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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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 (EUR millions) 85.5 85.3 0.2%
Net Rental Income (EUR millions) 66.7 65.5 1.9%
Net Rental Income Margin % 78.0% 76.8%
Adjusted EBITDA (EUR millions) (1) 54.6 53.2 2.5%
Financing costs (EUR millions) (24.3) (23.4) (4.0%)
Adjusted EPRA Earnings (EUR millions)(1) 29.4 28.9 1.5%
Deduct: Non-recurring costs (EUR millions) - (3.4)
EPRA Earnings (EUR millions)(1) 29.4 25.5 15.1%
Adjusted EPRA Earnings (EUR millions)(1) 29.4 28.9 1.5%
Add: Gain on disposal of investment property (EUR 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
17.0 (33.7)
(EUR millions)
Profit/(Loss) before tax (EUR 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 (EUR)(1) 1,852 1,814 2.1%
As at 31 December 2025 31 December 2024 %
Assets and Funding
Total Property Value (EUR millions) 1,246.9 1,232.2 1.2%
Net Asset Value (EUR 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 (EUR 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
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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 EUR85.5 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 EUR11.7m (2024: EUR11.9m) 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 EUR500 million and an Accordion Facility of EUR200 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 EUR275 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 EUR24.3 million due to costs incurred for the acceleration of the deferred loan costs associated with the refinancing of the RCF at c. EUR0.6 million and the termination of the interest rate swaps associated with the previous RCF.
In November 2025 the Company converted its EUR500 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 EUR29.4 million (2024: EUR28.9 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 EUR16.1 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 EUR34.9 million across 2024-2025. As a result of these disposals in 2025 Adjusted Earnings (excluding fair value movements) increased 7.4% from EUR30.5 million to EUR32.8 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 EUR17.0 million (2024: loss of EUR33.7 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 EUR1,852 from EUR1,814 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.
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AMR and Occupancy
Properties owned prior to
Total Portfolio 31 December 2024
(Like for Like properties)
2025 2024 2025 2024
As at 31 AMR Occ. AMR Occ. AMR Occ. AMR Occ. AMR change %
December
AMR change %
% % % %
Residential EUR1,852 99.5% EUR1,814 99.4% 2.1% EUR1,852 99.5% EUR1,814 99.4% 2.1%
We delivered a Total Accounting Return for 2025 of 8.1% versus negative 1.0% in 2024. A key driver for the improved return includes the ongoing strong dividend paid by the Company, which has increased in 2025 due to the elimination of the non-recurring costs in 2024 and NRI Margin improvement. In addition, our EPRA Net Tangible Assets ("NTA") per share growth of 5.7 cent has improved due to the valuation increase of our investment property driven by organic rental growth and cost management and the profits achieved from the asset recycling programme. The impact of the share buyback programme has also aided the increase in EPRA NTA per share.
Total Accounting Return
31 December 2025 31 December 2024 Opening EPRA NTA per share (cents) 126.5 131.7 Closing EPRA NTA per share (cents) 132.2 126.5 Increase/(Decrease) in EPRA NTA per share (cents) 5.7 (5.2) Dividends paid per share in the year (cents) 4.6 3.9 Total Return (cents) 10.3 (1.3) EPRA NTA per share at the beginning of the year (cents) 126.5 131.7 Total Accounting Return 8.1% (1.0%)
Operational and Financial Results
Net Rental Income and Profit for the Twelve Months Ended
31 December 2025 31 December 2024
EUR'000 EUR'000
Operating Revenue
Revenue from investment properties 85,465 85,273
Operating Expenses
Property taxes (1,127) (1,110)
Property operating costs (17,651) (18,708)
(18,778) (19,818)
Net Rental Income ("NRI") 66,687 65,455
NRI margin 78.0% 76.8%
Adjusted general and administrative expenses (11,717) (11,935)
Share-based compensation expense (415) (305)
Adjusted EBITDA 54,555 53,215
Non-recurring costs - (3,411)
Depreciation of property, plant and equipment (683) (591)
Lease interest (228) (296)
Financing costs (24,335) (23,389)
Taxation 55 (15)
EPRA Earnings 29,364 25,513
Addback: Non-recurring costs - 3,411
Adjusted EPRA Earnings 29,364 28,924
Gain on disposal of investment property 3,433 1,622
Adjusted Earnings (excluding fair value movements) 32,797 30,546
Non-recurring costs - (3,411)
Net movement in fair value of investment properties 16,991 (33,745)
Loss on derivative financial instruments (36) (104)
Taxation - 38
Profit/(Loss) for the Year 49,752 (6,676)
Balance Sheet
Our total investment property value at 31 December 2025 was EUR1,246.9 million. This represents a 1.2% increase compared to 31 December 2024 driven by the revaluation of investment properties and offset by the disposal of 41 units as part of our ongoing asset recycling programme. Yields and valuations remained broadly flat in the period with EPRA Net Initial Yield at 5.2% as at 31 December 2025, remaining flat versus 30 June 2025. We continue to reinvest in our portfolio of assets, to ensure we maintain our exceptional levels of occupancy and tenant demand, whilst future proofing our assets and enabling us to capture the embedded reversion in the portfolio once the rental regulations are revised from 1 March 2026.
I-RES seeks to use leverage to enhance shareholder returns over the long term. I-RES takes a proactive approach to its debt strategy to ensure the Group has laddering of debt maturities and the Group's leverage ratio and interest coverage ratios are maintained at a sustainable level. Our debt facilities are made up of our recently refinanced EUR500 million RCF and c. EUR200 million (Euro Equivalent) of Private Placement Notes.
The successful refinancing of the RCF in 2025 has extended the facilities for 5 years to 2030 with two one-year extension options, strengthening the Company's capital structure. The Company has no debt maturities before 2027, and laddering is out to 2032 thereafter. As outlined, we have converted the RCF into an SLL which will tie the margin charged on the facility to the performance against sustainability KPI's through a ratchet of 5bps upwards and downwards from a base margin rate of 2.0%.
Net LTV at 31 December 2025 stood at 43.6%, down from 44.4% at 31 December 2024. The decrease in LTV can be attributed to the ongoing, successful asset recycling programme and strong premia being achieved on these sales along with an increase in the valuation of the properties driven by organic rental growth and strong cost optimisation initiatives. Our leverage level remains well below the 50% maximum allowed by the Irish REIT regime and the Group's debt financial leverage ratio covenant. I-RES is focused on managing LTV through the cycle between the 40%-45% range.
The Private Placement Notes were issued in March 2020 and are made up of EUR130 million and USD75 million notes. On closing, I-RES entered into a cross-currency interest rate swap resulting in an overall weighted average fixed interest rate of 1.92% inclusive of swap costs and excluding transaction costs for the full principal of the notes. The maturity of the notes is laddered over circa six, nine and eleven years, with the first repayment due in March 2027.
Drawn debt facilities are predominantly hedged against interest rate volatility, with over 85% fully fixed. The Group has a weighted average drawn debt maturity of 4.1 years and no debt maturities before 2027. The weighted average cost of interest is 3.71% for 2025 (2024: 3.79%). The remaining undrawn committed facilities are c. EUR148 million.
The IFRS NAV per share is 131.7 cent, up 4.4% from 126.2 cent at 31 December 2024 aided by the increased asset valuations, the impact of the share buyback programme and the ongoing successful asset recycling programme.
As at 31 December 2025 31 December 2024
EUR'000 EUR'000
RCF Borrowings 352,443 355,870
Euro denominated Private Placement notes 130,000 130,000
USD denominated Private Placement notes(1) 63,890 72,415
Weighted Average Cost of Interest(2) 3.71% 3.79%
(1) The principal amount of USD notes is USD75 million. The movement during the period relates to foreign exchange movements. I-RES has entered into cross currency swaps to fix this at EUR68.8 million.
(2) Includes commitment fee charged on the undrawn portion of the RCF facility.
In line with our capital allocation strategy and recognising the discount between the Company's share price and its Net Asset Value per share the Company utilised excess capital generated through premia achieved on disposals to execute a share buyback of EUR5 million in H1 2025, with approx. 5.1 million shares purchased at an average price per share of 97.3 cents.
Capital Allocation
The Board remains committed to maximising value for shareholders and addressing the discount between the Company's current market capitalisation and Net Asset Value.
In line with this objective, proceeds from the ongoing asset recycling programme are expected to be deployed towards:
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