Residential Secure Income (RESI) investor relations material

Executive summary

• Delivered resilient operational performance during H1 2026, with adjusted earnings up 4% to £5.2mn and dividend cover at 136%.

• Like-for-like rental growth reached 4.4% across both portfolios, while property valuations declined 1.3%, a significant improvement over the prior year's 4.8% decline.

• Substantial completion of the managed wind-down strategy, with agreements reached for the sale of both the Retirement and Shared Ownership portfolios.

Financial highlights

• Adjusted EPS remained at 2.8p; IFRS EPS improved to 0.6p from (3.5)p year-over-year.

• Annualised net rental income was £17.6mn, with a net rental yield of 6.2%.

• Total return on opening NTA was (0.2)% versus (8.7)% in the prior year; IFRS total return was 0.8%.

• Dividends paid totaled 2.06p per share, covered 1.36x by adjusted earnings.

Outlook and guidance

• Focus is on completing both portfolio disposals and returning value to shareholders through a distribution in specie of SOHO shares and a B Share Scheme.

• No further ordinary dividends are planned; future returns will be via capital distributions.

• Board anticipates completion of both disposals by July 2026.