We ended the year in a strong financial position, with improved performance, solid liquidity and good covenant headroom giving us a firm base for the year ahead.
Our core metrics continue to strengthen with our Cash Interest Cover Golden Rule (EBITDA Major Repairs Included Cash Interest Cover (excluding sales)) reaching 49%.
We're moving back decisively towards our long‑term target of 100%. And we made an operating surplus of £185m in 2025/26, an increase from £123m in 2024/25 despite investing more in our existing homes.
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