Irish Residential Properties (IRES) AGM 2025 presentation summary

Opening remarks and agenda

• AGM held on 15th May 2025 at Tara View, focusing on strategic and financial progress in 2024 and Q1 2025, with strong operational performance highlighted.

Financial performance review

• Adjusted EPRA earnings grew by 1.4%, like-for-like revenue by 1.7%, and adjusted earnings by 8.7% for 2024.

• Portfolio occupancy reached 99.7% in Q1 2025, with rent collections above 99%.

• LTV at 45.4% at end Q1 2025, below 50% covenant limits, impacted by refinancing and dividend payments.

• Net Rental Income margin improved in Q1 2025 due to new income and cost reduction initiatives.

• Turnover increased by 14% in 2024.

Strategic initiatives and plans

• Strategy refined to focus on operational excellence, disciplined capital allocation, and portfolio optimization.

• Targeting at least 50-unit disposals in 2025, with 13 units sold and 12 in pipeline as of Q1, early disposals exceeding 15–20% sales premia.

• New €500m RCF and €200m Accordion Facility secured in March 2025, with 5-year term and two 1-year extension options.

• Additional income streams developed from underutilized assets, such as car parking and services.

• Digitalization of tenant interactions and ongoing selective disposals to optimize portfolio.