Irish Residential Properties
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Irish Residential Properties (IRES) investor relations material

Irish Residential Properties H2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Logotype for Irish Residential Properties REIT Plc
H2 2025 earnings summary19 Feb, 2026

Executive summary

  • Achieved a step change in operational and financial performance, with 99.5% occupancy, over 99% rent collection, improved margins, and earnings growth driven by strategic initiatives and cost control.

  • Asset recycling program delivered sales premiums over 25% above book value, supporting capital allocation focused on long-term shareholder value.

  • Dividend payout at 85% of earnings, with full-year dividend increased by 20% to EUR 0.0489 per share and IFRS NAV per share up 4.4%.

  • Regulatory changes in Ireland's rental sector are expected to enhance business outlook, stimulate investment, and introduce new rent resetting mechanisms.

  • Disposed of 41 units at a 25%+ premium to book value, with 21 held for sale at year-end.

Financial highlights

  • Adjusted EPRA earnings per share rose 2.3% year-on-year; adjusted earnings (excluding fair value movements) grew 7.4%.

  • Occupancy remained at 99.5%, with rent collections exceeding 99%.

  • Revenue increased to €85.5m, up 0.2% year-on-year despite portfolio disposals; NRI margin improved by 120 basis points to 78%.

  • Profit before tax reached €49.7m, reversing a prior year loss of €6.7m; EPRA EPS growth of 16%.

  • EPRA NTA per share increased to 132.2c from 126.5c; IFRS NAV per share at 131.7c.

Outlook and guidance

  • Confident in valuation outlook as inflation, interest rates, and rent controls have subsided.

  • Expect to realize substantial embedded rent reversion as new regulations allow resetting rents to market on new tenancies from March 2026.

  • Pipeline of earnings-enhancing assets is strong, with reinvestment of disposal proceeds prioritized.

  • Forward funding of developments is under consideration to support housing supply.

  • Regulatory changes expected to stimulate investment, increase liquidity, and tighten yields in the Irish PRS market.

New rent regs: valuation uplift timing
External capital for acquisitions: LTV flexibility
Forward funding deals: 2026 probability
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Frequently asked questions

Irish Residential Properties REIT Plc is an Ireland-based real estate investment trust focused on residential rental properties. The company owns, manages, and leases multi-family apartment units and housing developments in urban centers, primarily in Dublin. Its operations include property acquisition, refurbishment, and tenant services to support long-term rental demand. The company is headquartered in Dublin, Ireland, and its shares are listed on the ISE.

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