Irish Residential Properties REIT plc

2026 Q1 Trading Update

Continued strong operational performance in Q1; good progress against strategic initiatives

28 May 2026, Dublin | Irish Residential Properties REIT plc (“the Company” or “I-RES”) provides an update on the Company’s trading for the three months to 31 March 2026 (the “first quarter” or “Q1”) ahead of its AGM today.

Operating Highlights

• The portfolio continued to be effectively fully occupied in excess of 99% at end of the quarter, underpinned by exceptional demand for rental accommodation in Ireland, our efficient operating model, and reflecting the high quality of our modern portfolio of assets.
• Following the improved Net Rental Income margin performance during 2025 (+120bps), the Group’s margin remained strong at 78% in Q1 2026. The Company continues to be supported by strong rent collections, which remain in excess of 99%, in line with 2025. The strong occupancy and collections performance together highlight the resilient characteristics of our business and the efficiency of our internally managed platform.

• The Residential Tenancies (Miscellaneous Provisions) Act 2026 came into force on 1 March 2026, introducing significant reform of Ireland’s rental framework. The first month of operation under the new regime has been in-line with expectations and we are encouraged that the improved backdrop will contribute positively to portfolio performance over time.

• As announced earlier in the quarter, I-RES has entered a forward purchase agreement to acquire 77 high-quality apartments for a total consideration of €31.75 million (inclusive of VAT and excluding other transaction costs). The investment is projected to generate a Net Initial Yield of approximately 5.25% and will be earnings enhancing following the lease-up period. Post-acquisition and along with the ongoing asset recycling programme, we expect to maintain LTV comfortably within I-RES’ target range of 40%-45%, with over 85% of current drawn debt fixed until maturity. This acquisition will be funded from our ongoing asset recycling programme which continues to achieve premia in excess of 25% above book value.

Market Update

The introduction of new rent regulations, together with the Government’s housing plan, taxation changes in Budget 2026 and proposed amendments to Sustainable Design Standards, have together driven a notable increase in market activity. Residential investment volumes in Q1 2026, including both completed transactions and assets brought to market, exceeded the total annual investment recorded in each of the previous two years. This evolving market dynamic is positive for the overall market and supportive of I-RES’s growth strategy, providing a constructive backdrop for the ongoing development of our portfolio.

Eddie Byrne, CEO of I-RES, commented:

“We are pleased to report strong trading in the first quarter of the financial year and continue to be encouraged by the current and future prospects for the business. During the period, we contracted our first acquisition in a number of years and leased our first units under the new rent regulations. The new regulations are already having a positive impact on market conditions with improved activity in the development space, an increase in international capital being allocated to Ireland and a significant increase in transaction volumes relating to apartment blocks. In highly uncertain geopolitical times, we believe our business has demonstrated very strong defensive characteristics, including a strong balance sheet, below market rents and a highly responsive and adaptable internally managed operating platform. We will continue to consider all opportunities to enhance shareholder value, whether through growth and consolidation, accretive allocation of capital from our ongoing disposal programme and driving operational performance and efficiencies through the platform.”

END

For further information please contact:

Investor Relations:

Eddie Byrne, Chief Executive Officer                                                       Tel: +353 (1) 5570974

email: investors@iresreit.ie

Media enquiries:

Cathal Barry, Drury                                                                                  Tel: +353 (0) 87 227 9281

Gavin McLoughlin, Drury                                                                         Tel: +353 (0) 86 035 3749

email: iresreit@drury.ie

About Irish Residential Properties REIT plc

Irish Residential Properties REIT plc (“I-RES”) is a Real Estate Investment Trust providing quality professionally managed homes in sustainable communities in Ireland. I-RES aims to be the provider of choice for the Irish living sector, known for excellent service and for operating responsibly, minimising its environmental impact, and maximising its contribution to the community. The Company's shares are listed on Euronext Dublin. Further information at www.iresreit.ie.

This note applies if and to the extent that there are forward-looking statements in this Announcement.

This Announcement may contain forward-looking statements, which are subject to risks and uncertainties because they relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends, and similar expressions concerning matters that are not historical facts. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company or the industry in which it operates, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The forward-looking statements referred to in this paragraph speak only as at the date of this Announcement. Except as required by law or by any appropriate regulatory authority, the Company will not undertake any obligation to release publicly any revision or updates to these forward-looking statements to reflect future events, circumstances, unanticipated events, new information or otherwise.