Investor Updates

S&P Rating Outcome - A- / Negative Outlook

On 10 February 2026, S&P Global Ratings affirmed Incommunities Group Ltd's credit rating at 'A‑', with the Outlook maintained at Negative.

While S&P acknowledged our strong liquidity, robust treasury management, and the cost saving measures we have already put in place, the Negative Outlook primarily reflects the pressure on our financial metrics. This is driven by:

• Ongoing investment in existing and new homes, a strategic priority but one that continues to weigh on short‑term metrics; and
• Weaker 2024/25 financial performance, largely due to temporary fire safety costs (including waking watch on HRBs) and the accelerated stock condition survey programme.

These factors have temporarily reduced our financial headroom, but they relate to essential safety and quality improvements that strengthen the long-term resilience of our stock and future financial performance.

Bond Prospectus

Investor Update