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Irish Residential Properties (IRES) investor relations material
Irish Residential Properties H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Delivered strong operational and financial performance in H1 2026, with robust earnings growth and increased shareholder returns, supported by new rent regulations and disciplined execution.
Portfolio comprised 3,611 units at 99.4% occupancy, with a 6% turnover rate and average monthly rent of €1,884.
Asset recycling program disposed of 18 units at a 30% premium to book value and signed a forward purchase for 77 A-rated units in Naas.
Completed rebranding to I-RES Living, enhancing resident engagement, operational efficiency, and market competitiveness.
Financial highlights
Like-for-like passing rental growth of 2.1% year-over-year; NRI margin improved to 78.1%, up 10bps.
Adjusted earnings grew 6.2% to €17 million; EPRA EPS up 5.8% to 2.9c; interim dividend increased 5.9% to 2.50c.
Revenue increased 1.1% to €43.1 million; EBITDA stable at €27.3 million.
Profit before tax surged to €48.0m from €16.3m, driven by €31.0m fair value gain.
Portfolio value rose 2.4% to €1,277m; net LTV reduced to 42.6%.
Outlook and guidance
Expect continued strong demand, high occupancy, and rental growth, supported by favorable market fundamentals and regulatory changes.
Like-for-like rental growth of 2.1% in H1 is expected to continue in H2 barring unforeseen changes.
LTV expected to remain within 40%-45% target range, supporting continued dividends and investment.
Asset recycling and selective acquisitions to remain a focus, with ongoing evaluation of strategic and bolt-on opportunities.
CapEx for 2026 anticipated to be in line with 2025, with higher per-unit spend on turnovers already factored in.
- Revenue and adjusted EBITDA grew as valuation declines weighed on asset values; strategic review launched.IRES
H2 2023 - Occupancy exceeded 99% and a major acquisition supports growth amid strong market activity.IRES
Q1 2026 TU - Margins, earnings, and dividends rose as regulatory reforms and asset recycling drive growth.IRES
H2 2025 - Strong occupancy, high NRI margin, and asset sales at 25%+ premium signal robust performance.IRES
Q3 2025 TU - NOI margin up 150 bps, asset sales at 25%+ premiums, and outlook strengthened by reforms.IRES
H1 2025 - Strong Q1 with high occupancy, improved margins, and strategic capital actions including share buyback.IRES
Q1 2025 TU - 99.4% occupancy, €35–€37M in disposals, and Dublin focus drive I-RES's strong Q3.IRES
Q3 2024 TU - 2.1% like-for-like revenue growth and 99.6% occupancy amid asset recycling focus.IRES
H1 2024 - Earnings rose, occupancy stayed high, and asset recycling and capital returns advanced.IRES
H2 2024
Next Irish Residential Properties earnings date
Next Irish Residential Properties earnings date
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