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Irish Residential Properties REIT Plc 2025 Preliminary Results Presentation
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Disclaimer Cautionary Statements This presentation has been prepared by Irish Residential Properties REIT PLC (the “Company” or “IRES”) for information purposes only. This presentation has been prepared in good faith but the information contained in it has not been independently verified and does not purport to be comprehensive. The Company is not undertaking any obligation to provide any additional information or to update this presentation or to correct any inaccuracies that become apparent. This presentation is neither a prospectus nor an offer nor an invitation to apply for securities. The information contained in this presentation is subject to material updating, completion, revision, amendment and verification. Any prospective investor must make its own investigation and assessments and consult with its own adviser concerning any evaluation of the Company and its prospects. No representation or warranty, express or implied, is given by or on behalf of the Company, its group companies, or any of their respective shareholders, directors, officers, employees, advisers, representatives, agents or any other persons as to the accuracy, completeness, fairness or sufficiency of the information, projections, forecasts or opinions contained in this presentation. Save in the case of fraud, no liability is accepted for any errors, omissions or inaccuracies in any of the information or opinions in this presentation and the Company, nor any of its employees, officers, directors, advisers, representatives, agents or affiliates, shall have any liability whatsoever (in negligence or otherwise, whether direct or indirect, in contract, tort or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation. Certain financial and statistical information contained in this presentation is subject to rounding adjustments. Accordingly, any discrepancies between the totals and the sums of the amounts listed are due to rounding. This presentation contains forward-looking statements which can be identified by the use of terms such as "may", "will", "should", "expect", "anticipate", "project", "estimate", "intend", "continue", "target" or "believe" (or the negatives thereof) or other variations thereon or comparable terminology. Such forward-looking statements are based on the beliefs of its management as well as assumptions made and information currently available to the Company. Forward- looking statements speak only as of the date of this presentation and the Company expressly disclaims any obligation or undertaking to release any update of, or revisions to, any forward-looking statements in this presentation, including any changes in its expectations or any changes in events, conditions or circumstances on which these forward- looking statements are based. Due to various risks and uncertainties, actual events or results or actual performance of the Company may differ materially from those reflected or contemplated in such forward-looking statements. No representation or warranty is made as to the achievement or reasonableness of, and no reliance should be placed on, such forward-looking statements. There is no guarantee that the Company will generate a particular rate of return. To the extent indicated, certain industry, market and competitive position data contained in this presentation come from third party sources. Third party industry publications, studies and surveys generally state that the data contained therein have been obtained from sources believed to be reliable, but that there is no guarantee of the accuracy or completeness of such data. While the Company believes that each of these publications, studies and surveys has been prepared by a reputable source, the Company has not independently verified the data contained therein. In addition, certain of the industry, market and competitive position data contained in this presentation may come from the Company’s own internal research and estimates based on the knowledge and experience of the Company in the Irish market. While the Company believes that such research and estimates are reasonable and reliable, they, and their underlying methodology and assumptions, have not been verified by any independent source for accuracy or completeness and are subject to change. Accordingly, undue reliance should not be placed on any of the industry, market or competitive position data contained in this presentation. Please refer to the Principal Risks and Uncertainties section contained in the Preliminary Results 2025 for further details I-RES REIT Plc 2
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I-RES REIT Plc Contents 1. Overview 2. Regulatory Landscape 3. Financial Performance 4. Market Backdrop 5. Summary & Outlook
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Overview Eddie Byrne, CEO
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1. As at 31 December 2025 2. For the twelve months ended 31 December 2025 3. Adjusted EPRA Earnings plus gain/(loss) on disposal of investment property. 4. Premium to relevant book values 5 Operational Excellence, Improved Outlook & Positioned For Growth Overview I-RES REIT Plc +120 bps Increase In NRI Margin %2 +7.4% Adj. Earnings Growth2,3 +2.3% Adj. EPRA EPS Growth2 5.2% EPRA Net Initial Yield1 Remains Broadly Stable 99.5% Occupancy1 20% Portfolio Reversion1 25%+ Premium To Book Value4 On Completed Disposals Outlook Is Positive Consistent Market Leading Occupancy & Collection Rates Successful Capital Recycling Programme High Quality Portfolio & Operating Platform New Rental Regulation Passed Attractive Opportunities To Scale 43.6% Net LTV1 Ireland’s Leading Residential REIT FY25 Highlights
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Our Vision To be Ireland’s leading provider of rental housing, recognised for quality and value, delivering sustainable growth while being a great place to work, and maximising our contribution to the wider community. Investment & Portfolio Management Capital Allocation Operational Excellence Generating Sustainable ValueForAll Stakeholders I-RES REIT Plc Strong Progress Against Strategic Priorities Overview Progress On Our Strategic Priorities In FY 2025 To Deliver Exceptional Operating Results To Optimise And Grow Returns & Create Value From A Balanced Portfolio To Maintain A Robust Balance Sheet, Moderate Gearing And Strong Financial Position With Flexible Financing To Operate Our Buildings Responsibly And Minimise Emissions Our Strategic Pillars Occupancy at 99.5% & collections in excess of 99% Net rental income margin increased 120bps to 78.0% Turnovers at 14% and portfolio reversion at 20% Net LTV reduced to 43.6% Average cost of interest 3.71% with 85% hedged Debt maturity 4.1 years Dividend payout 85% of earnings IFRS NAV per share increased 4.4% Total accounting return 8.1% Disposed of 41 units achieving 25%+ premium to book value (equivalent to a c.4% net yield) We aim to ensure our portfolio is fit for purpose over the long-term and continues to generate attractive returns. 95% of units are BER Rated A-C We operate as a responsible business with a strong governance framework in place 6
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7 Regulatory Landscape Eddie Byrne, CEO
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I-RES REIT Plc Key changes Detail Implication Rent Resetting • Rent caps continue at the lower of CPI and 2% for existing leases • Rent resetting allowed for new tenancies from 1st March 2026 • New leases signed from 1st March 2026 rent reset after 6 years I-RES can capture rental income reversion across the portfolio Increased cashflows have positive impact on valuations New Build Exemption • New-build apartments exempt from 2% cap • New-build rents can increase in line with CPI New-builds incentivised; providing opportunities for growth Increase in investment and liquidity, potentially leading to a tightening of yields Development Viability • More efficient design standards for apartments • VAT reduction measures implemented Improved development economics More apartment building Greater liquidity and investment in Irish PRS ► 20% portfolio reversion at 31 December 2025 ► Equates to +25% potential rental income uplift with minimal added costs, which will gradually flow through to earnings as units turnover 3,627 Number Of Properties Owned1 I-RES Portfolio 20% Portfolio Reversion1 €1,852 Portfolio Average Monthly Rent1 €0.0 €0.5 €1.0 €1.5 €2.0 €2.5 2018 2019 2020 2021 2022 2023 2024 2025 2026 (F) Billions €800m - €1.0bn ► Positive regulatory changes forecast to stimulate investment and increase liquidity, potentially leading to a tightening of yields ► CBRE estimates investment in PRS will more than double in 2026, largely due to positive regulatory changes To Update Chart Figures Source: CBRE Ireland Research1. As at 31 December 2025 2. For the twelve months ended 31 December 2025 14% Portfolio Turnover Rate2 New Regulation Frameworks Has Been Approved; Leading to Significant Changes Post 1 st March 2026 Regulatory Landscape Irish PRS Investment Volumes Existing 2% Cap Introduced 21.1 108.7 87.6 Annual Passing Rent Reversion Potential ERV €m - 20 40 60 80 100 120 8
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9 Financial Performance Brian Fagan, CFO
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1. Adjusted EPRA Earnings plus gain/ (loss) on disposal of investment property. I-RES REIT Plc Earnings Growth Achieved Through Organic Rental Growth Effective Full Occupancy & Exceptional Collection Rates Implementing Cost Management Initiatives & Driving Ancillary Revenues Ongoing Successful Asset Disposal Programme Income Statement (€m) 31 Dec 2025 31 Dec 2024 Change (%) Unit count at period end 3,627 3,668 (1.1%) Revenue 85.5 85.3 0.2% NRI Margin % 78.0% 76.8% +120 bps Adjusted EBITDA 54.6 53.2 2.5% Financing costs (24.3) (23.4) (4.0%) Adjusted EPRA Earnings 29.4 28.9 1.5% Gain/(loss) On Disposal Of Investment Property 3.4 1.6 Adjusted Earnings1 (excluding fair value movements) 32.8 30.5 7.4% Non-Recurring Costs - (3.4) Increase / (Decrease) in Fair Value of Investment Properties 17.0 (33.7) Profit/(Loss) before tax 49.7 (6.7) Per Share Data (cents) EPRA EPS 5.6 4.8 16.0% Adjusted EPRA EPS 5.6 5.5 2.3% Proposed Full Year Dividend 4.89 4.08 19.9% . . . . Growth Delivered Through Continued Operational Excellence Financial Performance 10
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Financing 31 Dec 2025 31 Dec 2024 Gross Yield (%) 7.0% 7.0% EPRA NIY (%) 5.2% 5.1% Cost of interest (average %) 3.71% 3.79% Weighted average maturity (years) 4.1 2.3 Hedged Portion of Drawn Debt (%) 86% 85% Successful refinancing during the year provides capacity and flexibility to execute on our strategic objectives I-RES REIT Plc Reduced LTV Longer debt maturity Lower cost of interest High portion of debt hedged Debt Highlights NAV Growth Driven By Net rental income growth Fair value changes driven by improved asset performance Accretive asset disposals programme Share buyback Balance Sheet 31 Dec 2025 31 Dec 2024 Total Property Value (€m) 1,246.9 1,232.2 Net Asset Value (€m) 690.5 668.2 Net LTV (%) 43.6% 44.4% IFRS NAV per share (cent) 131.7c 126.2c EPRA NTA per share (cent) 132.2c 126.5c Robust Financial Position & Improving Valuations Financial Performance 11 EPRA NTA per share (cents) FY24 Net Rental Profits Fair Value Change Dividend Paid Share Buyback Profit On Disposal Impact Of Financial Instruments Taxation FY 25 126.5 5.7 3.2 0.3 0.7 0.4 0.0 132.2 (4.6)
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Optimising Portfolio Mix Funding A Return To Growth The Strategy Enhancing Location & Sustainability I-RES REIT Plc What We Have Achieved So Far 41 Units Disposed In FY 2025 25%+ Premium To Book Values Achieved In FY25 Looking Ahead 21 Units Held For Sale At Period End 25%+ Expected Premiums FY26 ► We continue to see market & development activity increase since the Government announced positive changes in 2025. ► The Company expects to be able to reinvest the proceeds raised to date from the programme into accretive investment opportunities in the coming period. ► Disposal proceeds and reduced LTV provides increased capacity for investment. 107 Total Units Disposed €35m Total Proceeds To Date Executing On Asset Recycling Strategy - Driving Shareholder Value Financial Performance 12 43.6% Net LTV Reduced (FY24: 44.4%)
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13 Market Backdrop Eddie Byrne, CEO
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1. Unemployment Rate Remains Low 3. Strong GDP Outturn vs. EU & EA Averages Sources: CSO, EU Commission, ECB, Eurostat 2. ECB Has Implemented 8 Rate Cuts Since Peak I-RES REIT Plc 4. Budget Surplus Reducing Fiscal Debt Position 6.3% 5.0% 0 2 4 6 8 10 12 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 % Euro Area Unemployment Ireland Unemployment 0 2 4 6 8 10 12 % 2025 2026 2027 Ireland Denmark Cyprus Greece Luxembourg Portugal Germany France Italy Austria SwedenNetherlands Poland Czechia EU-27 United Kingdom 20% 25% 30% 35% 40% 45% 50% 55% 60% -10% -8% -6% -4% -2% 0% 2% 4% 6% 8% 10% Government Expenditure (as % of GDP) Government Budget Balance (% of GDP, Surplus + / Deficit - ) Government Expenditure vs. Budget Balance; Ireland vs. Peers (2024) Macroeconomic Environment Is Supportive Market Backdrop 14 0 1 2 3 4 5 Dec-21 Jun-22 Dec-22 Jun-23 Dec-23 Jun-24 Dec-24 Jun-25 Dec-25 % ECB Main Refinancing Rate
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I-RES REIT Plc Prime PRS Yields Stable For Two Years► Prime PRS yields stable for two years. Ireland remains an outlier amongst European peers despite Ireland’s strong sovereign debt profile. Many European Prime PRS yields beginning to see compression. ► New rental regulation and stable policy outlook will bring certainty and stability to the PRS market leading to increased liquidity, investment and new supply. ► Population growth and strong employment driving demand for rental accommodation. Irish PRS Yields An Outlier Due To Penal Regulation -40,000 -20,000 0 20,000 40,000 60,000 80,000 100,000 120,000 2.50 3.00 3.50 4.00 4.50 5.00 5.50 6.00 6.50 Millions Net Migration (RHS) Population (LHS) 3.00 3.50 4.00 4.50 5.00 5.50 6.00 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Prime Dublin PRS 0 -10 -10 -20 -30 -30 -40 -50bps -40bps -30bps -20bps -10bps 0bps Ireland Italy Finland Austria Sweden Netherlands Denmark Prime PRS Yield Compression (2025) Market Fundamentals Are Exceptionally Strong Market Backdrop 0% 2% 4% 6% Ireland Finland United Kingdom Sweeden Denmark Netherlands Switzerland Prime PRS (Key City) Yield 10 Year Gov Bond Yield Source: CBRE Ireland Research, Source: CSO 15
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16 Summary & Outlook Eddie Byrne, CEO
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Supportive Macro Supply & Demand Dislocation Growth Opportunity Positive Regulatory Changes Continuously delivering exceptional operational performances. A high-quality modern portfolio underpinned by a highly efficient and scalable internalised platform with significant operational leverage. Asset disposal programme generating strong proceeds, in excess of 25% above book value. Proceeds to be utilised to take advantage of the opportunity in the market through replacement of disposed units with purchases of new, portfolio enhancing units . High level of market experience & expertise with access to off- market opportunities. Creating An Exceptional Opportunity For I-RES Favourable Economic Conditions…. …And A Robust And Well Positioned Business A Compelling Opportunity For I -RES Summary & Outlook I-RES REIT Plc 17
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Appendix 18
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2025 figures unless otherwise stated Our Strategy Is Underpinned by Our Commitment to Sustainability • Board Director with responsibility for Workforce Engagement • 100% of assets reviewed & assessed for Health and Safety impacts incidents. No incidents of non-compliance with regulations / voluntary standards • Supplier carbon footprint data collection in progress • Gold Award for EPRA Sustainability Best Practices Recommendations • Maintained GRESB three-star rating • MSCI rating improved from BBB to A • S&P Global Corporate Sustainability Rating improved from 42 to 44 • Committed to Net Zero Carbon by 2050 • Up to date 2024 carbon footprint completed and verified to underpin formal Carbon Transition Plan being developed • 0% of waste is sent to landfill (wholly-managed buildings) • 118 kWp solar capacity installed • 95% units BER Rated A-C (92% in 2024) • 100% of landlord procured electricity was from renewable sources (wholly- managed buildings) • Maintained B CDP Score (Highest possible SME rating) • 90% Employee satisfaction score • 51% of workforce is female – Currently hold an Investors in Diversity Silver Award • Average of 42 hours of professional development per employee • Continuing high resident satisfaction levels Tenant Satisfaction & Peace of Mind Lower Capex Requirement Negligible Exposure To Proposed Minimum BER Standards Our Strong ESG Credentials Provide Us With…. Sustainability Strategic Pillars Operating Responsibly Protecting the Environment Building Communities I-RES REIT Plc Building a Sustainable and Responsible Business Appendix 1 - Sustainability 19
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1 According to independent valuers. Calculated as the variance between estimated market rent and the current passing rent Property Portfolio Performance 31 December 2025 31 December 2024 Annualised Passing Rent (€’000) 87,556 86,461 % commercial 6% 6% Portfolio Occupancy Rate, % 99.5% 99.4% Portfolio Average Monthly Rent (€) €1,852 €1,814 Under Rented 1 % 20% 18% Commercial space (sq. m.) 24,666 24,666 I-RES REIT Plc Modern Portfolio With Strong Performance Metrics Appendix 2 - Portfolio Overview 14% 28% 28% 19% 5% 6% <€1,500 €1,500 - €1,750 €1,750 - €2,000 €2,000 - €2,250 €2,250 - €2,500 >€2,500 34% 23% 23% 11% 9% South Dublin City Centre North Dublin West Dublin West City 8% 9% 9% 63% 11% 2 to 5 6 to 9 10 to 14 15 to 19 >20 Modern Portfolio In Attractive Locations At Affordable Rents As at 31 December 2025 Years 20
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Thank you for your time For more information please visit: www.iresreit.ie/investors South Dock House Hanover Quay DO2 XW94 Ireland www.i-res.ie