Irish Residential Properties (IRES) Q1 2026 TU earnings summary

Executive summary

• Achieved over 99% occupancy at quarter-end, reflecting strong demand and operational efficiency.

• Net Rental Income margin remained robust at 78% in Q1 2026, supported by rent collections above 99%.

• Entered a forward purchase agreement for 77 apartments for €31.75 million, expected to be earnings enhancing.

• First units leased under new rent regulations, with positive early impact on market conditions.

Financial highlights

• Net Rental Income margin improved by 120bps in 2025 and sustained at 78% in Q1 2026.

• Rent collections remained above 99%, consistent with the previous year.

Outlook and guidance

• Expectation to maintain LTV within 40%-45% target range post-acquisition.

• Over 85% of current drawn debt is fixed until maturity, supporting financial stability.

• Ongoing asset recycling programme continues to achieve sales at over 25% above book value.