Irish Residential Properties REIT plc

For H1 2026, revenue increased 1.1% to EUR 43.1 million. Net rental income margin improved 10 basis points to 78.1%, EBITDA was broadly stable at EUR 27.3 million, EPRA earnings rose 5.3% to EUR 15.3 million, adjusted earnings increased 6.2% to EUR 17 million, and EPRA EPS increased 5.8% to EUR 0.029. Total accounting return was 6.8%, versus 2.8% in H1 2025. The interim dividend was EUR 0.025 per share, up 5.9% year over year. The portfolio value increased 2.4% to EUR 1.277 billion, like-for-like property value growth was 2.9%, and net LTV was 42.6%. Looking ahead, management said H2 like-for-like rental growth should be similar if current conditions persist, full-year CapEx should be in line with last year after just over EUR 4 million spent in the first half, and LTV is expected to remain within the 40% to 45% target range.

Eddie Byrne framed the half as evidence that I-RES is benefiting from operating discipline, a stronger rent-regulation backdrop, and a structurally supportive Irish housing market. He said the company is already starting to release reversion gradually across the portfolio and described the early effect of the March rent changes as slightly ahead of expectations. He was constructive on market liquidity, noting more transactions, more inbound interest, and several deals expected to come to market in September.

Mari Hurley emphasized that the platform translated operational performance into earnings growth: revenue was EUR 43.1 million, EBITDA was EUR 27.3 million, financing costs fell 5.8% to EUR 11.5 million, and EPRA earnings were EUR 15.3 million. She pointed to a strong balance sheet with net LTV at 42.6%, property value at EUR 1.277 billion, and the RCF extended by 12 months to March 2031. She also highlighted sustainability-linked financing benefits, saying the RCF converted into an SLL and the company achieved all KPIs, enabling a 5 basis point margin reduction to 1.95%.

Analysts focused on transaction volumes and yields, the path for further NRI margin improvement, turnover trends after the rent-rule change, and whether CapEx would rise as higher rents become available on re-letting. Management said recent PRS transactions have been supportive of prime yields, with no heavily reversionary assets trading yet, and that more deals are expected later in the year. On margins, Eddie Byrne said the 20 basis point local property tax hit masked the underlying improvement and that releasing reversion should push NRI margin higher over time; on turnover, he said H1 showed no clear change after the regulation shift and it was too early to conclude much. On CapEx, Mari Hurley said first-half spend was just over EUR 4 million, full-year spend should be in line with last year, and any unit-level CapEx uplift was already built into 2026 assumptions and should not be material going forward.