Annual Financial Report

Peabody Trust.

15 September 2026

 

Peabody publishes annual accounts and resident review 2025-26

Peabody has today published its Annual Report and Accounts 2026 - Peabody  alongside its Resident Review, Resident Impact Report and ESG Data Book.

Investing in better homes and services

The first year of our three-year Group Strategy focused on better services for residents, better together for colleagues and better homes and places. During the year, we:

·    Spent £428m looking after residents' homes, including providing 1,080 new kitchens, 1,968 new boilers and replacement windows in 1,135 homes.

·    Invested £415m in new homes, completing 1,911 new homes (78% social and affordable tenures).

·    Increased the number of residents' homes with an Energy Performance Certificate (EPC) rating of C or above to 84% so they require less heating to keep warm.

·    Provided £10m for local community investment, supporting more than 30,000 people with 60,000 hours of free activities.

·    Supported 2,100 households to increase their combined income by £4.2m, helping to ease financial pressure being felt by some residents.

·    Listened to 2,462 residents in forums, panels, scrutiny work and local engagement activities, helping to shape our services and priorities.

Financial performance and regulation 

 
Group turnover increased to £1.09bn (2025: £1.03bn), while our operating surplus before changes in the value of investment properties increased to £279m (2025: £220m). The Group reported total assets of £13.8bn (2025: £12.8bn). At an average of £152 a week, our rents were £1.1bn below private rental market levels. Peabody's credit ratings are A3 (stable outlook) from Moody's, A (negative outlook) from Fitch, and BBB+ (stable outlook) from S&P Global.

In April 2026, the Regulator of Social Housing (RSH) confirmed our ratings of G1 for governance and V2 for financial viability. It also issued our first grading against the Consumer Standards of C2 which aligned with the board's assessment of where we need to improve.  Since then, an Action Plan to move the organisation towards a C1 rating has been approved by the Board and executive.

Residents 

In 2025-26, we continued to prioritise investment in residents' homes and strengthened our complaints and repairs services, making them more local and accountable. We made it easier for residents to get in touch, adding a Live chat service (which handled more than 21,000 conversations) and significantly cut the time it takes for calls and emails to be answered (by a third and a half respectively). 

Responding to residents' feedback, we held more local drop-in sessions outside standard working hours. We also worked with resident scrutiny panels, regional groups and forums giving residents opportunities to shape priorities, monitor progress and hold senior colleagues to account. In total, 2,462 residents were formally involved throughout the year, giving us valuable insight and feedback on how we can improve our services.

A third resident, Nivene Powell, joined the Peabody Board in September 2025, helping to increase residents' influence at the highest levels of the organisation. 

During the year, we supported thousands of households experiencing financial pressures. This included distributing food and energy vouchers, helping people claim support they're entitled to and signposting others to where they can get additional help. Together, this boosted households' income by a combined £4.2m.

We continued to make incremental progress in formal resident satisfaction. Combined satisfaction with Peabody as a landlord was 54 percent (2025: 53 percent). For residents who rent their homes, the figure was 59 percent and for homeowners it was 27 percent (2025: 59 percent and 23 percent respectively). Accelerating this improvement is a key priority for the organisation.

Homes 

We spent £428m improving and maintaining residents' homes during the financial year. This included £218m on planned maintenance and responsive repairs, helping keep residents' homes safe, secure and in a good condition. The remaining £210m was spent on larger improvement works, including new kitchens, bathrooms, roofs and windows. Of this total, £74m was spent on fire safety work, including checking fire doors. We also invested £415m in providing new homes, bringing our total spend on homes to £843m in the period. 

The number of residents' homes with an Energy Performance Certificate (EPC) rating of C or above rose to 84 percent (2025: 81.7 percent) and the average Standard Assessment Procedure (SAP) rating was 74.9 (2025: 74.5).

Reporting

For the first time, our Annual Report incorporates the Group's environmental, social and governance (ESG) performance data. Detailed information on how we're performing against the Sustainability Reporting Standard (SRS) V2.1 previously found in a separate ESG Report, is now published alongside the Annual Report in the ESG Data Book. We've also published our Resident Review, which is our annual report for residents, and the Resident Impact Report, which highlights how residents have helped shape decisions and improve our services over the past year.

Ian McDermott CBE, Peabody Chief Executive, said:  

"This year has been about listening to residents and acting on what they said. They told us they wanted more reliable repairs, better communication and confidence that when they tell us something needs to change, we act. We have listened and made changes. 

"Despite a challenging economic environment, we've continued to invest in the safety, quality and energy efficiency of residents' homes. We've worked with residents to improve the way we handle repairs, making the service more local and focusing on solving issues on the first visit.

"We've also continued to build hundreds of much-needed homes for social and affordable rent, helping to tackle homelessness and reduce council waiting lists. 

"Improving how we deal with complaints has been a priority and we've worked hard to cut the time residents wait for their concerns to be heard. We've also improved how we communicate, training colleagues in better writing, and supported thousands of people through our community and financial inclusion services. 

"Our financial performance is strengthening, giving us a resilient platform from which to continue making improvements that residents can see and feel in their homes, services and neighbourhoods."

For more information, contact Anthony Marriott, Director of Treasury & Corporate Finance or Ben Blades, Assistant Director Corporate Affairs. 

 

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