Irish Residential Properties REIT : 2025 Sustainability Report (irish residential properties reit plc sustainability report 2025)

Irish Residential Properties REIT plc

Sustainability Report 2025

Sustainable Business, Connected Communities

2025

‌

Welcome to the I-RES Sustainability Report 2025. Use the document controls located at the top of each page to help you navigate through this report.

Back/forward one page

Back to contents

Contents

Overview

I-RES at a Glance 2

Sustainability Performance Snapshot

2025 3

Foreword 4

Chief Executive's Overview 5

Our Sustainability Journey 7

About This Report 8

Strategy

Sustainability Oversight 9

Continuous Evolution of Our Sustainability Strategy 10

Stakeholder Engagement 11

UN Sustainable Development Goals

(SDG's) - Driving Positive Impact 13

Sustainability Throughout the Real

Estate Lifecycle 13

Operating Responsibly

Ethical Business & Employment Practices 14

Responsible Governance Practices 14

Disclosure Reporting 15

Industry Membership & Collaboration 16

Managing Risk and Building Resilience 17

Data Privacy & Cybersecurity 17

Sustainable Procurement 18

Protecting the Environment

Climate Change - Our Road to Net Zero 19

Building Energy Ratings 20

Initiatives for Energy and Carbon

Savings 21

Environmental Management 23

Biodiversity 23

Waste Programme 24

Water Management 24

Building Communities

Health and Wellbeing of our Employees

& Residents 25

Empowered People, Sustainable Future 25

Our Resident Promise 28

Health and Safety Commitment 31

Sustainable and Inclusive Communities 32

ESG Performance Data

EPRA Sustainability Best Practices Recommendations Guidelines

(EPRA sBPR) 34

Overarching Recommendations 34

EPRA Sustainability Performance

Measures Reporting 35

Assurance Summary Statement 51

I-RES Sustainability Report 2025 1

‌

I-RES at a Glance

3,627 units

Number of properties owned

(as at 31 December 2025)

€1,247m

Value of

the portfolio

(as at 31 December 2025)

99.5%

Occupancy %

(as at 31 December 2025)

I-RES is the leading provider of quality private residential rental accommodation in Ireland with homes in communities across Dublin. We are committed to providing, safe, secure, sustainable homes in connected communities, with excellent in-person and digital services and supports.

Vision

To be Ireland's leading provider of rental housing, recognised for quality and value, delivering sustainable growth while being a great place to work, and maximising our contribution to the community.

Values:

Mission

78.0%

NRI Margin

(as at 31 December 2025)

5.2%

EPRA Net Initial Yield

(as at 31 December 2025)

Providing high quality rental homes and exceptional service to our residents through our integrated teams to generate sustainable value for our shareholders.

Collaboration

We achieve more when we work together.

Performance

We maintain high standards and deliver on our commitments.

Sustainable

We are committed to long term thinking, sustainable growth,

and our communities.

Integrity

We do the right thing when nobody is looking.

I-RES Sustainability Report 2025 2

Overview

Sustainability Performance Snapshot 2025

Operating Responsibly

Protecting the Environment

Building Communities

2050

Committed to Net Zero Carbon by 2050

3-Star

GRESB Rating

90%

Employee engagement score

95%

A-C BER rating

Gold Award

EPRA Sustainability Best Practice

Recommendations (sBPR)

41 hours

Average professional development hours per employee

B Rating

(Highest SME Rating)

100%

Of directly managed common areas powered by renewable energy

100%

Waste diversion from landfill for directly managed assets

118 kWp

Increase in self-generated renewable energy from solar PV capacity

Over 1,400 tCO2e

Reduction in identified absolute Scope 1, 2 & 3 GHG emissions

92%

Converted our Revolving Credit Facility into a

Sustainability-Linked Loan ("SLL")

Adoption Rate of the I-RES Living resident app

947 hours

100%

Of assets reviewed & assessed for health and safety impacts. No incidents of non-compliance with regulations/voluntary standards

Combined employee time spent engaging in community activities

51

Resident engagement events held across the portfolio

I-RES Sustainability Report 2025 3

Overview

Foreword Note from Chair of Board Sustainability Committee

"For us, sustainability is not a peripheral issue;

it is a strategic imperative that shapes every decision we make."

As Chair of the Board Sustainability Committee, I am proud to reflect on the continued progress

I-RES is making in embedding sustainability at the heart of our business. For us, sustainability is not

a peripheral issue; it is a strategic imperative that shapes every decision we make. The Board's role is clear: to provide oversight, challenge, and direction, ensuring that our commitments translate into measurable action.

This year we achieved significant milestones. The year started with a focus on meeting CSRD disclosure requirements. Given the approval of the Omnibus Proposals I-RES will no longer be in scope for CSRD. However, the double materiality assessment carried out in preparation for CSRD

has been a very valuable exercise. The knowledge we gained on which topics are material to

our business, as well as the effects, risks, and opportunities posed by climate change, have guided the updating of our Sustainability Strategy.

In addition, it has all formed the basis for the ongoing work on the development of our Climate Transition Plan. This marks a defining moment for I-RES. This plan will provide us with a long-term direction for decarbonisation, guiding us step

by step over the next 25 years. This plan will not be static; it will evolve as we balance ambition with practical realities, including budgets and investments. It is the foundation for a future where

our portfolio delivers meaningful carbon reductions, firmly positioning I-RES on the pathway to net zero.

Building on this strategic foundation, we also strengthened our financial resilience through sustainability-linked financing, agreeing environmental and social KPIs with our banking consortia. These commitments not only support

our decarbonisation path but also reduce our interest burden. The Climate Transition Plan will form a critical component of our sustainability-linked financing going forward, ensuring alignment between our environmental ambitions and financial strategy. This positions I-RES as a front-runner in green finance and prepares us for a future where access to capital will increasingly depend on sustainability performance. In my

view, this is the only way forward for our industry.

Governance remains central to our approach. Our Sustainability Committee meets at least quarterly, and our Executive Sustainability Steering Committee meets monthly, driving accountability and transparency. We have set executive KPIs that are aligned with sustainability objectives, and remuneration reflects performance against these targets. Sustainability risks are fully integrated into our risk management framework, ensuring they carry equal weight with other strategic risks.

Looking ahead, our vision is clear: I-RES will continue to be a leader in Ireland's residential property sector, not only as its largest landlord but also a benchmark for environmental and social sustainability. We are already seeing the benefits of this leadership. Our ESG ratings continue to improve, and our tenants, particularly younger generations, value and embrace our efforts.

Challenges remain. Regulatory changes and rising costs linked to sustainability will test our resilience. Yet, I am confident that our strategy, governance, and commitment position us to navigate these pressures successfully.

Finally, I want to acknowledge the strength of our Board, the management of our executive

team, and the actions of the entire I-RES team. We maintain a strong gender balance, invest in ongoing sustainability training and support, ensuring we remain informed and equipped to guide the company through this transition. Our

success is built on their actions, and together, we will continue to deliver meaningful progress toward a sustainable future.

Sustainability is a journey, and while much remains to be done, I-RES is firmly on the right path, one that delivers value for our stakeholders and contributes to a more sustainable future for Ireland.

Stefanie Frensch

Chair, Board Sustainability Committee

I-RES Sustainability Report 2025 4

Overview

Chief Executive's Overview

"Our sustainability strategy is not aligned to our corporate strategy - it is embedded in it. Our strategy is to grow and be net zero

by 2050."

Ireland faces two interconnected-and at times conflicting-challenges: a housing crisis that has left many without secure, affordable homes, and a climate crisis that demands urgent action to reduce emissions and build resilience. As the country's largest private residential landlord, I-RES recognises its responsibility to help address both. Housing is not only a social necessity but also a critical component of sustainable communities.

By providing high-quality, energy-efficient homes and investing in low-carbon solutions, we aim

to provide secure accommodation, and social value while reducing environmental impact.

Our commitment is clear: to lead by example in providing homes that are both sustainable and accessible, supporting Ireland's transition to a greener, fairer future and helping meet the national commitments to address the housing crisis.

To ensure this year's I-RES' Sustainability Report reflects both transparency and authenticity, we begin with an interview with Eddie Byrne, CEO of I-RES.

Eddie, how does I-RES' sustainability strategy align with I-RES' core business objectives and growth plans for the next 3-5 years?

At I-RES, our sustainability strategy is not aligned to our corporate strategy - it is embedded in

it. Our strategy is to grow and be net zero by 2050. Every decision we make, from acquisitions to operations, is guided by our commitment to reducing our carbon footprint while delivering quality accommodation, sustainable resident solutions and strong returns for stakeholders. For

example, because our largest carbon footprint sits within our residential portfolio, every investment, every acquisition, and every operational decision

has to reflect our goal to reduce emissions while delivering quality homes.

How does I-RES ensure sustainability principles are embedded in day-to-day operations and across the I-RES portfolio?

Sustainability is embedded in every project. There isn't one CapEx project that I could think of where we wouldn't have some element of sustainability considerations. We also empower residents through education programmes, making sustainable living practical and accessible. For example, we have installed additional solar PV panels across our buildings where space and planning allow. For

our residents, we provide them with green energy provider options at move-in and have our I-RES Living app to communicate and gather feedback.

For the I-RES team, annual sustainability training sessions help keep them aligned with our goals and our Green Ambassadors have played a really important role between the board, executives, residents, and the different business units bringing new ideas to reality. The I-RES team are pivotal to our ongoing environmental and social sustainability ambitions.

How are you and the I-RES team providing a sustainability leadership example in Ireland's residential sector?

We position ourselves as a responsible operator and a leading voice in shaping Ireland's sustainable property sector. Our ambition is to set a benchmark for responsible growth through collaboration and innovation. For example, we

actively participate in the Irish Institutional Property (IIP) group's sustainability committee and the Irish Green Building Council.

You did a double materiality assessment in 2024. How did it shape your actions, thinking and plans for 2025 and 2026?

Our first double materiality assessment confirmed that our three strategic pillars continue to be

the appropriate areas of focus for I-RES. Climate change, health, safety and wellbeing, and business ethics and compliance were reinforced as top priorities. Portfolio composition together with employee and resident satisfaction also remains

a core material topic.

The exercise also highlighted the key impacts, risks and opportunities on which we can build our sustainability actions. This assessment ensured that our 2025 and 2026 actions, from retrofit scheduling to employee and resident engagement, are clearly aligned with stakeholder expectations and disclosure driven priorities.

What progress has been made on preparing the I-RES Climate Transition Plan and what are the immediate priorities for 2026?

In 2025, we made significant progress in mapping our carbon footprint, identifying our climate risks and scenarios, and conducting preliminary work on costing our decarbonisation plans to reduce our emissions across our portfolio. This has deepened our understanding of where reductions can be achieved across our Scopes 1, 2 and 3. In 2026, we will further evolve our climate transition planning approach. Our immediate priority for 2026 is to ensure that our operational programme remains aligned with the long-term Climate Transition Planning activities.

I-RES Sustainability Report 2025 5

Overview

Chief Executive's Overview

continued

How are sustainability-linked financing mechanisms influencing operational decisions and capital allocation?

Working with our Banks we have converted our 2025 Revolving Credit facility into a Sustainability Linked Loan (SLL). Sustainability-linked financing is shaping how we deploy capital. It is also ensuring we reduce interest payments. Tied to the SLL we have also agreed clear environmental and social targets. Every investment decision weighs financial returns alongside sustainability impact, evaluating whether to retrofit, or acquire, and ensuring that capital drives both growth and decarbonisation, and provides social value for our employees, residents and wider community.

How are I-RES' employees engaged in sustainability initiatives over 2025?

We know we cannot deliver our sustainability ambitions without our I-RES team. The ambition is embedded across I-RES. Our teams are involved regularly in the education of our residents about sustainability issues, whether it's waste disposal, energy usage, or organising wellbeing and community days. They are designing and delivering retrofitting projects. We have a responsible supplier engagement programme which is looking at what we purchase and how we think about that. It's in our approach to property maintenance.

We have a full-time sustainability project manager, who coordinates all of the sustainability projects right across the company. Those projects are

all overseen by the Executive Sustainability Committee, involving most of our senior leadership team. That executive Committee in turn reports into the Board Sustainability Committee which is very active and meets quarterly.

What are the biggest operational challenges in scaling retrofits and renewable energy projects across the portfolio?

We have a high building energy rated portfolio with 95 percent of our units rated A-C. We're focusing on making appropriate investment decisions on the 5 percent with lower ratings to bring them up to A-C ratings.

Because deep retrofit work cannot be undertaken with residents in situ, natural turnover rates directly influence the pace of delivery. Thus, the biggest challenge is vacant possession. Space constraints and planning permissions also limit renewable installations like heat pumps and solar panels.

Not all of our buildings are wholly owned. Many are managed by owner management companies, and so we need their approval to put solar panels on a roof and that's not always straightforward.

Despite these hurdles, we continue to innovate and influence stakeholders to overcome barriers.

How is technology driving sustainability performance and resident engagement?

We have invested in our I-RES Living app. The app is transforming resident engagement and sustainability performance and strengthens our

resident feedback loops. Every resident interaction creates a ticket we can track, giving us insights into repairs, appliance life-cycles, and opportunities

for circular economy practices. It provides us with a rich data-driven approach to help us deliver our sustainability outcomes.

What steps are being taken to improve ESG data quality and transparency for investors, rating agencies and regulators?

Our requirements for an array of environmental and social data is ever increasing. We continue to enhance data collection, verifying that data and reporting in alignment with leading standards such as EPRA sBPR, GRESB, and CDP. We continue to score really well with these external reviewers. This is along with requirements under our SLL. Our improved data quality is ensuring transparency and credibility for investors, agencies and regulators.

How do you measure success in building inclusive communities and enhancing resident wellbeing?

Employee and resident engagement surveys are key indicators for us. We maintain high satisfaction scores year on year. Our response rates are exceptionally high thus we have a good indication of sentiment, and can assess satisfaction levels and identify areas for improvement across the organisation and portfolio. We use these results to inform our response plans each year, enhancing our employee, resident and community wellbeing and engagement programmes. Other relevant KPI's include the number of events held across the portfolio and employee hours spent engaging in wider community events in the localities.

The 2025 resident survey showed 2 in 3 residents value environmental sustainability. There is high interest in recycling, waste management, energy, water conservation, and pollinator gardens.

Residents are also moving to hybrid and electric vehicles which will feed in to our future decisions on new buildings and infrastructure upgrades.

Success for us also means helping to address the national housing crisis and providing secure, and sustainable homes for thousands of residents.

As we grow in the coming years, this will continue to be our role.

What will success look like in 2026?

Success for me in 2026 will mean making measurable progress on our Climate Transition Plan actions and progress toward net zero. It also includes delivering on all of our SLL-linked sustainability targets, while maintaining strong engagement scores among both residents and employees.

Our Ambition

We are committed to being a responsible operator and a leading voice in shaping Ireland's sustainable property sector. Through collaboration, innovation, and relentless focus on our net

zero pathway, we aim to set a benchmark for responsible growth, sustainable properties and positive environmental and social impact.

Eddie Byrne

Chief Executive Officer

I-RES Sustainability Report 2025 6

‌

Our Sustainability Journey

Sustainability has been at the heart of our strategy for a number of years, shaping how we invest, how we manage our assets, and how we create long term value.

Procurement Manager Richard Gray & Operations Manager Kellie McNamara proudly accepting the Fit Out award

Our first Retrofit apartment, Ashbrook, Dublin 3

Solar Panels at Xavier Court, Dublin 1 The Maple, Dublin 18

In the four years from 2019-2022, we formed our first sustainability

committee, launched a resident survey (2019), formalised our policy, switched to renewable electricity, started company-wide sustainability training, and submitted to GRESB (2020). In 2021, we completed carbon and materiality assessments, set a five-year strategy, and published an EPRA sBPR award-winning Sustainability Report. By 2022, we carried out an asset-level CRREM assessment, committed to net zero

by 2050, cut Scope 1 and 2 emissions, delivered Ireland's first LEED Gold residential project, partnered on

waste management, submitted to CDP, and earned an Investors in Diversity Silver Award.

These actions reflect our ongoing commitment to environmental responsibility and innovation. Our more recent key milestones are highlighted to the right:

2023

• Piloted energy efficiency retrofit

  projects

• Recognised in Fit Out Awards for sustainable fit-out of The School Yard

• Launched I-RES Living resident mobile app

• Launched Integrated Sustainability Enterprise Risk Management (ERM) Framework

• Solar PV installation programme began

• Created resident and community engagement KPI dashboards

• Maintained high employee and resident engagement scores

• Graduated first 3 apprentices

  of Auctioneering and Property Services apprenticeship scheme

  2024

• Undertook double materiality assessment and reporting gap analysis in preparation for CSRD reporting

• Achieved full data coverage of Scope 3 resident energy usage

• Achieved WiredScore certification

  at 13 assets

• Improved GRESB score to 3-star rating

• Improved CDP rating to B

• Completed three deep retrofit trials

  in individual apartments

• Completed PV solar installs at a

  further five assets

• Formalised Human Rights Policy

• Vendor sustainability engagement programme launched

• Maintained Investors in Diversity Silver Award

• Bulk water meters installed at additional properties

  2025

• Commenced development of high-level Climate Transition Plan and net zero pathway

• Commenced climate resilience and scenario analysis including physical risk review

• Converted our Revolving Credit Facility into a Sustainability-Linked Loan (SLL) with 5 KPIs across environmental and social topics and annual targets on each

• Progressed our energy retrofit and

  solar PV programmes

• Established the I-RES Academy

  - a comprehensive internal development program designed to cultivate future leaders and enhance expertise within I-RES

• Maintained high employee and resident engagement scores

  2026+

• Completion of our Climate Transition Plan and net zero pathway

• Deliver on our SLL targets

• Further enhancement of ESG data quality and management systems

• Continued progress on our retrofit and solar PV programmes

• Maintenance of strong engagement scores among both residents and employees

• Maintain our Investors in Diversity Silver Award

I-RES Sustainability Report 2025 7

‌About this Report

This Sustainability Report outlines the environmental, social, and governance impact of our activities for the year ending 31 December 2025.

It provides an overview of key priorities and highlights concerning sustainability matters relevant to the real estate industry in general, and specific to I-RES in 2025.

We recommend reading this Sustainability Report alongside our 2025 Annual Report, accessible here.

The Sustainability Report encompasses all assets owned by I-RES. The reporting boundaries for performance measures and metrics are defined by our organisational composition and the mixed ownership structure of some properties. In

disclosing environmental performance measures, the varied approach with mixed ownership structures influences the introduction and implementation of operating policies to set and drive performance improvements across our portfolio. Refer to page 34 of this report for details on the reporting boundaries for environmental performance measures.

We report our sustainability impacts in accordance with EPRA Best Practices Recommendations (EPRA sBPR), for Sustainability Reporting, which aligns

with the latest Global Reporting Initiative guidelines (GRI Standards). Where data is available, the EPRA disclosure reporting period covers two calendar years (2024 and 2025). The reporting boundaries for Sustainability performance measures are clearly defined within the supporting disclosure tables on pages 34-50.

Our ESG data is independently assured by a third party. Our assurance summary statement is outlined on page 51. Our report reflects how we manage our material Sustainability issues within the context of our day-to-day business activities.

The core message of this report focuses on our key sustainability priorities, supported by extensive data and analysis of material issues.

Lansdowne Gate, Drimnagh, Dublin 12

I-RES Sustainability Report 2025 8

‌

Overview

Strategy

Sustainability Oversight

We have established transparent and effective governance structures to support this oversight. These include setting policies, identifying sustainability-related risks and opportunities, and making decisions regarding our sustainability strategy. These measures ensure transparency and accountability to stakeholders.

Clear reporting and governance frameworks are in place to communicate our progress to the Board, senior management and all stakeholders.

The Board and Sustainability Committee continuously assesses and monitors our approach to sustainability. This is achieved through structured engagements with the CEO, management, investor relations, the sustainability function, and other employees. This ensures policies, practices and behaviours remain aligned with the company's purpose, values and strategic objectives.

We believe that achieving our ambition to minimise our carbon footprint and maximise our positive contribution to the spaces we manage is only possible by fully embracing sustainability in its broadest sense. We embed it in our culture through our people.

Our sustainability policy is integrated into our investment process and is available on our website https://www.iresreit.ie. Further details on our corporate governance strategy and approach can be accessed in the Corporate Governance section of the 2025 Annual Report, also available on our website.

9

Strategy

Strategy

The I-RES Board holds ultimate responsibility

for directing and implementing our sustainability strategy and ensuring integration within the company's broader strategy. This includes monitoring the measures taken to mitigate sustainability risks, and ensuring the responsible advancement of the long-term interests of shareholders. At the same time, the Board seeks to balance the interests of all stakeholders, including residents, employees, and local communities.

Our Executive Sustainability Committee

Eddie Byrne

Chief Executive Officer

Brian Fagan

Chief Financial Officer

Jeremy O'Sullivan

Alan Kavanagh

Managing Director, Capital Mkts Managing Director, Operations

Anna-Marie Curry Company Secretary & General Counsel

I-RES Sustainability Report 2025

Strategy

Continuous Evolution of Our Sustainability Strategy





Our Sustainability strategy is built on three core pillars: Evolving Our Sustainability Strategy: Double Materiality

Building on our previous materiality assessment conducted in 2021 and our existing company sustainability programme, in 2024 we carried out a double materiality assessment, examining both the external environmental and social impacts of the company and the internal organisational impacts of sustainability issues.

The double materiality assessment was conducted in line with EFRAG (European Financial Reporting Advisory Group) supporting guidance and standards. It included a detailed stakeholder consultation process with both internal and external stakeholders such as investors, lenders, employees, vendors and external property management partners, industry groups and collaborators, auditors, and peers.

This approach ensures we have a comprehensive understanding of the material sustainability topics affecting the business. Informed by the insights from the assessment, we revised the material topics across our key pillars of Operating Responsibly, Protecting the Environment, and Building Communities, and have updated our sustainability strategy to align with these material topics.

Over 2025, the requirements for reporting under CSRD have evolved significantly. We now have clarity that I-RES is not in scope for reporting under the revised CSRD. Irish implementation of the Omnibus will be monitored closely by the Board and the Executive Sustainability Committee.

The proposed voluntary standard closely aligns with EPRA Sustainability Best Practice Reporting guidelines and the Global Reporting Initiative (GRI), both of which I-RES continues to follow in its current reporting. We

continue to monitor legislative developments as the directive is transposed into Irish national law, while also staying attuned to evolving investor expectations.

Strategic Sustainable Finance

As part of our commitment to embedding sustainability across our operations and financial decision-making, we have made significant progress in establishing sustainability-linked financing mechanisms. Over the past year, we have aligned our sustainability performance indicators with credible, measurable targets that reflect our strategic priorities-particularly in areas such as carbon reduction, resource efficiency, and community impact.

These targets have been formally integrated into our financing frameworks to ensure accountability and transparency. A key milestone in this journey was the conversion of our €500m Revolving Credit Facility ("RCF"), signed in March 2025, into a Sustainability-Linked Loan ("SLL") that aligns with the Loan Market Association's March 2025 principles for sustainable finance. The SLL ties financing costs to independently verified sustainability performance indicators. This structure supports I-RES' sustainability strategy. By embedding these commitments into our financial structure, we reinforce accountability and ensure sustainability remains central to our business strategy.

As part of this, our Climate Transition Plan, currently in development, will form a critical component of our future sustainability-linked finance strategy. The plan will outline our pathway to

decarbonisation and long-term climate resilience and, once finalised, its targets will be embedded within our financial frameworks to ensure our climate ambitions are both strategic and financially accountable. More information on our Climate Transition Plan progress can be found on page 19.

I-RES Sustainability Report 2025 10

Strategy

Stakeholder Engagement

Delivering value to our stakeholders

Through active dialogue and engagement with investors, residents, employees, and a wider group of stakeholders, we seek to shape our strategy and objectives around the core values of social responsibility and environmental stewardship. This collaboration guides how we evolve our sustainability strategy for growth and to generate enduring shared value.

I-RES Sustainability Report 2025 11

Strategy

Stakeholder Engagement

continued

Delivering value to our stakeholders

I-RES Sustainability Report 2025 12

‌

UN Sustainable Development Goals (SDGs) - Driving Positive Impact

Sustainability Throughout the Real Estate Lifecycle

As advocates of the UN SDGs, the three core pillars of our sustainability strategy are aligned with the following seven UN SDGs to ensure that our actions deliver the highest positive impacts in the spaces we manage and with our residents and colleagues.

The UN SDGs provide a universal framework to promote sustainable development by 2030, addressing interconnected global challenges. As an integral part of our sustainability strategy, we are

committed to making a positive contribution to these global development goals. We have identified seven goals where we believe we can make a significant impact and have focused our efforts accordingly.

Further detail on our alignment can be found on our website: Sustainable Development Goals | Irish

The real estate lifecycle is evolving as sustainability becomes a core driver of investment decisions, operational practices, and long-term value creation. At I-RES, we embed sustainability considerations throughout the entire investment lifecycle of each asset, from pre-acquisition through to disposal, reflecting this industry-wide transformation.

Our process is that every acquisition undergoes a rigorous pre-acquisition due diligence process

n

g

R

e

s

D

i

s

p

o

s

a

that includes comprehensive sustainability criteria. This includes building surveys, environmental and social risk assessments, and climate risk evaluations. These steps ensure a robust understanding of each asset's sustainability profile before investment,

conservation and circular economy, encouraging responsible practices among tenants.

Through these responsible practices, we align day-to-day operations with our broader sustainability goals, delivering positive outcomes for the environment, residents and communities.

l

y

This lifecycle approach reflects a significant industry shift: sustainability is no longer an add-on but an integral part of asset management, influencing design, operations, and disposal strategies to meet climate targets

p

o

n

si

b

and stakeholder expectations.

Governance

l

Carbon Footprint

P

i

ll

a

r

2

P

r

o

t

e

c

t

i

n

a

ti

Energy & Renewables

P

i

l

l

a

r

1

O

p

r

Residential Properties REIT plc.

I-RES Sustainability Report 2025

aligning with growing investor expectations and regulatory requirements.

Once acquired, our proactive approach to building management goes beyond regulatory compliance. We actively seek opportunities to enhance the sustainability credentials of our assets through energy-efficiency upgrades, water conservation measures, and waste reduction initiatives. Our on-site teams receive regular sustainability training and work closely with residents to operate buildings responsibly.

We provide ongoing tenant education through digital platforms, resident events, and awareness campaigns to help residents understand and adopt sustainable behaviours in their daily

lives, ensuring that sustainability is embedded in the way our communities live and interact.

In addition, tenant leases have been revised to incorporate sustainability-related requirements and recommendations that promote resource

Technology Innovation

e

Wellbeing,

Diversity & Inclusion

b

r

u

f

e

R

Building Certification

D

&

t

n

e

m

h

s

i

Community & Social Impact

t

n

e

m

p

o

l

e

v

e

Heritage & Culture

o

C

g

n

i

d

l

i

u

B

3

r

a

l

il

P

s

e

i

it

n

u

m

m

Nature Positive Space

Materials

Climate Resilience

g

t

P

r

h

e

e

-

E

n

a

v

c

i

r

q

o

u

n

i

m

s

i

e

t

i

n

t

o

n

Environmental Management

Sustainable Supply Chain

Water

n

o

i

t

a

r

e

p

O

Resources & Waste

13

‌

Ethical Business & Employment Practices

Responsible Governance Practices

I-RES is committed to upholding the highest standards of governance, aligning with regulatory expectations, evolving industry best practices,

our corporate strategy, and our risk appetite. Sustainability and responsible business objectives are integral to our policies, internal governance practices, and decision-making processes to manage the impact of our operations on the environment and society.

We do not view sustainability in isolation; rather, we embed it across all areas of our business, and it is explicitly outlined in the Terms of Reference for our Audit, Sustainability, and Remuneration Committees.

Our sustainability strategy delivery approach is aligned with ISO 14001:2015 for Environmental Management, with a structured framework in

place for continual improvement. Our sustainability risks and opportunities are mapped across to internal business units and are integrated into

our governance approaches and our processes.

Overview of Our Policies

I-RES has a clearly defined set of documented and communicated policies, procedures, and ethical standards. All employees, as well as our vendor partners are expected to adhere to

these standards. I-RES is committed to building a sustainable and responsible business that

respects internationally recognised human rights.

We continuously review internal policies and procedures to ensure our governance and management processes fully support our commitments. Our key Sustainability-related policies are listed below and can be viewed in more detail on our website:

https://www.iresreit.ie/about-us/policies

Human Rights Policy

Health and Safety

Sustainability Policy

Code of Ethics

Diversity & Inclusion

Whistleblower Policy

Dignity at Work

Political Contributions

Anti-Corruption Policy

Conflicts of Interest

Modern Slavery

Supplier Code of Conduct

Dealing Policy and Dealing Code

14

Operating Responsibly

I-RES Sustainability Report 2025

‌

Ethical Business & Employment Practices

continued

Disclosure Reporting

At I-RES, we recognise that transparent reporting on our impact and progress against our goals is fundamental to our sustainability journey. We are committed to clear, consistent communication and disclosure, ensuring accountability and fostering trust across all stakeholder groups.

EPRA

We are delighted to maintain our European Public Real Estate Association (EPRA) Sustainability Best Practices Recommendations (sBPR) Gold Award in 2025 for the fifth consecutive year. Our EPRA sustainability performance disclosures can be found on pages 34-50 of this report.

GRESB

In 2025, we maintained our 3-star Global Real Estate Sustainability Benchmark (GRESB) rating and improved our score by 4 points.

CDP

We submitted to the Carbon Disclosure Project (CDP) for the fourth consecutive year, improving our score from a C to a B rating in 2024, and maintaining this maximum SME rating in 2025.

We remain focused on initiatives to improve our sustainability disclosures, aiming for consistent year-on-year progress.

*80th percentile amongst industry peers

I-RES Sustainability Report 2025 15

‌

Ethical Business & Employment Practices

continued

Industry Membership & Collaboration

As part of our commitment to collaboration and continuous improvement, we actively engage with leading industry bodies and professional networks. These memberships enable us to stay informed on best practices, contribute to sector-wide sustainability initiatives, and ensure alignment with industry standards.

A full list of industry memberships can be found on our website:

https://www.iresreit.ie/sustainability/operating-responsibly

Leadership Engagement

Our CEO and senior management team actively share their expertise through participation in industry engagements. In 2025, they contributed as panellists at several property-industry and sustainability-focused forums, reinforcing our commitment to leadership and knowledge sharing across the sector.

Recent engagements included:

Goodbody Clearstream webinar during World Green Building Week: Garrett Dorrian, Development Director, who leads I-RES's Decarbonisation projects, joined an industry expert panel discussing

the Energy Performance of Buildings Directive (EPBD) and its impact on construction and real estate.

Mason Hayes & Curran - Built Environment Summit

CEO Eddie Byrne represented I-RES at the 2025 Built Environment Summit, joining senior leaders from across the property sector for a

panel discussion on the future of Ireland's built environment. With contributions from industry leaders, policymakers, and investors, the event provided a valuable platform for exchanging insights on housing policy, planning processes, and the delivery of much-needed homes.

The summit brought together a wide audience of professionals and fostered constructive dialogue on the challenges

Residential Tenancies Board (RTB) Annual Conference:

Jeremy O'Sullivan, Managing Director of Capital Markets and Portfolio Management, spoke about the opportunities and challenges of delivering a sustainable rental sector.

Photo: Jeremy O'Sullivan, Managing Director of Capital Markets and Portfolio Management, speaking on sustainable rental sector strategies at the RTB Annual Conference

AIB Sustainability Conference during Climate Finance Week: Anna-Marie Curry, Company Secretary, who leads I-RES's sustainability reporting requirements, joined an interactive masterclass hosted by Goodbody Clearstream exploring how decarbonisation strategies drive business value.

I-RES is actively engaging with the Sustainable Energy Authority of Ireland (SEAI) in its efforts to devise a tailored decarbonisation strategy for Multi-Unit Developments (MUDs). This collaboration aims to explore innovative methods for decarbonisation at scale, particularly for large residential complexes. This aligns with work

completed through Department of Housing workshops to produce guidelines for retrofitting multi-unit developments.

Our collaboration with the Irish Green Building Council aims to share insights with the wider industry and improve guidance for similar asset types. In 2025, we have participated in workshops relating to the EU Taxonomy and Focus groups on developing and decarbonising the Irish economy. Additionally, we attended the Biodiversity in the Built Environment Community of Practice sessions throughout the year.

I-RES, alongside other real estate companies in Ireland, attend Irish Institutional Property's Sustainability Working Group, which meets regularly to discuss a wide variety of sustainability issues relating to real estate. IIP leverages member insight to provide thought leadership which supports the development of a sustainable property sector.

CEO, Eddie Byrne, panelist at the Built Environment Summit

and opportunities shaping Ireland's housing landscape.

Photo: Anna-Marie Curry, Company Secretary, speaking on decarbonisation strategies at AIB's Climate Finance Week masterclass

I-RES Sustainability Report 2025 16

‌

Ethical Business & Employment Practices

continued

Managing Risk and Building Resilience

Data Privacy & Cybersecurity

Risk Management Framework

During 2025, we continued to adopt a comprehensive and consistent risk-based approach to evaluating our sustainability risks, taking an 'outside-in' perspective.

This approach is integrated with our wider Enterprise Risk Management (ERM) framework and includes risk appetite statements covering environmental, social and governance priorities, supported by reporting dashboards and a Board-level strategic risk register.

Our approach to sustainability risk management is aligned to ISO 14001:2015 for Environmental Management and ISO 31000 for Risk Management.

As a property asset owner, we have identified specific environmental and social risks that may have an impact on the business. Climate change, in particular, poses risks to the built environment, but can also present opportunities for resource efficiency and cost savings.

Climate Change Risk

As part of our climate change risk assessment, I-RES has carried out an updated review of its initial acquisition reports and commenced a

comprehensive evaluation of climate-related risks across all developments in the portfolio.

In Ireland, the Office of Public Works (OPW) leads flood risk management and has conducted extensive studies to identify areas of significant flood risk nationwide. Building on this, I-RES has commenced a programme to review each site where our assets are located.

Where a climate-related risk is identified, our Asset Management and Operations teams will develop and implement tailored mitigation strategies.

In addition, regulatory, market, and other non-physical risks identified are currently being assessed to understand their potential impact.

Governance and Oversight

I-RES has engaged an external audit function to assist the Audit Committee and Board in assessing the effectiveness of I-RES's risk management and internal controls.

Our Risk Manager collaborates closely with the sustainability team to monitor the company's sustainability risk profile and reports to the senior leadership team and the Board.

In line with our ERM requirements, we have implemented robust processes to control and manage risks including:

• Effective management of any site-related incidents

• Updates to our emergency response arrangements

• Completion of multiple test exercises

  Regular risk assessment, due diligence, and monitoring are embedded across investment decisions, asset management, and property operations. These insights inform discussions and decision making at senior management, Committee and Board level.

  At I-RES, we recognise our responsibility as a data controller to uphold the highest standards of privacy and safeguard data related to our stakeholders

  and business. We take a comprehensive approach to safeguarding our digital assets and ensuring the security of our operations.

  Our Cybersecurity Strategy is designed to protect the business, its shareholders, and tenants' personal data by managing technology-related financial, operational, legal, and reputational risks. We continuously review our cybersecurity strategy and our data protection and cybersecurity policies and procedures.

  With support from our outsourced Chief Information Security Officer (CISO), we have reviewed and updated our cyber security programme with reference to industry standards such as the National Institute of Standards and Technology (NIST), Cybersecurity Framework (CSF) and ISO 27001/2. We also completed the Marsh Cyber Self-Assessment, an industry-leading digital tool that examines an organisation's cyber risks and streamlines the process of applying for cyber insurance. The results informed our approach to both cyber insurance and cyber security.

  Our IT environment and any identified incidents are reviewed by both our external and internal auditors:

• External audit considers the possible impact of cyber and data risks on financial reporting and regulatory compliance

• Internal audit provides assurance on the effectiveness of internal controls and governance over cyber and data risks

  In 2024, our Head of IT, responsible for all aspects of IT, including cybersecurity, joined the senior leadership team. This senior management focus ensures that appropriate structures are in place for the governance of data and cybersecurity.

  Key actions taken:

• Developed a new data protection training approach for new employee inductions and quarterly in-person sessions

• Reviewed and updated 'legitimate interest' assessments for personal data processing

• Enhanced Data Protection Impact Assessment procedure with formal review and sign-off

• Updated our Cyber Strategy for 2024-2026 to elevate our cyber risk management

  to a 'managed' level of maturity

• Continued cyber assurance testing across Microsoft 365, and networks

• Introduced MetaCompliance system for employee cybersecurity training and policy compliance

• Completed external cyber assessment report

• Established a Cybersecurity Steering Group (SSG)

• Created business continuity playbooks for phishing and malware attacks

• Procured and implemented a Security Operations Centre (SOC) and deployed a Security Information and Event Management (SIEM) solution to provide 24/7 monitoring, threat detection, and incident response

  Data privacy and cyber security will remain a high priority for I-RES. Our Head of IT and our dedicated Privacy Officer will continue to strengthen our cybersecurity strategy in 2026 and beyond.

  I-RES Sustainability Report 2025 17

  
  
  

  Overview

‌

Ethical Business & Employment Practices

continued

Sustainable Procurement

At I-RES, we view our vendors as essential partners in delivering high-quality service to our residents and in advancing our environmental objectives.

Their collaboration is key to our operations and vital in achieving our sustainability goals. We work with suppliers who share our commitment to ethical and sustainable practices ensuring that our supply chain reflects our core principles.

Positively Impacting Our Supply Chain Since launching our vendor engagement programme in 2022 we have achieved:

• 35% increase in Tier 1 vendors with a sustainability policy in place (from 15% to 50%)

• 25% of our Tier 1 vendors now capturing their carbon footprint for the first time

  This progress provides a strong foundation for future improvements.

  Our programme included:

• A supplier questionnaire providing valuable insights into vendors' sustainability journey and alignment with I-RES' strategy.

• A Responsible Sourcing Bootcamp for Tier 1 vendors covering:

  ° Scope 1, 2 & 3 emissions

  ° Carbon footprint calculation

  ° Sustainability principles at I-RES

  ° CSRD reporting requirements

  In 2025, we continued our focus on supply chain scope 3 emissions with a series of one-to-one sessions with tier 1 vendors.

  Innovation Through Collaboration Together with suppliers, we are reviewing products and services through a life-cycle

  and carbon footprint lens, enabling us to

  source low maintenance, circular products that reduce environmental impact. This approach is formalised through a Responsible Sourcing Policy.

  Collaboration with Owner Management Companies (OMCs)

  At properties where I-RES does not fully own or manage the development, OMCs play a critical role in the operational management of common areas and shared building systems, which significantly influences overall energy consumption and emissions. Engaging with OMCs is essential

  for achieving I-RES' decarbonisation objectives, enabling:

• Energy efficiency upgrades

• Waste-management improvements

• Compliance with environmental standards

Through our strong partnerships with OMCs I-RES uses its influence to encourage alignment on sustainability priorities, enhance tenant satisfaction, and accelerate progress toward net-zero targets.

This collaborative approach mitigates operational risks and strengthens the long-term value and resilience of our assets.

Looking ahead, we will continue to foster collaboration and innovation across our supply chain, engaging our stakeholders, setting measurable targets, evaluating new products and technologies, and exploring partnership opportunities to accelerate progress toward our net-zero and circular economy commitments.

Award winning, sustainable fit out at the School Yard, Dublin 1

I-RES Sustainability Report 2025 18

Protecting the Environment

‌

Protecting the Environment

Climate Change - Our Road to Net Zero Recognising the significant role of the built environment in global carbon emissions, I-RES is committed to achieving net-zero carbon by 2050. We acknowledge our responsibility to address the carbon impacts of our assets, including embodied carbon and resident emissions beyond our operational control.

Our investment process incorporates climate and carbon considerations. We are developing a pathway to achieve Net Zero by 2050 in line

with our commitment to the 2015 Paris Agreement and Ireland's Climate Action Plan, focusing on energy-efficiency improvements and renewable-energy sourcing.

Climate Transition Planning

In 2025, I-RES started the process of preparing a credible Climate Transition Plan (CTP). This will

include a time-bound action plan outlining how I-RES will achieve its strategy to reach net zero emissions by 2050.

Key steps completed:

• Externally certified carbon footprint across Scope 1, 2 and 3, establishing a robust 2024 baseline

• Identification of climate risks and opportunities

• Climate scenario modelling - As part of this process, we conducted a climate resilience scenario analysis, building on the climate-related risks identified through our double materiality assessment

• Development of an outline for governance, financing, and integration of I-RES' current sustainability policy and reporting

• High-level decarbonisation pathway modelling outlining emission-reduction profiles across

  I-RES' Scope 1, 2 and 3 emissions

  As part of developing the Climate Transition Plan,

  I-RES are leveraging the data available from the pilot energy-efficiency measures implemented over the last few years, such as PV panels, apartment retrofits and district heating upgrades, as well as the availability of 100 percent of our Scope 3 residential emissions data. While further detailed work is required to complete the I-RES Climate Transition plan, the work done in 2025 enabled us to align short-term environmental KPIs under our SLL with our high-level decarbonisation pathway.

  The environmental KPIs agreed as part of the SLL are:

• Building Energy Ratings:

  ° Increase the proportion of I-RES's residential portfolio with a BER assessment of A-C

  ° Improve the BER rating of the residential portfolio by upgrading a proportion of the residential units with a BER rating of D or below that become vacant during each financial year

• On-Site Renewable Energy:

  ° Increase self-generated energy through installed solar photovoltaic (SPV) capacity

• Absolute Emissions Reduction

° Specific to Identified GHG Emissions, I-RES commits to reducing absolute scope 1, 2 and 3 GHG emissions

Carbon Footprint

As part of the early stage Climate Transition planning work, I-RES produced a comprehensive, externally verified greenhouse gas emissions inventory for 2024. The inventory highlights that 99 percent of our total GHG emissions fall under Scope

3, which covers both upstream and downstream emissions across our value chain. Notably, 83 percent of all Scope 3 emissions are attributable to downstream emissions related to tenant activities within leased assets. Most downstream emissions were modelled using BER data to estimate tenant energy use. These emissions are the primary focus area for I-RES' current decarbonisation objectives. This concentration underscores the importance of tenant engagement and operational efficiency in achieving our decarbonisation objectives and meeting long-term climate targets.

Total 2024 Carbon Footprint

2,980

17,460

tCO2e

14,319

Scope 3 - Downstream 82.0%

Scope 3 - Upstream 17.1%

Scope 1 <1%

Scope 2 <1%

19

Protecting the Environment

I-RES Sustainability Report 2025

Protecting the Environment

‌

Climate Change - Our Road to Net Zero

continued

We continue our engagement with the Commission for Regulation of Utilities' (CRU) smart-meter programme and Uisce Eireann to improve energy and water data-collection capabilities, and

are closely monitoring the EU's revised Energy Performance of Buildings Directive (EPBD), which aims to decarbonise the built environment by 2050, as Ireland prepares to transpose the directive into Irish Law in May 2026.

Our Development Director Garrett Dorrian continues to play a central role in advancing I RES' decarbonisation agenda. Leading the delivery of our retrofit programme, he oversees the practical implementation of energy efficiency upgrades, solar PV installations, and low carbon design measures across the portfolio. His technical expertise and cross functional collaboration ensure that our development activities remain aligned with our Climate Transition Plan.

Looking ahead, in 2026, we will further develop our Climate Transition Plan to align with our investment priorities and EPBD compliance. We will continue our retrofit and solar PV projects at select properties that meet relevant criteria, identify further efficiency opportunities, and we will continue to optimise energy efficiency in

tenanted spaces through engagement campaigns and educational programs. We will continue to monitor the CRU smart-meter programme's data-collection capabilities and expand green building certifications across our portfolio, where feasible.

I-RES Sustainability Report 2025

Development Director, Garrett Dorrian

Building Energy Ratings

Building Energy Rating (BER) certificates function as a consistent measure of energy performance across the I-RES portfolio, similar to the Energy Performance Indicator (EPC) requirement in the UK. As at 31 December 2025, 95 percent of our individual residential properties are BER-rated C or higher. Our ongoing program is dedicated to the continuous review and enhancement of BER ratings, aligning with our net zero aspirations.

As part of our SLL commitments, I-RES has committed to improving the BER rating of our lowest-rated residential units, in line with incoming EPBD requirements. When a unit with a D rating or below becomes vacant, it undergoes a detailed review covering technical specifications, building regulations, and other relevant criteria, to assess suitability for retrofitting.

51.8%

46.2%

36.9%

34.3%

9.1% 9.2%

6.1%

4.2%

1.7%

0.6%

A

B

C

D

E & Below

2024

2025

20

Protecting the Environment

Climate Change - Our Road to Net Zero

continued

Upgraded energy-efficient Viessmann heat pump system

2 bed, Bessboro, Dublin 6W with original single glazed

timber fit windows, before upgrade

Post upgrade works - triple glazed windows

I-RES Sustainability Report 2025 21

Protecting the Environment

Climate Change - Our Road to Net Zero

continued

Solar Panels at Rockbrook, Dublin 18

I-RES Maintenance Technician, Karl Seery upgrading the Common Area LED lighting at Kings Court, Dublin 7

I-RES Sustainability Report 2025 22

‌

Environmental Management

Protecting the Environment

We also partner with our third-party management agents to ensure the widespread adoption of AIPP initiatives at properties not directly managed by I-RES.

The next phase of the AIPP is currently in development and I-RES plans to continue its support.

Swift bird box installation at Bessboro, Dublin 6W

No Mow areas at Bessboro, Dublin 6W Green roofs at Tara View, Dublin 4

I-RES Sustainability Report 2025 23

‌

Environmental Management

continued

Protecting the Environment

Waste Programme

We continue to uphold our zero-waste-to-landfill commitment at our directly managed assets, while achieving increased diversion rates across most waste streams.

Our operations teams continue to expand on-site recycling waste streams, upgrade bin room facilities, and actively engage and educate residents via various on-site and online campaigns throughout the year.

Ongoing bin-room upgrades include extending spaces, colour coding walls to match bins, and including additional recycling bins where required. Waste

separation is implemented at all sites, with glass, electronic, textile, compost, and dry mixed recycling bins, strategically placed at all of our directly managed properties. These measures promote the responsible

Waste

disposal of waste and align with waste-hierarchy principles.

Our Green Ambassador Committee established a partnership with VOICE Ireland in 2022, an Irish environmental charity dedicated to advancing waste-reduction practices and promoting circular-economy initiatives across Ireland. Since then,

VOICE has facilitated numerous on-site educational workshops across our portfolio and developed a short educational waste-management video guide, which is available on our resident app, social media platforms, and company intranet for employees.

In 2025, VOICE continued to support I-RES via further workshops during our resident days educating our residents-adults and children alike.

Water Management

I-RES is committed to enhancing water management across our portfolio as part of our sustainability efforts. Historically, collecting water data for residential assets in Ireland has been challenging, with a national programme to monitor water usage only in recent years.

In 2023, we completed a review of our directly managed properties, identifying opportunities to improve our water metering capacity. Since then, we have partnered with Uisce Éireann (Irish Water), resulting in the installation of bulk water meters at six of our residential properties in 2024. Plans are underway for the installation of bulk water meters at a further nine assets in 2026. These efforts will strengthen existing metering capabilities and significantly increase water-data coverage across our portfolio.

To actively support residents in reducing water consumption, an internal review across our assets identified opportunities for water efficiency

measures, within individual units. An initial trial of 20 apartments with low-flush syphons was completed in 2023. In 2024, we partnered with our main

water use practices among our tenants, contributing to our broader environmental goals.

Additionally, water butts are installed across the portfolio to capture rainwater for use in irrigation, cleaning, and other non-potable applications, supporting our sustainability goals.

Looking ahead, we will continue collaborating with Uisce Éireann to expand the metering programme across our portfolio and focus on centralised water-usage data collection. We will extend

our water-conservation programme across the remaining buildings in our portfolio and seek to optimise water efficiency in tenanted spaces through engagement campaigns and educational programs highlighting best practice conservation measures.

Operational Performance Highlights for 2025 (Directly Managed Properties)

Absolute and LfL

382 tonnes

407 tonnes (2024)

-6.08% y-o-y

supplier of water fittings to begin a technical survey of our portfolio and to date, 40 percent of the properties have been assessed and we are working towards 100 percent. We are exploring innovative solutions and strategic partnerships to accelerate water-saving initiatives and deliver long-term benefits for residents and the environment.

Through these efforts, I-RES is not only improving data collection and monitoring but also taking proactive steps to encourage more sustainable

Water Butt at Bessboro, Dublin 6W

I-RES Sustainability Report 2025 24

‌

Health & Wellbeing of our Employees & Residents

I-RES' Town Hall 2025

Empowered People, Sustainable Future

Our employees are the foundation of our organisation and the driving force behind our progress. We are committed to supporting their growth, well-being, and sense of purpose at work. By investing in skills development and creating an environment where people feel valued and

empowered, we enable teams to thrive in their roles and contribute meaningfully to our collective goals.

The appointment of a HR Director to the Senior Leadership Team in 2024 strengthened our focus on employee support, development, and performance, enhanced our well-being support programme and expanded opportunities for all employees.

Employee Supports

Our commitment to supporting the well-being of our employees and their experience is ongoing. Robust grievance reporting and escalation procedures are in place for all employees, ensuring transparency and fairness.

In 2025, we continued to strengthen support structures through several key initiatives including:

• Increase in employer pension contributions to support long-term financial security

• Updates to our Remote and Flexible Working Policy to promote work-life balance

• Transition to a new health insurance provider

  offering broader coverage

• The establishment of a dedicated Welfare Committee to champion employee well-being

• Improvement to our Employee Assistance Programme (EAP) for mental health and personal support

• Introduction of a Financial Well-being Platform to provide tools and resources for financial literacy

• A company-granted holiday at Easter fostering rest and recovery

  These enhancements reflect our ongoing efforts to create a supportive, inclusive, and rewarding workplace for all.

  25

  Building Communities

  I-RES Sustainability Report 2025

  Strategy

Health & Wellbeing of our Employees & Residents

continued

Learning & Development

Our Learning & Development programme is designed to include professional skills and knowledge development training opportunities for all employees. We partner with educational institutions to develop or deliver joint training programs for staff and provide online micro learning access and opportunities for all employees. The average training hours per employee in 2025 was 41.

Key ongoing programme offerings:

• Apprenticeship Programme

• Leadership Academy Programme

• Financial support and leave for approved diplomas, certificates or other professional qualification attainment

• Customer-service training for our resident-facing teams

• Annual mandatory sustainability training for all employees

• Mandatory Dignity & Respect training for all employees

• Meta Compliance Security Awareness training for all employees

• Data Protection/GDPR training for all employees

• Mandatory neurodiversity training for all employees

• Safe Pass & Manual Handling training for Property Maintenance employees

• First Aid & Chair evacuation for fire wardens

• Lone Worker training for relevant employees

• Performance Management training for all managers

  In 2025, the programme was further enhanced with the introduction of the I-RES Academy - a comprehensive development program designed to cultivate future leaders and enhance expertise

  within I-RES. This program is available to our Property Operations teams, offers a blend of formal training, hands-on experience, and mentorship to ensure participants gain a thorough understanding of property management and leadership principles.

  The 15-month program includes departmental rotations, allowing participants to gain experience in property management, leasing, maintenance, revenue, legal, and customer service. The I-RES Academy represents a strategic investment in building internal capability, fostering innovation, and equipping our people with the skills needed to support long-term organisational resilience and sustainable growth.

  We continued to support several employees undertaking their Level 6 Diploma in Auctioneering and Property Services through the Ballsbridge College Apprenticeship Scholarship Programme. Our three 2025 graduates are now eligible to apply for a licence from the Property Services Regulatory Authority, significantly increasing their potential for progression in property letting and management roles.

  Mentors and mentees at the launch of the I-RES Academy

  
  
  

  2025 Property Apprenticeship Graduate, Leasing and Compliance Co-ordinator Megan McCabe

  
  
  
  
  

  Asset Manager, Louise Kennedy delivering an engaging update on one of the team's exciting projects at the 2025 Townhall event

  I-RES Sustainability Report 2025 26

  
  
  

  ESG Performance Data

Health & Wellbeing of our Employees & Residents

continued

Employee Engagement

We actively engage with our employees through a wide range of events and initiatives designed to build strong connections, foster open communication and a strong sense of belonging.

Our interactive company intranet, The I-RES Times, plays a central role in keeping employees informed about available supports, upcoming events, and internal opportunities. It also serves as a platform to celebrate employee achievements and promote awareness campaigns throughout the year, including World Mental Health Day.

I-RES Staff Relay team of 2025 at Dublin's Phoenix Park

Beyond the workplace, our employees regularly participate in resident events, and community volunteering and charity events, reflecting their strong commitment to social impact. These efforts reinforce our dedication to building a collaborative, inclusive and values-driven culture where every team member feels supported and appreciated. More information on these events can be found on pages 30, 32 and 33.

Festive fun at the employee children's Christmas party

Our programme of engagement events in 2025 included:

• Company town hall with a team-building event

• Staff Relay Series

• Monthly 5K Park Run

• LGBTQ+ in-person learning sessions hosted by ShoutOut

• Resilience in Financial Health & Physical Health

• World Well-being Week with a schedule of 3 sessions on Stress Management

• Annual Christmas celebrations including a Christmas Party, an employee children's Christmas party and a staff Christmas Jumper Day

  Equity, Diversity and Inclusion

  I-RES proudly holds a Silver Investors in Diversity Award from the Irish Centre for Diversity, reflecting our commitment to fostering an inclusive workplace. Our company-wide Equity, Diversity and Inclusion Policy sets out how I-RES is promoting ED&I as an employer and a supplier of rental homes.

  All employees participated in Disability Awareness & Equality training, designed to help employees understand the challenges faced by people

  with disabilities, and foster empathy, encourage respectful language and behaviour, reducing stigma and discrimination. Mandatory Dignity and Respect training also took place, designed to deepen our understanding of workplace

  behaviours, the importance of respectful conduct, and the policies that support a positive and inclusive work environment.

  The Board's Diversity and Inclusion Policy requires the Board to consider a broad range of characteristics when considering diversity including, but not limited to:

• Age, gender, social and ethnic background

• Educational and professional background, possession of technical skills in the company's field of operations, including "soft" and cognitive skills necessary to be an effective director

• Personal strengths such as strength of character, experience, knowledge, and understanding

• Expertise in relevant environmental, social and governance (ESG) matters

  Consistent with the targets set by the Irish government supported initiative Balance for Better Business and the Irish Corporate Governance Code, the Board has set a target of maintaining at least 40 percent both male and female representation on the Board. In furtherance of this goal, in 2025 the Nomination Committee of the Board participated in unconscious bias training.

  The Board currently has 50 percent female representation and there is 51 percent female representation across the workforce.

  Employee Survey

  In our most recent Employee survey (conducted on an anonymous basis by an independent research company), we had a 92 percent participation rate.

  The survey outcome was exceptionally positive, with a 90 percent overall employee engagement score.

  This high score demonstrates the significant level of job satisfaction and commitment among I-RES employees, with the majority of staff expressing enjoyment and engagement in their work.

  To provide context, we benchmarked against a national average employee satisfaction benchmark of 68 percent.

  97% Of respondents enjoy their job and feel engaged in the work that they do

  90% Overall engagement score

  As we continue our journey, we will build on the excellent culture at I-RES, continuing to strengthen our employee development programme, reward structures and succession planning, ensuring I-RES remains a great place to work and retains excellent talent. We will continue our ED&I programme and work towards maintaining our Silver 'Investors in Diversity' Award.

  I-RES Sustainability Report 2025 27

  Overview

‌

Health & Wellbeing of our Employees & Residents

continued

Our Resident Promise

We are committed to the integration and well-being of our residents and surrounding communities. All of our properties are strategically located near public transport networks and close to local amenities, schools and workplaces. Investing in locations with robust connectivity and accessible local services has been a core principle of our investment policy.

I-RES delivers a fully integrated, end-to-end service model that is unmatched in the sector in Ireland.

Unlike many operators who outsource core functions,

I-RES carries out all aspects of property management in-house, from leasing and maintenance work to resident engagement and day-to-day support.

This approach allows I-RES to deliver a personalised, community-focused service across every residential development.

A key strength of this model is the presence of dedicated on-site management teams, who serve as

the daily contact point for residents. Their accessibility and familiarity help build genuine relationships; a theme echoed throughout the resident feedback we gathered through our annual resident survey.

A stand-out feature of I-RES' service offering is its 24/7 emergency support line - an amenity rarely provided in the Irish property management market. Residents have continuous access to urgent assistance, offering reassurance that help is available whenever needed.

I-RES

Maintenance Technician John O'Sullivan carrying out safety checks at the School Yard, Dublin 1

Walk Score

Walk Score is a publicly available index used to measure the walkability of a neighbourhood and its suitability for car-free living. A neighbourhood with a higher density of easily accessible local amenities will perform better than one with fewer local amenities.

We systematically track the Walk Score of all of our properties. Our score is averaging 72/100 which is considered a high score and indicates that most amenities are within walking distance.

Car-Sharing Service

We have continued our partnership with Yuko to offer car-sharing facilities at seven properties. Yuko exclusively uses hybrid models, thereby reducing fuel emissions. Our aim is to help residents reduce their car ownership needs and choose sustainable alternatives.

2025 estimated performance provided by Yuko

• 1,349 bookings

• 8.2 tCO2 average savings

• 90,415 kms of fossil fuel-based driving avoided

Digital Connectivity

Reliable internet and robust mobile coverage are essential amenities in today's world. Since COVID-19, residents' expectations for in-home

technology have increased. To meet expectations and ensure occupier satisfaction, we upgraded the fibre broadband at 20 of our properties and continue to upgrade where required.

Currently, thirteen of our assets are WiredScore certified, promoting the properties' capabilities and providing transparency about a property's technological readiness and digital infrastructure.

I-RES Sustainability Report 2025 28

Health & Wellbeing of our Employees & Residents

continued

Listening to Our Residents

We are dedicated to achieving customer service excellence by providing safe, secure, comfortable and high-quality homes and fostering vibrant communities for our residents. We ensure this is achieved through ongoing resident engagement, where we seek to understand and meet their needs.

We have conducted an annual resident survey every year since 2019, to capture feedback. The 2025 survey achieved a response rate of 20 percent which is considered very high for this

Key Highlights for 2025

research type. This high level of participation provides robust insights into resident sentiment, trends and opportunities for improvement.

Survey findings are analysed and used by the resident management teams to develop individual improvement plans for each property, to address key concerns highlighted in the survey, with actions implemented and monitored throughout the year.

Continuous Enhancement of Resident Experience

Our resident-facing app continues to achieve an exceptional 92 percent adoption rate across the portfolio, one of the highest digital engagement levels in Ireland's property sector. This tech-enabled service model has significantly improved response times, reduced administrative friction, and enhanced communication clarity. From realtime news and announcements to maintenance requests, the platform has transformed how residents interact with their community and property management.

Two-in-three residents think that the overall

environmental sustainability standard of a property is important

Positive feedback centres on staff friendliness, professionalism, and maintenance quality

Residents are most likely to consider hybrid or electric vehicles and bikes in the next five years

Nearly unanimous satisfaction with homes, landscaping, waste management, and broadband

Building on the success of the app, this year we launched I-RES Living, our dedicated resident-facing brand designed to strengthen engagement and communication across our communities.

I-RES Living connects with over 3,600 homes across Dublin through tailored communication channels, ensuring a consistent and user-friendly experience for residents across lettings, property management, and administrative functions.

Embedded in every aspect of resident interaction, from our resident-facing app to social media platforms like Instagram and Facebook, I-RES Living creates a cohesive identity that fosters trust, transparency, and a sense of belonging. By unifying our physical and digital touchpoints, we

are building stronger relationships and delivering a seamless experience that reflects our commitment to community and sustainability.

Connecting with our Residents

Resident engagement is a cornerstone of our sustainability strategy. Strong, connected communities contribute to social well-being,

reduce isolation, and foster shared responsibility for sustainable living. By creating opportunities for interaction and collaboration, we help residents feel empowered to adopt environmentally conscious behaviours, supporting our broader sustainability objectives. These initiatives not only

enhance quality of life but also strengthen trust and transparency between I-RES and our residents-key elements of long-term sustainability.

I-RES Sustainability Report 2025 29