Executive Summary

Q2 2025 delivered solid top-line and profitability: revenue $329.8M (+8.9% YoY), net income $24.9M ($0.13 EPS), and Adjusted EBITDA $46.1M (+46% YoY). Both revenue and EPS materially beat consensus, a likely near-term positive catalyst .
Membership flywheel remains strong: membership revenue $118.6M (+15.9% YoY) with total members at 270,297, supported by 2% like-for-like RevPAR and improved F&B margins .
Sequentially, revenue rose vs Q1, but Adjusted EBITDA margin moderated to 14% (vs 16.6% in Q1), reflecting absence of Q1’s $22.9M insurance proceeds; underlying operational progress continues .
Corporate developments post-quarter include a definitive take‑private agreement at $9.00 per share and a CFO transition to industry veteran Neil Thomson, both likely to influence near-term trading and risk/reward .

What Went Well and What Went Wrong

What Went Well

Strong revenue and EBITDA momentum: “Total revenues grew 9%, and Adjusted EBITDA was up 46%” YoY, evidencing progress on member experience and operational efficiency .
Membership engine and commercial KPIs: membership revenues +15.9% YoY to $118.6M; like-for-like RevPAR +2%; improved F&B margins across Houses .
Active development and experience refresh: openings (e.g., Soho Farmhouse Ibiza), refreshed spaces, curated programming and Soho Health Clubs underpin perceived value of Every House membership .

What Went Wrong

Margin mix shift sequentially: Adjusted EBITDA margin fell to 14% in Q2 from 16.6% in Q1, largely due to Q1’s one-time $22.9M insurance proceeds that boosted the prior quarter’s profitability .
Continued reliance on non-GAAP metrics to frame performance (Adjusted EBITDA, House-Level Contribution), which can limit cross-company comparability and require careful reconciliation .
Macro caution noted around consumer environment in coverage; while demand was resilient, visibility remains a watch item for discretionary hospitality spend .

Financial Results

Metric	Q4 2024	Q1 2025	Q2 2025
Revenue ($USD Millions)	$305.6	$282.86	$329.8
Diluted EPS ($USD)	-$0.47	$0.04	$0.13
Net Income ($USD Millions)	-$91.7	$8.2	$24.9
Adjusted EBITDA ($USD Millions)	$32.3	$47.0	$46.1
Adjusted EBITDA Margin (%)	11%	16.6%	14%

Segment Revenue ($USD Millions)	Q4 2024	Q1 2025	Q2 2025
Membership	$109.3	$112.9	$118.6
In-House	$123.4	$112.4	$132.5
Other	$72.8	$57.5	$78.7

KPIs	Q1 2025 (as of Mar 30)	Q2 2025 (as of Jun 29)	Prior Year (as of Jun 30, 2024)
Total Members	269,636	270,297	264,540
Soho House Members	212,001	213,621	204,028
Frozen Members	10,225	10,032	10,203
Soho Friends	51,479	50,514	54,192
Soho Works	6,156	6,162	6,320
Active App Users	215,283	216,687	209,732
RevPAR (Like-for-like)	+4% YoY	+2% YoY	—

Q2 2025 Actual vs Consensus	Actual	Consensus	Surprise
Revenue ($USD Millions)	$329.8	$316.79	+$13.02M; Beat
EPS ($USD)	$0.13	-$0.08	+$0.21; Beat

Note: S&P Global consensus was unavailable via tool access at time of analysis; non‑S&P sources (MarketBeat) used for estimates comparisons .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Company guidance detail	FY 2025	Not explicitly provided in Q1 or Q2 press releases	Not explicitly provided in Q2 press release	Maintained “no explicit ranges” stance; reconciliation language references Adjusted EBITDA guidance but without numeric ranges
Financing liquidity	Q2 2025	—	Cash, cash equivalents and restricted cash $155M	Informational (liquidity disclosure)

Management did not issue explicit revenue/EPS/EBITDA ranges in the Q2 release; language focuses on non‑GAAP framework and reconciliations, without specific targets .

Earnings Call Themes & Trends

Topic	Previous Mentions (Q4 2024 and Q1 2025)	Current Period (Q2 2025)	Trend
Member experience and operational excellence	Emphasis on transformation and finance systems upgrades; continued membership growth	CEO highlights member experience enhancements and operational efficiency driving RevPAR and F&B margins	Improving execution
Accommodation performance (RevPAR)	+1% YoY in Q4; +4% YoY in Q1	+2% YoY like-for-like RevPAR in Q2	Stabilizing growth
F&B margins	Operational improvement noted in Q1	Continued like-for-like margin improvement in Q2	Improving
Corporate actions	Q4: take-private interest mentioned; evaluation ongoing	Definitive take‑private agreement signed post Q2 at $9.00 per share; CFO transition announced	De‑risking path via transaction

Note: A public Q2 2025 earnings call transcript was not found in company IR or major transcript aggregators at time of analysis; themes derived from press releases and IR materials .

Management Commentary

“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. Total revenues grew 9%, and Adjusted EBITDA was up 46%” — Andrew Carnie, CEO .
Focus areas include experiential openings (Soho Farmhouse Ibiza), refreshed spaces, curated cultural programming, and new Soho Health Clubs with advanced wellness technology — each reinforcing perceived membership value .
Operational highlights: 2% like-for-like RevPAR growth and improved F&B margins; Adjusted EBITDA of $46.1M (14% margin) .

Q&A Highlights

No publicly available Q2 2025 earnings call transcript or detailed Q&A was found; we searched company IR and major transcript providers without success .
As such, specific analyst Q&A themes and guidance clarifications are unavailable for this period.

Estimates Context

Q2 2025 materially exceeded non‑S&P consensus: revenue $329.8M vs $316.79M and EPS $0.13 vs -$0.08; the magnitude of the EPS beat (+$0.21) is significant and likely to drive near‑term estimate revisions higher .
S&P Global consensus was unavailable via tool access at the time of analysis; alternative sources (MarketBeat, public aggregators) were used to frame the beat. Expect sell‑side models to adjust on membership revenue strength and operating margin improvements, with attention to the mix and the absence of Q1’s insurance proceeds in future quarters .

Key Takeaways for Investors

Narrative strength: Consistent member growth and operational efficiency are translating into revenue and EBITDA momentum; Q2 beat on both top and bottom lines positions the story well into H2 2025 .
Watch margins sequentially: Q1’s margin uplift benefited from insurance proceeds; Q2 margins reflect core operations. Expect focus on sustaining double‑digit Adjusted EBITDA margins without one‑time items .
Segments to lean into: Membership (+15.9% YoY) and In‑House (bedroom-led RevPAR) remain durable drivers; “Other” (Soho Home, Scorpios, management fees) adds diversification and growth .
Corporate path: The $9.00/share take‑private agreement and CFO transition are key trading catalysts; merger‑arb dynamics and timeline will influence spread and risk/reward in the near term .
Liquidity: Cash, cash equivalents and restricted cash of $155M provides flexibility amid strategic transitions and continued investment in the member experience .
Estimate revisions: Expect upward EPS and revenue revisions post‑beat; monitor sell‑side stance on FY 2025 without explicit company guidance and on post‑transaction scenarios .
Near‑term trading: The combination of operational beat and corporate deal premium supports constructive setup; headline risk around shareholder litigation and merger process bears monitoring .

Soho House & Co Inc. (SHCO)·Q2 2025 Earnings Summary