned over as they were disposed of through the asset recycling programme. Net Rental Income (“NRI”) increased by 1.9% in 2025 despite the sale of c. 3% of the portfolio in the last 18 months as a result of NRI margin growth of 120bps in 2025 to 78.0% (2024: 76.8%). As highlighted by incremental margin improvements, we are making strong progress implementing income generating and cost management and recovery initiatives to improve the profitability of our real estate portfolio. This includes a sustained focus on cash collections, savings achieved from management of Owner’s Management Companies (“OMCs”) and associated costs, contract negotiations and certain cost recoveries on new leases. We continue to review operations for cost efficiencies and revenue opportunities. Adjusted G&A expenses include costs such as employees’ salaries, director fees, professional fees for audit, legal and advisory services, depository fees, property valuation fees, insurance costs and other general and administrative expenses, and excludes non-recurring costs. Despite inflationary pressures in some of these cost items, we have managed to achieve a moderate decrease of 1.8% in Adjusted G&A expenses to €11.7m (2024: €11.9m) through focused cost control and partly due to additional costs related to CEO and Chair recruitment costs expensed in 2024. In March 2025 the Company successfully refinanced its existing Revolving Credit Facility (“RCF”). The new facilities comprise an RCF of €500 million and an Accordion Facility of €200 million which adds an additional element of flexibility to the Company's debt facilities. The facilities have a five-year term expiring in March 2030 with the option of two one-year extensions. Hedging instruments in the amount of €275 million have been put in place until maturity, maintaining the Company’s overall level of fixed rate debt at c. 85% of drawn facilities. Following this refinancing, the current weighted average cost of interest across the Group’s facilities is 3.71% in 2025, broadly in line with the Group’s weighted average financing costs in 2024 of 3.79%. Financing costs in 2025 were slightly ahead of 2024 at €24.3 million due to costs incurred for the acceleration of the deferred loan costs associated with the refinancing of the RCF at c. €0.6 million and the termination of the interest rate swaps associated with the previous RCF. In November 2025 the Company converted its €500 million RCF, signed in March 2025, into a Sustainability Linked Loan (“SLL”) that aligns with the Loan Market Association’s March 2025 principles for sustainable finance. The SLL ties financing costs to independently verified Sustainability Performance Indicators. This structure supports I-RES’ sustainability strategy. The RCF was arranged with four lenders: The Governor and the Company of the Bank of Ireland, Allied Irish Banks P.L.C. (Sustainability Coordinator), ABN AMRO Bank N.V. and Barclays Bank Ireland PLC. The Company delivered growth of 1.5% in Adjusted EPRA earnings at €29.4 million (2024: €28.9 million) and 2.3% in Adjusted EPRA EPS (2024: 1.4%) driven by the increase in NRI margin and the share buyback programme executed during the period. In 2025, the Company has completed the disposal of 41 units in total as part of the overall disposal target of 315 units, with an additional 21 units held for sale at year end which we expect to close in the coming months. The sales are achieving premia in excess of 25%, and gross proceeds in 2025 were €16.1 million. This takes the total number of units disposed under the programme to 82. In addition, a bulk sale of 25 units was completed in H2 2024 taking total gross proceeds for the sale of 107 units to €34.9 million across 2024-2025. As a result of these disposals in 2025 Adjusted Earnings (excluding fair value movements) increased 7.4% from €30.5 million to €32.8 million. The Company continues to actively dispose of the identified units and given the strong sales premia achieved in 2025, expect that the disposal premia in 2026 will continue at a c. 25% premium. I-RES recognises its investment properties at fair value at each reporting period, with any unrealised gain or loss on re-measurement recognised in the profit or loss account. In the period, the fair value gain recorded on investment properties was €17.0 million (2024: loss of €33.7 million), reflecting the stabilisation of yields across the wider Irish residential market and positive organic growth. We are encouraged by the continued yield stabilisation witnessed in the market for the last twelve months after two years of expansion. Our Gross Yield was 7.0% at period end, well in excess of our weighted average cost of interest of 3.71% whilst EPRA Net Initial Yield remained broadly flat at 5.2% (2024: 5.1%). The Irish Government has approved a suite of new rental regulations, which include the ability to reset the rent of a particular unit when a tenant vacates and a new lease is put in place from 1 March 2026. As a result of this change and the expected increase in the income profile of our properties as we capture the 20% embedded reversion, we expect there to be a positive impact on valuations, assuming no market yields movement over time. The new legislation is expected to be passed by the Oireachtas shortly, in advance of 1 March 2026. Yields
| As at | 31 December 2025 | 31 December 2024 |
| Gross Yield at Fair Value | 7.0% | 7.0% |
| EPRA Net Initial Yield | 5.2% | 5.1% |
Our average monthly rent increased to €1,852 from €1,814 at 31 December 2024 representing an increase of 2.1% reflecting our continued focus on asset management and selective disposal of underperforming and lower quality assets. Despite this our portfolio is currently estimated to be 20% below market rent. Occupancy of 99.5% (FY 2024: 99.4%) reflects an effective full occupancy rate which is supported by our mid-market residential sector positioning and continues to highlight the supply/demand imbalance in the market. AMR and Occupancy
| | Total Portfolio | | Properties owned prior to
31 December 2024
(Like for Like properties) | |
| As at 31 December | 2025 | 2024 | | 2025 | 2024 | |
| AMR | Occ. % | AMR | Occ. % | AMR change % | AMR | Occ. % | AMR | Occ. % | AMR change % |
| Residential | €1,852 | 99.5% | €1,814 | 99.4% | 2.1% | €1,852 |
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IE00BJ34P519 | IRISH RESIDENTIAL PROPERTIES REIT PLC | boerse | 68592552 |
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