Residential Secure Income (RESI) H2 2025 earnings summary

Executive summary

• Approved managed wind-down strategy after persistent discount to NAV and inability to scale, with 99.7% shareholder support in December 2024.

• Focused on orderly asset realisation and capital return, balancing shareholder value and resident protection.

• Both retirement and shared ownership portfolios under offer, with sales processes in exclusivity and due diligence ongoing.

Financial highlights

• Adjusted EPRA earnings per share rose 11% to 5.7p year-over-year; dividend coverage increased to 137%.

• IFRS loss per share improved to -4.9p from -5.4p; recurring profit before fair value changes/disposals up 11% to £10.5mn.

• EPRA NTA per share fell 15.1% to 63.3p; IFRS NAV per share down 11.1% to 72.5p.

• Portfolio value declined to £287mn from £326mn, reflecting a 6.2% like-for-like reduction in property values.

• Annualised net rental income increased to £16.9mn; net rental yield at 5.8%.

Outlook and guidance

• Board expects most efficient capital return via Redeemable Bonus Share Scheme as asset sales complete.

• Dividend payments to be reviewed quarterly, considering REIT requirements, asset realisations, and profitability.

• Confident in disciplined execution of disposals and ongoing operational stewardship to deliver value.