Irish Residential Properties (IRES) Q3 2025 TU earnings summary

Executive summary

• Achieved 99.5% occupancy at 30th September 2025, reflecting strong demand and operational efficiency.

• On track to deliver full-year 2025 Net Rental Income margin in line with H1 2025 at 78%.

• Strategic asset recycling programme delivering sales at over 25% premium to book value, exceeding original expectations.

• Management remains confident in long-term market opportunities, supported by a high-quality portfolio and positive macro trends.

Financial highlights

• Loan-to-Value (LTV) reduced to 44.8% at 31 October 2025, down from 45.0% at 30 June 2025, well below the 50% covenant limit.

• 36 sales closed year-to-date with 12 more agreed, targeting 50 unit disposals in 2025.

Outlook and guidance

• Full-year 2025 Net Rental Income margin expected to match H1 2025 at 78%, despite asset disposals.

• Revised rent regulations and government initiatives expected to accelerate apartment construction and improve growth prospects.

• Company plans disciplined capital allocation, focusing on recycling capital into portfolio-enhancing acquisitions.