SOCIAL HOUSING REIT PLC - Full year results for the twelve months ended 31 December 2025

Social Housing REIT PLC’s (SOHO:LSE) FY2025 investor update demonstrates strong company performance and financial results, with adjusted earnings increasing 21% and net rental income rising 12%, driven by inflation-linked rent uplifts and proactive asset management. Improved cost control reduced the EPRA cost ratio to 18.7%, enabling full dividend cover (1.17x) and supporting a progressive dividend policy. The portfolio benefits from inflation-linked leases (largely uncapped) with annual reviews, providing strong income visibility and positioning the business for continued revenue and EBITDA growth in a higher inflation environment. The balance sheet remains resilient, with low-cost fixed debt at 2.74%, a net LTV of 39.5%, and stable yields, despite a modest NAV decline due to valuation adjustments. Operationally, the 492-property portfolio is well-occupied and increasingly optimised, with legacy tenant issues largely resolved and ongoing asset management enhancing performance. Looking ahead, the company’s growth strategy focuses on scaling the platform, improving cash flow security, and pursuing accretive opportunities, including acquisitions and selective diversification into adjacent living sectors, underpinning sustainable earnings, margin strength, and long-term shareholder value creation.