Irish Residential Properties (IRES) H1 2026 earnings summary

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.