Half Year 2026 Irish Residential Properties REIT PLC Earnings Call

August 14, 2026

Speaker #1: And joining me is Chief Executive Officer Eddie Byrne, and Chief Financial Officer Mary Hurley. Before I hand over to Eddie, please note that some statements made today may be forward-looking and subject to risks and uncertainties, that could cause actual results to differ materially from those expressed or implied by these forward-looking statements.

[Company Representative] (Irish Residential Properties): and joining me is Chief Executive Officer, Eddie Byrne, and Chief Financial Officer, Mari Hurley. Before I hand over to Eddie, please note that some statements made today may be forward looking and subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these forward-looking statements. For detailed information, please refer to the risk section of our results issued today, which highlights these risks and uncertainties. I will now hand over to Eddie to provide an overview of the results for the H1.

[Company Representative] (Irish Residential Properties): Joining me is Chief Executive Officer, Eddie Byrne, and Chief Financial Officer, Mari Hurley. Before I hand over to Eddie, please note that some statements made today may be forward looking and subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these forward-looking statements. For detailed information, please refer to the risk section of our results issued today, which highlights these risks and uncertainties. I will now hand over to Eddie to provide an overview of the results for the H1.

Speaker #1: For detailed information, please refer to the Risk section of our results issued today, which highlights these risks and uncertainties. I will now hand over to Eddie to provide an overview of the results for the half-year.

Speaker #2: Thank you, Laura. And good morning, everyone. welcome to our 2026 interim results presentation. I'll start with taking you through the highlights and operational performance over the first half of the year.

Eddie Byrne: Thank you, Orla, and good morning, everyone. Welcome to our 2026 interim results presentation. I will start with taking you through the highlights and operational performance over the H1 of the year. Mari will then take you through the financial performance in more detail before I finish up with some insights into the market backdrop and our outlook. Turning now to the highlights. The H1 of 2026 delivered a very strong set of results, demonstrating the continued strength of the IRES operating platform and the progress we are making against our strategic priorities. One of the key features of this reporting period was the introduction of the new rent regulations, which came into effect on 1 March. While it is early days in terms of impact, we are encouraged by the initial signs that we are seeing in the business and in the market more broadly.

Speaker #2: Mary will then take you through the financial performance in more detail, before I finish up with some insights into the market backdrop and our outlook.

Speaker #2: Turning now to the highlights: the first half of 2026 delivered a very strong set of results, demonstrating the continued strength of the IRS operating platform and the progress we are making against our strategic priorities.

Speaker #2: One of the key features of this supporting period was the introduction of the new rent regulations, which came into effect on the 1st of March.

Speaker #2: By the 30 days in terms of impact, we are encouraged by the initial signs that we were seeing in the business and in the market more broadly.

Speaker #2: Looking at some of the key metrics of the results: we delivered like-for-like passing rental growth of 2.1%, compared with Northpoint's 3% in H1 2025.

Eddie Byrne: Looking at some of the key metrics of the results, we delivered like-for-like passing rental growth of 2.1%, compared with 0.3% in H1 2025. Our net rent income margin remains strong at 78.1%, up 10 basis points on H1 2025, but also building on the very strong 120 basis points improvement delivered in full year 2025, and despite a 20 basis point negative impact due to an increase in Local Property Tax. Adjusted earnings grew by 6.2%, and our EPRA EPS increased by 5.8% to EUR 0.029.

Speaker #2: Our net rental income margin remained strong at 78.1%, up 10 basis points on H1 2025, but also building on the very strong 120 basis points improvement delivered in full-year 2025, and despite a 20 basis point negative impact due to an increase in local property tax.

Speaker #2: Adjusted earnings grew by 6.2%, and our EPRA earnings per share increased by 5.8% to 2.9 cents. Our total accounting return also improved meaningfully to 6.8% in the first 6 months, up from 2.8% in H1 2025, driven by the increase in valuations, which in turn has been supported by the organic performance of our assets and the leasing activity under the new rental agreement.

Eddie Byrne: Our total accounting return also improved meaningfully to 6.8% in the first six months, up from 2.8% in H1 2025, driven by the increase in valuations, which in turn has been supported by the organic performance of our assets and the leasing activity under the new rent regime. This performance reflects our relentless focus on operating excellence, cost discipline, and margin management, supported by our fully internalized platform. Importantly, we also are growing shareholder returns. The interim dividend is EUR 0.025 per share, up 5.9% on H1 2025. At the same time, our balance sheet remains flexible, with the Net Loan to Value ratio down 100 basis points to 42.6%. Well within our target range of 40% to 45%, and giving us the ability to use that capacity to support growth.

Speaker #2: This performance reflects our relentless focus on operating excellence, cost discipline, and margin management, supported by our fully internalized platform. Importantly, we also are growing shareholder returns, the interim dividend is 2.5 cents per share, up 5.9% on H1 2025, at the same time our balance sheet remains flexible, with the net loan-to-value ratio down 100 basis points to 42.6%, well within our target range of 40 to 45%, and giving us the ability to use that capacity to support growth.

Eddie Byrne: At 30 June 2026, our EPRA Net Initial Yield held stable at 5.2%. While peer risk yields are expected to tighten, we have not seen this play out yet, with improved operating performance being the main driver behind improving values. Overall, the business has continued to deliver across the areas within our control, while the improving regulatory and market backdrop provides a clearer pathway for growth. Turning now to slide five. Operationally, our platform continues to perform exceptionally well. At 30 June, our portfolio comprised of 3,611 units, with a 99.4% occupancy level and average monthly rent of EUR 1,884. Within this, the portfolio is 20% under rented, which is a significant embedded growth opportunity.

Speaker #2: At the 30th of June 2026, our EPRA net initial yield held stable at 5.2%. While PRS yields are expected to tighten, we've not seen this play out yet, with improved operating performance being the main driver behind improving values.

Speaker #2: Overall, the business has continued to deliver across the areas within our control, while the improving regulatory and market backdrop provides a clearer pathway for growth.

Speaker #2: Turning now to slide 5: operationally, our platform continues to perform exceptionally well. At 30th of June, our portfolio comprised of 3,611 units, with a 99.4% occupancy level and average monthly rent of $1,884.

Speaker #2: Within this, the portfolio is 20% under-renters, which is a significant embedded growth opportunity. The new rent regulation framework is now starting to support the release of that reversion, albeit gradually, as units turn over and new leases are signed.

Eddie Byrne: The new rent regulation framework is now starting to support the release of that reversion, albeit gradually as units turnover and new leases are signed. For the first six months of the year, our turnover rate was 6%, remaining in line with H1 2025. Our asset recycling program continued to deliver, with 18 units disposed of in the period at a premium to book value of around 30%. As previously announced in February, we also signed a forward purchase agreement for 77 units in Naas, demonstrating our ability to recycle capital into opportunities that can enhance the portfolio and support future earnings growth. These assets will be immediately earnings enhancing following short lease-up periods with a full year impact anticipated in 2027. Moving to slide seven and our recent acquisition.

Speaker #2: For the first 6 months of the year, our turnover rate was 6%, remaining in line with H1 2025. Our asset recycling program continued to deliver, with 18 units disposed of in the period at a premium-to-book value of around 30%.

Speaker #2: As previously announced in February, we also signed a forward purchase agreement for 77 units in Mace, demonstrating our ability to recycle capital into opportunities that can enhance the portfolio and support future earnings growth.

Speaker #2: These assets will be immediately earnings-enhancing following a short lease-up period, with the full-year impact anticipated in 2027. Moving to slide 7 and our recent acquisition: HarborGate is a strong example of how we are investing selectively to improve the quality and long-term performance of our portfolio.

Eddie Byrne: Arbor Gate is a strong example of how we are investing selectively to improve the quality and long-term performance of our portfolio. The 77 A-rated homes increase our exposure to a growing location in Naas, where demand is supported by a strong local economy and convenient access to Dublin. Financially, we expect the acquisition to deliver attractive returns with a projected Net Initial Yield of approximately 5.25%, funded by selling assets into the private market at implied yields below 4%. Overall, this is disciplined capital deployment that adds an excellent asset while supporting a sustainable portfolio growth. Turning the page, the IRES Living rebrand is now complete. This rebranding creates a consistent resident-facing presence across leasing, compliance, resident accounts, technical services, and estate and O s communications.

Speaker #2: The 77 A-rated homes increase our exposure to a growing location in Mace, where demand is supported by a strong local economy and convenient access to domain.

Speaker #2: Financially, we expect the acquisition to deliver attractive returns. With a projected net initial yield of approximately 5.25%, funded by selling assets into the private market at implied yields below 4%.

Speaker #2: Overall, this has disciplined capital deployment that adds an excellent asset by supporting a sustainable portfolio growth. Turning the page, the IRS living rebrand is now complete.

Speaker #1: Units and lease, size of capital into opportunities that can enhance the portfolio and support future growth. These assets will be immediately earnings-enhancing following a short lease-up period, with the full-year impact anticipated in 2027.

Eddie Byrne: Units in Naas. Demonstrating our ability to resize the capital into opportunities that can enhance the portfolio and support future earnings growth. These assets will be immediately earnings enhancing following short lease-up periods with a full year impact anticipated in 2027. Moving to slide seven on our recent acquisition. Arbor Gate is a strong example of how we are investing selectively to improve the quality and long-term performance of our portfolio. The 77 A-rated homes increase our exposure to a growing location in Naas, where demand is supported by a strong local economy and convenient access to Dublin. Financially, we expect the acquisition to deliver attractive returns with a projected net initial yield of approximately 5.25%, funded by selling assets into the private market at implied yields below 4%. Overall, this is disciplined capital deployment that adds an excellent asset while supporting a sustainable portfolio growth.

Speaker #2: This rebranding created consistent resident-facing presence across leasing, compliance, resident accounts, technical service, services and estate and OMC communications. It also draws a clearer line between IRES as the corporate-listed entity and IRES living as the resident-facing entity.

Speaker #1: Moving to Slide 7 and our recent acquisition, HarborGate is a strong example of how we are investing selectively to improve the quality and long-term performance of our portfolio.

Eddie Byrne: It also draws a clearer line between IRES as the corporate listed entity and IRES Living as the resident-facing entity. This is not just a visual change. It is about strengthening how the platform operates, how residents engage with us, and how we position our service offering in an increasingly competitive market. Having the IRES Living brand and all the associated virtual platforms aligned with us helps us service our residents quickly and comprehensively, which is one of our core strengths when it comes to maintaining our exceptionally high occupancy levels. A fully internalized platform is a key driver of operational efficiency, cost control, and resident service. The rebrand supports that platform, improves consistency across touchpoints, and helps ensure that the business remains fit for purpose as we move into the next phase of growth, including, and most importantly, releasing the reversion on our portfolio. Turning now to regulation.

Speaker #1: The 77 A-rated homes increase our exposure to a growing location in Leith, where demand is supported by a strong local economy and convenient access to Dublin.

Speaker #2: But this is not just a visual change; it is about strengthening how the platform operates, how residents engage with us, and how we position our service offering in an increasingly competitive market.

Speaker #1: Financially, we expect the acquisition to deliver attractive returns, with a projected net initial yield of approximately 5.25%, funded by selling assets into the private market at implied yields below 4%.

Speaker #2: Having the IRES living brand and all the associated vertical platforms aligned with us helps us serve our residents quickly and comprehensively, which is one of our core strengths when it comes to maintaining our exceptionally high occupancy levels.

Speaker #1: Overall, this is disciplined capital deployment that adds an excellent asset by supporting sustainable portfolio growth. Turning the page, the IRES Living rebrand is now complete.

Speaker #2: Our fully internalized platform is a key cost control, and resident service. The rebrand supports that platform, improves consistency across touchpoints, and helps ensure that the business remains fit for purpose as we move into the next phase of growth, including—and most importantly—releasing the reversion on our portfolio.

Eddie Byrne: Turning the page, the I-RES Living rebrand is now complete. This rebranding creates a consistent resident-facing presence across leasing, compliance, resident accounts, technical services, and estate and OMC communications. It also draws a clearer line between IRES as the corporate listed entity and I-RES Living as the resident-facing entity. This is not just a visual change. It is about strengthening how the platform operates, how residents engage with us, and how we position our service offering in an increasingly competitive market. Having the I-RES Living brand and all the associated virtual platforms aligned with it helps us service our residents quickly and comprehensively, which is one of our core strengths when it comes to maintaining our exceptionally high occupancy levels. Our fully internalized platform is a key driver of operational efficiency, cost control, and resident service.

Speaker #1: This rebranding creates a consistent, resident-facing presence across leasing, compliance, resident accounts, technical service, services, and estate and OMC communications. It also draws a clearer line between IRES as the corporate listed entity and IRES Living as the resident-facing identity.

Speaker #2: Turning now to regulation: changes introduced from the 1st of March 2026 represent a very positive development for IRES and for the broader Irish PRS market.

Eddie Byrne: Changes introduced from 1 March 2026 represent a very positive development for IRES and for the broader Irish PRS market. For existing leases, rent caps continue at the lower of CPI and 2%. However, rent resetting has now been permitted for new tenancies from 1 March 2026, and new leases signed from that date also reset after six years in the event that the resident remains in situ. For IRES, this is highly significant. We have already begun to release that rental income reversion across the portfolio. This will be gradual as it is driven by turnover, but the direction of travel is clear and positive. For H1 2026, it is slightly ahead of our expectations. With this revised framework in place, we are seeing much needed capital flows into the sector.

Speaker #1: But this is not just a visual change; it is about strengthening how the platform operates—how residents engage with us, and how we position our service offering in an increasingly competitive market.

Speaker #2: For existing leases, rent caps continue at the lower of CPI at 2%. However, rent resetting has now been permitted for new tenancies from the 1st of March 2026, and new leases signed from that date also reset after 6 years, in the event that the resident remains in situ.

Speaker #1: Having the IRES Living brand and all the associated platforms is aligned with us and helps us service our residents quickly and comprehensively, which is one of our core strengths when it comes to maintaining our exceptionally high occupancy levels.

Speaker #2: For IRES, this is highly significant. We have already begun to release that rental income reversion across the portfolio. This will be gradual, as it's driven by turnover, but the direction of travel is clear and positive, and for H1 2026 is slightly ahead of our expectations.

Speaker #1: Our fully internalized platform is a key driver of operational efficiency, cost control, and resident service. The rebrand supports that platform, improves consistency across touchpoints, and helps ensure that the business remains fit for purpose as we move into the next phase of growth, including, and most importantly, releasing the reversion on our portfolio.

Eddie Byrne: The rebrand supports that platform, improves consistency across touchpoints, and helps ensure that the business remains fit for purpose as we move into the next phase of growth, including, and most importantly, releasing the reversion on our portfolio. Turning now to regulation. Changes introduced from 1 March 2026 represent a very positive development for IRES and for the broader Irish PRS market. For existing leases, rent caps continue at the lower of CPI and 2%. However, rent resetting has now been permitted for new tenancies from 1 March 2026, and new leases signed from that date also reset after six years in the event that the resident remains in situ. For IRES, this is highly significant. We have already begun to release that rental income reversion across the portfolio.

Speaker #2: With this revised framework in place, we're seeing much-needed capital flows into the sector. Already investment volumes for the first half of 2026 have exceeded last year in totality, and are materially ahead of any comparable H1 periods since 2022.

Speaker #1: Turning now to regulation. Changes introduced from the 1st of March 2026 represent a very positive development for IRES and for the broader Irish POS market.

Eddie Byrne: Already, investment volumes for the H1 2026 have exceeded last year in totality and are materially ahead of any comparable H1 period since 2022. The new-build exemption is also important, with new-build apartments exempt from the 2% cap and allowed to increase in line with CPI. Together with the proposed sustainable design standard changes and VAT reduction measures, this should improve development viability, increase liquidity, and support renewed investment in the sector. The regulatory headwinds that constrain the sector have reduced meaningfully, and the business is well-positioned to capitalize on this improved environment. With that, I will hand over to Mari, who will take you through the financial performance.

Speaker #1: For existing leases, rent caps continue at the lower of CPI and 2%. However, rent resetting has now been permitted for new tenancies from the 1st of March 2026, and new leases signed from that date also reset after six years, in the event that the resident remains in situ.

Speaker #2: The new billed exemption is also important, with new billed apartments exempt from the 2% cap and allowed to increase in line with CPI. Together with the proposed sustainable design standard changes and VAT reduction measures, this should improve development viability, increase liquidity, and support renewed investment in the sector.

Speaker #1: For I-RES, this is highly significant. We have already begun to release that rental income reversion across the portfolio. This will be gradual, as it's driven by turnover, but the direction of travel is clear and positive, and for H1 2026 is slightly ahead of our expectations.

Speaker #2: The regulatory headwinds that constrain the sector have reduced meaningfully, and the business is well-positioned to capitalize on this improved environment. With that, I will hand over to Mary, who will take you through the financial performance.

Eddie Byrne: This will be gradual, as it is driven by turnover, but the direction of travel is clear and positive. For H1 2026, it is slightly ahead of our expectations. With this revised framework in place, we are seeing much needed capital flows into the sector. Already, investment volumes for the H1 2026 have exceeded last year in totality and are materially ahead of any comparable H1 period since 2022. The new build exemption is also important, with new build apartments exempt from the 2% cap and allowed to increase in line with CPI. Together with the proposed sustainable design standard changes and VAT reduction measures, this should improve development viability, increase liquidity, and support renewed investment in the sector. The regulatory headwinds that constrain the sector have reduced meaningfully, and the business is well positioned to capitalize on this improved environment.

Speaker #1: With this revised framework in place, we're seeing much-needed capital flows into the sector. Already, investment values for the first half of 2026 have exceeded those for the entirety of last year and are materially ahead of any comparable H1 periods since 2022.

Speaker #3: Thank you, Eddie, and good morning, everyone. I'm looking forward to meeting many of you during the results roadshow and thereafter. Since joining IRES, I've been very impressed by the quality of the portfolio, the strength of the platform, and the depth of expertise across the team.

Mari Hurley: Thank you, Eddie, and good morning, everyone. I am looking forward to meeting many of you during the results roadshow and thereafter. Since joining IRES, I have been very impressed by the quality of the portfolio, the strength of the platform, and the depth of expertise across the team. I have seen firsthand how the business is supported by high-quality assets, a highly capable and committed team, and a strong operations-focused culture committed to delivering for both residents and shareholders. I will now take you through the financial performance for the H1 2026. Turning to slide 11. Our growth has been delivered through continued operational excellence. The numbers here reflect the quality of our portfolio and the strength of IRES' internally managed platform, delivering meaningful cost efficiencies while maintaining exceptional resident service. Revenue increased by 1.1% to EUR 43.1 million, while NRI margin improved by 10 basis points to 78.1%.

Speaker #3: I've seen firsthand how the business is supported by high-quality assets, a highly capable and committed team, and a strong operations-focused culture, committed to delivering for both residents and shareholders.

Speaker #1: The new build exemption is also important, with new build apartments exempt from the 2% cap and allowed to increase in line with CPI. Together with the proposed sustainable design standard changes and VAT reduction measures, this should improve development viability, increase mobility, and support renewed investment in the sector.

Speaker #3: I'll now take you through the financial performance for the first half of 2026. Turning to slide 11: our growth has been delivered through continued operational excellence.

Speaker #1: The regulatory headwinds that constrain the sector have reduced meaningfully, and the business is well positioned to capitalize on this improved environment. With that, I will hand over to Mary, who will take you through the financial performance.

Speaker #3: The numbers here reflect the quality of our portfolio and the strength of IRES's internally managed platform, delivering meaningful cost efficiencies while maintaining exceptional resident service.

Speaker #2: Thank you, Eddie, and good morning, everyone. I'm looking forward to working with many of you during the results roadshow and thereafter. Since joining IRES, I’ve been very impressed by the quality of the portfolio, the strength of the platform, and the expertise across the team.

Speaker #3: Revenue increased by 1.1% to $43.1 million while NRI margin improved by 10 basis points to $78.1%. EBITDA was broadly stable at $27.3 million, notwithstanding the impact of some property disposals, and this is due to continued cost discipline across the business.

Eddie Byrne: With that, I will hand over to Mari, who will take you through the financial performance.

Mari Hurley: Thank you, Eddie, and good morning, everyone. I am looking forward to meeting many of you during the results road show and thereafter. Since joining IRES, I have been very impressed by the quality of the portfolio, the strength of the platform, and the depth of expertise across the team. I have seen firsthand how the business is supported by high-quality assets, a highly capable and committed team, and a strong operations-focused culture committed to delivering for both residents and shareholders. I will now take you through the financial performance for the H1 2026. Turning to slide 11, our growth has been delivered through continued operational excellence. The numbers here reflect the quality of our portfolio and the strength of IRES' internally managed platform, delivering meaningful cost efficiencies while maintaining exceptional resident service. Revenue increased by 1.1% to €43.1 million, while NRI margin improved by 10 basis points to 78.1%.

Speaker #2: I've seen firsthand how the business is supported by high-quality assets, a highly capable and committed team, and a strong, operations-focused culture committed to delivering for both residents and shareholders.

Mari Hurley: EBITDA was broadly stable at EUR 27.3 million, notwithstanding the impact of some property disposals, and this is due to continued cost discipline across the business. Financing costs reduced by 5.8% to EUR 11.5 million, supported by our hedging position and disciplined debt management. As a result, EPRA earnings increased by 5.3% to EUR 15.3 million, and adjusted earnings increased by EUR 1 million or 6.2% to EUR 17 million. On a per share basis, EPRA EPS increased by 5.8% to 2.9 cents. The interim dividend declared today is 2.5 cents per share, representing an increase of 5.9% on H1 2025. The key drivers of this performance were organic rental growth, the early impact of the new rent regulations regime, achievement of effective full occupancy, collection rates above 99%, our ongoing asset recycling program, and a well-hedged debt position with 85% of debt hedged to 2030.

Speaker #2: I'll now take you through the financial performance for the first half of 2026. Turning to slide 11, our growth has been delivered through continued operational excellence.

Speaker #3: Financing costs reduced by $5.8% to $11.5 million, supported by our hedging position and disciplined debt management. As a result, EPRA earnings increased by $5.3% to $15.3 million, and adjusted earnings increased by $1 million or 6.2% to $17 million.

Speaker #2: The numbers here reflect the quality of our portfolio and the strength of IRES's internally managed platform, delivering meaningful cost efficiencies while maintaining exceptional resident service.

Speaker #2: Revenue increased by 1.1% to €43.1 million, while NRI margin improved by 10 basis points to 78.1%. EBITDA was broadly stable at €27.3 million, notwithstanding the impact of some property disposals, and this is due to continued cost discipline and profitability.

Speaker #3: On a per-share basis, EPRA EPS increased by $5.8% to $2.9, the interim dividend declared today is $2.5 per share, representing an increase of 5.9% on a half-year one 2025.

Speaker #3: The key drivers of this performance were organic rental growth, the early impact of the new rent regulations regime, achievement of effective full occupancy, collection rates above 99%, our ongoing asset recycling program, and a well-hedged debt position with $85% of debt hedged to 2030.

Speaker #2: Financing costs reduced by 1.2% to 11.4%, supported by our hedging position and disciplined debt management. As a result, EPRA earnings increased by 5.3% to €15.3 million, and adjusted earnings increased by €1 million, or 6.2%, to €17 million.

Mari Hurley: EBITDA was broadly stable at €27.3 million, notwithstanding the impact of some property disposals, and this is due to continued cost discipline across the business. Financing costs reduced by 5.8% to €11.5 million, supported by our hedging position and disciplined debt management. As a result, EPRA earnings increased by 5.3% to €15.3 million, and adjusted earnings increased by €1 million, or 6.2%, to €17 million. On a per share basis, EPRA EPS increased by 5.8% to 2.9 cents. The interim dividend declared today is 2.5 cents per share, representing an increase of 5.9% on H1 2025. The key drivers of this performance were organic rental growth, the early impact of the new rent regulations regime, achievement of effective full occupancy, collection rates above 99%, our ongoing asset recycling program, and a well-hedged debt position with 85% of debt hedged to 2030.

Speaker #3: In short, the operating platform continues to convert strong operational performance into earnings growth and shareholder returns. This is demonstrated by the delivery of total accounting return for the 6-month period of $6.8%, up from $2.8% in the prior period.

Mari Hurley: In short, the operating platform continues to convert strong operational performance into earnings growth and shareholder returns. This is demonstrated by the delivery of total accounting return for the H1 period of 6.8%, up from 2.8% in the prior period. Turning to the next slide on the balance sheet. Here, our position remains strong and disciplined. The total property value increased by 2.4% to EUR 1.277 billion or 2.9% like-for-like growth, supported by organic rental growth and asset performance, partly offset by disposals. Valuation yields remain stable with an EPRA Net Initial Yield of 5.2% and equivalent yield at 6.1%. The IRES portfolio remains approximately 20% under rented, which provides long-term income upside as units turnover and new leases commence. Our Net Loan to Value ratio reduced to 42.6%, well within our target range.

Speaker #2: On a per-share basis, EPRA EPS increased by 5.8% to 2.9 cents. The interim dividend declared today is 2.5 cents per share, representing an increase of 5.9% on half-year 1 2025.

Speaker #2: The key drivers of this performance were organic rental growth, the early impact of the new rent regulations regime, achievement of effective full occupancy, collection rates above 99%, our ongoing asset recycling program, and a well-hedged debt position, with 85% of debt hedged to 2030.

Speaker #3: Turning to the next slide on the balance sheet, here are position remains strong and disciplined. The total property value increased by $2.4% from $1.277 billion or $2.9% life-for-life growth, supported by organic rental growth and asset performance, partly offset by disposal.

Speaker #2: In short, the operating platform continues to convert strong operational performance into earnings growth and shareholder returns. This is demonstrated by the delivery of total accounting returns for the six-month period of 6.8%, up from 2.8% in the prior period.

Speaker #3: Valuation yield remains stable, with an EPRA net initial yield of $5.2% and equivalent yield at $6.1%. The IRES portfolio remains approximately 20% under-rented, which provides long-term income upside as units turn over and new leases commence.

Mari Hurley: In short, the operating platform continues to convert strong operational performance into earnings growth and shareholder returns. This is demonstrated by the delivery of total accounting return for the six-month period of 6.8%, up from 2.8% in the prior period. Turning to the next slide on the balance sheet, here our position remains strong and disciplined. The total property value increased by 2.4% to €1.277 billion, or 2.9% like-for-like growth, supported by organic rental growth and asset performance, partly offset by disposal. Valuation yields remain stable, with an EPRA net initial yield of 5.2% and equivalent yield at 6.1%. The IRES portfolio remains approximately 20% under rented, which provides long-term income upside as units turnover and new leases commence. Our net loan-to-value ratio reduced to 42.6%, well within our target range.

Speaker #2: Turning to the next slide on the balance sheet, here our position remains strong and disciplined. The total property value increased by 2.4% to €1.277 million, or 2.9% like-for-like growth.

Speaker #3: Our net loan-to-value ratio reduced to 42.6%, well within our target range. We have also extended the RCF facility by 12 months to March 2031, which preserves flexibility in the capital structure.

Mari Hurley: We have also extended the RCF facility by 12 months to March 2031, which preserves flexibility in the capital structure. This balancing discipline is central to our strategy. It gives us the capacity to reinvest where opportunities are accretive while maintaining moderate gearing and protecting long-term shareholder value. Turning next to slide 13, execution on our asset recycling strategy, which remains an important part of our overall capital allocation framework. This strategy is designed to optimize the portfolio mix, enhance location and sustainability credentials, and fund future growth. It also provides a clear mechanism for recycling capital for mature or lower strategic fit assets into opportunities that can generate higher long-term returns. During the H1 of 2026, we disposed of 18 units, generating EUR 7.5 million in gross proceeds.

Speaker #2: Supported by organic rental growth and asset performance, partly offset by disposal. Valuation yields remain stable. Net initial yield of 5.2%, equivalent yield at 6.1%.

Speaker #3: This balance sheet discipline is central to our strategy. It gives us the capacity to reinvest where opportunities are accretive, while maintaining moderate gearing and protecting long-term shareholder value.

Speaker #2: The IRES portfolio remains approximately under-rented, which provides long-term income upside as units turn over and new leases commence. Our net loan-to-value ratio reduced to 42.6%, well within our target range.

Speaker #3: Turning to next to slide 13, execution on our asset recycling strategy, which remains an important part of our overall capital allocation framework. This strategy is designed to optimize the portfolio mix, enhance location and sustainability credentials, and fund future growth.

Speaker #2: We have also extended the RCF facility by 12 months to March 2031, which preserves flexibility in the capital structure. This balance sheet discipline is central to our strategy.

Speaker #3: It also provides a clear mechanism for recycling capital for a mature or lower strategic fit assets, into opportunities that can generate higher long-term returns.

Speaker #2: It gives us the capacity to reinvest where opportunities are accretive, while maintaining moderate gearing and protecting long-term shareholder value. Turning to the next slide, Slide 13, execution on our asset recycling strategy, which remains an important part of our overall capital allocation framework.

Speaker #3: During the first half of 2026, we disposed of 18 units, generating $7.5 million of gross proceeds. Since the program began, we have disposed of $125 units and generated $42 million in proceeds, while achieving premiums in the period to book value of approximately 30%.

Mari Hurley: We have also extended the RCF facility by 12 months to March 2031, which preserves flexibility in the capital structure. This balancing discipline is central to our strategy. It gives us the capacity to reinvest where opportunities are accretive while maintaining moderate gearing and protecting long-term shareholder value. Turning next to slide 13, execution on our asset recycling strategy, which remains an important part of our overall capital allocation framework. This strategy is designed to optimize the portfolio mix, enhance location and sustainability credentials, and fund future growth. It also provides a clear mechanism for recycling capital for mature or lower strategic fit assets into opportunities that can generate higher long-term returns. During H1 2026, we disposed of 18 units, generating GBP 7.5 million in gross proceeds.

Mari Hurley: Since the program began, we have disposed of 125 units and generated EUR 42 million in proceeds, while achieving premiums in the period to book value of approximately 30%. These proceeds increase our reinvestment capacity and have also contributed to the reduction in loan to value. At period end, we continue to hold 20 units for held for sale. Looking ahead, we continue to see increasing market and development activity and a more extensive pipeline of investment opportunities. The 77-unit Naas forward purchase agreement demonstrates how we can redeploy capital into assets that support our strategy, improve the portfolio, and drive shareholder value. Turning to slide 14. Sustainability remains a core element of IRES' strategy and is embedded across the way we operate the business. On this slide, you'll see a number of key metrics that we report on annually relating to our sustainability-focused goals and commitments.

Speaker #2: This strategy is designed to optimize the portfolio mix, enhance location and sustainability credentials, and fund future growth. It also provides a clear mechanism for recycling capital from mature or lower strategic fit assets into opportunities that can generate higher long-term returns.

Speaker #3: These proceeds increase our reinvestment capacity and have also contributed to the reduction in loan-to-value. A period end we continue to hold 20 units were held for sale.

Speaker #2: During the first half of 2026, we disposed of 18 units, generating €7.5 million of gross proceeds. Since the program began, we have disposed of 125 units and generated €42 million in proceeds, while achieving premiums in the period to book value of approximately 30%.

Speaker #3: Looking ahead, we continue to see increasing market and development activity and a more extensive pipeline of investment opportunities. The $77 unit NACE forward purchase agreement demonstrates how we can redeploy capital into assets that support our strategy, improve the portfolio, and drive shareholder value.

Speaker #2: These proceeds increase our reinvestment capacity and have also contributed to the reduction in loan-to-value. At period end, we continue to hold 20 units held for sale.

Speaker #3: Turning to slide 14: sustainability remains a core element of IRES strategy, and is embedded across the way we operate the business. On this slide, you'll see a number of key metrics that we report on annually relating to our sustainability-focused goals and commitments.

Mari Hurley: Since the program began, we have disposed of 125 units and generated GBP 42 million in proceeds while achieving premiums in the period to book value of approximately 30%. These proceeds increase our reinvestment capacity and have also contributed to the reduction in loan-to-value. At period end, we continue to hold 20 units for held-for-sale. Looking ahead, we continue to see increasing market and development activity and a more extensive pipeline of investment opportunities. The 77-unit Naas forward purchase agreement demonstrates how we can redeploy capital into assets that support our strategy, improve the portfolio, and drive shareholder value. Turning to slide 14. Sustainability remains a core element of IRES' strategy and is embedded across the way we operate the business. On this slide, you will see a number of key metrics that we report on annually relating to our sustainability-focused goals and commitments.

Speaker #2: Looking ahead, we continue to see increasing market and development activity, and a more extensive pipeline of investment opportunities. The 77-unit NACE forward purchase agreement demonstrates how we can redeploy capital into assets that support our strategy, improve the portfolio, and drive shareholder value.

Speaker #3: Today, what I'd like to draw your attention to in terms of the first half 2026 update is what we have achieved with our RCF facility.

Mari Hurley: Today, what I'd like to draw your attention to in terms of H1 2026 update is what we have achieved with our RCF facility. This was converted into a sustainability-linked loan or SLL in November of last year. This now ties financing costs to independently verifying sustainability performance indicators. Having just completed the first performance period of the SLL and achieving successfully all sustainability performance indicators, we were able to avail of a five-basis point reduction in our margin cost to 1.95%. We continue to make progress across our three sustainability pillars: operating responsibly, protecting the environment, and building communities. This progress demonstrates that we are continuing to run IRES as a responsible business with a portfolio and platform designed to be sustainable over the long term. I will now hand back to Eddie.

Speaker #3: This was converted into a sustainability-linked loan, or SLL, in November of last year. This now ties financing costs to independently verified sustainability performance indicators.

Speaker #2: Turning to slide 14, sustainability remains a core element of IRES's strategy, and is embedded across the way we operate the business. On this slide, you'll see a number of key items that we report on annually, relating to our sustainability-focused goals and commitments.

Speaker #3: Having just completed the first performance period of the SLL and achieving successfully all sustainability performance indicators, we were able to avail of a 5 basis point reduction in our margin cost to $1.95%.

Speaker #2: Today, what I'd like to draw your attention to, in terms of the first half 2026 update, is what we have achieved with our RCF facility.

Speaker #3: We continue to make progress across our three sustainability pillars: operating responsibly, protecting the environment, and building communities. This progress demonstrates that we are continuing to run IRES as a responsible business, with a portfolio and platform designed to be sustainable over the long term.

Speaker #2: This was converted into a sustainability-linked loan, or SLL, in November of last year. This now ties financing costs to independently verified sustainability performance indicators.

Speaker #2: Having just completed the first performance period of the SLL and successfully achieving all sustainability performance indicators, we were able to avail of a 5 basis-point reduction in our margin cost to 1.95%.

Mari Hurley: Today, what I would like to draw your attention to in terms of H1 2026 update is what we have achieved with our RCF facility. This was converted into a sustainability-linked loan or SLL in November of last year. This now ties financing costs to independently verifying sustainability performance indicators. Having just completed the first performance period of the SLL and achieving successfully all sustainability performance indicators, we were able to avail of a five-basis point reduction in our margin cost to 1.95%. We continue to make progress across our three sustainability pillars: operating responsibly, protecting the environment, and building communities. This progress demonstrates that we are continuing to run IRES as a responsible business with a portfolio and platform designed to be sustainable over the long term. I will now hand back to Eddie.

Speaker #3: I would now hand back to Eddie.

Speaker #1: Thank you, Mary. I will now turn to the Outlook section and begin by taking a look at some of the market fundamentals supporting the investment case for IRES.

Eddie Byrne: Thank you, Mari. I will now turn to the outlook section and begin by taking a look at some of the market fundamentals supporting the investment case for IRES. Ireland remains a highly compelling location for investments, supported by strong macroeconomic fundamentals, resilient employment, and attractive yields dynamics. Unemployment, I should say, remains close to all-time lows, but more importantly, job growth remains robust, with the country increasing the labor force by approximately 15%, or 370,000 jobs, in the past 5 years. This continues to support household formation and demand for professionally managed rental accommodation. Inflation has risen more recently and remains somewhat elevated amid ongoing Middle East uncertainty. At the same time, Irish PRS yields remain attractive relative to many UK and European markets.

Speaker #2: We continue to make progress across our three sustainability pillars: operating responsibly, protecting the environment, and building communities. This progress demonstrates that we are continuing to run IRES as a responsible business, with a portfolio and platform designed to be sustainable over the long term.

Speaker #1: Ireland remains a highly compelling location for investments, supported by strong macroeconomic fundamentals, resilient employment, and attractive yields dynamics. Employment remains close unemployment, I should say, remains close to all-time lows, but more importantly, job growth remains robust, with the country increasing the labor force by approximately 15%, our 370,000 jobs in the past 5 years.

Speaker #2: I will now hand back to Eddie.

Speaker #1: Thank you, Mary. I will now turn to the outlook section and begin by taking a look at some of the market fundamentals supporting the investment case for IRES.

Speaker #1: This continues to support household formation and demand for professionally managed rent accommodation. Inflation has risen more recently, and remains somewhat elevated amid ongoing Middle East uncertainty, at the same time Irish POSEs remain attractive relative to many UK and European markets.

Speaker #1: Ireland remains a highly compelling location for investment, supported by strong macroeconomic fundamentals, resilient employment, and attractive yields dynamics. Employment remains close unemployment, I should say, remains close to all-time lows, but more importantly, job growth remains robust, with the country increasing the labor force by approximately 15%, our 370,000 jobs in the past 5 years.

Speaker #1: What's important to point out also is that prime government POSEs remain at a significant premium to Irish government bonds, particularly when compared to our European counterparts.

Eddie Byrne: What is important to point out also is that prime Dublin PRS yields remain at a significant premium to Irish government bonds, particularly when compared to our European counterparts. This matters because the investment case for Irish PRS is becoming clearer again. The sector has strong underlying demand, a more constructive regulatory framework, and attractive relative yields. We believe these factors are supportive of renewed liquidity and capital deployment into the sector over time. On the next slide, market fundamentals remain exceptionally strong. Our structural housing supply-demand imbalance remains one of the key features of the Irish market. Population growth is forecast to continue, but housing completions have not increased in proportion to that growth over the long term. Although housing deliveries rose in 2025 and apartments output increased to 33% of total output, supply remains well below the level required to meet demand.

Eddie Byrne: Thank you, Mari. I will now turn to the outlook section and begin by taking a look at some of the market fundamentals supporting the investment case for IRES. Ireland remains a highly compelling location for investments supported by strong macroeconomic fundamentals, resilient employment, and attractive yields dynamics. Unemployment remains close to all-time lows, but more importantly, job growth remains robust, with the country increasing the labor force by approximately 15%, or 370,000 jobs, in the past five years. This continues to support household formation and demand for professionally managed rental accommodation. Inflation has risen more recently and remains somewhat elevated amid ongoing Middle East uncertainty. At the same time, Irish PRS yields remain attractive relative to many UK and European markets. What is important to point out also is that prime Dublin PRS yields remain at a significant premium to Irish government bonds, particularly when compared to our European counterparts.

Speaker #1: This matters because the investment case for Irish POS is becoming clearer again. The sector has strong underlying demand, a more constructive regulatory framework, and attractive relative yields.

Speaker #1: This continues to support household formation and demand for professionally managed rental accommodation. Inflation has risen more recently and remains somewhat elevated, amid ongoing Middle East uncertainty.

Speaker #1: We believe these factors are supportive of renewed liquidity and capital deployment into the sector over time. And on the next slide, market fundamentals remain exceptionally strong.

Speaker #1: At the same time, Irish PRS yields remain attractive relative to many UK and European markets. What's important to point out also is that prime government PRS yields remain at a significant premium to Irish government bonds, particularly when compared to our European counterparts.

Speaker #1: Our structural housing supply-demand imbalance remains one of the key features of the Irish market. Population growth is forecast to continue, while housing completions have not increased in proportion to that growth over the long term.

Speaker #1: This matters because the investment case for Irish PRS is becoming clearer again. The sector has strong underlying demand, a more constructive regulatory framework, and attractive relative yields.

Eddie Byrne: Inflation has risen more recently and remains somewhat elevated amid ongoing Middle East uncertainty. At the same time, Irish PRS yields remain attractive relative to many UK and European markets. What is important to point out also is that prime Dublin PRS yields remain at a significant premium to Irish government bonds, particularly when compared to our European counterparts.

Speaker #1: Although housing deliveries rose in 2025 and apartments output increased at 33% of total output, supply remains well below the level required to meet demand.

Speaker #1: We believe these factors are supportive of renewed liquidity and capital deployment into the sector over time. And on the next slide, market fundamentals remain exceptionally strong.

Speaker #1: As we're all aware, the government is targeting delivery of 300,000 homes between 2025 and 2030, building toward 60,000 homes per annum by 2030. That target highlights the scale of the requirements in the market.

Eddie Byrne: As we are all aware, the government is targeting delivery of 300,000 homes between 2025 and 2030, building towards 60,000 homes per annum by 2030. That target highlights the scale of the requirement in the market. For IRES, this backdrop supports high occupancy, continued rental demand, and the relevance of a scaled, professionally managed platform. The market fundamentals remain exceptionally strong, and the business is well placed to benefit from that demand over time. To conclude, IRES is positioned to benefit from exceptionally strong demand, disciplined execution, and a clear growth pathway. Macroeconomic conditions are expected to continue driving a structural supply-demand imbalance in housing. The new rental regulations provide greater certainty, and the early indicators of their impact are positive and in line, or even slightly better than our expectations. We have a good pipeline of potential accretive acquisitions to recycle capital and support growth.

Speaker #1: Our structural housing supply-demand imbalance remains one of the key features of the Irish market. Population growth is forecast to continue, but housing completions have not increased in proportion to that growth over the long term.

Eddie Byrne: This matters because the investment case for Irish PRS is becoming clearer again. The sector has strong underlying demand, a more constructive regulatory framework, and attractive relative yields. We believe these factors are supportive of new liquidity and capital deployment into the sector over time. On the next slide, market fundamentals remain exceptionally strong. Our structural housing supply-demand imbalance remains one of the key features of the Irish market. Population growth is forecast to continue, but housing completions have not increased in proportion to that growth over the long term. Although housing deliveries rose in 2025, and apartments output increased to 33% of total output, supply remains well below the level required to meet demand. As we are all aware, the government is targeting delivery of 300,000 homes between 2025 and 2030, building towards 60,000 homes per annum by 2030.

Speaker #1: For IRES, this backdrop supports high occupancy, continued rental demand, and the relevance of a scaled professionally managed platform. The market fundamentals remain exceptionally strong.

Speaker #1: Although housing deliveries rose in 2025 and apartment output increased to 30,000, supply remains well below the level required to meet demand. As we’re all aware, the government’s target of 300,000 homes for 2025-2028, building toward 60,000 homes per annum by 2030, highlights the scale of the requirements in the market.

Speaker #1: And the business is well placed to benefit from that demand over time. To conclude, IRES's position to benefit from exceptionally strong demands, disciplined execution, and a clear growth pathway.

Speaker #1: Macroeconomics, economic conditions are expected to continue driving a structural supply-demand imbalance in housing. The new rental regulations provide greater certainty, and the early indicators of their impact on positive and in line are even slightly better than our expectations.

Speaker #1: For IRES, this backdrop supports high occupancy, continued rental demand, and a relevant scale of professionally managed platform. The market fundamentals remain exceptionally strong, and the business is well placed to benefit from that demand over time.

Speaker #1: We have a good pipeline of potential accretive acquisitions to recycle capital and support growth. Many of these opportunities are directly generated by our own team, drawing on decades of combined experience.

Speaker #1: To conclude, IRES’s position is a strong demand, disciplined execution, and a clear growth pathway. Macroeconomic and economic conditions are expected to continue driving a structural supply-demand imbalance in housing.

Eddie Byrne: Many of these opportunities are directly generated by our own team, drawing on decades of combined experience. The asset disposal program is expected to continue generating strong proceeds at significant premiums to book value. We expect LTV to remain within our 40% to 45% target range. That means we can pursue growth while maintaining the balance sheet discipline that underpins our strategy. Overall, the H1 demonstrates the strength of our platform and the resilience of our portfolio. We have delivered earnings growth, strengthened shareholder returns, continued to recycle capital effectively, and strengthened the business to operate efficiently as regulatory and market conditions improve. That concludes the presentation, and we would be now happy to take any questions.

Speaker #1: The asset disposal program is expected to continue generating strong proceeds at significant premiums to book value. We expect LTV to remain within our 40 to 45% target range.

Eddie Byrne: That target highlights the scale of the requirement in the market. For IRES, this backdrop supports high occupancy, continued rental demand, and the relevance of a scaled, professionally managed platform. The market fundamentals remain exceptionally strong, and the business is well placed to benefit from that demand over time. To conclude, IRES is positioned to benefit from exceptionally strong demand, disciplined execution, and a clear growth pathway. Macroeconomic conditions are expected to continue driving a structural supply-demand imbalance in housing. The new rental regulations provide greater certainty and the early indicators of their impact are positive and in line or even slightly better than our expectations. We have a good pipeline of potentially accretive acquisitions to recycle capital and support growth. Many of these opportunities are directly generated by our own team, drawing on decades of combined experience.

Speaker #1: The new rental regulations provide greater certainty, and the early indicators of their impact are positive and are even slightly better than our expectations. We have a good pipeline of potential accretive acquisitions to recycle capital and support growth.

Speaker #1: That means we can pursue growth by maintaining the balance sheet discipline that underpins our strategy. Overall, the first half demonstrates the strength of our platform and the resilience of our portfolio.

Speaker #1: Many of these opportunities are directly generated by our own team, drawing on decades of combined experience. The asset disposal program is expected to continue generating strong proceeds at significant rates to book value.

Speaker #1: We have delivered earnings growth, strengthened shareholder returns, continued to recycle capital effectively, and strengthened the business to operate efficiently as regulatory and market conditions improve.

Speaker #1: We expect LTV to remain within our 40% to 45% target range. That means we can pursue growth while maintaining the balance sheet discipline that underpins our strategy.

Speaker #1: That concludes the presentation, and we would be now happy to take any questions.

Speaker #1: Overall, the first half demonstrates the strength of our platform and the resilience of our portfolio. We have delivered earnings growth, strengthened shareholder returns, continued to recycle capital effectively, and enhanced the business to operate efficiently as regulatory and market conditions improve.

Speaker #2: Thank you. We will now begin the question and answer session. If you would like to ask a question today, please do so now by pressing Start, followed by the number 1 on your telephone keypad.

Operator: Thank you. We will now begin the question and answer session. If you would like to ask a question today, please do so now by pressing star followed by the number 1 on your telephone keypad. If you change your mind or you feel like your question has already been answered, you can press star followed by 2 to remove yourself from the queue. Our first question today comes from the line of Colin Sheridan with Davy. Colin, please go ahead.

Speaker #2: If you change your mind or you feel like your question has already been answered, you can press Start, followed by 2 to remove yourself from the queue.

Speaker #1: That concludes the presentation, and we would now be happy to take any questions.

Speaker #2: Our first question today comes from the line of Colin Sheridan with Davey. Colin, please go ahead.

Eddie Byrne: The asset disposal program is expected to continue generating strong proceeds at significant premiums to book value. We expect LTV to remain within our 40% to 45% target range. That means we can pursue growth while maintaining the balance sheet discipline that underpins our strategy. Overall, the H1 demonstrates the strength of our platform and the resilience of our portfolio. We have delivered earnings growth, strengthened shareholder returns, continued to recycle capital effectively, and strengthened the business to operate efficiently as regulatory and market conditions improve. That concludes the presentation, and we will be now happy to take any questions.

Speaker #3: Thank you. We will now begin the question and answer session. If you would like to ask a question today, please do so now by pressing Start, followed by the number 1 on your telephone keypad.

Speaker #4: Thank you. And morning, guys. Congratulations on a great set of results. I've got three, if that's okay. First one, just Eddie, you did make a reference to the higher level of volumes coming through the POS market.

Colin Sheridan: Thank you, and morning, guys. Congratulations on a great set of results. I've got three, if that's okay. First one, Eddie, you did make a reference to the higher level of volumes coming through the PRS market since the start of the year. I wonder if you could just give us a little bit of color on the latest transactions that you're seeing in the market, particularly in relation to the yields that might be being asked for at this stage. Second one then is on the NRI margin. Look, it's an area where you've made exceptional progress considering the disposal program and the rent caps. I just wonder with those two trends not creating as much pressure going forward, whether NRI margin becomes an area where the company can really materially improve in the medium term, and what you think you can do on that front.

Speaker #3: If you change your mind, or you feel like your question has already been answered, you can press Start, followed by 2, to remove yourself from the queue.

Speaker #4: And since the start of the year, I wonder if you could just give us a little bit of color on the latest transactions that you're seeing in the market, particularly with in relation to the yields that might be being asked for at this stage.

Speaker #3: Our first question today comes from Colin Sheridan with Davy. Colin, please go ahead.

Speaker #4: Thank you, and good morning, guys. Congratulations on a great set of results. I've got three questions, if that's okay. First one: Eddie, you made a reference to a higher level of volumes coming through the PRS market.

Speaker #4: Second one then is on the NRI margin. I mean, look, it's an area where you've made exceptional progress considering that the disposal program and the rent caps.

Speaker #4: And I just wonder, with those two trends, not creating as much pressure going forward, whether NRI margin becomes an area where the company can really materially improve in the medium term.

Speaker #4: And since the start of the year, I wonder if you could just give us a little bit of color on the latest transactions that you're seeing in the market, particularly with relation to the yields that might be being asked for at this stage.

Speaker #4: And what do you think you can do on that front? And then finally, just on the turnover rate, look, we're in danger of carving up timelines too much, but in the first kind of 7, 8 months of the year, with the change in rent rates falling towards the beginning of that, does it feel like there's been any change in trend on those turnover rates from before versus after, or is this very much like the reported level for H1, pretty much in line?

Speaker #4: The second one, then, is on the RI margin. I mean, look, it's an area where you've made exceptional progress, considering the disposal program and the rent caps.

Colin Sheridan: Then finally, just on the turnover rate. Look, we're in danger of carving up timelines too much. But in the first 7, 8 months of the year, with the change in rent rates falling towards the beginning of that, does it feel like there's been any change in trend on those turnover rates from before versus after? Or is this very much like the reported level for H1, pretty much in line? Thanks.

Speaker #4: And I just wonder, with those two trends not creating as much pressure going forward, whether NRI margin becomes an area where the company can really materially improve in the medium term.

Colin Sheridan: Thank you, and morning, guys. Congratulations on a great set of results. I have three, if that is okay. First one, Eddie, you did make a reference to the higher level of volumes coming through the PRS market since the start of the year. I wonder if you could just give us a little bit of color on the latest transactions that you are seeing in the market, particularly in relation to the yields that might be being asked for at this stage. Second one then is on the NRI margin. Look, it is an area where you have made exceptional progress considering the disposal program and the rent caps. I just wonder with those two trends not creating as much pressure going forward, whether NRI margin becomes an area where the company can really materially improve in the medium term, and what you think you can do on that front.

Speaker #4: And what do you think you can do on that front? And then, finally, just on the turnover rate—look, we're in danger of carving up timelines too much.

Speaker #4: Thanks.

Speaker #1: Yeah. Look, thanks, Colin. Okay. So I'd start with transactions piece. So as we said, the first half, number of transactions have been greater than any first half since 2022, and greater than all of last year.

Eddie Byrne: Yeah. Okay. Thanks, Colin. Okay. I'll start with the transactions piece. As we said, the H1 number of transactions have been greater than any H1 since 2022 and greater than all of last year. So that's really, really positive. I think the other positive factor about it is that a lot of the capital that we have seen, so a couple of transactions are for first-time participants in the market and people who have not been here before. There are a couple of transactions still in the market that were launched earlier, and those we believe have attracted very strong international capital. Right now, the summer's always a quiet period, Colin, you don't expect anything to be launched. Typically, things don't close in the summer.

Speaker #4: But in the first kind of seven, eight months of the year, with the change in rent rates falling towards the beginning of that, does it feel like there's been any change in trend on those turnover rates from before versus after, or is the reported level for H1 pretty much in line?

Colin Sheridan: Second one then is on the NRI margin. Look, it is an area where you have made exceptional progress considering the disposal program and the rent caps. I just wonder with those two trends not creating as much pressure going forward, whether NRI margin becomes an area where the company can really materially improve in the medium term, and what you think you can do on that front.

Speaker #1: So that's really, really positive. I think the other positive factor about it is that a lot of the capital that we have seen, so corporate transactions, are for first-time participants in the market, people who have not been here before.

Speaker #4: Thanks.

Speaker #1: Yeah. Look, thanks, Colin. Okay, so I'd start with the transaction piece. So as we said, the first-half number of transactions has been greater than any first half of 2022 and greater than all of last year.

Speaker #1: There are a couple of transactions still in the market that were launched earlier, and those we believe have attracted very strong international capital. And I mean, right now, so the summer's always a quiet period, as Colin right, you don't expect anything to be launched or typically things don't close in the summer.

Colin Sheridan: Finally, just on the turnover rate. Look, I am aware I am in danger of carving up timelines too much, but in the first 7, 8 months of the year with the change in rent rates falling towards the beginning of that, does it feel like there has been any change in trend on those turnover rates from before versus after, or is this very much like the reported level for H1 pretty much in line? Thanks.

Speaker #1: So that's really, really positive. I think the other positive factor about it is that a lot of the capital that we have seen, so corporate transactions, are from first-time participants in the market—people who have not been here before.

Speaker #1: We are hearing of a number of transactions that will come to the market in September. And the only reason why transactions are coming to the market is because the sellers believe there is liquidity and capital there.

Eddie Byrne: We are hearing of a number of transactions that will come to the market in September, and the only reason why transactions are coming to the market is because sellers believe there is liquidity and capital there. Certainly, our experience is that there is a lot more liquidity in the market. When capital is doing its due diligence in markets, it will come and talk to the main players in the market and get their experience. We have certainly had more visitors in the last 6 months than we have probably seen in the last 4 years. Certainly transactions there, and I would say yields are fully supportive. The ones that have traded are fully supportive of prime yields. We have not really seen anything trade that has been heavily reversionary, so that will be very interesting when that happens.

Speaker #1: There are a couple of transactions still in the market that were launched earlier, and those, we believe, have attracted very strong international capital. And I mean, right now the summer is always a quiet period, as Colin rightly expected. To be launched are typically things that don't close this summer.

Speaker #1: Certainly, our experience is that there is a lot of a lot more liquidity in the market. So when capital is doing its due diligence in markets, it will come and talk to the main players in the market and get their experience.

Eddie Byrne: Yeah. Okay. Thanks, Colin. Okay. I will start with transactions piece. As we said, the H1 number of transactions have been greater than any H1 since 2022 and greater than all of last year. That is really, really positive. I think the other positive factor about it is that a lot of the capital that we have seen, a couple of transactions are for first-time participants in the market. People who have not been here before. There are a couple of transactions still in the market that were launched earlier, and those we believe have attracted very strong international capital. Right now, the summer is always a quiet period, Colin. You do not expect anything to be launched. Typically things do not close in the summer. We are hearing of a number of transactions that will come to the market in September.

Speaker #1: We are hearing of a number of transactions that will come to the market in September, and the only reason why transactions are coming to the market is because the sellers believe there is liquidity and capital there.

Speaker #1: And we've certainly had more visitors in the last 6 months than you've probably seen in the last 4 years. So certainly, transactions there, and I would say, yields are fully supportive so the ones that have traded are fully supportive of prime yields.

Speaker #1: Certainly, our experience is that there is a lot more liquidity in the market. So, when capital is doing its due diligence in markets, it will come and talk to the main players in the market and get their experience.

Speaker #1: We haven't really seen anything trade that has been heavily reversionary, so that would be very interesting when that happens. But I would say the direction of travel is certainly supportive, of increased capital which usually means over time a bit of yield compression with, let's see, so does that answer the transactions question?

Speaker #1: And we certainly have more visitors in the last six months than you've probably seen in the last four years. So certainly, transactions there—and I would say, yields are fully supportive, so funds that have traded are fully supportive of prime yields.

Eddie Byrne: I would say the direction of travel is certainly supportive of increased capital, which usually means over time a bit of yield compression, but let us see. Does that answer the transactions question? I will move to NRI margin. In relation to the NRI margin, look, 10 basis points, and really the underlying performance was a little bit better than that, but there is one thing out of our control, was an increase in Local Property Tax, which was a 20 basis points hit on our margin. Every homeowner in those locations has been hit with the same thing this year, so nothing unusual in that. I think as you start to see the reversion being released to our portfolio, that will help improve our NRI margin over the next number of years.

Speaker #1: We haven't really seen anything trade that has been heavily reversionary, so that would be very interesting when that happens. But I would say the direction of travel is certainly supportive of increased capital, which usually leads, over time, to a bit of yield regression. Let's see—so, does that answer the transactions question?

Eddie Byrne: The only reason why transactions are coming to the market is because sellers believe there is liquidity and capital there. Certainly, our experience is that there is a lot more liquidity in the market. When capital is doing its due diligence in markets, it will come and talk to the main players in the market and get their experience. We have certainly had more visitors in the last 6 months than we have probably seen in the last 4 years. Certainly transactions there. I would say, yields are fully supportive. The ones that have traded are fully supportive of prime yields. We have not really seen anything trade that has been heavily reversionary. That will be very interesting when that happens.

Speaker #1: And I'll move to NRI margin. So in relation to the NRI margin, look, 10 basis points and really the underlying performance is a little bit better than that, but there's one thing out of our control was an increase in local property tax.

Speaker #1: Which was a 20 basis points hit on our margin. Every homeowner in those locations has been hit with the same thing this year. So nothing unusual in that.

Speaker #1: And I'll move to NRI margin. So, in relation to the NRI margin—look, 10 basis points, and really the underlying performance is a little bit better than that, but there's one thing out of our control, which was an increase in local property tax, which was a 20 basis points hit to our margin.

Speaker #1: I think as you start to see the reversion being released through our portfolio, that will help improve our NRI margin, over the next number of years.

Speaker #1: So I would expect to see the trend being upward in the NRI margin. And we will continue to close to very closely focus on our cost as we always do.

Eddie Byrne: I would expect to see the trends being upward in the NRI margin, and we will continue to very closely focus on our costs as we always do. I would like to think that we continue to see small but meaningful improvements in that as we go ahead. Finally, in relation to the turnover rate, the turnover rate last year was 14%. 6% in the H1 and 8% in the H2. We had guidance that we would have expected to see the annual rate drop from the 14%, because the rent lags, we would have assumed less people would move, but we never expected to go below 10%, which was what generally reflected the number of people moving out of our portfolio to buy homes or else move job either overseas or within Ireland.

Speaker #1: Every homeowner in those locations has been hit with the same thing this year, so nothing unusual in that. I think as you start to see the reversion being released through our portfolio, that will help improve our NRI margin over the next number of years.

Eddie Byrne: But I would say the direction of travel is certainly supportive of increased capital, which usually means over time a bit of yield compression, but let's see. Does that answer the transactions question? I will move to NRI margin. In relation to the NRI margin, look, 10 basis points, and really the underlying performance was a little bit better than that, but there is one thing out of our control, an increase in Local Property Tax, which was a 20 basis points hit on our margin. Every homeowner in those locations has been hit with the same thing this year. Nothing unusual in that. I think as you start to see the reversion being released to our portfolio, that will help improve our NRI margin over the next number of years.

Speaker #1: So I would like to think that we continue to see small but meaningful improvements in that as we go ahead. And finally, in relation to the turnover rate, we had a turnover rate last year of 14%.

Speaker #1: So I would expect to see the trend being upward in the NRI margin. And we will continue to very closely focus on our costs, as we always do.

Speaker #1: So 6 in the first half, 6% first half, and 8% in the second half. We had guidance that we would have expected to see the annual rate drop from the 14% because the rent rates, just we would have assumed less people will move, but we never expected to go below 10%, which is what generally reflected the number of people moving out of our portfolio to buy homes.

Speaker #1: So I would like to point out that we continue to see small but meaningful improvements in that as we go ahead. And finally, in relation to the turnover rate, we had a turnover rate last year of 14%.

Speaker #1: So, 6% in the first half and 8% in the second half. We had guidance that we would have expected to see the annual rate drop from the 14%, because the rent rates just would have assumed fewer people will move.

Speaker #1: Or else move job either overseas or within Ireland. But we've actually seen is no change in the number at all. So it hasn't gone down.

Eddie Byrne: What we have actually seen is no change in the number at all. It has not gone down. It has remained very constant. Probably too early to read anything into that, I would say just at this stage, Colin, because it is a small sample set. The fact that there has been no change maybe just leads us to the conclusion that there is more houses been built in Ireland because typically it is first time buyer. There are, as we know. The first time buyer market is holding up and people are leaving our portfolio to buy houses. That is what we would see in the underlying numbers. Probably more like instead of 10%, probably more like 12 for the year, but it is very early and maybe a little bit higher.

Eddie Byrne: I would expect to see the trend being upward in the NRI margin, and we will continue to closely focus on our costs as we always do. I would like to think that we continue to see small but meaningful improvements in that as we go ahead. Finally, in relation to the turnover rate, the turnover rate last year was 14%. 6% in H1 and 8% in H2. We had guided that we would have expected to see the annual rate drop from the 14%, because the rent lags, we would have assumed less people will move, but we never expected to go below 10%, which is what generally reflected the number of people moving out of our portfolio to buy homes or else move job either overseas or within Ireland.

Speaker #1: But we never expected to go below 10%, which generally reflected the number of people moving out of our portfolio to buy homes, or else move jobs that are overseas or within Ireland.

Speaker #1: It's remained very constant. Probably too early to read anything into that. I would say just at this stage, Colin, because it's a small sample set, but the fact that there has been no change maybe just leads us to the conclusion that there's more houses been built in Ireland because typically it's first-time buyers.

Speaker #1: What we've actually seen is no change in the number at all, so it hasn't gone down. It's remained very constant. Probably too early to read anything into that.

Speaker #1: And there are, as we know. So the first-time buyer market has just is holding up and people are leaving our portfolio to buy houses.

Speaker #1: I would say just at this stage, Colin, because it's a small sample set, but the fact that there has been no change maybe just leads us to the conclusion that there's more houses being built in Ireland.

Speaker #1: That's what we would see in the underlying numbers. So probably more like instead of 10%, probably more like 12 for the year. But it's very early.

Speaker #1: Typically, it's first-time buyers. And there are, as we know. So the first-time buyer market has just been holding up, and people are leaving our portfolio to buy houses.

Speaker #1: And maybe a little bit higher. Maybe it's just the same as last year, but it's too early for us to really have a handle on that, I would say.

Eddie Byrne: Maybe it is just the same as last year, but it is too early for us to really have a handle on that, I would say.

Speaker #1: That's what we would see in the underlying numbers. So, probably more like, instead of 10%, probably more like 12% for the year. But it's very early.

Speaker #4: Sounds good. Thanks, Eddie. Thanks, Sam.

Colin Sheridan: Sounds good. Thanks, Eddie. Thanks, team.

Eddie Byrne: Thanks, Colin.

Speaker #1: Thanks, Colin.

Speaker #1: And maybe a little bit higher. Maybe it's just the same as last year, but it's too early for us to really have a handle on that, I would say.

Operator: Thank you. The next question comes from Steven Boumans with ABN AMRO. Please go ahead. Your line is now open.

Speaker #2: Thank you. The next question comes from Stephen Boumans with ABN AMRO. Please go ahead.

Eddie Byrne: What we have actually seen is no change in the number at all. It has not gone down. It has remained very constant. Probably too early to read anything into that, I would say, just at this stage, Colin, because it is a small sample set. But the fact that there has been no change maybe just leads us to the conclusion that there is more houses been built in Ireland because typically it is first time buyer. And there are, as we know. The first time buyer market is holding up and people are leaving our portfolio to buy houses. That is what we would see in the underlying numbers. Probably more like instead of 10%, probably more like 12% for the year. But it is very early and maybe a little bit higher. Maybe it is just the same as last year.

Speaker #3: Hi. Good morning. Thank you for taking my questions. I have two. One on rental growth, one on CapEx. Maybe to start, could you please break down the 2.1% like for light growth into existing portfolio and the uplift in relettings?

Steven Boumans: Hi. Good morning. Thank you for taking my questions. I have two, one on rental growth, one on CapEx. Maybe to start, could you please break down the 2.1% like-for-like growth into existing portfolio and the uplift in relettings? Also a view what we can expect from these numbers in H2. That's the first one.

Speaker #4: Sounds good. Thanks, Eddie. Thanks, Sam.

Speaker #1: Thanks, Colin.

Speaker #5: Thank you. The next question comes from Stephen Boomans with ABN AMRO. Please go ahead.

Speaker #3: And also, a few what we can expect from these numbers in H2. What's the first one?

Speaker #6: Hi, good morning. Thank you for taking my questions. I have two: one on rental growth and one on CapEx. Maybe to start, could you please break down the 2.1% for like-for-like growth into the existing portfolio and the uplift in relettings?

Speaker #1: Yeah. I mean, we haven't provided that breakdown. So good morning, Steven. Sorry if I should start with. We haven't provided that breakdown. Between existing and units of turnover.

Eddie Byrne: Yeah. We haven't provided that breakdown. Good morning, Steven. Sorry if I should start with. We haven't provided that breakdown between existing and units that turnover. I think the like-for-like number is 2.1%. That's what we have shown. So that's a number that we're pleased with. Partially driven by the reversion that we're releasing, but also driven by the turnover number of 6%. So I think that's probably the number to focus on, 2.1% like-for-like growth. I think that shows that we are. That's up obviously from the previous year of 0.3%. So that would give some indication in terms of the reversion that we're releasing through the portfolio combined with the higher turnover than we had expected.

Speaker #6: And also, if you—what we can expect from these numbers in H2. What's the first one?

Speaker #1: I think the light for light number is 2.1%. That's what we have shown. So that's a number that we're pleased with. Partially driven by the reversion that we're releasing, but also driven by the turnover number of 6%.

Speaker #1: Yeah, I mean, we haven't provided that breakdown. So, good morning, Stephen—sorry, I should have started with that. We haven't provided that breakdown between existing and the turnover.

Eddie Byrne: But it is too early for us to really have a handle on that, I would say.

Speaker #1: I think the like-for-like number is 2.1%. That's what we have shown, so that's a number that we're pleased with. It's partially driven by the reversion that we're releasing, but also driven by the turnover number of 6%.

Colin Sheridan: Sounds good. Thanks, Eddie. Thanks.

Eddie Byrne: Thanks, Colin.

Colin Sheridan: Thanks, Colin.

Operator: Thank you. The next question comes from Steven Boemans with ABN AMRO. Please go ahead. Your line is now open.

Speaker #1: So I think that's probably the number to focus on. 2.1% light for light growth. I think that shows that we are and that's off, obviously, from the previous year of 0.3%.

Steven Boemans: Hi. Good morning. Thank you for taking my questions. I have two, one on rental growth, one on CapEx. Maybe to start, could you please break down the 2.1% like-for-like growth into existing portfolio and the uplift in relettings? Also a view what we can expect from these numbers in H2. That is the first one.

Speaker #1: So that would give some indication in terms of the reversion that we're releasing through the portfolio. Combined with the higher turnover, then we had expected.

Speaker #1: So, I think that's probably the number to focus on—2.1% like-for-like growth. I think that shows that we are, and that's up, obviously, from the previous year of 0.3%.

Steven Boumans: Okay.

Speaker #1: That's the rental growth.

Eddie Byrne: That's for rental growth.

Speaker #3: Okay. Maybe on the rental so the 2.1, if nothing changes, you expect something similar in H2, or is there something that we should be aware of?

Eddie Byrne: Yeah. We haven't provided that breakdown. Good morning, Steven. I should start with. We haven't provided that breakdown between existing and units for turnover. I think the like-for-like number is 2.1%. That's what we have shown. That's a number that we're pleased with. Partially driven by the reversion that we're releasing, but also driven by the turnover number of 6%. I think that's probably the number to focus on, 2.1% like-for-like growth. I think that shows that we are. That's up obviously from the previous year of 0.3%. That would give some indication in terms of the reversion that we're releasing to the portfolio combined with the higher turnover than we had expected.

Speaker #1: So that would give some indication, in terms of the reversion that we're releasing through the portfolio, combined with the higher turnover than we have expected.

Steven Boumans: Maybe on the rental. So the 2.1%, if nothing changes, you expect something similar in H2, or is there something that we should be aware of for next year?

Speaker #3: Positive or negative?

Speaker #1: I think, again, it's very early days, Steven writes. We only have 4 months in the first half. But there's no reason to believe that we shouldn't see the same in the second half at this point in time.

Eddie Byrne: I think, again, it is very early days, Steven, right. We only have four months in the H1, but there is no reason to believe that we shouldn't see the same in the H2 at this point in time.

Speaker #1: That's the rental growth.

Speaker #6: Okay. Maybe on the rental—so, the two. If nothing changes, you expect something similar in H2, or is there something that we should be aware of?

Speaker #3: Okay. Clear? Thank you. Second. What can we expect from CapEx? Oh, sorry.

Steven Boumans: Okay. Clear. Thank you.

Speaker #6: Positive or negative?

Eddie Byrne: Yeah.

Speaker #1: Yeah, I think, again, it's very early days, Stephen, right? We only have four months in the first half, but there's no reason to believe that we shouldn't see the same in the second half at this point in time.

Steven Boumans: Second. Yeah. What can we expect from CapEx? Oh, sorry.

Speaker #2: Yeah. Yeah. So on CapEx,

Mari Hurley: Yeah. So on CapEx, you will see that our spend in the first 6 months of the year was just over EUR 4 million, broadly consistent with the same period in 2025. We would anticipate that our full year number for this year will again be in line with last year. Obviously, we continue to invest in the underlying platform, obviously driven by some sustainability-led spend.

Speaker #1: you will see that we are spend in the first 6 months of the year was just over 4 million broadly consistent. With the same period in 2025.

Speaker #6: Okay. Clear? Thank you.

Speaker #1: Yeah. And just.

Speaker #6: Second, what can we expect from CapEx? Oh, sorry.

Speaker #1: And we would anticipate that our full year number for this year will again be in line with last year. Obviously, we continue to invest in the underlying platform.

Speaker #1: Yeah, yeah. So, on CapEx, you will see that we have spent, in the first six months of the year, just over €4 million, broadly consistent with the same period in 2025.

Speaker #1: And obviously, driven by some sustainability, let's spend.

Speaker #1: And we would anticipate that our full-year number for this year will again be in line with last year. Obviously, we continue to invest in the underlying platform.

Steven Boemans: Okay.

Steven Boumans: Okay.

Eddie Byrne: That's for rental growth.

Speaker #3: Okay. Because I can expect with the change in rent regulation that maybe more CapEx into the units, especially when they become vacant and you can relet it.

Steven Boumans: Okay. Because I can expect with the change in rent regulation that maybe more CapEx into the units, especially when they become vacant and you can relet it.

Steven Boemans: Maybe on the rental. The 2.1, if nothing changes, you expect something similar in H2, or is there something that we should be aware of for next year?

Steven Boumans: Maybe on the rental. The 2.1, if nothing changes, you expect something similar in H2, or is there something that we should be aware of for next year?

Speaker #1: And obviously, driven by some sustainability, let's spend.

Speaker #3: It might be a good idea to put more CapEx in because you can receive higher rents from it. Do you expect something like that?

Mari Hurley: Yeah.

Steven Boumans: It might be a good idea to put more CapEx in because you can retrieve higher rent from it.

Eddie Byrne: I think, again, it's very early days, Steven, right? We only have four months in the first half, but there's no reason to believe that we shouldn't see the same in the second half at this point in time.

Mari Hurley: Yeah.

Speaker #6: Okay. Because I can expect, with the change in rent regulation, that maybe more CapEx will go into the units, especially when they become vacant and you can relet them. It might be a good idea to put more CapEx in because you can receive higher rents from it.

Steven Boumans: Do you expect something like that maybe then to happen in 2027? Can you provide some color on whether this could be material and what size?

Speaker #3: Maybe then to happen in '27? Can you provide some color on whether this could be material and what size?

Speaker #1: Well, we have already factored that into our '26 assumptions as well in terms of a higher level of CapEx per unit where units are going under turnover.

Mari Hurley: Well, we have already factored that into our 2026 assumptions as well in terms of a higher level of CapEx per unit where units are going under turnover. But again, that has remained very much in line with our expectations, and we would not expect it to have a material impact going forward.

Steven Boemans: Okay. Clear. Thank you.

Steven Boumans: Okay. Clear. Thank you.

Eddie Byrne: Yeah. Just on CapEx.

Mari Hurley: Yeah. Just on CapEx.

Steven Boemans: What can we expect from CapEx? I am sorry.

Speaker #6: Do you expect something like that—maybe then to happen in ’27? Can you provide some color on whether this could be material and what size?

Steven Boumans: What can we expect from CapEx? I am sorry.

Mari Hurley: Yes. On CapEx, you will see that our spend in the first 6 months of the year was just over EUR 4 million, broadly consistent with the same period in 2025. We would anticipate that our full-year number for this year will again be in line with last year. Obviously, we continue to invest in the underlying platform. Obviously, driven by some sustainability-led spend.

Speaker #1: But again, that's remained very much in line with our expectations. And we wouldn't expect it to have a material impact going forward.

Speaker #1: Well, we have already factored that into our '26 assumptions as well, in terms of a higher level of CapEx per unit where units are going under turnover.

Speaker #3: Okay. Very clear. Thank you so much.

Steven Boumans: Okay. Very clear. Thank you so much.

Speaker #1: But again, that's remained very much in line with our expectations, and we wouldn't expect it to have a material impact going forward.

Speaker #1: Thanks, Steven.

Eddie Byrne: Thanks, Steven.

Speaker #2: Thank you. Our next question comes from Dennis McGoldrick with Goodbody. Dennis, please go ahead.

Operator: Thank you. Our next question comes from Denis McGoldrick with Goodbody. Dennis, please go ahead.

Speaker #6: Okay, very clear. Thank you so much.

Speaker #4: Good morning, Eddie and Marian. Thank you for taking my questions. Just two, please, if I may. Firstly, the total accounting return increase quite considerably.

Denis McGoldrick: Good morning, Eddie and Marianne. Thank you for taking my questions. Just two please, if I may. Firstly, the total accounting return increased quite considerably to almost 7% in H1 versus less than 3% this time last year. Just wondering if you could talk us through some of the key moving parts that drove that increase, please. Secondly, Eddie, I note in your comment in the press release this morning that you are actively considering further opportunities to reinvest. We have seen evidence, obviously, with the apartments in Naas on that, but maybe could you just outline the scale of the opportunity you see in the market at the moment to continue to grow the portfolio. Thanks.

Steven Boemans: Okay. Because I can expect with the change in rent regulation, there may be more CapEx into the units, especially when they become vacant and you can relet it.

Steven Boumans: Okay. Because I can expect with the change in rent regulation, there may be more CapEx into the units, especially when they become vacant and you can relet it.

Speaker #1: Thanks, Stephen.

Speaker #5: Thank you. Our next question comes from Dennis McGoldrick with Goodbody. Dennis, please go ahead.

Speaker #4: It's almost 7% in H1 versus less than 3% this time last year. Just wondering if you could talk us through some of the key moving parts that drove that increase, please.

Mari Hurley: Yes.

Steven Boemans: It might be a good idea to put more CapEx in because you can retrieve higher rent from it.

Steven Boumans: It might be a good idea to put more CapEx in because you can retrieve higher rent from it.

Speaker #6: Good morning, Eddie and Marion. Thank you for taking my questions. Just two, please, if I may. Firstly, the total accounting return increased quite considerably, to almost 7% in H1 versus less than 3% this time last year.

Mari Hurley: Yeah.

Steven Boemans: Do you expect something like that maybe then to happen in 2027? Can you provide some color on whether this could be material and what size?

Steven Boumans: Do you expect something like that maybe then to happen in 2027? Can you provide some color on whether this could be material and what size?

Speaker #4: And then secondly, Eddie, I note in your comment in the press release this morning that you're actively considering further opportunities to reinvest. We've seen evidence, obviously, with the apartments in Nace on that.

Mari Hurley: Well, we have already factored that into our 2026 assumptions as well in terms of a higher level of CapEx per unit where units are going under turnover. But again, that's remained very much in line with our expectations, and we wouldn't expect it to have a material impact going forward.

Speaker #6: Just wondering if you could talk us through some of the key moving parts that drove that increase, please. And then secondly, Eddie, I note in your comment in the press release this morning that you're actively considering further opportunities to reinvest.

Speaker #4: But maybe could you just outline the scale of the opportunity you see in the market at the moment to continue to grow the portfolio?

Speaker #4: Thanks.

Speaker #1: Sure. Let Marian do the chart and I'll do the opportunities. So thanks, Dennis. So the key driver of the tire increase in the period is obviously a function of our NTA metric.

Eddie Byrne: Sure. Let Mari do the TAR and I will do the opportunities.

Speaker #6: We've seen evidence, obviously, with the apartments in Naas on that. But maybe could you just outline the scale of the opportunity you see in the market at the moment to continue to grow the portfolio?

Mari Hurley: Thanks, Denis. The key driver of the TAR increase in the period is obviously a function of our EPRA NTA metric. Opening 132.2 for the period and a closing EPRA NTA of 138.6. That was a change of 6.4. Then factoring in the addition of the dividend paid of 2.5. That generates a total return of 8.93, and then expressing that over our opening EPRA NTA translates down to a 6.8% TAR return, which is the highest TAR return for the organization in any period in a long number of years, and compares to an equivalent metric of 2.8% for the first half of last year. If you look at our TAR for all of 2025, it was 8%. We would regard this as one of the standout metrics of our first six months' performance.

Steven Boemans: Okay. Very clear. Thank you so much.

Steven Boumans: Okay. Very clear. Thank you so much.

Speaker #6: Thanks.

Speaker #1: So closing 132.2 sorry, opening 132.2 for the period and a closing EPRA NTA of 138.6. So that was a change of 6.4. And then factoring in the addition of the dividend paid of 2.5.

Speaker #1: Sure. Let Marion do this quarter, and I'll do the opportunities. So, thanks, Dennis. The key driver of the tier increase in the period is obviously a function of our MTA metric.

Eddie Byrne: Thanks, Stephen.

Operator: Thank you. Our next question comes from Denis McGoldrick with Goodbody. Denis, please go ahead.

Speaker #1: So, closing 132.2—sorry, opening 132.2 for the period and a closing EPRA MTA of 138.6. So, that was a change of 6.4. And then factoring in the addition of the dividend paid of 2.5.

Denis McGoldrick: Good morning, Eddie and Mari. Thank you for taking my questions. Just two please, if I may. Firstly, the total accounting return increased quite considerably. It's almost 7% in H1 versus less than 3% this time last year. Just wondering if you could talk us through some of the key moving parts that drove that increase, please. Secondly, Eddie, I note in your comment in the press release this morning that you're actively considering further opportunities to reinvest. We've seen evidence, obviously, with the apartments in Naas on that, but maybe could you just outline the scale of the opportunity you see in the market at the moment to continue to grow the portfolio? Thanks.

Speaker #1: So that generates a total return of 8.93 versus and then expressing that over our opening EPRA NTA translates down to a 6.8% tire return, which is the highest tire return for the organization in any period in a long number of years.

Speaker #1: So that generates a total return of 8.93%, and then expressing that over our opening EPRA NTA translates down to a 6.8% total return, which is the highest total return for the organization in any period in a long number of years.

Speaker #1: And compares to an equivalent metric of 2.8% for the first half of last year. And if you look at our TAR for all of '25, it was 8%.

Speaker #1: So we would regard this as one of the kind of the standout metrics of our first 6 months performance.

Eddie Byrne: Sure. Let Marianne do the TAR, and I will do the opportunities.

Speaker #1: And compared to an equivalent metric of 2.8% for the first half of last year. And if you look at our TAR for all of '25, it was 8%.

Mari Hurley: Thanks, Denis. The key driver of the TAR increase in the period is obviously a function of our EPRA NTA metric. Opening 132.2 for the period and a closing EPRA NTA of 138.6. That was a change of 6.4, and then factoring in the addition of the dividend paid of 2.5. That generates a total return of 8.93, and then expressing that over our opening EPRA NTA translates down to a 6.8% TAR return, which is the highest TAR return for the organization in any period in a long number of years and compares to an equivalent metric of 2.8% for the H1 of last year. If you look at our TAR for all of 2025, it was 8%. We would regard this as one of the standout metrics of our first six months' performance.

Speaker #5: Okay.

Eddie Byrne: Okay. Then maybe-

Speaker #1: So, we would regard this as one of the standout metrics of our first six months' performance. Okay.

Speaker #4: Clear. Thank you.

Denis McGoldrick: Clear. Thank you.

Speaker #1: I'll take the opportunities. So look, the scale of the opportunity as we had been talking about, Dennis, for the last number of years remains very significant.

Eddie Byrne: I will take the opportunities. Look, the scale of the opportunity as we have been talking about, Denis, for the last number of years remains very significant. It is not getting any smaller. I think we will continue as we recycle assets out of the portfolio. The Naas transaction is exactly the kind of thing that we want to do from a going-on perspective. We are effectively selling assets at a below 4% yield and buying at a 5.2% yield or 5.25%. We are selling C and D rated units and buying A rated units. Typically those C and D rated units are not in locations where we control the entire of the owner's management company, and we are recycling into ones where we do control.

Speaker #1: It's not getting any smaller. I think we will continue as we recycle assets out of the portfolio. So the Nace transaction is exactly the kind of thing that we want to do from.

Speaker #6: Clear. Thank you.

Speaker #1: I'll take the opportunities. So look, the scale of the opportunity, as we have been talking about, Dennis, for the last number of years, remains very significant.

Speaker #1: Goes on perspective. So we are effectively selling assets that are below 4% yield and buying at a 5.2% yield or 5 and a quarter.

Speaker #1: It's not getting any smaller. I think we will continue as we recycle assets out of the portfolio. So, the Nace transaction is exactly the kind of thing that we want to do from a bolt-on perspective.

Speaker #1: We are selling C and D rated units and buying A rated units. And typically, those C and D rated units are not in locations where we can control the entire of the owner's management company.

Speaker #1: So, we are effectively selling assets that are below a 4% yield, and buying at a 5.2% or 5.25% yield. We are selling C- and D-rated units, and buying A-rated units, and typically those C- and D-rated units are not in locations where we can control the entirety of the owner's management company.

Speaker #1: And we're recycling into ones where we do control. So overall, improving the quality of the portfolio and that better financial metrics makes perfect sense for us.

Eddie Byrne: Overall, improving the quality of the portfolio and at better financial metrics made perfect sense for us, and we will continue to do that. The 77 units that we bought probably used the capital that we had generated in the last 18 months. We have a number of transactions that we are looking at, broadly similar sizes. I think you should just take that as normal course of business, and we will probably sell 50 units a year as a standard bum round, recycle that back in. It could be slightly lower, could be slightly higher. If it changes materially, we will let people know. That is the kind of thing that you should think about.

Speaker #1: And we're recycling into ones where we do have control. So overall, improving the quality of the portfolio and achieving better financial metrics makes perfect sense for us.

Speaker #1: And we will continue to do that. So the 77 units that we bought probably used the capital that we had generated in the last 18 months.

Denis McGoldrick: Okay.

Eddie Byrne: Okay. Then-

Mari Hurley: Then-

Denis McGoldrick: That is clear. Thank you.

Eddie Byrne: I'll take the opportunities. So, the scale of the opportunity as we have been talking about, Denis, for the last number of years remains very significant. It's not getting any smaller. It means we will continue as we recycle assets out of the portfolio. So, the Naas transaction is exactly the kind of thing that we want to do from a going-on perspective. So, we are effectively selling assets at a below 4% yield and buying at a 5.2% yield or 5.25%. We are selling C and D rated units and buying A rated units. And typically, those C and D rated units are not in locations where we control the entire of the owners' management company, and we're recycling into ones where we do control.

Speaker #1: We have a number of transactions that we are looking at broadly similar sizes I would just I think you should just take that as normal course of business.

Speaker #1: And we will continue to do that. So, the 77 units that we bought probably used the capital that we had generated in the last 18 months.

Speaker #1: And we'll probably sell 50 units a year as a standard number and recycle that back in. It could be slightly lower, it could be slightly higher if it changes materially.

Speaker #1: We have a number of transactions that we are looking at, broadly similar sizes. I would just—I think you should just take that as normal course of business.

Speaker #1: We will let people know. But that's kind of the thing that you should think about. In terms of larger strategic acquisitions, well, that really that's, I guess, the opportunity there is unchanged from what we have spoken about previously in that there is we think 25,000 units in the Graves and Dublin area, maybe more, maybe 30,000 units that are institutionally owned, but at least half of those are not owned by long-term holders.

Speaker #1: And we'll probably sell 50 units a year as a standard number and recycle that back in. It could be slightly lower, could be slightly higher.

Eddie Byrne: In terms of larger strategic acquisitions, well, I guess the opportunity there is unchanged from what we have spoken about previously in that there is, we think, 25,000 units in the greater Dublin area, maybe more, maybe 30,000 units that are institutionally owned, but at least half of those are not owned by long-term holders. We have started to see those come into the market, and they have come into the market. That is what is happening in the H1. The volumes that you see, which is bigger than any other year since 2022 and greater than last year, and we would expect to see some more in the H2 of the year. Clearly, summertime things do not necessarily bring sales to the market.

Speaker #1: If it changes materially, we will let people know. But that's the kind of thing you should think about. In terms of larger strategic acquisitions, well...

Speaker #1: That really—that's, I guess, the opportunity there as unchanged from what we have spoken about previously, in that there is, we think, 25,000 units in the Greater Dublin area, maybe more, maybe 30,000 units that are institutionally owned. But at least half of those are not owned by long-term holders.

Eddie Byrne: So, overall, improving the quality of the portfolio and at better financial metrics made perfect sense for us, and we will continue to do that. So, the 77 units that we bought probably used the capital that we had generated in the last 18 months. We have a number of transactions that we are looking at, broadly similar sizes. I think you should just take that as normal course of business, and we'll probably sell 50 units a year as a standard run-of-the-mill, recycle that back in. It could be slightly lower, could be slightly higher. If it changes materially, we will let people know. But that's the kind of thing that you should think about.

Speaker #1: And we have started to see those come into the market. And they have come into the market and that is what's happening in the first half volumes that you see, which is bigger than any other year since 2022 and greater than last year.

Speaker #1: And we have started to see those come into the market. And they have come into the market, and that is what's happening in the first half and the volumes that you see, which are bigger than any other year since 2022 and greater than last year.

Speaker #1: And we would expect to see some more in the second half of the year. Clearly, summertime, people don't bring sales to the market. But I think come September, from what we hear, there will be a couple more larger transactions brought to the market.

Eddie Byrne: But I think come September, from what we hear, there will be a couple more larger transactions brought to the market, and those are a sign of the strength of the market and we will follow those very closely. If they are suitable to do a strategic partnership with, we would certainly be very interested in doing something like that. We will follow them very closely. But there is definitely opportunities in the market.

Speaker #1: And we would expect to see some more in the second half of the year. Really, in summertime, people don't bring sales to the market. But I think come September, from what we hear, there'll be more market transactions brought to the market.

Speaker #1: And those are a sign of the strength of the market. And we will follow those very closely. And if they're suitable to do a strategic partnership with, we will certainly be very interested in doing something like that.

Speaker #1: And those are a sign of the strength of the market, and we will follow those very closely. If they're suitable to do a strategic partnership with, we will certainly be very interested in doing something like that.

Speaker #1: So we will follow them very closely. But there is definitely opportunities in the market.

Eddie Byrne: In terms of larger strategic acquisitions, well, I guess the opportunity there is unchanged from what we have spoken about previously in that there is, we think, 25,000 units in the graded up and maybe more, maybe 30,000 units that are institutionally owned, but at least half of those are not owned by long-term holders. And we have started to see those come into the market, and they have come into the market. That is what's happening in the H1 with volumes that you see, which is bigger than any other year since 2022 and greater than last year. And we would expect to see some more in the H2 of the year. Clearly, summertime, people don't bring sales to the market.

Speaker #4: That's great. Thank you very much.

Denis McGoldrick: That is great. Thank you very much.

Speaker #1: So, we will follow them very closely. There are definitely opportunities in the market.

Speaker #1: Thanks, Dennis.

Eddie Byrne: Thanks, Denis.

Speaker #2: Thank you. Our next question comes from Paul May with Barclays. Paul, please go ahead.

Operator: Thank you. Our next question comes from Paul May with Barclays. Paul, please go ahead.

Speaker #6: That's great. Thank you very much.

Speaker #1: Thanks, Dennis.

Speaker #5: Hi, Roman. Thanks for the question. Just to be honest, following on from the last one and the last point, there's obviously quite a material opportunity out there and I think you've got a great platform to build from.

Paul May: Hi, everyone, and thanks for the question. Just to be honest, following on from the last one and the last point, there is obviously quite a material opportunity out there, and I think you have got a great platform to build from. Just wondered, are you considering and have you looked at, bid on any more material transformational acquisition opportunities? Obviously, there is a question around funding, and we can debate that another time. Just wonder whether that is something you are looking at. If you were to grow the asset base materially, what would we expect to be an ideal EBIT/NOI margin that your platform could operate under? Obviously, you are subscale at the moment, and that is probably why your margins are not as strong as they could be.

Speaker #5: Thank you. Our next question comes from Paul May with Barclays. Paul, please go ahead.

Speaker #7: Hi, Roman. Thanks for the question. Just to be honest, following on from the last one and the last point, there's obviously quite a material opportunity out there.

Speaker #5: Just wondered, are you considering and are you and have you looked at bid on any more material transformational acquisition opportunities? And obviously, there's a question around funding and we can debate that another time.

Speaker #7: And I think you've got a great platform to build from. Just wondered: are you considering, and have you looked at, bidding on any more material transformational acquisition opportunities?

Speaker #5: But just wonder whether that's something you're looking at. And if you were to grow the asset-based materially, what would we expect to be a kind of an ideal EBIT/NOI margin that your platform could operate under?

Eddie Byrne: But I think come September, from what we hear, there'll be a couple more larger transactions brought to the market, and those are a sign of the strength of the market, and we will follow those very closely, and if they're suitable to do a strategic partnership with, we would certainly be very interested in doing something like that. So, we will follow them very closely, but there is definitely opportunities in the market.

Speaker #7: And obviously, there's a question around funding, and we can debate that another time. But I just wonder whether that's something you're looking at. And if you were to grow the asset base materially, what would we expect a kind of an ideal EBIT/NOI margin that your platform could operate under?

Speaker #5: Obviously, your subscale at the moment and that's probably why your margins are not as strong as they could be just wondered what could you manage in terms of number of assets under your platform and what would that do for margins as well?

Paul May: Just wondered what could you manage, in terms of number of assets under your platform, and what would that do for margins as well? So sort of linking the two questions together. Thanks.

Speaker #7: Obviously, you're subscale at the moment, and that's probably why your margins are not as strong as they could be. Just wondered what you could manage in terms of number of assets under your platform, and what that would do for margins as well?

Speaker #5: So sort of linking the two questions together. Thanks.

Denis McGoldrick: That is great. Thank you very much.

Eddie Byrne: Thanks, Daz.

Speaker #1: Okay. So in terms of have we looked at transactions so we look at everything in the market, Paul, right? And whether it's something suitable for us to bid on or not, we look at it because of the market intelligence that it generates for us, right?

Eddie Byrne: Okay. So in terms of have we looked at transactions, so we look at everything in the market, Paul. Whether it is something suitable for us to bid on or not, we look at it because of the market intelligence that it generates for us. How is it leasing, how is it operating, all that sort of stuff. So, all of that is very, very useful information. So we will have looked at everything that is in the market, and things that we believe are coming to the market. Whether we would be in a position to buy one of those, that really depends on what the transaction is. We have spoken quite a bit in the past about strategic partnerships, and the partnership has to be something that kind of transaction driven, I should say. Well, it is opportunity driven.

Operator: Thank you. Our next question comes from Paul May with Barclays. Paul, please go ahead.

Speaker #7: So, sort of linking the two questions together. Thanks.

Speaker #1: Okay, so, in terms of have we looked at transactions: we look at everything in the market, Paul. And whether it's something suitable for us to bid on or not, we look at it because of the market intelligence that it generates for us, right?

Paul May: Hi, everyone, and thanks for the question. Just to, I guess, following on from the last one and the last point. There is obviously quite a material opportunity out there, and I think you have got a great platform to build from. Just wondered, are you considering and have you looked at, bid on any more material transformational acquisition opportunities? Obviously, there is a question around funding and we can debate that another time. But just wonder whether that is something you are looking at. If you were to grow the asset base materially, what would we expect to be a kind of an ideal EBIT/NOI margin that your platform could operate under? Obviously, you are subscale at the moment, and that is probably why your margins are not as strong as they could be.

Speaker #1: That was at least the housing operating, all that sort of stuff. So all of that is very, very useful information. So we'll have looked at everything that's in the market.

Speaker #1: That was, at least, the house that operated and all that sort of stuff. So all of that is very, very useful information. So we will have looked at everything that's in the market.

Speaker #1: And things that we believe are coming to the market. The whether we would be in a position to buy one of those, that really depends on what the transaction is.

Speaker #1: And things that we believe are coming to the market. Whether we would be in a position to buy one of those, that really depends on what the transaction is.

Speaker #1: And we've spoken quite a bit in the past about strategic partnerships and the partnership has to be something that that's kind of transaction-driven, I should say, right?

Speaker #1: And we've spoken quite a bit in the past about strategic partnerships, and the partnership has to be something that is kind of transaction-driven, I should say, right?

Speaker #1: It's opportunity-driven. So if the right type of asset came to the market in terms of size and size is really important because if something is too big, then it has the potential to overshadow our existing business.

Eddie Byrne: If the right type of asset came to the market in terms of size, and size is really important because if something is too big, then it has the potential to overshadow our existing business, and I am not sure shareholders would be thrilled with that. Then if it is too small as part of the strategic partnership, it does not really have a significant impact on our financial metrics. So we need to get something which is, they told you that, as they say, it has to be just the right size and then with the right partner. We have not seen a transaction that fits that. But will something happen in the second half of the year? Certainly, some of the things that we believe they own would be very attractive. So we will continue to do the bolt-on transactions, as I said.

Paul May: Just wondered, what could you manage in terms of number of assets under your platform, and what would that do for margins as well? Linking the two questions together. Thanks.

Speaker #1: It's opportunity-driven. So if the right type of asset comes to the market, in terms of size—and size is really important—because if something is too big, then it has the potential to overshadow our existing business.

Speaker #1: And I'm not sure shareholders would be thrilled with that. And then if it's too small, as part of the strategic partnership, it doesn't really have a significant impact on our financial metrics.

Eddie Byrne: Okay. In terms of have we looked at transactions. We look at everything in the market, Paul. Whether it is something suitable for us to bid on or not, we look at it because of the market intelligence that it generates for us, right? How is it leasing, how is it operating, all that sort of stuff. All of that is very, very useful information. We will have looked at everything that is in the market, and things that we believe are coming to the market. Whether we would be in a position to buy one of those, that really depends on what the transaction is. We have spoken quite a bit in the past about strategic partnerships, and the partnership has to be something that kind of transaction-driven, I should say, right? It is opportunity driven.

Speaker #1: And I'm not sure shareholders will be comfortable with that. And then, if it's too small as part of the strategic partnership, it doesn't really have a significant impact on our financial metrics.

Speaker #1: So we need to get something which is they told you that, as they say, it has to be the right just the right size.

Speaker #1: So, we need to get something which is, they told you that—as they say—it has to be just the right size.

Speaker #1: And then with the right partner, we haven't seen a transaction that fits that. But will something happen in the second half of the year?

Speaker #1: And then, with the right partner, we haven't seen a transaction that fits that. But, with something happening in the second half of the year, certainly some of the things that we believe may come.

Speaker #1: Certainly, some of the things that we believe lay at home would be very attractive so we will continue to do the bolt-on transactions as I said.

Speaker #1: Would be very attractive, so we will continue to do the bolt-on transactions, as I said. So the NACEs of this, we'll continue to look at those.

Speaker #1: So the NACEs of this world will continue to look at those. There's no doubt about that. In terms of our platform and how big could it get?

Eddie Byrne: The Naas of this world, we will continue to look at those, there is no doubt about that. In terms of our platform and how big could it get, well, we think we can certainly add 300, 400, 500 assets in our platform without materially increasing our operating costs. Depending on what year that was purchased at, there would be a knock-on impact on our margins, and operating margins and net margins. I guess the other thing to think about in terms of our net margin is, we say our portfolio is 20% reversionary and we have a net margin today of 78%. The main reason why our net margin is where it is because of that reversion. If we got that reversion back in the morning, which will not happen, but if we did, our net margin would be in the low 80%, 82%, 83%.

Speaker #1: Well, I mean, we think we can certainly add 3, 4, 500 assets in our platform without materially increasing our operating costs. So depending on what year that was purchased at, there would be a knock-on impact on our margins.

Speaker #1: There's no doubt about that. In terms of our platform and how big it could get—well, I mean, we think we can certainly add three, four, maybe five hundred assets to our platform.

Eddie Byrne: If the right type of asset came to the market in terms of size. Size is really important because if something is too big, then it has the potential to overshadow our existing business, and I am not sure our shareholders would be thrilled with that. If it is too small as part of a strategic partnership, it does not really have a significant impact on our financial metrics. We need to get something which is, they told you that, as they say. It has to be just the right size and then with the right partner. We have not seen a transaction that fits that. Will something happen in the H2 of the year? Certainly, some of the things that we believe letting home would be very attractive. We will continue to do the bolt-on transactions, as I said.

Speaker #1: Without materially increasing our operating costs. So, depending on what year that purchase occurs, there would be a knock-on impact on our margins—both operating margins and net margins.

Speaker #1: And operating margins and net margins, I guess the other thing to think about in terms of our net margin is we say our portfolio is 20% reversionary.

Speaker #1: I guess the other thing to think about in terms of our net margin is, we say our portfolio is 20% reversionary, and we have a net margin today of 78%.

Speaker #1: And we have a net margin today of 78%. The main reason why our net margin is where it is is because of that reversion.

Speaker #1: The main reason why our net margin is where it is, is because of that reversion. If we got that reversion back in the morning—which won't happen, but if we did—our net margin would be in the low 80s, 82%, 83%.

Speaker #1: If we got that reversion back in the morning, which won't happen, but if we did, our net margin would be in the low 80%, 82, 83%.

Speaker #1: So I guess that's kind of where you should think about the margin going over a period of time. And potentially further enhanced by acquisitions.

Eddie Byrne: I guess that is kind of where you should think about the margin going over a period of time and potentially further enhanced by acquisitions. As I said, the number up to 500 we think we could take on without increasing our operating costs. At the G&A line, that is far more leverageable because as a PLC, you only have one board and you only have one CFO and one CEO. Whether it is 3,000 units or 10,000 units, that does not matter. We would be able to leverage our operating costs very, very significantly if the opportunities and ability to fund this present themselves.

Speaker #1: So I guess that's kind of where you should think about the margin going over a period of time, and potentially further enhanced by acquisitions.

Eddie Byrne: The natures of this work, we will continue to look at those. There is no doubt about that. In terms of our platform and how big could it get. Well, we think we can certainly add 300, 400, 500 assets in our platform without materially increasing our operating costs. Depending on what yield that was purchased at, there would be a knock on impact on our margins, and operating margins and net margins. I guess the other thing to think about in terms of our net margin is, we say our portfolio is 20% reversionary, and we have a net margin today of 78%. The main reason why our net margin is where it is because of that reversion. If we got that reversion back in the morning, which will not happen, but if we did, our net margin would be in the low 80%, 82%, 83%.

Speaker #1: As I said, the number up to 500, we think we could take on without increasing our operating costs. And then at the G&A line, that's far more leverageable.

Speaker #1: As I said, the number—up to 500—we think we could take on without increasing our operating costs. And then, at the G&A line, that's far more leverageable.

Speaker #1: Because as a PLC, you only have one board and you only have one CFO and one CEO. But whether it's 3,000 units or 10,000 units, that doesn't matter.

Speaker #1: So we will get to be able to we will be able to leverage our operating costs very, very significantly if the opportunities and ability to fund us presented themselves.

Speaker #1: So we will get to be able to—we will be able to leverage our operating costs very, very significantly if the opportunities and ability to fund us presented themselves.

Speaker #5: So just following on to that, I mean, given what you're saying around the operating expense and the admin costs, not much movement in that for relatively material-sized transactions.

Paul May: Cool. Just to follow on from that, given what you are saying around the operating expense and the admin costs, not much movement in that for relatively material sized transactions. Have you considered looking at those, not necessarily through a partnership? You could make those quite materially earnings accretive from, if you were to equity fund something that would be quite transformational. You get a lot more benefits around liquidity within the company. From a shareholder perspective,

Speaker #7: Cool. And just to follow on from that, I mean, given what you're saying around the operating expense and the admin costs, there's not much movement in that for relatively material-sized transactions.

Speaker #5: Have you considered looking at those not necessarily through a partnership? You could make those quite materially earning as a creative from if you were to equity fund something that would be quite transformational.

Speaker #7: Have you considered looking at those, not necessarily through a partnership? You could make those quite materially earning and creative, if you were to equity fund something that would be quite transformational.

Eddie Byrne: So I guess that is kind of where you should think about the margin going over a period of time, and potentially further enhanced by acquisitions. As I said, the number up to 500 we think we could take on without increasing our operating costs. Then at the G&A line, that is far more leverageable. Because as a PLC, you only have one board and you only have one CFO and one CEO. But whether it is 3,000 units or 10,000 units, that does not matter. So we would be able to leverage our operating costs very, very significantly if the opportunities and ability to fund this present themselves.

Speaker #5: You get a lot more benefits around liquidity. Within the company from a shareholder perspective, part of the biggest issue. We find is people say, "I'd love to own IRAs.

Speaker #7: You'd get a lot more benefits around liquidity within the company from a shareholder perspective. Part of the biggest issue we find is people say, "I'd love to own IRAs."

Eddie Byrne: Yeah

Paul May: part of the biggest issue we find is people say, "I would love to own IRES. I just cannot buy it because it is illiquid." Obviously, equity issuing growth would go some way to alleviate that. I just wonder if that is something that you have considered, looked at, particularly given the share price performance has made things a little bit more palatable now.

Speaker #5: I just can't buy it because it's illiquid." And obviously, equity issuing. Growth would go some way to alleviate that. So I just want to do that.

Speaker #7: I just can't buy it because it's illiquid. And obviously, equity issuance and growth would go some way to alleviate that. So I just wanted to note that.

Speaker #5: Something that you've considered and looked at, particularly given the share price performance has made things a little bit more palatable now.

Speaker #7: I think you've considered and looked at it, particularly given that share price performance has made things a little bit more palatable now.

Speaker #1: Yeah. Yeah. I mean, look, I mean, the first thing that I would say, as I said earlier, is we look at all opportunities for the business.

Eddie Byrne: Yeah. Look, the first thing that I would say, as I said earlier, is we look at all opportunities for the business. Any opportunities that can enhance shareholder returns that we can deliver on are of significant interest to us. I think the key point is anything that we look at, the very first criteria for us is it needs to be earnings enhancing. It is the art of the possible to a certain extent, Paul, and that is our guiding principle. If something is earnings enhancing, we would like to find a way to participate in what we see as a great opportunity in the market, be that through strategic partnerships or otherwise. We have been very clear that there is a growth opportunity in the market, and we want to participate in the growth opportunity. So it's a key part of our strategic plan.

Speaker #1: Yeah, yeah. I mean, look, the first thing that I would say, as I said earlier, is we look at all opportunities for the business.

Speaker #1: And any opportunities that can enhance shareholder returns that we can deliver on are of significant interest to us. I think the key point is anything that we would we look at the very first criteria for us is it needs to be earnings enhancing.

Speaker #1: And any opportunities that can enhance shareholder returns that we can deliver on are of significant interest to us. I think the key point is, anything that we would look at, the very first criteria for us is it needs to be earnings enhancing.

Paul May: Cool. Just to follow on from that. Given what you are saying around the operating expense and the admin costs, not much movement in that for relatively material sized transactions. Have you considered looking at those, not necessarily through a partnership. You could make those quite materially earnings accretive from, if you were to equity fund something that would be quite transformational. You would get a lot more benefits around liquidity within the company. From a shareholder perspective

Speaker #1: So it is the art of the possible to a certain extent, Paul. And that is our guiding principle. If something is earnings enhancing, we would like to find a way to participate in what we see as the great opportunity in the market, be that through strategic partnerships or otherwise.

Speaker #1: So, it is the art of the possible to a certain extent, Paul, and that is our guiding principle. If something is earnings-enhancing, we would like to find a way to participate in what we see as the great opportunity in the market.

Speaker #1: Be that through strategic partnerships or otherwise, we have been very clear that there is a growth opportunity in the market, and we want to participate in that growth opportunity.

Speaker #1: We have been very clear that there is a growth opportunity in the market. And we want to participate in the growth opportunities. So it's a key part of our strategic plan.

Eddie Byrne: Yeah

Paul May: part of the biggest issue we find is people say, "I would love to own IRES. I just cannot buy it because it is illiquid." Obviously equity issuing growth would go some way to alleviate that. So I just wonder if that is something that you have considered and looked at, particularly given the share price performance has made things a little bit more palatable now.

Speaker #1: So, it's a key part of our strategic plan. And whatever we do in terms of that growth needs to be earnings enhancing for shareholders and provide shareholder growth. There's probably not a whole lot more I can say to it than that.

Speaker #1: And whatever we do in terms of that growth needs to be enhancing earnings enhancing for shareholders and provide shareholder growth. That's probably not a whole lot more, I can say, to it than that.

Eddie Byrne: Whatever we do in terms of our growth needs to be earnings enhancing for shareholders and provide shareholder growth. There's probably not a whole lot more I can say to it than that, but it is a key factor that we look at all the time.

Eddie Byrne: Well, the first thing that I would say, as I said earlier, is we look at all opportunities for the business. Any opportunities that can enhance shareholder returns that we can deliver on are of significant interest to us. I think the key point is anything that we look at, the very first criteria for us is it needs to be earnings enhancing. So, it is the art of the possible to a certain extent, Paul, and that is our guiding principle. If something is earnings enhancing we would like to find a way to participate in what we see as a great opportunity in the market, be that through strategic partnerships or otherwise. We have been very clear that there is a growth opportunity in the market, and we want to participate in the growth opportunity.

Speaker #1: But it is a key factor that we look at all the time.

Speaker #5: Cool. Perfect. Happy hunting. Thank you very much.

Speaker #7: Cool. Perfect. Happy hunting. Thank you very much.

Paul May: Cool. Perfect. Happy hunting. Thank you very much.

Speaker #1: Thank you very much, Paul.

Eddie Byrne: Thank you very much, Paul.

Speaker #2: Thank you. At this time, we do not have any further questions registered. And so, as a final call for any last questions, please register these now by pressing start, followed by the number one on your telephone keypad.

Speaker #3: Thank you. At this time, we do not have any further questions registered. And so, as a final call for any last questions, please register these now by pressing 'Start,' followed by the number one on your telephone keypad.

Operator: Thank you. At this time, we do not have any further questions registered, and so as a final call for any last questions, please register these now by pressing star, followed by the number 1 on your telephone keypad. With that, we have not received any final questions, so I will turn the call back over to Eddie for any final comments.

Speaker #2: And with that, we have not received any final questions. And so I'll turn the call back over to Eddie for any final comments.

Speaker #1: I think we've had a fairly extensive call. So pretty happy to be able to that if that's okay. Look forward to seeing you on the road.

Eddie Byrne: I think we have had a fairly extensive call, so I am pretty happy to leave it at that, if that is okay. Look forward to seeing you on the road. Thank you.

Speaker #3: And with that, we have not received any final questions, so I'll turn the call back over to Eddie for any final comments.

Speaker #1: And I think we've had a fairly extensive call, so I'm pretty happy to leave it at that, if that's okay. Thank you. Thank you very much, everybody.

Eddie Byrne: So it is a key part of our strategic plan, and whatever we do in terms of that growth needs to be earnings enhancing for shareholders and provide shareholder growth. There is probably not a whole lot more I can say to it than that, but it is a key factor that we look at all the time.

Speaker #1: Thank you for taking the time. Thank you for listening in. We look forward to seeing you on the road. Thank you.

Paul May: Cool. Perfect. Happy hunting. Thank you very much.

Eddie Byrne: Thank you very much, Paul.

Operator: Thank you. At this time, we do not have any further questions registered, and so as a final call for any last questions, please register these now by pressing star followed by the number 1 on your telephone keypad. And with that, we have not received any final questions, and so I will turn the call back over to Eddie for any final comments.

Eddie Byrne: I think we've had a fairly extensive call, so I'm pretty happy to leave it at that, if that's okay.

Eddie Byrne: I think we've had a fairly extensive call, so I'm pretty happy to leave it at that, if that's okay. Thank you.

Paul May: Thank you.

Eddie Byrne: Thank you very much, everybody.

Operator: Thank you, everyone.

Eddie Byrne: Thank you for taking the time. Thank you for listening in. Look forward to seeing you on the road. Thank you.

Operator: Thank you everyone for joining us today. This concludes our call, and you may now disconnect your lines.

Half Year 2026 Irish Residential Properties REIT PLC Earnings Call

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