Social Housing Reit (SOHO) H2 2025 earnings summary

Executive summary

• Net rental income increased by 12% year-over-year to £40.0m for the twelve months ended 31 December 2025.

• Adjusted EPRA earnings per share rose 21% to 6.5p, with adjusted earnings growth of 21%.

• Portfolio optimisation and cost reductions have renewed investor confidence and positioned the business for growth.

Financial highlights

• Net rental income: £40.0m (up from £35.8m year-over-year).

• Adjusted EPRA earnings: £25.7m (up from £21.2m year-over-year).

• EPRA cost ratio improved to 18.7% from 29.9% year-over-year.

• Adjusted dividend cover increased to 1.17x from 0.99x.

• Dividends paid: £22.0m (up from £21.5m year-over-year).

Outlook and guidance

• Locked-in rental growth for 2026, with 100% of leases inflation-linked and 86% uncapped.

• Positioned for further growth through portfolio acquisitions and sector expansion.