Soho House delivers solid Q2 revenues

Soho House has posted a strong set of Q2 financial results with revenues up across the board.

The private members club reported an 8.9% increase in total revenue to $329.9m (£245.8m) for the second quarter ended 29 June 2025.

Adjusted EBITDA stood at $46.1m (£34.3m), an increase from $31.5m (£23.5m) in second quarter 2024.

In-house revenues increased 4.1% year-on-year to $132.5m (£98.7m) – demonstrating increased confidence from its members, who at the beginning of 2024 were reportedly cautiously spending when visiting sites.

Meanwhile, revpar across its rooms increased 2% on a like-for-like basis.

Membership revenues increased slightly to $118.6m (£88.4m), while total members across the globe rose from 264,540 to 270,297 across 46 sites – up from 44 last year.

In the UK there was a small increase in members to 72,907 across 14 sites.  

Andrew Carnie, CEO of Soho House & Co, said: “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% – 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.”

Commenting on the results, Robyn Duffy, consumer markets senior analyst at RSM UK, said the strong numbers demonstrated the “enduring appeal of its membership proposition and the strength of its global expansion strategy”.

“More broadly, the results highlight a notable trend within the hospitality sector. While parts of the industry remain challenged by economic uncertainty and shifting consumer behaviours, brands like Soho House are somewhat insulated. Its appeal to a more affluent, experience-driven customer base, combined with signs of growing confidence among younger consumers, is helping to sustain demand even in a more cautious spending environment.

“That said, access to capital in the industry is increasingly challenging, as well as having to navigate the increase in staff costs and rising inflation. Soho House is tackling this through managing costs and growing margins, and therefore, running the business more efficiently and profitably.   

“With a strong pipeline of new Houses, ongoing investment in member experience, and a clear focus on operational efficiency, the group is well positioned to deliver further growth and margin improvement throughout the remainder of 2025.”

Late last year, Soho House received a buyout offer valuing the business at $1.7b. Today, Soho House confirmed that discussions were on going and there was no update whether the transaction would go ahead.

This follows on from a previous offer which was rejected last summer, which Soho House said had unvalued the company.