Social Housing Reit Plc · LSE:SOHO
Social Housing Reit — FY2025 Earnings Presentation
35 slides from Social Housing Reit's earnings presentation, 2026
Slide 1: Full Year Results Presentation
Full Year Results Presentation For the twelve months ended 31 December 2025 This presentation is intended for professional investors only and does not constitute investment advice or an offer to buy or sell securities. Investment involves risk, including potential loss of capital.
Slide 2: Agenda and presenting team
Agenda and presenting team Introduction Financial results Michael Carey Adrian D’Enrico SUPR Primary 1 Managing Director Managing Director Portfolio optimisation #405268 Strategy & growth Q&A Nat Markham CFO Positions shown relate to Atrato Partners, the Investment Manager to SOHO 2
Slide 3: Secure futures, secure income
Secure futures, secure income Adapted homes Essential Uncapped SUPR Primary 1 Essential Uncapped inflation- for vulnerable #405268 social social infrastructure inflation-linked linked income adults infrastructure income 3
Slide 4: Renewed investor confidence
Renewed investor confidence SUPR Primary 1Portfolio Well positioned Earnings up #405268 optimised for growth Bellflower Way, Test Valley 4
Slide 5: Financial results
Financial results SUPR Primary 1 #405268 Nat Markham CFO Hirstlands Drive, Yorkshire 5
Slide 6: Financial highlights – 12 months to 31 December 2025
Financial highlights – 12 months to 31 December 2025 12% SUPR Primary 1 #405268 18.7% 21% Increase in net EPRA Cost Adjusted Earnings rental income Ratio Growth(1) -11.2% Past performance is not indicative of future results. All figures as at 31 December 2025 unless stated otherwise. (1) Calculated
Slide 7: Financial highlights – 12 months to 31 December 2025
Financial highlights – 12 months to 31 December 2025 1.17x SUPR Primary 1 #405268 6.53p 5.62p Dividend Adjusted FY25 Target Cover(1) EPS(1) Dividend +0.18x +21% +3% Past performance is not indicative of future results. All figures as at 31 December 2025 unless stated otherwise. (1) Calculated based
Slide 8: Net rental income up by 12% year on year
Net rental income up by 12% year on year Twelve months to Twelve months to 31-December-25 31-December-24 Change £million £million Net rental income 40.0 35.8 +12% Admin, management fees & other expenses (7.6) (8.3)(1) Finance expense (7.4) (7.5) EPRA earnings SUPR Primary 1 25.0 20.0 #405268 EPRA co
Slide 9: Total overheads decreased by 35%
Total overheads decreased by 35% Twelve months to Twelve months to 31-December-25 31-December-24 Change £million £million Net rental income 40.0 35.8 Admin, management fees & other expenses (7.6) (11.7)(1) (35)% Removal of one-off termination fees - 3.4 Finance expense (7.4) (7.5) SUPR Primary 1 #40
Slide 10: Investment management fee materially reduced
Investment management fee materially reduced Twelve months to Twelve months to 31-December-25 31-December-24 £million £million Investment Management fees 3.3 4.4(1) (25)% Legal and professional costs 2.0 2.5 Directors’ fees 0.3 0.3 Non-recoverable property costs 1.3 0.2 Other administrative costs SU
Slide 11: EPRA cost ratio normalised
EPRA cost ratio normalised Twelve months to Twelve months to 31-December-25 31-December-24 £million £million Net rental income 40.0 35.8 Admin, management fees & other expenses (7.6) (8.3)(1) Finance expense (7.4) (7.5) EPRA earnings SUPR Primary 1 25.0 20.0 #405268 EPRA cost ratio 18.7% 29.9% (11.2
Slide 12: Adjusted EPRA Earnings per share up by 21%
Adjusted EPRA Earnings per share up by 21% Twelve months to Twelve months to 31-December-25 31-December-24 Change £million £million Net rental income 40.0 35.8 Admin, management fees & other expenses (7.6) (8.3)(1) Finance expense (7.4) (7.5) EPRA earnings SUPR Primary 1 25.0 20.0 #405268 EPRA cost
Slide 13: 1.17x dividend cover
1.17x dividend cover Twelve months to Twelve months to 31-December-25 31-December-24 Change £million £million EPRA earnings 25.0 20.0 Non-cash items(1) 0.7 1.2 Adjusted EPRA earnings 25.7 21.2 Adjusted earnings per share 6.5 pence 5.4 pence SUPR Primary 1 #405268 Dividends paid 22.0 21.5 Adjusted di
Slide 14: Attractive earnings profile
Attractive earnings profile 100% inflation Locked in 2026 Attractive fixed linkage rental growth rate debt SUPR Primary 1 100% annual rent reviews #405268September 2025 CPI(2) 2.74% all-in cost (1) 86% uncapped 7.6 years 3.8% Past performance is not a reliable indicator of future results (1) 14% of
Slide 15: Robust financial position
Robust financial position 39.5% 2.74% SUPR Primary 1 6.42% #405268 Net LTV Cost-of debt Portfolio NIY The Birches, St Austell 15
Slide 16: Valuation yields stable in H2 2025
Valuation yields stable in H2 2025 3.23p (2.77)p (3.96)p 99.05p 3.13p (2.81)p 95.56p (1.64)p 94.23p SUPR Primary 1 #405268 31 Dec 24 EPRA Dividends Revaluation 30 Jun 25 EPRA Dividends Revaluation 31 Dec 25 earnings paid earnings paid NIY NIY NIY 6.22% H1 2025 6.42% H2 2025 6.42% -20bps x Market mov
Slide 17: Optimising the portfolio
Optimising the portfolio SUPR Primary 1 #405268 Adrian D’Enrico Managing Director Thorne House, Yeovil 17
Slide 18: Portfolio snapshot
Portfolio snapshot 492 3,412 87% Properties Lettable Resident homes occupancy(1) SUPR Primary 1 #405268 £43.7m 77% Contracted EPC C rent or above(2) All information as at 31 December 2025. Figures displayed on the map show the number of properties in each region within the SOHO portfolio. (1) Reside
Slide 19: What makes a good SSH property
What makes a good SSH property Right Adapted Identified property homes demand SUPR Primary 1 #405268 Sustainable Specialist rents partners 19
Slide 20: 99% of the portfolio is performing
99% of the portfolio is performing Portfolio review 1% 11% 88% of assets have always been performing SUPR Primary 1 #405268 11% being assigned to stronger APs 88% 1% of assets being disposed at book value Performing Performing - assigned Disposals (1) Percentages displayed are on a valuation basis a
Slide 21: Proactive asset management solutions
Proactive asset management solutions My Space solution enacted SUPR Primary 1 Parasol #405268 to Portus* stabilising Pivotal to IHL transfer completed * In December 2025, Westmoreland Supported Housing (“Westmoreland”) and Bespoke Supportive Tenancies (“BeST”) merged to form Portus Supported Housing
Slide 22: Delivering confidence in the sector via proactivity
Delivering confidence in the sector via proactivity SSH is operational, residential real estate 442 of properties inspected in FY25 92% of Approved Providers met with in FY25 SUPR Primary 1 #405268 10 largest Care Providers met with in FY25 Enhanced lessee monitoring and oversight, driving asset qua
Slide 23: Intrinsic portfolio value
Intrinsic portfolio value Strong demand and supply dynamics Shortage of c.29,000 homes over next decade(1) Build cost inflation means replacement costs SUPR Primary 1 exceed current valuation #405268 High acuity residents underpin long-term occupation in adapted homes 68% of residents require over 5
Slide 24: Improved sustainability and governance
Improved sustainability and governance Thriving Sustainable Engaged Refreshed Sustainability Strategy Residents Homes Governance First standalone Sustainability SUPR Report Primary 1 #405268 Annual Impact Report EPRA sBPR Gold Award achieved Net Zero GHG Emissions Targets approved by SBTi 24
Slide 25: Strategy & growth
Strategy & growth SUPR Primary 1 #405268 Michael Carey Managing Director Claridge Court, Rushden 25
Slide 26: Strong foundation for future
Strong foundation for future SOHO can now enter its next phase of development SUPR Primary 1 REIT investors#405268 demand scale and deeper share liquidity Options for delivering growth and maximising shareholder value 26
Slide 27: How we deliver growth
How we deliver growth Improve quality of Potential to utilise Consider options SUPR Primary 1 sector cash flows #405268 shares for portfolio across wider to re-rate acquisitions living sector Fair Oak, Southampton 27
Slide 28: Renewed investor confidence
Renewed investor confidence Increased SUPR Primary 1Portfolio Positioned #405268 earnings optimisation for growth Bellflower Way, Test Valley 28
Slide 29: Q&A
Q&A Michael Carey Adrian SUPRD’Enrico Primary 1 Managing Director Managing Director #405268 Nat Markham CFO Princes Avenue, Kent 29
Slide 30: Uncapped, inflation-linked income
Uncapped, inflation-linked income Annual indexation basis(1) Inflation uplift structure(2) RPI + 1% (4%) RPI (4%) CPI + 1% (4%) Capped (14%) SUPR Primary 1 #405268 CPI (88%) Uncapped (86%) Past performance is not a reliable indicator of future results. Figures provided are % of rent roll. (1) Rent r
Slide 31: Statement of financial position
Statement of financial position As at As at 31-December-25 31-December-24 £million £million Portfolio valuation 602.8 624.7 Assets held for sale 1.9 - Trade and other receivables 6.6 6.6 Cash and cash equivalents 25.4 27.5 Total assets 636.8 658.8 SUPR Primary 1 #405268 Current liabilities (2.7) (6.
Slide 32: One of the sector's leading debt profiles
One of the sector’s leading debt profiles % Fixed 100% Average maturity 7.6 years 2.79% Facility size Average debt cost SUPR Primary 2.40% 1 2.74% #405268 Debt facilities £117.5m 2.92% £77.5m £263.5m 3.22% Fitch rating £41.5m £27.0m A- Reaffirmed June 2025 FY25 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY3
Slide 33: Upgrading portfolio energy efficiency
Upgrading portfolio energy efficiency 77% of homes ahead of target A 2% 16 air source heat pumps and 105kw of solar PV installed in H2 2025 D or below 23% B SUPR Primary 1 Expected 32% 2030 #405268 target 77% of homes now rated EPC C or higher (+6% YoY) C 50+ properties comprising 200+ EPCs 44% sche
Slide 34: SOHO key terms
SOHO key terms UK listed REIT The Company London Stock Exchange Main Market Management Atrato Partners Limited as Investment Manager Management fee structure is calculated on market capitalisation based on the following tiers: • 1.25% up to £150 million; Management • 1.00% between £150 million to £3
Slide 35: Disclaimer
Disclaimer THIS DOCUMENT IS STRICTLY CONFIDENTIAL AND IS BEING PROVIDED TO YOU SOLELY FOR GENERAL INFORMATION ONLY REGARDING SOCIAL HOUSING REIT PLC. INVESTORS SHOULD NOT SUBSCRIBE FOR OR PURCHASE SHARES ON THE BASIS OF INFORMATION CONTAINED IN THIS PRESENTATION OR IN RELIANCE ON THIS PRESENTATION.