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Irish Residential Properties (IRES) investor relations material

Irish Residential Properties H1 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2025 earnings summary8 Aug, 2025

Executive summary

  • Achieved significant operational and financial improvements in H1 2025, including a 150 bps increase in NOI/NRI margin, strong progress on strategic initiatives, and asset disposals at over 25% premium to book value.

  • Maintained effective full occupancy at 99.5% and rent collections above 99%, with average monthly rent up 1.5% year-over-year to €1,823.

  • Proposed interim dividend of 2.36c per share, a 25.5% increase year-over-year, and completed €5m share buyback.

  • Positioned to capitalize on improving regulatory and market environment, focusing on operational efficiency and portfolio optimization.

Financial highlights

  • NRI margin increased by 150 bps to 78% in H1 2025; adjusted EPRA EPS up 2.9% and adjusted earnings (excl. fair value) up 9.5%.

  • EPRA earnings grew 23.2% to €14.5m; profit before tax reached €16.3m; adjusted EBITDA rose 2.3% to €27.2m.

  • Revenue declined 0.4% year-over-year to €42.6m due to disposals and low HICP.

  • Total property value at €1.23bn, with a fair value gain of €0.3m and gross yield of 7.1%.

  • Occupancy remained high at 99.5% as of 30 June 2025.

Outlook and guidance

  • Positive outlook driven by stabilized yields, easing inflation, lower interest rates, and favorable regulatory changes, including rent resets from March 2026.

  • Focus on asset recycling, cost management, and bolt-on acquisitions to drive growth.

  • Long-term demand drivers and regulatory tailwinds position the company for sustained growth.

  • Strong balance sheet with LTV within target range and robust cash generation.

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Next Irish Residential Properties earnings date

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H2 202519 Feb, 2026
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H2 202519 Feb, 2026

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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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