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Soho House & Co Inc. Announces Second Quarter 2025 Results
LONDON, August 08, 2025--(BUSINESS WIRE)--Soho House & Co Inc. (NYSE: SHCO) ("SHCO," "Company," "we" or "our"), a global membership platform that connects a vibrant, diverse, and global group of members, today announced results for the second quarter ended June 29, 2025. Second Quarter 2025 Highlights Total revenues of $329.8 million, 8.9% year-over-year growth Membership revenues grew to $118.6 million, a 15.9% increase year-over-year In-House revenues of $132.5 million, up 4.1% year-over-year Revenue Per Available Room ("RevPAR") was 2% higher year-over-year on a like-for-like basis Other revenues of $78.7 million, up 7.3% year-over-year driven by strong growth in Soho Home Net income attributable to Soho House & Co Inc. was $24.9 million or $0.13 per share Adjusted EBITDA was $46.1 million, an increase from $31.5 million in second quarter 2024 "Our second quarter results reflect the continued strength of the Soho House membership model and the real progress we've made in transforming the business," said Andrew Carnie, CEO of Soho House & Co. "Total revenues grew 9%, and Adjusted EBITDA was up 46%—a clear sign that our strategic priorities of enhancing member experience and improving operational efficiency are delivering results." "We're continuing to focus on what matters most to our members—whether it's experiential openings like Soho Farmhouse Ibiza, refreshed spaces across our existing Houses, or more curated cultural programming. We've also launched in our Houses new Soho Health Clubs with holistic and advanced technology wellness facilities, and introduced new food and beverage residencies and diversified our menus — all of which help to deepen the value of Every House membership." "In a continued uncertain consumer environment, I'm incredibly proud of our teams for helping us deliver a strong quarter, and our members for their continued loyalty." Transaction Update As previously announced on December 19, 2024, the Company received an offer from a third-party consortium to take the Company private for $9.00 per share. The Company set up a Special Committee to assess the offer and the parties continue to assess the offer and a potential transaction, however no assurances can be given that the Special Committee's assessment will result in any change in strategy, or if a transaction will be undertaken. The Company will make a further public comment regarding these matters at such time as there is a material development in the process. Summary of Unaudited Financial Results for the Quarter Ended June 29, 2025 For the 13 Weeks Ended (in thousands, except shares and per share amount unless otherwise noted) June 29, 2025 June 30, 2024 (Unaudited) Total revenues $ 329,804 $ 302,947 Membership revenues 118,626 102,347 In-House revenues 132,504 127,285 Other revenues 78,674 73,315 Operating income (loss) 59,721 (12,942 ) House-Level Contribution(1) 71,883 57,411 House-Level Contribution margin (%)(1) 30 % 26 % Other Contribution(1) 14,058 14,646 Other contribution margin (%)(1) 16 % 18 % Net income (loss) attributable to SHCO 24,885 (29,899 ) Adjusted EBITDA 46,130 31,525 Adjusted EBITDA margin (%)(1) 14 % 10 % Weighted average Class A and Class B Shares outstanding (basic) 194,596 196,258 Weighted average Class A and Class B Shares outstanding (diluted) 196,395 196,258 Basic income (loss) per share $ 0.13 $ (0.15 ) Diluted income (loss) per share $ 0.13 $ (0.15 ) (1) See "Non-GAAP Financial Measures" for reconciliations of Non-GAAP measures to GAAP measures. We delivered the following highlights against our strategic priorities in the second quarter 1. Grow and Enhance Membership Key initiatives continue to improve member experience and service in our Houses, as illustrated by high member satisfaction scores 2. Operational Excellence to Drive Profitability We achieved second quarter 2025 Adjusted EBITDA of $46.1 million, with Adjusted EBITDA margin of 14% Like-for-like Food & Beverage margins at our Houses improved compared to the second quarter 2024 Focus on driving accommodation performance resulted in 2% RevPAR growth in the second quarter 2025 versus the second quarter 2024 Membership Summary for the Quarter Ended June 29, 2025 As of June 29, 2025 June 30, 2024 (Unaudited) Total Members 270,297 264,540 Soho House 213,621 204,028 Frozen Members 10,032 10,203 Soho Friends 50,514 54,192 Soho Works 6,162 6,320 Active App Users 216,687 209,732 As of June 29, 2025 June 30, 2024 (Unaudited) Number of Soho Houses 46 44 The Americas 17 17 United Kingdom 14 13 Europe/RoW 15 14 Number of Soho House Members 213,621 204,028 The Americas 80,919 76,826 United Kingdom 72,907 72,543 Europe/RoW 46,053 43,538 All Other 13,742 11,121 Number of Other Members 56,676 60,512 The Americas 15,709 16,338 United Kingdom 33,726 36,232 Europe/RoW 7,241 7,942 Number of Total Members 270,297 264,540 Number of Active App Users 216,687 209,732 Memberships Total Members grew 2.2% year-over-year to 270,297 Total Soho House Members grew 4.7% year-over-year to 213,621 Other Memberships including Soho Friends and Soho Works declined 6.3% year-over-year to 56,676 members. Financing SHCO ended second quarter 2025 with Cash, cash equivalents and restricted cash of $155 million Non-GAAP Financial Measures This presentation contains certain financial measures, including Adjusted EBITDA, House-Level Contribution and Margin, Other Contribution and Margin, Net Debt and certain financial measures presented on a Constant Currency basis that are not required by, or presented in accordance with, accounting principles generally accepted in the United States of America ("GAAP"). We refer to these measures as "non-GAAP financial measures". We use these non-GAAP financial measures when planning, monitoring and evaluating our performance. While we believe that these non-GAAP financial measures are useful in evaluating our business, this information should be considered as supplemental in nature and is not meant as a substitute for revenues or net income (loss), in each case as recognized in accordance with GAAP. In addition, other companies may calculate one or more of these measures differently, which reduces the usefulness of any such measure as a comparative measure. See below for a definition of these non-GAAP financial measures and a reconciliation to the most directly comparable GAAP financial measures. We provide earnings guidance using both GAAP and non-GAAP financial measures. A reconciliation of the Company's Adjusted EBITDA guidance to the most directly comparable GAAP financial measure cannot be provided without unreasonable efforts and is not provided herein because of the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations, including adjustments that are made for future changes in foreign exchange and the other adjustments reflected in our reconciliation of historical non-GAAP financial measures, the amounts of which, could be material. The information in this presentation should be read in conjunction with our Annual and Quarterly Reports on Form 10-K and Form 10-Q and other information that we file with the SEC. The reconciliations of non-GAAP financial measures are an integral part of the information presented herein. You can access these documents on our website, free of charge, as well as any amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act, as soon as reasonably practicable after such material is electronically filed with, or furnished to, the SEC. The information contained on our website is not incorporated by reference into, and should not be considered a part of, this presentation. In addition, the SEC maintains a website that contains reports, proxy and information statements, and other information regarding issuers, including the Company, that file electronically with the SEC at The non-GAAP financial measures we use herein are defined by us as follows: ADJUSTED EBITDA. Adjusted EBITDA is a supplemental measure of our performance. Adjusted EBITDA is defined as Net income (loss) before Depreciation and amortization, Interest expense, net, Income tax (expense) benefit, adjusted to take account of the impact of certain non-cash and other items that we do not consider in our evaluation of ongoing operating performance. These other items include, but are not limited to, Gain (loss) on sale of property and other, net, Share of loss (profit) of equity method investments, Foreign exchange, Share of equity method investments adjusted EBITDA, Share-based compensation expense, impairment of long-lived assets, and other applicable items. We believe that Adjusted EBITDA is an appropriate measure of operating performance because it eliminates the impact of expenses (income) that do not relate to ongoing business performance. HOUSE-LEVEL CONTRIBUTION AND MARGIN. House-Level Contribution is defined as House Revenues less In-House operating expenses, which includes expense items such as food and beverage costs, labor costs, variable overheads and fixed costs, such as rent. It does not reflect the impact of depreciation, amortization, impairment, gain or loss on sale of property, general and administrative expenses or other applicable items. House-Level Contribution Margin is defined as House-Level Contribution as a percentage of our House Revenues and is a key determinant of our performance and profitability and our return on the investment we make in each of our Houses. Given that all costs associated with providing our members with the Soho House experience, including the costs associated with maintaining our Houses and providing services to members while in the Houses, are included in In-House operating expenses, we use House Revenues (inclusive of House Membership Revenues) in calculating House-Level Contribution and House-Level Contribution Margin to assess the overall profitability of our Houses. Accordingly, our management considers House-Level Contribution and House-Level Contribution Margin to be an important management measure to evaluate the performance of each House, and growth in aggregate House-Level Contribution allows us to leverage our general and administrative costs and improve overall profitability. OTHER CONTRIBUTION AND MARGIN. Other Contribution is defined as Other revenues plus Non-House Membership Revenues less Other operating expenses, which includes expense items not related to the operation of Houses, such as labor costs, variable overheads and fixed costs, such as rent. It does not reflect the impact of depreciation, amortization, impairment, gain or loss on sale of property, general and administrative expenses, pre-opening expenses, foreign exchange gain/loss, Share-based compensation expense and other applicable items. Other Contribution Margin defined as Other Contribution as a percentage of our Other revenues and is a key determinant of our performance and profitability and our return on the investment in our non-House business. Our management considers Other Contribution and Contribution Margin to be an important management measure. NET DEBT. Net Debt reflects the total debt, comprising long-term debt, property mortgage loans and related party loans, less cash, cash equivalents and restricted cash. Net Debt is an important measure to monitor leverage and evaluate the balance sheet. A limitation associated with using Net Debt is that it subtracts Cash and cash equivalents and Restricted cash and therefore may imply that there is less Company debt than the most comparable GAAP measure indicates. Management believes that investors may find it useful to monitor leverage and evaluate the balance sheet. CONSTANT CURRENCY. Some of our financial and operational data that we disclose in this release is presented on a 'constant currency' basis to isolate the effect of currency changes during the period. Where we refer to a measure being calculated in 'constant currency,' we are calculating the dollar change and the percentage change as if the exchange rate that is being used in the current period was in effect for all prior periods presented. We believe that this calculation provides a more meaningful indication of actual year over year performance and eliminates any fluctuations from currency exchange rates. While we believe that these non-GAAP financial measures are useful in evaluating our business, this information should be considered as supplemental in nature and is not meant as a substitute for revenues or net income (loss), in each case as recognized in accordance with GAAP. In addition, other companies may calculate one or more of these measures differently, which reduces the usefulness of any such measure as a comparative measure. A reconciliation of Net income (loss) to Adjusted EBITDA for the 13 weeks ending June 29, 2025 and June 30, 2024 is set forth below: For the 13 Weeks Ended Percent Change June 29, 2025 June 30, 2024 Actuals Constant Currency(1) (Unaudited, dollar amounts in thousands) Net income (loss) $ 24,128 $ (30,205 ) n/m n/m Depreciation and amortization 23,389 25,131 (7 )% (13 )% Interest expense, net 21,666 19,989 8 % 1 % Income tax expense (benefit) 15,863 (1,103 ) n/m n/m EBITDA 85,046 13,812 n/m n/m (Gain) Loss on sale of property and other, net (54 ) (109 ) 50 % 54 % Share of income of equity method investments (1,882 ) (1,514 ) (24 )% (16 )% Foreign exchange (gain) loss, net (2) (47,405 ) 5,173 n/m n/m Share of equity method investments adjusted EBITDA 3,214 2,811 14 % 7 % Share-based compensation expense 2,156 3,598 (40 )% (44 )% Operational reorganization and severance expense(3) — 2,114 n/m n/m Expenses related to ERP implementation(4) 1,502 — n/m n/m Expenses related to the evaluation of certain strategic transactions(5) 3,553 930 n/m n/m Impairment of long-lived assets and intangible assets(6) — 4,710 n/m n/m Adjusted EBITDA $ 46,130 $ 31,525 46 % 37 % 1. See "Non-GAAP Financial Measures" for an explanation of our constant currency results. 2. Foreign exchange (gain) loss, net reflects non-cash re-valuation of our non-USD debt. 3. Expenses incurred with respect to a strategic reorganization program of the Company's operations and support teams. 4. During the 13 weeks ended June 29, 2025, the Company incurred certain expenses related to the planned ERP system implementation. 5. Primarily relating to third party advisory expenses incurred by the Company and its independent special committee in respect of the evaluation of certain strategic transactions. 6. During the 13 weeks ended June 30, 2024, the Company recognized impairment losses on intangible assets related to the termination of two hotel management contracts. A reconciliation of Operating income (loss) to House-Level Contribution & Other Contribution for the 13 weeks ending June 29, 2025 and June 30, 2024 is set forth below: For the 13 Weeks Ended June 29, 2025 June 30, 2024 Change % June 30, 2024 Constant Currency(1) Constant Currency Change %(1) Actuals (Unaudited, dollar amounts in thousands) Operating income (loss) $ 59,721 $ (12,942 ) n/m $ (22,065 ) n/m General and administrative 40,269 38,726 4 % 41,393 (3 )% Pre-opening expenses 3,191 5,651 (44 )% 6,040 (47 )% Depreciation and amortization 23,389 25,131 (7 )% 26,861 (13 )% Share-based compensation 2,156 3,598 (40 )% 3,846 (44 )% Foreign exchange (gain) loss, net (47,405 ) 5,173 n/m 5,529 n/m Loss on impairment of long-lived assets and intangible assets — 4,710 n/m 5,034 n/m Other, net 4,620 2,010 n/m 2,148 n/m Non-House membership revenues (9,203 ) (8,242 ) (12 )% (8,810 ) (4 )% Other revenues (78,674 ) (73,315 ) (7 )% (77,135 ) (2 )% Other operating expenses 73,819 66,911 10 % 71,518 3 % House-Level Contribution $ 71,883 $ 57,411 25 % $ 54,359 32 % Operating profit (loss) margin 18 % (4 )% (4 )% House-Level contribution margin 30 % 26 % 26 % For the 13 Weeks Ended June 29, 2025 June 30, 2024 Change % June 30, 2024 Constant Currency(1) Constant Currency Change %(1) Actuals (Unaudited, dollar amounts in thousands) Operating income (loss) $ 59,721 $ (12,942 ) n/m $ (22,065 ) n/m General and administrative 40,269 38,726 4 % 41,393 (3 )% Pre-opening expenses 3,191 5,651 (44 )% 6,040 (47 )% Depreciation and amortization 23,389 25,131 (7 )% 26,861 (13 )% Share-based compensation 2,156 3,598 (40 )% 3,846 (44 )% Foreign exchange loss, net (47,405 ) 5,173 n/m 5,529 n/m Loss on impairment of long-lived assets and intangible assets — 4,710 n/m 5,034 n/m Other, net 4,620 2,010 n/m 2,148 n/m House membership revenues (109,423 ) (94,105 ) (16 )% (97,222 ) (13 )% In-House revenues (132,504 ) (127,285 ) (4 )% (132,407 ) (0 )% In-House operating expenses 170,044 163,979 4 % 175,270 (3 )% Total Other Contribution $ 14,058 $ 14,646 (4 )% $ 14,427 (3 )% Operating profit (loss) margin 18 % (4 )% (4 )% Other Contribution Margin 16 % 18 % 18 % 1. See "Non-GAAP Financial Measures" for an explanation of our constant currency results. Condensed Unaudited Consolidated Statements of Operations for the 13 weeks ended June 29, 2025 and June 30, 2024: For the 13 Weeks Ended (in thousands, except for per share data) June 29, 2025 June 30, 2024 Revenues Membership revenues $ 118,626 $ 102,347 In-House revenues 132,504 127,285 Other revenues 78,674 73,315 Total revenues 329,804 302,947 Operating expenses In-House operating expenses (170,044 ) (163,979 ) Other operating expenses (73,819 ) (66,911 ) General and administrative expenses (40,269 ) (38,726 ) Pre-opening expenses (3,191 ) (5,651 ) Depreciation and amortization (23,389 ) (25,131 ) Share-based compensation (2,156 ) (3,598 ) Foreign exchange gain (loss), net 47,405 (5,173 ) Loss on impairment of long-lived assets and intangible assets — (4,710 ) Other, net (4,620 ) (2,010 ) Total operating expenses (270,083 ) (315,889 ) Operating income (loss) 59,721 (12,942 ) Other (expense) income Interest expense, net (21,666 ) (19,989 ) Gain (loss) on sale of property and other, net 54 109 Share of income of equity method investments 1,882 1,514 Total other expense, net (19,730 ) (18,366 ) Income (loss) before income taxes 39,991 (31,308 ) Income tax (expense) benefit (15,863 ) 1,103 Net income (loss) 24,128 (30,205 ) Net loss attributable to non-controlling interests 757 306 Net income (loss) attributable to Soho House & Co Inc. $ 24,885 $ (29,899 ) Net income (loss) per share attributable to Class A and Class B common stock Basic $ 0.13 $ (0.15 ) Diluted 0.13 (0.15 ) Weighted average shares outstanding Basic 194,596 196,258 Diluted 196,395 196,258 Condensed Consolidated Statements of Cash flows (Unaudited) for the 26 weeks ended June 29, 2025 and June 30, 2024 For the 26 Weeks Ended (in thousands) June 29, 2025 June 30, 2024 Cash flows from operating activities Net income (loss) $ 31,641 $ (72,063 ) Adjustments to reconcile net loss to net cash provided by operating activities Depreciation and amortization 47,403 50,625 Non-cash share-based compensation 4,156 10,808 Deferred tax expense (benefit) (357 ) (5,889 ) (Gain) loss on sale of property and other, net (56 ) (174 ) Loss on impairment of long-lived assets and intangible assets 2,102 4,710 Share of (income) loss of equity method investments (2,616 ) (1,891 ) Amortization of debt issuance costs 1,478 1,390 PIK interest 23,092 19,568 Distributions from equity method investees 246 325 Foreign exchange (gain) loss, net (68,926 ) 10,654 Changes in assets and liabilities: Accounts receivable 5,137 2,856 Inventories 455 (3,249 ) Operating leases, net (467 ) 8,929 Other operating assets (6,686 ) (18,750 ) Deferred revenue 4,623 1,778 Accounts payable and accrued and other liabilities 22,607 32,569 Net cash provided by operating activities 63,832 42,196 Cash flows from investing activities Purchase of property and equipment (43,884 ) (45,507 ) Purchase of intangible assets (11,838 ) (8,947 ) Investments in equity method investees (14,500 ) — Property and casualty insurance proceeds received 7,199 — Repayment of capital investment from equity method investee — 10,706 Net cash used in investing activities (63,023 ) (43,748 ) Cash flows from financing activities Repayment of borrowings (6,235 ) (879 ) Proceeds from borrowings — 1,105 Principal payments on finance leases (221 ) (181 ) Distributions to non-controlling interests (2,358 ) (1,454 ) Purchase of treasury stock — (4,708 ) Net cash (used in) provided by financing activities (8,814 ) (6,117 ) Effect of exchange rate changes on cash and cash equivalents, and restricted cash 7,102 (1,779 ) Net (decrease) increase in cash and cash equivalents, and restricted cash (903 ) (9,448 ) Cash, cash equivalents and restricted cash Beginning of period 156,318 161,106 End of period $ 155,415 $ 151,658 Condensed Consolidated Statements of Cash flows (Unaudited) for the 26 weeks ended June 29, 2025 and June 30, 2024 (Continued): For the 26 Weeks Ended (in thousands) June 29, 2025 June 30, 2024 Cash, cash equivalents and restricted cash are comprised of: Cash and cash equivalents $ 150,305 $ 148,468 Restricted cash 5,110 3,190 Cash, cash equivalents and restricted cash as of June 29, 2025 and June 30, 2024 $ 155,415 $ 151,658 Supplemental disclosures: Cash paid for interest, net of capitalized interest $ 17,289 $ 17,875 Cash paid for income taxes 4,076 2,376 Supplemental disclosures of non-cash investing and financing activities: Operating lease assets obtained in exchange for new operating lease liabilities 9,361 68,315 Acquisitions of property and equipment under finance leases — 179 Prepaid capital expenditures 6,338 6,338 Accrued capital expenditures 16,677 8,277 Equity investment obtained in exchange for accounts receivable balance 9,019 - Condensed Consolidated Balance Sheets as of June 29, 2025 (Unaudited) and December 29, 2024: As of (in thousands, except for par value and share data) June 29, 2025 December 29, 2024 Assets Current assets Cash and cash equivalents $ 150,305 $ 152,716 Restricted cash 5,110 3,602 Accounts receivable, net 71,115 78,890 Inventories 57,957 54,419 Prepaid expenses and other current assets 122,116 98,774 Total current assets 406,603 388,401 Property and equipment, net 639,000 598,270 Operating lease assets 1,180,067 1,135,810 Goodwill 210,543 195,295 Other intangible assets, net 109,697 102,610 Equity method investments 39,353 13,217 Deferred tax assets 5,776 5,306 Other non-current assets 3,870 4,603 Total non-current assets 2,188,306 2,055,111 Total assets $ 2,594,909 $ 2,443,512 Liabilities and Shareholders' Deficit Current liabilities Accounts payable $ 77,749 $ 75,987 Accrued liabilities 126,021 98,482 Current portion of deferred revenue 150,414 134,360 Indirect and employee taxes payable 52,249 33,889 Current portion of debt, net of debt issuance costs 33,715 34,618 Current portion of operating lease liabilities - sites trading less than one year 2,426 371 Current portion of operating lease liabilities - sites trading more than one year 62,436 57,078 Other current liabilities 50,193 39,377 Total current liabilities 555,203 474,162 Debt, net of current portion and debt issuance costs 696,099 656,868 Property mortgage loans, net of debt issuance costs 137,757 137,385 Operating lease liabilities, net of current portion - sites trading less than one year 22,885 90,081 Operating lease liabilities, net of current portion - sites trading more than one year 1,313,391 1,210,637 Finance lease liabilities 83,855 77,255 Financing obligation 76,994 76,900 Deferred revenue, net of current portion 23,785 23,697 Deferred tax liabilities 2,116 2,286 Other non-current liabilities 29,081 23,699 Total non-current liabilities 2,385,963 2,298,808 Total liabilities $ 2,941,166 $ 2,772,970 Condensed Consolidated Balance Sheets as of June 29, 2025 (Unaudited) and December 29, 2024 (Continued): As of (in thousands, except for par value and share data) June 29, 2025 December 29, 2024 Shareholders' equity Class A common stock, $0.01 par value, 1,000,000,000 shares authorized, 66,830,184 shares issued and 53,202,889 outstanding as of June 29, 2025 and 66,359,217 shares issued and 52,731,922 outstanding as of December 29, 2024; Class B common stock, $0.01 par value, 500,000,000 shares authorized, 141,500,385 shares issued and outstanding as of June 29, 2025 and December 29, 2024 $ 2,083 $ 2,079 Additional paid-in capital 1,250,736 1,246,584 Accumulated deficit (1,506,447 ) (1,539,500 ) Accumulated other comprehensive income (15,615 ) 35,174 Treasury stock, at cost; 13,627,295 shares as of June 29, 2025 and December 29, 2024 (79,396 ) (79,396 ) Total shareholders' deficit attributable to Soho House & Co Inc. (348,639 ) (335,059 ) Non-controlling interest 2,382 5,601 Total shareholders' deficit (346,257 ) (329,458 ) Total liabilities and shareholders' equity $ 2,594,909 $ 2,443,512 Key Performance and Operating Metrics Evaluated by Management In assessing the performance of our business, we consider a variety of operating and financial measures. These key measures include: HOUSE MEMBERSHIP REVENUES. House Membership Revenues are comprised primarily of annual membership fees and one-time legacy registration fees from Soho House members which are amortized over 20 years. The one-time registration fee is no longer applicable to new members admitted from April 4, 2022. New members admitted from April 4, 2022 have been required to purchase House Introduction Credits as part of their membership, per the House rules. House Introduction Credits are credits of an equivalent value to cash within Houses and are redeemable to purchase food and beverage items, and bedroom stays, at the Houses. House Introduction Credits expire after the first three months from the date of issuance, where legally permitted in the regions we operate, if not utilized or if the Company terminates a member's House membership. House Introduction Credits are recognized upon issuance as deferred revenue on our consolidated balance sheets. Revenue from House Introduction Credits are recognized as In-House revenues when redeemed by members, and as breakage revenue within Membership revenues upon expiration or in the period that we are able to reliably estimate expected breakage to the extent that they are unredeemed, are recognized. IN-HOUSE REVENUES. In-House revenues include all revenues realized within our Houses, including food and beverage, accommodation and spa products and treatments. HOUSE REVENUES. House Revenues is defined as Membership revenues plus In-House revenues less Non-House Membership Revenues. Our management views House Membership Revenues and In-House revenues as interrelated and their aggregation as important in tracking House performance. Although there is no minimum spend for any member on In-House offerings, nevertheless in practice most members consume food and beverage, accommodations and other offerings at our Houses. The pricing of our In-House offerings is reflective of the fact that the significant majority of In-House offerings that generate In-House revenues are consumed by members who also pay a membership fee in relation to that House, with pricing of such In-House offerings being identical for both members and non-members. NUMBER OF SOHO HOUSES. The number of Soho Houses reflects the total number of Soho Houses in operation in any period, irrespective of whether each House is (i) controlled by us, (ii) operated through a non-controlling interest in a joint venture or (iii) operated through a management contract. We review the number of members from all Houses to assess new member growth, total House Revenues, and House-Level Contribution. TOTAL MEMBERS. Total members is defined as Soho House members plus Other members. NUMBER OF SOHO HOUSE MEMBERS. Our Soho House membership model is an integral part of our business and has a significant impact on our profitability and financial performance. Typically, members hold an Every House membership or a Local House membership. Member count is the primary driver of Membership Revenues and is also a critical factor in In-House Revenues as members utilize the offerings that are provided within the Houses. Soho House members include all active, frozen and non-paying members. The extent to which we achieve growth in our membership base, retain existing members and periodically increase our membership fee rates will impact our profitability. We have historically enjoyed strong member loyalty, reflected by very high retention rates. Robust demand for our memberships is also evidenced by considerable wait lists for our Houses. NUMBER OF OTHER MEMBERS. Other members include members of Soho Works and Soho Friends and are key to our growth strategy and enhancing our Soho House member experience. Prior to August 2022, HOME+ membership, which is now included in Soho Friends, was also included. Like Soho House members, other memberships are an integral part of our business and we believe will have a significant impact on our profitability and financial performance in the future. SOHO HOUSE MEMBER RETENTION. Soho House Member Retention is defined as the number of Adult Paying Members (being all Soho House members excluding child members and complimentary members) at the beginning of a period less the number of Adult Paying Members who canceled their membership during that same period (without giving any effect to Adult Paying Members who froze their memberships during such period), as a proportion of total Adult Paying Members at the beginning of such period. FROZEN MEMBERS. Frozen Members refers to Soho House members who have elected to suspend their membership payments on a six, nine- or twelve-month basis during which period the member is not able to gain access to a Soho House site as a member, access our membership Apps, or book bedrooms or Cowshed treatments or products on discounted member rates. Frozen Members are not included in Adult Paying Members, but are included in the total number of Soho House members. MEMBERSHIP REVENUES. Membership revenues are comprised of House Membership Revenues (as defined below) and Non-House Membership Revenues (as defined below). House Membership Revenues and Non-House Membership Revenues are each comprised primarily of annual membership fees and one-time registration fees which are amortized over 20 years. Membership revenues are a function of the number of members, membership mix, and membership pricing. For GAAP, we report Membership revenues only from Houses and sites in which we own a controlling interest. Our membership pricing varies by geographic segment and membership offering and, as such, our mix of House and Soho Works club openings can affect our revenue growth and profitability over time. Prices are generally higher in North America and the rest of the world compared with the UK and Europe. Membership revenues provide a stable and recurring source of revenues which have few direct costs and, as such, is a reliable and predictable source of cash flow. HOUSE MEMBERSHIP REVENUES. House Membership Revenues is an important performance indicator and is defined above in the Non-GAAP reconciliation. IN-HOUSE REVENUES. In-House revenues refer to all revenues realized within our Houses, and primarily includes revenues from food and beverage, accommodation, and spa products and treatments. HOUSE REVENUES. House Revenues is an important performance indicator and is defined in "Non-GAAP Financial Measures." OTHER REVENUES. Other revenues are defined as total revenues that are not realized within our Houses, including revenues from Scorpios, Soho Works and our stand-alone restaurants, procurement fees from Soho House Design, Soho Home and Cowshed retail products and other revenues from products and services that we provide outside of our Houses, as well as management fees from The Ned sites and The LINE and Saguaro hotels. ADJUSTED OTHER REVENUES. Adjusted Other Revenues is defined as Other Revenues plus non-House Membership Revenues. NON-HOUSE MEMBERSHIP REVENUES. Non-House Membership Revenues are comprised of Soho Works membership revenue, Soho Friends membership revenue and SOHO HOME+ membership revenue which was merged into Soho Friends membership at the beginning of August 2022. ACTIVE APP USERS. Active App Users is defined as unique users who have logged into any of our membership Apps within the last three months. AVERAGE DAILY RATE. is Average Daily Rate represents the average rental income per paid occupied room. REVENUE PER AVAILABLE ROOM (RevPAR). The key industry standard for measuring hotel-operating performance is RevPAR, which is calculated by multiplying the percentage of occupied rooms to available rooms by the average daily rate realized. Where this is presented on a like-for like basis, RevPAR is adjusted for new or divested sites, for example Houses that were not open in the comparison period. Forward Looking Statements This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding our expected financial performance and operational performance for the remainder of fiscal 2025, as well as statements that include the words "expect," "intend," "plan," "believe," "project," "forecast," "estimate," "may," "should," "anticipate" and similar statements of a future or forward-looking nature. These forward-looking statements are based on management's current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including important factors discussed under the caption "Risk Factors" in our annual report on form 10-K for the fiscal year ended December 29, 2024 and as such factors may be updated from time to time in our other filings with the SEC, which are accessible on the SEC's website at In addition, we operate in rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements that we may make. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this release are inherently uncertain and may not occur, and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Accordingly, you should not rely upon forward-looking statements as predictions of future events. In addition, the forward-looking statements made in this release relate only to events or information as of the date on which the statements are made in this release. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. About Soho House & Co: Soho House & Co (SHCO) is a global membership platform of physical and digital spaces that connects a vibrant, diverse and global group of members. These members use the Soho House & Co platform to work, socialize, connect, create and flourish all over the world. We began with the opening of the first Soho House in 1995 and remain the only company to have scaled a private membership network with a global presence. Members around the world engage with Soho House & Co through our global collection, as at June 29, 2025 of 46 Soho Houses, 8 Soho Works, Scorpios Beach Clubs in Mykonos and Bodrum, Soho Home – our interiors and lifestyle retail brand – and our digital channels. The Ned in London, New York and Doha, The LINE and Saguaro hotels in North America also form part of Soho House & Co's wider portfolio. For more information, please visit Source: Soho House & Co (SHCO) View source version on Contacts Investor Relations ir@ Media and Press press@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Daily Mirror
21-07-2025
- Lifestyle
- Daily Mirror
My new Next drinks trolley looks like a £700 Soho Home model and gets so many compliments
If you're looking for a way to elevate your living room, this gold drinks trolley from Next is set to be your new signature piece, says our head of shopping There are certain pieces that just make a room feel finished. A well-placed lamp, a textured rug, a velvet armchair you'll never actually sit in, and now, I'd firmly place this gold drinks trolley from Next on that list. Since rolling it into my living space, it's become not just a place to perch a few bottles, but a talking point in its own right. It also looks so chic, I had one friend assume it was Soho Home. I didn't notice it at first but now I can definitely see it. The design echoes the same vintage-luxe aesthetic as Soho Home's brass drinks trolley, right down to the circular silhouette and glam glass shelves. But while the Soho Home model will set you back £699, the Next version comes in at £90. It's one of the most convincing high-street homeware alternatives I've seen in a long time. I love the Next piece because it actually looks luxe in person. The gold finish has a subtle warmth to it, not too yellow, not too shiny, and the structure is surprisingly solid. I've styled mine with a few of my best glassware pieces, some wine bottles and some disco balls (of course). Who knew a homeware item could make a girl so happy whenever she looks at it? It's easy to overlook how much impact a smaller furniture piece can have, especially one that technically serves a single purpose. But there's something about a drinks trolley, especially one as stylish as this, that just feels like you've got your life together. Even if the only thing on it is a bottle of prosecco and a candle you haven't lit. This isn't a 'save up to buy' Soho Home piece, and I can't say the quality is comparable between the two, but I do know that I've got a luxe designer look for £609 less. A win is a win. Elsewhere, in luxe-for-less homeware finds, I desperately searched for weeks to find a 'cloud' bedframe, but was left disappointed when the only one I could come across in my budget needed shipping from the US. Instead, I turned to Simba for a plush frame with free delivery and a luxury look. The model I went for? The Hoxton Bed – a beautifully designed frame with a padded headboard to rival a trending 'cloud' frame, lots of customisable options and the promise of easy, fuss-free setup.
Scotsman
17-06-2025
- Business
- Scotsman
Inside the apartment with jaw-dropping views of Edinburgh - yours for £1,300,000
New Eidyn is probably Edinburgh's new build answer to New York condominium block, The Ansonia. After all, in the Scottish capital, there aren't a lot of other buildings like this, with a concierge, 24-hour security and communal living spaces. The complex, which has been created by developers Native Land, also benefits from immediate access to St James Quarter, since it's part of the same building. Currently, it comprises of 152 apartments that range in size from a one-bedroom for £360,000, up to the newest addition - a three-bedroom and three-bathroom apartment that's on the market at a fixed price of £1,300,000. It's been decorated in a sleek style to attract a broad range of buyers. We asked Barny Barnard from luxury interior design agency The Folio Group to tell us more about the look. Tell us about the new show apartment Spanning 1,605 sqft, this latest residence at Native Land's New Eidyn development allowed us to craft an interior that complements the generous proportions and natural light of the space. Spearheaded by our Senior Designer Lucinda Palengat, the open-plan reception, dining and kitchen area was designed to maximise the incredible flow of light from the floor-to-ceiling windows, creating a calm, welcoming heart to the home. The lateral layout also includes three spacious bedrooms, each with an en-suite bathroom, and a luxurious walk-in wardrobe in the principal suite. One of the apartment's most compelling features is its 1,024 sqft private terrace; one of the largest of its kind in the city, perfect for both entertaining or simply soaking up the breathtaking views. What's the view like? Quite simply, the views are unparalleled for Edinburgh, capturing the city's historic skyline alongside rugged natural beauty. From its elevated eighth-floor position, residents will enjoy uninterrupted panoramas of Calton Hill, its Observatory, and the dramatic contours of Arthur's Seat. These panoramas informed our use of light, texture and tone, and our goal was to ensure that every room framed and celebrated the outlook. How do you design a space to appeal to a broad demographic? We approached this interior with a design language that is sophisticated yet approachable. A neutral base allows the architectural features and the views to take centre stage, while rich textures: velvet, bouclé, marble and wood, add depth and tactility. We layered accents of burnt orange and deep blue to introduce warmth and energy. The furnishings, sourced from leading names such as Soho Home, create a sense of relaxed luxury that invites people to imagine their own lifestyle within the space. What was the brief? The brief from Native Land was to create a show apartment that truly reflects the quality and design ethos of the New Eidyn development. It needed to feel aspirational yet liveable, somewhere that captures the character of Edinburgh but with a distinctly contemporary spirit. We focused on light, flow and a seamless relationship between inside and outside. It was important that the interiors felt as thoughtfully crafted as the architecture of the building. What palette did you use? We started with a base of earthy neutrals to ground the space and let the light and views speak. From there, we layered in accents such as burnt orange, deep navy, olive green, through upholstery, cushions and accessories. It was about creating richness without overwhelming the senses. Materials like bouclé, velvet and lightly grained wood add depth and tactility, helping the space feel warm and lived-in. Any interesting pieces in this apartment? The apartment features a curated collection of furnishings and artwork, including pieces by Julian Chichester, Jonathan Adler and Soho Home. The juxtaposition of rich fabrics with sleek materials and tactile accessories brings a sense of 'quiet' luxury. Will it come fully furnished? The apartment can be purchased fully furnished exactly as styled, or buyers have the flexibility to purchase without, should they prefer to personalise the space themselves. We've taken care to create a space that feels turnkey but never generic. Does the look tie in with the communal spaces at New Eidyn? We worked closely with the Native Land team to ensure that the interiors of the show apartment align with the overarching ethos of the development. The sense of understated elegance and refined materiality runs throughout, from the concierge area to the private Garden Room, so that residents experience a harmonious visual journey from the moment they arrive. How does it compare style-wise to the other apartments? While maintaining the signature quality and design of New Eidyn, this particular apartment distinguishes itself through its expansive layout, one-of-a-kind terrace, and a bold yet elegant interior palette. We embraced a more eclectic and curated approach to the styling, playing with contrast, colour, and tactile finishes, to create a slightly more expressive and characterful interpretation of the New Eidyn aesthetic. Which space in the show apartment are you most happy with? The standout space has to be the expansive open-plan reception, dining, and kitchen area. Its floor-to-ceiling windows flood the space with natural light and connect with the private terrace. This combination of indoor and outdoor living, paired with stunning views, creates a truly unique city living environment. What has the feedback from viewers been like so far? Feedback has been overwhelmingly positive. Potential purchasers have been particularly impressed by the apartment's generous proportions, overall quality of the finishes and showstopping dual-aspect views of Edinburgh's iconic landmarks. Many have also commented on the level of service offered by the concierge and security – a first for the Edinburgh market. 1 . View to castle from interior Alix McIntosh Photography Photo: Alix McIntosh Photography Photo Sales 2 . Living and dining area Alix McIntosh Photography Photo: Alix McIntosh Photography Photo Sales 3 . Kitchen dining space Alix McIntosh Photography Photo: Alix McIntosh Photography Photo Sales 4 . Bathroom with double sinks Alix McIntosh Photography Photo: Alix McIntosh Photography Photo Sales
