Results for the Year Ended 31 December 2025

DJ Results for the Year Ended 31 December 2025

Irish Residential Properties REIT plc (IRES) 
Results for the Year Ended 31 December 2025 
19-Feb-2026 / 07:00 GMT/BST 
 
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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 EUR32.8 million in 2025 (2024: EUR30.5 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 EUR5 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 EUR3.4 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 EUR29.4 million (2024: EUR28.9 
  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 EUR32.8 million in 2025 (2024: EUR30.5 
  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 EUR85.5 million (2024: EUR85.3 million). 
 -- Through continued focus on portfolio optimisation, Average Monthly Rent ("AMR") increased by 2.1% to EUR1,852 (2024: 
  EUR1,814) 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 EUR66.7 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 EUR29.4 million grew by 15.1% vs the prior year of EUR25.5 million due to the elimination of 
  non-recurring costs in 2025 and improved NRI margin. 
 -- Profit before tax of EUR49.7 million versus a loss of EUR6.7 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 EUR16.1 million and a EUR3.4 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 EUR1,247 million (31 December 2024: EUR1,232 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 EUR5 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 

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