Residential Secure Income (RESI) H1 2025 earnings summary

Executive summary

• Approved managed wind-down strategy with focus on orderly asset realisation and capital return to shareholders following persistent share price discount to NAV and limited liquidity.

• H1 2025 saw strong operational performance: high rent collection, record occupancy, and 4.0% like-for-like rent growth.

• Completed full divestment of Local Authority portfolio and sale of Wesley House, supporting debt repayment and reduced LTV.

• Key personnel changes: Ben Fry stepping down as lead fund manager after advancing wind-down; day-to-day management continues with established team.

Financial highlights

• Adjusted EPS rose 14.7% to 2.8p; IFRS EPS at (3.5)p, improved from (5.6)p year-over-year.

• Recurring profit before fair value changes and disposals up 14.7% to £5.1mn.

• Dividend per share paid: 2.06p, with 134% coverage; total return on opening NTA at -8.7%.

• EPRA NTA per share fell 11.5% to 66.0p; IFRS NAV per share down 6.8% to 76.0p.

• Net rental income stable at £9.4mn; property valuation declined 4.8% like-for-like to £294.5mn.

Outlook and guidance

• Focus remains on robust operational performance, maximising value from portfolio disposals, and protecting resident interests.

• Board and Investment Manager aim to conclude disposals efficiently and responsibly, with continued strong demand in core sub-sectors.